Mortgage Rates and Financial News and Tips
Get a Lower Interest Rate with a Better Credit Score
If you’re afraid your score will land you a loan with a higher interest rate, here are things you can do improve your score.
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How Is Your Credit Score Determined?
Credit scoring uses a formula to reduce a person’s complicated credit history into one simple number. Before trying to borrow money, it helps to understand how your credit score is calculated and what it says about your ability to get a loan.
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Creating a rainy day fund
Creating a rainy day fund can be a challenge, but you’ll be glad you have the cash you need on-hand should a crisis arise. How much? Traditionally a fund of this type would be enough to cover household expenses for up to six months. If you’re able to save more, all the better.
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10 Ways to Make Saving Money a Habit
Just as the depression of the 1930’s effected a generation, there is no question that young people today will carry with them the impact of lean times, years of high unemployment and the high cost of their education. That’s why it’s never too late to make saving a part of your routine.
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Investing in Your Home
Owning a home may be your single largest investment. Yet the value of this investment depends on the amount of equity you build, how well you maintain your home and whether you take steps to improve its function and appearance.…
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8 Steps to Building a Household budget
Owning a home is a big responsibility and it’s the single largest investment most people will ever make. Building a household budget will help you save money and help you keep up with your expenses. This monthly budget and expenses…
Read MoreHARP Loan Eligibility By State
The HARP loan program was founded in 2009 to help make homes more affordable. The US economy was in financial crisis then and the confidence of consumers was low—big banks had just failed and the values of homes were dwindling. In addition, consumer spending was low and job growth wasn’t making any headway. The economy was declining and the Making Home Affordable program was put in place to slow down this fall and reverse it using two elements. This program was intended to help homeowners who couldn’t meet their mortgage payments to keep their homes. The government believed that fewer foreclosures would help steady housing and home values.
Read MoreBeating The All-Cash Home Buyer
The upturn of all-cash deals have made it pretty hard for homebuyers that plan to make use of a mortgage. In reaction to this trend, many mortgagors are turning to lenders, who are able to quickly close loans or provide a variety of options in financing.
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Virginia Offers Savings Plan For First Time Buyers
Real estate professionals, including realtors and brokers have noticed a continuous drop in the number of young homebuyers and other first-timers. Generally, Millennials on the house hunt find it hard to come up with sizable down payments, especially when they are still struggling with huge debt accumulated from student loans.
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What You Need Before Buying A Home
Buying a home is one of the most monumental feats to take on as an adult. It’s no easy task—it takes a lot of planning and preparation to make sure you are in the best position financially to take on the challenge. The best thing you can do for yourself and your family is to go over what not to do before you apply for a loan and try to create some solutions in advance.
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