Category: Loans
Maximizing the Benefits of Frequent Student Loan Refinancing: Key Considerations for Multiple Refinances
With the rising cost of college over the past few decades, more Americans have had to depend on student loans and financial aid. As of the third quarter of 2023, the Federal Reserve reports that the total student loan debt in the U.S. is over $1.73 trillion, including both federal and private loans. More than…
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A Surge in Drivers Shelling Out Over $1000 Monthly for New Vehicles
The percentage of new car owners paying $1,000 or more per month for their car payments has reached a new high. According to Edmunds, this figure rose to 17.9% in the fourth quarter of 2023, up from 17.5% in the third quarter and 15.7% in the fourth quarter of 2022. This increase is largely driven…
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Strategies for Homebuyers to Secure Mortgage Rates Below 6%
Not too long ago, mortgage rates were at or below three percent. Unfortunately, rates have increased, and now homebuyers face higher rates, with finding a mortgage under 6.5 percent being quite challenging. However, savvy homebuyers don’t need to be discouraged by a tough market. Homebuilders across the U.S. are offering incentives to reduce mortgage rates.…
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Maximize Savings: Steer Clear of These 10 Expensive Refinancing Errors
Refinancing your mortgage can save you a lot of money on interest, but it can also be costly if you’re not careful. There are hidden prepayment penalties and unnecessary closing costs that can eat into your savings. If you make a mistake, you might end up losing money instead of saving it, benefiting lenders and…
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The Ripple Effects of a 2024 Trump Victory on Used Car Prices
Used car prices are influenced by various factors, including the vehicle’s make and model and the state of the economy. Presidential policies can also play a role, albeit indirectly. This could be the case if ex-President Donald Trump wins re-election this year against current President Joe Biden. At present, used cars are still quite expensive.…
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7 Crucial Indicators That You’re Making Great Progress Toward Early Student Loan Repayment
Student loans can feel overwhelming, but paying them off early can be a huge relief. If you’re on this journey, recognizing the signs that you’re on the right track can be very encouraging. Here are some key indicators that you’re making great progress toward becoming student loan debt-free ahead of schedule. **You Have a Solid…
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Dave Ramsey’s Perspective: The Case Against Purchasing a New Car or Securing an Auto Loan in the Current Year
If you think you’ll always have a car payment, Dave Ramsey wants you to reconsider. The personal finance expert, known for his best-selling book “The Total Money Makeover,” advises paying for cars in cash. Ramsey points out that society often views car payments as a normal part of life, much like filing taxes or doing…
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Calculating Your Income Requirements for Homeownership on the East Coast
The reality is that the average American household earns about $40,000 less than what’s needed to afford a typical home. Home prices vary across the U.S., but many popular East Coast cities are more expensive than the national average. ### Rising Home Prices and High Mortgage Rates The main reasons homes are becoming less affordable…
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Reclaim Control: 7 Strategies for Catching Up on Overdue Car Payments
There are several ways to smooth things over and get back on track. Let’s explore these options together to find the one that suits you best. **Communicate with Your Lender** First, reach out to your lender. It might seem daunting, but lenders usually prefer working with you over repossessing your vehicle. Explain your situation and…
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Essential Steps to Prepare for Your Car Loan Application
Buying a car is a big financial decision, and getting the right loan can significantly impact your overall costs. Before you apply for a car loan, it’s crucial to take some proactive steps to ensure the process goes smoothly and you get favorable terms. Here are ten things to consider before applying for a car…
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