Elizabeth Renter’s Post

We live lives of "cash flow". If you are sitting on record equity, and are simultaneosly struggling to make your monthly bills? It is time to redo that low rate first mortgage, and put yourself in a better financial position. The only way to get equity out of a home, is to borrow the money or sell the home. If you fall behind on your bills, it becomes difficult to impossible to borrow. #cashflow #balancesheet #debtmanagement #financialliteracy

Can start to see a theme. This is from the National Mortgage News regarding CC balances and delinquencies. While some banks have suggested that their credit card businesses are through the worst of rising delinquencies, new data from the Federal Reserve Bank of New York indicates that defaults haven't peaked yet, as the number of borrowers maxing out their cards approaches its pre-pandemic level. U.S. credit card balances hit $1.12 trillion in the first quarter, which was down from the end of last year due to seasonal factors, but still above the $1 trillion-mark, topped for the first time in the second quarter of 2023. Additionally, the percentage of credit card balances that slid into delinquency rose to nearly 9% last quarter, a rate not seen in more than a decade.

24.45%!!! Yep, that is the average credit card interest rate in the U.S. RIGHT NOW! That is the highest since LendingTree began tracking rates monthly in 2019. Don't mortgage rates suddenly look appealing? If you have high interest consumer debt (credit card, auto) you should be leveraging your home equity to get significantly lower rates by consolidating these high cost forms of debt. Call or DM me. We can help!

Credit card delinquencies are nearing their highest level since 2012, with balances rising alongside consumer spending. Government support reductions from pandemic levels contribute to this trend. Large banks are responding by granting fewer credit line increases. Mortgage originations hit historic lows due to high interest rates and housing prices. Despite this, first-lien mortgage delinquencies remain low. Consumers' increased reliance on personal loans and higher-interest credit products raises concerns about future bill payments. Take action now to manage your credit wisely. Contact me for personalized advice and solutions. #CreditManagement #FinancialWisdom #DebtConsolidation #SmartCreditChoices #ManageCreditResponsibly

Credit card balances are at all time high and members are struggling to keep up. Mortgage rates may be higher than they have been in recent years, but using your homes equity might be the best solution for your members. If your credit union is looking to offer mortgages or needs to offer more options, we should have a conversation. #creditunion #cuso https://lnkd.in/gRTUmNDY

Credit card balances hit a new record. You know what else hit a new record? Equity that Americans currently have in their homes. It is estimated that Americans have an average nationally of over $300,000 worth of equity in their home. Although mortgage rates are higher currently, we are helping our clients save money and in many cases pay their homes off sooner than they would have on their current mortgage. Reach out today for a free debt review. You will be suprised at what is possible. corey.phelps@rate.com or 231-360-7283.

Your credit score impacts your borrowing power, but the good news is that there are many things you can do to keep your credit in tip top shape. And you can always work toward correcting past credit issues too. Here are a few ways to rebuild your credit score if you’ve had some trouble with it in the past: ➡️For at least a year before you apply for a mortgage, make credit/loan payments on time (this goes without saying, you should always pay your bills on time, but sometimes life happens!). ➡️Use more than one type of credit . For example, Credit Card, Line of Credit, Car Loan. ➡️Pay at least the minimum amount of your bill, or ask for an extension on the due date if you are not able to. Communication is key. ➡️Try not to use more than 70% of your available credit at one time. If you are over this threshold, see what you can do to bring down what’s called your ‘utilization’ portion of your score. (the amount of credit you’re using vs. total available credit). ➡️Do not deliberately leave bills unpaid out of "prinicple" * I hear this a lot! And I get it but the principle your standing for, ends up messing with you anyways.. Cell phone bills, parking tickets are the top ones. They can cause a lot of grief when applying for a Mortgage. Questions? Don’t hesitate to ask, Always here to Answer. Some lenders I work with will consider scores as low as 500. #mortgagebroker #professionalism #businesslens #perspective #authenticself #firsthometogether #mortgagerates #boughtahouse #credit #housepoor #debt #financialplanning #budget #investments #choiceisyours #nicetomeetyou #trustyourintuition #connections #opendoors #grateful #credit101 #bankrupt #bruised #damaged #beaconscore #equifax #transunion #mortgagearchitects

