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Friday, October 10, 2008



Bankruptcy seems to be the most convenient and easy way out during times of financial trouble to many. And often people are not ready to go in for the phrase "avoid bankruptcy". But majority of the debtors are not aware of two very important things:
  • Bankruptcy is not a wise solution for all debtors.
  • Bankruptcy is followed by harmful consequences, damaging all aspects of life. The disadvantages of bankruptcy:
  • There is a social stigma associated with bankruptcy. This is intensified because all bankruptcies are advertised in the local papers and in the London Gazette to make them as public as possible.
  • If you are declared bankrupt and you own a business then it will be closed as soon as the Bankruptcy Order has been made and your employees will be dismissed.
  • You have to hand over any valuable assets (including your home) to the trustee.
  • If you become bankrupt then your bank and building society accounts will be closed and your credit cards will be taken away.
  • If you are in the process of leasing or buying a product on hire purchase it will be taken away from you and returned to the original owner.
  • You will lose you professional and business status.
Here are some tips can help you to avoid filling bankruptcy:
  1. Exploring what other alternatives are available to you. You must speak to your creditors to see if you can work out a different payment plan while you solve your financial problems. For instance, if you lose your job and are unable to make some payments, and if you have a good credit history, most financial institution will work out an arrangement under which you can avoid making full payments till you secure a job (generally you will have a finite time for this).
  2. Explore options for debt consolidation. This is one of the easiest solutions to avoid bankruptcy.
  3. Change your financial habits forever. As I always say, spend less than you earn.
  4. You will need to make lifestyle changes as well. For instance, you may have 200 channels of cable television but might only watch it a couple of hours a week. There are a lot of good programs on regular channels that you can watch and entertain yourself. Similarly, stop buying coffee in the morning (buy your own coffee and brew some fresh coffee each morning at home), limit how many times you go out to eat, bring your own lunch box to work, avoid unnecessary trips in the car, don't talk too long on the phone, and avoid any waste that you see in your life.
  5. Save all the time. The more you save, the better off you will be.
  6. Buy insurance, particularly health insurance.



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Current Mortgage Rates*

Loan Type
National Average
30-yr. fixed6.12%
30-yr. fixed jumbo7.62%
15-yr. fixed5.88%
15-yr. fixed jumbo7.12%
7/1 ARM6.25%
5/1 ARM6.00%
3/1 ARM5.88%
1-yr. ARM5.50%
1-yr. LIBOR ARM6.12%
10/1 ARM8.25%
40-yr. fixed7.12%
*Mortgage Rates Updated: 10/07/2008