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: Though you can’t hide your vehicle to avoid repossession, you do have several options to avoid repossession. This includes refinancing your loan, declaring bankruptcy, or selling the vehicle with your lender’s permission. You also have the right of redemption after repossession, meaning you can reclaim your vehicle if you pay off the entire […]
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 […]
Article Summary: Any mortgage you get on a property after the first will be a subordinate mortgage. Common examples of this include second mortgages for home equity loans and home equity lines of credit. In case of a foreclosure, second mortgages’ subordinate status protects the primary lender, ensuring it gets paid first. Should you want […]
Article Summary: A partial claim is a special assistance loan offered by the Federal Housing Administration (FHA). If you have an FHA mortgage, are behind on your payments, and want to prevent foreclosure, you may be able to get a claim. With a claim, your late mortgage bills will be paid by the FHA. Once […]
Article Summary: A recast of your mortgage allows you to make one large payment toward your mortgage in exchange for a lower monthly payment. This simple mortgage recast calculator will help your work out when it makes sense for you. Choosing to recast your mortgage to improve your month-to-month payments could be a sound financial […]
Article Summary: As long as you have an assumable mortgage, you should be able to transfer ownership of your home along with the mortgage. There are several ways that this can be done, including as a sale, as a gift, or as a part of a transfer after one’s death. Each method has its own […]
Article Summary: If you want to get out of a reverse mortgage, there is usually a way. You can sell the home, cancel the loan within the first 20 days, pay off the loan, or get a refinance. Here’s a detailed guide on how to do it. Reverse mortgages are a popular way to get […]
Article Summary How soon you can refinance a mortgage will depend on the terms of your mortgage. Some lenders allow you to refinance your mortgage immediately while others require you to wait a set period, such as six to 12 months. If you find yourself tight on money after taking out a mortgage loan, you […]
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