Late payments are different from missed payments or arrears. Simply put, a late payment is one that you did make but not promptly. Knowing the difference will make it easier for you to comprehend how it impacts your credit report. The good news is that you can still get a mortgage with late payments; you … Read more
As the name suggests, zombie mortgages can be terrifying. They appear out of nowhere, come back from the dead, and take over houses. And they are appearing now more than ever. What they are, why they are such a problem now, and twelve ways for homeowners to prevent zombie mortgage foreclosures are all covered in … Read more
Recent chapter 13 bankruptcy filers might have trouble getting approved for a conventional mortgage. Depending on the type of mortgage you need, the majority of lenders will ask you to wait up to two years. After or during a chapter 13 bankruptcy, you can apply for a mortgage to buy a house without having to … Read more
You have a choice to make whether you’re preparing to apply for your first mortgage (congratulations! ), renewing your mortgage, or both. There are many factors involved when deciding between fixed-rate and variable-rate mortgages. Your personal financial situation, your level of risk tolerance, and the overall state of the economy To assist you in selecting … Read more
Knowing your credit score can help you get off to the right start when purchasing an automobile, which is a significant financial commitment. Instead of “What credit score do you need to buy a car?” a better question to ask is “What credit score do you need to get a good deal on an auto … Read more
A mortgage loan with no early repayment fees is known as a reverse mortgage. Therefore, the answer is that, just like a conventional mortgage, a borrower can sell a home at any time with a reverse mortgage. The lender will close the borrower’s account after the borrower pays off the remaining balance of the reverse … Read more
A 600 credit score is barely above the Poor range, according to the Fair Isaac Corporation, which developed the most widely used credit scoring system for bureaus. But do not be discouraged; as long as you have sufficient funds to make a 3 With just 5% down, you’ll be able to get at least one … Read more
Yes. People 62 and older can use the proceeds from a “Home Equity Conversion Mortgage (HECM) for Purchase” loan to buy a new primary residence. To qualify for a “HECM for Purchase” loan, you must be 62 or older and the property you are buying must serve as your primary residence. You’ll need to have … Read more
The short answer is yes. Indeed, manufactured homes (also known as modular or mobile homes) may be financed in accordance with VA mortgage guidelines. These are known colloquially as mobile home loans. We’ll explain what a mobile home loan is in detail below, along with how to apply for one and when, why, and where. … Read more
Every year, dishonest lenders who prey on people with few options for financial relief leave millions of consumers high and dry. Predatory lenders target those who are struggling and raise interest rates to entice them into an expensive debt cycle. Despite the fact that most states permit payday loans, payday lenders are still required to … Read more