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Living with excessive debt greatly limits your options when it comes to any type of loan — especially with sizable ones such as a home mortgage loan. First-time home buyers planning to apply for a mortgage have to consider how much they can afford.

Before shopping around for a mortgage, you should first determine how much debt you actually have. …


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Having a “bad” credit score limits your financial options in nearly every aspect. It makes it hard to get a personal loan or credit card, gets you unfavorable rates on auto or home mortgage loans, impacts home insurance rates, and possibly hinders you from getting a job (especially if you work in accounting or finance).

In many ways a credit score is used as a prerequisite when you apply for a loan.

Example: You want to buy a new house with a 5% down payment (vs. …


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Since the term was coined in 1931, it has been every American’s dream to one day own their own home. It’s a sense of stability, ownership, and financial independence that has made it ever-more popular.

With interest rates near all-time lows the question homeowners are asking is whether they should refinance, or pay off their mortgage early. Everyone’s financial situation is different, and there’s pros and cons for both decisions.

Below are some things to consider before paying off your mortgage early.

Your Mortgage Rate vs. Current Rates?

If you bought your home a few years ago there’s a good chance you’re paying a higher rate than today’s. Paying off your mortgage is one option, but if the loan rate you’re locked into is higher vs. …

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