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How Divorce Can Affect Your Mortgage

Posted onSeptember 12/2014By

Divorce has many wide-ranging effects on both the couple and their families, but one aspect that’s not covered very often is the mortgage. If you and your spouse have a mortgage and you decide to split up, that mortgage is still requires attention. If you’ve come to the conclusion that divorce is the best course of action, don’t forget these points about your mortgage: Is Someone Staying? This is the first issue that must be addressed. In some cases, neither partner wants to stay, so the house is sold and any net profit is divided evenly. That scenario seems pretty straightforward, as long as there is a profit when the home is sold. If there is still money owing after the sale, then more negotiating is in order. However, if children are involved, it’s common for one parent to remain in the home with the kids. In this scenario, the…

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Can Marriage Improve Your Mortgage Approval Rate?

Posted onSeptember 08/2014By

Since being approved for a mortgage is one of the first steps toward actually purchasing a home, it stands to reason that people regularly think of ways to improve their chances. Hopefully, you wouldn’t run out and get married just to have a better chance at mortgage approval, but many people wonder if marriage boosts their chances. Here is some information for you to consider: It Depends on the Circumstances No one likes to look for specific information just to be told, “It depends,” but that’s the general answer to this question. For both partners to be on the mortgage, you must apply together and both of your information is considered. That means if your spouse has a poor credit score, your mortgage approval chances won’t be improved. In fact, the partner with the lower credit score could affect the good credit of the other spouse. Even if both credit…

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5 Effective Ways to Teach Your Kids About Money

Posted onSeptember 05/2014By

Of all the lessons you need to teach your kids as they grow, successful money management is definitely near the top. Getting into credit and financial issues can cause a lot of stress, shame and frustration, wasting years of your time. If you take the time to teach them about the realities of money, it doesn’t guarantee they’ll never get into trouble, but it is a step in the right direction. 1. Be Vocal With so much background noise from televisions, computers and mobile devices, it’s easy to lose sight of teaching your kids things by simply talking to them. Giving them mini money lessons in everyday casual situations may not be considered “fun” by some people, but it will be effective over time and it also helps strengthen the bond between you and your kids. 2. Making Choices Starting when your kids are quite young, force them to make…

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Should You Give Your Teenager a Credit Card?

Posted onSeptember 01/2014By

It’s not uncommon for some parents to give their teenage sons and daughters a credit card in an effort to teach them about money and budgeting. Naturally, this is a big responsibility for any teen and there is a lot of room for problems to occur. That’s probably why there are strong opinions on either side of the argument. Teen Credit Card Pros As long as the credit limit is relatively small, allowing your teen to have a credit card can be a positive learning experience. They will learn that credit cards aren’t magical spending tools and they actually represent real money. Once they have been made to pay for their purchases upon receiving the bill a few times, they might exercise more restraint and learn how to separate their wants from their needs a little better. They will learn about minimum payments, deadlines and how interest makes them pay…

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