Personal Finance guide

When talking about lending or loans, what we are really talking about is credit. Credit is money you ask for to pay for something. You promise to repay this money, plus an additional amount, usually called interest.

Used carefully, credit can be extremely useful. On the other hand, if not used responsibly it can cause major problems. “Good credit” typically means that you repay your loans on time, and don’t abuse the credit limits given to you. The better you maintain your credit today, the easier it is to obtain credit in the future. Continue reading ‘Basics of Lending’ »

“This is clearly is a rush of first-time buyers not wanting to miss out on the tax credit that was to end in November,” said Lawrence Yun of the National Association of Realtors to CNNMoney.com. The news is this tax credit has been extended through June for first time home buyers and pre-exisiting homeowners who wish to purchase a new home.

First-time home buyers in the DC area who purchase a home before June 2010 can reduce their tax liablity. They can claim the tax credit on their tax return. Any home buyer who did not own a home since 2005 qualifies as a first-time home buyer. The $8,000 tax credit does not have to be repaid if the purchased home is a primary residence for three years.

Continue reading ‘Too scared to buy a home in this economy? Well, this is the perfect time to do so’ »