Whether you’re looking for a first mortgage on a new home or a refinance on an existing loan, the interest rate you are offered will be based on the same factors; your income compared to your mortgage payment, the value of your property compared to the liabilities placed on it, and your credit report. The “Processing” of your loan is …
Structuring The Terms Of Your Loan
Often it is necessary to borrow money in order to make large purchases like cars, home improvements, college expenses and emergency purchases. Fortunately, our financial institutions make such loans readily available, and fairly easy to get. However, such loans can be fairly complex financial transactions. The more you know before going into a loan, the better prepared you will be …
Mortgage Basics
Many home buyers search for a home they want, then apply for a mortgage and hope for the best. A better approach is to find out how much mortgage you can qualify for, then look at homes that you know are within your price range. You will probably save time, aggravation and money by having your lender tell you the …
Life After Debt
If you find yourself in trouble financially, there are usually no easy answers — but there are many ways out for those willing to commit to changing their financial habits. Your ability to pay your bills can be affected by situations beyond your control such as serious illness, divorce or the sudden loss of a job. Poor financial management can …
What Is The Coverdell Education Savings Account (ESA)?
One of new products that came out of the Budget Reconciliation Act of 1996 is the Coverdell ESA. The Coverdell ESA offers the potential for tax-free growth when you use the account to fund a child’s qualified higher education expenses. Contributions Parents, grandparents and other family members can contribute up to $2,000 per year (non-deductible) into an Coverdell ESA for …
The Increasing Cost Of Education
A college education is an investment that pays off. According to The College Board’s annual report, Trends in College Pricing, median annual income for bachelor’s degree recipients is 80 percent higher than median income for those with only a high school diploma. Over a lifetime that difference exceeds $1,000,000. Unfortunately, investing in a college education is seldom inexpensive. College planning …
Section 529: College Savings Plans
A 529 plan is a state-sponsored education savings program that allows an individual to save in a tax-deferred account to pay for a beneficiary’s post-secondary education at any accredited school in the United States. Unlike Coverdell Education Savings Accounts, which excludes joint filers with adjusted gross incomes (AGIs) above $220,000 and single filers with AGIs above $110,000, there are no …
Investment Alternatives For Funding College
College should be considered a lifetime investment rather than just a four-year expense. It requires financial planning and personal sacrifices. The earlier you start saving and investing, the less money you will have to save and invest later. Furthermore, the earlier you start saving, the less risk you’ll have to take in your investment choices because long-term investing generally carries …
Finding Scholarship Opportunities
Over 85% of the nation’s schools offer various types of scholarship, granting money to college students based on a host of criteria such as academic merit, financial need, and in some cases, racial or ethnic background. Though the application process can be complicated and redundant between scholarships, there is a great deal of money available for those who are willing …
Financial Aid For College Students
Even if you have not been able to save all the money you will need for college, several alternatives exist to assist you in making up the difference. Financial aid comes in many shapes and sizes — from scholarships and grants which do not need to be repaid, to federal loans which carry very favorable interest rates and terms. The …