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| Advantix Lending Inc. Press Release |
| Refinancing your home loan with credit scores below 600? Tips on avoiding getting ripped off. |
Irvine, CA – July 11, 2006 – The last several years have seen interest rates hit all time lows and real estate values steadily soar, consequently the refinance market has seen plenty of action. Even though rates have started to rise they are still the motivating force that drives most homeowners with good credit to refinance their home loan.
But for people living beyond their means that are unable to manage their debt and are now facing down the barrel of deteriorating credit scores, possible bankruptcy or even worse foreclosure, the purpose and strategy behind refinancing is entirely different.
In an interview on KTLA…WB, a major network television station in Los Angeles, Miles Masters, and Executive Vice President of Advantix Lending in Irvine California offered some helpful tips on refinancing a home loan with less than perfect credit.
The first thing homeowners with poor credit need to understand is that the interest rate on a new loan is not all they need to focus on. Consolidating debt, lowering your monthly payments to a manageable level and improving your credit should be the objective.
Next, shop around for a loan and get at least three quotes. You will have a better idea of where you stand financially when you know exactly what your credit scores and the value of your home will afford you.
Look out for Mortgage Brokers who want to charge up-front or excessive fees for a loan. This is a clear indication that you’re about to get ripped off. If you have already started the process and are not comfortable with the loan terms or the fees, stop the transaction; don’t be pressured into a loan that will cost you more than you really need to pay.
Last, shop around for a no closing costs loan; this will save you thousands of dollars. Once you have the right loan, stick to the plan; make your payments on time, avoid unnecessary credit card debt and within two years your credit scores will improve. At that time you should be able to refinance your home loan at a much better fixed rate.
For more information on finding the best deal when refinancing your home loan with poor credit, contact:
Miles Masters
Executive Vice President
Advantix Lending, Inc.
Irvine, CA 92602
Phone: (800) 238-2684
Web Address: www.advantixlending.com |
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