Understanding the components that make up a mortgage payment can help you choose the mortgage option that is best for you. There are seven costs generally reflected in your monthly mortgage payment: principal, interest, escrow, taxes, homeowners insurance, mortgage insurance, and homeowners association or condominium fees. Lets take a closer look at each. 1 Principal … Read more
Paying off student loans is a huge financial commitment that can last decades. With the cost of higher education rising every year, many graduates are stuck making payments well into their 40s and 50s. But what if you could get your remaining student loan balance forgiven after 20 years? This is possible for certain federal … Read more
Taking out a home equity line of credit (HELOC) can be a smart financial move. It allows you to tap into your home’s equity for funds to tackle expenses like home improvements, debt consolidation, or major purchases. But before applying for a HELOC, it’s crucial to understand how it will affect your finances—especially your debt-to-income … Read more
While the general public can’t see your credit report or score, some people and companies have a legal right to access that information. That includes lenders, creditors, landlords, employers, insurance companies, government agencies and utility providers. Your credit report contains highly sensitive information about your financial history, including your payment records, amounts owed, bankruptcies, collections, … Read more
Its common for lenders to sell home loans to another company, including Freddie Mac. This practice allows lenders to make more home loans. If you received a letter titled “Borrower Notification: Freddie Mac Has Purchased Your Mortgage Loan,” don’t be alarmed. The letter is for informational purposes only, and you do not need to take … Read more
If you recently purchased a home, you may be wondering if you paid points on your mortgage and if so how paying points could benefit you come tax time. Paying points which are fees paid to lower your mortgage interest rate, can seem confusing but with the right information, you’ll know if you paid points … Read more
Automatically renews at $0/month. Cancel anytime, no refunds. Includes FICO Score 8. Your lender/insurer may use a different credit score. See important information belowImportant information 11. Automatically renews at $19.95/month. Cancel anytime, no refunds. Includes FICO Score 8. Your lender/insurer may use a different credit score. See important information belowImportant information 11. Automatically renews at … Read more
Carrying high amounts of debt can feel overwhelming. But with some planning and discipline, it is possible to pay off even $40,000 in debt in just one year Here are the most effective strategies to tackle $40,000 in debt fast Take Stock of Your Debts The first step is to clearly understand all the debts … Read more
It’s common to apply for an auto loan and be required to put some money down to get everything rolling. But who gets the down payment? Buying a new car is an exciting experience. But when you sit down at the dealership to finalize your purchase, you may be surprised when the salesperson asks you … Read more
Dealing with debt collectors can be stressful and intimidating. If you believe a collection attempt is invalid or inaccurate, disputing the debt is your right. When you dispute a debt collection, you must be strategic in what you say to protect yourself legally and get the best results. Verify the Debt First Before saying anything … Read more