In pop culture, the “black card” is an extremely rare credit card that has become a sign of wealth and power. What, though, is a “black card,” and who gives them out? Let’s take a closer look. What is a Black Card? A black card refers to an exclusive credit card that is typically only … Read more
It’s natural to wonder who can see your credit report since it has private and sensitive financial and personal information in it. There are rules in the Fair Credit Reporting Act (FCRA) about who can see your credit report and for what “permissible purpose.” “. What is Permissible Purpose? Permissible purpose allows certain companies and … Read more
A home equity line of credit (HELOC) can be a good way to borrow money. It lets you use the value of your home as collateral to get money for things like home repairs, debt consolidation, or big purchases. But it’s important to know how a HELOC will affect your finances, especially your debt-to-income (DTI) … Read more
A credit score is a three-digit number that tells lenders how likely it is that you will pay back a loan. Credit scores usually range from 300 to 850, but some versions go up to 900 or even 990. So, is it possible to have 900 on your credit report? How Credit Scores Work There … Read more
One of the most important things that determines if you can get a new credit card is your credit score. Lenders most often look at the FICO score when deciding who to lend money to. If you want to get an American Express card, they will look at your FICO score. But Amex doesn’t just … Read more
Buying a home is an exciting milestone in life but saving up for the down payment can feel daunting. This is where an FHA loan comes in handy. FHA loans require lower down payments and have flexible credit requirements making homeownership more accessible. But what exactly is the minimum down payment for an FHA loan? … Read more
Getting a $250,000 mortgage to buy a house is a big financial choice that needs to be carefully thought out and budgeted for. One of the most important things to think about when applying for a $250,000 home loan is how much your monthly mortgage payments will be. This complete guide will explain everything you … Read more
The housing finance system in the United States involves various key players, including mortgage lenders, government agencies, and government-sponsored enterprises (GSEs). One common question that comes up is whether the Federal Housing Administration (FHA) is considered a GSE. The short answer is no, the FHA is not technically considered a GSE. However, the FHA and … Read more
You can have fun and stress while getting a mortgage to buy a house. If you want to borrow money, you have to show that you can pay it back. This means letting the lender check your income, assets, and other financial details before the mortgage closes. But what happens after you close on your … Read more
The 6 month mortgage rule is one of those puzzling regulations that often catches homebuyers and property investors off guard. While not an actual law, this guideline enforced by most lenders can throw a wrench in your plans if you’re looking to finance a property purchased within the last 6 months. In this comprehensive guide … Read more