Do mortgage modifications affect credit score?

Loan modifications may or may not affect your credit score. Generally it is believed that a loan modification will have a positive impact on a borrower’s credit score. In case, if the lender has reduced the principle amount of your loan, it will also help you in reducing your debts. Also, if you pay off your debts on time after the loan modification for the next 6 to 12 months, your credit rating will start improving.

5 Tips to consider before you take a Mortgage

After years of overbuilding, over-investing, quick-flipping, and credit over-extension, we are now facing the real estate crisis - a crisis which has been created due to our own faults. As a result, the real estate market has been re-priced. Now, it's high time that we go back to the fundamentals of mortgage and follow them to save ourselves from further crisis.

Here are 5 tips which you may consider before you take a mortgage for your dream home:

Community member exceeds 4000 posts!!

Hi all,

For the first time in MortgageFit, we have a member making more than 4000 posts!!

It's my pleasure to announce that George M Akerley, one of our moderators have reached this mark.

GeorgeGeorge has been an active participant of the community since 2007. It's been a long participation with the community and lots of members and visitors have received his help and support while dealing with mortgage issues.

5 Things to do before you Refinance

Mortgage interest rates are at record low and you must be planning to refinance your mortgage to take advantage of the low rates. With a good credit score and stable financial situation, you can definitely go ahead and refinance your properties. But again, you should also have a clear idea about the worth of the property. If you do not have equity in the property, lenders won’t refinance your property.

5 Things to keep in mind before you refinance:

New Credit Card Reforms effective from July, 2010

New set of credit card reforms have been announced by the federal regulators which will come into force from July 1, 2010. The new set of rules will give the credit card users more time to pay their monthly bills, greater advance notice of changes in credit card terms, to avoid retroactive interest rate increases on existing card balances. Apart from this, credit card users will have fewer penalty fees, late charges and interest payments.

Highlights of the new credit card reforms:

Check out the highlights of the new credit card reforms as given below.

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