President Obama’s, until very recent, opposition to gay marriage is a blue ribbon example of emotions driving policy making decisions. The same goes for those voters in North Carolina. The word marriage is something wholly inseparable from our emotional constitutions. It involves the ephemeral and indescribable feeling of love, at least it should, and pragmatism gets tossed out the window when we discuss matters of the heart. The same holds true for opponents of the ban, their philosophical foundation rocked by the notion that any government policy would prevent someone from loving another person. And this is where the same-sex marriage debate gets mired in a quicksand pit of its own making.

To this writer, from a purely pragmatic perspective, the gay marriage issue is a financial issue. Were you to, forgive the pun, but divorce the word marriage from the debate and start passing pieces of legislation that allowed gay couples to file joint tax returns, make health care based decisions for one another, buy a house together, etc… I don’t believe the voting public would rally around an opposition to those things. Toss the word marriage in there and the situation goes nuclear, pushing everyone on either side of the debate to an emotional DEFCON 1.

The fact of the matter is, marriage is a religious, not public policy term. The government’s use of the term marriage is to define the financial situation of taxpayers, hence the term ‘common law marriage’ applied to live-in heterosexual couples who for all intents and purposes are ‘married’ but haven’t taken vows, knelt in a church or engaged in the chicken dance in front of family and friends over cooling plates of prime rib and empty cocktail glasses. Culture, not government defines marriage. We would all do well to remember this in an effort to tamp down the rhetoric. But, it’s an election year so who am I kidding.

In the world of your personal finances, cold hard rationalizations are what are going to keep you secure and financially safe. We don’t invest in company’s because we like the name, or give our friends $10,000 because they are our friends and they think they’ve invented the next Shamwow in their garage. You don’t buy a house you can’t afford because the window treatments are pretty and the tire swing reminds you of grandma’s farm. You may want to, but you don’t.

Now for the payoff as I graciously thank you for your attention during my diatribe. With a housing market still plump with quality, cost-friendly property’s, many people are seizing this moment to jump into the home owning game. But all this talk of marriage got me thinking, what if you’re not and you want to buy a house with someone, anyone, that you’re not joined to in financial government sanctioned matrimony. Can you get the same tax benefits, protections?

We say it over and over on the Quizzle Wire, but reality is repetition you’ve finally stopped ignoring. If you want to buy a house, are even casually thinking about it, check your credit. Too often first time, and second time for that matter, homebuyers realize all too late that their credit needs improvement to secure a sensible home loan. Credit scores can improve, but it takes time and discipline.

So if you want to buy a house with a partner, check your credit and then watch this video before you sit down to discuss this with you’re potential co-buyer. And remember, love and money – like emotions and public policy – never mix.

Mixed Emotions – Finance, Obama, Gay Marriage and Quicksand was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

According to a report released by the National Association of Realtors today, median home prices in 74 of 146 metropolitan areas measured for the survey. That’s a considerable increase from the increases seen in only 29 areas last quarter. This price stabilization is owed to a 22 percent decrease in the number of available, pre-owned, homes on the market from a year ago. That, and record low mortgage rates have helped the market discover its bottom.

Good News for Buyers and Sellers
Potential buyers haven’t missed a friendly market just yet, but the window for scooping up a great house at an incredible price is quickly closing. The good news is the balancing of the market might encourage more sellers to list their property, increasing the supply and keeping prices steady, but still rising. Furthermore, mortgage rates remain historically low. If you’re looking to buy a house, now’s the time. If you’re serious you should start by checking your credit for free – no social security or credit card information needed – at Quizzle.com Not be a shameless self promoter, but in addition to the free credit report and score you’ll receive, the Quizzologists track mortgage rates, provide advice on how you may be able to improve your credit score with an easy to follow action plan tailored to your needs, and recommendations on the types of mortgages for which you are eligible.

The good news for sellers is clear. The market is stabilizing and the value of your largest investment is hopefully on its way to its former glory. Depending on the market your in, if you’re looking to sell and move, you can now get a more appropriate price on your home and find a great deal on your prospective new home. All in all a real estate market stabilization is good for everyone involved. The Quizzle Wire offers articles and advice on all aspects of home buying and selling. Take a look around and see what you can see. If you have actual questions, the Quizzologists are on hand ready to find you answers. Leave a question here and we’ll respond.

