Why does it appear that car loans have a bigger impact on a person’s credit report than home loans do?

I Should Think That Although Many People Need A Car to travel to work and Home That statistics say that More People Default On Car Payments Than Mortgage Payments As It is A Home For The mortgage Owner And His Family. There is Some Help For Mortgage Holders and Families in The UK Who Are … Read more

Can I get a loan from my 401K to use as a down payment towards a home loan?

Technically, YES. Technically, however, doesn’t make something a good idea. Here’s the deal. In my observation, a 401(k) loan is a high-risk proposition. I’ve rarely seen them work out well, to the point that when I advise a client on setting one up I recommend that loans be disallowed. That at least keeps the employer … Read more

I’m planning to buy a house with a home loan, but don’t have savings for down payment. What are some suggestions?

There are incentive programs for first-time home buyers to encourage homeownership with little or nothing down. Identify an area you want to buy in to get an idea of sales price, property taxes, HOA fees (if they apply), etc. Or you use a particular home or two as examples. Then contact a lender with these … Read more

I have approved home equity loan. Can I use this loan to buy another property?

You bet. And that is a good strategy. Once you find a property you want to buy you can make an “all cash” offer. This is attractive and motivating to the seller because they know that you have the money and you can close on the property quickly. They see $$ in their eyes. Also, … Read more