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Credit Freeze A credit freeze, otherwise known as a security freeze, is a tool that allows you to restrict access to your credit report. This makes it more difficult for identity thieves to open new accounts in your name, as most creditors need to see your credit report before they approve a new account. Does a credit freeze affect credit score? A credit freeze does not affect your credit score. Additionally, it does not prevent you from getting your annual credit report, keep you from opening a new account, buying insurance, applying for a job, or renting an apartment, or...
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Your First Credit Card Getting a credit card is an important step in life. However, before applying for the first card you see, here are some things that you should know. When should you get your first credit card? Though it may sound silly, the best time to get a credit card is before you need one. Consider getting a credit card during college or shortly after graduation. If you have already graduated, there are many credit cards that are great for young professional. Before applying for a credit card, understand the credit requirements and choose a card that offers...
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When you have high interest debt on auto loan, credit cards or other loans, they could be difficult to pay off and may hinder your financial goals. U.S. households carry an average of $15,762 in credit card debt, and in 2015, they paid the debt with an average interest rate of 13.66%. Many credit card holders pay even higher rates on higher balances. If you own a house, one way to reduce your balances is to utilize the equity in your home. There are two ways to consolidate your debt with a mortgage: refinancing your existing mortgage or through cash-out...
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Debt-to-income ratio (DTI) is a personal finance measure that compares your debt payment to you overall income. DTI is a way that lenders can measure your ability to manage your monthly payments and pay off debt. It is calculated by dividing your monthly recurring debt by your gross monthly income, and is expressed as a percentage. What Monthly Payments are Included? Monthly: mortgage payments time share payments personal loan payments car payments student loan payments credit card payments personal loan payments child support payments alimony payment If escrowed, monthly expense for real estate If escrowed, monthly expense for home owner’s...
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Credit scores can range from 300 to 850. The Fair Isaac Corporation set up the first credit scoring system based on credit bureau information, now commonly known as a FICO score. FICO scores are the most commonly used scores. However, there are several other versions and providers of credit scores, such as VantageScore, NextGen, BEACON, and EMPIRICA. You may see differences in your scores as each company uses a different scoring model and algorithm. How do mortgage lenders use credit scores? Lenders use credit scores to assess a potential borrower's credibility. They examine your credit risk in efforts to determine...
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The Community Reinvestment Act is a 1977 U.S. law passed to address a discrepancy between how often low to moderate income earners should receive financing from lenders and how often they actually receive financing from lenders. What Does it Do? The Community Reinvestment Act requires that financial institutions turn over detailed records of their efforts to meet the needs of its communities. Therefore, this act encourages lenders to give out more loans to people and businesses in these areas. In turn, lenders avoid running into any problems with discrimination. The law doesn't mandate that lenders provide financing to anyone and everyone....
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The first-time homebuyer tax credit is a special tax credit program meant for a specific group of homebuyers: those who bought a home during the 2008 financial crisis. This tax credit is not widely available and has a variety of requirements that dictate who can receive it. How To Qualify You can qualify for the tax credit if you purchased your home between April 9th, 2008 and April 30th, 2010. There are income limits you must meet. These depend on when your home was purchased. If your home was purchased between April 9th, 2008 and November 6th, 2009, you must...
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What is a right of rescission? A right of rescission is the legal right which gives a borrower the right to cancel a line of credit or home equity with a new lender. Additionally, it gives the right to cancel a refinance transaction made with a different lender other than the current lender within three days of closing. When taking advantage of this right, the lender must give up claim to the property and refund fees within 20 days. The right of rescission only applies to the following: Home equity loan Home equity line of credit Refinancing for primary residences...
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In 1974, Congress passed the Equal Credit Opportunity Act, under President Gerald Ford. The Equal Credit Opportunity Act (ECOA) makes it illegal for creditors or lenders to discriminate against any applicant based on their: Race Ethnicity Religion Gender National origin Marital status Age This includes those who receive a portion or all of their income from a public assistance program and those who have exercised their rights under the Consumer Credit Protection Act in good faith. This law applies to any person who regularly participates in credit-related activity through normal acts of business. This includes banks, retailers, credit unions, and...
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VA Loans are offered by the Department of Veteran's Affairs (VA) and are intended to help veterans, active service members, and the spouses of fallen soldiers receive financing on a home. These loans are backed by the VA, and the agency will step in to pay off your loan if you are unable to do so. There are three criteria that must be met in order to qualify for a VA loan: Suitable Credit Sufficient Income Certificate of Eligibility Learn more about how to apply for a VA Loan. If you're interested in finding out whether or not you qualify,...
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