A home equity line of credit, or HELOC, lets a homeowner tap into their home equity to borrow money for major expenses such as home improvements or medical bills, or for debt consolidation. Like any financial product, HELOCs can impact your credit score, depending on how you manage it. A HELOC is a revolving line … Read more
Buying a home is a considerable investment, so you want to make sure you’re getting the best value possible by negotiating. However, you may be wondering exactly how to negotiate a house’s price, as it may not be something you’ve done before—and every homebuying situation is unique. Learn more about what the home negotiation process … Read more
Single-Family Home Duplex Minimum Credit Score 620 for conventional loans; 500 for FHA loans. The VA does not require a minimum credit score, but most lenders do. 620 for conventional loans; 500 for FHA loans. The VA does not require a minimum credit score, but most lenders do. Minimum Down Payment 3% to 15% for … Read more
Retail banking provides financial services for individuals and families. The three most important functions are credit, deposit, and money management. First, retail banks offer consumers credit to purchase homes, cars, and furniture. These include mortgages, auto loans, and credit cards. The resulting consumer spending drives almost 70% of the US economy. They provide extra liquidity … Read more
In 2012, business leaders waited for the outcome of one uncertainty after another. As a result, it seemed the economic spark never got enough oxygen to really burst into flame, even though the fuel was there. The biggest contributor was the 2012 presidential election. It was a very close race between two candidates with radically … Read more
The fiscal year (FY) 2020 federal budget outlines US government revenue and spending from October 1, 2019, through September 30, 2020. Revenue was $3.42 trillion less than the $6.55 trillion in spending, creating a record $3.13 trillion deficit. The deficit is $2 trillion more than the $1.08 trillion budgeted. The president’s budget planned to spend … Read more
First-time homebuyers have a lot of new territory to navigate. Perhaps one of the most important changes to make after buying a house is to refocus your finances. After all, you’ll be facing new expenses like home maintenance costs and different utility bills, so it’s the ideal time to reshape your overall budget. Learn how … Read more
That’s the new record high price of a gallon of diesel—a fuel that powers the economy and influences the cost of most goods that travel to store shelves by trucks, ships, and trains. While the price of crude oil and related products has spiked since Russia invaded Ukraine, gasoline prices haven’t set any new records … Read more
The federal budget process is a plan used to create the US federal budget. The 1974 Budget Control Act established the process. The House originates spending bills, and the Senate amends them. The Budget Control Act centralized and consolidated this budget authority. The Budget Control Act The Act gave Congress three powers. First, it allows … Read more
A good credit score is important if you ever want to rent an apartment, buy a house or car, get auto insurance, or even purchase a cell phone. At 16, most of these major life steps might seem far away, but it’s never too early to start practicing good credit habits. Using a credit card … Read more