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 refinance example Let’s say you still owe $100,000 on your home, and it’s currently worth $400,000. This can be a boon for your credit score.

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Savings Corner

DECEMBER 25, 2023

If your home has increased in value since you bought it, you may have more equity than what you’ve accrued from paying down your principal. Most lenders will require you to maintain at least 20% equity in your home. Because your home is the collateral for any kind of mortgage, you risk losing it if you can’t make the payments.

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Savings Corner

DECEMBER 24, 2023

One of the biggest benefits of a personal loan is that they often charge lower fixed interest rates when compared to other forms of lending, like credit cards. Pros Lower interest rates: Personal loans typically have lower interest rates compared to credit cards, especially if you have a high credit score.

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Family Balance Sheet

SEPTEMBER 9, 2014

About $52,000 of that $147K was consumer debt (credit cards, a student loan, a car loan, a home improvement loan, etc.) We just wanted to pay off our credit cards, which seemed like a huge task since we’d struggled with it for years. The rest was our house. I mean, we didn’t even think of it!

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