Posts Tagged ‘monthly payments’

A few weeks ago I ran into an old friend. While we caught each other up on what had been happening since we last saw one another, he asked what I did. This question led to his sharing credit-score issues he's grappling with, specifically how to maintain and keep his score high and avoid the fluctuations many of us experience when we monitor our reports. Around ... Full story

The Affordability Factor How can you decide whether or not you can afford to buy a home? The biggest part of house affordability is the interest rate because it determines your monthly principal and interest payment. Let’s look at a $100,000 loan amount, a thirty-year fixed rate mortgage, interest rates, and monthly payments. The table below shows the difference the interest rate can ... Full story

As the housing market cools and the refinancing boom dries up, lenders are working hard to win borrowers over with unusual loans. Among these loans are 40- and 50-year mortgages. These extra long-term loans only make up a small fraction of all mortgage originations a year and will probably never become the new standard. However, it is important to understand for whom these loans are ... Full story

With the prices of homes today, a temporary buydown may be worth considering. Depending on your circumstances, it may be just what you need to ease into homeownership.  What is a buydown? A buydown is a reduction in your monthly mortgage payment in the first two or three years of your loan. What you are essentially doing is paying down your rate for a specific period ... Full story

If today is the first of the month, pay your rent!That is a reminder you should take to heart for many reasons, because paying your rent on time can have many benefits besides hanging onto your warm place to sleep this winter.   Payment Reporting Builds Credit (PRBC), an innovative national credit bureau, has been paving the way for individuals with no credit score or “not enough ... Full story

by Thom Fox Lenders review a variety of information whenever they need to decide whether a consumer loan applicant represents an acceptable level of risk. In this process, lenders review one or more credit scores. A credit score is typically a three-digit number that tells a lender how likely an individual is to repay a loan, and whether that person’s payments will be made on time.  FICO ... Full story

by Thom Fox Most of us do not strive for bad credit. Layoffs, illness, divorce, and unexpected expenses are not things we plan on or look forward to, but they happen. If you have gone through a financial hardship and your credit rating has suffered, what should you do? Fortunately it is not incredibly difficult to reestablish a good credit history. One of the easiest ways to get ... Full story

by Thom Fox All sorts of things can happen in life, many of them unpleasant. You may experience a financial setback that causes you to become delinquent on your bill payments. This situation can be stressful, especially when you have to deal with collection calls. Collectors are notoriously aggressive. No matter how many times you tell a collector that you can’t afford to make a payment ... Full story

When you’re developing a long-term strategy to improve your credit, you need to focus on two main areas Full story

A basic step to rebuild  or build your credit If you’ve had difficulties with credit in the past, you may be finding it difficult to reestablish your credit as lending practices tighten. Don’t worry. There is a tried and true option that you shouldn’t overlook: the secured credit card.  A secured card simply requires you to deposit funds into an account ... Full story