Mortgage Cycling is about revolving 3 types of credit to pay down a mortgage (Mortgage, Credit Card, and HELOC, and I believe they have added a savings account to the equation) The KEY, however, is that you have to have extra disposable income that you are willing to contribute towards your mortgage.
The second KEY is that you can get the same result by sending in extra payments to your mortgage company every month.
Worth $67??? In my opinion, the second KEY gives you the answer you need.
Dont do IT! see if you can get a family member to help out, transfering the debt and getting you on payments, otherwise shred the cards, make payments and dont close them. Good luck.
If you do, it will be considered the same as a bankruptcy, as far as mortgagaes go.
well i just have gotten a 30 year fixed loan that is in the mid 4% range , and i hope not to be re doing my mortgage any time soon. . but still i dont want to some time in the future to go to the bank to borrow some money for something that has came up and they say no your credit is bad. . . .
well i finally just broke down and talked to my banker who already knowed about my credit cards so no big suprise to him when i ask him about the debt consolidation. . .he said if you do that. . dont ever come back here to borrow money. . because my hands will be tied. . they take off points for each card you consolidate. . .and he said sometimes huge hits on your credit score. . .he told me if I would not go thru the program he would loan me the money. . so im getting a line of equity in my home. ...as for the points you mentioned . . no i did not pay any points. . and Countrywide is the place to be with home mortgage. . . .love doing business with them..thanks to all that replied to my post. . .just fyi...my banker told me if it sounds that easy to get outta debt on credit cards with a consolidation loan...its gonna hit you hard somewhere down the road. . so beware...credit scores are easily crushed and could take a life time to build back up.
Mortgage Cycling is about revolving 3 types of credit to pay down a mortgage (Mortgage, Credit Card, and HELOC, and I believe they have added a savings account to the equation) The KEY, however, is that you have to have extra disposable income that you are willing to contribute towards your mortgage.
The second KEY is that you can get the same result by sending in extra payments to your mortgage company every month.
Worth $67??? In my opinion, the second KEY gives you the answer you need.
Here's a similar thread.
http://www.thecreativeinvestor.com/modules.php?op=modload&name=Forum&file=viewtopic&topic=36405&forum=27
anyone got a copy of the ebook? Willing to share it?
Dont do IT! see if you can get a family member to help out, transfering the debt and getting you on payments, otherwise shred the cards, make payments and dont close them. Good luck.
If you do, it will be considered the same as a bankruptcy, as far as mortgagaes go.
well i just have gotten a 30 year fixed loan that is in the mid 4% range , and i hope not to be re doing my mortgage any time soon. . but still i dont want to some time in the future to go to the bank to borrow some money for something that has came up and they say no your credit is bad. . . .
min payments will be going up too
you pay points for your insane low mortgage?
wonder what type it is...
well i finally just broke down and talked to my banker who already knowed about my credit cards so no big suprise to him when i ask him about the debt consolidation. . .he said if you do that. . dont ever come back here to borrow money. . because my hands will be tied. . they take off points for each card you consolidate. . .and he said sometimes huge hits on your credit score. . .he told me if I would not go thru the program he would loan me the money. . so im getting a line of equity in my home. ...as for the points you mentioned . . no i did not pay any points. . and Countrywide is the place to be with home mortgage. . . .love doing business with them..thanks to all that replied to my post. . .just fyi...my banker told me if it sounds that easy to get outta debt on credit cards with a consolidation loan...its gonna hit you hard somewhere down the road. . so beware...credit scores are easily crushed and could take a life time to build back up.