How to Manage Debt When Interest Rates are Rising 

Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Share Certificates. Higher saving yields provide greater earning potential.   However, it’s an entirely different story when loan rates are also increasing – especially if the interest rates on your loans are variable. Sudden jumps can derail your budget instantly if you’re not prepared.   Managing existing debt and finding ways to preserve cash in a rising rate environment is crucial. The best place to start is by understanding the different types of loan rates and how the economy can impact your outstanding…

June 1, 2023Borrowing Basics, Wallet Wins No Comments
How to Manage Debt When Interest Rates are Rising 

Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Share Certificates. Higher saving yields provide greater earning potential.   However, it’s an entirely different story when loan rates are also increasing – especially if the interest rates on your loans are variable. Sudden jumps can derail your budget instantly if you’re not prepared.   Managing existing debt and finding ways to preserve cash in a rising rate environment is crucial. The best place to start is by understanding the different types of loan rates and how the economy can impact your outstanding…

Love Your Car but Not the Payments?

When you purchased your vehicle, you probably didn’t buy it on a whim. Instead, you researched vehicles to find the one that best matched your lifestyle. Perhaps you needed an SUV for your growing family. Or you wanted a car with excellent gas mileage for commuting. Regardless, your car reflects you and your personality!  But what about the payments? Buying a new car is exciting, and it’s easy to get distracted. Then, months later, you realize the payments might be more than you prefer. Luckily, lowering your auto loan payment is pretty easy through a process called refinancing.   What Is…

May 1, 2023Borrowing Basics, Wallet Wins No Comments
Love Your Car but Not the Payments?

When you purchased your vehicle, you probably didn’t buy it on a whim. Instead, you researched vehicles to find the one that best matched your lifestyle. Perhaps you needed an SUV for your growing family. Or you wanted a car with excellent gas mileage for commuting. Regardless, your car reflects you and your personality!  But what about the payments? Buying a new car is exciting, and it’s easy to get distracted. Then, months later, you realize the payments might be more than you prefer. Luckily, lowering your auto loan payment is pretty easy through a process called refinancing.   What Is…

Understanding the Components of a Mortgage Payment 

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can quickly become confusing.   One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.  Before you get your hopes up and realize that the house you’ve been eyeing is out of…

April 14, 2023Borrowing Basics No Comments
Understanding the Components of a Mortgage Payment 

If you’re preparing to purchase your first home, you’re probably scratching your head more than you anticipated. Between the complex terminology and variety of home loan options, the home-buying process can quickly become confusing.   One area that first-time homebuyers struggle the most to understand is their monthly mortgage payment. Unlike a car loan, it’s not as clear-cut. And most real estate websites and financial calculators only focus on the principal and interest portion of your payment – which can be very misleading.  Before you get your hopes up and realize that the house you’ve been eyeing is out of…

What is PMI (Private Mortgage Insurance)? 

One thing many first-time homebuyers are somewhat blindsided by is PMI (Private Mortgage Insurance). You may see it mentioned in some real estate advertisements, but not fully understand what it means. While PMI isn’t necessarily required for everyone, you should expect to pay it if you’re applying for a mortgage that isn’t backed by the government (FHA, VA, and USDA loans, for instance) or if your down payment is less than 20 percent of the value you’re borrowing.  Essentially PMI is protection for your lender. If you’re unable to make your payments, then the insurance helps lenders recover their losses.…

April 11, 2023Borrowing Basics No Comments
What is PMI (Private Mortgage Insurance)? 

One thing many first-time homebuyers are somewhat blindsided by is PMI (Private Mortgage Insurance). You may see it mentioned in some real estate advertisements, but not fully understand what it means. While PMI isn’t necessarily required for everyone, you should expect to pay it if you’re applying for a mortgage that isn’t backed by the government (FHA, VA, and USDA loans, for instance) or if your down payment is less than 20 percent of the value you’re borrowing.  Essentially PMI is protection for your lender. If you’re unable to make your payments, then the insurance helps lenders recover their losses.…

Financial Diets vs. Lifestyle Changes 

If you’ve ever tried to shed a few pounds, you know there are plenty of diets to choose from. And whether they’re dictating how much you can eat or what types of foods are acceptable, most diets have one thing in common – they’re unsustainable.  Sure, they might provide a quick fix to get you back in your favorite pair of jeans, but they won’t keep you healthy in the long term. The same “diets” are commonplace when it comes to finances. You can set goals to save more money or cut back on frivolous spending, but long-term success will…

April 6, 2023Borrowing Basics, Future Planning, Wallet Wins No Comments
Financial Diets vs. Lifestyle Changes 

If you’ve ever tried to shed a few pounds, you know there are plenty of diets to choose from. And whether they’re dictating how much you can eat or what types of foods are acceptable, most diets have one thing in common – they’re unsustainable.  Sure, they might provide a quick fix to get you back in your favorite pair of jeans, but they won’t keep you healthy in the long term. The same “diets” are commonplace when it comes to finances. You can set goals to save more money or cut back on frivolous spending, but long-term success will…

