Contact Us

    [recaptcha]
    • Home
    • Products
      • Subprime
    • Guidelines
    • Rates
    • Lenders
    • Blog

    Non Qualified Mortgage

    Non Qualified Mortgage Rates, Guidelines, Lenders and Information

    The Modern American Dilemma: Getting Out of Debt

    January 3, 2018 By Chris Hamler

    Do you feel overburdened with debt? While you may find comfort in the fact that you are not alone in this dilemma, it’s also a sobering reality.

    According to personal finance website ValuePenguin, the average American’s household debt is $5,700. For households that carry credit month to month, the addition of accruing interest rates can total up to $16,048.

    Furthermore, a recent GoBankingRates survey revealed the following facts:

    • Half of Americans have credit card debt; most owe less than $500
    • A quarter of Americans still owe money on their student loans
    • Almost a third of Americans have auto loan debt
    • One in five Americans have medical debt
    • Men have more debt than women
    • Older Gen Xers are deeper in debt
    • Gen Xers and Boomers are most likely to have a mortgage and credit card debt
    • Young Gen Xers are most likely to have auto loan debts
    • Millennials are most likely to have student loan debt
    • Oldest and youngest adults are least likely to have medical debt

    The student loan debt segment takes a significant share of this debt situation. Per the Federal Student Aid data, the combined total of all student loan debts in the Land of the Free has climbed to a staggering figure of $1.3 trillion, spread out among the country’s 42 million student loan borrowers. Federal data also show that even after decades of leaving school, some individuals are still paying their student loans.

    Get today’s mortgage rates.

    The situation just got worse and worse since 2004. Student loan debt has surged for every age group and in 2015, individuals aged over 60 had a debt that is eight times the amount of student debt that people their age had 10 years prior.

    Data released earlier this year revealed that collective credit card debt of Americans just went over the $2 trillion mark. This is amid skyrocketing home prices due to the continued scarcity in home inventory.

    Existing market factors make it difficult for people to start saving for retirement. This is a major cause of anxiety for many, especially at the thought of not being able to break the shackles of employment.

    Some saving tips

    If you want to retake control of your finances and ensure a positive future for your family and for your golden days, it’s important that you’d be able to set your priorities straight.

    Evaluate which part of your regular expenses you can do without. Even the most simple saving tactics such as buying clothes less often and preparing and bringing lunch to work can go a long way in helping you allocate more resources to other things that matter.

    Need financing? Let us help.

    Here are some tips experts suggest would help you restructure your budget to give more room for savings.

    • Save at least 10 to 20 percent of your income every day and allocate that for retirement
    • Create a separate savings account for emergencies. This is one of the most common mistakes in savings. While some people do take out a portion of their income for “savings,” most of these are depleted when an emergency comes up. This leaves them without financial cushion and thus vulnerable to any financial disaster unless they save enough again should anything like that happens once more.
    • If you can’t do this with your current income, then there’s a possibility that your debt-to-income ratio is too high. DTI ratios are what lenders look at when you apply for a loan. A high DTI is usually a red flag and would most likely cause the denial of your application.
    • Explore high-return investments. While most of these ventures hold high risks, it’s a good bargain if you know what you are up against and know how to play the game. However, make sure you don’t put all your money in one basket. Diversify.
    • Get insurance policies. Not only are these high-return investments, these financial products are great financial buffers for the unexpected.

    These are just some of the generic tips that we all can agree on. However, an effective saving strategy always takes root from your own unique situation and in how much effort and discipline you put into it.

    Make the choice and start the shift towards financial control.

    Click to See the Latest Mortgage Rates»

    Filed Under: Debt Consolidation Tagged With: auto loan debt, credit, credit card debt, debt, savings, student loan debt

    Our Experts Seen On:

    More Non Qualified Mortgage Info

    • How the Length of Your Credit History Affects Your Credit Score
    • Best Mortgages for Purchasing Rental Properties
    • What to Look For When Comparing Mortgage Lenders
    • Follow These Tips to Avoid Costly Home Renovation Mistakes
    • What Are The Biggest Challenges Facing First-time Home Buyers?

    Search

    IMPORTANT MORTGAGE DISCLOSURES:

    When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

    Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

    When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

    Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

    Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

    Contact Us | Terms of Use | Privacy Policy | Media | DMCA Policy | Anti-spam Policy | Unsubscribe

    Mortgage.info

    NMLS ID #1237615 | AZMB #0928735

    8123 South Interport Blvd. Suite A, Englewood, CO 80112

    CLICK TO SEE TODAY'S RATES