Basics of a 203(k) Home Renovation Loan

Buying a “fixer upper” house might be an economical option for first-time homebuyers and families looking to upgrade to a bigger house. Some families simply need to renovate their current house. Depending on how much renovation you are going to need, a traditional bank might not allow the approve funds necessary to close the mortgage[…]

college savings option

Should I Refinance My Private Student Loans?

There’s no denying that college is expensive. A recent report shows that the average 2018 college graduate has nearly $40,000 in student loans. Depending on the salary of their first “real” job, a graduate might be struggling to make the monthly payments once their student loans enter repayment status. This is where refinancing comes into[…]

Credit Card Debt

How Much Credit Card Debt is Too Much?

According to the 2015 Federal Reserve study, the average US household credit card debt is $15,863, based on a NerdWallet analysis. That amount seems fairly significant to some, not so surprising to others. To a creditor, that looks like a lot of profit! Your interpretation of the average level of household debt is similar to[…]

Will Applying For A Credit Card Hurt My Chances Of Getting A Home Loan?

Will Applying For A New Credit Card Hurt My Chances Of Getting A Home Loan?

Buying a home and applying for a home loan is both an exciting yet tense event.  Any sudden financial change can potentially put your mortgage application in jeopardy.  There are several factors the loan underwriters will use to determine your creditworthiness for a home loan, and one of those is applying for new credit cards.[…]

What is a FICO Credit Score?

I remember back in college, that no one knew a thing about credit scores.  ‘If you leave 20% on your card each month, you’ll have a higher credit score, because credit card companies like seeing that they are making money off of you.’  Having the gut reaction that this just wasn’t true, I decided to[…]

Practical Steps for Eliminating Credit Card Debt

An issue that has been a nationwide concern is credit card debt. Maybe it’s because an average American family that uses credit cards has a debt of approximately $7,400. And that’s just the average. To have a solid financial stance requires reducing that number – whatever it is – as much as possible. So if[…]