N.E.O. Home Loans - Don't Make These Common Mistakes

Don't Make These Common Mistakes

Carrying debt is not uncommon. Almost everyone has some form of debt. The key is controlling your debt and not letting it get the best of you. Below are some of the ways you can tell if your credit is in control of you:

You have taken money from your retirement fund to pay your bills

You take cash advances from your credit cards to make payments

You put off paying one bill so you can pay a different bill

You occasionally make late payments

You don't know how much you owe

You spend more than you earn every month

You fall victim to impulsive buying

You pay only the minimum amount on your credit cards

You have paid more than 2 late fees in the last year

You live paycheck to paycheck without putting any money away for reserves

Ways To Help Manage Your Debt

If you think your debt may be out of control, now is not the time to start panicking. All you need is a little discipline and some better financial planning, and before you know it your debt won't be in control anymore. There are some organizations that can even help you get back in control.

The first thing you want to do is take a good look at your monthly budget. If you can reduce your monthly spending, you will have more money to pay down your high-interest debt. Find things in your spending that you can cut out and you will be amazed at how much money is wasted every month.

If you currently own a home, you can leverage your mortgage to pay off your high interest debt. I have great loan options to help you consolidate your debts and bring your monthly payment down. With the extra money that you are saving every month you can now apply that to your mortgage if you choose and start paying off your mortgage in less time. You have also turned your debt into a tax deductible interest. Make sure you consult with a professional tax advisor to find out exactly what you can deduct.

Another option you can pursue is advice from a credit counseling organization. They can give you advice on how to handle your money and help you develop a budget to pay your bills and get back in control. Make sure you do some research on the credit counseling organizations. Some charge high fees and make it impossible for you to get out of debt. Ask them for a free consolation and make sure you ask questions about their fees and services.

Popular Mortgage Programs

Conventional Fixed Rate

Purchase a new home or refinance your current mortgage into a secure, fixed monthly payment.

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Low money down and flexible credit guidelines allow more people to qualify.

FHA 203k Rehab Loan

Don't pass up on homes because of no funds for the repairs. Include the repairs in your loan.

First Time Homebuyer Loan

If you are a first time home buyer than this may be the program for you.

VA Mortgage

Designed for a veteran or someone currently serving in the U.S. Military.

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