Savings Corner

DECEMBER 25, 2023

The mortgage payment calculator can help you decide what the best down payment may be for you. A lot of factors go into that assessment, and the main one is debt-to-income ratio. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

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Savings Corner

APRIL 4, 2024

To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Coverage 4.0

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Savings Corner

APRIL 4, 2024

You can use this money for any purpose, including home remodeling , consolidating higher-interest debt , college tuition and other financial needs. Cash-out refinances are generally best for big-ticket costs: Think home renovations or major debt consolidation. The difference between the two is given to you in a lump-sum payment.

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Savings Corner

APRIL 4, 2024

The money you tap from your home’s equity can be used to consolidate higher-interest debt or to improve your home. Refinancing if you plan to move in a few years doesn’t always make financial sense even if you get a lower interest rate, because you may not have enough time to break even on closing costs.

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