Understanding Your FICO Score and Why Small Credit Mistakes Can Cause Huge Headaches

Many people all over the world are dealing with issues involving debt or poor credit history, but most aren't necessarily aware of what exactly makes up their credit score. Unfortunately, it might seem like it's the big stuff that counts when it comes to credit, but little things can have a significant impact on your financial health. If you're looking to improve your understanding and your finances, here's what you need to know about small mistakes and your FICO score. 

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Budgeting 101: How to Plan Your Budget Around Your Monthly Mortgage Payments

If you've decided to invest in a home, you might be wondering how to make all the expenses work from the groceries to your mode of transportation to all those little things that quickly add up. Fortunately, it's easy enough to ensure you have the money each month by calculating your expenses and ensuring there's a little wiggle room in the leaner times. Here are the details on how to begin with your mortgage budgeting plan.

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Forget About the Bank of Mom and Dad -- Here's How You Can Save Your Own Down Payment

Since you'll want to have approximately 20% of the purchase price of your home for a down payment, it can seem nearly impossible to come up with the funds. Fortunately, there are a few ways that you can save a little over time and not have to borrow from the Bank of Mom and Dad. If you're looking to invest in a home in the short-term and are looking for solutions to save up, here are some tips on how to get to your down payment amount more quickly.

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With Mortgage Rates This Low, Should You Lock In? 3 Reasons Why Now Might Be the Time

Whether you've just finished school or you're on the market for a new place to live, investing in a home can be one of the biggest investments of your life. As a result, it can be difficult to know what the right choice is and if you're in a good position to make it a solid financial move. If you think the time might be right for you, here are some questions to ask yourself before making the big decision. 

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Finding Your Latte Factor: 3 Ways to Find the Money to Make Extra Mortgage Payments

It's not common for many a homeowner to struggle with making their monthly mortgage payment. However, simply because it can seem hard to come up with the funds monthly doesn't mean it's not possible to find the money for extra mortgage payments each year. If you're wondering how you can pay down your mortgage debt much sooner with extra money, here are some tricks you may want to try.

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Thinking About a New Home? 3 Reasons Why a Mortgage Will Be the Best Money You Ever Borrow

In these days of low interest rates, it can be a great idea to get into the real estate market and invest in a home. Unfortunately, if you don't have the funds saved up for a down payment, it can seem like more of a burden than it's worth to buy now. While borrowing the money for your down payment might seem like the road backward, here are a few reasons you may want to consider acquiring your mortgage funds from someone else.

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Mortgage Tips: Answers to 4 Common Questions About Reverse Mortgages

There are many mortgage products on the market that work for all different kinds of homebuyers, but many people have not heard about reverse mortgages and how they can benefit their situation. If you're curious about this type of mortgage and want to know more, here are some questions that will get you on the road to understanding the ins-and-outs of this product.  

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Recently Lost Your Job? 3 Tips for Managing Your Mortgage When You're Out of Work

The financial responsibility of a monthly mortgage payment can be stressful on its own, but you may be even more concerned about your home investment if you've recently lost your job. Fortunately, there are some things you can do and places you can turn if you're not yet certain where your next paycheck will come from. If you're struggling with newfound unemployment, here are some important steps to take.

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Using a Mortgage to Buy a New Home? Here Are 4 Ways to Reduce Your Closing Costs

Interest rates may be on the rise, but many people aren't aware that the closing costs on mortgages have also increased in recent years. While it may not seem like a significant cost, the closing costs on a mortgage can add up to a lot by the time the final deal is sealed. If you're wondering how you can go about reducing your final expenditures, here are some tips to lower your overall cost. 

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3 Ways to Earn Some Spare Cash to Help Pay Your Mortgage Down Faster

A mortgage is one of the most expensive purchases you'll make in your life, and for many the idea of being indebted to it for years can seem like quite a burden. However, while you won't necessarily be able to pay off your home with instant savings, there are ways that you can pay it down more quickly. If you're wondering how to drum up some extra money for your mortgage, you may want to consider the following options. 

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Want a Quick Mortgage Approval? Come Prepared With These 5 Key Items

Whether you're finally prepared to get into the real estate market or you want to know how you can make a deal quick, there are a few necessary documents you'll need to prove your reliability to a mortgage lender. If you're wondering what will be involved in getting the application approval you're looking for, here are the documents you'll want to have on hand when the time comes. 

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A Quick Look at Reverse Mortgages: The Golden Ticket to Enjoying Your Golden Years

With a high volume of millennials set to enter the real estate market this year, it may seem like all the available options out there were created to snag new homebuyers. However, there are products available on the market that cater to those who are in their golden years too. If you're older than 62 and are currently weighing the options with your mortgage, here are the basics on reverse mortgages and why they might positively benefit you. 

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Dealing With a Tight Housing Market? 3 Tips to Ensure You Get the Mortgage You Need

In many cities around the country, real estate prices are on the rise and potential buyers are working hard to find a home they can feel good about. However, finding the right home in a tight market can be even more of a challenge when it comes to striking the right balance. If you're hedging around the market in the hopes of finding the perfect home, here are some things you should do to ensure you don't miss out on a good opportunity. 

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Thinking About a Second Mortgage on Your House? Here's What You Need to Know

Thinking About a Second Mortgage on Your House? Here's What You Need to Know

Whether it's to consolidate debt or make funds available for a home renovation, many people consider a second mortgage to make it possible to pursue other options. However, like any important financial decision, it's important to be informed about the financial implications before diving in. If you're currently weighing your mortgage options and are considering a second mortgage, here are some things to do before the final decision. 

Research The Lenders 

Since a second mortgage means that you'll be borrowing against the value of your home, it's especially important to do your research the second time around and ensure you're going with the right lender. Instead of going with your first choice or the familiar one, look at several different lenders and see if they have positive reviews. A second mortgage can be a big risk so you'll want to ensure you're working with a lender who will be working for you. 

Prepare Yourself For Higher Costs 

Since a second mortgage qualifies as the second loan on your home, it means that it will be the second loan to be paid off if you default on the debt. As a result, the rates for a second mortgage are generally higher than those for your first loan because the lender will be taking on a more substantial risk. While higher rates may not be that alarming if you've garnered low rates for your first mortgage, it's important to determine the financial benefits before deciding on this option.  

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Understanding How Mortgage Calculators Work and When to Make Use of One

Investing in a home is a big financial decision, and along with the decision to buy is the question of how much mortgage you'll be able to afford. While your debt-to-income ratio can be helpful in determining the range for your mortgage amount, a mortgage calculator can be a beneficial tool in coming to a potential price. If you're curious about how and if this financial tool can benefit you, here are the details about using a mortgage calculator. 

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