When you’re ready to buy a home, the loan options and terms can make the process seem complicated. What kind of mortgage loan do you want? Have the rate stay the same or change over time? Your mortgage lender will explain your loan terms and options to you, and help you choose the mortgage option … Read more
Borrowers with bad or no credit can find it harder to qualify for loans. But high-risk loans can be an option. Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are … Read more
The types of bills that affect your credit scores are those that are reported to the national credit bureaus. This includes consumer debts and unpaid bills turned over to collections. Payments that are eligible for Experian Boost may also help your credit score if they show up on your Experian credit report. The only way … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board is made up of financial experts whose job it is to make sure that all of our content is fair and unbiased. The advice in this article is offered by the team independent of any bank … Read more
The five Cs of credit are important because lenders use these factors to determine whether to approve you for a financial product. Lenders also use these five Cs—character, capacity, capital, collateral, and conditions—to set your loan rates and loan terms. Hey, have you ever been stressed out over a loan application and wondered what the … Read more
According to the Government of Canada, a credit score is a 3-digit number that represents how likely a credit bureau thinks you are to pay your bills on time. 1 It can be an important part of building your financial confidence and security. 1 For instance, improving your credit score could help you get loans … Read more
Credit scores operate on a scale of 300 to 850. The better your credit score, the easier (and cheaper) it is to borrow money. While a bad credit score can hamper your borrowing efforts, having no credit can shut you out entirely. Some of the most important money choices you’ll ever make, like buying a … Read more
Paying a stranger to add you as an authorized user on their credit card may seem like a good way to build credit. But the practice of buying tradelines is considered to be deceptive by creditors, and it may not have the impact youre hoping for. One way to raise your credit score is to … Read more
Buying a house is an exciting milestone in life. However, it also requires careful financial planning. Many homebuyers wonder if they can qualify for a mortgage with only one year of income. The answer is yes, it is possible in certain situations. How Lenders Evaluate Income Lenders want to see proof of steady income over … Read more
How Long Does FHA Underwriting Take in 2021? What You Need To Know Some steps in the FHA loan process take a long time. One of the longest is often the underwriting process. If you want to buy a house in 2021, you may be wondering how long FHA underwriting takes. During the underwriting process, … Read more