Getting a mortgage is challenging for anyone, but there are additional hurdles if you’re your own boss. Lenders pay stubs, W-2 forms and a record of steady employment. They consider self-employed borrowers riskier and are less likely to approve them for conventional or government-backed mortgages. Read more: How to get a mortgage when …
What is AMI? AMI, or Area Median Income, is the median salary for households in a specific metropolitan area, meaning that half of the families in that region earn more than that amount, and half earn less. The U.S. Department of Housing and Urban Development (HUD) defines “low-income households” as ones that earn …
Home equity is the portion of your property’s value that you own outright. To determine how much equity you have, subtract the balance on your mortgage from the house’s current market value. For example, if you paid cash for your home, you’d start out with full equity in the property. …
If you’re an older homeowner looking for an infusion of cash, a reverse mortgage could seem like a no-brainer. there is no minimum credit score requirement and — as long as you stay current with your insurance premiums, home repairs and property taxes — no payments is due until you …
College comes with a hefty price tag. If you own your home, you may be considering funding your child’s education with a or a instead of taking out student loans. But should you? There are upsides to tapping into your home equity for higher education, but serious downsides, as well. Using home …
The National Association of Insurance Commissioners‘ 2025 report on the largest car insurance companies in the U.S. reveals the industry is continuing to consolidate: The top five insurers held a cumulative market share of 63.59% in 2024, up from 62.49% in 2023. The top two providers, State Farm and Progressive, …
Nonprofit financial institutions owned by their members, credit unions can be a better avenue to pursue a home loan than a traditional bank or other lender. They often boast lower-than-average rates, discounted fees, multiple down payment assistance options and more personalized service. Some credit unions are only available to select …
Home equity loans and home equity lines of credit (HELOCs) have lower interest rates than credit cards. That can lead some homeowners to use them to pay down large credit card bills. But this method isn’t foolproof: Most notably, you’re trading an unsecured debt for a secured one that uses …
VA loans are zero-down mortgages for active service members and veterans that are insured by the Department of Veterans Affairs and funded by private lenders. Created in 1944, the VA loan program has aided more than 24 million families achieve homeownership with flexible qualifications, lower rates, no down payment and …
Most taxpayers anticipate a tax refund from the IRS: About two-thirds of filers (64%) got money back in 2024 and, so far this tax season, over $145 billion has gone out — with the average refund hitting just over $3,300. It’s important not to think of it as free money, …