Are you considering a cash-out refinance? If so, now is a good time to get serious about it. National homeowner equity has been on the rise, increasing by $981 billion (12.3%) since last year. But is a cash-out refinance the best way for you to access your equity? In this guide, you’ll learn everything you need […]
Mortgages represent the largest form of consumer debt in the U.S., amounting to about $15.8 trillion as of Q3 2019. If you owe more than your home is worth, you’re not alone. 4.5 million homeowners in the U.S. are in the same boat—713,000 of which owe at least twice the amount of their homes’ value. Once your loan is in […]
Article Summary Are you struggling with debt? This two-stage guide will help you determine which debt-busting strategies are most likely to work for you and how to implement them in a personalized get-out-of-debt plan. You will also learn how to work out if a debt consolidation loan makes sense and when more extreme debt-busting methods […]
Worried about debt? You’re not alone. As of October 2018, Americans have $13.51 trillion in household debt. That’s the bad news. The good news is that there’s a way you may be able to save money and pay off your debt more easily. How? By refinancing your loans. While refinancing has many benefits, it also has its risks. So […]
Mortgages remain the largest form of consumer debt, representing 68% of all debt in the U.S. As of 2022, the current mortgage debt amounts to $10.93 trillion. Mortgage originations, which include refinanced mortgages, account for $437 billion of that debt. You may be a first-time home buyer in search of the best home loan. Or perhaps you’re […]
Article Summary: Most debts, including car loans, have a statute of limitations for court filings. The timeframe of the court filings statute varies by state but is typically between three to six years. If you fail to make your car payments, your vehicle can be repossessed by the lender or a repossession agent and sold […]
Article Summary: A jumbo loan is a mortgage that falls outside the standard conforming loan metrics of Fannie Mae and Freddie Mac. Refinancing a jumbo loan will have stricter requirements than a standard conforming loan. But if you qualified for a jumbo loan before, you will probably be able to get a refinance. The decision […]
Article Summary: You can refinance your car loan with the same lender. Refinancing can be a worthwhile option if you’re having difficulty making your monthly payments, have a desire to change your loan term, or if your vehicle is approaching age or mileage restrictions. By refinancing with the same lender, you can continue the relationship […]
Article Summary: Refinancing your mortgage after a forbearance can be a way to lower your monthly payments. But refinancing isn’t right for everyone, and you’ll have to meet certain requirements before you are eligible. Homeownership is the American dream for many families. Unfortunately, that dream can be threatened if you face financial hardship after you […]
Article Summary: Using the equity you’ve built in your home can be a great way to finance major expenses in your life, such as home improvements. Two ways to leverage that equity are to take out a home equity loan or to get a cash-out refinance. A home equity loan is basically a second mortgage […]
Article Summary: You can refinance your home after bankruptcy. If you filed for Chapter 7 bankruptcy, you can obtain conventional loans within four years, and government-backed loans (including FHA loans and VA loans) within two to three years. If you filed for Chapter 13 bankruptcy, the waiting periods are two years for conventional loans and […]
Article Summary: Mortgage forbearance agreements help people experiencing financial hardship keep their homes. It can pause mortgage payments or reduce the payment amount for a time. Of course, delayed and reduced payments will have to be made up for later, but the temporary relief can help people get on their feet. During periods of financial […]
Article Summary: Pay as You Earn is a type of income-driven repayment plan designed to help borrowers with federal student loans who are struggling to make payments. It also qualifies you to receive loan forgiveness after 20 years if there is a remaining balance. If you work in certain sectors of the public service, your […]
Article Summary: Discretionary income is money left over after you pay taxes and necessary expenses. Necessary expenses include mortgage payments, rent, utilities, and more. Discretionary income is used on nonessential items and determines how much your monthly student loan payments will cost. It’s finally payday. You’ve received your paycheck, and now it’s time to pay […]
Article Summary: Forgivable loans are a type of loan where borrowers don’t have to pay back some or all of the balance owed, provided they meet certain conditions. Usually, these loans are related to the federal government, but they are also offered by state-run programs and private companies (usually as a recruiting tool). In most […]
Article Summary: Your loan balance may increase if you accrue interest and late fees. While this is most commonly seen in student loans, different loan types may increase for other reasons. Mortgages may increase due to closing costs and property tax changes, and auto loan balances may rise when you trade in a car with […]
Article Summary: As car prices increase, longer terms, such as 72-month car loans (six years) are becoming more popular. Auto loans with a 6-year term have lower monthly payments, but this also means you have to pay more interest over the life of the loan. In some cases, it can also trap borrowers in a […]
Article Summary: A curtailment occurs when a homeowner pays off his or her mortgage balance ahead of schedule. This may be done either in the form of a lump sum that clears the mortgage entirely or smaller additional monthly payments. However, lenders can also curtail your loan if there has been a calculation error or […]
Article Summary: Foreclosures don’t happen the moment you miss a payment. There is a period, typically three to four months, when homeowners can work with their lender to get back on track or renegotiate the loan. This period is called preforeclosure. Losing your house can be the most devastating setback of your lifetime. Apart from […]
Article Summary: Buying real estate often involves applying for a mortgage. This takes time. If you have cash or securities with a financial services firm, you may be able to arrange an asset-based loan in advance. Asset-based loans are not common, but they can give you the ability to act quickly when you find a […]
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