Borrowing Basics

Building and maintaining an excellent credit score should be a top priority for every adult. A good score can create opportunities and generate significant financial savings in our world where loans and credit are commonplace. Everyone from lenders, landlords, and even some employers use your score to gauge your financial trustworthiness.   While many factors go into determining your credit score, a quick and simple way to gauge your creditworthiness is through your credit utilization ratio. Lenders use this figure to measure how much risk is involved when lending you money – ultimately, it plays a role in how much you’ll…

Interest rates across the board continue to rise. It’s a wonderful scenario for savers with Money Market Accounts and Share Certificates. Higher saving yields provide greater earning potential.   However, it’s an entirely different story when loan rates are also increasing – especially if the interest rates on your loans are variable. Sudden jumps can derail your budget instantly if you’re not prepared.   Managing existing debt and finding ways to preserve cash in a rising rate environment is crucial. The best place to start is by understanding the different types of loan rates and how the economy can impact your outstanding…

When you purchased your vehicle, you probably didn’t buy it on a whim. Instead, you researched vehicles to find the one that best matched your lifestyle. Perhaps you needed an SUV for your growing family. Or you wanted a car with excellent gas mileage for commuting. Regardless, your car reflects you and your personality!  But what about the payments? Buying a new car is exciting, and it’s easy to get distracted. Then, months later, you realize the payments might be more than you prefer. Luckily, lowering your auto loan payment is pretty easy through a process called refinancing.   What Is…

As you prepare to buy your first home, it’s likely that you have already spent significant time researching the home-buying process. Fiscally you’re ready. You’re preapproved for your mortgage. Your monthly budget is ready to go, and a stellar real estate agent is in your corner. Now you just need to find that dream home!  Tips Before Making an Offer  Buying a house can quickly turn into an emotional decision. You find a home that would be perfect for raising your young family – schools are close by, and your commute to work is only ten minutes away. However, before…