Articles About Finance And Refinancing

A No Fee Balance Transfer Credit Card That Can Help Build Home Equity Is Now The Top Specialty Rewards Card at The BalanceTransfer.cc Website

(PRWEB) August 31, 2007 -- Historically low interest rates and loose lending standards created a housing bubble in the U.S. that burst back in 2005. America is now in the depths of a housing slump, and no one knows for sure when a recovery for the housing sector will happen. Many subprime mortgage companies have either stopped making new home loans, or have shut their doors for good. Late payments and foreclosures are up in many parts of the country, as homeowners struggle to cope with rising inventories (http://www.wsjprimerate.us/preowned_used-home_sales_price_history.htm) and stagnant or declining home values. Interest-only (http://www.wsjprimerate.us/interest-only_loans.htm) and other types of adjustable-rate mortgages are "resetting," causing once-affordable loan payments to rise to unmanageable levels. With all the housing-related turmoil stressing American households, it makes perfect sense that the Citi® Home Rebate Platinum Select® MasterCard® (http://www.balancetransfer.cc/free-no-fee-balance-transfer-credit-cards.html#citihomerebateplatinumselectmastercard) is now the top specialty rewards credit card at the BalanceTransfer.cc website.

With the Home Rebate Platinum Select MasterCard, Citi will forward a cardholder's accumulated rebate dollars to the cardholder's mortgage company, on an annual basis. If a cardholder doesn't have a mortgage, Citi will issue a statement credit instead.

"Years ago, the standard method for building home equity was to pay down your mortgage principal," said Steve Brown, who is a content manager at the credit card balance transfer website (BalanceTransfer.cc.) "Nowadays, many homeowners across the country are relying on the value of their property rising over time as a way of building home equity, which, of course, is backfiring because home prices in many parts of the country have been frozen and even declining.

"A couple of years ago, many homeowners were using the equity in their home as an ATM machine. Now that the housing correction is in full swing, Americans are trying to find ways to put money back into their homes. Home equity-related issues, specifically lack of equity and negative equity, can make it virtually impossible for a homeowner to sell, refinance or get a second mortgage. Not being able to sell or refinance one's home is tantamount to crippling the American dream.

"Homeowners who are having trouble selling or refinancing, or who are finding it very difficult to get a loan backed by the property they own, like a home equity loan or a home equity line of credit, should do whatever they can to pay down their first mortgage. A quality credit card featuring a rebate program that passively helps to pay down a homeowner's mortgage balance can make a difference. What's great about the Citi Home Rebate card is that it's issued by a highly reputable bank, and, currently, it's a card to which consumers can transfer non-Citi credit card balances, pay no interest on the transferred balance for 12 months, and pay no balance transfer transaction fee (http://www.balancetransfer.cc/free-no-fee-balance-transfer-credit-cards.html)," Brown added.

Angelo Mozilo, CEO of Countrywide Financial, which is the nation's #1 home-loan lender by volume, recently commented that he doesn't believe a recovery for the U.S. housing sector is likely to materialize before 2009. And acccording to the recently released Standard & Poor's/Case-Schiller index, home prices in the Unites States dropped by 3.2% between the second quarter of 2006 and Q2, 2007, the sharpest decline ever for the index. Gauging by the S&P/Case-Shiller index, economists at the investment bank Goldman Sachs expect that home prices will fall by 7% this year, and by a further 7% in 2008.

"Most of us use credit cards to pay for the things we want and need in life, so why not use a card that can help a homeowner pay down their mortgage balance?" Brown continued. "Building home equity is as hard as ever in the current real estate environment, so homeowners should take advantage of any tool out there that can lend a helping hand.

"Of course, as with any credit card, all the standard caveats apply. Consumers should utilize payment scheduling and automatic payments to ensure that payments are never late. Consumers should also make a concerted effort to pay their entire credit card balance in full whenever their statement arrives, so as to avoid getting bogged down with debt and interest charges," said Brown.

The terms and conditions associated with any credit card, including the Citi Home Rebate Platinum Select MasterCard, are not carved in stone, so it's always advisable to review thoroughly a credit product's current conditions and terms before submitting an application.

About BalanceTransfer.cc

The BalanceTransfer.cc site is a popular Internet destination where visitors can research and compare credit cards that offer a 0% introductory annual percentage rate (APR) on new purchases or credit card balance transfers, or both. The website at BalanceTransfer.cc is owned by American CyberSpace®.

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