An FHA mortgage is one of the most popular ways to purchase a home. And if you’re looking to purchase a home, it’s important to understand what FHA mortgages are so you can evaluate your options.
The FHA stands for Federal Housing Administration and it was developed after the great depression when the banking system was restructured. The purpose was to regulate the mortgage industry, including the terms and interest rates people are charged. In general, they make it easier for people to obtain a home loan.
An FHA loan or mortgage is a loan that’s insured against default by... Articles Tagged ‘borrowing advice’
FHA Mortgages
An FHA mortgage is one of the most popular ways to purchase a home. And if you’re looking to purchase a home, it’s important to understand what FHA mortgages are so you can evaluate your options.
The FHA stands for Federal Housing Administration and it was developed after the great depression when the banking system was restructured. The purpose was to regulate the mortgage industry, including the terms and interest rates people are charged. In general, they make it easier for people to obtain a home loan.
An FHA loan or mortgage is a loan that’s insured against default by...
Friday, March 5th, 2010
An FHA mortgage is one of the most popular ways to purchase a home. And if you’re looking to purchase a home, it’s important to understand what FHA mortgages are so you can evaluate your options.
The FHA stands for Federal Housing Administration and it was developed after the great depression when the banking system was restructured. The purpose was to regulate the mortgage industry, including the terms and interest rates people are charged. In general, they make it easier for people to obtain a home loan.
An FHA loan or mortgage is a loan that’s insured against default by... Credit Counseling Versus Debt Consolidation
When you're in a lot of debt, it makes life more stressful and less enjoyable. By the time most people see the error of their ways, they're already in so much debt that it will take them many years to dig out from it. Fortunately, there are options that can help you get your debts paid off more quickly.
Two of those options are credit counseling and getting a loan. With credit counseling, a third party negotiates lower payments and interest rates for you. You then start making one monthly payment to the credit counselor, and he forwards the monthly...
Monday, February 22nd, 2010
When you're in a lot of debt, it makes life more stressful and less enjoyable. By the time most people see the error of their ways, they're already in so much debt that it will take them many years to dig out from it. Fortunately, there are options that can help you get your debts paid off more quickly.
Two of those options are credit counseling and getting a loan. With credit counseling, a third party negotiates lower payments and interest rates for you. You then start making one monthly payment to the credit counselor, and he forwards the monthly... Manage Your Debt with a Debt Consolidation Loan
When we first take on debt, we never plan on letting it get out of hand. And some people are able to keep it manageable. But others have a harder time keeping a handle on it. Sometimes it's due to poor money management skills, and sometimes it's due to unforeseen life circumstances. No matter what the reason, it's just too easy to get into debt over our heads.
When you're juggling debts from several different creditors, it can be difficult to keep up. It's often hard to scrape up enough money to pay the minimum payment every month, let alone put...
Thursday, December 31st, 2009
When we first take on debt, we never plan on letting it get out of hand. And some people are able to keep it manageable. But others have a harder time keeping a handle on it. Sometimes it's due to poor money management skills, and sometimes it's due to unforeseen life circumstances. No matter what the reason, it's just too easy to get into debt over our heads.
When you're juggling debts from several different creditors, it can be difficult to keep up. It's often hard to scrape up enough money to pay the minimum payment every month, let alone put... Making Minimum Debt Payments
There are few consumers who haven't heard the sage advice offered by those who are all too familiar with credit card debt. “Pay off your balance in full every month.” “Don't charge more than you could afford to pay cash for.” Or, “Never exceed half of your credit limit.”
Following this advice will make your life much easier, not to mention less expensive. But not everyone follows it to the letter. Some charge a little more and a little more until they're in debt over their heads. Others are very careful to keep their debt at a manageable level, but they...
Monday, November 30th, 2009
There are few consumers who haven't heard the sage advice offered by those who are all too familiar with credit card debt. “Pay off your balance in full every month.” “Don't charge more than you could afford to pay cash for.” Or, “Never exceed half of your credit limit.”
Following this advice will make your life much easier, not to mention less expensive. But not everyone follows it to the letter. Some charge a little more and a little more until they're in debt over their heads. Others are very careful to keep their debt at a manageable level, but they... Loan Modification
Those in the process of purchasing a new home are all too familiar with loans through mortgage lenders. However, if you’ve had a mortgage for a while and have fallen on hard times, you may want to know about loan modification options.
Loan modification options are a means by which one or more of the terms of a mortgage loan are permanently changed. This allows the loan to be adapted to enable the borrower to maintain their loan and make payments they can afford.
Some home lending and financial experts consider loan modifications to be a win-win situation. This is particularly true...
Friday, October 30th, 2009
Those in the process of purchasing a new home are all too familiar with loans through mortgage lenders. However, if you’ve had a mortgage for a while and have fallen on hard times, you may want to know about loan modification options.
