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Mortgages and Loans Q&A

How does your credit history affect your ability to get a mortgage? What are the advantages of fixed or adjustable rates? Find out.
Q: My husband and I are purchasing our first home. How will my husband’s credit history and mine affect our mortgage prospects?
Q: My husband lost his job and we’re falling behind on our mortgage payments and worried about losing our house. How can we avoid foreclosure?
Q: We recently refinanced our house. Supposedly, we locked in the mortgage rate through a broker but the loan wasn’t processed within the lock period and the lock expired. Our broker said we could close but we’d have to pay an extra half-point. Is there anything we can do?
Q: We need to sell our house quickly because of a job relocation. We're being advised to "sell short." How does a short sale affect my credit?
Q: I lost my job and had to foreclose on my house, and now I’m trying to repair my credit. How long does a foreclosure stay on your credit report?
Q: I’ve heard there are special mortgages for first-time homebuyers like me. Is this true?
Q: I’m getting ready to apply for a mortgage. My credit card company has augmented the spending limit on a card. Will this be good or bad for my score?
Q: A company offering to rescue our home from foreclosure says they can save it, but we should deal exclusively with them and they’ll handle the lender for us. Is this a scam?
Q: Our house is worth $35,000 less than what we owe on it. We’ll likely move into a bigger house soon as we start a family. Should we keep paying down our mortgage making prepayments?
Q: My wife and I are getting ready to buy our first home. How will our credit histories impact our mortgage?
Q: I have 4 current federal student loans and 2 defaulted private loans from Sallie Mae. How long do private loans stay on my credit report? It's been sold off to a collection agency 7 years ago.
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