A home equity loan is when a lender loans you money against your home’s equity. Payments are made every month on top of your existing mortgage. Being able to take out a loan against your house for emergencies or other expenses gives people flexibility when they are short on liquid cash.
A home equity loan is an attractive financial tool, but sometimes the pros do not outweigh the cons. In some cases, a home equity loan can become a financial burden. Although equity loans are a good option for unavoidable expenses that you can’t afford, the question is if they meet your individual needs. The answer to this question can be found by looking at the advantages and disadvantages of home equity loans.
Picking out a credit card that best suits your lifestyle can be a difficult task. Especially with the fear of hidden costs and high-interest rates on your mind. However, if you are using a credit card the right way you can benefit from many of the perks that a credit card range from free travel to lower interest rates on the existing charges.
Is it better to lease a car or buy a car? It really depends on the specifics of each individual situation and well worth the time to consider both. Take the time to do your research and to think through all of the options that are best suited for you. We’ve put together some information to help you better understand the difference between buying and leasing a vehicle.
Recently, we had a member who received a debt consolidation offer in the mail. She was preapproved for a $90,500 signature loan at a rate of 3.87% to consolidate high interest credit card debt. Understandably, she was concerned that she received this mailing and more so, a preapproval for a loan she didn’t want or more importantly, need.
When the time comes to start looking for a new or used vehicle, you will also likely be looking for an vehicle loan. Your credit score matters when getting an auto loan, since it will be the deciding factor for what interest rate you will pay on the loan.
If you’re in the market for a new or used vehicle, you’re probably also looking at financing options for that vehicle. The majority of new and used vehicles are financed, simply due to price. While financing your new or used vehicle at the dealership may seem more convenient because it can all be done in one stop, it’s a better idea to shop around for interest rates and get pre-approved before you even enter a dealership lots.