Why is it a bad idea to apply for a subprime loan? What follows is not MY advice, but rather the advice from credit reporting agencies like Experian, and from government watchdog agencies like the Consumer Financial Protection Bureau. I preface today's article with that disclaimer because I want the message to be clear; applying for a subprime loan is something most consumers should think twice about doing. And that is according to the … [Read more...]
Hierarchy of Savings – What Should Come First?
It can be difficult to establish a hierarchy of savings. What should come first when you are paying yourself? Three basic areas represent parts of your life that need financial attention; your retirement fund, your money set aside for emergencies, and debt repayment. The last one doesn’t sound like you are paying yourself--at first. But debt management is an important part of establishing financial freedom. Emergency Fund: A Savings Account You … [Read more...]
Why The Coronavirus Could Help You Refinance Your Mortgage
The coronavirus outbreak that has grabbed world headlines could also be partly responsible for you getting a better mortgage loan interest rate if you refinance an existing mortgage or even choose to buy a new home. What on EARTH are we talking about with a headline like this? It’s simple. The coronavirus and its’ related quarantines in Wuhan in the Hubei province in central China, Italy, Japan, and elsewhere may not DIRECTLY affect … [Read more...]
Advice For Buying A New Home
If you are in the market to buy or build a house and need some advice for buying a new home, don’t be intimidated by the prospect. There are ways to make buying real estate easier, even if it’s your first time. Decide What Kind Of Home You Need Some first-time homebuyers make the mistake of buying a home they will grow out of, rather than grow into. It may be a good idea, depending on your short-term and mid-range plans, to buy a house you can … [Read more...]
Government-Backed Mortgages Vs Conventional Home Loans
Do you know the difference between a conventional mortgage and a government-backed home loan such as an FHA loan, VA mortgage, or USDA home loan? There are two big areas some are concerned with; those areas are down payments and mortgage insurance. We’re looking at the differences between conventional and government-backed home loans with this in mind since a home loan down payment and the insurance you’ll need over the course of the loan are … [Read more...]