Borrowing Advice

Articles Tagged ‘borrowing advice’

Friday, November 18th, 2011

Most of us do everything we can to avoid getting sick. We wash our hands regularly, make sure our food is adequately cooked and do all of the other little things so that we don’t come down with a cold or the flu. Unfortunately, we don’t always pay as much attention to our financial health. In many cases, any financial difficulties we find ourselves in are a direct result of our own actions or in-actions. Just as we try to avoid getting sick, we should avoid the bad decisions that could damage our financial well-being. Here is some information and...

0 vote(s)

Loading ...

Tags: borrowing advice, borrowing mistakes, mortgage advice
Posted in Basics | No Comments »

Second Mortgage Myths and Facts

Tuesday, October 4th, 2011

There’s been a lot of activity in the residential real estate and real estate lending markets over the past few decades. Home prices have spiked and fallen in many parts of the country, while foreclosures and similar proceedings are at or near record levels. Another significant development has been the rapid decline in interest rates, sending mortgage loan rates to all-time lows. There is also a fair amount of misinformation surrounding many of the financing vehicles and programs available for residential real estate. Second mortgages in particular are a common source of confusion. Here is some information and advice on...

0 vote(s)

Loading ...

Tags: borrowing advice, lending, second mortgage
Posted in Mortgage | No Comments »

Why Should You Have a Home Equity Line of Credit?

Wednesday, September 7th, 2011

For homeowners, tapping into their home equity has long been a popular way to get the money they need. Proceeds from home equity loans are often used to consolidate bills, make repairs, take care of emergency expenses or help pay for a child’s college education. The only catch is that the loan is secured by your home, so if you fail to repay it, the bank can foreclose. But many homeowners do not realize that there’s another option for accessing their equity: the home equity line of credit, or HELOC for short. A HELOC offers all of the benefits of...

0 vote(s)

Loading ...

Tags: borrowing advice, borrowing money, home equity line
Posted in Home Equity | No Comments »

Filing for Bankruptcy

Monday, June 27th, 2011

Bankruptcy is something that we all hope we never have to go through. But for all too many consumers, unforeseen financial difficulties make bankruptcy one of the few options to get one’s credit and good name back. Before you file for bankruptcy, try to work out deals with your creditors, go through credit counseling, or see if a lawyer can help you find a workable solution. If your finances have been derailed, however, bankruptcy may be your only hope for getting your debts behind you and making a fresh start. While it’s certainly not the ideal solution, it might be...

0 vote(s)

Loading ...

Tags: bankruptcy, borrowing advice, filing bankruptcy
Posted in Basics | No Comments »

The Economics of Renting Versus Buying

Monday, May 30th, 2011

Buying a home is part of the so-called American Dream. It gives homeowners a sense of pride, as well as the freedom to do as the please (within reason and within the law) with their property. But there’s a lot to be said for renting, too. It doesn’t tie you down to a specific location like buying does, and it gives you definite advantages when it comes to property maintenance. Whether it’s better to rent or buy is a matter of your specific economic and life situations. It’s important to take these into account when you make a decision. Here...

0 vote(s)

Loading ...

Tags: borrowing advice, mortgage advice, own home, rent versus buy
Posted in Basics | No Comments »

How to Dispute Your Credit Report Information

Monday, May 23rd, 2011

The information in your credit report can affect many areas of your life, so it's important to keep track of what's in it. If you find information that is incorrect for any reason, it's your job to dispute that information in order to have it removed from the report. Only you are looking out for your own credit rating, so it's to your advantage to pay attention to your report. There are actually three credit reports: from Experian, Equifax, and Trans Union. Monitoring all three of these credit reports is essential because the information can differ from report to report. Here...

0 vote(s)

Loading ...

Tags: borrowing advice, correct credit score, Credit Score, dispute credit score
Posted in Credit Score | No Comments »

Shopping for a Mortgage

Saturday, May 21st, 2011

Owning a home is a goal that many of us share. But it’s not as simple as choosing a house and laying down the money. Unless you have plenty of money saved up, you’ll have to get a mortgage first. Many prospective homeowners will qualify for a mortgage. But comparatively few get the best possible deal on one. Most simply go to the nearest lender, fill out an application, and proceed with whatever kind of deal they’re offered. But if you shop around, you’ll find that different lenders offer vastly different terms that could make a huge difference in how...

0 vote(s)

Loading ...

Tags: borrowing advice, Mortgage, mortgage advice, mortgage rates
Posted in Mortgage | No Comments »

Should You Downsize Your Mortgage?

Monday, May 9th, 2011

When interest rates drop, homeowners tend to flock to mortgage lenders hoping to refinance. In good economic times, they are usually looking to not only take advantage of lower interest rates, but tap into their home equity for some extra cash. But in the face of dropping home prices, many are simply hoping to lower their monthly payments or pay down their mortgages more quickly. Sometimes refinancing is a good idea. But surprisingly, getting that lower interest rate can sometimes cost you more than staying with your current mortgage. Here is advice on some things to consider before you refinance...

0 vote(s)

Loading ...

Tags: borrowing advice, downsize mortgage, Mortgage, mortgage advice, mortgage refinance
Posted in Mortgage | No Comments »

Tips for Borrowing from a Family Member

Tuesday, April 5th, 2011

When you need to borrow money, your first stop is likely to be the bank. But depending on your particular circumstances, they may or may not be willing to help you. If you strike out there, where do you go next? Lots of people turn to their families when they are in need of a loan but can't get it from traditional sources. While family members are often willing to lend a helping hand, doing so can create a sticky situation. If you're unable to repay, it could destroy your relationship not only with the lender, but with other family...

0 vote(s)

Loading ...

Tags: borrow from family, borrow money, borrowing advice
Posted in Basics | No Comments »

How Much Credit is Too Much Credit

Monday, March 14th, 2011

Credit is a good thing – if you ask the experts in the credit industry. Credit card companies begin luring in new customers with the promise that building a credit history will help their financial future. It may be beneficial to have some credit, but there comes a point when the amount of credit hurts more than it helps. Consumers that have a large amount of credit available become a risk to potential lenders. It is important for you to know just how much credit is enough so you avoid reaching the point where you have too much credit. Credit lines...