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Mortgage and Loan Tips

Refinance your mortgage, reduce your loan payments, and more...

Should You Pay Down Your Mortgage Debt? Do the Math First.

Posted In:  debt reduction  mortgage

Does the idea of being mortgage-free make you giddy with happiness? Yes, not having to pay a monthly mortgage would make many people feel incredibly free and stress-free. It can be possible to pay off a mortgage early; many people do it every year. However, paying off the mortgage early is not always the best idea in every situation.Read the rest...

SavingTools Guide: 8 Steps to Restoring Credit After a Bankruptcy

Posted In:  mortgage

The decision to declare bankruptcy is never an easy one. Unfortunately, sometimes it's the only option available. Many people have a number of questions following a bankruptcy. You are probably wondering how you can bounce back and eventually restore your financial standing and credit.Read the rest...

Infographic: Bankruptcy Recovery TimeLine

Posted In:  mortgage

The decision to declare bankruptcy is never an easy one. Unfortunately, sometimes it's the only option available. Many people have a number of questions following a bankruptcy. You are probably wondering how you can bounce back and eventually restore your financial standing and credit.

 

View infographic in a pdf file

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Refinancing Your Home Mortgage with an FHA Loan

Posted In:  mortgage

Actually, the Federal Housing Authority (FHA) does not grant loans to people. Instead, it offers guaranteed mortgage insurance to lenders in case you default on the loan. With an FHA loan, a lender is more likely to give you a mortgage. A new FHA program helps those who are current in their mortgage payments to get help refinancing the loan. Since the program is only for refinancing, it is not available to people who qualify for the First Time Home Owners program. There are a few different FHA programs available for those who meet the eligibility requirements.Read the rest...

Raise Your Credit Score—Lower Your Mortgage Interest Rate!

Posted In:  mortgage

So you are ready to buy a new home huh?  Have you taken the time to check out your credit report?  If your answer is no, then the very next thing you need to do is get a copy of your credit report to ensure it is completely accurate.  Having incorrect or detrimental information on your credit report can cost you tens of thousands of dollars.  The difference in interest paid on a $200,000 mortgage between a 4.5% and 5% 30 year fixed mortgage is $21198.15! Read the rest...

Getting the Best Discount for a First Time Home Buyer

Posted In:  mortgage

This might be the best of times and worst of times for some in the current economic situation we American’s have found ourselves in. For some the economy has hit them hard. There have been record unemployment rates and subsequent home foreclosures.

On the flip side of things, ones man’s loss is another man’s gain. The ability to become a new home owner has never been better. The range of available homes is endless. You will be able you get the most for your dollar in a market where values have dropped.Read the rest...

Mortgage Rates Down, Payments Up

Posted In:  mortgage

Mortgage rates have dropped to an almost all-time low, which is a major relief for current homeowners looking to refinance, as well as those who are shopping for a new home. The new low mortgage rates are mostly benefiting those who already own their homes, since almost two thirds of applications came from people hoping to refinance on their mortgage.Read the rest...

Flip Houses Successfully...Even in This Market

Posted In:  mortgage

Over the last few years, house flipping has become a source of instant curiosity for many people. The process involves purchasing a home for a fraction of what it is worth, then fixing it up and selling it to make a profit. How does house-flipping work in this market? How can you make a profit and not lose everything you put into the house?Read the rest...

Scheduled Maintenance for Your Homeowner's Insurance

Posted In:  mortgage  other

Most people don't give their homeowner's insurance much thought after they sign the paperwork for their mortgage. It is important to understand that the purpose of homeowner's insurance is to protect you if anything unexpected ever happened to your home. If you never research the shifting insurance value of your home, you could end up underinsured when you need to file a claim. Several factors can lead to a home's value rising or falling over the years. The best way to avoid an unpleasant surprise is to keep track of your home's value over the long term. Schedule periodic research into the changing value of your home, and plan to make insurance adjustments based on new assessments.Read the rest...

Bankruptcy: What You Need to Know

Filing personal bankruptcy is becoming more common, especially in this tough economy. Some of the stigma associated with bankruptcy has disappeared over time. People use it to wipe out debts, stave off foreclosure or just start over. Still, while it’s nothing to be ashamed of if you feel it’s your best option, you need to be aware of the ramifications of filing. It affects your credit report for 7-10 years and can negatively impact interest rates on credit cards and loans and even insurance premiums. Bankruptcy can negatively influence prospective employers. It also usually won’t eliminate child support, most student loans or taxes owed.Read the rest...