Key takeaways Loss of use reimburses expenses incurred when your home is uninhabitable after a loss. Elective renovations and general maintenance are not covered by loss of use. Pet boarding, parking fees, moving expenses and laundry services are just a few of the expenses loss of use may cover. If…
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…
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Key takeaways Both charge cards and credit cards allow you to make purchases that you can pay off at a later date. Credit cards allow users to carry a balance from month to month, but those balances are usually subject to credit limits and interest…
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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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Image by GettyImages; Illustration by Bankrate HELOC and home equity loan rates were largely unchanged this week, reflecting the Federal Reserve’s continued pause. The average rate on a $30,000 home equity line of credit (HELOC) held steady at 8.26 percent, according to Bankrate’s national survey of lenders. Meanwhile, the average…
The earned income tax credit (EITC) offers support to low- and moderate-income workers, but certain conditions can make you ineligible. You may be disqualified if your income is too high, if you have significant investment income, or if you are married but filing separately. You also cannot claim the credit…
Image by Chorna Olena/Getty Images; Illustration by Austin Courregé/Bankrate The Federal Reserve’s interest rate decisions influence what you pay for variable-rate home equity lines of credit (HELOCs) and new home equity loans. Let’s break down how the Fed’s monetary policy affects how much it’ll cost you to borrow against your…
Key takeaways The Flex Modification program helps homeowners experiencing financial hardship still make their mortgage payments, allowing them to avoid foreclosure. The program can reduce payments by up to 20 percent and extend loan terms. The Flex Modification program also makes your loan current instead of delinquent, moving past-due payments…
Key takeaways Kids who learn about investing early in their lives reap multiple benefits, including establishing healthy financial habits that they will use into adulthood. Aside from the behavioral benefits that kids receive from having a strong financial education, their money also has more time to compound the earlier they…
Social Security is a key source of income for millions of retirees. And knowing what the average Social Security check looks like at age 66 can help you plan more effectively. For those born before 1960, their full retirement age (FRA) is between 66 and 67. While those born after…
If you’ve ever read through your policy, you’ll typically see several kinds of coverage listed. One of these is hazard insurance, which just covers damage to the physical structure of your home. The rest of your home insurance policy provides coverage for things like your personal property and liability. You…
Gold has long been a popular way to invest, and the shiny yellow metal has delivered periods of attractive returns, especially during times of economic stress. Gold’s ability to act as a store of value is well known, but it’s also gone through periods — even decades — where the…
Key takeaways Research shows women disproportionately complete more household tasks than their male counterparts. Stay-at-home parents provide housework and childcare that equates to roughly $184,000 in services every year. When choosing a life insurance policy, stay-at-home parents may benefit from factoring the monetary value of the services they provide, such…
A financial advisor can have a major impact on your finances — both for good and bad. The best financial advisors can help you stick to a long-term investing plan that meets your investment goals over time, while the worst advisors are more likely to put you in investments that…
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