Here’s how the Federal Reserve’s recent quarter-percentage-point interest rate increase affects your money The Federal Reserve Bank Constructing Kevin Lamarque | Reuters What the federal funds rate means to you The federal funds rate, set by the U.S. central bank, is the rate of interest at which banks lend to one another on an intraday basis. While this will not be the speed consumers pay, the Fed’s moves proceed to affect the borrowing and savings rates they see day by day. This rate increase will correspond to a rise within the prime rate of interest and can immediately increase financing costs for a lot of types of consumer lending. However, higher rates of interest also mean that savers will earn more cash on their deposits. Here is how it really works: How higher rates affect your wallet Bank cards Since most bank cards have variable rates of interest, there’s a direct link to the Fed’s benchmark. Because the federal funds rate increases, so does the prime rate, and your bank card rate of interest follows suit inside one or two billing cycles. Annual rates of interest on bank cards are actually averaging over 20%, which is the best level on record. With most individuals feeling burdened by higher prices, increasingly more cardholders are taking over debt from month to month. “Now persons are taking over debt and borrowing at high rates of interest, which is troublesome,” said Tomas Philipson, an economist on the University of Chicago and former chairman of the White House Council of Economic Advisers. WalletHub’s evaluation shows that with this increase, consumers with bank card debt will spend an extra $1.7 billion in interest. Including increases from March 2022 to March 2023, bank card users can pay no less than $31.7 billion in additional interest over the following 12 months, based on WalletHub. Housing loans Boonchai Wedmakawand | Wait | Getty Images Although rates of interest on 15- and 30-year mortgages are fixed and tied to Treasury yields and economic conditions, anyone who buys a brand new home loses significant purchasing power, partly due to inflation and Fed policy moves. Prices are currently above the recent high, but not by much. In response to Bankrate, the typical rate of interest on a 30-year fixed-rate mortgage is currently 6.48%, down barely from November’s peak but still significantly higher than a yr ago. “This shows how difficult it’s for a lot of buyers to beat the currently persistently high home prices and mortgage rates,” said Jacob Channel, senior economic analyst at LendingTree. Other home loans are more closely tied to Fed actions. Adjustable-rate mortgages (ARMs) and residential equity lines of credit (HELOCs) are tied to a chief rate. Most ARMs adjust every year after an initial fixed-rate period. However the HELOC rate adjusts instantly. In response to Bankrate, the typical rate for a HELOC is already 7.99%. Automobile loans Though automotive loans are fixed, th...

It’s now cheaper to rent than buy in all 50 of the top metros nationwide, per Bankrate. The typical monthly mortgage payment for a median-priced home ($412,778 per Redfin) is $2,703. Meanwhile, the typical monthly rent is $1,979 as of February, a 36.6% difference. We have to get better in many areas. This is becoming somewhat out of reach for many. Not to mention, down payments are fundamentally out of reach for many. This requires you to be fiscally responsible and literate in your finances. Here are some averages in some key areas: - Average consumer debt is $23,000 - Only 7% of Americans make over $150,000 - 37% of Americans aren't investing for retirement - 66% of Americans are living paycheck to paycheck - 43% of Americans expect to be in debt for the next 1-5 years - 56% of Americans don't have $1,000 saved for an emergency As someone who used to work in education, it infuriates me that this stuff isn’t taught in the school systems. We are failing our youth by not teaching them real life skills that will have a major impact on their future lives. #finance #literacy #life #education #needbettet

📉 Did you know that credit scores are experiencing their first decline in over a decade? It's a concerning trend driven by increased credit card utilization and more borrowers falling behind on payments. As a mortgage loan officer and credit expert, I'm here to shed light on how this impacts your financial health and what you can do about it. Refinancing and consolidating your high-interest credit card debt could be the game-changer you need. By tackling those heavily utilized credit cards and streamlining your monthly obligations, you can not only boost your credit scores but also regain control of your finances. Don't let mounting debt hold you back from your financial goals. Reach out to me today to explore how a debt consolidation refinance loan can help you turn the tide and pave the way for a brighter financial future! 💡💰 #CreditScore #DebtConsolidation #FinancialHealth #Refinance #DebtFree #FinancialFreedom #mortgageloanofficer #CreditExpert #homeownerhacks #mortgage #FHA #VA #Conventional #nmbnow