If you’re a homeowner, you may have received a letter informing you that Freddie Mac has purchased your mortgage This understandably raises questions about what this means and how it impacts your loan Don’t worry, I’ll walk you through everything you need to know about Freddie Mac buying your mortgage. Who is Freddie Mac? Freddie … Read more
Getting a new car is an exciting experience. However, financing a new vehicle can be challenging if you have less than perfect credit. Many people wonder if they can qualify for a new car loan with a credit score of 600. The answer is yes, you can get approved for auto financing with a score … Read more
A balloon payment is a big payment that you have to make at the end of your loan term. Some loan types, like mortgages, auto loans, and business loans, often have this type of payment plan. But what does a final balloon payment really mean, and what does it mean for borrowers? This complete guide … Read more
Getting a mortgage can be an exciting yet stressful time. When you buy a house for the first time, you want to get the best loan deal possible. Paying points could lower your interest rate, but is it worth it? This article will explain what mortgage points are, who they help, and what you should … Read more
Your credit score is one of the most important factors lenders consider when reviewing your credit card or loan applications. Paying your credit card bill on time and keeping your balances low compared to your credit limits are two of the biggest factors affecting your score. While simply paying on time helps, you can optimize … Read more
Buying a home is an exciting milestone. But having less-than-perfect credit can make it more challenging. If your credit score is around 560 you may be wondering if homeownership is possible. The short answer is yes! While a 560 credit score is considered “very poor” by credit scorers, it doesn’t make homeownership unattainable. However, your … Read more
Is It Worth Paying Off a Default? A Comprehensive Guide Defaulting on a loan or credit card can happen to anyone. Life sometimes throws us curveballs in the form of unexpected expenses, medical issues, or job loss that make it challenging to keep up with financial obligations. While defaulting undoubtedly damages your credit and has … Read more
Having a federal tax lien on your property can make getting a mortgage more difficult, but it is still possible in many cases. An IRS lien gives the government a legal claim to your property, which must be satisfied before you can sell or refinance your home. However, with the right steps, you may be … Read more
Getting a mortgage is one of the biggest financial decisions you can make. Choosing the right mortgage term length is crucial, as it determines how much you’ll pay each month and how long it will take to pay off your home loan. While 30-year and 15-year mortgages are the most common, 25-year mortgages are also … Read more
One of the most important things lenders look at when deciding whether to give you new credit is your credit score. It tells them how likely you are to pay back the debt. Your credit utilization ratio, or how much of your available credit you are using, is one of the most important things that … Read more