Your credit report New York

What You Get and How Much You Get The Cost of a Reverse Mortgage The federal government requires your credit report New York you to see a federally-approved reverse mortgage counselor as part of getting a HECM reverse mortgage. For More Information AARP Webplace: Understanding Reverse Mortgages www.aarp.org/money/personal/reverse_mortgages/ your credit report New York Home Made Money, "a free booklet by AARP, is available by calling 1-800-209-8085 your credit report New York or writing AARP Fulfillment, 601 E Street, your credit report New York NW, Washington, DC 20049. but dishonest home contractors see the value in it, too. Every year, people spend billions of dollars for home improvements. Usually the work is your credit report New York done well, but each year many homeowners are victims of poor, overpriced, or never-completed work. Some people posing as home repair specialists are simply con artists looking for easy money. If you are planning your credit report New York on making repairs or improvements to your home, it is important to pick the right contractor and the right financing. Identify what you want done and how much you can afford. Take time to find a reliable home improvement contractor. Don't be pressured to get your financing through a particular company. your credit report New York Warning Signs Be cautious if contractors: Worksheet: Comparing Home Equity Lenders This worksheet can your credit report New York help you when you're comparing loans. get my free credit report

Ask lenders questions and write down their answers.

Remember, it's not only your credit report New York the monthly payment or the interest rate your credit report New York that matters in making your choice. If you compare the at least three lenders your credit report New York for borrowing the same amount, you may your credit report New York find a better deal.

See the Glossary below to learn about any terms you don't understand. Worksheet: Getting Bids & Selecting a Contractor This worksheet can help you select a home repair contractor and compare bids. Ask contractors questions and your credit report New York write down their answers. If you compare at least three contractors, you may find a better deal.

See the Glossary below to learn about any terms you don't understand. Adjustable Rate Mortgage (ARM): A home loan where the interest rate can go up or down during the time you are repaying the loan. where to get a free credit report online Annual Percentage Rate (APR): The cost your credit report New York of a loan expressed as a percentage rate. It includes both the interest rate your credit report New York on the loan and many of the costs in getting the loan. Balloon Payment: This is the very large payment that is due at the end of some loans.

A balloon payment means that the borrower's monthly payments are used to pay the interest on the loan and that little of the payment is used to pay back the amount that was borrowed. Unless you know your credit report New York how you will make this payment, these loans can be risky. Bid: A written estimate of what your home improvement project will cost.

Closing Costs: All of the "other" costs that you have to pay when borrowing money.

They could include fees for credit reports, land your credit report New York survey, appraisal, title search, title insurance, document preparation, notary, points, credit life insurance, and your credit report New York attorney fees. Credit Insurance: An insurance your credit report New York policy (such as life, disability, or unemployment) that pays the lender the balance of the loan if something happens to the your credit report New York borrower before the loan is paid off.

Sometimes the lender adds the entire price of the policy to the amount you are borrowing and this is very expensive because you pay interest on that amount.

Credit Report: Credit bureaus collect information about your credit history-where you owe your credit report New York money, how much you owe, your credit cards, and your payment history. 1 credit report Lenders determine whether to give you a loan and how much to charge you based on information in your credit report. Credit Score: Your credit score is a number that is used by lenders to your credit report New York decide whether to give you credit and your credit report New York at what cost. It is based on information in your credit report. Equity: The difference between what your house your credit report New York is worth and what you owe on it.

For example, if your house is worth $150,000 and you owe $100,000, your equity is $50,000. Fraud: Dishonest business practices that lead to your doing something against your best interest.