I helped my handyman get in debt for a motorcycle that is worth 1 year of his salary. Was it wise?
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When you apply for a mortgage, one of the first things the lender will do is check your credit score. Your credit score is essentially your financial reputation. Lenders use your credit score to gauge how likely you are to repay the loan.
Prior to the Great Recession, it was fairly easy to buy a home with no down payment. But the mortgage crisis and the financial crisis shook things up a bit. Credit requirements — especially for home loans — tightened substantially.
When you start shopping around for a home loan, you are likely to run into terms like “pre-qualified” and “pre-approved” to describe whether or not you are eligible for a certain mortgage amount. Before you start your house-hunting, it’s a good idea to know the difference between these two terms, and what to expect from them.
t was pretty unexpected but I sold an investment recently, and with another one coming to term, the insurance money from the investment gone wrong, and some decent online income.
Boosting your credit score before buying a home is important for several reasons--loan approval, required down payment, and interest rate are chief among them--and financing a car can actually help.
When buying a home one of the thing you will more than likely here is the need to get pre-approved for a mortgage. A pre-approval gives both a buyer and seller assurance that the buyer is more than likely going to get a loan. A pre-qualification does not much more than say a borrower has the financial ability to qualify for a certain amount of money.
So, how do you get the best mortgage rate? By thinking like a lender. Here are some of the things a bank looks for when it’s deciding what mortgage rate you should have: