Illustration by Grant Crowder/Bankrate Key takeaways To find a mortgage lender, first take stock of your finances and decide what type of mortgage you need. You can compare rates and fees by getting a preapproval from at least three mortgage lenders. There are six main types of mortgage providers: direct…
Photography by Getty Images Key takeaways FICO and VantageScore credit scores span from 300 to 850. The higher your score, the more likely you are to secure loans, credit cards and financing options with better terms and lower interest rates. Different factors are considered when calculating your credit score, including…
As a personal finance journalist and a credit counselor, people often ask me for credit card advice. And I’m happy to give it! But I find myself sharing the same set of basic facts because they’re helpful for so many people. And then it dawned on me: Credit cards can…
How First-Year Students Should Manage Credit Cards Responsibly Understanding how first-year students should manage credit cards responsibly means creating a clear system around spending and repayment. If your purpose is to use the card for money management, that might mean setting a cap based on income—for example, if you earn…
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The big new fees JPMorgan Chase is planning to charge some financial technology companies may well trickle down to consumers,…
With artificial intelligence beginning to eat away at many white-collar entry-level jobs, and the unemployment rate for recent college graduates…
If a society is going to make intelligent choices in policy, it helps to understand reality, which includes facts and…
New York startup Casap has raised $25 million in new funding to help banks tackle the thorny problem of credit…
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VioletaStoimenova/ Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Both financial advisors and accountants can help clients meet financial goals and maximize tax savings. Financial advisors tend to focus more on long-term financial planning for individuals. Accountants most commonly focus on tax planning and returns.…
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When I finished graduate school, I had $72,000 in student loans weighing me down. But less than a year after graduation, I’d paid…
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When it comes to selling coconut water to the health obsessed, New York’s Vita Coco has served up a master class, schooling even…
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Key takeaways Unsecured loans aren’t backed by collateral, making them a higher risk for lenders Unsecured business loan rates vary, ranging from 7 percent to 75 percent APR With good credit, you could secure a low interest rate on an unsecured loan — between 7 percent and 8 percent APR…
ferrantraite/Getty Images Key takeaways A mortgage loan originator (MLO) is a licensed professional that helps mortgage borrowers understand loan options and guides them through the loan application process. A mortgage loan originator could work for one lender, or act as a broker and work with a wholesale lender or multiple…
Photography by Getty Images Key takeaways Southwest Rapid Rewards® Plus Credit Card members receive 3,000 bonus points each year after their account anniversary. Additional perks, such as a free first checked bag and discounts on eligible in-flight purchases, offer more money-saving opportunities to cardholders. The $99 annual fee is the…
Key takeaways A business financial plan helps small businesses track revenue, expenses and growth opportunities. Key components typically include cash flow forecasting, budgeting and financial projections. A solid financial plan promotes sustainability and can attract investors or lenders. A strong financial plan is essential for any small business. It provides…
Saving money and having an emergency fund can help you handle unplanned expenses and provide peace of mind — especially in uncertain times. It’s also important to have money set aside for other short-term goals. But stashing away too much cash might not be the best personal finance strategy, either.…
Most people who own annuities are middle class. Seventy percent of annuity owners had total annual household incomes under $100,000 with a median annual household income of $79,000, according to The Survey of Owners of Individual Annuity Contracts, conducted by Gallup in 2022, the most recent year available. While many…
Photography by Getty Images; Illustration by Bankrate Debt avoidance is the habit of refusing to consider or engage with borrowing — even when it may be strategic — due to fear, shame, misinformation or a combination of the three. Avoidance typically is not just a personal preference, it’s often a…
Image by GettyImages; Illustration by Bankrate Key takeaways Business credit card rewards are not considered income, which means they are not taxable. Instead, credit card rewards are considered rebates on items you purchased with a credit card. If you’re earning any kind of bonus from a financial institution, and you…
Key takeaways Reduced paid-up life insurance allows you to keep your whole life policy in place with a reduced death benefit if you no longer want to pay the premiums. Reduced paid-up insurance is designed to last until the insured’s death unless the policy is surrendered. Reduced paid-up insurance may…
Key takeaways When you’re just starting out with investing, the thought of getting to your first $100,000 invested can seem daunting. But the power of compound interest means that that first $100,000 will quickly become much more. Understanding the psychological and practical barriers to investing can help you steel yourself…
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