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[ad_1] For many Canadians, the first few months of the year signal a time to reset—and that often includes making financial resolutions. In 2022, however, that could be harder to do. Inflation and the rising cost of living are now among Canadians’ top concerns, surpassing even COVID restrictions and personal well-being. While you can’t control those economic circumstances, one of the most effective ways to improve your financial health is to reduce or pay off your credit card balances. And thankfully, there are strategies you can put to work. Read on to discover how you can pay off your credit card debt faster to improve your financial health. Be mindful with money Mindfulness, or the practice of being present and aware, is not going to reduce any debt on its own, but it can change your relationship with spending and help you to build smart money habits. Before you make a purchase, take a moment to consider whether you really need that item, and whether you’re getting a good value. Sometimes, we buy things to relieve stress, anxiety or boredom—a phenomenon known as emotional spending. Pausing to recognize our feelings can help curb impulse buys. Being present is a practice, so you will need to create a habit of it. Each thoughtful decision will help you build a positive habit and move you towards a financially healthy mindset. Develop a strategy Paying down debt shouldn’t be a haphazard endeavour. If you want to make a serious dent in your credit card balances, there are two main strategies you can consider: snowball and avalanche. The snowball method involves paying as much money as possible toward the card with the lowest balance in order to clear the debt quickly. Once it’s paid off, you move on to the next card, and so on—creating a snowball effect. This process is effective for people who respond well to positive reinforcement, as it motivates them to stick to the plan. The reward you get from an early success helps to maintain momentum. With the avalanche method, you focus on paying off the card that charges the highest interest rate first. The idea is to slow—and eventually eliminate—the interest charges that bloat your debt load the most, thereby saving you money. Both strategies work well (as long as you keep making the minimum payments on all your balances), so you can select the approach that best suits your personality. Carry the right card For credit card debt, you can reduce the amount of interest you’ll have to pay back by transferring your balance to a lower-interest credit card, especially one with a solid balance transfer promotion. Take, for example, the no-annual-fee MBNA True Line Mastercard. It charges a low 12.99% interest rate on purchases and balance transfers (24.99% on cash advances). New cardholders get a welcome offer: 0% interest for the first 12 months on balance transfers completed in the first 90 days. There will be a transaction fee equal to 3.00% of the dollar amount of each balance transfer initiated with this application. A minimum fee of $7.50 will apply to each balance transfer transaction. (This offer is not available for residents of Quebec.) Let’s say you carry a balance on a credit card that charges the typical interest rate of around 19.99%. With the True Line card, you could transfer your debt and get a full year, interest-free, to reduce or eliminate it. After the promotional period, the interest rate rises to just 12.99%—the card’s regular interest rate for purchases and balance transfers—which saves you 7% compared to what you’d be paying with a typical card. For every $1,000 in debt, that’s a difference of $70 per year. You could also use available credit on your credit card to transfer funds right to your chequing account. There are credit cards tailored to all sorts of situations and spending habits. If you’re looking to reduce your debt quickly, a lower-interest card may make a lot of sense for you. If improving your financial health was one of your resolutions, now’s the time to make some changes. By being present with your money matters, finding and sticking to a debt-repayment strategy and using a lower-interest credit card, you can set yourself up for a better financial picture in 2023. MBNA True Line Mastercard* Annual fee: $0 Welcome offer: Get a 0% promotional annual interest rate (“AIR”) for 12 months on balance transfers within the first 90 days of opening the account. Interest rate: 12.99% on purchases and balance transfers, 24.99% on cash advances Additional benefits: Savings at Avis and Budget Rent A Car Note: This offer is not available for residents of Quebec. Get more details about the MBNA True Line Mastercard* Go to Site The post Finances stretched to the limit? appeared first on MoneySense. [ad_2] Source link

