Savings Corner
DECEMBER 27, 2023
The worst-case scenario is that you get a loan without a clear picture of its impact on your monthly cash flow, leading you to take on more debt to make up for it. Consolidation puts all of your debts together under one monthly payment at one interest rate.
Savings Corner
DECEMBER 25, 2023
How to use the mortgage calculator Under “Home price,” enter the price (if you’re buying) or the current value (if you’re refinancing). NerdWallet also has a refinancing calculator. A lot of factors go into that assessment, and the main one is debt-to-income ratio.
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Savings Corner
APRIL 4, 2024
Key takeaways Refinancing replaces your current mortgage with a new one, adjusting the rate, term or both. With refinancing, you can change the loan type as well as your lender. Here’s how refinancing a mortgage works, the common options available to you and pros and cons to consider. What is refinancing?
Savings Corner
DECEMBER 25, 2023
Without bills in your name, such as a credit card, car loan or utility, it’s hard to demonstrate that you can pay bills on time. Instead of basing your loan offer on your credit, they look at your academic performance and earning potential to determine your ability to pay back the debt.
Family Balance Sheet
FEBRUARY 19, 2022
Pay our bills in a timely manner. Most are now set up on automatic billing which almost makes this a non-issue, but early on when I mailed actual checks, paying bills on time was a top priority. We have been in our home for over 20 years and I’ve refinanced for better rates at least five times, mostly for free.
Savings Corner
APRIL 4, 2024
But it’s a revolving debt that offers an amount of funds (a replenishable balance, similar to a credit card limit) tied to the level of equity in your home. Others use them to pay off high-interest credit card debt or other bills. $16 Debt-to-income (ratio): You’ll need an acceptable DTI to qualify for funding.
Savings Corner
DECEMBER 24, 2023
Debt reduction – How much do you need to pay down and how can you do it? Taxes – How can you minimize your tax bill and ensure the money is there when you need it? Debt reduction If you’ve piled on too much debt, a financial plan can help you devise a way to get out from under it.
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