One of the most important money choices you’ll have to make is how much house you can afford. This is especially true as you get closer to retirement. In retirement, your mortgage payment will probably be one of your biggest monthly costs, so it’s important to get it right if you want to stay financially … Read more
A frequently-asked question is whether a mortgage borrower receives any benefit from paying before the due date. In most cases, the answer is ânoâ, but there are a few exceptions. When you pay off a simple interest mortgage, like a home equity line of credit (HELOC), early payment does save you money. In some cases, … Read more
With Fannie Mae’s new credit score rule, co-borrowers will be able to get a loan even if one of them doesn’t have good credit. Heres what you need to know. Fannie Mae is putting in place new rules that will let co-borrowers with different credit scores buy or refinance a home together. In a big … Read more
When purchasing a home with a mortgage, borrowers may encounter Private Mortgage Insurance (PMI) if they offer less than a 20% down payment. PMI is an insurance policy that provides a financial safeguard for lenders against the risk of default. It’s important for homeowners to understand how PMI works and how it’s calculated, especially when … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Bankrate is always editorially independent. While we adhere to strict , this post may contain references to … Read more
Settling your debt can provide much-needed financial relief. But it comes at a cost – damage to your credit score So if you’re considering debt settlement, it’s understandable to wonder – how long will it take to rebuild my credit afterward? It depends on a lot of things, but if you work hard, you can … Read more
With more parents needing to finance a larger portion of their child’s education, they face various options that can be confusing. One of the most common methods for paying for college is using a Parent PLUS Loan. This financing method has advantages and disadvantages that parents and students must understand before making this decision. Proper … Read more
Most lenders think that a credit score of 580 is bad. This means you won’t have many choices when it comes to getting credit cards and loans. But there are still some things you can do to get credit and even raise your score over time. Access High Interest Rate Credit With a 580 credit … Read more
Often, our clients want to know how long do tradelines take to report and post to their credit files. Each tradeline is an account that reports monthly. This means, the bank collects all the information associated with that tradeline (the age, limit, balance, payment history, authorized users, etc. ) and sends it to the credit … Read more
Withdrawing funds from your 401(k) retirement account is a major financial decision that requires careful consideration. Many people wonder if tapping into their 401(k) could negatively impact their credit score. The short answer is no, taking money out of your 401(k) does not have an effect on your credit score or show up on your … Read more