What Is a Mortgage?
A mortgage is a loan to purchase a home or land. When you begin planning to buy a home, shopping for mortgages is one of the steps you can take to find out how much you can afford. Mortgages are offered by banks or credit unions and the loan is secured (guaranteed) by the property you purchase.…
Read MoreWhat Is a Credit Score?
Your credit score is a number that is calculated by a company and sold to creditors to let them know how you have managed credit in the past. This is how your credit risk is determined (how likely you are to pay your debts on time). FICO (Fair Issac Corporation) is the most commonly used score…
Read MoreWhat Is a Credit Report?
Your credit report is a summary of all of your reported financial history. Keep a close eye on this to make sure that it is accurate because it determines your credit score. Checking your credit report is a first step to achieving some of your financial goals. It’s a good idea to check your credit…
Read MoreWhat Is Interest?
The good, the bad, and the confusing! Interest can be your best friend (if you are earning it) or your worst enemy (if you are paying it). Interest is “the cost of money” you pay when you borrow (debt), or you earn when you lend (deposit money in a bank) money. Of course, our deposits…
Read MoreWhat Is APR?
Your Annual Percentage Rate (APR) is the interest you will pay over the course of a year. This doesn’t tell you how much you will actually pay if your interest is compounded in shorter increments. Our loans are usually compounded monthly, or for most credit cards, daily! YIKES! If you really want to know how…
Read MoreFour Myths about Personal Finance
There are a lot of financial myths out there that simply aren’t true! Making good financial decisions starts with having the correct information you need to make those decisions. I’m going to go through four common myths about personal finance to get to the bottom of those misconceptions. 1. “Paying rent is throwing away money.”…
Read More5 Tips for Tax Filing When You Have ACA/Marketplace Health Insurance
Are you planning to enroll in a health insurance plan sold through the Affordable Care Act Health Insurance Marketplace? Before you get started, it’s important to understand how the Premium Tax Credit (PTC) could affect your enrollment. The PTC is a refundable tax credit that can help you pay the premium for health insurance sold…
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