Credit card issuers are reacting to the recent trend of lower credit scores across America. In the wake of the current mortgage crisis consumer’s credit scores have been steadily falling in certain segments of the population. This means that the competition for credit cards for fair credit is heating up between the bank issuers and this means better deals for consumers. We have outlined, what we feel, are the best credit cards for fair credit on the market below. (more…)
Many people believe that the best mortgage deals are no longer available for the average consumer that is shopping for a mortgage in today’s economy. That may be true if you cannot prove your income or have had a bankruptcy in the last two years. However, if you are the average Joe with a few dings on your credit, and are looking to buy a new home, the best deals are still out there. The truth is, they have always been there. The Federal Housing Administration (FHA) has been helping the average consumer get great deals on mortgages since the 1950’s. (more…)
FHA Closing costs differ from conventional mortgages by the amount the lender can charge and the amount of insurance coverage homeowners are required to have. FHA mortgages are the last of the government sponsored mortgages. Fannie and Freddie started out as a government charter but privatized over a decade ago. Since FHA is government operated, there are specific safeguards which have been designed to protect borrowers from paying too much closing costs. However, as is the case with most government programs, there’s loopholes. (more…)
Unnecessary closing costs are charged to unsuspecting borrowers on almost all mortgages that close. Closing costs can be broken into three general categories, costs that the lender charges, costs that third parties charge and money that is paid on your behalf i.e. taxes and insurance. Due to the scope of this article, we are unable to go into detail in each category. However, there will be a link at the end of this article for a tutorial that does.