When it comes to credit score requirements for landing a mortgage, there are a variety of factors at play — like the type of mortgage you’re applying for and your specific lender requirements. If you’re in the market for a mortgage, this information can help you understand the ballpark number you may want to shoot for. Types of Mortgages There are several different types of mortgages to choose from, depending on where you want to live and what your financial situation is, and each comes with its own set of qualifications.   FHA Loans FHA loans are insured by the Federal Housing Administration, which is part of the U.S. Department of Housing and Urban Development (HUD). These types of loans tend

If you’ve ever taken out a loan or opened a credit card, you’ve likely seen the term Annual Percentage Rate or APR. While this might seem like a fancy way of saying “interest rate,” they aren’t always the same. In the credit context, an interest rate is the amount a financial institution charges to use the funds they are offering you. (It’s also the amount you might receive for keeping your money in a savings account or Certificate of Deposit (CD), but we’ll just be looking at it from a lending perspective.) APR, on the other hand, can include both the interest rate and any additional fees associated with borrowing from that lender that are financed with the loan. Like

Shopping around for a loan or credit card makes one thing very clear: Borrowing money isn’t free. While the types of fees can vary, interest is generally a given.  In simple terms, interest is the amount you pay to a bank or lender to use the funds they are extending to you. On the flip side, it’s also what you might be paid for putting your money into an interest-bearing savings account or Certificate of Deposit (CD).  Here are a few facts you should know.  Types of Interest Not all interest rates are calculated the same way or applied to the same type of financial products. Let’s take a look at a few of them. Simple Interest As the name

Simply put, a credit limit is the maximum amount you can spend on a credit card. When you make a purchase, that amount is deducted from your credit limit and the remainder is the current amount of credit you have access to. When you make a payment, and once that payment is credited to your account, you have access to more funds – your credit limit minus your new balance. You can usually find your credit limit on any statement you receive from your credit card company, or by logging into your account online. Credit Limits and Covid-19 If you’ve recently noticed a change in the available credit on your credit card, there might be an easy explanation. While the

Whether you’re in the market for a new home, interested in purchasing a car, or heading to the store to grab groceries, there’s a good chance you’ll use some form of credit to complete the purchase.  Buying with credit means you are borrowing money which will later be paid back – but the amount owed and the time-frame required to pay it back depends on the type of credit it is. So knowing the type of credit you’re in the market for will help you understand how the arrangement might work.  Revolving credit A revolving credit account is one you can borrow from at any time, up to the limit set by the lender. This type of credit is paid

Short-term loans online can seem to be a helpful tool when you’re in a financial pinch, but they’re not always as simple as they seem. Here are some of the pros and cons of short-term loans online to help you decide if this financial product can work for you.