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[ad_1] Honduras inaugurates first female president, Harris vows closer U.S. ties [ad_2] Source link

[ad_1] The government on Friday appointed V Anantha Nageswaran, dean of Chennai-based IFMR Graduate School of Business and a visiting distinguished professor of economics at Krea University, as the next chief economic advisor in the finance ministry. The announcement comes just days before the presentation of the economic survey for FY22 and the Budget for FY23 early next week. He joined on Friday and succeeded Krishnamurthy V Subramanian, who returned to academia on December 17 at the end of his three-year term at the North Block. Nageswaran, who served as a part-time member of the Prime Minister’s Economic Advisory Council between 2019 and 2021, holds a doctorate degree in finance from the University of Massachusetts in Amherst for his work on the empirical behaviour of exchange rates. The new CEA comes at a time when the Covid-ravaged economy is recovering from its worst contraction in recorded history in FY21 and is estimated to grow 9.2% this fiscal, albeit driven by a favourable base. While a meaningful rebound is expected in the next fiscal (most agencies projected real growth to range from 7% to 9%), private consumption, the principal pillar of the economy, remains subdued and private investments have flowed into only select sectors. As the Centre and the states were forced to step up spending to save both lives and livelihood during the unprecedented crisis, general government debt shot up to about 90% of GDP. Boosting private consumption and heralding a durable cycle of investments, therefore, remain critical to India’s economic resurgence in the aftermath of the pandemic. The new CEA, being an important figure in the government’s economic policy-making, is expected to firm up ideas to deal with both external and internal headwinds, and catapult the country into a high-growth trajectory. He will also be the lead author of the annual Economic Survey. His predecessors in recent years have used their terms in office to provide ideas for debate. For instance, KV Subramanian had advocated a “virtuous investment cycle” to achieve high growth rates on a sustained basis. Subramanian also came out with the concept of “Thalinomics”, which was an attempt to quantify what a common person paid for a full meal across India. Nageswaran had worked for a decade for Union Bank of Switzerland (now UBS) and for Credit Suisse in Switzerland and in Singapore until 2004. Subsequently, he also served as the global chief investment officer for Bank Julius Baer & Co, based out of Singapore, until 2011. Prior to his appointment as the CEA, Nageswaran has worked as a writer, author, teacher and consultant. He has taught at several business schools and institutes of management in India and in Singapore and has published extensively, the finance ministry said in a statement. He also holds a post-graduate diploma in management from the Indian Institute of Management, Ahmedabad. [ad_2] Source link

[ad_1] Pennsylvania court declares state’s no-excuse absentee voting law unconstitutional  CNN Pennsylvania court strikes down no-excuse mail-in voting law  Fox News Court ruling puts mail-in voting on hold in Pennsylvania  FOX43 News Pennsylvania Court Says State’s Mail Voting Law Is Unconstitutional  The New York Times Mail-In Voting Deemed Unconstitutional – ButlerRadio.com – Butler, PA  butlerradio.com View Full Coverage on Google News [ad_2]

[ad_1] Milo, a Miami-based digital lender, announced last week that it is rolling out a crypto mortgage product to clients with digital currency. Josip Rupena, the CEO of Milo, hopes that his mortgage product will allow borrowers who may not be able to qualify for a conventional mortgage to have a shot at a 30-year mortgage, backed by a bitcoin pledge. Currently, the cryptocurrency universe is worth over $1.7 trillion though it has nosedived in the last week, down from about $3 trillion. HousingWire sat down with Rupena this week to learn about how a crypto mortgage transaction works, why a borrower would opt for a crypto mortgage, volatility, and what the future of crypto holds for the mortgage industry. Editor’s note: This interview has been edited for length and clarity. It was also conducted when crypto’s market cap was about $3 trillion. Maria Volkova: Is the crypto a deposit of sorts? Can you explain to me a little bit how this transaction works? Josip Rupena: It’s not a deposit. It’s going to go to a third-party custodian that we work with, and then that amount is going to be held there. It’s a pledge. So, what that means is that in the event that the consumer can’t make their mortgage payments, we have a claim on the actual crypto. MV: Is Bitcoin kept as collateral through the life of the loan? JR: Yes, we require them to