XM Loans - The Mortgage Optimizer

The first order of business for you is to understand the obligations and pitfalls of indebtedness:

Minimum Monthly Payments: Recently in the United States, the Federal Government approved credit card companies to increase the minimum monthly payment on credit card accounts from 2-4%. This was done in an attempt to lower the amount of consumer debt per household. How much breathing room does this leave you?

Credit's True Cost: According to a credit card debt calculator, if you have a $10,000 credit card balance with an 18% interest rate, by making minimum payments only, it will take you 12 years and 3 months to pay off that balance. And in that time, you will pay a total of $5,463.25 in interest.

Universal Default: This is where credit card companies are allowed to increase the rate of interest you pay to the highest amount possible if your monthly payments are late on your credit card account. This extremely punitive measure is the primary reason why consumers end up declaring bankruptcy, charging off, or entering into a credit-counseling program.

Spending Limits: Credit card companies give you a limit. Naturally, you would presume that you can spend up to your limit without being penalized. This is not the case. If you use up your limit, or "max out" your card, the interest rates on your cards can potentially be increased.

Creditor Communication: Most major creditors refuse to enter into any type of negotiation with consumers until they are in default status. This means that people have to incur several late pays and a charge-off before creditors are willing to talk to them about a solution. This is crazy.

So, there are a few traps out there. What are your options if you fall into a trap that finds you stuck in a consumer debt nightmare with no easy way out? There are several types of debt relief programs offered by professional companies. It can be very confusing to readily understand the differences between the various options because they all seem quite similar to the casual observer.

From the President’s desk….

Months ago, Jean-Claude Trichet signalled that the global downturn had bottomed out with some large economies already able to put the recession behind them and look forward to renewed growth.

But the European Central Bank president had also warned that in the 16-country eurozone's “economic activity was likely to be very weak for the remainder of this year, before gradually recovering in the course of 2010”. Recently however, Mr Trichet struck a much more optimistic note, indicating that global economy was “around the inflection point”, he said, with some countries “being beyond the inflection point”.

How the Bahamas fares in light of the continuing decline of the US economy is by all accounts predictable. Nevertheless, we must remain optimistic that consumer confidence will rebound in the short term, and visitors will return to our shores in comparable numbers!

Your monthly mortgage tip:

Secrets Lenders don't want YOU to know!

loanSecrets

Contrary to popular belief, real estate on the Family Islands can be used as collateral for or down payment on loan funding for projects in Nassau!

Historically, most lenders have approached this issue with the flawed mindset that the Commonwealth of the Bahamas consisted only of New Providence, Grand Bahama and Abaco. If you have unemcumbered property on a Family Island, rest assured that it can be pledged as collateral for your Nassau based project!

To find out how to get the best use of your family island property, email us at info@xmloans.com

KNOW THE FACTS –BANKS CANNOT DISCRIMINATE AGAINST LAND ON THE FAMILY ISLANDS!

The material contained in this newsletter has been prepared by XM Loans Ltd. 404 Bay Street, PO Box N-4443, Nassau, Bahamas and independent feature contributors. The material provided is for informational and educational purposes only and should not be construed as investment, financial, real estate and/or mortgage advice. Although the material is deemed to be accurate and reliable, there is no guarantee it is not without errors.

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