SayLending Has Been Completely Revamped

More than four years after it was first launched, the SayLending consumer financing center has been overhauled. New tools and calculators have been added, representing a complete revamping of this popular and well established consumer-friendly website.

SayLending offers to visitors all of the tools they need to borrow money wisely. Before committing to a loan of any type, you should completely understand what your options are and choose the best option available. Our tools can help you with that.

Four popular areas resourced by visitors to SayLending include the following loan categories:

Mortgage Loans

Home Refinance

Home Equity

College Financing

In addition, information on debt consolidation, credit cards, and personal loans is available to you.

Empowering You To Make Wise Borrowing Decisions

Please use these loan calculators to estimate your financing position. SayLending keeps every calculator simple so that you can make smart borrowing decisions for all of your lending needs. That way, you are empowered with interest rate content and calculations to select the right financing choice for you and your family.

We hope that you find SayLending’s free internet tools to be personally enriching.

Tags: Credit Cards, Debt Consolidation, home equity, Home Mortgages, home refinancing, Loans, personal loans, student aid

Your personal debt level can be having an adverse impact on the way that you live. Credit cards, student loans, auto loans and department store debt can quickly add up — factor in interest rates of 10, 12, even 20 percent or more and the burden on consumers can be tremendous. If you are a homeowner, a readily available way to handle your debt load can ease the burden for you. Yes, tapping the equity in your home is one way for you to consolidate debt.

Residential Debt Consolidation

The longer you live in your residence, the more likely you have built up a decent amount of equity in your home. As you pay down your mortgage and enjoy the rising value of your home, the difference between your mortgage’s pay off amount and its current value is what lenders consider to be the equity in your home.

Let me give to you an example: You bought your home just over four years ago for $185,000, taking out a mortgage loan for $165,000. At that point your equity (or piece of the pie) is $20,000. Between making fifty payments to the mortgage company and kicking in an additional $50 whenever you had it, your outstanding balance has been reduced to $152,000. What’s more, your home’s value has increased nicely, thanks to a robust housing market.

An appraisal of your house reveals that it is now worth $219,000. The difference between $219,000 and the $152,000 outstanding balance on the mortgage loan is now $67,000. That latter amount represents your home equity, a portion of the amount you can use for debt consolidation.

Home Equity Lending

Lenders will look at your home’s value ($219,000) and allow you to borrow as much as 80% of that amount ($175,200) minus the amount you owe on your mortgage ($152,000). Therefore, you could borrow as much as $23,200 ($175,000 - $152,000) to cover debt, living expenses, and even take a vacation. Of course if your debt level is much smaller than that, you may simply want to borrow enough money to pay off your debt and then allow 5-10 years to pay off your low, fixed-rate home equity loan.

Home Equity Loans — Tax Advantages

Most homeowners are able to take advantage of tax deductions for their home mortgage. However, those deductions do not extend to cover most personal debt. On the other hand, a home equity loan is usually tax deductible even if the monies were used to pay off personal debt. In other words, you can let the government reward you for paying off high interest rate credit cards and other loans by giving you an extra deduction come tax time.

Worth Your Consideration

Of course, whether it is personal debt or a home equity loan, you will have to pay off what you owe. A financial calculator can help you compare your outstanding debt with a home equity loan to help you develop a plan that is affordable, tax deductible, and much lest burdensome then the high interest rate personal debt you are presently battling.

Tags: Debt Consolidation, home equity, home equity lending, home equity loans

Welcome to SayEducate, your life-event strategy blog.

This site is under development and will officially “go live” around the middle of October. Our articles will cover important areas of your life from college preparation through retirement.

Specifically, five subject areas will be covered:

• Career Planning
• Consumer Financing
• Education
• For The Home
• Managing Money

We invite your participation through the subscription to our RSS feed and by sharing your comments.

In the meantime, please visit the links on the right column to find related sites featuring information you can use.

Tags: Auto Loans, Debt Consolidation, Home Financing, Home Improvements, Home Mortgages, Loans, student aid