Comparing mortgage rates can help you get the best deal. But how often should you compare rates? Find out here.
However, while the federal funds rate has dropped, mortgage rates haven’t responded in kind. In fact, “mortgage rates have gone up – not down – since the Fed began cutting interest rates in September,” says Greg McBride, CFA, chief financial analyst for Bankrate. “With expectations for...
Payments decrease when interest rates fall Though interest rates have been trending upward for a year now, when rates decrease, so too does the interest on your ARM, and as a result, your monthly mortgage payment as well. In other words, the adjustable element of an ARM doesn’t mean the...
Select spoke with Ted Rossman, senior analyst at Bankrate, about how acquiring a new credit card can either positively or negatively influence an individual's credit score. Subscribe to the Select Newsletter! Our best selections in your inbox. Shopping recommendations that help upgrade your life, ...
Michelle Lambright Black is a credit card, mortgage, and personal finance expert. Her work has been featured in publications like Reader's Digest, LendingTree, Experian, Bankrate, and Business Insider. When she isn't geeking out about credit, she's spending time with her kids in Charlotte, ...
PMI on conventional loans is based on the original loan value (so the PMI premium doesn't change over the life of the loan) (Bankrate), while the fees on FHA loans are based on the outstanding balance. (FHA)The PMI premium is paid monthly as part of your mortgage payment. My PMI ...
with fewer than half indicating they would pay an emergency expense of $1,000 or more from savings," Bankrate Senior Economic Analyst Mark Hamrick said. "Inflation has been a key culprit standing in the way of further progress on the savings front. Fortunately, rising interest rates have also...
How does a home equity loan work? A home equity loan allows you to borrow against the equity of your home or take a "second mortgage". Much like a regular mortgage, you borrow one lump sum of money from the lender, which you're required to pay back over a fixed period of time at...
compare that to how much it would cost to buy and maintain (or to rent) a new home. In the end, it may be to your financial benefit (and help your heirs later on) to move to a smaller or more easily maintained home rather than taking on a reverse mortgage. The extra capital you...
Figuring out how to save money can feel overwhelming, especially if your income barely keeps up with your expenses. A Bankrate survey reveals that more than one in three workers (34 percent) reportliving paycheck to paycheckwith little to no money left for savings after paying their monthly exp...