Credit & Lending

A:

A mortgage is a legally binding contract, so it is not possible to remove a name from the loan documents until the mortgage has been paid in full. According to the San Francisco Gate Home Guides, the mortgage loan can be refinanced in the name of the person who wishes to keep ownership of the home, or the property can be sold to settle the debt.

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  • How do you ask for financial help?

    Q: How do you ask for financial help?

    A: Asking friends or family for financial help requires being honest about one's financial situation, including the possibility of and timetable for paying money back. It also involves treating the request as a business transaction, keeping lines of communication open and showing gratitude for any loan or gift received.
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  • What is the best credit score site?

    Q: What is the best credit score site?

    A: The best credit score website should provide its users with an easy way to find out their credit grade scores. Any of the following three provide a great service: Equifax, Experian and FreeCreditReport.
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  • How long does it take to recover from bankruptcy?

    Q: How long does it take to recover from bankruptcy?

    A: The exact amount of time it takes for someone to recover depends on the type of bankruptcy filed, according to Experian. A chapter 7 bankruptcy stays on one's credit report for 10 years, while a chapter 13 bankruptcy stays for seven years. As time goes on, the damage to someone's credit score from the bankruptcy lessens.
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  • What is a renter credit check?

    Q: What is a renter credit check?

    A: A renter credit check is when a landlord checks a person's credit report and score to determine if he should rent a property to the potential tenant. A renter credit check is often the only way a landlord can sort reliable tenants from unreliable tenants.
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  • What is the difference between debt and equity?

    Q: What is the difference between debt and equity?

    A: Debt is loan financing used to start or grow a business. Equity financing is investment money received in exchange for shares of ownership in the business. The National Federation of Independent Business indicates that debt has to be repaid, while equity does not have to be repaid.
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  • What tools can I use when dealing with home loans?

    Q: What tools can I use when dealing with home loans?

    A: Most of the tools available that aid in estimating, obtaining and managing a home loan are online calculators. These calculators rely on accurate user input of certain variables related to the mortgage, household income and home to be purchased. The tools calculate values that are useful or necessary to know for dealing with home loans. Information is critical for mortgage shoppers, the Federal Trade Commission states.
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  • Can I give my house back to the bank?

    Q: Can I give my house back to the bank?

    A: According to the Federal Trade Commission, a person facing foreclosure can give his house back to the bank with a deed in lieu of foreclosure. In exchange for signing over the deed to the home, the bank forgives the debt owed on the home.
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  • Can I buy a money order with a credit card?

    Q: Can I buy a money order with a credit card?

    A: As a general rule, a money order cannot be purchased with a credit card, according to Fox Business News.
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  • What is the definition of annual premium?

    Q: What is the definition of annual premium?

    A: An annual premium is defined as the amount that someone is required to pay each year in order to keep his or her insurance policy active. If the insured person does not pay the premium amount by the policy's specified due date, the policy is cancelled. Some insurance companies offer a grace period after the due date, and if the premium is paid in this time frame, the policy is reinstated.
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  • What is the average monthly car payment?

    Q: What is the average monthly car payment?

    A: According to Experian Automotive, the average monthly car payment for a new car in late 2013 was $471. For consumers purchasing a used vehicle, the average monthly car payment for the same period was $352.
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  • How long does it take for bad credit to go away?

    Q: How long does it take for bad credit to go away?

    A: Negative accounts on a credit report are usually removed after 7 years; however, negative accounts pertaining to bankruptcies generally remain on the credit report for 10 years. The time starts when the account is first listed as past due, according to Equifax.
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  • How much debt does the average American have?

    Q: How much debt does the average American have?

    A: On average, Americans have more than $15,000 in debt, and that is just credit cards according to Debt.org. That doesn't include mortgages or car loans, which significantly increase that number.
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  • What is a pre-approved car loan?

    Q: What is a pre-approved car loan?

    A: A pre-approved car loan means that a buyer has gone through basic approval steps for a loan to buy a vehicle. Lenders pre-approve auto loan applications up to a certain amount, which allows a buyer to go to a dealership with a purchase limit in mind.
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  • How should you write a commitment letter?

    Q: How should you write a commitment letter?

    A: A commitment letter is written in a clear, concise and diplomatic tone. All essential information must be reviewed prior to writing. The letter outlines all previously agreed terms between the parties involved.
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  • What is a credit card CVV number?

    Q: What is a credit card CVV number?

    A: A CVV number on a credit or debit card is a three or four-digit number printed on the back of the card used to verify that the user has physical possession of the card when making purchases, according to CVV Number. These numbers are also called card security codes.
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  • How do I get my name off of a joint mortgage?

    Q: How do I get my name off of a joint mortgage?

    A: A mortgage is a legally binding contract, so it is not possible to remove a name from the loan documents until the mortgage has been paid in full. According to the San Francisco Gate Home Guides, the mortgage loan can be refinanced in the name of the person who wishes to keep ownership of the home, or the property can be sold to settle the debt.
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  • Where can you find lists of free student scholarships?

    Q: Where can you find lists of free student scholarships?

    A: There are many online lists of free student scholarships, including ones maintained by the Consumer Fraud Reporting Bureau, the list of free minority scholarships at Black Excel and the lists hosted on Scholarship Experts. These sites maintain different lists of scholarships that are organized by their accessibility and by the ways in which they apply and do not apply to bodies of students, according to the websites themselves.
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  • What is a good credit score for a car loan?

    Q: What is a good credit score for a car loan?

    A: CarsDirect notes that an average, or good, credit score for a car loan is 680-739. An excellent credit score for a car loan is 740-850. A consumer whose credit score lands in the excellent range is eligible for the best interest rates available on a car loan.
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  • How do you check the status of a credit card application?

    Q: How do you check the status of a credit card application?

    A: In some cases, credit card applications completed online result in an instant credit approval. Other times, approval requires manual review by a bank employee. The procedure for determining a credit card application status varies from bank to bank.
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  • How many times a day can a debt collector call?

    Q: How many times a day can a debt collector call?

    A: According to the Consumer Financial Protection Bureau (CFPB), federal law does not define a specific number of times a debt collector is permitted to call, but the amount must not be enough to qualify as harassment. This rule extends to family and friends of the debtor.
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  • What is a mortgage?

    Q: What is a mortgage?

    A: A mortgage is essentially a loan, usually given by a bank, to provide individuals and families with funding to secure housing. Mortgages fall into the larger category of financial loans, but are specifically designed for real estate. Mortgages contain several different components, which include collateral, principal, taxes and insurance.
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