keep Bitcoin collateral through the life of the loan. Once a client pays off the loan, the Bitcoin will go back to their digital wallet and the lien on the property will be removed. The exact unit amount of bitcoin (i.e. 10 bitcoin) would go back to them, and may be worth more or less in dollar terms than when they originally took out the loan. MV: Who is your target audience for this product? JR: What we’re seeing is that a crypto consumer tends to skew younger, so I would say that it’ll range from 20’s to 40’s. And I would say probably the average is going to be someone in the 30-year-old range. MV: In Milo’s press release, there was mention of a waitlist for the crypto mortgage. How many customers are waiting in line to get a crypto mortgage?   JR: Since we launched that waiting list a little over a week ago, I believe we have over 5,800 people on that list. And we expect demand to continue to grow as new people hear about what we’re doing and more importantly, they start to see that there’s an opportunity for them to now diversify and buy real estate. We’ve been really overwhelmed by the amount of interest in people reaching out to us. MV: If a borrower has $1 million in crypto why would they opt for a crypto mortgage instead of liquidating their Bitcoin and buying a house with cash? JR: I think the primary reason is the opportunity cost. So, when someone has amassed a significant portion of wealth that’s comprised of crypto it becomes a very big opportunity cost to sell it, if you believe that it’s going to continue to rise over the coming years. And the other aspect is, if you do sell, there’s a likelihood that that’s going to trigger a taxable event. And then the third reason is that today, for someone that has crypto, it is challenging for them to qualify for a conventional loan. If they have to liquidate their crypto wealth, it becomes more challenging for them to be able to qualify, and a lot of people that have crypto, well, they may not have all the qualifications, to be able to qualify for a conventional loan.  You may be able to have enough for a down payment, but you still need to qualify for a mortgage. So that’s what we’re really trying to solve for is if you’re trying to do this transaction, then can we put it all together and be a turnkey solution.   MV: Your mortgage product is built around the idea that Bitcoin has value, and it will continue to grow, but what happens if Bitcoin is devalued? JR: It’s a great question. And it’s one that we think a lot about the structure and sort of risk parameters. For a consumer that pledges Bitcoin, there will be a margin call and if the value of Bitcoin drops below a certain percentage, that will trigger an event where we may have to liquidate to stay within our risk parameters of what we’re comfortable with. But for most consumers that have Bitcoin, this is usually not the only amount of Bitcoin that they have, so it’s likely that they would have the desire to pledge more, because again, they don’t really want to sell the Bitcoin because of volatility around it. I think that if you would have asked me five years ago, with the asset class being $200 to $300 billion in aggregate, like the digital asset class, then you would say, yes, there’s a likelihood that it could go down significantly. But I think if you fast forward today, the asset class is close to $3 trillion, and the reality is that it’s here to stay. I think that the expectation is that there will be volatility within the asset class, but I don’t think it disappears, by any means. MV: Are there plans to securitize the product? And who is funding this initiative? JR: Yes, at some point, we’re going to look at that. And we have several relationships with institutional capital partners for what we are doing. On the side of you know, who’s taking the risk? We’ve been fortunate to have great investors, equity investors into our company and that’s allowed us to go out and be a direct lender. And we have good institutional relationships as well, with partners that help us have more capital. But that’s all possible because we have great investors that are allowing us to

