The Principles of Interest
Two basic parts of most types of credit account payments are principal and interest. Principal is the amount borrowed, which can mean the price of an item (like a car or house) or the amount of credit used (as in credit cards and credit lines). Interest is the cost the lender charges the borrower to extend credit, which is where some borrowers get confused or pay more than they bargained for.
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Removing a Charge-Off From a Credit Report
Creditors use charge-offs as a last resort when a borrower stops paying a credit card, personal loan, or other debt. At that time, the debt is moved to the creditor’s bad credit ledger and the charge-off is reported as a derogatory remark on the credit file. Although a lender may write off a debt, it doesn’t end there for the borrower. A charge-off does not make the debt disappear. Removing a charge-off from a credit report is possible but there are no shortcuts in the process.
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How to Repay a Reverse Mortgage
Reverse mortgages may have the word “mortgage” in the name, but unlike a traditional mortgage, you aren’t required to make any regular payments during the term of the loan. You do have to pay back the lender eventually though. Here are some of the ways you can pay back a reverse mortgage lender.
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Reverse Mortgage vs. HELOC: When Each One is Best
Are you trying to decide between a reverse mortgage and HELOC? Here are some things to consider.
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When is the Right Time to Take Out a Reverse Mortgage?
Is now the right time to apply for a reverse mortgage? Here is when taking out a reverse mortgage can make the most sense.
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Pros and Cons of Reverse Mortgages
Are you considering a reverse mortgage? Here are some of the pros and cons.
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3 Best Uses for Reverse Mortgages
Are you thinking about a reverse mortgage? Here are three of the best uses for one.
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The hidden costs to consider when buying a home
Buying a home for the first time is a fantastic experience. The process seems like it goes by super quickly, but so many homebuyers do not realize some of the expenses of buying your first home. So, we thought it was about time that we took some time to let you know some of the costs that you may face when it is time to put pen to paper. We should note that each sale is a little different, and you might see different or lower costs when it is your time to buy.
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The official unofficial Canadian Mortgage Document Checklist
Buying a home is an exciting and often overwhelming process. The pace is fast, and no matter if you are looking for a new home or refinancing your current mortgage, the paperwork is sometimes daunting. We thought it was time to simplify and provide you with the official, unofficial Canadian mortgage document checklist.
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Private Mortgage Loans: What They Are and How They Work
Getting approved for a conventional mortgage isn’t always easy—especially if you have poor credit or lack confirmable income. Fortunately, private mortgage loans can fill the gap when you don’t meet the criteria of conventional lenders.
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