A good credit rating is built on a number of financial factors including paying your bills on time and the length of your credit history, but loans can also be a source of bolstering your credit score in a positive way. While this means that loans can actually be a good thing, there are also the kinds of loans that can have a damaging impact on acquiring a mortgage. If you'll soon be pursuing your own home purchase, here are some loans that may have a negative impact. Borrowing For Education … [Read more...]
Can You Get a Mortgage after a Chapter 7 Bankruptcy Discharge? Yes – But You’ll Have to Wait
There was a time when it was possible to acquire a mortgage shortly after filing for Chapter 7 bankruptcy, but with the shifts in the financial sector, the timeline on such a mortgage approval has changed in recent years. If you're currently undergoing a Chapter 7 bankruptcy and are wondering how this will impact home ownership, here are the basics on this type of bankruptcy and what it may mean for you. What Is Chapter 7? While a Chapter 13 bankruptcy is the kind of financial situation that … [Read more...]
On a Variable Mortgage? 3 Signs Your Mortgage Payment Is About To Increase
For many homebuyers who are new to the market, it can be very comforting to be on a fixed rate mortgage where fluctuating interest rates cannot have an impact on your monthly payments. While a variable rate mortgage can sometimes lead to significant savings at the end of the day, there are a few ways you can tell if your monthly payment is on the upswing. An Increase In Your Home's Value A marked increase in a home's value is ideal for most homeowners who consider their home an important … [Read more...]
The 4 Most Common Mortgage Questions, Answered
Making the decision to purchase a home is one of the most significant investments most people will make in their life, and this automatically means there are a lot of questions that need to be answered before putting any money down. If you're considering making the leap, here are some insights into some of the common questions you might have. How Much Should You Put Down? While many homebuyers have the option of putting as little as 3% down in order to purchase a home, there are benefits to … [Read more...]
