Credit Articles and Videos - Page 3

When interest rates are low it may seem a good time to refinance a mortgage loan, but other factors have to come together as well. If you've just lost your job or don't have enough equity in your home you may not be a good candidate for mortgage refinancing. In addition, lenders have tightened…

Once a bankruptcy has been discharged, a potential home owner is considered a "first time" home buyer again when applying for a mortgage. A bankruptcy free potential home buyer should check into first-time home buyer programs that might be available to help with mortgage loans. Even as a first time…

To buy a home or refinance your mortgage you have to have good credit. To build good credit you need to have good personal finance habits such as paying your bills on time. What can you do in 2009 to build good credit so you can buy a home or refinance a mortgage? Read Ilyce's personal finance…

Myfico.com can help you understand your credit score and credit report. If you have a credit score below 650 you are considered as having a subprime credit score on your credit report. By going to myfico.com and getting your credit score and credit report, you can find ways to improve your credit…

When couples start out they may need help from a parent in affording a home. What happens if you later decide to divorce but you'd never removed the parent who helped you out from the mortgage? Does that parent have an ownership interest in the home that's become a question in divorce? What really…

I have spent quite a bit of time this week calling big mortgage lenders to chat about their streamline loan modification program.

Here's what I learned:

If you have a Fannie Mae or Freddie Mac loan, AND you are 90 days + late on your mortgage, you can call your lender and request a streamline loan…

Does it hurt your credit score if you close credit card accounts? Credit bureaus monitor how long you've had each credit card in determining your credit score so closing a long-held credit card could have a negative impact. But if you're generally responsible with your credit cards by paying them…

If you currently have a credit card with debt and a high interest rate, consider transferring the balance to a lower-interest credit card. Transferring your credit card debt will help you pay off your debt quicker, improve your credit history and increase your credit score. But remember to…

What penalties do you pay when you cancel a mortgage loan refinance? A home owner asks about canceling a mortgage loan refinance because mortgage interest rates dropped four days after he filled out his refinance application. Ilyce says to walk away from the mortgage loan refinance, he has to be…

If you own a home, you may be wondering, "should I sell my house?" Consider the current housing market, the credit crisis and whether it's the right time to sell your house. Other factors to consider include unfinished neighborhoods and the effect of foreclosures as well as how long one may want to…

A bank issues a home equity loan on a home that has four people listed on the title: a husband, wife and in-laws. The bank approved the home equity loan without all four people signing the documents and the husband is concerned his father-in-law may come after him. Was the bank wrong to approve the…

How has the recent credit crisis and bailout affected mortgage interest rates? To decide whether to refinance an adjustable rate mortgage into a fixed rate loan you need to understand which index your lender uses to set the ARM interest rate. ARMs are often tied to the London InterBank Offered Rate…

It may sound great when you hear you're pre-approved to refinance your mortgage loan. But how can you figure out whether the mortgage lender who wants to refinance your loan is credible, especially after the mortgage crisis? You can call the Better Business Bureau (BBB) and check out what other…

Closing a long-held credit card can damage your credit score. Is there a way to close a credit card account without it affecting your credit score or credit history? One option may be to negotiate with the credit card company to switch the account number to a credit card without an annual fee.

More and more condo owners find themselves in a situation where they're sharing a building with renters. In some cases, developers convert apartments into condos and in years past they could sell the units. Selling condos has become more difficult during the credit crisis. What can a condo owner do…

Home values continue to decline and home owners are losing income. These factors affect home owners' ability to sell homes and make mortgage payments. Some home owners may be considering giving their homes to the bank through foreclosure and moving on. Those who can afford to keep their homes have…

In a poor economy, banks and mortgage companies shut down home equity lines of credit or HELOCs. What if you need to use your HELOC to cover every day expenses when your income declines? Ilyce suggests keeping your HELOC active by paying fees and drawing on it before the bank decides the HELOC is…

Can you as a home buyer get your earnest money back on the purchase of a home if the financial markets prevent you from getting a loan to buy the home? When you as a home buyer put earnest money down on a home you're bound by whatever the home purchase contract states. You can lose your earnest…

What steps can we take with the economy to improve the real estate market? Keeping people employed, changing refinancing rules and encouraging people to stay in their homes and avoid foreclosure are some possibilities to improve the real estate market. If you have suggestions for how to improve the…

A home owner asks about offering seller financing on a home he's selling. He wants to know what's involved in seller financing and who to involve in the transaction. First he needs to assess whether a potential home buyer will make the home mortgage payments and what to do if the buyer later stops…

Buying real estate during the economic crisis has become more difficult. The current economic crisis has brought many challenges, including the drop in retirement savings and a rise in the unemployment rate that affect the real estate market and home buyers. There is a strong connection between…

Many consumers struggle to stay confident during this financial crisis. What can you do to strengthen your personal finances? Ilyce offers personal finance actions and tips that you can follow to give yourself some security and peace of mind during the financial crisis.

Should you combine an adjustable rate mortgage (ARM) and a home equity line of credit (HELOC) into a 30 year fixed rate mortgage? If the interest rates are low enough should you refinance the ARM and HELOC into a fixed rate mortgage loan? You should look at the terms of your loan and compare that…

Americans spend more of their budget than they used to on mortgage and rent payments. The percentage of the family budget used for housing costs has become unmanageable for some families. How can families cut or increase their household budget to pay their rent or mortgage? Here are some tips for…