Colin Hogan – Page 4 – The News Desk

4Oct

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Afterpay Review | U.S. News

How Does Afterpay Work? Afterpay is an easy-to-use buy now, pay later service. Several retailers have a built-in Afterpay payment option in their checkout – both online and in stores – where you can simply select the Pay in 4 repayment.Alternatively, you can add the Afterpay Plus Card to your digital wallet from the lender's app. Then, when you check out at your favorite retailer that accepts Google Pay or Apple Pay, you'll simply tap it like a normal credit card and your installment plan will be set up automatically.When you set up your Afterpay account on the app, you'll be prompted to link the credit or debit card of your choice. After you make a purchase, installment payments can be automatically charged to the card on file.Afterpay also offers a monthly payment loan that comes with s...

What Is a Mortgage? | Mortgages and Advice

29Sep

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What Is a Mortgage? | Mortgages and Advice

Buying a home can be a path to building savings and putting down roots in a community. But with median home prices higher than $400,000 in the United States today, many people can't take this step without borrowing money. That's where a mortgage comes in.What Is a Mortgage?A mortgage is an agreement you make with a lender when you borrow money to buy a home. A mortgage gives the lender the right to take your home through foreclosure if you don't repay the loan as promised. Typically, a mortgage puts a lien on your property title, meaning that you own the home but the lender has a legal claim on the property until the loan is paid off.How Do Mortgages Work?When you take out a mortgage loan, a lender provides upfront funds for you to use on a home purchase. You then repay the amount you bor...

What Is APR on a Credit Card? | Credit Card News & Advice

25Sep

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What Is APR on a Credit Card? | Credit Card News & Advice

When comparing credit cards, one of the key factors to consider is the annual percentage rate, or APR. Unlike with other types of loans, credit card APR is a bit tricky to understand since it’s calculated differently. And there are different credit card APRs depending on the type of card activity.To qualify for a good credit card APR, the key is to maintain a healthy credit score. That said, the average credit card APR is the highest it's been in a long while, thanks to the Federal Reserve's interest rate hikes, so your best bet is to try to avoid paying it as much as possible. The best way to do that is to learn more about how APR works, how it's calculated, the different types of credit card APRs and other "interest"-ing facts.See our guide below for a breakdown of credit card APR. Key ...

Fixed or Variable Student Loan: Which Is Better? | Student Loans and Advice

19Sep

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Fixed or Variable Student Loan: Which Is Better? | Student Loans and Advice

When you borrow a private student loan, you may get to choose between a fixed or variable interest rate. A fixed-rate student loan offers a predictable monthly payment, with an interest rate that doesn't change over the life of the loan. A variable-rate student loan, on the other hand, has an interest rate that can fluctuate, increasing or decreasing depending on market conditions.Generally, fixed-rate student loans are a safer choice. However, a variable rate could offer savings in some situations, particularly if market rates are low and you plan to pay off your loan quickly. When it comes to deciding between a fixed or variable student loan, both types have benefits and drawbacks, so weigh the two options carefully to make the best choice for your finances.Fixed vs. Variable Student Lo...

How Many Mortgages Can You Have? | Mortgages and Advice

18Sep

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How Many Mortgages Can You Have? | Mortgages and Advice

Multiple mortgages enable you to broaden your real estate investments, but limitations apply. You can have up to 10 conventionally financed properties at a time, including second homes and investment properties. While having several mortgages is possible, you’ll face more requirements as you finance multiple properties at once. Read to understand how many mortgages you can have and what you need to know about getting approved for more than one mortgage.The Maximum Number of Mortgages You Can HaveFor example, you could have a first mortgage and take out a home equity loan as a second mortgage on your primary residence. Or you could take out a mortgage for your primary residence, sell it or pay off your mortgage, and get another mortgage for a new primary residence.For second homes or inves...