Home Prices Stabilizing, Rising was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Economic News that Affects Your Budget:

• More foreclosures coming soon: Lenders are sitting on a backlog of over 1 million home foreclosures that have been delayed due to regulatory hiccups and paperwork problems, but those foreclosures are expected to start soon. This means that housing prices could fall further, since more foreclosed homes will be added to the housing market.
• Gas prices may fall: Oil industry analysts say that the global supply of crude oil (which makes up 70% of the price of gas) might be sufficient to avoid any further run-ups in gas prices. This is good news for consumers who have been paying big money at the pump.
• Tax Day 2012 is April 17: Usually the deadline to file taxes is April 15, but since April 15 falls on a Sunday this year, and since April 16 is Emancipation Day (a holiday observed in Washington, D.C. to commemorate the freeing of the slaves), the 2012 tax deadline for filing tax returns is Tuesday, April 17.

Quizzle Links of the Week:

• Win $100 and a year of free credit monitoring from Quizzle! We’re hosting a contest! Learn more about how you can win $100 and a year of increased peace of mind about your credit.
• Dating and Money: It’s all about honesty. If you’re getting into a serious dating relationship, make sure you can be open and honest about your financial lives as well. If you’re thinking of moving in together, getting married and starting a life together, you need to know where each of you stands with money.
• Talk to your kids about money: Many teenagers aren’t getting the information and financial advice that they need to make smart financial decisions. Here’s how you can talk with your kids about money.
• Is getting a tax refund a bad thing? Many Americans look forward to their annual tax refund, but surprisingly enough, getting a check from Uncle Sam may not be the best financial move.

Quizzle Weekly Must-Reads: April 13, 2012 was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

What does HARP 2.0 mean for your mortgage?

During the past few years of the housing market downturn and recession, many Americans found themselves “underwater” on their mortgages. They were living in homes that they could no longer afford due to lost jobs or lower incomes, but they were unable to sell or refinance their houses due to a drop in the value of the home.

Most homeowners who are underwater on their mortgages are in a difficult predicament because banks often cannot refinance a loan if the homeowners have low credit scores, or if the value of the house does not appraise at an acceptable level.

In March 2009, the federal government instituted a program called the Home Affordable Refinance Program (HARP) that was intended to help homeowners who were underwater on their mortgages get federally-backed mortgage refinance loans. Unfortunately, many of the people who most needed help did not qualify for help under the terms of the program because it was too hard to qualify based on the home’s value.  

To try to help more distressed homeowners qualify for mortgage refinancing, the U.S. government recently announced the launch of HARP 2.0 – a revamped program with new requirements. An estimated 1.6 million Americans might qualify for mortgage refinancing due to the streamlined requirements of HARP 2.0. 

Even if you’re underwater on your mortgage and need help with mortgage refinancing, here are a few reasons why HARP 2.0 might help your family get a more affordable monthly mortgage payment:

• Easier to qualify for HARP 2.0: Under the original terms of the 2009 HARP program, borrowers needed to have a loan-to-value ratio less than 125%. That means if you own a home valued at $100,000, and you owe $125,000 (or more) on your mortgage, you wouldn’t qualify for HARP. Considering that many U.S. cities have seen several years of double-digit declines in house prices, there are many families who were too far underwater to qualify for help under HARP. With the new HARP 2.0, it’s easier to get help based on the value of your home. The main restriction is that your home has to be worth less than the amount of your mortgage.
• But you have to be in good standing: HARP is meant to help people who have been making a good faith effort to pay their mortgages each month. To qualify for a HARP 2.0 mortgage refinancing, you need to be current on your mortgage with a good payment history for the past 12 months. Another restriction of HARP 2.0 is that your mortgage loan must be owned by Fannie Mae or Freddie Mac, and your loan cannot have been refinanced previously under the first HARP program.

For more information about eligibility requirements for HARP 2.0, check out the program details at MakingHomeAffordable.gov.

HARP 2.0 is expected to be available through the end of 2013. Talk to your mortgage company to see if you qualify, or contact a Quizzle specialist at 1-800-QUIZZLE if you have more questions about mortgage refinancing.

Whether you’re underwater on your mortgage or comfortably staying afloat with your personal finances, Quizzle.com can help you save more money and spend smarter. We offer free personal finance tools and resources to help you create a stronger financial foundation, set a budget, improve your credit, and enhance your financial life.

Could HARP 2.0 Help Me? was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

A foreclosure can send a credit score from 720 down to 570. When you see this, it might cause a small pain in your chest or stomach because you know that a credit score in the high 500s can mean loan denial for future loans you apply to obtain. The reality is, however, that your credit score is not the only factor in obtaining loan approval. In fact, borrowers that have gone through a foreclosure are typically waiting anywhere from two to eight years to enjoy loan approvals once again.

