Category: Loans
Struggling with Car Payments? 9 Essential Steps to Take
A 2023 report from Moody’s Investors Service shows that new auto loan delinquencies are increasing. In the second quarter of 2023, the delinquency rate for new auto loans rose to 7.3%, up from 6.9% in the first quarter. Moody’s warns that delinquencies on both auto loans and credit cards will continue to rise significantly. The…
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Essential Considerations After Settling Your Mortgage
How long you should keep mortgage documents after paying off your loan depends on the type of document and how easily you can get copies if needed. If you’ve already discarded documents like the mortgage, promissory note, or deed, you can usually get copies from your county recorder’s office. However, this process can be time-consuming…
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Navigating Car Purchases Without Established Credit or a Cosigner: Is It Feasible?
If you’re trying to get a car with bad credit, don’t lose hope. Even with a low FICO score, you can still secure a car loan, though it might come with a higher interest rate. A poor credit score can result from late payments or a limited credit history. Scores below 650 or 660 are…
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Debt Relief for Students: Biden Announces Cancellation for Select Borrowers — Important Criteria to Meet
The Biden administration announced on January 12 that it would cancel more debt for certain borrowers enrolled in the Saving on a Valuable Education (SAVE) plan, months ahead of schedule. President Joe Biden expressed pride in implementing one of the most impactful provisions of the SAVE plan nearly six months early. He highlighted that this…
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Maximize Your Savings: Top Tips from Experts on Car Loan Strategies
Many people can’t afford to buy a new or used car outright and need to take out a car loan, which often involves paying interest over time and making a sizable down payment. However, there are ways to reduce the overall cost of a car loan through creative solutions and careful planning. Experts offer several…
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10 New Cars That Are Struggling to Leave the Dealership Lot
Cars don’t make money just sitting on the lot, so car dealers often offer price cuts and other incentives to move slow-selling cars and make room for new inventory. In 2024, Stellantis-made cars have been the hardest to sell, according to CarEdge. This could mean potential deals on these vehicles, though they might still be…
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6 Essential Steps to Consider for a Government-Backed Refinance
If you’re thinking about refinancing your government-backed or conventional mortgage, a government-backed refinance might be a good option. These loans, guaranteed by agencies like the FHA, VA, and USDA, come with specific requirements. ### What Is a Government-Backed Refinance? A government-backed refinance involves replacing your current mortgage with a new loan guaranteed by a government…
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A New Movement Making Homeownership More Attainable for Americans in 2024
In 2023, around 2.4 million renters in the U.S. were unable to buy their own homes due to rising costs, as reported by Habitat for Humanity. The median income required to afford a home increased by 20%, reaching $117,000. However, the average income in the U.S. was only $57,406, according to DemandSage.com. Even with two…
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Navigating Parental Student Loans: Strategies for Debt Relief
With college tuition costs on the rise, many parents find themselves unable to save enough before their child starts college. When university payment plans aren’t sufficient, parents often turn to parent loans. These loans put the debt in the parent’s name, making them responsible for repayment. The loan terms are usually clear from the beginning,…
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The Potential Impact of a Biden Victory in 2024 on Student Loan Debt
President Joe Biden has been advocating for student loan debt forgiveness throughout his term. In 2023, the Supreme Court rejected his initial plan to cancel $400 billion in student loan debt. Recently, Biden has been developing a new plan aimed at forgiving loans for certain groups, such as those with older loans, high-interest loans, or…
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