Illustration by Hunter Newton/Bankrate When Jessica Lee bought her townhome in Nashville, Tennessee, the builder offered 5% in closing costs if she’d borrow from their preferred lender. The 28-year-old financial analyst felt if she didn’t use the lender, she wouldn’t get the house. “If the builder is offering it, it’d…
Images by GettyImages; Illustration by Hunter Newton/Bankrate The Federal Reserve doesn’t set mortgage rates outright, but its decisions do play a role in the percentages lenders offer would-be homeowners. And even if the Fed keeps its benchmark rate unchanged, mortgage rates can still fluctuate. Here’s how the Fed’s monetary policy…
PM Images/GettyImages; Illustration by Hunter Newton/Bankrate Credit unions are not-for-profit, member-owned institutions that commonly offer savings accounts with above-average rates, low minimum deposit requirements and low (or no) fees. While some credit unions restrict membership to those of a certain location or occupation, others make it easy for anyone to…
Images by Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways Mortgages make up the highest percentage of household debt nationwide, with the average American owing $258,214. Millennials have the highest average mortgage debt at $320,027, with Gen X close behind at $286,574. The District of Columbia, California and Hawaii have…
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Last year, on the day before Tax Day, my mom was scheduled to fly into Philadelphia International Airport to stay…
The nation’s 75 million Social Security recipients will receive a 2.8% cost of living adjustment (COLA) increase in their benefits…
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Ariel Skelley / Getty Images Key takeaways Interest rates on federal student loans are set on July 1 each year for loans disbursed from July 1 to June 30 of the following year. Borrowers with existing federal student loans will not see any changes when…
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Try to Offer Advice or Support Instead of Criticism While younger generations are often criticized for their lack of financial literacy, getting into…
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For fintech startups, the first five years of the decade have been a roller-coaster ride. At the outset, companies were awash in easy…
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Key takeaways Paying off a car loan early may help save money on interest, though the true savings depend on the type of loan you have. Early loan payoff can also give you ownership of the vehicle sooner and reduce the risk of being upside-down on the loan. Before deciding…
The second quarter of 2026 will be particularly rewarding for Chase Freedom Flex® cardholders who buy from Amazon, Whole Foods Market and Chase Travel or donate to Feeding America. That’s a broad array of categories that should appeal to just about everyone. From April 1 through June 30, 2026, Freedom…
Paying off your mortgage early saves you money on interest but it can also change your tax situation. Once the mortgage is gone you lose the mortgage interest deduction, which may reduce the total amount you can itemize on your tax return. That could mean a higher taxable income than…
Home improvements can make your home more comfortable, raise its value and lower energy costs over time. Some projects may also qualify for tax credits or deductions. These tax breaks can reduce what you owe when you file your taxes. In other cases, the cost of improvements can increase your…
Most people are used to seeing sales tax on a receipt, but not every purchase includes it. When it doesn’t, you may still owe tax on that purchase through what’s called a use tax. This comes up most often with online shopping, out-of-state purchases and private sales. Understanding the difference…
PC Photography/Getty Images; Illustration by Austin Courregé/Bankrate Key takeaways With owner financing, the homeowner or seller extends a loan to the homebuyer, rather than a bank or mortgage lender providing the loan. The contract can be structured in a number of ways, including as a second mortgage, a rent-to-own deal…
Most people see taxes come out of their paycheck without thinking much about where the money goes. Federal taxes follow one set of rules no matter where you live, but state taxes vary widely depending on your location. Some states have no income tax at all while others take a…
Key takeaways Down payment amounts vary widely depending on home prices and loan types. They can range from less than $10,000 to $200,000 or more. Most housing market data focuses on the median down payment, rather than the average, because it’s a better measure of what the typical borrower contributes.…
Spring is the season for renewal, a perfect time to perform a “deep clean” of your financial profile. While March marks National Credit Education Month, the real goal is gaining the freedom that comes with a top-tier credit rating. Whether you’re planning to buy a home, finance a car, or…
Image by PM Images/Getty Images; Illustration by Hunter Newton/Bankrate Mortgage rates moved up again this week, with the 30-year fixed rate averaging 6.19%, up from 6.15% last week, according to Bankrate’s latest lender survey. Current mortgage rates Loan type Current 4 weeks ago One year ago 52-week average 52-week low…
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