What is private mortgage insurance?
If you get a conventional loan and make a down payment of less than 20 percent of the home price, you are required to purchase private mortgage insurance (PMI). PMI protects the lender (not you) in case you fail to make your mortgage payments. Banks, savings associations, credit unions, and mortgage companies make conventional loans…
Read MoreHow should I pay off medical debt that’s been sent to a collection agency?
“My debt from an unpaid urgent care bill has been sent to a collection agency. What is the best way to go about paying off this debt?” Submitted by Jessica J. Medical debt is a huge financial stressors for many people. Taking action early is the best way to get it under control. Double-check your…
Read MoreHow much should I save if I’m in debt?
How much should I save monthly if I am in debt? Or what percentage of my income should I save if I am in debt? Submitted by LaTisha V. When we have debt, our priorities can change completely. To start, we have to remember that not paying our debt will negatively impact our credit history…
Read MoreHow do you get out of an upside down car loan?
How do you get out of an upside down car loan when you have bad credit and no one is willing to refinance? Submitted by Nichole B. You have touched on a hot button for me! In the early 90s, I had a car that was so upside down my grandchildren would be paying the…
Read MoreWhat does it mean to refinance a mortgage?
Let’s start with the basics. Refinancing simply means that you’re replacing your existing loan with a new mortgage. Reasons for Refinancing a Mortgage If you’re considering refinancing, your reasons may include: A lower interest rate Shorter (or longer) term to pay off the loan or cash out equity Changing the type of mortgage (you may…
Read MoreHow do you balance debt and savings? Here’s what our research found.
If you’re paying down debt, saving money may be a low priority for you. After all, you’re probably paying interest on your debt every month, so paying off your debt more quickly means keeping more money in your pocket long-term. It’s harder to save when you have debt Our research found that Savers with a…
Read MoreUnderstanding Your Debt
Hi, I’m Saundra Davis, financial coach here at SaverLife. Today we are going to talk about one of the biggest financial stressors in many of our financial lives: debt. The “No Judgment Zone” So, the very first thing is remember the “no judgment zone.” Everything that you have done in your financial past that you’re…
Read MoreHow to Get the Best Rate on a Loan
If you need money for the short or long term, it’s important to remember that not all loans are created equal – and the price you pay for that money (in fees and interest) may vary dramatically. What do you need? Before shopping around for loans, you should know how much money you’re looking to…
Read MoreIs there anyone that will work with you one-on-one to get out of debt?
Is there anyone that works one on one to get the person to get out of debt and credit collections? Submitted by Amanda B. Credit “repair” is a hot topic and you are wise to seek out someone reputable to help you sort out the best solution for your situation. The CFPB (Consumer Finance Protection…
Read MoreDebt Consolidation: What is it and is it right for me?
If you’re dealing with multiple loans, chances are you’ve heard of debt consolidation (think of those obnoxious radio or tv ads). But what exactly is debt consolidation? Put simply, debt consolidation allows you to consolidate all of your debts into one payment. This will combine all your debt amounts, and it may offer a…
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