You can refinance an FHA loan to a conventional mortgage, and it may be worth it if you’ll reap a specific financial benefit — like lowering your monthly mortgage payments, saving on overall interest charges or reducing your mortgage insurance costs. There are, however, stricter requirements you must meet in order to switch from an … Read more
If you have a collection on your credit report, you may be wondering how it may impact your FICO® Scores. Below we share answers to the most commonly asked questions about collections. As with any derogatory information, when reported, its impact on a FICO Score will gradually lessen over time as they age off the … Read more
Taking out a $2,000 personal loan can provide quick access to funds when you need them. But lenders will look at your credit profile to determine if you qualify and what rate you can get. So how much credit do you really need to get approved for a $2,000 personal loan? The short answer is … Read more
Credit score calculated based on the FICO® Score 8 model and is provided for educational purposes. American Express and other lenders may decide whether to give credit based on a FICO® Score version other than FICO® Score 8 or on some other type of credit score and other data. FICO is a registered trade mark … Read more
Interestingly enough, many of the post commenters didn’t seem to agree with us on this! But here’s the nuts and bolts of savings rates and why additional mortgage payments should be included…. One of the most common questions homeowners have about personal finance is whether or not their mortgage payments can be seen as savings. … Read more
When you purchase or refinance a home, the last step in the process is called the closing. This is when you finalize all the details of the transaction. Knowing what’s expected of you and understanding key homebuying terms can make the process smoother. Buying a home is an exciting milestone but the process doesn’t end … Read more
Receiving a pre-screened offer or using a tool to check for pre-approval can be a great way to understand your credit card options. And getting pre-approved for a credit card typically wonât impact your credit scores. Find out how the terms pre-approval, pre-qualify and pre-screen are used. Plus, learn how card issuers can check your … Read more
There’s a lot to think about when buying a home between getting funding for a down payment and closing costs, making the winning offer, and gathering documents to give the lender. It’s important not to overlook your credit score. Lenders look at your history to determine the likelihood you’ll be able to handle your payments. … Read more
If you want to buy a house in Canada, you probably have a lot of questions. For example, how do mortgages work there? What is your credit score, and how high should it be to buy a house? Who should you talk to about getting a loan? Is it going to be hard to buy … Read more
When you buy a home, some financial experts recommend making the largest down payment possible, while others suggest financing as much of your purchase as possible. The right answer depends on market conditions and your circumstances. “Its important to ask the right questions about how various down payment amounts will affect your mortgage insurance and … Read more