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The Money Management Newsletter: Home Ownership
Using a mortgage to manage your debt and improve your credit

What if there were a magic card that you could carry with you, with the power to open doors you all over the world? A good credit rating is a little like that- a passport to financial opportunities. The other hand, a poor credit rating can be a terrible obstacle, and repairing your credit is often a slow and difficult process.

Perhaps you've maximized your credit cards - and maybe have a short-term loan or line of credit addition to your regular mortgage payments. Under these circumstances, the cost of servicing those debts is an obstacle to correcting the problem, and you may be now considered a ‘high risk' borrower, even if you are somehow managing to make your payments each month. Your overall payment history is satisfactory, but your debt load is heavy.

You may not have considered using a mortgage to refinance and manage your debts, but there are some significant advantages. As a homeowner, you can have access to a lower overall borrowing rate. A house is considered very reliable security, so mortgages often offer the best rates available. In addition, your credit history enjoys an almost immediate boost, as you begin to make your monthly payments. There are many innovative mortgage options available today, including a mortgage products that has been designed specifically as a credit repair tool - Call your lender or a mortgage broker to search out the best solution suited to your circumstances. Moreover, if the reason your credit is under pressure, use the event as a positive warning and review your financial arrangements and budgeting process.

For homeowners who are trying to distance themselves from there past credit problem You probably already know that it makes sense to consolidate your debt into one payment. You can generally enjoy substantial savings on interest charges; you have a more manageable monthly payment and better monthly cash flow. Consider how a new mortgage can help you manage your debts - so make it a goal this year to improve your credit rating.

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