Home improvement spending is up 22%: How homeowners are … – SFGATE
Home improvement spending is up 22%: How homeowners are … SFGATE
Home improvement spending is up 22%: How homeowners are … SFGATE
It goes without saying that getting hit with a credit card fee isn’t anyoneâs preferred way to spend their money. If possible, you probably want to dodge those charges so you can use that cash elsewhere, perhaps putting it towards the bill itself or buying yourself a great meal. One common type of credit card […]
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If you spot a pending credit card transaction that isnât correct or isnât even yours, canceling it will likely be your top priority. And for good reason: Itâs often wise to act quickly when dealing with this kind of financial situation rather than waiting to see how things work out. You want to take action […]
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Today’s mortgage rates hold steady. 15-year rates are today’s lowest | March 31, 2023 Fox Business
If youâre trying to build your credit, you may encounter a bit of a Catch-22: You likely need a good credit history to successfully apply for credit. But how do you do that if you donât have credit? Fortunately, products like credit builder loans and secured credit cards can help you build a favorable credit […]
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Americans put a lot of money into their fuel tanks â from commuting to work to taking epic road trips â and gas credit cards are one option that can help cut the costs of getting around. There are a few different types of gas credit cards to consider: branded gas cards that only work […]
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Mortgage Rates for March 22, 2023: Rates Recede Slightly CNET
Opening a joint credit card with someone you trust â meaning a spouse, partner, trusted friend, or family member â can seem like a good idea. You’re both 100% financially responsible for paying off the balance on the card. Plus, you both share privileges of making changes to the account, earning rewards, and using the […]
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There are many loan types available to homeowners, and each loan has its advantages and disadvantages. One loan you may have heard of is a bridge loan. Weâll walk you through the ins and outs of bridge loans, how they work, the pros and cons, and who should consider this type of loan. What Is a Bridge Loan? A bridge loan is a short-term loan typically used to âbridgeâ the gap between buying your new home and selling your old one. Essentially, this type of loan is something you might get when you need to buy before you sell your old home. Itâs designed to give you a bit of extra cash that will help you begin your new mortgage payments while you might still own a second home and need extra help making those payments. How Do Bridge Loans Work? Due to the high risk associated with bridge loans, not every lender offers this type of loan. However, if your lender does offer bridge loans, you can begin the loan qualification process. Typically, bridge loans have stricter requirements than other mortgage loans because of the high-interest rates and quick repayment plans. You may need a higher credit score and lower debt-to-income (DTI) ratio to qualify for a bridge loan. Once you qualify, you will be able to take out a bridge loan and use it to purchase a new house or make payments while you technically own two homesâuntil youâre able to sell your old one. Bridge loans will need to be repaid much sooner than most other housing loans. Often youâll need to repay it within 6â12 months after you take out the loan. The Pros and Cons of a Bridge Loan Bridge loans arenât for everyone. Understanding the pros and cons of a bridge loan can help you determine if this type of loan might be the right choice for your situationâor if you should look at alternative loan options. Pros Extra cash flow. When youâre buying and selling homes, most of your cash is strapped down, and you might not have enough cash to make down payments or cover closing costs. A bridge loan can give you some cash in hand to use for this process. Faster than most loans. With a bridge loan, you can usually get financing faster than with other housing loans and financing options. No contingency necessary. If you use a bridge loan, you technically donât have to sell your old home before you buy, with no contingency needed. Cons Higher rates. One of the biggest drawbacks of a bridge loan is that you will almost always have higher interest rates and APR than conventional loans. Still requires a down payment. You may need to have 20% equity in your current home and be able to cover a down payment to even qualify for a bridge loan. Financing requirements. You may need to meet a higher standard to qualify for this loan. Limiting your lender options. Using a bridge loan can limit your lender flexibility for your mortgage for your new home. Often, lenders will only offer you a bridge loan if you agree to use it for your new mortgage. So using a bridge loan can also restrict your future mortgage options. Bridge Loan Alternatives Ultimately, the higher rates and lower flexibility make bridge loans a restrictive financing option. Here are a few bridge loan alternatives that are designed to increase your options and keep your rates lower and more flexible. While Pennymac only offers Home Equity Loans, we think all of these are viable alternatives to consider if you find yourself needing more financing: Home equity loans. These loans consist of a lump sum payment thatâs borrowed against the equity in your existing home. The proceeds of a home equity loan can be used to help you buy a new house before selling your existing one. HELOC. This option is a line of credit borrowed against the equity of your existing home, which often comes with much lower interest rates. A HELOC works like a credit card. You can withdraw as much as you want up to the approved credit limit. Personal loan. With good credit and a low DTI, you could qualify for a personal loan instead. This loan could be used as funding for a new home, but may still require collateral. These are just some of the alternatives to a bridge loan. A mortgage expert can help you determine what the best option for your unique situation is and help you get the funding you need. Compare your mortgage options today to see what would work best for you.