Posts by Dan Rafter
Mortgage
Pros and Cons of a Balloon Mortgage
Your balloon mortgage loan might have seemed like a good idea when you first applied for it. Maybe it meant that your monthly mortgage payments have been lower so they fit into your budget. But now your mortgage balloon payment is… read more…
Mortgage
Why a Part-Time Job Won’t Help You Get a Mortgage
So, you’re ready to apply for a mortgage. To make yourself a more attractive borrower to lenders, you’ve taken on a part-time job to boost the income from your full-time employment. But here’s some bad news: That part-time income might… read more…
Auto
3 Costs of Your Commute to Work
It’s not easy getting to work. According to the U.S. Census Bureau, it took 148 million workers in 2019 an average of 27.6 minutes to get to work, an all-time high that summarizes travel trends between 2006 and 2019. That… read more…
Mortgage
Your Mortgage Loan Has Been Sold: Now What?
Your mortgage lender likes when you make your payments each month. But your lender often doesn’t really make the big bucks from your loan until it sells it to Freddie Mac, Fannie Mae or some other financial institution. So don’t be… read more…
Mortgage
3 Pitfalls to Avoid When Buying a House With a Non-Spouse
Considering buying a house with a friend, brother or sister? What about your boyfriend, girlfriend or partner? You’re not alone. A growing number of unmarried people are buying homes with their relatives or partners. Find out now: How much house can I afford? A recent study found that 25 percent of now-married couples between the ages… read more…
Mortgage
What’s the Right Mortgage Length for You?
You’ve found your dream home. But the monthly mortgage payment that comes with it is out of your budget. What do you do? Most home buyers debate whether they should take out 30-year or 15-year fixed-rate mortgage loans. For some, the… read more…
Credit Score
5 Essentials For International Travel With Credit Cards
Summer is over and travel deals abound. Maybe you’re planning a blow-out end-of-the-season international trip before the cold weather arrives. But before you head to the airport, make sure that you’ve completed your credit card prep. What Card is Best For Me? That’s right: Before you travel out of country, you need to take certain… read more…
Credit Score
How Closing a Credit Card Really Impacts Your Credit Score
You’ve probably heard the common advice for improving your credit score: Pay off as much debt as possible. Pay all your bills on time. Close any credit card account that you’re not using. Well, it might be time to reconsider that last part. Closing unused credit card accounts isn’t nearly as beneficial to your three-digit… read more…
Credit Score
How to Really Read Your Credit Report
Financial experts always tell you to read your credit report. And this is good advice. By studying your report, you can determine whether someone has opened a credit-card account in your name or whether your lender mistakenly says that you missed a car payment when you’ve never paid one even a day late. Find out… read more…
Mortgage
Underwater Mortgage Definition & What Your Options Are
When you owe more money on your mortgage than your home is worth, your mortgage is considered to be underwater. No homeowner wants to be underwater because it can be difficult, if not impossible, to earn a profit when trying to sell an underwater home. In fact, if you need to sell when you have… read more…
Credit Score
Easy Credit Isn’t Always Worth It
Need a new credit card? It might be easier to get one today, even if you’ve missed payments in the past. But even if you can qualify for a new card, you need to watch out for potential traps. Related: What Card is Best for Me? Some cards come with low teaser rates — rates that… read more…
Career
Fired just before retirement? It’s not time to panic yet
The unfortunate truth is that most people do not feel prepared financially for their retirement years. A 2013 survey by American Consumer Credit Counseling found that 75 percent of people agreed that they were not financially ready for their post-work… read more…