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Many people all over the world are dealing with issues involving debt or poor credit history, but most aren't necessarily aware of what exactly makes up their credit score. Unfortunately, it might seem like it's the big stuff that counts when it comes to credit, but little things can have a significant impact on your financial health. If you're looking to improve your understanding and your finances, here's what you need to know about small mistakes and your FICO score.
Making Late Payments
The due date on your bills might seem like an advisory, but whether we're talking about a student loan, a credit card payment or your telephone bill, late payments can add up. Your payment history … [Read More...]
Whether you've just finished school or are about to start a family, investing in a home can be one of the biggest financial decisions of your life. But as you'll soon discover, there are a number of considerations you'll need to make. It can be difficult to know whether to get a short-term or long-term mortgage, or how long of an amortization period you'll need. Read on below for three questions that will help you to make your decision, as now is the best time to dive into the market.
Do You Have A Down Payment?
There are a lot of numbers mentioned when it comes to the down payment, from 5% to cash only offers, but 20% is the ideal percentage to put down when it comes to buying a home. … [Read More...]
When investing in a home, one of the most important things is buying a place that you and your family can feel comfortable in. However, while a place you can envision yourself in is important, it's not worth neglecting the neighborhood you'll be moving into for the perfect home. If you're wondering what you should be looking for in the neighborhood you choose, here are a few things to consider before making an offer on a home.
Is It Safe?
It may be common to feel bowled over by a home and want to invest immediately, but the right home in the wrong neighborhood may not be the best choice for many reasons. Part of feeling comfortable in your home is being safe among its streets, so ensure … [Read More...]
If you've decided to invest in a home, you might be wondering how to make all of the expenses work. From the groceries to your mode of transportation, all of those little things can quickly add up. Fortunately, it's easy enough to ensure you have the money each month by carefully calculating your expenses and ensuring there's a little wiggle room in case of leaner times. Here are the details on how to begin with your mortgage budgeting plan.
Calculate Your Monthly Payment
Whether you've just purchased a home or are trying to determine if your dream home is right for you, it's very important to establish approximately what your monthly payment will be. It's critical to have a mortgage cost … [Read More...]
It can be a stressful experience to put your home on the market and wait for offers in the hope that you've priced it right. However, for those who are considering selling to family members, the sale of a home can be fraught with just as much stress before and after sealing the deal. If you're wondering if it's a good idea to sell to a family member, here are some things to consider beforehand.
Providing A Discount
Whether you're selling to a sibling or a child, you may be considering offering the home at a discount to help them out. Fortunately, since the discounted value will be different than the market value of the price, this may mean a taxable gain when it comes time for them to sell … [Read More...]
With a high volume of millennials set to enter the real estate market this year, it may seem like all the available options out there were created to snag new home buyers. However, there are products available on the market that cater to those who are in their golden years too. If you're older than 62 and are currently weighing the options with your mortgage, here are the basics on reverse mortgages and why they might positively benefit you.
The Scoop On Reverse Mortgages
It may seem like this mortgage option hasn't been around that long, but it was actually created in 2009 following the recession. Known as the Home Equity Conversion Mortgage for Purchase (HECM), this product is … [Read More...]
