Amy’s Story: An Essential Employee During the Coronavirus Pandemic
Meet Amy, a banker with two teenage daughters who lives in North Tazewell, Virginia. What’s your profession? I work at New People’s Bank and I do customer service. I do loans and I dabble in just about everything in the bank. We have a stay-at-home order except for essential employees or groceries because of coronavirus.…
Read MoreWhat 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 MoreWhy isn’t my credit score improving?
I’ve been paying my bills every month on time and nothing changes on Credit Karma. I feel like I’m stalking the app. What should I do? Submitted by Michelle S. Congrats on paying your bills on time! Can we just celebrate that for a moment? What Impacts Your Credit Score Paying your bills will not…
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 MoreMichael’s Story: Make Your Money Work For You
Meet Michael, a substance abuse counselor who lives in San Diego, California. What do you do? I’m a substance abuse counselor. I’ve been doing it for about two years now – midlife career change. Unfortunately, it’s one of the fastest growing professions in the US, which doesn’t bode well for us. What did your upbringing…
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 can I get a loan for a cheap used car?
Hello, Saundra! How do I go about finding and choosing a certain type of loan (if one exists) that would enable me to quickly buy a cheap used car (around a couple thousand) that I could be able to pay back (with no job/income) with only the money I have saved from last semester’s student…
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