FICO Score: What It Is and The Main Categories

These percentages are based on the importance of the five categories for the general population. For particular groups – for example, people who have not been using credit long – the importance of these categories may be somewhat different. Payment History Account payment information on specific types of accounts (credit cards, retail accounts, installment loans, […]

Need A Down Payment For Your House? Your City or County May Have Free Money For You

Most bank are requiring you to put in a down payment when buying a home. Gone are those days where you can get zero down payment or borrow second mortgages as your down payment if you are obtaining conventional mortgages. Nowadays, it’s either you saved up for it, borrow from your retirement funds (401k, IRA, […]

Why You Should Fight For Every Percent You Can Get on Your Finances

1%, it seems so little and potentially, a regular person may think that it is very immaterial. However, when you apply it to your finances, this one percent makes a big difference!! Check out how this 1% affects both your investments and debts.

Claiming Mortgage Interest Credit On Your Tax Return

If you think that there are no more tax credit for first time home buyer’s credit, think again!! One tax credit that has been around since 1984 but has been overlooked by most home buyer is the mortgage credit certificate program or simply called MCC. However, this is not a program administered by the IRS […]

Schedule A: Interest Expense You Can Deduct

Interest expense is the amount of money you pay for the use of borrowed funds. Certain types of interest expense may be deductible depending on where you use those borrowed money. Most consumers have various debts such as home mortgage debt, auto loans, credit card balances, student loans, business loans, and investment loans. Most of […]

The Home Mortgage Interest Deduction

One big advantage of owning a home is if you carry out a mortgage when you first purchase it, the mortgage interest that you paid may be tax deductible. This may include the loans you used to purchased your home, the second mortgage, or home equity loans. To be deductible, the mortgage loans must meet […]

How Your FICO Score Impacts Your Purchasing Power

In a perfect world, it would be really nice if we can purchase everything in cash but for most of us this is not the case. We have to borrow money to buy big ticket items such as cars and houses. When borrowing money, creditors look at your FICO score. Discusses how your FICO Score affects what you can purchase and for how much.

Why It Makes Financial Sense To Buy A House

I believe people want to buy a house because it is still considered one of the American dreams. People seem to associate home ownership with the standard of living. We somehow see an improvement on our living status after we bought the house. We also feel that we have a sense of financial security knowing that we own something of value. To top it off, it also comes with the following financial benefits:

Financing Options for Your Home-Based or Small Business

While most of home businesses require a very low start-up cost, however, there are still a lot of home based businesses that require some start-up capital to use for working capital and to purchase inventory and equipment. Check the various ways to finance your home-based business or small business.

6 Things To Avoid To Protect Your Credit Score

Your FICO score is one of the most important thing to protect in your life because of how it would affect the “cost of borrowing” money or interest rates. The higher your score the more purchasing power you would have especially when you’re buying a house or a car. Find out the things to avoid in order to protect your FICO score.