At the end of September, the Fed chose to raise the target Federal Funds Rate. Another rate increase is expected before the end of the year. And chances are good that we can expect additional rate increases in 2019. That’s important news, though not many people understand exactly what a rate increase means or how […]
Money Matters
Saving for Your Down Payment? Here’s Where to Stash Your Money
For many would-be homeowners, the biggest hurdle on the path to homeownership isn’t the expense of a potential mortgage. It’s the difficulty of saving for a down payment. For the non-savers among us, it can be tempting to assume that the only people who can put serious down payment money together these days are well-heeled […]
Buying a Home Together as an Unmarried Couple
While most homebuyers are married couples, about 15% of young homebuyers in the United States are unmarried couples purchasing a home together. In metro areas with hot housing markets like Tampa, Portland, and Washington, D.C, that number is even higher. With housing prices on the high side and mortgage interest rates at record lows, it […]
Understanding Real Estate as an Investment
The house-flipping shows on t.v. make it look simple. First, you find a home in need of a little love for a bargain price. Then, you buy it, fix it up, and sell the place quickly for a tidy profit. Easy-peasy—just make a few quick deals and boom! You’re a real estate investor. But like […]
Thinking About Refinancing Your Mortgage?
So you’re already a homeowner. But maybe you’ve looked around and noticed that mortgage interest rates seem to be lower than they were when you applied for your original mortgage a few years back. Or perhaps you’ve heard that by refinancing your mortgage, you can lower your mortgage payments. Maybe you’re just hoping to get […]
It’s Almost Always Cheaper to Buy Than It is to Rent
You’ve probably heard from well-meaning friends or relatives that renting is just throwing money away. That’s not entirely true, of course. Paying rent means you get a place to sleep and store your belongings. And having a place to live is nice. But once you hand over that rent check, you won’t see any of […]
3 Things You Shouldn’t Do Before Getting a Mortgage
You’ve decided that you’re ready to be a homeowner. Now, you need to convince a lender to give you a mortgage. As you might imagine, lenders aren’t keen to give tens or hundreds of thousands of dollars to just anyone. To qualify for a mortgage, you’ll need to show potential lenders that you’ve got a […]
What Documents Do You Need to Apply for a Mortgage?
Before a mortgage lender can finance your home purchase, you’ll need to show your lender that you’ll be able to afford to make your monthly mortgage payments. As a borrower, you need to be ready to show documentation to back up all of the information on your mortgage application. (Applying for a mortgage with another […]
How the Price of Bacon Could Affect Your Mortgage Interest Rate
In today’s globally interconnected economy, nothing happens in a vacuum. Each piece of the economic puzzle ties in with the rest of the world’s economy, sometimes in surprising ways. Mortgage interest rates are set by lenders, based on lenders’ understanding of current and future economic conditions. But pinning down the ‘right’ interest rate isn’t easy. […]
Why do Mortgage Rates Fluctuate?
Mortgage interest rates are set by mortgage lenders. The higher the interest rate, the more money the mortgage lender makes for loaning a mortgage borrower the funds she needs to buy a home. Rates change daily, sometimes hourly (which is why mortgage lenders offer rate locks during the mortgage application process.) Mortgage lenders set their […]
What Is a Rate Lock?
Mortgage interest rates fluctuate daily, sometimes even from hour to hour. Market factors can send rates up one day and then back down the next. There’s no sure-fire way to know when rates will change – though there are plenty of finance professionals who dedicate their entire careers to trying to master the art of […]
Do you Understand Your Monthly Mortgage Bill?
If you’re like most homeowners, you probably don’t read your monthly mortgage statement too carefully. Perhaps you double-check the statement from your mortgage lender for the exact dollar amount due when it’s time to write out the check for your mortgage payment each month. But if you’re a little fuzzy on what all of the […]
How to Stop Money Shaming Yourself
This story originally appeared on Make Change, an online magazine exploring where money and mission meet. If I were to name the dominant emotion I feel around my money woes, it would have to be shame. I’ve run the gamut through fear, stress, anxiety, panic, resentment—but it’s the shame that’s stayed with me. What if People […]
Investing 101: Why It’s Easier Than You Think
This article is brought to you by our friends at Stash. Stash is a mobile app that breaks down complicated financial language and makes it easier to start investing. In 2 minutes, with just $5, you can become an investor today. We all know how to spend money — Those new shoes, Netflix marathons, and daily mocha lattes […]
The Importance of Picking the Right Banking Relationship
At first thought, picking a bank might not seem like a big deal. All banks are the same, right? Actually, not really. I think part of the problem is that we’ve gotten fairly used to banks not offering us much. We hold an account while paying a small fee every month and then hope we […]
How To Buy A Home While Paying Student Loan Debt
This post is by Credible.com, a marketplace where borrowers can see personalized rates from multiple, vetted lenders who offer student loan refinancing. With rents rising in hot job markets around the country, many millennials who are paying down student loan debt are understandably anxious about missing out on the chance to become homeowners while mortgage rates […]
How to Use Credit Responsibly
This post is by MyBankTracker. MyBankTracker compares banks and financial products to help you find the best financial products for your lifestyle. I’ve been writing about debt for a long time – almost five years, in fact. That, mixed with a period of time dealing with my own student loans and credit card debt, left […]
The Key to Make Savings Fun: The Freedom Fund
This post is brought to you by our friends at MyBankTracker. MyBankTracker compares banks and financial products to help you find the best financial products for your lifestyle. Why save? Do you ever ask yourself that question when you hear advice on the importance of saving? Does saving feel like something you should do, but you struggle […]