Monthly Archive for December, 2009

If You Make a Partial Mortgage Payment Does it Hurt Your Credit?

Published by Gina Pogol on December 17, 2009 in Foreclosure . 0 Comments

If you don't have enough cash to make your entire mortgage payment, but could pay some of it on time, does the lender have to right to refuse your payment and give you a bad credit rating? Unfortunately, yes. If you make a partial payment, then you are not making the loan payment according to ...

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Can You Use a Cash Advance on Your Credit Card to Fund Your Down Payment?

Published by Gina Pogol on December 17, 2009 in New Home Loan . 0 Comments

The short answer is no. The long answer is maybe. Officially, your down payment has to be seasoned funds (that is, money you have had for at least a couple of months) that are legally yours. In the case of FHA financing, you can get down payment assistance only from immediate family and from certain ...

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Rules Were Meant to Be Broken: HELOCs the Best Second Mortgage

Published by Gina Pogol on December 11, 2009 in Home Equity Loan . 0 Comments

The rules change when the economy goes south. Whatever you heard from NPR or Grandma, like always pay more than the minimum on your credit cards, retire your mortgage as soon as possible, and a home equity line of credit (HELOC) is the best second mortgage because of its flexibility, isn't necessarily true when times ...

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Rules Were Meant to Be Broken: Minimum Credit Card Payments

Published by Gina Pogol on December 11, 2009 in Uncategorized . 0 Comments

The rules change when good economies go bad. Old standbys, like always pay more than the minimum on your credit cards, retire your mortgage as soon as possible, and a home equity line of credit (HELOC) is the best second mortgage because of its flexibility. Today, those rules are good for lining the bird cage ...

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Some Rules Were Meant to Be Broken: Prepaying Your Mortgage

Published by Gina Pogol on December 11, 2009 in Home Equity Loan . 0 Comments

In tough economic times, the rules go out the window. Rules like, always pay more than the minimum on your credit cards, it's smart to pay your mortgage off as early as possible, and a home equity line of credit (HELOC) is the best second mortgage because you only pay interest on the money you ...

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FHA Mortgages: Is My Down Payment Going to Increase?

Published by Gina Pogol on December 09, 2009 in New Home Loan . 0 Comments

It looks like FHA is planning to beef up its falling reserves by requiring borrowers to come up with a bigger down payment. Can you see your home ownership dream fading away? Well, don't let it! Yes, FHA is likely to require 5% down instead of 3.5% in the near future. HUD Secretary Shaun Donovon ...

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Improving Your Credit: The Utilization Factor

Published by Gina Pogol on December 09, 2009 in Debt Consolidation . 0 Comments

Okay, I know, it's cruel to run an entry like this during the holidays. Telling people to get rid of debt just when there is all that pressure to spend like crazy. But I'm trying to save you a hangover--a spending hangover. You can thank me in January. So, starting now, we're going ...

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About Mortgage Credit Problems

Specializing in Bad Credit Mortgages… Because Life Doesn’t Always Turn Out Like You Planned. A sick child, a few late bills, or an unexpected expense can easily get you off track and your credit may suffer, but we don't think you should miss out on the opportunities available to everyone else.

Gina Pogol

Gina Pogol

About the Author:

Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.

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  • Capsiplex: Interesting idea, where can I learn more about this?
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  • Robin: If you have a bad credit history still the loan market place is full of lenders who are ever willing to offer you a...
  • Laura: similar situation to Crystal above. Except, our FHA mortage was included in BK, but we have kept the payments up and...
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