We answer your Mortgage Questions
What is a Mortgage?
Mortgage questions? A mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses to make large real estate purchases without paying the entire purchase price up front. Over many years, the borrower repays the loan, plus interest, until he or she owns the property free and clear. Mortgages are also known as “liens against property” or “claims on property.” If the borrower stops paying the mortgage, the lender can foreclose. – investopedia.com
Owning a home is the American dream. A home is a place you can call you your own. Chances are you’ll need to get a mortgage in order to make that dream a reality. The process of applying for a mortgage isn’t exactly a walk in the park. Luckily, Creditly’s experts are committed to helping you understand the home-buying & financing process. This process includes mortgages. Therefore, you can make smarter decisions.
We’ve pulled together answers to your important mortgage questions. We have tips on how to approach shopping for a home loan. You will learn how to get the best rates & deals. Also Learn how to select a mortgage lender & real estate agent. while you learn how to negotiate the best price, and pinpoint the best time for refinancing. Plus, understand how mortgage decisions can affect your credit score. You can use our free credit report snapshot, to find out where you stand.
A person’s credit score is a key factor in determining interest rates. This determines how you pay for cars, mortgages, credit cards and other loans. In fact, it may prevent people from even being approved.
Debt Collection Laws
What Are My Rights Under the Debt Collection Laws? Can a Debt Collector Call Me at Work or at Home? The debt collectors are relentless. They call non stop, but is it legal? Being in debt is stressful enough without getting phone calls at home and work. It’s bad enough...
5 Credit Laws You Really Want to Know About
5 Credit Laws You Really Want to Know About. If you can’t seem to get an error off your credit report or you’re dealing with incessant debt collection calls, it’s easy to get overwhelmed. And you feel the deck has been stacked against you. But take a deep breath....
4 Tips for Better Internet Safety
We love online shopping, it's easy, convenient, and safe - so we think. Amazon, Paypal, and online banking are how people use the internet for, well, just about everything we do in life. After all, it is pretty convenient to just sit at a computer or pull out your...
What Happens to Your Credit When You Get Married?
Credit is the last thing on your mind as you get ready for marriage. Love is in the air, but what happens to your credit reports and credit scores when you get married? There are all kinds of common misconceptions about merging reports and falling credit scores....
How to Remove Collection Accounts From Your Credit Reports
How to Remove Collection Accounts From Your Credit Reports. If you have collection accounts on your credit reports, there’s no doubt you just want them to go away. And the other big question is how long collections stay on your credit report. While we have some tips...
Cosigning a Loan: What You Need to Know
Cosigning a Loan: What You Need to Know. Your credit is good, but not good enough. If you don’t have stellar credit, you might considered asking a friend or relative to cosign for you, be it for a personal loan, student loan or even credit card. Getting a cosigner can...
Understanding Your Foreclosure Rights
You're in trouble financially, and you’ve fallen behind on your mortgage payments, the threat of foreclosure is real. This reality should not be ignored because the prospect of losing your home, can easily become overwhelming. As a result, struggling homeowners may...
Dealing With a Tax Lien on your Credit Report
Dealing With a Tax Lien on your Credit Report. Taxes and Death - The only things in life that you can rely on. Many people have been in a position unable to pay their taxes at some point in the past. Fear not, even if this has occurred to you, resolutions can be...
How Long Do Things Stay On Your Credit Report?
Credit takes on a life of it's own. In many ways, a credit report is a lot like a living thing: It grows and strengthens over time, and when something bad happens, it will eventually heal. The duration of that healing process depends on the severity of the damage....
The Ultimate Mortgage Glossary
The Ultimate Mortgage Glossary. Buying a house is a great way to plant roots, and a first step to financial growth. If you’re looking to buy a home, the first thing you’ll want to do is check your credit, since it’s going to play a huge role in your ability to get a...
How to Clean Up Your Credit Report
Keeping your credit clean and up to date is one of the most important tasks you can do. If your credit is damages, your future finances will suffer. If You clean your house on a regular basis, and we hope you do, keeping your credit clean needs to be on the to-do...
What Is a VantageScore & Do I Have One?
FICO has a little competition. Introducing VantageScore. VantageScore is a credit scoring model that first emerged in 2006 as a joint venture of the major credit bureaus—Experian, Equifax and TransUnion. VantageScore ratings range from 350 to 800. VantageScore4.0,...
What Does FICO Stand For? What is a FICO Score?
