Don’t take it personally–What to do when you are turned down for a loan Often, when your lender scrutinizes your loan application for a new home or piece of property so finely that it is finally turned down, it can be very distressing. If this happens, you should be able to understand just why such [...]

FICO: Your Personal Financial Score Card The 5 Percentage Breakdowns Those looking to secure a loan learn very early how important a credit score really is. It can determine whether or not a lending institution approves your loan application, and your credit score also influences the interest rate offered to you by a bank or [...]

Friends Don’t Let Friends Loan Money: 4 Tips to Avoid the Pitfalls of Loaning to your Best Friend I’m sure that you heard the old adage never mix business with pleasure. Most people prefer to keep their personal and professional lives separate, particularly where money is involved. Poor business decisions or ventures can lead to [...]

FYI on PMI – General Information on Private mortgage insurance What is PMI? PMI, or private mortgage insurance, is an insurance that home buyers are required to purchase if their down payment is low. Private mortgage insurance is usually required of home buyers whose down payment is 20 percent or less of the property’s sale [...]

Give yourself a little Credit: Shop for a Card with Low Rates rather than apply for a Loan Are you looking for a way to consolidate your credit card debt? Or are you thinking of making a big purchase and don’t have enough in your savings to cover the cost of that new car or [...]

Glutton for Punishment? Co-sign a Loan Someone you know—a friend, perhaps—desperately needs to buy a new car. She asks you to co-sign a loan for her, pledging wholeheartedly to pay it off herself. What do you do? Before you decide to sign on the dotted line, make sure you’re aware of the possible consequences of [...]

Go for Broker: A Mortgage Broker Can Pay Off for You Maybe you’re buying your first home or maybe you’re just considering upgrade residences. Either way, you’re going to need a mortgage to pay for your new home. Should you apply at the bank for a loan or should you take advantage of a mortgage [...]

Government Grown Loans – The Lowdown on FHA and VA Loans If you are looking into purchasing a new home or refinancing a home, there are loans that you can qualify for no matter what the circumstances. Two of these types of loans in which one can qualify for include FHA and VA loans. FHA [...]

Highway robbery – How to avoid getting taken advantage of in the loan process 6 Steps to Pre-Qualification People wanting to take a home mortgage loan are mortally afraid of being considered bankrupt barely a day or so after their home loan has been approved. If borrowers have a reputation of bankruptcy or foreclosure, it [...]