A Home Equity Line of Credit (HELOC) works much like a regular line of credit. You can borrow money whenever you want and up to the predetermined credit limit. You can also pay the money back and borrow it again when needed.
Some homeowners take out a HELOC solely as a form of financial protection, knowing that they can … Continue reading
A second mortgage is a loan with a second-priority claim against a property in the event that the borrower defaults. Interest rates on home equity loans and secondary mortgages are often much lower than those on credit cards and consumer loans. By taking out a second mortgage, homeowners can reclaim their financial freedom, manage their debts and pay them off … Continue reading
The so-called FICO credit scores were developed by the Fair Isaac Company, a California company that specializes in statistical scoring models. The credit score is a single number ranging from 350 to 900. The majority of lenders and even employers use the credit score results to determine the creditworthiness of a borrower and as a tool to evaluate the reliability … Continue reading
The Canadian government imposes property taxes on homeowners and businesses to finance county and municipal costs. Property taxes are meant to pay for services such as snow clearing, police and fire personnel. They help fund public schools and other community services. Your municipality collects its money in order to meet its budget. Unfortunately the government comes after you if you … Continue reading
When examining your file for loan approval, the majority of mortgage lenders and financial institutions will base their final decision solely on how well your credit score has fared. The mortgage lenders can easily access your credit score by entering your name, address and Social Security number into a computer system. Within minutes, a database analyzes your … Continue reading