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Tag: mortgage

How Much Housing Does a $600 or $1,400 Stimulus Pay For in Major U.S. Cities?

First Time Home Buyers, Mortgage
Will the next stimulus check pay your mortgage or rent for the month? It depends on where you live, and how much more is disbursed this year.  Quick Facts The second round of stimulus was approved at the end of 2020, which sent $600 to most Americans. Housing is by far the average American household’s […] The post How Much Housing Does a $600 or $1,400 Stimulus Pay For in Major U.S. Cities? appeared first on The Simple Dollar.Source: thesimpledollar.com

Late Payments, Credit Scores and Credit Reports

Home Loans By State
A missed credit card or loan payment can have a seriously detrimental effect on your credit report. The golden rule of using a credit card is to make your payments on time every time, building a respectable payment history, avoiding debt, and keeping your creditor happy. But what happens when you fall behind with your monthly payments; what happens when you miss a single loan or credit card payment as a result of a mistake, an oversight or a lack of funds? How will your creditor react, how quickly will the credit reporting agencies find out, and what options do you have for getting back on your feet? How Late Payments Affect Your Credit Score A late payment can reduce your credit score significantly and remain on your report for 7 years. It won’t impact your score throughout that time a...

How to Consolidate Credit Card Debt

Uncategorized
Credit card debt is on the rise. Millions of Americans are in over their heads. They’re losing sleep, losing control, and worried about what the future will hold. But there are solutions, and consolidation is one of the best. Consolidation works by “consolidating” multiple debts into one. It’s the perfect solution for mounting debt, one that doesn’t destroy your credit score, liquidate your assets, or make it difficult to acquire mortgages and personal loans in the future. With that said, let’s look at some of the best ways to consolidate credit card debt. Option 1: Do It Yourself The idea of debt consolidation essentially boils down to acquiring a large, low-interest loan and using that to repay multiple high-interest debts. If your credit score is high enough, you can get th...

6 Damaging Side Effects of Having a Bad Credit Score

Home Loans By State
As you make another large purchase against your credit card, inching closer towards maxing out, you might not realize the negative ramifications this activity will have on your credit score. The same goes for making the odd late payment on your hydro bill or car loan payment. Mounting debt that is not paid off in time or in full can have a major impact on your credit score. A bad credit score can have more negative consequences than you may think So what’s the big deal about having a low credit score? These days many institutions – from loan officers, to businesses, to insurance companies – look to your credit history before making a move. You could find your low credit score putting you in a position where you can’t get approved for a loan, get a job, or even find...

How I Paid Off $38,000 In Student Loan Debt In 7 Months

Debt, Killeen, Student Loans
Lately, I have received many questions asking how I was able to pay off my student loans so quickly. I haven't talked much about my student loans since I paid them off in July of 2013, but I know many struggle with their student loan repayment plan each and every day. Due to this, it is a topic I am always happy to cover. Paying off your student loans is a wonderful feeling and I want to help everyone else experience the same.   Background on my student loans. To start off, I am going to provide a quick background on my student loans. I worked full-time all throughout college. I worked as a retail manager from when I was a teenager until I graduated with my two undergraduate degrees (I was a double major). Then, I was lucky and found a financial analyst position ri...

Mortgage Rates vs. Fed Announcements

Credit Card Guide, Credit Card News, Mortgage Rates, Refinance
File this one under “no correlation,” despite a flood of news articles claiming the Fed’s rate cut directly impacts mortgage rates. Today, the Fed cut the federal funds rate by half a percentage point to a range of 1-1.25% due to the uncertainty surrounding the coronavirus, this despite a strong U.S. economy. That sent mortgage [&hellip The post Mortgage Rates vs. Fed Announcements first appeared on The Truth About Mortgage.Source: thetruthaboutmortgage.com

An Alternative to Paying Mortgage Points

Credit Card News, Estate Planning, Mortgage Rates, Mortgage Tips, Refinance
If and when you take out a mortgage, you’ll be faced with an important choice. To pay or not pay mortgage points. In short, those who pay points should hypothetically secure a lower interest rate than those who do not pay points, all else being equal. That’s because mortgage points, at least the ones that [&hellip The post An Alternative to Paying Mortgage Points first appeared on The Truth About Mortgage.Source: thetruthaboutmortgage.com