Loan modification options are a means by which one or more of the terms of a mortgage loan are permanently changed. This allows the loan to be adapted to enable the borrower to maintain their loan and make payments they can afford.
Some home lending and financial experts consider loan modifications to be a win-win situation. This is particularly true... Ten Ways to Help Get Out of Debt
Getting into debt is a very easy thing to do, especially in the current financial environment. But getting out of debt is much more difficult. When you let debt get out of control, it can take many years, and often many thousands of dollars, to get it all paid off.
But if you have a plan, getting out of debt doesn't have to be too painful. Many of these items are very easy to do. You just need to focus some time and energy to help with your situation. Here are ten things you can do to pay off those bills...
Thursday, August 27th, 2009
Getting into debt is a very easy thing to do, especially in the current financial environment. But getting out of debt is much more difficult. When you let debt get out of control, it can take many years, and often many thousands of dollars, to get it all paid off.
But if you have a plan, getting out of debt doesn't have to be too painful. Many of these items are very easy to do. You just need to focus some time and energy to help with your situation. Here are ten things you can do to pay off those bills... Co-Signing Loans
For those with flawed or non-existent credit records, it can be quite difficult to borrow money. In many cases, the only way for them to do so is to obtain a co-signer. This allows the lender the opportunity to collect from someone with a better credit record if the borrower defaults.
If you have good credit, you may be asked to co-sign for a loan at some point. Perhaps your child needs to borrow money to buy her own car but has never had any credit in her name. Or maybe your cousin is recently divorced and needs to borrow money...
Tuesday, July 21st, 2009
For those with flawed or non-existent credit records, it can be quite difficult to borrow money. In many cases, the only way for them to do so is to obtain a co-signer. This allows the lender the opportunity to collect from someone with a better credit record if the borrower defaults.
If you have good credit, you may be asked to co-sign for a loan at some point. Perhaps your child needs to borrow money to buy her own car but has never had any credit in her name. Or maybe your cousin is recently divorced and needs to borrow money... Debt Collection Statute of Limitations
If you fail to repay a debt in full, it doesn’t just disappear. It’s usually sold to a collection agency, who may hound you about it for years. If that agency doesn’t collect payment, they may pass it on to another, and that agency may pass it on to another. And you may still get calls and letters about the debt years later.
Surprisingly few consumers know that debts are subject to a statute of limitations. This means that creditors and debt collectors have a certain time limit to collect the debt or sue. If this time limit lapses, they no...
Monday, July 20th, 2009
If you fail to repay a debt in full, it doesn’t just disappear. It’s usually sold to a collection agency, who may hound you about it for years. If that agency doesn’t collect payment, they may pass it on to another, and that agency may pass it on to another. And you may still get calls and letters about the debt years later.
Surprisingly few consumers know that debts are subject to a statute of limitations. This means that creditors and debt collectors have a certain time limit to collect the debt or sue. If this time limit lapses, they no... Paying Off Your Debt
Credit can be a wonderful thing. But when it gets out of hand, it can wreak havoc on your finances. This is especially true when it comes to credit cards. Charging up a large balance is bad enough, and by the time you add in fees and high interest rates, the debt can be overwhelming.
In a perfect world, everyone would use credit wisely and pay off balances within a month or two. But in reality, cardholders often build up a mountain of debt and fail to realize it until it’s unmanageable. That’s when it’s time to put the plastic away...
Tuesday, June 23rd, 2009
Credit can be a wonderful thing. But when it gets out of hand, it can wreak havoc on your finances. This is especially true when it comes to credit cards. Charging up a large balance is bad enough, and by the time you add in fees and high interest rates, the debt can be overwhelming.
In a perfect world, everyone would use credit wisely and pay off balances within a month or two. But in reality, cardholders often build up a mountain of debt and fail to realize it until it’s unmanageable. That’s when it’s time to put the plastic away... Bankruptcy
Sometimes people end up with more debt than they can handle. Often it is not due to irresponsibility, but to circumstances beyond one's control. Job loss, unexpected medical expenses and other such situations can cause finances to take a sudden turn for the worse. When such things happen, bankruptcy can ease the financial burden.
Bankruptcy should only be used when all other alternatives have been exhausted. It remains on your credit record for ten years, making it difficult or impossible to obtain loans and other types of credit. But in some cases, it is a debtor's only hope for relief. If...
Monday, May 11th, 2009
Sometimes people end up with more debt than they can handle. Often it is not due to irresponsibility, but to circumstances beyond one's control. Job loss, unexpected medical expenses and other such situations can cause finances to take a sudden turn for the worse. When such things happen, bankruptcy can ease the financial burden.
Bankruptcy should only be used when all other alternatives have been exhausted. It remains on your credit record for ten years, making it difficult or impossible to obtain loans and other types of credit. But in some cases, it is a debtor's only hope for relief. If... 
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