Buying a $400,000 home typically requires a down payment between $12,000 and $20,000, depending on the type of loan you choose. Some borrowers may qualify for zero-down programs, while others may need to budget for both a down payment and additional closing costs. The median U.S. home price has hovered just below $400,000 in recent … Read more
A home equity loan is a type of consumer debt that allows homeowners to borrow against the equity in their homes. After you apply, your lender will send you a credit agreement to sign and return. At this point, you have three days to reconsider and cancel the loan. If you decide to cancel, your … Read more
After the death of a spouse, surviving spouses often have the right to stay in their home and take over the mortgage under federal and state laws. If you inherit the house, you can assume the mortgage without triggering a due-on-sale clause, thanks to the Garn-St. Germain Act. If your name isnât on the mortgage, … Read more
Spot loans are designed to provide speedy financing to borrowers facing an unexpected expense — but that fast cash often comes at a high price. If youre considering a spot loan, be sure to understand the pros and cons before pulling the trigger. Getting approved for a loan can be tricky when you have bad … Read more
Theres no question that credit card debt can be easy to get into. All you have to do is swipe your card for a purchase to pay. And, if you arent careful, that debt can accrue quickly because credit cards generally have high interest rates, which can make it even more difficult to get out … Read more
Although retirement savings are generally best saved for your later years, some 401(k) plans offer the flexibility to withdraw money early if you’re facing a qualified financial hardship. Here’s an overview of 401(k) hardship withdrawals, including how they work and what qualifies as a hardship. A 401k plan allows employees to save and invest for … Read more
One of your top priorities when buying a house is probably having enough cash on hand to make a down payment. You may wonder how much you need to save for a down payment or if buying a home without one is possible. We’ll look at the typical down payment requirement for different loan types … Read more
Prima is a copywriter at Sallie and Boston University class of 2022 alum with a degree in communications. She transferred schools and switched majors her sophomore year, so she’s familiar with the unpredictable and chaotic college journey. She shares advice from her experiences and helps to make the mumbo jumbo of college life a little … Read more
Roughly 66% of cars financed go to borrowers with scores of 661 or higher, but those with lower scores have options. Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their … Read more
The FICO score is one of the most widely used credit scores in the United States. There are actually multiple versions of the FICO score, each tailored for different types of lending. FICO Score 2 is specifically designed for mortgage lending. As you go through the home buying process, it’s important to understand how this … Read more