When financing a home, a joint mortgage can be a great option – especially for first-time home buyers – because it allows you to split a loan with someone else. This often makes homeownership more affordable, but you still shouldn’t apply for a joint mortgage without carefully considering several important factors. Understanding exactly what a … Read more
A lump sum from your home that you don’t have to repay by a fixed date As a 55-year-old, you may be wondering if you can still get an interest-only mortgage. The short answer is yes, you can! Interest-only mortgages are available to borrowers aged 55 and over, provided you meet certain eligibility criteria. In … Read more
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