Bad Credit Whiz





What is an underwater mortgage?


Author: Allison K.Watkins May 15, 2013

If you’ve watched the news over the past few years since the housing crisis, you’ve probably heard the term “underwater” thrown around a bit; “underwater mortgage,” “underwater homeowner,” and “underwater home” all refer to the same situation, but do you understand what it means to be underwater? And what your options are if you find yourself in this precarious situation?   First, a definition. An underwater mortgage describes a situation known as negative equity: when the outstanding balance on a loan is greater than the value of the asset used to secure that loan. Basically, the balance of your mortgage …

What is Bankruptcy: The Basic Truth

Author: Allison K.Watkins May 15, 2013

What is Bankruptcy: The Basic Truth   When thinking about personal finances, there’s one word that strikes fear into the hearts of most people: bankruptcy. It’s a word that has a lot of implications, and causes a lot of stress, but not everyone really understands what it is or why it’s used. Bankruptcy can be a pretty complicated process, but I’ll give the basics of two of the most common types of bankruptcy here: chapter 7 and chapter 13.   Chapter 7 bankruptcy is also known as a liquidation bankruptcy, and basically involves the sale of almost all assets that …

Top 5 Mortgage Companies in the US: No. 5,Amerisave

Author: Allison K.Watkins April 27, 2013

Another of the very large mortgage lenders, Amerisave states that their goal is to “provide low rates and excellent service to every customer.” And by offering a large number of different types of loans, they aim to cater to anyone needing a mortgage, whether it’s a regular home loan, a Federal Housing Administration loan, a VA loan, or anything else. They also offer adjustable rate mortgages (ARMs) and interest-only loans, which require that you only pay the interest during an initial period. Fannie May Approved: Amerisave is an approved Fannie Mae mortgage lender, meaning that it has decades of experience …

Top 5 Mortgage Companies in the US: No. 4, Wells Fargo (Wachovia)

Author: Allison K.Watkins April 19, 2013

Wells Fargo (which now covers all Wachovia home mortgages as well) is one of the largest providers of home mortgages in the United States, and has a presence in 40 states. Because of this, Wells Fargo is able to provide a wealth of resources to its customers that help them determine which loans are the best for their particular situation, as well as services that help keep customers informed of their obligations and options. Smarter Credit Center:Applying for a mortgage can be an intimidating process, and doing research is of paramount importance—fortunately, Wells Fargo provides a lot of useful information …

5 questions to ask your mortgage provider before signing the contract

Author: Allison K.Watkins April 19, 2013

Signing a mortgage is a big deal. In fact, it’s one of the most significant financial events that many people experience in their lives. And because of the recent mortgage crisis, it’s quite obvious that people often don’t really understand how their mortgage works. Here are five questions that you can ask your mortgage provider before signing your loan to make sure that you fully understand what you’re getting and what your responsibilities are. What’s the interest rate? This seems like an obvious one, but it is by far the most important. In order to comprehend your interest rate, you …

Top 3 Bad Credit Mortgage Providers

Author: Allison K.Watkins April 19, 2013

If you’re in the market for buying a new home, you’re almost certainly going to be looking for a mortgage in the near future. This is always a stressful activity, but if you’re looking for a mortgage with bad credit, it can be absolutely excruciating. After the mortgage crisis, a lot of sub-prime mortgage lenders went out of business, leaving people with bad credit without many options. Unfortunately, because mortgage brokers are even more cautious now, many people with bad credit aren’t even given a chance. Fortunately, there are still a few lenders out there who can help you out. …

Maximize your chances to get home loan

Author: Allison K.Watkins April 1, 2013

The housing market is currently recovering very fast and, getting back to its normal state. One of the key factors responsible for the housing market’s recovery is the record-low mortgage rate. Due to the low mortgage rate,more people are opting for homeownership and, applying for home loans to get approved as soon as possible.

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