Bad Credit: Options for Refinancing a Mortgage

Like many people, the recession hit me pretty hard. Thanks to a job loss, I got behind on some of my credit cards. Even though I did mange to make the mortgage payment every month, my credit rating nose-dived. While things did get better, I still wondered if it would be possible to refinance my mortgage with bad credit. After talking with a few lenders, I found out that my situation was not unique. I also found lenders who were willing to work with me. I managed to get terms that will save me money over the life of that mortgage. If your credit has taken a beating, don't assume that refinancing is out of the question. I'll share how I researched options and found a lender who offered a good deal. You could find that refinancing your mortgage is within your reach.

Moving Out? 4 Reasons To Open A Banking Account Early

Finance & Money Blog

Are you planning to move out of your parents' house? If so, one task that should be on your list of things to do is to open a bank account if you haven't already. Why is this step important now, even when you may not need it yet? Here are a few good reasons. 

1. Your Parents Can Help

Opening a bank account isn't by itself an onerous process. The personal bankers at the establishment will do much of the work for you. However, if you're anxious about handling this professional appointment and making the decisions involved in choosing an account, beneficiaries, or additional options, consider doing it before you move. This way, your parent will be more available to come with you. 

2. You Learn How the Portal Works

Nearly every bank has a customer portal where you will be able to take care of most of your transactions. However, they all work a little differently and you may not understand any of them. So, why not get started before you actually need the account so you can learn how to use and manage it? If you do, any early mistakes you make when starting to control your own money won't be as big a risk as they will later. 

3. You'll Need an Account Right Away

Have you gotten away with not having a bank account up until this point? This is less likely to be possible once you move out. Everyone from potential landlords to vehicle lenders to employers encourages or requires elements that a bank account provides. This includes automatic deposit, automatic withdrawal, written checks, and debit cards. You may find that you can't even rent an apartment if you don't already have an account. 

4. You Can Save Money Faster

Moving out is likely going to be more expensive than you expected. So you'll want to have a savings account made to cover unexpected costs as well as expected ones, such as security deposits. While you can save your money at home, it's much safer in a banking account. And you'll have the advantage of earning interest that will add to your savings. 

Where to Start

Clearly, a bank account is a good tool to put into place before you move out on your own. By doing so, you'll avoid unwanted surprises and have good money management skills as you head out into the world. Learn more about banking accounts and options by visiting a local bank online or in-person today. 


26 January 2021