Ashley

Buying things with credit cards is quick and easy—just swipe your card and go. But for many, the ease of making purchases causes their balances to grow to unmanageable levels.

If you have one or more high-interest credit cards, a personal loan can be used to consolidate the debt. The following overview of the pros and cons of this strategy can help you decide whether or not it’s a good option for you.

Pros of Personal Loans for Credit Card Debt

Is a personal loan better than credit card debt? There are several important reasons why it could be. Everyone’s …

If you have either a home equity line of credit (HELOC) or a home equity loan, you may have considered refinancing to get more favorable terms or to save money on interest. Before you refinance, however, there are some important things to consider to make sure it will help you achieve your goals.

Keep reading to learn more about refinancing a HELOC or home equity loan.

Refinancing a Home Equity Loan

A borrower will typically refinance a home equity loan for one of three reasons:

To Access Additional Financing

If you need additional money, refinancing into a new home equity …

There are many perks to being a homeowner. When you buy a home, for example, the down payment and monthly mortgage payments you make help to grow your equity.

Many people take advantage of their home equity by taking out either a home equity line of credit (HELOC) or home equity loan to help them pay for something they need or want. Because these loans use the equity in your home as collateral, they usually have lower interest rates than other borrowing options, like personal loans.

A significant benefit of HELOCs and home equity loans to consider is the …

Personal loans are among the most common financing options for borrowers. They are highly flexible, relatively easy to obtain, and the interest rates are often lower than other borrowing options, such as credit cards. 

If you are considering one of these loans, the following are some personal loan FAQs to help you make an informed borrowing decision.

How Does a Personal Loan Work?

Personal loans are sometimes referred to as signature or unsecured loans because they can be obtained without any collateral. Your promise to repay is usually all that’s required. These loans are easy to apply for, and there …

If you are thinking about applying for a loan, you may have encountered the term debt-to-income (DTI) ratio while researching your options. When considering applicants for a loan, lenders evaluate this ratio to make sure borrowers don’t have too much debt.

Understanding the DTI ratio and how it works can help assess your ability to qualify for a loan. If your DTI ratio is high, there are some things you can do to lower it to improve your chances.

Debt-to-Income Ratio Defined

The DTI ratio is a simple ratio that compares your current income to how much debt you have. …

In just the past two years, home prices all across the nation have increased significantly. If you’ve been wondering what’s going on, the following overview can help you understand why prices are rising and how they affect your home’s equity. 

Why Are Home Prices Rising so Fast?

There are several reasons why home prices are skyrocketing in Hudson Valley. It’s a perfect storm of circumstances that have resulted in a decrease in the market supply in our 7 Counties; Dutchess, Orange, Putnam, Sullivan, Rockland, Ulster and Westchester and bidding wars as people compete to win the few available homes.

Inflation

Many people tap into their home’s equity with either a home equity loan or a home equity line of credit (HELOC). They may use the money they borrow for a home improvement project, to buy new appliances, or for something else.

A question that borrowers must consider before applying, however, is which type of loan is best when interest rates are rising?

To answer that question, it’s important to take a look at the current interest rate environment and where rates are headed in the near future. Also, a comparison of how interest works with both HELOCs vs. home equity …

A common way that many homeowners borrow money is with a home equity loan. The money you borrow can be used for many different purposes, and the interest rates are usually lower than other borrowing options, like personal loans. The following overview can help you decide if a home equity loan is a good option for your needs.

How a Home Equity Loan Works

Home equity loans are sometimes referred to as second mortgages because you use the equity in your home as collateral. A home equity loan is not a replacement for your current mortgage. It’s a loan that …