Equity represents how much you own of an asset. So home equity is the percentage of your home that you own. If you paid off your mortgage (or purchased the house with cash), you have 100% equity in your home. If your home is worth, let’s say … $400,000, and your outstanding mortgage balance is
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You want to sell your house, but you are facing one potentially vexing problem: the mountain of repairs you never got around to in your home. Fortunately for you, some buyers are more than willing to part with their money to buy your home as-is. An as-is clause makes a buyer responsible for all home
If you’re the spouse or surviving spouse of a U.S. Armed Forces veteran (including the U.S. National Guard), you may qualify for a U.S. Department of Veterans Affairs (VA) loan – either as a co-borrower or sometimes as a standalone applicant. Considering everything spouses of active service members and veterans do for their families, as
You know saving money for retirement is crucial. You know your quality of life during retirement will depend on your retirement savings. But do you know which retirement account will best suit your needs? Should you pick a 401(k) or an IRA (aka individual retirement account)? There is no right or wrong answer. Truth is,
You’d have to be living under a rock not to notice cryptocurrency’s recent rise in popularity. Many curious and aspiring entrepreneurs have made fortunes in Bitcoin, Ethereum and other forms of digital currency – and many others have followed them, hoping to turn a quick profit. In turn, fraudsters have swooped in to take advantage
Stocks, or equities, are shares of ownership in a company. Investing in the stock market by purchasing these shares can be a great way to grow your money for the future. But how much money you make – or lose – largely depends on the stocks you pick. So how do you know which stocks
What Is American Express? American Express is one of the oldest and most widely recognized credit card companies, acting as both a network and a card issuer. It has a long history of serving consumers and businesses alike. Today it offers some of the best credit cards on the market, whether you’re new to credit
Owning a home is a significant goal for many Americans. The New York Times reported this year that nearly three-quarters of Americans consider homeownership a high measure of achievement – a higher percentage than graduating from college, building a career or raising a family. The survey also noted that renters often cite affordability and other
Traditional homeowners and renters insurance does not cover earthquakes, making earthquake insurance one of the few options available to people in high-risk zones like California, Hawaii or Alaska. While many homeowners skip earthquake insurance due to high costs, that doesn’t mean you should make the same choice. To better understand the advantages and disadvantages of
When the prices of goods and services go up, it can be hard to know where to invest your money. Even the interest rates on high-yield savings accounts don’t usually keep pace with inflation. Stocks and other investments can offer greater returns – but they are riskier. If you’re looking for a place to invest
When it comes to down payments – size can matter. The size of your down payment can impact many aspects of your home buying journey: the loans you’re eligible for, your interest rate, your monthly mortgage payments, your closing costs and how much you’ll need to pay upfront at closing. But does the size of
Wondering if your homeowners insurance policy covers plumbing? Whether you’re experiencing a plumbing issue or want to understand your policy better, it’s good to be prepared. Homeowners insurance protects your property from the unexpected, like fire or storm damage. Luckily, many plumbing mishaps are covered. But when they aren’t, reviewing your policy and understanding what’s
An absentee homeowner is a person or entity that owns a property but does not live in it. Absentee homeowners may use their property as a short-term rental or something else entirely. If you’re an absentee homeowner, it’s not because of how you use the property. It’s because you don’t live in it or actively
Your electrical panel is essentially the brain of your home’s electrical system. It is the control center of your home’s power and one of the most crucial systems in your home. Like anything else, your electrical panel can malfunction or break, requiring you to repair or replace it. When the time comes to upgrade (aka
If you want to sell your home, costs associated with closing will probably end up being roughly 10% of the home’s sale price. Between real estate agent commissions, attorney fees, transfer tax and escrow fees, home sellers have to pay up before they get paid. Homebuyers also have to fork over thousands of dollars in
Most people who buy a house expect the seller to leave behind the oven and refrigerator, but sometimes, a seller can pass along much more than an appliance. If you’re thinking about purchasing a home with tenants, you may be looking at a turnkey investment opportunity. But there are other things you need to take
Are you thinking about selling your home to a cash buyer? If you’re deciding between an all-cash offer and a financed offer, are you wondering whether it makes a difference anyway? Either way you choose, you’ll still get paid, but selling your house for cash has unique rewards and risks. Some owners want to sell
When you sign a car lease contract, it usually includes buyout terms and the residual value (the car’s estimated value at the end of the lease) – which helps determine the buyout cost. If you want to buy your lease, you may wonder if you can negotiate the purchase price. While successfully negotiating a car
Buying your first home is an exciting milestone, but it can be intimidating. There are so many decisions to make. You have to decide where you want to live, how much you want to spend and what type of home you want (think: a condo or single-family home). But here’s a question you may not
Building a home can be a lengthy, expensive and risky process. And if something were to go wrong during the construction process, the developer might be on the hook for quite a bit of money. Anyone interested in building a home wants to protect their initial investment. One of the best ways to keep these
When you’re ready to buy a home, there are many questions you’ll need to answer. One of them is how you’ll pay for your upcoming purchase. For most aspiring home buyers, there are two popular ways to buy a home: with a mortgage or cash. Homes are expensive, and most of us can’t afford to
If you have the means, it can make a lot of sense to pay extra on your car loan payments, especially because it can lead to paying off your loan early and saving money! But depending on your financial situation, it may make more sense to put that money toward building your savings or paying
Many home buyers close on a new home purchase later in the month to save on the interest and reduce their upfront closing costs. While this strategy allows you to pay less in interest at your closing, it might come at the cost of some other perks. We can help you choose the best closing
Real estate and stocks are two of the most popular investment options. Both can be profitable, but each has its own risks and rewards. So which is the better investment? Well, it depends on a variety of factors, including how much you have to invest, your risk tolerance and your overall investment goals. To help
Negotiating at a car dealership is a big part of getting the best deal. But not many people like negotiating – it can get emotional, and the confrontation is real! Plan out buying a new car to avoid making common mistakes that result in excess debt (like rolling over the loan balance on your current
When most people think of buying a house, they picture browsing real estate listings online and touring a seller’s home with a real estate agent. However, there is another option: purchasing a home through an auction. Real estate auctions are becoming more popular due in part to the current housing market. They may seem intimidating,
If you’re dealing with debt, you’re not alone. According to the Consumer Financial Protection Bureau (CFPB), from 2018 – 2020, Americans spent over $120 billion per year on credit card fees and interest.[1] The good news? You may be able to get some financial relief. Read on to learn about debt relief programs and debt
Owning a home comes with risks, which is exactly why we buy homeowners insurance. But standard homeowners insurance policies don’t cover flood damage. So what happens if you want to buy a home in a flood zone? A flood zone is an area with an increased risk of flooding. Keep reading to learn more about
Hurricane season in the U.S. typically runs from June through November, often peaking in September. Every year, meteorologists at the U.S. National Oceanic and Atmospheric Administration (NOAA) forecast the anticipated number of hurricanes and tropical storms for the upcoming season. The current prediction for 2022 is 13 storms with 3 major events.[1] Luckily, most hurricanes
If you have a personal loan, paying it off early can reduce your monthly expenses and save you from paying more in interest. However, having a personal loan paid off early may also come with unintended consequences. It can impact your credit score, cost you hefty prepayment penalties or prevent you from using that extra
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