lending: How to Successfully Get a Mortgage in 2019
- 09/09/19 10:51 AM
If you've traveled on an airplane recently, you probably went through a security check at the airport. These security checks are required by a federal law called the USA Patriot Act. This very same law has a provision that requires mortgage companies, banks, and financial institutions to document your source of funds when you buy a house or refinance a mortgage. In short, the US government has recruited mortgage lenders in its fight against terrorism! In fact, lenders are required by law to ask you for: The exact source of funds used for your down payment and earnest money deposit. … (1 comments)
lending: How Payment History Impacts Your Credit
- 03/11/19 09:22 AM
Your timely payment history has a 35% impact on your credit score. Paying debt on time and in full has a positive impact. Late payments, judgments, charge-offs, collection accounts, and bankruptcies have a negative impact. If you have had any bankruptcies within the last 7 years, it will seriously affect your ability to borrow or establish new credit accounts. If you have had any judgments within the last several years, it is very important that you pay off the judgment and get a "satisfaction of judgment" from the court. Any unsatisfied or recent judgments will make a bad dent in your … (1 comments)
lending: How to Improve Your Credit Score
- 09/04/18 06:23 AM
Your credit scores usually determine the price you pay for your money (your mortgages, your auto loans and leases, your credit cards, business loans, etc.). Perhaps the most significant part of your credit report is your credit score. Credit scores range from 350 to 850, with 850 being the best possible credit score that you could receive, and 350 being the worst possible credit score. There are five factors that determine your credit score:
Your Payment History: 35% impact on your credit score Paying debt on time and in full has a positive impact. Late payments, judgments, charge-offs, collection … (2 comments)
lending: Timing is Everything… Especially During Retirement
- 04/16/18 06:17 AM
A lot of discussion about “sequencing of distributions” has been taking place recently in financial planning circles. “Sequencing of Distributions” looks at the order in which you take distributions from your retirement account. This matters because the order in which you take distributions has a very significant impact on how long your retirement assets will last. Consider the two examples illustrated in the chart. Column 1 has the same amount of distributions scheduled for the next five years, regardless of how the market performs. Column 2 changes the distributions in years 2, 3 and 4, based on the performance of the market.
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