The Ins and Outs of Forbearance

The Ins and Outs of Forbearance

Forbearance is an agreement between the lender and the borrower to delay foreclosures, temporarily pause or skip payments, or pay less or no interest on a loan. There has been an effort on the part of creditors and through the CARES Act to offer forbearance to people affected by the pandemic. However, there are other reasons that you may want to ask for forbearance. Those include government shutdowns, natural disasters, or after emergencies. Loan deferral is similar to forbearance but in terms of a mortgage, interest does not accrue. It is generally harder to get deferral than forbearance. Forgiveness means […]

Should You Refinance Your Loan

Should You Refinance Your Loan?

When you take out a loan or mortgage, you agree to pay back the loan at a specific interest rate over a specific time frame. Almost immediately, it seems, you’ll start getting mail suggesting that you should refinance your loan. What is refinancing, what are the pros and cons, and should you do it? Let’s take a look at loans and refinancing in more detail below. What is a Loan? A loan occurs when one party (for instance, a bank) lends you money to purchase something usually tangible, like a house or car. That money is the principal. The lender […]

Paying Your Mortgage with Your 401k

Paying Your Mortgage with Your 401k

If the company you work for offers a 401K retirement plan and you’ve been faithfully paying into it on a regular basis, you’ve probably got a tidy sum of money. It’s really tempting to look at that money at 29 or 39 years old and think of all the things you can spend it on. This is especially true when you are facing possible foreclosure on your home mortgage. Should you use those retirement benefits to keep your house or even to pay off your mortgage? The 401k The 401k, a retirement plan offered through many employers, is one of […]

Can You Pay Your Mortgage with Credit Card

Can You Pay Your Mortgage with a Credit Card?

The short answer to ‘can you pay your mortgage with a credit card’ is probably. It depends on the terms of your credit card and your mortgage holder. Since these are considered debt-for-debt transactions, credit card companies are wary of them. The more appropriate question is SHOULD you pay your mortgage with credit cards? Well, lets answer that question in a few paragraphs. Why Would You Use a Credit Card to Pay Your Mortgage? You might choose to use your credit card to pay your mortgage for several reasons. One is the rewards you accrue for using your card. Another […]

Here is what you need to buy a house

What You Need to Buy a House in 2019

You are about to embark on one of the most amazing and rewarding experiences that can ever come from spending money: buying a home. If you are buying a home in 2019, you should know that the entire process is not quick, but when all is said and done, there are few things more exhilarating than buying a house. This guide will help equip you with what you need to buy a house this year. 1. Check Your Credit Score Before applying for a loan and certainly before ever making an offer on a house, you should know your credit […]

How to buy a house with bad credit

How to Buy a House with Bad Credit in 2018

How to buy a house with bad credit is one question we hear from our readers often. You may have been told that buying a house with bad credit is a virtual impossibility; or if you somehow manage to get a mortgage, you’ll be hit with a cripplingly high-interest rate. While it is unquestionably tough to purchase a property with poor credit, neither of the two statements above are correct. There is a program that can help you when you are looking at buying a house with bad credit and it provides you with a reasonable loan rate. Mortgages usually have […]

Pay Off Debt Before Buying a House

Should I Pay Off Debt Before Buying a House?

Should I Pay Off Debt Before Buying a House? I never truly understood the saying “more money, more problems” until I actually started making more money. I’m not rich by any means, but every time I get a raise, a bonus, or a promotion, I go out and spend more money, which leads to more debt and more problems. Most of us want to end our cycle of spending and become financially free. Unfortunately, increased spending with increasing earnings is just the start of our debt woes; it gets even more complicated when you start thinking about bigger, more necessary […]

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