Mortgages
Key takeaways A wraparound mortgage is a unique form of seller financing in which the seller keeps their mortgage and extends a loan to the buyer. To offer a wraparound mortgage, the seller must have an assumable mortgage. While popular with those who can’t qualify for traditional financing, wraparound mortgages…
Delahaye/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Down payment assistance (DPA) programs provide eligible homebuyers with loans or grants to help cover down payment and closing costs. These programs are typically reserved for first-time homebuyers or buyers with low to moderate incomes for their area. Many down payment…
Image by Getty Images; Illustration by Bankrate To pay or not to pay? That’s the question in my soul. Do I Venmo Uncle Sam, And put forgiveness hopes on hold? This lyric popped into my head as I pondered the meaning of debt management in the era of student loan…
Yes, I stopped contributing to my 401(k) and paused all other types of investing to pay off my student loans. And no, I don’t regret it. Going against the grain not only helped me become debt-free, but after I paid off my loans, I was able to invest enough to…
ImagePixel/Getty Images; Illustration by Issiah Davis/Bankrate A cashier’s check is a secure form of payment since it’s paid for upfront and an authentic official bank check generally can’t bounce like a personal check. The bank may require you to wait up to 90 days before reissuing the check to allow…
Key takeaways A guaranteed mortgage loan typically offers looser eligibility requirements — such as lower credit scores and higher debt loads — than a conventional loan. Private-sector lenders fund guaranteed mortgages, but they’re backed by guarantors, often government agencies, that will pay the lender if the borrower defaults. Many low-down-payment…
Key takeaways A SEP IRA is a tax-advantaged retirement account that’s an especially attractive option for workers who don’t have access to an employer-sponsored plan. The annual contribution limits for an SEP IRA are significantly higher than those of traditional and Roth IRAs. A SEP IRA could be an ideal…
Key takeaways Your credit report is a comprehensive document of your credit history that dictates your credit score and influences financial decisions made by lenders. Understanding your credit report can guide your spending and borrowing choices, leading to a better credit score. Regular scrutiny of your credit report is essential…
Key takeaways The major advantage of credit-building products is the potential to improve or establish your credit score. Higher rates and restrictions on how and when you receive funds are common drawbacks of credit-builder loans. Your local bank or credit union may offer small-dollar loans at much lower rates than…
Key takeaways A secured credit card requires you to deposit to offset the risk that you will not make your payment. These cards typically come with low credit lines and high interest rates. Using your secured credit card responsibly, including keeping your balance low and making on-time payments, will help…
