Current Mortgage Rates

Tuesday, October 14, 2008



Debt Arbitration is the industry created around the practice of debt settlement. Debt arbitrators are third-party institutions that work on behalf of their clients to negotiate out-of-court settlements for old bills, invoices, lawsuits, liens, medical bills, utility bills, judgements, and other types of significant debt. Typically, debt arbitrators are in lieu of credit counseling as a way to avoid bankruptcy. Debt negotiation and bankruptcy are both alternatives of last resort. Debt negotiation companies will often advertise their debt negotiation programs as an alternative to bankruptcy, and claim settling your debts will have little or no negative impact on your ability to get credit in the future. While a debt negotiation program is certainly an alternative to filing for bankruptcy, like bankruptcy, debt settlement has a negative affect on your credit score.

In addition, debt negotiation companies typically advise their customers to stop making payments to creditors, and instead, send the payments to the debt negotiation company to be held in escrow. In addition, debts that go unresolved due to a bankruptcy are reflected as Defaulted. Of these three options, which would you prefer to see on your credit report? Definitely the first, and the second is much better than the third. For more details on the differences between debt arbitration and bankruptcy, consult with an attorney or credit counselor who can walk you through all of your options. Don't rush into a decision that could effect the rest of your life. Take the time to get a consultation and you will get a better resolution.




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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.25%
30-yr. fixed jumbo7.62%
15-yr. fixed5.88%
15-yr. fixed jumbo7.12%
7/1 ARM6.62%
5/1 ARM6.38%
3/1 ARM6.25%
1-yr. ARM5.88%
1-yr. LIBOR ARM6.25%
10/1 ARM8.38%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/12/2008