Bella Mertz Lenders can assess a loan applicant’s creditworthiness—their suitability for obtaining new credit—using the framework provided by the five Cs of credit. Lenders can gain a better understanding of the risk that a borrower poses by taking into account the borrower’s character, ability to make payments, economic conditions, and available capital and collateral. Luckily, you can … Read more
Although the term “very good” credit score isn’t officially defined, most experts would classify your 781 FICO Score as such. With this credit score, which is above average, you have a great chance of obtaining a favorable rate on a mortgage or auto loan. It also facilitates taking advantage of the best credit card deals … Read more
Lenders want to know that you can afford the property when you purchase a home and obtain a mortgage. Because of this, there are certain important things you should never discuss with your mortgage lender during the home loan application process as they might raise issues that could make it more difficult for you to … Read more
Retirement planning often includes the goal of eliminating mortgage payments before leaving the workforce behind. This strategy is predicated on the notion that cutting costs and doing away with a mortgage while living on a fixed income makes it simpler to make ends meet in retirement. However, is paying off your mortgage the best course … Read more
Wage garnishment can feel like a financial death sentence, leaving you feeling powerless and hopeless But don’t despair! There are ways to fight back and regain control of your hard-earned money Understanding Wage Garnishment First, let’s understand what wage garnishment is. Your employer may withhold some of your pay during this legal process in order … Read more
Buying a home is a significant milestone, but saving for a down payment can be a daunting challenge. Fortunately, many first-time homebuyers receive financial assistance from family members, often in the form of a down payment gift. This article explores the intricacies of receiving a down payment gift from your parents, including tax implications, reporting … Read more
In summary, closed accounts are not always bad and may appear on your credit report for a variety of reasons. However, we offer recommendations for how you might be able to improve your credit profile if you’re worried about how closed accounts will affect your credit scores. Editorial Note: Intuit Credit Karma receives compensation from … Read more
Almost all borrowers must provide their last two years’ worth of tax returns to mortgage lenders, who must then verify that the returns are genuine and actually filed with the IRS. For this reason, as part of their loan disclosures, each borrower must sign an IRS Form 4506-C (formerly known as a 4506-T). Lenders are … Read more
Buying a home represents ownership of one’s own residence for most people, and it goes beyond simply making an investment in real estate. Acquiring a home is a substantial financial commitment that typically necessitates obtaining financing via a home loan procedure that includes a mortgage or a deed of trust. The process of obtaining and … Read more
The American Express Platinum Card is a coveted piece of plastic, offering a plethora of travel and lifestyle benefits that make it a favorite among frequent travelers and luxury enthusiasts. But getting approved for this prestigious card isn’t a walk in the park. It requires a good to excellent credit score, a healthy income, and … Read more