Key takeaways Home equity loans and HELOCs offer more money at a lower interest rate than credit cards or personal loans. Some of the most common reasons for using home equity include paying for home renovations, consolidating debt and covering emergency or unexpected costs. Although lenders allow you to tap…
Images by GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways A car can be used as collateral for a loan even if your credit score is low, and loans secured by your vehicle may come with lower rates than unsecured loans. Car title loans can be risky and are typically smaller…
Annuities are a common financial product used in retirement planning, but their compensation structure isn’t always easy to understand. Many investors are familiar with the basic concept of exchanging a lump sum for a stream of guaranteed income, but fewer are aware of how financial advisors are compensated when recommending…
My wife and I bought our home in 2013 using a $417,000 30-year mortgage at a fixed rate of 4.625%. In 2020, we paid it off 23 years ahead of schedule, saving about a quarter of a million dollars in interest. Owning our home without a monthly payment provides tremendous…
Trending
Spotlight This Week
More Articles
Personal Finance
Last year, on the day before Tax Day, my mom was scheduled to fly into Philadelphia International Airport to stay…
The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
Featured Articles
Bad financial habits can quietly hold you back, often without you even realizing it. Spring is the perfect time to reset, not just your home, but your finances too. By taking a closer look at your money habits, you can identify what’s not working and…
Dept Managmnt
Prepare to File Your Taxes in March Whether you decide to go DIY or not for filing your taxes, start sooner rather than…
Banking
For fintech startups, the first five years of the decade have been a roller-coaster ride. At the outset, companies were awash in easy…
Credit Cards
All News
Images by GettyImages; Illustration by Hunter Newton/Bankrate The Federal Reserve doesn’t set mortgage rates outright, but its decisions do play a role in the percentages lenders offer would-be homeowners. And even if the Fed keeps its benchmark rate unchanged, mortgage rates can still fluctuate. Here’s how the Fed’s monetary policy…
PM Images/GettyImages; Illustration by Hunter Newton/Bankrate Credit unions are not-for-profit, member-owned institutions that commonly offer savings accounts with above-average rates, low minimum deposit requirements and low (or no) fees. While some credit unions restrict membership to those of a certain location or occupation, others make it easy for anyone to…
Illustration by Hunter Newton/Bankrate When Jessica Lee bought her townhome in Nashville, Tennessee, the builder offered 5% in closing costs if she’d borrow from their preferred lender. The 28-year-old financial analyst felt if she didn’t use the lender, she wouldn’t get the house. “If the builder is offering it, it’d…
Illustration by Hunter Newton/Bankrate When Jessica Lee bought her townhome in Nashville, Tennessee, the builder offered 5% in closing costs if she’d borrow from their preferred lender. The 28-year-old financial analyst felt if she didn’t use the lender, she wouldn’t get the house. “If the builder is offering it, it’d…
Images by Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Mortgages make up the highest percentage of household debt nationwide, with the average American owing $258,214. Millennials have the highest average mortgage debt at $320,027, with Gen X close behind at $286,574. The District of Columbia, California and Hawaii have…
Image by Chorna Olena/Getty Images; Illustration by Austin Courregé/Bankrate The Federal Reserve’s interest rate decisions influence what you pay for new home equity loans and variable-rate home equity lines of credit (HELOCs). Here, we break down how the Fed’s monetary policy affects how much it’ll cost you to borrow against…
Kelly and Stephen Auslander had something millions of people want: a mortgage rate below 3%. 2.375% to be exact. But they gave it up. Why? The biggest reason was space. Their first home was a small townhome, and they’re growing their family. “We also wanted to move to a nearby…
When people begin searching for help with credit card debt, they often come across a wide range of options labeled “debt relief.” Debt settlement companies, consolidation loans, balance transfers, auto title loans, credit repair services, and bankruptcy are frequently presented as potential debt relief options. However, these alternatives work in…
Homebuyers often focus on home prices and mortgage rates when thinking about affordability. But for millions of homeowners, another housing cost is creeping higher and quietly reshaping the math: homeowners association (HOA) fees. Once considered a small maintenance expense, HOA dues are increasingly acting like a shadow mortgage. This mandatory,…
Mirian Fuentes has big plans for her future. The 30-year-old Mexican-American has been dating her partner, Andres, since 2024, and knew early on that he was “the one.” The couple dreams of getting married, starting a family and buying a home — a key step toward building generational wealth as…
Editor's Pick
