However, the monthly savings and may be savings this refinance created were high! The You.S. deficit is increasing our national debt to levels that are unsustainable. However the truth gets even more fascinating.
As with everything in life, things go up and things go down. And then they go up again and down again. You can liken it to a wave which goes up and down, or to a glass of water you set down on a flat surface. If you knock the glass, the water is disturbed but, in time, it will once again level out.
You have a well defined exit strategy. This is the key, make sure you have a well defined exit strategy, sell, refinance etc. Because as I said before hard money loans do not have long terms but they do have high rates. So make sure you have a well defined well timed exit strategy.
Bernanke testified before congress that the “Federal Reserve will not monetize the national debt.” I doubt it. The pressure will become enormous for the Federal Reserve to enter the markets and buy Treasuries, as they did last year.
Options – A good financial counselor/advisor should also be able to assist you in finding alternatives to bankruptcy. You might have to consolidate some loans. You may have to sell some things. Maybe you’ll have to cut down to a bare bones budget. Consider a third party debt negotiator who can work with your creditors to arrange a pay back schedule. If doing all of these things can prevent bankruptcy, the short term pain of crisis financial dieting would be well worth avoiding the long term pain of bankruptcy.
Most conventional lenders will only lend on properties in move where can i borrow money short term condition, and if the property does need renovation or repairs that is on you. I was looking for where can i borrow money short term on the web and NearmeLoans and hundreds of others popped up. And like I said before you must qualify for 100% financing if you want to get more then a portion of the acquisition costs. So if you are investing in properties to flip or wholesale, and they need repairs or renovations before they are in move in condition then you need hard money.
Short term loans, also called “instant refund loans,” or “refund anticipation loans,” cost Americans over $900 million dollars in fees last year. More than 12 million of us were willing to pay outrageously high fees and percentage rates just to get our refund money a few days sooner.
The past two weeks I have been asked about the financial future of this country more than at any time since I started teaching financial literacy. I am NOT a financial advisor in any capacity (nor do I wish to be) but I can say this: some things stay the same and some things change and the more we understand that this ‘situation’ is just a situation and we don’t all go off the deep end, the better off it will be in the long run.
This is where things get interesting. Some people might imagine that when the meeting adjourns and a new interest rate is agreed upon, somebody walks over to a computer screen and enters a new rate. It would be nice if it were that easy, but it is not. And this leads us to the first thing you should know about the Fed and interest rates.
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