Get to Know Your Horizon Bankruptcy Tools To Be Stress Free

Bankruptcy is a real issue in our society. It accounts for a lot of suffering people have to bear when things get out of hand. But there is nothing to worry about, because Horizon Bankruptcy Tools is here to help get rid of this menace once and for all. As the cost of living rises, housing costs can account for over 30% of your household budget. Fortunately, through Horizon Bankruptcy Tools there are things you can do to lower the cost of housing. Below are a few tips:

Refinance Your Mortgage

Depending on prevailing interest rates, your finances, and credit rating, you may be able to refinance your mortgage so that you’re paying less money each month. Even knocking a couple of points off your interest can significantly lower your monthly payments and potentially save you thousands in interest over the life of your mortgage.

Variable rate mortgage

If you have a fixed rate mortgage with a high interest rate, consider your variable rate mortgage options. Since many variable rate mortgages offer low interest for the first few years, you can immediately lower your monthly mortgage cost. But watch out, if interest rates rise, you could find yourself facing a significantly more expensive mortgage payment.

Fixed rate mortgage

If you’re in a variable rate mortgage where the interest rates have risen sharply causing your monthly mortgage payment to skyrocket, switching to a fixed rate mortgage could lower your costs.  It’s helpful to refinance when your credit is at its best so that you get the best interest rate available on the market.


Checking Your Credit:

Your consumer credit scores are often checked when you’re applying for a mortgage, credit card, car loan, or even trying to get mobile phone service. But did you know that you can have somewhere around 30 (or more) credit scores?

FICO Score

Most consumers know about FICO, the credit scoring system used by the three major credit reporting bureaus—Experian, Equifax, and TransUnion. But what you may not realize is that each credit bureau may use information on your credit report differently and, therefore, come up with a different score.


Developed in 2006, VantageScore was designed by the three credit bureaus as an alternative to FICO. VantageScore is used by some lenders to determine the creditworthiness of people who don’t have a long history of using traditional forms of credit. Unlike FICO, which requires six months of credit history to calculate a score, Vantage Point only needs one month of credit history. That’s a huge advantage for consumers with a thin credit history.

Creditor Specific Scores

In addition to the traditional FICO score and the more recent VantageScore credit score, the three major credit reporting bureaus provide credit scores geared towards certain types of creditors. For example, there’s the FICO mortgage score and the FICO installment loan score. These credit scores look at specific information to determine a debtor’s creditworthiness for certain types of credit.

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