[ad_1] If you’re a student and are looking to build a credit history—or simply want some rewards that will ensure instant ramen noodles aren’t your only dinner option—a credit card that offers a great combination of generous rewards and low annual fees is exactly what you need. The key is to be responsible with your credit card spending and pay off the balance every month so that buying a first car or home in the future will be within your grasp. Find your next credit card.What kind of credit card are you looking for? Get matched with the best cards for you in under 2 minutes at ratehub.ca. Let’s get started. I want to earn rewardsI want to pay low interest You will be leaving MoneySense. Just close the tab to return. The best student credit cards in Canada 2022 Best for cash back — BMO CashBack Mastercard, CIBC Dividend Visa for Students Best for grocery shopping — PC Financial Mastercard Best for money management — Koho Visa Best for flights — BMO Air Miles Mastercard Best for instant approval — SimplyCash Card from American Express Best for bad credit — Plastk Secured Visa Credit Card Best for entertainment perks — Scotiabank Scene Visa Card for students Our methodology — For greater insight into our rankings Best student credit card for cash back BMO CashBack Mastercard* This no-fee card offers rewards wherever you spend. You’ll earn 0.5% cash back on all your purchases, but 3% on up to $500 in groceries per month and 1% on recurring bills. Plus, the minimum redemption requirement is only $1, so you can redeem your cash back when you truly need it. Annual fee: $0 Welcome bonus: Get up to 5% cash back for the first 3 months; introductory 1.99% interest rate on balance transfers for 9 months with 1% transfer fee; plus apply now to get a $50 cash back bonus when you spend over $6,000 in the first year (up to $175 cash back). Rewards: 3% cash back on groceries (up to $500 per month), 1% on recurring bills (up to $500 per month) and 0.5% cash back on everything else. Perks: Redeem for cash back at any time in increments of just $1. Items you purchase using the card receive double the manufacturer’s original warranty protection, up to one year; get up to 25% off base rates at eligible National Car Rental and Alamo Rent A Car locations. Get more details about the BMO CashBack Mastercard* Also consider: CIBC Dividend Visa for Students You’ll earn 1% on gas, transportation, dining and any recurring bill payments. You’ll also get 2% back on groceries and 0.5% back on everything else. You’ll get access to SPC+, as a perk, too. Annual fee: $0 Welcome bonus: Earn $60 cash back when you make your first purchase within your first four months of having the card. Rewards: Get 2% cash back on grocery purchases; 1% on gas, transportation, dining and recurring payments; and 0.5% cash back on all other purchases. Perks: Get extra protection on new purchases, by doubling the manufacturer warranty up to one year on most purchases. Cardholders eligible for an SPC membership get free access to SPC+, which offers bigger discounts and special experiences. Best student credit card for Air Miles BMO Air Miles Mastercard* With no annual fee and a solid way to rack up Air Miles, this card is the perfect way for students who are away studying to earn free flights home. Annual fee: $0 Welcome bonus: 800 Air Miles Bonus Miles when you spend at least $1,000 on the card within the first 3 months. Rewards: Earn 1 mile per $25 spent and three times the miles at participating Air Miles partner stores (including Metro, Sobeys, Foodland, Staples and more). Plus, earn miles twice when shopping at Air Miles partners. Perks: Either redeem miles for travel rewards or online e-gift cards and in-store discounts at Air Miles partners in increments of 95 miles for $10. The airmilesshops.ca online e-store offers discounts and bonus miles from hundreds of retailers. Items you purchase using the card receive double the manufacturer’s original warranty protection, up to one year; get up to 25% off base rates at eligible National and Alamo rental locations. Get more details about the BMO Air Miles Mastercard* Best student credit card for grocery shopping PC Financial Mastercard* If you’re loving cooking for yourself, this is the card for you. Earn points on every purchase, and even more when you grocery shop at Loblaws banner grocery stores (including Loblaws, No Frills, Real Canadian Superstore, Fortinos and Valu-mart) Shoppers Drug Mart, Joe Fresh or when you fuel up at Esso or Mobil stations.  Annual fee: $0 Welcome bonus: Get 20,000 PC Optimum points (a $20 value). Rewards: Get 10 Optimum points for every $1 spent with your card at any store and earn 25 Optimum points per $1 spent at Shoppers Drug Mart. Get 20 points per $1 when booking through PC Travel, and get at least 30 points per litre when you gas up at Esso or Mobil. Plus, earn bonus points when shopping at Loblaw banner stores. There’s no limit to the number of PC Optimum points you can earn. Perks: You can redeem PC Optimum points at Loblaw-affiliated stores, which means you can put a major dent in your everyday bills. Redeem your PC Optimum points at check-out, with redemptions starting at 10,000 points for $10 back. Get more details about the PC Financial Mastercard* Best student credit card for money management Koho Visa* This pre-paid Visa makes it easy to stay on track with budgeting along with the convenience of a credit card. You can load a predetermined amount of spending money onto your Visa each month, plus get 1.2% interest on the spending and savings accounts. It also offers a RoundUp feature, which tallies up purchases to the closest amount of your choosing ($1, $2, $5 or $10) and sets that money into your savings. Plus,

