Images by GettyImages; Illustration by Hunter Newton/Bankrate Key takeaways You can get home equity loans on investment and rental properties, though they may be harder to obtain. To get this type of loan, you’ll usually need a stronger-than-average financial profile and substantial assets. A rental or investment property home equity…
Assignment of benefits agreement (AOB): Allows a homeowner to transfer their insurance claim rights to a contractor or repair company, giving that third party the authority to negotiate with the insurer and collect payment directly. Actual cash value (ACV): The value of damaged property at the time of loss after…
Key takeaways Home equity loans can be obtained from various lenders such as banks, credit unions, mortgage lenders and online-only lenders. The best home equity lender for you is likely the one that offers you the best competitive rates and loan terms or one you already have a strong relationship…
Prepare to File Your Taxes in March Whether you decide to go DIY or not for filing your taxes, start sooner rather than later. By the first week in March you should have all necessary tax forms from your employer, including your T4, T4A, T5, RRSP contribution slips, donation receipts,…
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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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Homebuyers often focus on home prices and mortgage rates when thinking about affordability. But for millions of homeowners, another housing cost is creeping higher and quietly reshaping the math: homeowners association (HOA) fees. Once considered a small maintenance expense, HOA dues are increasingly acting like…
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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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With the costs of college and retirement increasing at breakneck speed, many parents are feeling the need to invest in their children’s futures as early as possible. Common options include 529 plans and custodial IRAs, with a new option emerging in 2026 dubbed “Trump accounts.” Created under the “One Big…
Key takeaways There are two main types of student loans: federal and private. Federal student loans are easier to qualify for and have more flexible repayment options than private loans, including far more paths to loan forgiveness. Private student loans may offer lower interest rates with higher loan limits for…
The short answer, while credit cards technically cost more in interest (if balances are carried), Buy Now, Pay Later (BNPL) often costs you more in monthly cash flow and budget flexibility. In most cases, Buy Now, Pay Later (BNPL) plans cost your budget more in the new year than credit…
Key takeaways No-credit-check loans target borrowers with poor credit or limited credit history. These loans often carry sky-high interest rates, sometimes exceeding 100% APR. These loans should be approached with great caution and as a last-resort funding option. Obtaining a loan when you have bad credit can be challenging, as…
Key takeaways The amount you can afford for a car depends on whether you’re buying or leasing — the latter could be much cheaper and let you access more options. Your salary, debt-to-income ratio and credit profile could also affect how large of a car loan you’ll be offered. Be…
The sooner you start dealing with your debt, the sooner you see an improvement in your credit report If you need some help getting started with a plan, or if you’re not sure if your budget is realistic, contact a non-profit credit counsellor for free, confidential help. Typically, the earlier…
Key takeaways Your required minimum distribution (RMD) amount changes each year based on the IRS’s life expectancy calculation for your age. You calculate your RMD by dividing your year-end account value by the estimated remaining years in your lifetime, as per an IRS table. If you miss the RMD deadline,…
Rolf Bruderer/Getty Images Key takeaways Gap insurance covers the difference between your claim payout and your remaining loan or lease balance if your car is stolen or totaled in a covered claim. Gap insurance is typically less expensive when purchased as a policy endorsement through your insurance company rather than…
Yellow Dog Productions/ Getty Images; Illustration by Austin Courregé/Bankrate You’ve picked out your new car at the dealership and qualified for a car loan, but before you can sign on the dotted line and drive away, the dealer says you need full coverage car insurance. Full coverage car insurance typically…
Driving under the influence of alcohol or drugs is one of the single most expensive mistakes you can make on the road. If you’re charged with a DUI, tickets and fines are only the start of your financial challenges — but the total cost of a DUI can add up…
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