Smart Military Money
Personal finance tips andadvice for the military lifestyle.
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Car loans have become standard for most Americans. In fact, car loans now last an average of more than five years, according to the credit-rating company Experian. This means the public will most likely make high car payments every month for a good portion of a decade.
Experian found that for new car buyers, these monthly payments average $452, and for used car buyers, the payments average $351, according to an article from Credit.com. Although interest rates remain low, these payments can be daunting.
So are there ways to lower your car payment? And under which circumstances would this be possible?
On May 18, new legislation passed the House as part of the 2013 National Defense Authorization Act (NDAA) that would grant military homeowners the ability to refinance their mortgages even if they do not live in the residence at the time.
Thousands of military members have experienced the headache of being forced to PCS or deploy without being able to sell their home. The Fairness for Military Homeowners Act would allow active duty service members to refinance their home loan as long as they have held the mortgage for at least 13 months and are under orders that prevent them from occupying the home.
This could save military homeowners hundreds of dollars a year and potentially thousands of dollars over the life of a home. See More
Some consumers who purchase their credit score before seeking loan preapproval are confused and frustrated when a lender comes up with a different number.
It’s important to understand that the educational score you get from FICO, Experian or another credit agency may not quite correlate to the more tailored credit score your lender see. These specialized credit scores, which are weighted more toward mortgage-related factors, aren’t something you can get a look at ahead of time. See More
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