Other Factors

Your credit score is only one of the several factors a lender considers when making a loan decision. Other factors that factor into the equation include income, employment history and the amount of outstanding debt you have. Especially in the wake of the housing market decline, a foreclosure on a borrower’s credit or a slightly lower credit score is no longer an uncommon circumstance.

This is not to say that if you have everything else going for you that you will still receive a loan approval with a foreclosure on your credit. It is to say that it is up to the individual lender to set the criteria and guidelines they consider when extending a loan to a borrower. When you fit the criteria, then you should be able to qualify for the loan.

Terms and Conditions

Borrowers with a foreclosure on their credit can still receive loan approval. The difference is they should expect to pay higher interest rates than borrowers without a foreclosure on their credit. Foreclosure borrowers might also enjoy less favorable conditions than borrowers sans a foreclosure. Again, a foreclosure doesn’t preclude you from obtaining credit ever again.

After Foreclosure

Don’t focus on the foreclosure, focus on rebuilding your credit after the foreclosure. Work to keep the rest of your accounts in good standing by making your payments and always paying on time. Establish new credit accounts when and if you can. Show your future creditors that the foreclosure did not stop you in your tracks, but instead taught you a valuable financial lesson that you have put to good work.

While it is true that a foreclosure can put a dent in your credit, it doesn’t send your credit score into the depths that you can’t turn around. Additionally, a foreclosure is not the end all and be all of your credit score, or even your credit history. You have a foreclosure, so what. It’s about what you do after the foreclosure that counts. It’s the steps you take after the foreclosure is over to boost your credit score and show future creditors that you are a creditworthy borrower. That’s what truly counts.

Foreclosure, Your Credit and Your Future was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

You’ve submitted your mortgage application. Your lender has said those two sweet words to you: “You’re approved.” You sigh a big breath of relief because it’s all downhill from here. That’s not entirely true. The loan is not in place until you have signed the papers at the closing table. Certain actions on your part can put your loan in jeopardy. Learn what they are and avoid doing them to protect your mortgage and keep it from jeopardizing the closing.

New Credit

Avoid establishing any other new credit accounts or loans during the mortgage process. Mortgage approval is based on your current credit situation. If you change the situation by opening new credit accounts and taking out new loans, it changes your financial picture. If it changes it too much, where you are now overextended, the mortgage lender has the right to reverse the approval of the mortgage based on the new credit information.

Quit Your Job

Another factor that goes into your mortgage approval is your employment situation. Do not quit your current job or change jobs until after you close on your mortgage. Lenders like consistency in employment. They also base their approval on the job you have, the income you earn and the employment verification they have on file. If you no longer have a job or your job changes your ability to obtain the mortgage, you might find yourself without the mortgage you need to buy or refinance a home.

Increase Balances

Do not charge up your credit cards. Do not increase the balance of outstanding credit that you have. The amount of your credit card and loan balances are another scenario that plays into mortgage approval. If all of a sudden your credit cards are maxed out and you have outstanding balances that didn’t exist upon approval, the mortgage company can reverse their decision to lend you the money.

In other words, you want your credit, employment and payment information to remain as is throughout the mortgage process. Avoid making any major purchases or any major changes until after you close on the mortgage. After you receive mortgage approval, one of the last things you want to happen is to have the lender deny you because you have altered your situation in any way that might be detrimental to you obtaining the mortgage financing you need and want.

3 Ways You Could Halt Your Mortgage Closing was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

When American Soldiers, Sailors, Marines, members of the Air Force and other service members leave the military, they are entitled to a variety of Veterans’ benefits that they have received as payment for their service to our country.

Most people are familiar with veterans benefits such as health care, college tuition benefits through the G.I. Bill, and military pensions for veterans who retired after a full career in uniform. But did you know that many veterans also qualify for special VA home loans that make it easier and more affordable to buy a home?

The VA home loan is one of the most underused service member benefits. Whether it’s because veterans don’t know about the VA home loan, or don’t bother to apply because they think they don’t qualify, unfortunately, many veterans are leaving money on the table.

If you’re a veteran, and you’re ready to go house hunting (or are looking to refinance an existing mortgage), see if you qualify for a VA home loan. Quicken Loans, the parent company of Quizzle, is one of the lending institutions that can help qualifying veterans apply and get approved for a VA home loan.

If you’re a veteran, a current member of the military, or a surviving spouse of a veteran, you might qualify for a VA home loan.

