Going through bankruptcy doesn’t mean that you’re stuck with bad credit for the rest of your life. Done correctly, you can emerge out of financial rut with a good credit score in just a few years. This isn’t to say that it’s easy or that it’s going to be cheap, but with the right strategies you can make bankruptcy a distant memory with little impact on your financial future. Bankruptcy laws are designed to give people who made some fiscal missteps a second chance at reestablishing firm financial footing. Here are 3 tips to improving credit:
Understand Your Credit Score
Your credit score is a simple three-digit number between 300 and 850. Mortgage companies and lenders that you may want to deal with in the future are going to get your scores from each of the three major credit bureaus: (Read More....)
The rise and fall of mortgage rates is a constant content of financial news. In fact, just recently the real estate market in the US had been assailed with an all time low rate, brought about by the downturn in the employment rate of the nation as contained in a certain official report. For the general population this might not mean anything as much as the rise and fall of stocks and bonds, which some of them have probably invested. However, for the potential homebuyers, the outcome of this flow and ebb of mortgage rates is invaluable. You see, when rates are lower, more people have the capacity to purchase expensive real estate since interest rates would be lower. Hence, potential homebuyers as well as sellers would probably be always on the lookout for this phenomenon, to make the most of the opportunity presented. Sellers of real estate as well would be looking forward to this event since they would be able to attract more buyers due to the low mortgage rates.
Photo Credit Tutt, Taylor and (Read More....)
Hearing experts such as CNN Money, Forbes, and Fox Business talk about good and bad debt as it relates to different types of loans can get confusing. After all, isn't all debt bad for your overall financial health? Trying to determine what types of debt you should and shouldn't have can be daunting, so consider these three factors when making your decision.
Interest and Fees
When you borrow money to pay for anything, you must consider both the principal balance you are borrowing and the interest you will accumulate. Lenders, such as banks and credit card companies, don't give away money for free; they expect to make a profit off of the loan they give to you. Interest rates vary from lender to lender, so it's important to understand how your rate will affect your repayment.
Student loans and mortgages typically have low interest rates. Since the rates are low and therefore more affordable, experts tend to classify these as good debts. On the other hand, credit cards have notoriously high interest rates and are labeled as bad debt. Interest on credit card (Read More....)
Now is the best time to refinance your home mortgage. Mortgage rates continue to hit record lows. The economy is showing signs of gradual recovery. Along with the job market. The government and some of the nation’s largest banks are setting up programs to help homeowners refinance their mortgages.
Low interest rates, government programs, and improving economic factors should lead to a large number of mortgages being refinanced. However, even homeowners that have excellent credit and mortgage payment history are having difficulty locking in a deal.
The main reasons why locking in that deal is such a problem are the low appraisal values of their homes and the tighter lending standards put in place by lenders after the financial crisis.
For homeowners that can face the wait and overcome these hurdles, the reward can be very substantial. Interest rates are at historic lows. According to the data released by Freddie Mac in their weekly survey of mortgage rates, for the week ending May 24, the average on the 30-year fixed-rate was 3.78%. That (Read More....)
Finding the right home loan is as vital as finding the right house but many people, although devoting much time and effort to the former, tend to adopt a somewhat cavalier attitude when it comes to the latter, as if the finance is almost an afterthought. Think about it - a home loan will be with you for many years and is very likely to be the single biggest financial commitment you will ever make, so it is worth spending some time considering the options.
What this is all about is saving money. You need to take account of several factors, such as how much you can realistically afford and whether you can manage the down payment. As well as looking at the current interest rates, you should think about such things as how long you expect to be living at the property, and several other factors besides.
When it comes to signing up for the loan, be sure that you understand the terms and conditions and that you have worked out a proper budget for managing the monthly repayments. Once you have signed on the dotted line you have committed (Read More....)