A home equity loan can be a useful financial tool for homeowners looking to access cash for various needs. While it offers benefits like low interest rates and potentially tax-deductible interest, it also has downsides such as the risk of foreclosure if payments are missed. Weighing these pros and cons is essential for anyone considering tapping into … Read more
Navigating loans can be confusing, but it doesn’t have to be. Different loans serve different needs, whether for education, buying a home, or funding a business. Knowing the types of loans available and their features will help anyone make an informed choice that suits their financial situation. This guide breaks down the major loan types, … Read more
A defined-benefit plan, commonly known as a traditional pension plan, is a retirement plan funded by an employer that calculates employee benefits based on a formula that takes into account several factors, including age, employee’s salary, and length of employment. Defined-benefit pension plans, which still exist in some public-sector jobs, were common in the private … Read more
If you can’t accept the risks of the stock market, you need to decide on the best place to keep your money while maximizing earnings. Many look to high-yield savings accounts (HYSAs) and certificates of deposit (CDs) as options. Both offer safe and somewhat lucrative ways to grow savings with minimal risk. But which is … Read more
A personal loan can be a great way to pay for a home renovation project, fund a big expense, pay for a family vacation, or just cover unexpected costs that crop up. You can also use a personal loan to consolidate credit card debt and other outstanding balances, both to simplify repayment and save yourself … Read more
A money order is a financial instrument that allows you to pay bills or reimburse friends and family without having to write a check or use cash. You can get one from a bank, but you don’t need a bank account to use it. Many people use money orders as an alternative to cash or … Read more
According to a recent report by SafeHome.org, about 55% of renters have insurance. However, a survey from the report finds that 16% of renters who don’t have a policy say they are likely to buy one in the coming 12 months. If you’re buying renter’s insurance for the first time, you may be relieved to … Read more
Checking accounts lie at the center of our financial lives, acting as the primary account where paychecks and other funds come in and where bills and other expenses exit. Like a security checkpoint at an airport, everything passes through no matter where it’s going to or coming from. Because checking accounts are so important, it’s … Read more
If you’re like many homeowners, a sizable percentage of your budget goes toward your home loan each month. A mortgage refinance could help make those payments more manageable by lowering your interest rate, changing your loan term, or eliminating mortgage insurance. You could also tap your home equity with a cash-out refinance, which lets you … Read more
Savers who want to earn the most interest on their money should look at the best high-yield savings accounts. With interest rates on the rise, savers are earning higher rates in HYSA than they have in more than a decade. These accounts offer the functionality of traditional savings accounts but receive a much higher interest … Read more