[ad_1] Buying a home is one of the biggest financial moves most people make. But it’s even bigger if you’re looking to buy your first home. After all, it’s a completely new experience. If that describes you, don’t panic! Knowing how to buy your first home is just a matter of understanding all the steps and completing them one at a time. How to Prepare to Buy Your First Home Even if you’re not quite ready to buy your first home right now, you can begin preparing. Since buying your first home is a multistep process that can take several months or even years, you can begin planning for the event right now. And when the day comes that you’re ready, you’ll be able to move quickly. Below are the basic steps to take to prepare to buy your first home: #ap17239-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap17239-ww #ap17239-ww-indicator{text-align:right}#ap17239-ww #ap17239-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap17239-ww #ap17239-ww-indicator-wrapper:hover #ap17239-ww-text{display:block}#ap17239-ww #ap17239-ww-indicator-wrapper:hover #ap17239-ww-label{display:none}#ap17239-ww #ap17239-ww-text{margin:auto 3px auto auto}#ap17239-ww #ap17239-ww-label{margin-left:4px;margin-right:3px}#ap17239-ww #ap17239-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;height:15px;min-width:15px;min-height:15px;cursor:pointer}#ap17239-ww #ap17239-ww-icon img{vertical-align:middle;width:15px;height:15px;min-width:15px;min-height:15px}#ap17239-ww #ap17239-ww-text-bottom{margin:5px}#ap17239-ww #ap17239-ww-text{display:none}#ap17239-ww #ap17239-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. We may be compensated if you click this ad.Ad #ap17239-w-map{max-width:600px;padding:20px 0 10px;margin:0 auto;text-align:center;font-family:”Lato”, Arial, Roboto, sans-serif}#ap17239-w-map #ap17239-w-map-title{color:#212529;font-size:18px;font-weight:700;line-height:27px}#ap17239-w-map #ap17239-w-map-subtitle{color:#9b9b9b;font-size:16px;font-style:italic;line-height:24px}#ap17239-w-map #ap17239-w-disclosure{margin-top:10px;font-size:12px;color:#9b9b9b}#ap17239-w-map #ap17239-w-map-map{max-width:98%;width:100%;height:0;padding-bottom:65%;margin-bottom:20px;position:relative}#ap17239-w-map #ap17239-w-map-map svg{position:absolute;left:0;top:0}#ap17239-w-map #ap17239-w-map-map svg path{fill:#e3efff;stroke:#9b9b9b;pointer-events:all;transition:fill 0.6s ease-in, stroke 0.6s ease-in, stroke-width 0.6s ease-in}#ap17239-w-map #ap17239-w-map-map svg path:hover{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9;cursor:pointer}#ap17239-w-map #ap17239-w-map-map svg g rect{fill:#e3efff;stroke:#9b9b9b;pointer-events:all;transition:fill 0.6s ease-in, stroke 0.6s ease-in, stroke-width 0.6s ease-in}#ap17239-w-map #ap17239-w-map-map svg g text{fill:#000;text-anchor:middle;font:10px Arial;transition:fill 0.6s ease-in}#ap17239-w-map #ap17239-w-map-map svg g .ap00646-w-map-state{display:none}#ap17239-w-map #ap17239-w-map-map svg g .ap00646-w-map-state rect{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9}#ap17239-w-map #ap17239-w-map-map svg g .ap00646-w-map-state text{fill:#fff;font:19px Arial;font-weight:bold}#ap17239-w-map #ap17239-w-map-map svg g:hover{cursor:pointer}#ap17239-w-map #ap17239-w-map-map svg g:hover rect{stroke:#1261C9;stroke-width:2px;stroke-linejoin:round;fill:#1261C9}#ap17239-w-map #ap17239-w-map-map svg g:hover text{fill:#fff}#ap17239-w-map #ap17239-w-map-map svg g:hover .ap00646-w-map-state{display:initial}#ap17239-w-map #ap17239-w-map-btn{padding:9px 41px;display:inline-block;color:#fff;font-size:16px;line-height:1.25;text-decoration:none;background-color:#1261c9;border-radius:2px}#ap17239-w-map #ap17239-w-map-btn:hover{color:#fff;background-color:#508fc9} The first step to a new home is doing the numbers and finding out how much you can afford. Mortgage Experts are available to get you started on your home-buying journey with solid advice and priceless information. To find out more, click on your state today. HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas View Rates 1. Start Scanning the Market for Homes and Neighborhoods This part of the process is an adventure, and it should be fun! You’re not looking for anything specific here, but mainly to get a general idea of what’s out there and what you might like. You can use sites like Zillow and Realtor.com to begin searching for properties and neighborhoods you may be interested in. Though this is mainly a fishing expedition, it will also help you to get a general idea of the price range you’ll be looking in. That will help you to bgin getting your finances in order for the eventual purchase. 