A balloon mortgage allows you to enjoy low monthly payments for several years — with a big catch. Your final payment amount “balloons,” which could result in a bill that is significantly more than what you have been paying. If you understand the risks and unusual features of a balloon mortgage, this loan type can … Read more
For those who are new to the home buying process, moving to a new location, or looking to refinance their current conventional or FHA mortgage, the FHA loan program offers flexible guidelines and low down payments to enable you to buy a home. 580 Credit Score- and only -3. 5% Down RELATED ARTICLES. FHA loan … Read more
Your credit score can be greatly impacted by late payments, but the consequences go far beyond the expense of incurring late fees or penalty APRs. The primary factor of your FICO score is your payment history. Therefore, if you have negative items on your credit report, like late payments, it is advised that you have … Read more
In the realm of personal finance, few topics spark as much debate as the impact of closing credit card accounts. While conventional wisdom advises against it, there’s a growing chorus of voices suggesting that closing a card with a zero balance might not be the credit score apocalypse it’s often portrayed to be So, where … Read more
What happens if I lose my job before closing on a mortgage? is a question we get asked a lot in our office, and here’s the clear answer you’ve been waiting for. It can be extremely stressful to lose your job within days of purchasing a home in New Jersey or another state, particularly if … Read more
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So, you’re eager to pay off your mortgage early? That’s a great financial goal to set for yourself! Being completely debt-free and living in a paid-for home not only offers you a great deal of freedom, but it’s also a great way to accumulate wealth because you’ll have a lot more money each month to … Read more
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The products on this page have affiliate links from partners who pay us; terms and conditions apply to the offers listed. For further information, see our advertiser disclosure along with our list of partners. However, our opinions are our own. See how we rate credit cards to write unbiased product reviews. The information for the … Read more
Building credit can be important to your financial health, but it doesnât happen overnight. Furthermore, maintaining higher credit scores will require you to demonstrate responsible credit use even after you’ve worked your way up to them. The short answer is that it depends on a number of factors. So how long does it take to … Read more