Should You Take Out a Loan to Pay Rent?
Many people are feeling the pinch of the pandemic as a result of job loss or growing debt. Worrying about not having enough money to cover your largest monthly bill – rent — is debilitating. Rent arrears can result in eviction, and some renters may consider taking out a personal loan to pay their rent.…
Do I Need a Credit Score to Rent an Apartment?
If you’re looking for a new place to live, you’re probably already thinking about how much rent you can afford each month. Other financial criteria, though, can influence whether you are accepted for a new rental property. Though everything from your assets to your salary can affect your eligibility, today we’ll address a frequently asked…
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Bad Habits That are Keeping You Broke
Welcome to another post! Some of you may have noticed that I have been posting what may be described as “rants” on social media. I try to poke some light-hearted fun at what would otherwise be fairly serious topics. I posted this week about the “new normal” when it comes to spending habits. Habits are…
Coffee Tawk: What’s the True Price of Coffee
When it comes to handmade vs. shop-bought coffee, one of the most common topics of discussion is how much money you’ll save by making coffee at home rather than purchasing a cup of coffee at a store. But is it really that easy? What about the flavor? What about convenience? Here’s the coffee math. Overview…
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Creditworthiness: Learn the Three C’s
Credit is a key component of your financial health. If you have strong credit, banks and lenders are more likely to approve your application. But creditworthiness extends beyond merely your FICO score. Let’s get familiarized with the Three C’s. The Three C’s: Character, Capital, and Capacity Assume you walk into a bank to obtain a…
Homebuyer Guide: How Much House Can I Afford?
Qualifying for a mortgage and actually being able to afford it are two completely different things. Assume you qualify for a hefty mortgage. While your lender is prepared to offer you a large sum of money, that doesn’t imply that you have to borrow the entire amount if it will put you outside of your…
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How to Buy a Home: Down Payment Assistance Programs (part 2)
Welcome to part two in a two-part series about first-time homebuyer programs. Part two deals primarily with down payment assistance programs and concludes with a list of pros and cons. If you haven’t already read part one, you can jump to it by simply clicking HERE. Have you been exploring the option of buying your…
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How Credit Limits Impact Credit Scores
The maximum amount of available credit that a financial institution is willing to provide to a customer on a credit card or a line of credit is defined as a credit limit. Credit limitations are typically determined by lenders with reference to specific information about the applicant for credit, such as the applicant’s income and…
Financial Literacy: Put the Power in Your Wallet
We can’t stress enough how important it is to champion financial literacy. Financial education can play a role in addressing wealth disparities. People tend to make far better financial judgments when they understand how money works. Developing Sound Financial Habits People who performed well on financial literacy tests were more likely to spend less than…
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How to Save Money for a Down Payment
So, you’ve decided to stop renting and take the plunge into the homeownership pool! It’s time to get your ducks in a row. After you’ve reviewed your credit and resolved your debt issues, there’s one more huge hurdle between you and your house purchase. That’s right, it’s your down payment – the amount of money…
How to Budget: Personal Finance Basics
Everyone says you should have a budget, which is sound advice. However, if you’ve never had a budget, you may be unsure of how to budget, what it is and what it’s intended to do. In this article, I’ll explain what a budget is, why you need one, and discuss some practical ideas that may…
How to Buy a Home: First-Time Homebuyer Programs (part 1)
Welcome to part one in a two-part series about first-time homebuyer programs. If you have already read this post, you can jump to part two by simply clicking HERE. If you’re a first-time homebuyer, you may be feeling priced out of the market in today’s rapidly growing housing market. However, because you are a first-time…
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Debt 101: The Good, the Bad & the Toxic
Debt is defined simply as money owed by one party to another. However, things can quickly become complicated. Debt can be a valuable financial tool or a burden that complicates your life, depending on your circumstances. The best strategy to address your debt is determined on the type of debt and the amount owed. If…
Purchasing a Home: Pick Your Season & Get Pre-Approved
Purchasing a home is both an exciting and stressful experience that necessitates research, expertise, and an understanding of the property market. Because the housing market fluctuates throughout the year, time is one of the most important elements to consider when purchasing a home. Factors to Consider When Purchasing a Home While location, price, and personal…
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How Much Home Should I Buy?
The amount of a home loan you can qualify for is determined by how much debt a lender believes you can handle. This will eventually influence how much house you can afford. However, just because you’ve been accepted for a certain amount doesn’t imply you should buy a home in that price range. Instead, before…
Understanding Credit Scores
The impact that your credit score has on your life as an adult in America cannot be ignored. There may be no stronger gatekeeper to a better life than good credit. Why is it then that many peoples’ first experience with their credit score is finding out that they’ve been denied for something because of…