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... Articles Tagged ‘borrowing advice’
The Economics of Renting Versus Buying
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...
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... How to Dispute Your Credit Report Information
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...
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... Shopping for a Mortgage
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...
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... Should You Downsize Your Mortgage?
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...
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... Tips for Borrowing from a Family Member
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...
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... How Much Credit is Too Much Credit
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...
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... Best Reasons to Refinance a Mortgage
There are a number of reasons that people may want to review their current mortgages and consider moving to refinance. Understanding the cost versus the benefits can be the best step in moving in the best direction for each individual need.
Some of the questions to consider are have interest rates fallen? Do you expect them to go up? Has your credit score changed so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage?
How you answer these questions will influence your decision to refinance your mortgage. But...
Monday, February 14th, 2011
There are a number of reasons that people may want to review their current mortgages and consider moving to refinance. Understanding the cost versus the benefits can be the best step in moving in the best direction for each individual need.
Some of the questions to consider are have interest rates fallen? Do you expect them to go up? Has your credit score changed so that you might be eligible for a lower-rate mortgage? Would you like to switch into a different type of mortgage?
How you answer these questions will influence your decision to refinance your mortgage. But... How Recent Credit Scoring Revisions Affect You
The lending industry looks to the Fair Isaac credit scoring system to determine the strength or weakness of potential borrowers. The system periodically undergoes some changes to deal with the evolving economic system.
Fair Isaac & Company introduced FICO 8 with the hope that it will help lenders better evaluate the risks of a potential borrower. The recent escalation of foreclosures in the real estate market has required the FICO to be adjusted to better determine the likelihood of default.
Fair Isaac & Company constantly adjusts the formula for determining credit scores. The changes in the FICO 8 system reflect the...
Wednesday, February 2nd, 2011
The lending industry looks to the Fair Isaac credit scoring system to determine the strength or weakness of potential borrowers. The system periodically undergoes some changes to deal with the evolving economic system.
Fair Isaac & Company introduced FICO 8 with the hope that it will help lenders better evaluate the risks of a potential borrower. The recent escalation of foreclosures in the real estate market has required the FICO to be adjusted to better determine the likelihood of default.
Fair Isaac & Company constantly adjusts the formula for determining credit scores. The changes in the FICO 8 system reflect the... The Unexpected Effect of Credit Reports
Consumers know that the credit score rating that follows them around affects the types of loans available as well as the loan amounts. The musical commercials that tout the importance of getting free credit reports make it clear.
Credit reports do more than allow lenders to evaluate the fiscal responsibility of potential borrowers. It gives many companies and organizations a look into the reliability of a person to pay. A credit history also reveals the financial habits of individuals.
Credit reports can do more than cost consumers a loan that is needed. A credit score can also cause potential employers...
Sunday, January 9th, 2011
Consumers know that the credit score rating that follows them around affects the types of loans available as well as the loan amounts. The musical commercials that tout the importance of getting free credit reports make it clear.
Credit reports do more than allow lenders to evaluate the fiscal responsibility of potential borrowers. It gives many companies and organizations a look into the reliability of a person to pay. A credit history also reveals the financial habits of individuals.
Credit reports can do more than cost consumers a loan that is needed. A credit score can also cause potential employers... Are Home Equity Loans a Bad Idea?
Many believe that a major cause of the recent financial downturn in the economy was an overheated and overextended housing market. In many parts of the country, housing prices increased significantly over the course of just a few years, only to experience a significant decrease in value even more quickly. Many homeowners were caught off-guard by these price changes.
Some homeowners were hit doubly hard by the downturn, because they had taken out large home equity loans or home equity lines of credit when the market values of their homes were at or near their peak....
Monday, November 1st, 2010
Many believe that a major cause of the recent financial downturn in the economy was an overheated and overextended housing market. In many parts of the country, housing prices increased significantly over the course of just a few years, only to experience a significant decrease in value even more quickly. Many homeowners were caught off-guard by these price changes.
Some homeowners were hit doubly hard by the downturn, because they had taken out large home equity loans or home equity lines of credit when the market values of their homes were at or near their peak.... 
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