Current Mortgage Rates

Monday, October 13, 2008



Before you look for a debt consolidation company, first determine if that's the service you need. Debt management programs are for people who are behind on their bills. It's not a program that you can join for added convenience or just to attain a lower monthly payment or reduced interest rate. Also, ensure that the debt consolidator deals with the type of creditors you owe. Some firms, for example, won't handle secured debt, such as mortgages or auto loans. In this case, they can only negotiate with holders of, your unsecured debt: the IRS, credit card firms, hospitals, or banks. You need to be able to ask them a few correct questions, and listen to their answers.

  • Ask them the kind of services and solutions they provide.
  • Ask what kind of fees they charge.
  • Ask them whether they receive any kind of consideration from the creditors.
  • Check for their legitimacy. Here are three more questions to ask your debt consolidation consultant:
  • If you make a late payment, what will happen? For example, will you be charged a big late fee penalty?
  • If a payment does not process correctly (on time) what will happen? Always write down the date, the amount and the check number of any payments you make. This will help resolve any processing problems that could occur.
  • If you are in a position to pay off your debts early, what will happen? Does the company require you to make payments for a set number of months or will you have the option to pay your debt off when you can?
Once you feel good about a service, make your decision and stay with the plan. A good debt consolidation company can save you a lot of money, time and headaches.




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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