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Garden State Home Loans is your local and trusted choice for New Jersey home loan refinancing. From our office in Cherry Hill, we find the best refinancing rates for homeowners throughout the state. We keep our focus solely on New Jersey home loans, and providing our customers with a personalized lending experience that meets homeowner needs. For over 25 years now, we’ve been dedicated to an improved home loan experience for New Jersey residents. Refinancing your home loan, when the available rates make it worthwhile, is a great way to save thousands of dollars on your mortgage, pay off your...
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Having a good credit score is essential for getting a good mortgage rate. Before purchasing a home, make sure you have started to build your credit and that it is in a good place. Here’s how to build your credit to put you in an optimal position. How to start building credit At a minimum, you need to have at least one credit card open in your name. Then, you have to make a purchase using the card and make a payment. Once you’ve made your first payment, your creditor will submit that payment to one or more of the...
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Avoiding Bankruptcy Bankruptcy occurs when your liabilities exceed your assets or when you have an insufficient cash flow to service your debt. In other words, bankruptcy happens when you don’t have enough money to pay off your bills. Declaring bankruptcy has many consequences and can affect your credit for many years. If you feel that you are on the verge of this, here are a few things you can do to avoid having to declare bankruptcy. See what you can sell Do you have unopened or unused items that have just been collecting dust on your shelves? Consider putting those...
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Credit Card Interest Rate Is your interest rate not where you want it? Here’s how to lower the interest rate on your credit card. Evaluate your situation Before you call your credit card company, you should understand your current situation. Take a look at your current credit terms, including your grace period, statement due date, and current balance. You should also check your credit as well. Having a good credit history gives you more leverage to negotiate. Being prepared helps you to better evaluate the options your credit card company may offer you. Build credit If necessary, you may want...
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Consolidating Credit Card Debt Credit card debt can be very worrisome. The average American household has roughly $16,425 in credit card debt. If you are one of these people and wish to consolidate your debt in 2018, here are a few ways that can help. Consolidate Debt to a Single Card The average American has 2.6 credit cards. One way to consolidate credit card debt is to use a balance transfer card. A balance credit card is meant to help reduce the interest a person is paying each month. Instead of paying several monthly payments, moving your balances to one...
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Credit Counseling Credit counseling is used to help debt settlement through education, budgeting, and other tools to help reduce and ultimately eliminate debt. How does credit counseling work? Credit counselors will look at your total financial situation to help you create a plan to pay off your debt, including a money management plan and a debt pay-down plan. They can also provide free resources and workshops related to money management. It is important to be completely upfront about your situation, including what you owe and where you owe it. Be forward about all your current expenses and your income. However,...
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Bouncing a Check Financial mistakes happen. One of the most frustrating is a bounced check. A check bounces when there is not enough money in your checking account to cover the payment. Why does a check bounce? There are several reasons that a check can bounce. An automatic payment may have been deducted from your account, your paycheck was later than usual, or your account was locked after using your debit card are common reasons a check may bounce. What if you realize your check is going to bounce? If you realize your check is going to bounce, but it...
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What Happens When You Close a Credit Card? There are a few different reasons that you might close a credit card. There are two situations in which it is best to close your credit card. These are: If you are having difficulty controlling your spending, it might be a good time to close a credit card. This doesn’t mean you can’t have an occasional splurge. However, if you are having a problem, it’s best to remove the temptation and close the card. If the terms of your card are no longer favorable, it may be a good idea to close...
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What are lender credits? Not everyone has the ability to pay the closing costs. If you are in the position where you are purchasing a home, but are not able to pay the upfront closing costs, you might want to consider lender credits. Lender credits are money given to you from your lender to help cover all of part of your closing costs associated with your home purchase. This can be upwards of several thousand dollars in credit. Afterward, this credit is applied to your mortgage. Before choosing to use this option, consider what choosing a lender credit may do...
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Subprime vs Prime Mortgages There are two major categories for loans for borrowers, prime mortgages and subprime mortgages. Subprime mortgages are designed for people with lower or blemished credit scores. As such, they are riskier for lenders and usually cost the borrower more. Subprime Mortgages A subprime mortgage is a type of loan awarded to those with poor credit histories, usually below 600, but often times, anything below 620 is considered low. These people would otherwise not be able to qualify for conventional mortgages. Subprime borrowers pose a higher risk to lenders. As such, subprime mortgage rates are higher than...
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