You don't necessarily need a perfect credit score to get a home equity loan, but applying for one when your score is low isn't typically recommended. Not only will it make it hard to qualify for the loan, but you'll likely get a higher interest rate if you do. "Applying for a hom...
Looking for the best mortgage rate available this month? Then you'll want to avoid these easy-to-make mistakes.
That includes home mortgages. Consider refinancing if your loan has an interest rate above 4.5%, said Sun, a member of theCNBC Financial Advisor Council. Ignoring long-term care You may feel great now, but you don't know what the future may bring. That's why it's important to figure...
For starters, there is absolutely nothing wrong with refinancing a mortgage. Thinking about it is a pragmatic approach to personal financial management that should be lauded.But when choosing a home loan now, at this moment, it just don’t make a lot of sense to decide to refinance in a ...
“Some borrowers take days to get back to their lenders when asked for additional documentation,” says da Costa. “That's a waste of time and can end up costing you thousands of dollars if the rate you locked in expires and rates rise. Whether you're refinancing or getting a new ...
CNBC Selectspoke with Mary Jo Terry, a managing partner at private student loan refinancing companyYrefy, for a breakdown of the eight most common FAFSA mistakes and how to avoid them. 1. Not submitting an application at all Everyone who plans to attend college or graduate school should compl...
Getting cold feet and bailing out of the market when it had bottomed out in November 2008. These are common mistakes among all investors. It is important to bewidely diversified, to avoid trying to time the market, and todevelop an investing planwith which you can stick. An index fund in...
If you want to avoid dumb financial mistakes, follow the old adage “save your money for a rainy day.” You’ll never figure out how to become rich if you don’t build an emergency fund and learn how to use it wisely. “When people don’t have at least a few thousand dollars...
When Should You Not Use Your Home Equity? Using home equity like a piggy bank, whether through refinancing or ahome equity line of credit (HELOC), can have detrimental consequences. While it may provide access to cash, it comes at the cost of increased debt and interest payments. ...
includesflippers. These are individuals who purchase and renovate properties before putting them back on the market to make a profit. If you're going to flip a home, make sure you have the cash, time, skills, knowledge, and patience before you lose out. But how do you avoid these ...