Bad Credit: Options for Refinancing a Mortgage

Like many people, the recession hit me pretty hard. Thanks to a job loss, I got behind on some of my credit cards. Even though I did mange to make the mortgage payment every month, my credit rating nose-dived. While things did get better, I still wondered if it would be possible to refinance my mortgage with bad credit. After talking with a few lenders, I found out that my situation was not unique. I also found lenders who were willing to work with me. I managed to get terms that will save me money over the life of that mortgage. If your credit has taken a beating, don't assume that refinancing is out of the question. I'll share how I researched options and found a lender who offered a good deal. You could find that refinancing your mortgage is within your reach.

Top 3 Ways To Sell Your Gold

Finance & Money Articles

If you're in need of some extra cash, selling old jewelry, coins, or other gold items can be an attractive way to get the funds you need. If you're not using the items, you won't feel like you're losing anything, and you'll gain the money to pay emergency expenses, settle past due bills, or finance a new purchase. The question is, what's the best way to sell your gold? If you've never sold gold pieces before, you may not be aware of the various ways you can go about selling your gold. Take a look at a few of the options available so that you can decide how to get the most value for your gold.

Mail-In Gold Buyers

This is the option that most people are aware of, because mail-in gold buyers advertise on television and on the internet. The premise is simple. You mail your gold to them, and they make you an offer. You can accept and collect the money, or decline and have your gold returned to you so that you can try again elsewhere.

This is quite possibly the easiest way possible to make a profit on your old gold pieces. Most companies will send you free self-addressed envelopes for your gold pieces, so there's no need to even leave your house. You only need to go to the mailbox and back. If you're limited in your mobility, or if you live far off the beaten path, using a mail-in gold buyer may be the most practical way to get rid of your gold and collect your cash. It's possible that you won't recoup as much of the value of your gold as you might from another source, but depending on your situation, the convenience might make the price worthwhile.

Gold Parties

If you're hurting for cash and it's been a while since you had a night out, then a gold party might be just what you've been looking for. Never heard of a gold party? It's basically the reverse of a party where the object is for the host to convince you to buy kitchenware or makeup. Instead, you bring your old gold, and you leave with money.

At a gold party, the host arranges for a gold buyer to be present at the gathering. The buyer meets individually with each guest, appraises their gold, and makes an offer. The host gets a commission – typically 10% to 12% – and everyone leaves with a little more cash than they had before they came.

Hosting the party is your best bet if you really need the extra cash. That way, you get the commission as well as selling your own gold. It's not as good a deal for guests, but it's probably the only way you'll ever make money on a girl's night out. If extra cash would be nice, but it's not an emergency, this is an easy and fun way to get a little money back on jewelry you never wear anymore.

Selling Locally

Your third option is to sell your gold locally. Chances are that you have at least a few stores in your area that buy and sell gold coins and gold jewelry. In addition to dedicated coin and jewelry shops, pawn shops often buy and sell gold, and you can also find gold buyers at local flea markets.

This is by far the most labor-intensive way to sell your gold. You'll have to gather your gold and drive to each shop and talk to the buyers in person, and you will really want to comparison shop to be sure you're getting the best price. However, the work you put into this option can really pay off – chances are that you'll make more in person than you will through the mail, and your profits won't be cut into for a commission, the way they would at a gold party. Selling locally might also be your best bet if you need cash fast – you won't have to wait for the mail or for a party date. If you need top dollar for your gold fast, selling locally might be your best bet.

Each method of selling gold has its own pros and cons, and what works for your friend or neighbor may not be the best choice for you, so weigh your options carefully. No matter how you choose to sell your gold, do some research into the current price of gold before you sell so that you can ensure you're getting a fair price for your items. For more information, contact a company like Rocky Mountain Gold & Silver Exchange.


13 March 2015