Yes, you can keep your home in Chapter 13 bankruptcy as long as you continue to make regular mortgage payments and adhere to the court-approved repayment plan. Chapter 13 bankruptcy allows individuals to restructure their debts and create a plan to repay creditors over a period of three to five years, while retaining their assets,…
To get a Stafford Loan, you need to fill out the Free Application for Federal Student Aid (FAFSA) and meet the enrollment requirements. The loan does not require a credit check or a co-signer. Securing financial aid for college can be daunting, but understanding the process for obtaining a Stafford Loan can make it more…
A land contract involves the buyer making payments directly to the seller instead of securing traditional financing. This allows the buyer to take ownership of the property while paying off the purchase price over time. Are you considering purchasing real estate through a land contract? This type of agreement offers an alternative to traditional mortgage…
To find your revolving credit accounts, check your credit reports and identify all of your revolving accounts. Each account has a credit limit and a balance, which indicates how much you can spend and how much you have spent. Understanding how revolving credit works can help you get the most from your revolving credit accounts….
A parent does not have to cosign a student loan, as there are options available for students to obtain loans without a cosigner. Federal student loans, such as subsidized and unsubsidized loans, do not require a cosigner, providing students with the opportunity to secure loans independently. When it comes to financing higher education, many students…
An appraisal fee is the cost for an appraiser to estimate a property’s market value. It’s typically paid by the buyer, unless negotiated otherwise. Appraisal fees are essential for determining a property’s worth and are usually required by lenders. When you’re in the process of buying or selling a property, you may come across the…
A promissory note does not need to be recorded. The lender holds onto the note, which gives them the right to collect on the loan if payments are not made. When it comes to financial transactions, promissory notes play a vital role in outlining the terms of a loan. However, there is often confusion about…
To purchase a townhome, start by researching listings in your desired area and reach out to a real estate agent. Ensure your finances are in order, get pre-approved for a mortgage, and then make an offer on the townhome you want. When the offer is accepted, complete the necessary inspections, finalize the mortgage, and close…
Yes, home loans are typically compounded monthly. This means that the interest is calculated monthly on the outstanding balance. When it comes to purchasing a home, most individuals rely on home loans to finance their purchase. Home loans are a type of loan taken out to purchase or refinance a home. They are commonly compounded…
Exceeding your credit limit can lead to declined transactions, penalties, and potential account closure. When you surpass your credit limit, you may face declined transactions, increased penalties, and the possibility of your account being frozen or closed by the issuer. This can have long-term consequences, such as damaging your credit score and leading to financial…
Yes, a home equity loan typically requires an appraisal. This applies to fixed rate home equity loans, HELOCs, and cash out refinances. When applying for a home equity loan, the lender will assess the property’s value through an appraisal to determine the amount you can borrow. Appraisals help protect the lender’s investment and ensure that…
To obtain a home improvement loan, gather necessary documents and proof of homeownership. Then, apply with online lenders, banks, or credit unions for approval and funds. Planning a home improvement project in Austin, Texas, but need financial assistance? You can secure a home improvement loan to revamp your living space. Whether it’s a kitchen upgrade,…
Yes, a down payment on a car goes towards reducing the amount of money to be financed. When purchasing a car, a down payment is an initial sum of money paid by the buyer to reduce the amount of financing needed. This payment is applied directly to the purchase and is not part of the…
You can get rid of MIP insurance by refinancing into a conventional loan or making a larger down payment. MIP, or mortgage insurance premium, can be eliminated through refinancing or increasing your down payment. The Federal Housing Administration (FHA) requires MIP for borrowers who put down less than 20% on their home purchase. If you…
Boat loans work similarly to car loans. You borrow a specific amount and pay interest over a fixed term. When purchasing a boat, many people opt to finance the purchase through a boat loan. These loans are structured much like car loans, with the borrower receiving a specific loan amount that accrues interest over a…