Personal Finance
Dean Drobot / Shutterstock.comWhere can you find antique Pez dispensers, hot vintage heels and (finally!) the perfect lamp to match your weirdly patterned bedspread — all for sale for just a few bucks? Or better yet, where can you sell them to make some extra cash? We’ll give you a…
I recently received a great comment on my post, Why All Rich People I Know Still Have Life Insurance. It was the last line that stood out. Here’s what Marc had to say. I had life insurance ($1M) through my employer back when I worked full time, but since I cut…
Jacob Wackerhausen/Getty Images Key takeaways The 28/36 rule is a rule of thumb banks use to gauge how much house you can afford. Basically, it says you shouldn’t spend more than 28% of your gross income on your mortgage payment. Buying too much house can leave you strapped for cash…
kate_sept2004/Getty Images: Illustration by Issiah Davis/Bankrate FHA loans are government-backed mortgage loans with more lenient buyer requirements than conventional loans, providing a viable option for first-time homebuyers or those with lower credit scores. These loans can make homeownership more attainable, although they do require borrowers to pay mortgage insurance premiums…
Key takeaways A first-lien HELOC merges a first mortgage with a variable-rate credit line, becoming the primary loan for the property. This type of HELOC can function as a cash flow management and mortgage prepayment tool, automatically applying funds towards the HELOC balance every time income is deposited through a…
irina88w/GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways Private mortgage insurance (PMI) is an extra fee for conventional mortgage borrowers putting down less than 20%. The amount you’ll pay for PMI depends on your loan and down payment size, whether it’s a fixed- or adjustable-rate mortgage and your credit score. The…
David Papazian/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways FHA loans and conventional loans are both issued by private lenders, but FHA loans are insured by the federal government, and conventional loans are not. FHA loans have lower credit hurdles. You can qualify for an FHA loan with a…
Key takeaways Home equity loans and HELOCs (home equity lines of credit) both allow you to borrow against your ownership stake in your home, using the property as collateral. Home equity loans’ fixed rates are a good fit for people who want payment stability and know how much they need…
Key takeaways When you owe more on your mortgage than your house is worth, your mortgage is “underwater,” or in a state of negative equity. Being underwater on your mortgage can make it more difficult to sell the home or refinance. If you have an underwater mortgage, your options include…
Skyhobo/ Getty Images; Illustration by Austin Courregé/Bankrate If you’re in the market for a home, affordability is likely top of mind — perhaps now more than ever. The record-high home prices of recent years, plus mortgage rates not seen since the 00s, have led to record-high monthly mortgage payments, according…
