Buying A Home
Timelines for buying a house after filing bankruptcy or going through a foreclosure.
Posted on Apr 28, 2014
How much debt is too much debt when buying a home? Find out what your debt to income level is with some simple calculations.
Posted on Apr 28, 2014
Your parents, or maybe your grandparents, might have been frugal enough to have a mortgage burning party. While some financial advisors might encourage people to maintain a mortgage to take advantage of tax benefits, many of us are more excited about the freedom that comes with a home owned with no debt. If you would like to reach that day sooner than your current mortgage calls for, there are at least five things you can do to make that happen. Remember, with most mortgages any extra money you use to pay it off goes to principal, so you save on interest costs right away. And the more extra money you can devote early in a loan’s life, the more months you...
Posted on Feb 26, 2014
Day 3 – Big Ticket Saving Occasional “Big Ticket” or expensive purchases can be unavoidable in life. People simply need cars and homes, and want to send their children to college. The best way to deal with these necessary purchases is to plan ahead and be prepared. There are of course many ways to do this, but perhaps the easiest is to devote a percentage of each paycheck to one of these items. The percentage of a paycheck you can set aside for this kind of preparation will vary for every individual. The percentage could be 10%, 5%, or even as low as 2%. The farther in advance you start preparing, the lower the percent necessary to save. As an example, consider someone...
Posted on Feb 27, 2013
January 17, 2013 CFPB RULES ESTABLISH STRONG PROTECTIONS FOR HOMEOWNERS FACING FORECLOSURE Abbreviate release from the Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is issuing new mortgage servicing rules to establish strong protections for struggling homeowners facing foreclosure. The rules will also protect all homeowners from being hit by costly surprises or getting the runaround from their servicers. Rules will go into effect in January 2014. STRONG PROTECTIONS FOR STRUGGLING BORROWERS The CFPB’s rules will bring greater consumer protections to the mortgage servicing market. The rules are aimed at providing consumers with better tools and information when dealing with mortgage servicers. The rules will better inform consumers of, and assist consumers with, options that may be available if they are having difficulty...
Posted on Jan 17, 2013
Below is a great little article for people thinking about buying a home. With home prices down across much of the nation, this may be an opportune time to buy the house that you really want at an affordable price. Before you make that decision, read the article below and talk to a certified credit counselor to make sure you credit is where it needs to be in order to get the best rate on your future home! What You Need To Know About Getting A Mortgage Today (NAPSI) - If you're planning to buy a home or refinance the one you own, prepare yourself for the challenges of getting a mortgage today. These days, more than one in every three home buyers...
Posted on Feb 25, 2011
Did you know the Homebuyer Tax credit has been extended? Qualifying first time home buyers have until April 30, 2010 to purchase a home and receive the $8,000 tax credit on their 2010 taxes. In addition, the extension provides a tax credit of $6,500 for families who have already owned a home. In order to qualify, you must have lived in your current home for at least five years. Finally, for military members who have been assigned overseas, these tax credits have been extended until May of 2011. So, whether you are a first time home buyer or already a home owner now may be the right time for you to buy. Talk to a realtor and lender to learn more!
Posted on Dec 21, 2009
Two years ago, someone with a 600 (poor) credit score could qualify for a mortgage or car loan. Now, reputable lenders will not even consider lending to someone with a score below 700. There is good news though, there are ways you can improve your “loan-ability” in the eyes of lenders and possibly get that home or auto loan you have been dreaming about. First, you have to know that the condition of your credit impacts many areas of our lives now. If you want to rent a place to live, qualify for certain jobs, pay less for auto insurance or pay a smaller down payment on things like utilities and cell phones, you must have good credit. The popular credit scoring...
Posted on Nov 23, 2009