Bridge Financing Basics

Buying a new house while selling an old house is a delicate balancing act for any homeowner, no matter how prepared they are. A bridge loan can ease the process because it allows people to buy a new house before their existing house sells. But bridge loans often come at a high cost. Are they worthwhile? This article explains bridge financing basics including when to take one out. People typically use bridge loans to buy a new house before their existing house has sold. Typically, the loans ter

Best Tips for Refinancing Your Mortgage in 2018

Considering a mortgage refinance? 2018 may be the right year to turn your idea into reality. Despite the fact that rates have been slowly creeping up, we are still in a relatively low mortgage-rate environment. The average rate as of January 2018 on a 30-year fixed rate mortgage is just 4.04%, down from 6.07% during the same month a decade ago, according to the Federal Reserve Bank of St. Louis. “I don’t know why you wouldn’t refinance now,” said Joshua Bannerman, CFP and co-host of the “Stack

The AAdvantage® Aviator® Red World Elite Mastercard® Review

Frequent travelers can enjoy great benefits from using travel rewards credit cards. Unfortunately, deciding on the right credit card can be a challenge. It's especially challenging when airlines continue creating enticing new offers. The AAdvantage® Aviator® Red World Elite Mastercard® is one of those enticing new credit card offers. The card offers decent rewards and special perks for flying on American Airlines. It’s not a card for everyone but some people may decide that this is the travel c

IHG® Rewards Club Premier Credit Card Review

When most people think of reward travel, they think of using points to pay for airlines. However, hotel rewards credit cards can offer just as much (or more) value for people who regularly stay in hotels. The new IHG® Rewards Club Premier Credit Card from Chase is a hotel rewards card aimed towards travelers dedicated to the IHG chain of hotels. For the right traveler, the IHG® Rewards Club Premier Credit Card could be the best value hotel credit card in the market. However, plenty of people sh

Understanding Your Credit Score

In our credit driven society, everyone needs to manage his or her credit score. Credit scores affect your ability to obtain mortgages, car loans, and business loans, and they also influence your insurance rates and your ability to rent an apartment. Despite its importance, credit scoring is full of myths and misinformation. This guide is designed to debunk credit scoring myths and show you how to manage your credit score based on your goals. Even if you don’t use debt, you need to monitor your

4 Reverse Mortgage Alternatives to Consider

Feeling house rich and cash poor as you enter your retirement years? Last year, more than 50,000 retirees used a reverse mortgage to enhance their cash flow during retirement according to the National Reverse Mortgage Lenders Association. But the popularity of the reverse mortgage doesn’t mean it’s the right choice for every retiree. Depending on your retirement goals and your personal circumstances, you may want to consider alternatives before opting for a reverse mortgage. We’ll explain who m

Understanding Jumbo Reverse Mortgages

Are you a retiree looking to tap into your home equity to fund your retirement? If you live in a high value home (worth at least a million dollars), a traditional mortgage might not give you the most value. Instead, you may need to look into a jumbo reverse mortgage. Jumbo reverse mortgages share many similarities to traditional reverse mortgages, but also have some important distinctions. There are not many lenders included in the jumbo reverse mortgage. There are currently only two lenders di

Jumbo Loan Rates - Are They More Affordable?

Mortgages interest rates experienced a small run-up between October 2017 and March of 2018, but one thing hasn’t changed: Interest rates on jumbo mortgages are still lower than interest rates on traditional mortgages. Are rates on jumbo mortgages going to rise soon? Is now the time to take on a jumbo mortgage? This article explains how rates on jumbo mortgages compare to traditional mortgage rates. It also covers what the future may hold for jumbo mortgage rates. When it comes to understanding

How To Fix & Repair Your Credit Score | Cafe Credit

As of April 2016, 31% of Americans had FICO credit scores below 649. That is, credit scores that indicated that they had poor or very bad creditworthiness. With a poor or very bad score, you can expect lenders to pass you over for loans. You may struggle to rent an apartment or gain security clearance for certain types of employment. Even fair credit isn’t good enough for the best possible interest rates. Let’s get started with cleaning up your credit report. These are the steps you can tak

Is Home Equity Loan Interest Tax Deductible?

