There are always different levels of risk in life. It’s all about how much you’re willing to take and whether the rewards outweigh the risks. When it comes to investing, you may be faced with a similar question: What’s your comfort level when it comes to the possibility of losing money? This is referred to
In an age of digital payments and mobile wallets, writing out a paper check, balancing a checkbook and even cashing a check can seem archaic. But even though the use of paper checks has declined over the last 20+ years, it’s still helpful to know the ins and outs of this “old school” way of
There’s something special about buying something custom-made for you and a home is no exception. A new construction house gives you the freedom to design your own home to your particular specifications. Just don’t forget that new construction homes come at a premium and that you’ll have to endure a lot of planning and waiting.
The employment scene looks much different today than it did a few years ago. Between ongoing pandemic-related disruptions, the Great Resignation and the rise of gig work, more people than ever are wondering if they can get a mortgage or refinance their home loan without a full-time job. Yes, getting a mortgage or refinancing your
One of the most important components of the home buying or selling process is getting the home appraised. In fact, many lenders will require an appraisal before a deal can be closed. With an appraisal, an unbiased third party will have the opportunity to take a close look at the home and determine a fair
It’s hard to wait for your income tax refund check when you need your money sooner. If you know you’ll receive a reimbursement when filing your return, you may want to consider a tax refund loan. Some tax preparation services offer tax refund loans or refund anticipation loans. You receive an interest-free advance, as a
A roof over your head is one of life’s necessities. And when the one currently over your head needs repairs or replacing, it isn’t something to ignore. Do you know what else will be hard to ignore when the time comes? The cost of repairing or replacing the roof. If your emergency fund isn’t big
What’s worse than paying taxes? Being the recipient of a tax lien. The government can put a tax lien on your property if you fail to pay your taxes, allowing them to legally seize your assets – including your home. The good news is that since 2018, federal and state tax liens no longer appear
Debt can be a powerful tool when you want to buy a home or a car or go to school. But sometimes debt stinks. Take away mortgage debt, student loan debt and auto loan debt and the U.S. still has over $1.3 trillion in debt from credit cards and other forms of debt.[1] While we
If you’re shopping for a home, you may already know the differences between single-family homes, townhouses, condominiums and maybe even cooperatives. But you may have paused when you encountered a different kind of real estate known as a planned unit development (PUD). In this article, we’ll explain what a PUD is and its purpose. We’ll
There are many possible paths to becoming a homeowner. In some cases, especially if you’re a first-time home buyer, you might consider a “rent to own” program, often referred to as a lease purchase agreement. Depending on your current financial and personal situation, a lease purchase agreement might help you eventually buy a home that
When you borrow money from a lender, you are taking on a risk – and so is your lender. That’s why a loan’s repayment terms and conditions are typically meticulously spelled out. Some loans are short-term and can be repaid within 36 – 60 months (3 – 5 years). On average, long-term personal loans have
After you buy a home, the first thing that probably comes to mind is how much it’s going to cost you every month. There’s the monthly mortgage payment, insurance, repairs, maintenance, utilities, etc. And don’t forget the taxes. Regardless of where you live, you will owe property taxes. Fortunately, most states offer an easy way
During your home buying process, you might have heard the term cash to close. While cash to close might evoke images of showing up to closing with a duffle bag full of cash, that idea can be misleading since virtually no one uses paper money for cash to close. Though your down payment and mortgage
Did you know that termites don’t sleep? Or that a bedbug infestation can linger even after all your belongings are removed from the home? When you’re in the throes of buying a home, the last things you want to think about are the creepy crawlies that could be just out of sight. Many home buyers
Getting divorced can be a challenging process. Even when the split with your spouse is completely amicable, divorce represents a new chapter in your life that – from a financial, social and emotional perspective – can be difficult to prepare for. One of the hardest questions to answer following a divorce is, “Who gets to
There are many numbers involved when it comes to loan terms and savings accounts, like interest rate, annual percentage rate and annual percentage yield. But interest is more than just a number. Knowing if it’s simple interest or compound interest can help you make better financial decisions – whether you’re saving, investing or borrowing. Compound
Buying a home is often the most significant purchase you’ll make and one of the tenets of the American Dream. Though some people might assume that a disability can make it difficult or impossible to get a home loan, individuals with disabilities have plenty of options for getting a mortgage. Even if your sole source
Like snowflakes, no two home buyers are alike. And there are different types of mortgage loans to accommodate different types of buyers and home refinances. But every mortgage option has its benefits and drawbacks. That’s why it’s important to find the best home loan for your unique situation. To begin our journey through mortgage options,
Buying a home is a big decision. It may be the most expensive purchase you’ll ever make. Because the stakes are so high, you should learn as much as you can about the home buying process before you take the proverbial plunge. One way to do that is by taking a first-time home buyers class.
Life is full of surprises. Sometimes we get lucky and hit the lottery. Other times we have bad luck: we lose our job, we get into an accident or our home is damaged. When bad luck happens, it often gets expensive quickly. That’s why it’s a good idea to have an emergency fund. If you
Ever wonder where your money is going? A monthly budget might provide an answer. A budget is a blueprint of your income and expenses. It can help you to reach your financial goals and take control of your finances by tracking how you spend – and save. You don’t have to be a finance whiz
If you’ve ever gone shopping, either online or at a brick-and-mortar retailer, you’ve probably seen something you wanted, wished you had the money to buy it and moved on. Retailers understand it isn’t always easy to buy something if you have to put up all the money upfront. That’s one key reason they now offer
Buying a home is challenging for anyone. For home buyers of color, there are often additional hurdles. These challenges can be based on both historic and current discriminatory practices in the real estate industry and less access to the financial and educational resources that minority and first-time home buyers may need to become homeowners. A
When it comes to investing, it seems like there are endless options available today. Among the most popular investment options are real estate, stocks and bonds. And to keep things interesting, within each of these investment categories, you’ll find a variety of investment options to consider. We’re going to focus on one investment category: bonds.
Have you been thinking about trying to save money by refinancing your home equity loan, home equity line of credit (HELOC) or another second mortgage? If interest rates are lower than they were when you first took out your loan, you can save money by lowering your monthly mortgage payment or shortening the loan’s length
When a deal is signed in real estate, it usually means everything has been agreed to and completed. That’s the rule – but every rule has its exception. In the case of closing on a home, the exception is a dry closing. A dry closing happens when the seller and buyer agree to complete a
There are a lot of good reasons to move, especially when it comes to finding a home for yourself and your family. In fact, between 2017 and 2021, 40% – 50% of all movers cited housing-related reasons as their reason for moving.[1] But moving can also be expensive. Moving out of state can cost almost
Considering getting new furniture? Maybe your morning coffee just slid off your tilted kitchen table. Or there’s a constellation of stains on your living room couch. Or you’re planning to move and can’t imagine taking the hand-me-down furniture you have in your current place. Furniture is one of those big-ticket items we tend to keep
Personal loans can be a big help when you need money in a relatively short period of time. A personal loan can help you with emergencies, cover home repair and renovation costs, help you consolidate high-interest debt and much more. But when tax time comes around, you may find a personal loan doesn’t come with
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