Personal loans are for a certain dollar amount, and are paid back over a set period of time — typically between 2 and 5 years. They have lower interest rates than credit cards, making them a popular option for large purchases or debt consolidation. Personal loans are not free money, and come with interest and fees. If you’re in the market for a personal loan, avoid making these costly mistakes.
Conventional loans and FHA loans are the two most popular types of loans people obtain when purchasing homes. Private lenders offer conventional loans, while the federal government backs FHA loans. The requirements for each type are different. FHA loans are often easier to qualify for, with lower down payments and more relaxed credit score requirements. However, conventional loans offer greater flexibility.
When homeowners consider refinancing — and those with high interest rates definitely should while rates are at some of the lowest levels in recent years — closing costs often come to mind as a negative factor. But what if there was a way to refinance without paying refinancing costs? Some mortgages do not require spending thousands of dollars upfront in closing costs. These so-called “no cost” mortgages could offer the best solution for those considering a refinance who don’t have the savings to immediately pay high fees associated with new loans.
Refinancing may seem at first like a daunting process, but it doesn’t have to be if you approach it in an organized and methodical manner. Before you start sifting through mountains of paperwork and trying to compare mortgages, consider these top four things to do when you’re ready to refinance.
When you refinance, you compare mortgages, study terms, and make important financial decisions that often lead to additional charges. It’s not something to undertake lightly, and you should only do it when the time is right for you. Here are some of the best and worst times to refinance.
When you’re facing escalating debt, you may feel like you’re all alone. The truth is, it’s a common problem faced by many American households. Credit card debt surged in 2019, with total US credit card balances standing at $870 billion, as reported by American Banker. If you’re struggling to make your repayments, it’s time to refinance credit cards and consolidate debt.
Buying a home is perhaps the biggest purchase you will make in your life. For most people, this is only possible by obtaining a loan. Securing a low interest rate is crucial to determining how much you’ll have to pay back. If your lender doesn’t offer the lowest advertised rate for your mortgage or refinance, there’s a reason why. Check out the top factors that impact your mortgage and refi rates.
Mortgage rates (often referred to as refinance rates or refi rates while refinancing) represent the interest applicable on a loan. Understanding exactly how mortgage rates work is useful when you’re comparing lenders and considering different finance options.
A conventional loan — also known as a conventional mortgage — is a type of home buyer’s loan that is not backed by the government, and instead comes from a private lender. If you’re new to loans and mortgages, here’s a primer that goes over the basics.
The information on your credit report plays a major role in obtaining a loan, insurance rates, the ability to rent an apartment, and a number of other aspects of your life. As such, it’s important to know what’s on the report. If something is inaccurately reported or someone has accessed and used your personal information fraudulently, you want to alert the credit bureau right away. Fortunately, you don’t have to pay to access this information. You can request one free credit report from each of the three major credit reporting agencies every 12 months. Use these steps to get yours.