During the pandemic, mortgage interest rates fell to some of the lowest levels ever recorded. Now, as inflation grips the economy, would-be homebuyers are facing climbing mortgage rates. While rising interest rates will decrease your buying power, there are moves you can make to limit the impact on your finances.
There’s a lot that goes into buying a home, but the most important step is planning. A home is a significant financial investment that extends far beyond the mortgage payment. Here are five things to avoid so that your home-buying experience is more enjoyable.
Living with credit card debt can take its toll on you physically and mentally. It may seem that the balances keep climbing no matter how hard you try. While you may feel defeated, there are financial solutions available. However, not all solutions are the same, and some may cause even more challenges down the road.
A significant part of managing your finances well is your ability to plan for the future. While you can’t predict every curveball life will throw at you, being prepared, setting goals, and constantly working to better your financial position are crucial steps to your success.
Not all credit cards are the same. Whether it was the lure of valuable rewards or a limited-time 0% offer that originally got your attention, these “deals” may work against you and cost you more in the long run.
The ability to buy a product or service now and pay for it over time is nothing new. It's the same concept that made credit cards one of today's most popular forms of payment. Yet everywhere you look lately, from grocery stores to online retailers, there is a “new” way to pay: Buy Now, Pay Later (BNPL).
While leasing isn’t the right move for everyone, those drivers with leases ending soon are finding themselves in a unique position. The limited supply of preowned vehicles in the market is driving up the values of their leased cars – leaving many to contemplate whether they should buyout their lease.
Debt often seems like a four-letter word - something everyone should do their best to avoid. It’s been a wild ride for everyone, but younger Millennials and older Gen Z have been hit especially hard. As a result, debt has earned the reputation of being something to avoid at all costs. But it may not be as simple as that.
While building and maintaining a great credit score should always be a priority, mistakes happen. Some mishaps are more severe than others and can impact your credit rating for much longer. Understanding which items carry more weight on your score will help you avoid them in the future.
As you triple-check the numbers one last time, your spouse is eagerly scrolling through homes online – imagining how you’ll decorate each room and the memories you’ll create together. Realizing you’re ready to become a homeowner is an exciting moment.