What Is Mortgage Forbearance? | Mortgages and Advice

16Sep

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What Is Mortgage Forbearance? | Mortgages and Advice

Mortgage forbearance allows homeowners facing financial hardship to put their payments on pause for a set period of time. Here's what you should know about mortgage forbearance, in case you need to weather a future financial crisis.What Is Mortgage Forbearance?Mortgage forbearance is temporary relief offered by lenders which allows you to pause your monthly mortgage payments, or make lower payments, for a period of time. When you're approved for a mortgage forbearance, you and the lender agree that you will stop making payments for a specified amount of time and arrange to pay later."Forbearance doesn’t mean your payments are waived forever. It’s a temporary pause on payments, usually due to a financial hardship," says Leslie Tayne, founder and head attorney focusing on consumer and busin...

How to Go Back to School With Defaulted Student Loans | Student Loans and Advice

12Sep

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How to Go Back to School With Defaulted Student Loans | Student Loans and Advice

Defaulting on student loans can present an obstacle if you want to go back to school. Student loan default, which occurs after 270 days of missed payments on federal student loans, typically makes you ineligible for federal student aid. That means borrowers in default can’t access the grants, work-study programs and student loans that help make college affordable.However, the Department of Education is lifting this restriction for one year to give borrowers an opportunity to get their loans out of default through its new Fresh Start program. Through October 2024, one year after the payment pause ends, you can access Title IV funding even if your loans were in default prior to the payment pause that started in March 2020.This temporary relief gives the 7.5 million borrowers in default time...

Freddie Mac Home Possible Mortgages: What You Need to Know | Mortgages and Advice

5Sep

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Freddie Mac Home Possible Mortgages: What You Need to Know | Mortgages and Advice

Buying a home can be a challenge for anyone, but especially for lower-income homebuyers who may not have a large down payment. Luckily, there are some home loan programs, including Freddie Mac Home Possible, designed to help borrowers who might not meet traditional requirements.Learn more about the advantages and drawbacks of Freddie Mac Home Possible and how to qualify to help you decide if it's right for you.What Is the Freddie Mac Home Possible Program?The Freddie Mac Home Possible program is a low-down-payment conventional mortgage program designed to help lower-income homebuyers achieve home ownership. Freddie Mac, a government-sponsored lender established by Congress in 1970 to help ensure stability in the mortgage market, launched the program in 2014. Around 80% of Home Possible bo...

How You Can Use Home Equity to Buy Another House | Mortgages and Advice

31Aug

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How You Can Use Home Equity to Buy Another House | Mortgages and Advice

Most of us are happy to own just one home. But others have an eye on buying a second home. Using the equity from the first home is one way to make that dream a reality.Many borrowers use equity to purchase a vacation home, rental property or second home. But before you do, it's important to weigh the pros and cons.What Is a Home Equity Loan?A home equity loan lets you borrow against the equity in your home. You may use the cash to pay off debt, fund a home renovation project or for another purpose.This type of loan typically comes with a fixed rate. You get the money as a lump sum and pay back the loan over time.A home equity loan can be an attractive option for folks who need to borrow. “Compared to other loan types, home equity loans or lines of credit frequently have lower interest rat...

7 Loan Apps That Let You Borrow Money Fast | Personal Loans and Advice

20Aug

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7 Loan Apps That Let You Borrow Money Fast | Personal Loans and Advice

If you ever find yourself in a financial bind and need instant access to cash to cover an unexpected expense, there's an app for that. Whether you call them loan apps, borrow-money apps, cash advance apps or payday advance apps, these online lenders can provide financial lifelines to people in a penny pinch.They're not ideal. There's always a cost to borrowing money – even if that cost is just in the form of continuing bad financial habits – but loan apps might be useful in an emergency. Learn more about how loan apps work, the pros and cons, and our top picks for when you find yourself coming up short.Are There Really Apps That Let You Borrow Money?Different from online personal loans, loan apps are meant to offer a short-term solution for those in need of a quick money fix – and there a...