A common fear is that multiple inquiries on your credit report will lower your score. That's partially true, based on who's doing the inquiring. If you're shopping for a car or home loan, inquiries won't lower your score. But if a landlord or credit card company takes a peek at your credit report, it's a different story.
Not many of us are aware of the impact a change in rates has on our daily lives, they can be confusing so we've put together a short description of the common indexes used for Adjustable Rate Mortgages to guide you through.
To help distressed homeowners avoid foreclosure, Democratic senators have proposed the "Foreclosure Prevention Act of 2008." The bill would help borrowers by potentially lowering the amounts they owe, and would free up more money to pay for the mortgage refinance of subprimes.
In a cash-out refinancing, you take out a new mortgage for an amount that's larger than your current principal balance. You can then use the extra money as you wish. Just make sure that you compare the costs of this type of financing with the costs of a home equity loan before proceeding.
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