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The 5 Worst Pieces of Old-School Money Advice
The post The 5 Worst Pieces of Old-School Money Advice appeared first on The Simple Dollar.
Survey: Half of America Doesn’t Check Their Credit Score at All
Credit scores aren’t just a tool to determine loan and mortgage eligibility. Monthly point differences could define whether you’re offered better interest rates or stay in the shadows of less than ideal credit-based products. And checking your credit score periodically could improve not only your chances at landing a great mortgage rate or personal loan, but improve your long term financial health. Yet, 51% of Americans never check their credit score, according to a new survey conducted by The Simple Dollar.
Here’s How Working Remotely Affects Your Taxes
The post Here’s How Working Remotely Affects Your Taxes appeared first on The Simple Dollar.
Mortgage SimpleScore Methodology
We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.
Our editorial team:
- Identifies five factors to compare across each brand
- Determines the rating criteria for each factor
- Calculate an average of those five factor scores to get one SimpleScore
We break down each of these five factors and their rating criteria for our review of the best mortgage companies.
Perks
Mortgage lending companies that provide more perks receive a higher score from us.
Aspect Score
1
2
3
4
5
Perks
N/A
1 perk
2 perks
3 perks
4 perks
Hard/Soft credit checks
We know that credit checks affect your score –– that’s why we favor companies that offer soft credit checks or hard credit checks when you want to see your pre-approval rates.
What Does the Fed’s 2% Policy Mean for Loans and Mortgages?
It may seem like a small change, but a shift in policy by the Federal Reserve could impact everything from how much you pay for goods and services to your loan’s interest rate. Recently, the Fed announced it would aim for an average 2% rate of inflation. In year’s past, the Fed tried to keep inflation as close to 2% as possible. Why the change?
The Economy and the 2020 Election: A Complete Guide
On November 3, American voters will decide who sits in the oval office for the next four years. While things will certainly change between now and then, a recent poll from Reuters has former VP Joe Biden at 47% and President Donald Trump at 40% among registered voters. It also showed that voters rank the economy as one of the most critical topics in the upcoming election.
As with any election, it’s sometimes hard to pin down the candidates’ views on all the topics that could affect your wallet. So, here’s a look at what Biden and Trump are saying about seven economic issues.
Could Student Loan Forgiveness Reduce the Racial Wealth Gap?
Student loans may have once started out as an affordable way to pay for college, but it has long since exploded into a $1.6 trillion system that leaves borrowers unable to save, buy homes or retire.
“There’s a lot of misconceptions about student debt, higher education and debt cancellation,” says Ashley Harrington, federal advocacy director at the Center for Responsible Lending. “There’s this idea that it’s a problem for the privileged when the stats show it’s not,” Harrington added.
Black borrowers are disproportionately impacted by student debt, which both contributes to and perpetuates the racial wealth disparity. The National Center for Education Statistics (NCES) found that 77% of Black students borrow federal loans to cover tuition costs, compared to only 57.5% of white students.
Yes, Blockchain Mortgages Are a Thing Now
Applying for a mortgage might be one of the hardest things about buying a home. It takes longer than, say, applying for a credit card, and it’s a lot more expensive for homebuyers thanks to processing fees. But according to a recent Moody’s study, blockchain technology — the same encrypted record-keeping system behind Bitcoin — could save the mortgage industry $1 billion every year by cutting down on fees and redundant audits every time the application changes hands.
Why does that matter for homebuyers? It could also bring down the cost of applying for a mortgage.
The 5 States Where People Are Missing Mortgage Payments the Most
Shelter-in-place mandates and quarantine orders, combined with business shutdowns and job layoffs, have led to an annual estimated decline in the United States’ real gross domestic product (GDP) of 32.9% during Q2 2020.
COVID-19 has also led to an increase in mortgage delinquency rates. Housing data company CoreLogic pointed out that in May 2020 (the most recent stats available), 7.3% of U.S. home mortgages were in some stage of delinquency (30 days or more past due). Furthermore, the share of mortgages transitioning from current to 30 days past due increased by 2.2% in May 2020, a significant jump from the 0.8% reported in May 2019.
Is Now the Right Time to Get a Mortgage?
The coronavirus pandemic has caused interest rates to reach record lows, which means it’s cheaper than ever to borrow money for a home loan. Still, with a recession due to a pandemic on the horizon, you may be wondering, is now a good time to get a mortgage? The answer really depends on your financial situation.
If your finances aren’t in good shape or you think there’s a chance you could be laid off, it may be best to put off your home purchase. However, if you have a stable job and strong finances, you could save thousands by getting a mortgage now and taking advantage of low interest rates.
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