Benefits of a VA home loan include:

• Buy a home with no down payment: This is a big benefit, since it’s become almost impossible for most people to qualify for a zero-down payment loan. Credit standards have tightened since the housing market downturn of 2008. Not having to make a down payment is a big bonus, since it frees up thousands of dollars that you can save or spend for other purposes.
• Refinance up to 100% of your home: If you’re looking to refinance an existing mortgage, the VA home loan can make it easier to refinance the full amount of your loan – for example, if the assessed value of your house has dropped during the past few years of the housing market downturn.
• No mortgage insurance premiums: The VA home loan can put extra money in your pocket each month by avoiding the need for mortgage insurance premiums.

America’s veterans help serve our nation and defend the freedoms that we all enjoy. Let’s help show our gratitude by connecting them with all the benefits that they’ve earned. If you know any veterans in your family, please share this article with them so they have a chance to learn about the VA home loan program.

For more information on the VA home loan program, and to see if you qualify, visit our exclusive mortgage partner. 

Whether you’re financially independent for the first time, or are a grizzled “veteran” of managing your personal finances, Quizzle.com can help you save more money and spend smarter. We offer free personal finance tools and resources to help you create a stronger financial foundation, set a budget, improve your credit, and enhance your financial life.

Are you a military veteran? Don’t leave money on the table – get a VA home loan. was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

Before you purchase any big-ticket item, you should do your homework. Buying a home for the first time is no exception to this rule. Fortunately, many homebuyers that have come before you have paved the road of success. Learn from their mistakes so you can avoid making the same ones.

It’s All About the Mortgage Payment

Many first time homebuyers make the mistake of focusing on the mortgage payment. They figure that if it’s in the same neighborhood as what they’re paying in a rent, they can afford to be a homeowner. Not evaluating the costs of homeownership beyond the mortgage payment is a big mistake because there are numerous other costs to consider when buying and maintaining a home:

• Closing costs
• Down payment
• Maintenance costs for upkeep on the home
• Home repairs
• Replacement costs

Finding a Home First, Financing Later

Many people think they should find the home they want to buy and worry about establishing the financing for the purchase later. In reality, the order should reversed. You should set up the financing  first. Pre-qualifying for a mortgage provides you with the amount of a mortgage you can qualify to obtain, which also tells the price range of homes you should be viewing.

At the very least, establish the financing in conjunction with looking for homes. The last thing you want to do is find the home of your dreams to only be disappointed when a lender won’t finance the purchase.

Going it Alone

You wouldn’t diagnose an illness without consulting a doctor or perform surgery on yourself. You shouldn’t try to buy or finance a home without help from professionals who know what they are doing either. Real estate agents, attorneys, tax consultants and mortgage advisors all provide you with the advice, guidance and information you need to make informed decisions.

Emptying Your Savings for the Down Payment

You’ve been saving up for this day for years and now you’re going to write the check for the down payment. You decide you’ll drain the account. A lower mortgage amount means a lower monthly mortgage payment, right?

Yes, it does, but if you don’t have a cushion of savings then you are in big trouble if you have a cash emergency. Make sure that you put a down payment amount down on the home that is comfortable for you, but don’t deplete your savings in the process. Maintain a cushion in the bank in case you have a personal or house emergency.

Financing New Furniture and Appliances

New homeowners tend to run out and put on credit new furniture and appliances to complete their dream home. Financing these items increases your out-of-pocket costs for making these purchases. Instead, spread out your purchases so that you can pay cash and avoid incurring interest on other purchases.

Buying a home for the first time is exciting. It is also a road with many holes if you don’t know what you’re doing. Learn from those that have made mistakes before you and avoid these common pitfalls when buying your first home.

Is a new home in your future?  Get your free credit report, see today’s rates and start planning your future – responsibly.  

5 First Time Homebuyer Mistakes to Avoid was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

The past few years in the real estate market have been a rollercoaster ride, at best. The National Realtors Association (NRA) conducts an annual survey to give consumers an idea of what’s happening in the market. Here are the results of the 2010 survey (2011 results are not out yet). You can use this information to determine your buying and selling behavior for the upcoming year.

Homes that Are Selling

According to the NAR survey, the average home that sold was in the neighborhood of 1,780 square feet. The home includes three bedrooms and two bathrooms and was built in the early 1990s. Not only are these the most common homes on the market, but they are also the most popular sellers, which means that it’s what buyers are in the market to buy.

What Buyers Are Buying

With the number of homes on the market, there are a dizzying amount from which buyers can choose. This means that sellers had to be creative in making their homes attractive to potential buyers. To make their homes more attractive to buyers, 44% of sellers offered some type of incentive for selling their home. Popular incentives included offering a home warranty or the sellers’ help with closing costs.