2. Get Prequalified by a Mortgage Lender Once you have a rough idea of the price range you’ll be looking in, it’ll be time to do a preliminary evaluation of your ability to afford homes in that range. The best way to do that is to work with a mortgage lender to get prequalified. Prequalification isn’t like a preapproval. At this point, all you’re looking to do is establish the mortgage amount you’re likely to qualify for. You don’t typically need to supply documentation, but it does help to have a credit report run. In addition to giving you a rough idea how much financing you can qualify for, prequalification will also provide you with an opportunity to work to improve your credit score, and to begin saving for your down payment. You’ll now have specific targets to work toward. For example, if you’re finding homes in the $300,000 price range, and the down payment is likely to be 5%, you’ll know that your down payment savings target will be $15,000. Similarly, you’ll have an opportunity to increase your credit score. Just increasing the score by 50 points will not only get you a lower rate on your loan, but it may also qualify you for a larger mortgage. Once you’ve been prequalified, you’ll have time to improve your score. How to buy your first home with low income. If your income will be insufficient for you to qualify for a large enough loan to purchase the house you want, you may still qualify for the loan if you add a co-borrower to the loan. The co-borrower will need to have good or excellent credit, and a stable income sufficient to help you qualify for the loan. A co-borrower won’t enable you to qualify for an unlimited loan amount, but it will give you expanded flexibility for a larger loan, at least on the income side. #ap51712-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap51712-ww #ap51712-ww-indicator{text-align:right}#ap51712-ww #ap51712-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap51712-ww #ap51712-ww-indicator-wrapper:hover #ap51712-ww-text{display:block}#ap51712-ww #ap51712-ww-indicator-wrapper:hover #ap51712-ww-label{display:none}#ap51712-ww #ap51712-ww-text{margin:auto 3px auto auto}#ap51712-ww #ap51712-ww-label{margin-left:4px;margin-right:3px}#ap51712-ww #ap51712-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;height:15px;min-width:15px;min-height:15px;cursor:pointer}#ap51712-ww #ap51712-ww-icon img{vertical-align:middle;width:15px;height:15px;min-width:15px;min-height:15px}#ap51712-ww #ap51712-ww-text-bottom{margin:5px}#ap51712-ww #ap51712-ww-text{display:none}#ap51712-ww #ap51712-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. We may be compensated if you click this ad.Ad #ap51712-w-text{padding:20px 0 10px;margin:0 auto;text-align:center;font-family:”Lato”, Arial, Roboto, sans-serif}#ap51712-w-text #ap51712-w-text-title{color:#212529;font-size:20px;font-weight:700;line-height:30px}#ap51712-w-text #ap51712-w-text-subtitle{color:#9b9b9b;font-size:16px;font-style:italic;line-height:24px}#ap51712-w-text #ap51712-w-disclosure{color:#9b9b9b;margin-top:10px;font-size:12px}#ap51712-w-text #ap51712-w-text-btn{margin-top:25px;padding:9px 13px;display:inline-block;color:#fff;font-size:16px;line-height:20px;text-decoration:none;background-color:#1261c9;border-radius:2px}#ap51712-w-text #ap51712-w-text-btn:hover{color:#fff;background-color:#508fc9} Getting pre-approved for a mortgage helps you get closer to your dream home. Find out how much house you can borrow before you start looking. Click below to talk with a Mortgage expert. Get Started 3. Choose the Right Mortgage Loan Program Still another advantage of going through the mortgage prequalification process is that you’ll have a chance to evaluate different mortgage programs. There are four primary mortgage types available: Conventional  The name refers to the fact that these loans are not sponsored by government agencies, like FHA or VA. The loans are provided by banks, credit unions and mortgage companies. They will require private mortgage insurance (PMI) if you make a down payment of less than 20%. If so, that coverage will be provided by commercial insurance carriers. You’ll generally need a minimum credit score 620 to qualify for conventional financing. The minimum down payment requirement on most loans offered is 5%, but there are first-time homebuyer programs that allow down payments as low as 3%. The maximum loan amount for single-family properties is $548,250 for 2021, but higher loan amounts are permitted on multifamily properties and homes located in areas designated as high cost. FHA These are loans insured by the Federal Housing Administration, which also provides the mortgage insurance for the loans. The loan limits are the same as they

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[ad_1] Disney names Alexia Quadrani to lead investor relations [ad_2] Source link