Buying and moving into a new home is one of life’s great experiences, especially if you’re buying your first home. From getting that pre-approval to the “yes!” response on an offer to closing and moving in, every step is exciting. And while the process is engaging and fun, it’s important to prepare for moving day […]
Debt Consolidation: Missouri Residents Seeking Financial Relief
In this article, you will learn about debt consolidation, the Missouri housing market, and recent statistics in the economy. Learning about the different programs for debt relief will help you manage your finances as well as alleviate the stress of trying to make ends meet. As a homeowner, it is essential to find an agency that understands your unique financial situation and educates you on all the options that are available.
The “housing bubble” in Missouri occurred when home values increased 11%; 7% higher than the national average in 2010 to 2011. During this time, instead of turning to debt consolidation, Missouri homeowners used their home equity to help pay off their debt. However, in the 5 years since this incident, home prices have dropped an average of 38%. This affected individuals who tapped into their equity to pay their bills. Now that the property value of their home has dramatically fallen, they have to find another option to help relieve their debt. Some people who are struggling to make their monthly payments are having to go through foreclosure or even bankruptcy.
Even though home values have gone down, there are still many positive aspects of the economy. There are many local financial specialists who can help find the right program to help with debt consolidation. Missouri is also an affordable place to raise a family and the cost of living and unemployment rates are much better than other areas in the United States. According to the Economic Research and Information Center, in the first quarter of 2012 Missouri was listed as the state with the 12th lowest cost of living out of every state in America. The unemployment rate of 7.3% was almost 1% lower than the national average of 8.2%, based on the Bureau of Labor Statistics in May 2012.
Every individual has a unique situation; where one person may have great credit and need a personal loan; another person may have very poor credit and is living paycheck to paycheck. People are also at different stages in their lives. For example, a recent college graduate who just landed their first job and is renting an apartment is completely different from a couple who wants to start a family and buy their first home. Debt relief services do not necessary have to be credit care centers or financial planning agencies. Mortgage banking firms may also provide credit counseling and debt consolidation options. Missouri has locally owned and operated companies, such as Cornerstone Mortgage, to help assist people in improving their credit score, in order to help them to reach their overall financial goal.
We invite you to contact a specialist today to pull up a free credit report and answer any questions you may have. Our team of professionals has an average of 15 to 20 years of experience in the mortgage and financial industry. Be proactive today and learn what you can do to repair your credit and start saving money.The above information is for educational purposes only. All information, loan programs and interest rates are subject to change without notice. All loans subject to underwriter approval. Terms and conditions apply. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.