It’s All about the Price

Price tends to be one of the primary factors that sell a home. Buyers start out looking in a certain price range and are typically ready to negotiate the price to the lowest point possible. Sellers admit to reducing the price at least once during the process—over half at 57%. In addition, most sellers sold the home for up to 96% of the sales price.

Gender Plays a Role

Disparity in gender is another factor that came out of the survey. More women bought homes in 2010 than men. Men are pulling up the rear, however, because the number of single men buying homes increased by two percent, while women buyers declined by one percent.

Cost of Living

The cost of living seems to be continuously increasing. This leaves less in disposable income to play around. It also affects the average cost of a home that buyers are able and willing to pay. In 2010, according to the survey results, the median price of a home was $179,000.

 Will the real estate rollercoaster ride continue? The results for the 2011 survey are not yet in, but the odds are good that you’ll see a continuation of the ride when the results do land. With the real estate market continuing to change and grow, and with record-low mortgage interest rates, it might be the time for you to invest in your first home or a new home. It might also be your chance to stay right where you are.

Housing Market Wrap-Up was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!

During the years of the housing bubble, Americans bought bigger and bigger houses: split foyer entryways, huge eat-in kitchens, guest bedrooms and bathrooms, 3-and-4-car garages, and all the furnishings, features and creature comforts that you would expect from a modern-day “McMansion.” Credit was cheap, home prices were going up and up, and many Americans bought into the idea that “bigger was better.”

Then the housing market crashed. All of a sudden, millions of Americans were saddled with homes they couldn’t afford and couldn’t sell. As foreclosures mounted, Americans started to re-assess whether “bigger” really was “better” when it comes to housing.

In the post-bubble housing market, real estate agents are seeing a curious trend: Americans are expressing a preference for smaller homes. According to recent Census survey data mentioned in this Atlantic article, the median size of a new U.S. home in 2010 was 2,169 square feet, down from the highest point (reached in 2007) of 2,277 square feet. Just shrinking the median house size by 108 feet might not sound like much, but when you see the long-term trends toward ever-larger houses suddenly reversing themselves, it is significant. Millions of new homebuyers are setting their sights a little lower and settling for less square footage.

Are you considering buying a new home? Or would you like to “trade down” for a smaller house? Here are a few reasons why smaller houses are becoming the future of the American housing market – and how this trend might affect your personal finances:

• Smaller houses are easier to maintain, heat and clean: Big, stately houses look beautiful in photographs or on HGTV, but the reality of owning a bigger house is that it takes much more time, energy and money to keep the house looking good. The larger your house, the more time (and/or money) you will have to spend changing light bulbs, refinishing floors, installing carpet or putting on new coats of paint. 
• Smaller houses require less “stuff” to fill the space: Every additional bedroom or bathroom leads to additional purchases as you buy furniture and fixtures, toys and chairs and big-screen TVs to make it feel “lived in.” With a  smaller house, you can live more simply and avoid the urge to fill your house with expensive purchases.
• Smaller houses will be easier to sell: As millions of homeowners learned in the aftermath of the housing crash, a house is only worth what someone is willing to pay for it. Just because you bought a McMansion for $400,000 in 2007 doesn’t mean you’ll be able to get all of your money back if you try to sell that house in 2012 or 2013. The average American household size has been decreasing for the past several decades and this trend will likely continue as the Baby Boomer generation ages and retires. More people are living alone. Family sizes are shrinking. All of these trends point toward a growing demand for smaller houses and/or smaller condominiums or apartments where people can live more efficiently without the chores and stresses that go with taking care of a big house. If future trends continue, we might end up with a situation where a 2 or 3 bedroom house located close to downtown or big city amenities will be worth a lot more than a 4 or 5 bedroom house in a new housing development in the suburbs. The size of the house is not the only determining factor in the sales price: you also need to find a buyer who wants all that extra space, and is willing to pay for it.

Even if “tiny houses” are too extreme for most Americans, we are likely to see a continued decrease in the average size of an American house. It’s a new definition to the idea of the American “dream house” – living in a smaller space, but still having big dreams.

Are you ready to upsize your personal finances and downsize your debts? Quizzle can help you with free tools and resources to manage your finances, improve your credit, save more money and spend more wisely. Here are some reasons why you should use Quizzle to get a free credit report, adjust your budget and strengthen your financial life.

3 Reasons Why American Houses are Getting Smaller (and what it means for your money). was originally featured on Quizzle Wire

Quizzle.com is the easiest way to get a complete understanding of your credit. Visit Quizzle.com to get your free credit report and score. No credit card or social security number necessary!