5 Steps to Repair Bad Credit

5 Steps to Repair Bad Credit

5 Ways to Repair Bad Credit Yourself

The very first step you need to take to repair bad credit, is to focus on paying all of your bills on time. At the same time, begin reducing credit cards and other loans you may have. Using certain credit building tools may help too.

It’s a lot tougher to repair your bad credit than it is starting to establish new credit. You’re now in a more difficult position of trying to convince credit card issuers and other lenders that you can be an acceptable credit risk.

Even though you’ve messed up before and got behind on your payments, you have to convince them that you will do everything in your power to change your ways.

Getting a good starting point is very View full post…

Read More... Please comment

Tips for Buying Investment Property

Tips for Buying Investment Property

Credit tips for buying investment property

(BPT) – If you love the idea of being a landlord and don’t mind being on duty around the clock, buying investment property may be the wealth-building option for you.

Property values have enjoyed a steady increase over the decades. That’s why real estate has earned its reputation as a sound investment that builds wealth and credit.

Most people, however, don’t have the quantity of cash on hand to purchase a house or apartment building outright. Still, if becoming a landlord means taking out a 30-year mortgage, the monthly payments from the tenants should be enough to service the loan and build equity for you, while leaving some cash flow so you can maintain the property.

If buying investment property sounds like a step you’d like to take, here are some credit considerations every investor needs to know.

1. Be mindful of the inquiry stage

Once you decide to purchase an investment property, it’s important to do everything you can to make sure your credit score stays as high as possible until the loan is approved and signed. Your goal is to land the best possible interest rate because View full post…

Read More... Please comment

How to Get Your Finances in Order

How to Get Your Finances in Order

4 Things You Can Do To Learn How To Get Your Finances in Order

Are you familiar with financial phrases like credit score, retirement savings, debt retirement, or account balances? If so, that’s great, you’re well on your way to learn how to get your finances in order.

If these phrases tend to cause a bit of anxiety, you’re not alone. About 75 % of the current millennial generation feel as you do, according to the National Endowment for Financial Education. This organization was founded in 1972 and is a non-profit 501 (c) (3) foundation with its primary purpose being to help Americans improve the quality of their lives by educating them with basic programs that teach one to make sound financial decisions.

Many millennials tend to shy away View full post…

Read More... 26 Comments

Is a Mortgage Refinance the Best Option

Is a Mortgage Refinance the Best Option

How To Know If a Mortgage Refinance Is Your Best Option?

When interest rates are low, applications for a mortgage refinance are a major portion of the total of all mortgage applications. This is due because when mortgage interest rates fall, many borrowers see an opportunity to restructure their debt hoping to get a more favorable rate or term.

Simply having a drop in mortgage interest rates doesn’t mean that its the right thing to do for everyone. We all have different situations and lifestyles and everyone doesn’t fit into the “average” cookie cutter mold. Because of this, the following 9 points may help you if you are considering refinancing your mortgage.

  • The equity in your home

    Equity is one of the first items that a refinance lender will look at. If it’s not there within the banks’ guidelines, most conventional lenders will decline your request. During the last recession, many homeowners were underwater, some very deep.

    The value of homes has been rising as of late and the number of underwater loans has dropped. This varies from state to state and is determined by a number of factors. If your home has little equity, a conventional lender probably View full post…

Read More... 12 Comments

Effective Shopping for a Mortgage

Effective Shopping for a Mortgage

5 questions to ask when shopping for a mortgage

(BPT) – Buying a home is a major financial commitment. It’s exciting, but can also be confusing and overwhelming. Choosing the best mortgage that fits your needs is an important first step and first-time home buyers in particular should research the many options and know the right questions to ask. Here are some questions to ask a lender when shopping for a mortgage that will help you make an informed mortgage decision:

* How much can I afford? A home affordability calculator can help you get an idea of what you may be able to afford and keep your monthly payments within your budget. In addition to recurring expenses like car payments, student loans, credit cards and disposable income, be sure to consider other monthly expenses related to the new home, like association fees, homeowners’ insurance, utilities and property taxes. Further, some types of mortgages have firm eligibility cutoffs related to the ratio between a buyer’s total debt amounts and their monthly income.

* How much do I need for a down payment? It’s a common misconception that a View full post…

Read More... 10 Comments

Tips To Buy In US Housing Market

Tips To Buy In US Housing Market

Top tips to help first-timers navigate the fast-paced US housing market

(BPT) – The US housing market is picking up pace moving into the peak of the summer home-buying season.

In city after city, home prices are on the rise, up 2.3 percent on average between April 2017 and 2018, according to the RE/MAX April 2018 National Housing Report. And there are fewer houses on the market to choose from, with total housing inventory down by 11.3 percent.

Based on home sales in April 2018, the national supply of inventory was at 2.5 months, making it a strong seller’s market. (A 6-month supply of inventory historically indicates a market that is balanced equally between buyers and sellers.)

What’s fueling the demand? More members of the millennial generation View full post…

Read More... 6 Comments

Hazards of Having A Credit Card – Are You Trapped?

Hazards of Having a Credit Card

Having a credit cardMy grandparents taught me something when I was young; paying for everything with cash keeps you out of debt.  Their philosophy was that it’s too easy to get in over your head and mismanage money if you are using a piece of plastic. They called this debt the hazards of having a credit card.

It is very easy to overuse and misuse a credit card.  Here are the following ways:

View full post…

Read More...

Managing Money – Part 1

Getting Married? – More Managing Money Issues – More Matters To Discuss

Managing money issuesFor those of you who are newly married, does this fairy tale describe your life together? It begins “once upon a time, you each discovered that very special person that you wanted to be with forever, and then you both rode off into the sunset”. It doesn’t?

Well, if you set aside some time at the beginning to discuss managing money and finances, you’ll have a much better chance to have a real fairy tale ending. This may sound like over simplification, but the non-romantic topic of money, should be discussed early on.

One financial planner says that it’s more important to discuss managing money issues than sex. I’m not sure I agree completely on that one, but she’s right,
money issues are very important.

View full post…

Read More... 15 Comments