Tips to start paying off your debt

When people start to have financial trouble, the first instinct is to panic and the second is to “band-aid” everything. Most people will try to halfway fix many things when in reality you should try to fix one financial issue at a time. Stay away from taking out payday loans, not paying off your credit cards when high interest kicks in and try not to borrow from your 401k when there is a penalty. Here are a few tips to start paying of your debt faster!

  • Prioritize paying off credit card debt by concentrating on interest rate or make minimum required payment on all accounts. Depending on your amounts and how high your interest rate is can alter your decision. Do the math to see how much will be paid on each card with the interest.

  • Treat your debt like a diet, concentrate on the area that bothers you the most! If you make a list of money earned and money spent each month you will be able to see where you cut back and put that money towards a payment.

  • Try not to miss payments. Messing with your credit by missing payments can haunt you for a long time after and it makes it even harder to catch up and pay it all off. Banks would rather get a lower percentage interest rate from you than for you to default and not pay at all.

Premier Mortgage Lending, NMLS #393282, is located at 701 N. Green Valley Pkwy., #125 Henderson, NV 89074. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.

4 Things Mortgage Lenders Want to Know About Your Credit

1. The Whole Truth: Make sure not to hide anything that might effect your application for a mortgage. The good lenders will be dedicated to their service and try to help as best as they can. As long as you tell the truth you can get right to it!

2. Credit Bumps: After a foreclosure, late mortgage payments or short sale, when you are applying for your new loan bring proof of your house payments now. Show your lender that you have a record of responsibility.

3. Financial Mismanagement: It is possible to be approved for a new mortgage after foreclosure or bankruptcy, but you need to be able to have financial records. It is important to prove that it was not due to your own financial mismanagement but to other extenuating circumstances that you lost your home.

4. Disputes: Be sure to have all disputes resolved before applying for a mortgage. This will eliminate any chance that the approval will be revoked because of withholding credit information.

There will always be companies willing to slide past the rules and promise a quick fix. This will only hurt you in the end. When you decide it is time to apply for a mortgage, call Premier Mortgage Lending for you trusted, low cost loan information!

Premier Mortgage Lending, NMLS #393282, is located at 8689 W. Sahara Ave., Suite 100, Las Vegas, 89117. The full-service lender is a member of the Las Vegas and Boulder City Chamber of Commerce, Better Business Bureau and Southern Nevada Home Builders Association, as well as an affiliate member of the Greater Las Vegas Association of Realtors.