20% Down Isn’t Always Needed

We’re going to say it! YOU DON’T NEED TO SAVE 20% FOR A DOWN PAYMENT ON A HOME.   Let’s be honest. Saving 20%, especially in today’s economy, isn’t realistic. But purchasing a home can be a great financial decision that can reward you for years to come.   Buying a home is an investment in your future. Let’s say your rent is $1,500 monthly. If you keep that same rent for the next 30 years, you will have paid $540,000. And that’s being optimistic, considering rent tends to increase exponentially by the year! You wouldn’t get any of that money back…

March 30, 2023Borrowing Basics No Comments
20% Down Isn’t Always Needed

We’re going to say it! YOU DON’T NEED TO SAVE 20% FOR A DOWN PAYMENT ON A HOME.   Let’s be honest. Saving 20%, especially in today’s economy, isn’t realistic. But purchasing a home can be a great financial decision that can reward you for years to come.   Buying a home is an investment in your future. Let’s say your rent is $1,500 monthly. If you keep that same rent for the next 30 years, you will have paid $540,000. And that’s being optimistic, considering rent tends to increase exponentially by the year! You wouldn’t get any of that money back…

Don’t Forget These Details When Home Buying 

As you prepare to buy your first home, it’s likely that you have already spent significant time researching the home-buying process. Fiscally you’re ready. You’re preapproved for your mortgage. Your monthly budget is ready to go, and a stellar real estate agent is in your corner. Now you just need to find that dream home!  Tips Before Making an Offer  Buying a house can quickly turn into an emotional decision. You find a home that would be perfect for raising your young family – schools are close by, and your commute to work is only ten minutes away. However, before…

March 2, 2023Borrowing Basics, Wallet Wins No Comments
Don’t Forget These Details When Home Buying 

As you prepare to buy your first home, it’s likely that you have already spent significant time researching the home-buying process. Fiscally you’re ready. You’re preapproved for your mortgage. Your monthly budget is ready to go, and a stellar real estate agent is in your corner. Now you just need to find that dream home!  Tips Before Making an Offer  Buying a house can quickly turn into an emotional decision. You find a home that would be perfect for raising your young family – schools are close by, and your commute to work is only ten minutes away. However, before…

10 Ways You Can Use a Home Equity Loan 

Homeowners often talk about tapping into their home’s equity to solve various financial challenges. But what exactly is home equity? And if you tap into your home’s equity, how can you use those funds?   What is Home Equity?   Home equity is the difference between the appraised value of a home and what you currently owe on the house. For example, if your home’s value is $450,000 and you owe $200,000 on a mortgage, your home’s equity will be $250,000.   However, you may not be able to borrow this entire amount. Other credit factors and lender limits will determine the…

March 2, 2023Borrowing Basics, Future Planning, Wallet Wins 2 Comments
10 Ways You Can Use a Home Equity Loan 

Homeowners often talk about tapping into their home’s equity to solve various financial challenges. But what exactly is home equity? And if you tap into your home’s equity, how can you use those funds?   What is Home Equity?   Home equity is the difference between the appraised value of a home and what you currently owe on the house. For example, if your home’s value is $450,000 and you owe $200,000 on a mortgage, your home’s equity will be $250,000.   However, you may not be able to borrow this entire amount. Other credit factors and lender limits will determine the…

Land Loans: Everything you need to know.

What is a land loan?  Land loans are used to buy property without a home on it. Sometimes these are confused with construction loans, which are for people who want to build a house. The difference is that land loans are typically used by people who want to build a home in the future but may not want to jump into building and financing a home immediately.  Types of Land Loans   Unimproved Land Loan: a loan for large plots of land with no structure on them, and without a current source of water, or septic/sewer.  Improved Land Loan: a loan…

February 24, 2023Borrowing Basics, Future Planning 2 Comments
Land Loans: Everything you need to know.

What is a land loan?  Land loans are used to buy property without a home on it. Sometimes these are confused with construction loans, which are for people who want to build a house. The difference is that land loans are typically used by people who want to build a home in the future but may not want to jump into building and financing a home immediately.  Types of Land Loans   Unimproved Land Loan: a loan for large plots of land with no structure on them, and without a current source of water, or septic/sewer.  Improved Land Loan: a loan…

Uncommon Uses for a Personal Loan

Whether online, in-store, or via phone, credit cards remain one of the top payment choices among consumers. However, though credit cards are convenient, they are not always the best financing option – especially for larger ticket items. Commonly overlooked, personal loans are typically a much smarter choice that offer a slew of financial perks credit cards don’t. Discover why they are so beneficial and some of their lesser-known uses.  What is a Personal Loan?   A personal loan can be used for just about anything. These short-term loans offer flexible repayment periods, typically ranging between six months and four years. As…

February 1, 2023Borrowing Basics 2 Comments
Uncommon Uses for a Personal Loan

Whether online, in-store, or via phone, credit cards remain one of the top payment choices among consumers. However, though credit cards are convenient, they are not always the best financing option – especially for larger ticket items. Commonly overlooked, personal loans are typically a much smarter choice that offer a slew of financial perks credit cards don’t. Discover why they are so beneficial and some of their lesser-known uses.  What is a Personal Loan?   A personal loan can be used for just about anything. These short-term loans offer flexible repayment periods, typically ranging between six months and four years. As…