When you are a homeowner the temptation will always be there to use the equity in your home to acquire a loan. Homeowners are often bombarded with offers for home equity loans in television advertisements, direct mail, and through phone solicitors, all offering tempting rates and tempting amounts of cash. This can often be overwhelming, and it will take a certain amount of will power to not fall into the trap. (more…)

It is recommended by many financial experts that you have some form of emergency savings in place in case the unexpected happens. These can be things like emergency medical expenses, accidents, and any other unexpected expenses that may arise during the course of everyday life. When you have emergency savings you will be better prepared to meet any financial emergency with ease and less stress and panic. But, what is the best course of saving for an emergency? There are certainly some dos and don’ts that you should be aware of that can save you money in the long run. (more…)

The quality that home equity lenders look for in borrowers is termed ‘creditworthiness’. This is a combination of three things: credit history, income, and loan-to-value ratio.

Credit History

Lenders can look up your credit history at any time by going to one of the credit bureaus. These are companies that gather and collect information on the amount of debt a borrower owes and whether the borrower pays his bills on time. This information is summarized in a credit report, which condenses a borrower’s credit history into a numerical score. This score is then calibrated by referencing a scale from 300 to 850. The score is occasionally referred to as a FICO score, after the company that pioneered credit scoring, Fair Isaac Corporation. (more…)