One financial calculator to rule them all!

Financial health and stability depends upon making informed decisions about loans, debt, taxes, savings, and more. Unfortunately, most people (including first-time homebuyers!) lack a true understanding of how to apply math to help them clearly understand these essential areas. While there are many specialized calculators out there for a particular area (say debt, or mortgage payments), there are few which consolidate all of the most popular financial calculators in one place. Not to mention, you can chalk up quite a bill paying $2 – $5 for each independent calculator you may need. Recently I discovered CalcMoolator, a handy online collection

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How to Buy a Home with Bad Credit

  Do you believe your negative credit history disqualifies you from buying a home? That might not be the case. And even if you’re not in the position to buy today, there are some simple, effective actions you can take to boost your future prospects. If you’re like most people, buying a home means securing a mortgage. To secure that mortgage, you need to convince banks you’re a good bet. Here’s how to start on the path to making your dream home a real home:   Work towards a 10% down payment: Down payment assistance is very difficult to get

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5 steps that can improve your credit score in 100 days or less

(BPT) – Low interest rates, a strong economy and the turn of the seasons are all causing the real estate market to heat up. More homes on the market bring more competition to buy the inventory that is out there. And one way to stand apart from other buyers who are vying for their dream home is to take steps to improve your credit score now. “Preparing your finances is a must before the busy real estate season,” says Barrett Burns, president and CEO of credit score model developer VantageScore Solutions. “Knowing your credit scores and making improvements is essential

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Cleaning Up Credit Inaccuracies

  Discovering an error on your credit history can be a rude surprise when you’re attempting to get pre-approved for a mortgage. Though most people don’t think about the details of their credit report until the need to secure a loan, it’s a good idea to check your report for inaccuracies periodically. If you do find an error, the best way to attempt a correction is through a dispute letter. Dispute letters allow you to formally request a fix by the reporting agency. Though it may take a little time to get the errors removed, cleaning up these mistakes can

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Study: Rental Payment History Can Help Boosts Credit Scores

The addition of rental payment data to credit files may help more potential renters become home owners. Experian became the first credit reporting agency to add on-time rental payments to its database. It recently conducted an analysis to determine how the added rental information has aided consumers’ credit files.   From Renters to Home Owners: What Do Millennial Renters Want? Mining the Margins Getting to ‘Yes’ The study found that subprime and nonprime residents saw the greatest positive score impact by the addition of rental histories. Nineteen percent of the study participants that were considered subprime moved to at least one higher

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Can a person with a low credit score get a home loan?

  It is possible to get a mortgage loan with a low credit score. Technically, FHA will accept a score as low as 500. Finding a lender to accept that score is a different story. I have limited sources who may give loans to buyers with scores as low as  530 for FHA loans, 560 for VA, and 620 for USDA and conventional loans. The lower scores also might require at least a 10% down payment. The more down payment you have, the easier it becomes to get approved. You might also seek out lenders who do portfolio loans. These

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Understanding your credit opens the door to home-buying success

(ARA) – With many signs pointing to the beginnings of a recovery in the housing market, potential home buyers can still find plenty of selection, low prices and low interest rates. If you’re thinking of buying a home, now might be the right time, but before you contact a real estate agent or apply for a mortgage, your top priority should be checking your credit report to see if your credit is in good shape. Credit – specifically misuse and misunderstanding of credit – spurred the housing crisis, many experts agree. The consequences have included tighter standards from lenders and

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Boost Your Credit Score

Follow these tips, and watch your credit score soar. Pay your bills on time This may seem like a no-brainer, but just one late payment could negatively affect your credit score for years. However, if you regularly pay your bills on time, your score will improve dramatically. For example, someone with an average credit rating of 707 can raise their score by as much as 20 points by paying all their bills on time for one month. Eliminate late payments If you do make a late payment, try contacting the creditor to ask for a good faith adjustment that will

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