Home equity loans are popular financing options that many homeowners turn to for different purposes. Although home appraisals are usually required to qualify, a full appraisal may not be needed for all loans. It depends on how much you are borrowing, your bank or credit union’s lending criteria, and other factors. A home equity loan … Read more
The current high interest rate environment is putting a strain on many Americans finances. After years of keeping rates near zero to stimulate the economy during the pandemic, the Federal Reserve aggressively increased rates starting in early 2022 to cool stubbornly high inflation. While the Fed has kept rate hikes paused for the last several … Read more
Good credit depends, in part on having a healthy mix of loans that you can handle successfullyâsomething like a mortgage, auto loan, and a small credit card balance would boost your credit mix and help you establish your creditworthiness. There are some loans, however, that should never be part of your credit mix. Even though … Read more
While its possible to get an auto loan with nearly any credit score, most lenders are looking for buyers in the prime credit score range with a credit score of 661 or above for the best terms and rates. Theres no minimum credit score required to get an auto loan. However, a credit score of … Read more
Lenders typically charge prepayment penalties in two scenarios: when you exceed your annual repayment limit and when you pay off your entire mortgage early. This can happen when you make a substantial lump sum payment or when you refinance. Paying off your mortgage early can seem like a great idea After all, who wouldn’t want … Read more
“Expert verified” means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Bankrate is always editorially independent. While we adhere to strict , this post may contain references to … Read more
Being mortgage-free certainly has its perks, especially in retirement. Not being responsible for those monthly payments can free up more income to enjoy a comfortable lifestyle as a retiree. But that doesnât always mean you should pay off your mortgage before you retire. Prioritizing your mortgage over other financial goals will depend entirely on your … Read more
When you save a credit or debit card to your Google Account, you may be able to turn on a virtual card number. Virtual card numbers can be shared with merchants for online or in-app transactions to keep your actual card number info more secure. Virtual cards are a safer way to pay online or … Read more
No homebuyer wants to hear the words, “Mortgage loan denied in underwriting.” The good news? A denial doesn’t have to be the end of the road for obtaining a mortgage. By understanding the warning signs your mortgage will be denied, you can take the right steps to get your homebuying journey back on track. Key … Read more
Strapped for cash? Your home can be an excellent source of funds Part of the Series Home Equity Loans/HELOC Homeowners in the United States with mortgages have recently seen the equity in their homes grow substantially: In the first quarter of 2024, home equity increased year over year by a total of more than $1.5 … Read more