Since Congress passed sweeping tax reform changes at the end of 2017, some questions were left unsettled around the status of the home equity loan interest deductions — until now, thankfully. The IRS put out a new guidance that answers the question left on so many homeowners’ minds: Can you deduct interest from a home equity loan, HELOC or second mortgage in 2018? Eligibility for deducting interest paid on these types of loans has always been a bit complicated. For example, the debt had to be

How to Refinance Your Investment Property

With real estate values on the rise, and interest rates still low by historical standards, you may be a landlord looking to lower your mortgage payments and increase your rental income. Refinancing an investment property can free up money for new investments, improve cash flow or give investors better loan terms, but it can cost a lot of money upfront. Plus, refinancing an investment property isn’t as easy as refinancing a primary house. Stricter requirements for cash reserves, complicated meth

Best Budgeting Apps of 2018

Hoping to take charge of your money? Possibly trying to budget for a debt consolidation loan? Tracking your expenses and creating a realistic budget are two important steps in gaining control of your finances. Thankfully, mobile budgeting apps have made it easy for you to manage your money with ease. With so many apps on the market, it can be tough to decide which one best fits you. That’s why we’ve tested the most popular budgeting apps in iTunes and Google Play. Using this review, you can dec

Zipcar Review: A Good Car Alternative for College Students?

If you’re like most college students, you’re always looking for a good way to trim a few bucks off of your spending. From crowding four (or more) people into a two-bedroom apartment, to joining every campus club for the free food, students know how to save money in college. But such frugality can be a huge pain, especially if you’ve decided to forgo car ownership in favor of public transit, bumming rides off friends, and biking. Is there a way for college students to forgo car ownership without

What is the Statute of Limitations on Debt?

Are debt collectors hounding you over debts that fell into collections years ago? Before you throw up the white flag and prepare to make a payment, do a bit of research first. Even if you legally owe the debt, the debt collector may not be able to sue you to collect on it — that’s because debt collectors only have a limited time to file a suit against you. Once this time frame — known in “legalese” as a “statute of limitations” — expires, collectors cannot file a lawsuit against you to recoup th

Understanding Debt Relief Programs

Nobody seeks out illness, job loss, divorce or any other financial catastrophe, but sometimes things happen. Many people will accumulate overwhelming debt loads as a result of such hardship. If the burden of your debt is too much for you to afford, what can you do? The worst thing to do is jump into a debt relief program without educating yourself. In this guide, we’ll explain the risks and benefits of the most common types of debt relief programs. What happens to credit cards? Will a debt man

High-Paying Side Gigs That Earn $1,000 or More Per Month

Everyone wants to earn extra money, but is it possible to earn $1,000 per month on the side? After interviewing several people who did it, it’s safe to say that many people can. With the right combination of skill, marketing, and elbow grease, you can land a $1,000-per-month side gig. In this article, we outline 11 side hustles that allow real people to earn at least $1,000 per month.  Based on interviews with real people with side gigs, we also suggest side gigs where you can earn at least $25

Average Credit Card Debt in the U.S. in 2018

Even as household income and employment rates are ticking up in the U.S., credit card balances are at all-time highs. And as the Fed raises rates, credit card rates rise in tandem, meaning consumers could pay billions in extra interest charges. We’ve updated our statistics on credit card debt in America to illustrate how much consumers are now taking on. Number of Americans who actively use credit cards: 175 million as of 2018, according to Transunion Average number of credit cards per consume

Average Credit Card Debt in the U.S. in 2018

Even as household income and employment rates are ticking up in the U.S., credit card balances are at all-time highs. And as the Fed raises rates, credit card rates rise in tandem, meaning consumers could pay billions in extra interest charges. We’ve updated our statistics on credit card debt in America to illustrate how much consumers are now taking on. Number of Americans who actively use credit cards: 175 million as of 2018, according to Transunion Average number of credit cards per consume

The Selection Effect and Personal Finance: Are You Affected?

If you’ve been reading The College Investor for any length of time, I hope you’ve come to the conclusion that smart money management isn’t rocket science. Even the jargon-laden field of investing isn’t so difficult once you understand the basics. However, even people who have taken the time to research and understand personal finance end up making big financial mistakes. Why is that? Part of the answer is that it’s hard to do things that we know we should do. The other part of the answer is that

Retirement Planning: 5 Questions to Ask Your Parents

5 Questions to Ask Your Parents About Retirement Planning This post is sponsored by , an in-home medical alert company that promotes peace of mind among adults with health and mobility issues and their loved ones. Millennials have decades before we plan to retire, but the upcoming retirement boom will most certainly affect us. After all, our parents are starting to retire in droves. If your parents are nearing or in retirement, then it’s high time that you connect with them. Here are five ques
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