Category Archives: Homebuyer Incentives

How Long Does a Late Payment Stay on Your Credit?

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LAte payment hurts credit report

LAte payment hurts credit report

Ever made a late payment on a bill? Maybe forgot about your credit card bill? Or have you ever been a few weeks late on your car note when money got tight? Are you looking now at a big purchase that’s going to require credit and you’re wondering how that late payment is going to look?

The Equifax Finance blog answers these questions and more in the recent post “

FAQ: How Long Do Late Payments Stay On My Credit Report.”

The article explains that positive information (like early payments and on-time payments) can stay on your credit report forever; but negative information (like that late payment) could stick around for seven years. Bankruptcies will generally stay for 10 years.

If you are concerned about what may be in your credit report, the Equifax experts recommend checking your credit report. This will tell you what you need to know about your credit now and where you will stand in terms of getting new credit; and will be starting board for building or repairing your credit, if necessary.

Check out the Equifax Finance blog to get more answers to your credit questions, and other topics like finance,

identity theft insurance, real estate, taxes and more.

Make a List and Check it Twice to get Ahead of Taxes

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Organize taxes to keep good credit scores

Organize taxes to keep good credit scores

With less than a month before Tax Day, it’s harder to get ahead but not yet impossible and there are a whole host of reasons to not wait for an extension. If you have procrastinated up to this point but want to get your taxes done and your refund in hand sooner, the experts at Equifax have some great tips for pushing forward to tax success in the new article, “

Five Tips to Jumpstart Filing Your Taxes.”

While the days are fewer, there is still time to gather up your forms and paperwork neatly and set out to either do or have someone do your taxes for you. But it will take organization and an investment of time (and possibly money, if you need help from software or a professional) to get started. First of all, set a goal or a deadline so you have a reason to start working and write it down. Do a little each day so that gathering receipts and filling out forms is progress that can be tracked rather than a mountain of work. And then don’t be afraid to ask for help – taxes are daunting and while it’s possible to do them yourself, it’s also possible to build a house yourself piece by piece – but it can be a lot easier and more precisely completed to get a professional homebuilder to do it for you.

To learn more, including tips about taxes,

credit scores and everything else personal finance, check in with free expert advice from Equifax.

New Year Equals New Debt for Many

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New Year New DebtThe New Year is upon us, and with it thousands of New Year’s resolutions are being put into action right now. If you’ve already made your resolutions, you may need to check your mailbox, because there may be another one waiting to be made after you open your credit card statement from December!

Many tend to overspend during the holiday season and then get shocked back to reality in January when the bills begin to file in. Don’t let your holiday spending get you down, let the experts at the Equifax Finance Blog guide you into a debt-free 2013!

In their recent article, “

Paying Off Holiday Debt,” the financial experts offer great tips and advice for holiday spenders to use when creating a plan to pay off holiday debt. One excellent tip is to negotiate for a lower interest rate on your credit card. If you have good credit, or have at least been a good customer of your credit card company, simply ask. The worse they can do is say no, but if they do help, it can make a big difference in your budget for paying off debt.

The experts also suggest a balance transfer to consolidate credit card debt. However, make sure the monthly payment will not be too much for you. Also, check the interest rates before committing, because a good deal may not be so good if the interest rate is extremely high.

The Equifax Finance Blog has plenty of other great tips in this article, so check it out today! Then browse through their other posts concerning

ID theft protection, credit cards, credit reports and other helpful financial information.

Truths about Real Estate Investing

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Investing in Real Estate

Investing in Real Estate

Real estate

investing is big business these days, but just as with any “boom” there are some misconceptions out there about what’s really trending. Steve Cook, real estate and government writer, discredits five popular real estate investing myths in his article “

Buying a Home: Facts and Fictions about Investing” on the Equifax Finance Blog.

Myth 1: Real estate investors are basically flippers who buy and sell properties as fast as they can. Flipping isn’t easy these days, because home prices are still incredibly low in most areas. Investors want to buy low and sell high and flippers are having a hard time doing that. They can buy low, but just can’t sell high.

Myth 2: Real estate investors must be rich because they buy homes with cash. According to a study by the National Association of Realtors, 51% of investors did not pay cash – they either took out mortgages on the homes and lived there while fixing them up or they took out home equity loans or second mortgages on their homes. Of the 49% reportedly paying cash, many of those were actually bought with loans from real estate investment firms. The number of homes truly bought with cash is probably much lower.

Myth 3: By turning homes into rentals, investors change the nature of neighborhoods. Cook does a good job explaining the rental/ownership cycle that many neighborhoods will experience. Right now, demand on rentals is high, and investors can make more money by

buying a home and holding onto them as rental units. But as the market shifts, which it will, those renters will want to buy, and demand for rentals will decrease. As rents decrease, it will no longer be cost effective for investors to keep holding onto those properties – they will make more money by selling them.

Myth 4: Investors are interested only in lower-priced properties. Investors can get the best deals on foreclosures and short sales, which are priced much lower than comparable homes for sale. Smaller, entry level homes are in greater demand than larger, more expensive ones, and cost less to fix up.

Myth 5: Real estate investors are full-time professionals. Real estate investing is filled with newbies, one-timers and those who didn’t intend on getting into it. A recent Move study showed that only 36.5% of investors has experience in one or more property transaction.

Have you considered real estate investing? If so, now may be the time. Visit the Equifax blog for more tips on real estate, as well as retirement, credit, insurance and more.

Special Deals for the Ready to Buy in HUD Homes

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HUD Homes can be great for ready homebuyers or those eager for investing

HUD Homes can be great for ready homebuyers or those eager for investing

Those looking for the inside scoop on some lesser known real estate deals should consider HUD homes, where those that are ready to buy can scoop up great deals. HUD homes are often popular for those interested in

investing, but they can also be a great path for cash-strapped but savvy homebuyers. The Equifax Finance Blog explores how these homes are different in a recent article, “

How To Buy A HUD Home.”

A HUD home is a special kind of

foreclosure which has been repossessed from Federal Housing Agency loans. In an effort to get these homes back with people living in them, HUD homes are often competitively priced with special incentives for owner-occupiers. These special incentives include a special 30 day window of opportunity for owner occupiers to put in offers.

The offer period and many other facets of HUD homes are different from traditional homes, so it is more important than ever to have an experienced HUD real estate agent when looking for a deal with these homes. The agent can help your tell good from bad in these homes, help you strategize through the online offer process, give you sound advice throughout the entire process and more.

For information about HUD homes as well as

real estate predictions and news, explore the frequently updated Equifax Finance Blog.