Have you heard of the word "FICO"? This funny sounding word is more important than you think when it comes to your Credit Score. The FICO credit score is a credit score developed by FICO. A company that specializes in what’s known as “predictive analytics,” which...
5 Steps to DYI Debt Reduction
DYI Debt Reduction. Everyone has debt, you are not alone. Let's tackle the debt problem with five easy steps. The most common question that comes up when you find yourself in thousands of dollars of debt is simple — how do I actually reduce my debt? The challenge of...
Divorce survival guide
Sometimes things just don't work out. It's a mess and now your credit needs to be sorted out. Marriage can have a big impact on your credit history. While your individual credit reports still stand, if you combined accounts and borrowed money together after tying the...
Signs your identity has been stolen
We spend more time online than ever before. From Amazon, to Netflix, Facebook and More. More and more of our lives are moving online, which means the chances of having your identity stolen increases. With all of the information out there, how do you even know if your...
Resolving Billing Errors With the Fair Credit Billing Act
As consumers we use our credit cards for everyday purchases,like eating out, online shopping, pumping gas, and everything else you can think of. When errors occur it may not be so noticeable. Do to the amount of transactions we make, and the number of credit card...
Statute of Limitations On Debt Collection
Statute of Limitations On Debt Collection. Negative accounts have a limited life span. The amount of time negative reporting stays on your account is called "Statue of Limitations." As the Consumer Financial Protection Bureau explains on its site: “a statute of...
What Is Credit & Why Is it So Important?
What Is Credit? How it Impacts Your Life Credit - It can be confusing. Creditly can help clear up your questions. Perhaps one of the most misunderstood, and often frustrating things about the consumer credit industry is how your history affects so many aspects of your...
What Happens To Your Credit When You Get Divorced?
What Happens To Your Credit When You Get Divorced? When couples file for divorce, credit, debit and shared accounts need special attention for the benefit of both parties. When spouses divorce, they not only have to figure out the finer details of living their lives...
Consumer Financial Survey
2009FinancialLiteracySurvey Download the Full 13 Page PDF Here.Financial Literacy: 41 percent of U.S. adults, or more than 92 million people living in America, gave themselves a grade of C, D, or F on their knowledge of personal finance, suggesting there is...
19 Confusing Mortgage Terms Deciphered
19 Confusing Mortgage Terms Deciphered. You’ve found your dream home, which means it’s time to start the mortgage process. If you find yourself overwhelmed and confused by all the mortgage terms out there, don’t worry because you’re not alone. Getting a...
How Much House Can I Afford?
If you’re thinking about buying a new home, the question, “how much house can I afford?” is the first one to ask yourself. Many first-time home buyers need to ask this question, but may not. Determining the lending amount you can qualify for is the first official step...
How Does a Mortgage Work?
How does a mortgage work? Thirty-year fixed-rate mortgages recently fell from 4.51% to 4.45%, making it a perfect time to buy a home. First, though, you want to understand what a mortgage is, what role rates play and what’s required to qualify for a mortgage loan....
How to Work with a Mortgage Broker
How to Work with a Mortgage Broker. Home loans can be obtained from lenders, banks or credit unions—known as mortgage lenders or direct lenders—that make loans to directly to individuals. Residential mortgage loans can also be obtained from mortgage brokers. Brokers...
Is Buying a House with Bad Credit Possible?
Buying a House with Bad Credit? If you’re tired of throwing away your hard-earned money on rent each month, you may be ready to buy a home of your own and begin building equity. Unfortunately, buying a home can be a challenge when you have bad credit. You may be...
What Is an FHA Loan?
FHA loans are home loans insured by the Federal Housing Administration (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD). These loans offer prospective homebuyers with lower credit scores and down payments the change to purchase a...
How to Refinance with Bad Credit
Refinancing a loan involves paying your existing mortgage loan off and replacing it with a different loan. A refinance can net a different interest rate and term. A lower interest rate might lower your payments. A shorter term might let you pay the new loan off faster...
What’s a 15 vs. 30-Year Mortgage?
What’s a 15 year vs 30 Year Mortgage? Mortgages come in different flavors—conventional fixed-rate, adjustable rate, FHA, VA, 15-year, 30-year and more. Each type and term has its own pros and cons. While you not only have to pick your type of mortgage, you also have...
Am I Ready to Be a Homeowner?
Ready to Be a Homeowner? Purchasing your first home is a major milestone and not a decision to be taken lightly. It’s a huge financial commitment that can take months of preparation—searching for the right home, making an offer, going through the mortgage application...
