April 2014

How to Keep Your Credit Score Up

Most of us know that skipping payments, paying late, or filing for bankruptcy are some obvious ways to destroy your credit. On the flip side of this, there are also some much more subtle and often overlooked things that borrower’s do that can damage their credit scores just the same. These things can in turn trigger a downward spiral of financial consequences that range from loan rejection, to higher interest and insurance premiums, to having to shell out a much higher security deposit.   One of these subtleties is when shoppers are drawn in by too many in-store credit offers. Like the ones that would make a promise of 10 percent or more off of your purchase just for signing up. First of all, creditors may view these people who are opening so many accounts in such a short time frame as being in financial trouble. Subsequently, opening up that…

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Alternatives to Low Down Payment for Chicago Area Home Buyers

Have a young new family? The chances that you have 20% to put down on the purchase of a home aren’t very likely. Without a large sum of money, non-veterans will be heading to the FHA (Federal Housing Administration) for their mortgage, or paying for private mortgage insurance on a conventional loan. Both of these options definitely have their drawbacks one of which being that the fees are substantially high and the hikes in FHA fees have only made the outlook grimmer.   Taking a look at different options and government programs for borrowers without large bank accounts can offer some hope. People who have less than 5 percent to put towards their down payment or people with bad credit probably won’t be able to obtain a conventional loan. So for them, FHA is the way to go. FHA’s mission is to get people with a small savings and bad…

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