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City Creek Mortgage

Mortgage Mike's view on...Credit Cards

For many, uncontrolled and lavish spending can be just as harmful as any other addiction. For those who face this challenge, credit cards should be avoided at all costs. However, when used for convenience or as a tool to accumulate sky miles and other benefits, credit cards can be a useful part of a healthy financial plan. This requires the balance be paid off at the end of each billing cycle and that the temptation of spending beyond what can and will be paid off each month does not create financial hardship.     When committed to a lifestyle that follows the 4-step financial plan that I teach, having a credit card on hand will not likely create problems. However, I generally don't endorse the use of credit cards and have seen many families destroyed by uncontrolled spending. If you feel that this may be an issue for you, take the first step and cut up al...

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Posted Apr 22, 2014
City Creek Mortgage

The Psychology of Money

Why is it that many feel they will forever struggle financially? Why is it that most feel they need an extra 10% or more income each month just to meet their monthly obligations? How did they survive when they made 10% less? The answer is often found in their perceptions about money and how that plays out in their financial habits     I have told my clients for years that it is not about how much income we earn. Rather, it is the habits that we develop. I know many people who would fit most people’s definition of having achieved financial success who are so incredibly in debt that they struggle to meet their obligation with their seven figure income. On the other side, I have clients with one income and several children who live very comfortably on what most would consider a low income. How can both extremes exist? Shouldn’t their situa...

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Posted Apr 16, 2014
City Creek Mortgage

Busted! Know the truth about Mortgage Myths!

Given the amount of misinformation continually circulating about mortgage loans, we’re ready to set the record straight – Mythbuster style! Oftentimes, misinformation keeps people from making decisions that could benefit their financial situation. However, through clarity and understanding of mortgage fact vs. fiction, different opportunities never realized before may arise.   Myth #1 – All loans have closing costs that the borrower must pay.   Truth: In exchange for a slightly higher interest rate you can receive a credit back that may cover all of the closing costs involved in the mortgage. This includes paying for the appraisal, underwriting fees and all title fees. Although there are certain restrictions involved (such as owner occupancy, loan size, loan-to-value and credit score), we ...

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Posted Apr 08, 2014
City Creek Mortgage

The Rules of Refinancing

In today’s era of 24/7 exposure, media outlets are continually feeding us conflicting messages. With the constant stream of contradictory information, it can be difficult to sort out truth from error. This is particularly true when it comes to the relentless pounding of mortgage companies telling you that now is the time to reduce your interest rate. Although they may be correct in some cases, refinancing is not always right for all homeowners. This is especially true if doing so would add thousands of dollars to your mortgage balance. One of the values of having a mortgage planner watching over your home loan is the comfort of knowing that a professional will let you know when the time is right to...

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Posted Apr 01, 2014
City Creek Mortgage

DEBT SNOWBALL

  Pay off the account with the smallest balance first regardless of interest rate. As each account is paid off, apply those payments to the account with the next smallest balance, and so forth. Watch your debt begin to disappear. This is one of the most liberating experiences my clients have. Is it time for you to snowball your debt? Call me if I can help

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Posted Mar 25, 2014
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