One of the most searched questions about personal finance is related to improving your credit score. Whether you are considering a car loan, a mortgage for your dream home, a consumer loan, or simply aiming to manage your credit card effectively, your credit score plays a pivotal role in shaping your ability to borrow money. […]
Co-signing a loan for a family member or a friend can be a kind-hearted gesture, but it involves substantial risks that should not be ignored. Whether it’s for a child’s car loan, a student loan, or a friend’s business venture, it’s important to understand all the possible drawbacks before agreeing to co-sign. To avoid any […]
The Federal Reserve Bank of New York recently published the 2nd quarter Household Debt and Credit Report. For the fifth straight quarter, the report shows an increase in the use of Home Equity Lines of Credit (HELOC). The rise in usage could be the result of consumers feeling more pressure from high inflation and already […]
For the past 39 months, student loan borrowers enjoyed a grace period where no principal payments on their loans were required, and interest was not accruing. Unfortunately for these borrowers, this grace period is coming to an end. As of September 2023, student loan borrowers will no longer be granted a grace period where principal […]
Are you aware of the recent changes to mortgage fees by the Federal Housing Finance Agency (FHFA)? Effective May 1st, new rules by the FHFA have adjusted fees to favor lower-income and credit-score individuals, while higher-income and credit-score individuals may experience higher fees. The FHFA oversees both Fannie Mae and Freddie Mac, the two organizations […]
Access to lending on short notice can be a valuable asset. When we need to borrow money, we often think of traditional lending from a bank. However, one quick source of funds at competitive rates is a margin loan against your investment portfolio. With a margin loan, you put up your personal investment account as […]
With inflation putting pressure on consumers, steps to relieve the strain and save money are at a premium. Well, good news! Due to the rapid increase in home values over the last few years, many homeowners now have an opportunity to improve their cash flow by eliminating their Private Mortgage Insurance (PMI). With PMI costing […]
With home equity values at all-time highs and inflation straining the budgets of everyday Americans, it can be tempting for homeowners to utilize the increase in their home’s value over the past few years in the form of a home equity line of credit (HELOC). While the HELOC can be a great source of financial […]
Last week we discussed principles to abide by when thinking of purchasing a home. First, a quick review of the key points: Establish a cash reserve for unforeseen expenses. Prioritize your savings. DO NOT exceed 28% of gross income AFTER SAVINGS on your mortgage payment. This week, I want to discuss why renting may be […]
In the late Fall of 2021, the 30-year fixed-rate mortgage at below 3% offered cheap financing for borrowers looking to purchase, or refinance, a home. However, while the cheap financing seemed like a blessing, the acceleration in home prices was the devil in disguise. Fast forward just a few months, and we see 30-year fixed-rate […]