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4 Wrong Ways to Pay Off Debt

Not all options to pay off debt are good ones. When considering methods like obtaining a home equity loan or an increased line of credit, cashing out your 401(k), and cash payday advances, you should realize these are simply quick fixes that will increase your total debt and financial risks. Knowing the wrong approaches to …

Stimulus Money Might Stimulate Insider Trading

The study underscores a potential shortcoming of federal bailout programs — that shareholders take advantage of insider knowledge. | Illustration by Cory Hall Many executives may have exploited their inside knowledge of government intervention during the financial crisis of 2008 to extract millions of dollars in stock-trading profits through suspect transactions, a new study shows. …

What Do You Do If You Get Behind on Mortgage Payments?

When times are tough, we often have to think about where to cut back. If you are in the uncomfortable position of needing to select which bills to prioritize, you might wonder what happens if you skip your mortgage payment for just one month. The consequences vary depending on how late you are. If you …

Wait Time Varies for Buying a Home After Foreclosure

iStock Getting a mortgage can be difficult for any prospective homeowner, but buying a home after foreclosure is an especially trying process. Why? Because of the wait time that is enforced by lenders. Just how long you’ll need to wait depends on a few things. Conventional loans Every mortgage loan type requires a waiting period …

What Is a Chattel Mortgage?

A chattel mortgage, also known as a secured transaction, is a loan that can be obtained from a bank or financial institution using some sort of movable personal property—possessions other than land, buildings, or any permanent fixture—as security. If you need leverage for a loan, you don’t have to put your house on the line. …

6 Tips for Students to Organize Bills and Pay Them

iStock/Thinkstock During your college years, moving into your own place for the first time means assuming more responsibility. It’s your first step toward independence and tackling real-world problems without your parents present. You may know how to do your own laundry and get to class on time, but now it’s time to tip toe one …

Saving Up for a Down Payment? Here’s Where To Put Your Money

MonthiraYodtiwong/Getty Images The coronavirus crisis has heightened financial anxiety and uncertainty. But if buying a home has been part of your life plan, there’s no need to panic. Many Americans will receive stimulus payments in the coming weeks, which could ease some of the burden, and if you’re able, now is still a good time …

How to Get Mortgage Documents Right the First Time

Weekend Images Inc./iStock Mortgage documents start to pile up from the very minute you visit your lender to inquire about a loan. Lending qualifications have tightened in a post-recession world—meaning whether you’re applying for a government-backed loan, a qualified mortgage loan or even a jumbo loan, you’ll face more paperwork than ever before. Fail to …

4 Types of Debt Consolidation Loans

monkeybusinessimages/iStock/Thinkstock If you’re struggling with bills you can’t pay, debt consolidation can seem like a viable option. Consolidation allows you to gather all your debts together into one lower interest loan—better terms than you had before with separate debts. There are several kind of consolidation options which will allow you to choose the method that works best …

How to Get a Mortgage: A Step-by-Step Guide for Home Buyers

AlexanderNovikov/iStock If you want to buy a house but don’t have oodles of cash lying around, you’ll need to learn how to get a mortgage—that all-important home loan used to purchase property that you will then pay back for years or even decades to come. The vast majority of home buyers need a mortgage to achieve their …