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1 week ago | 
usnews.com | Melanie Lockert |Gina Freeman |Mark Evitt
Key Takeaways Now is a good time to buy short-term and long-term CDs before the Federal Reserve cuts rates. In the current environment, you'll likely see higher short-term CD rates. CDs may have a minimum opening deposit and come with early withdrawal penalties. In the current economic climate, putting your money in a certificate of deposit account can provide some stability.
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1 week ago | 
money.usnews.com | Mary Beth Eastman |Ray Frager |Gina Freeman
Mortgage defaults have ticked up slightly since last year, primarily among FHA borrowers. Late or missing mortgage payments can seriously affect your credit history and could even lead to foreclosure. To avoid default, consider refinancing, using a home equity loan or line of credit, or asking your lender for forbearance or a loan modification. Mortgage defaults have risen slightly since this time last year, according to data from the Mortgage Bankers Association.
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2 weeks ago | 
money.usnews.com | Gina Freeman |Whitney Blair Wyckoff
Editor’s NoteDebt settlement, sometimes called debt relief or debt resolution, is a service in which companies negotiate with your creditors to reduce the total amount you owe. It can be expensive and have tax implications. Make sure you exhaust other options, including working with a nonprofit credit counselor or even negotiating with your creditors directly, before considering debt settlement.
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3 weeks ago | 
money.usnews.com | Gina Freeman |Ray Frager |Whitney Blair Wyckoff
Key Takeaways If you're charged with a crime, you may be required to post bail to get out of jail before your court date. Three common types of bail bonds include cash, surety bonds and property bonds. Bail bonds are not loans. They are guarantees. Being charged with a crime is probably not going to make your day. But the experience gets worse if you find yourself navigating the bail system.
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4 weeks ago | 
money.usnews.com | Gina Freeman |Whitney Blair Wyckoff |Ray Frager
Key Takeaways Adjustable-rate mortgages, or ARMs, can save you money when their starting rates are lower than fixed mortgages. In atypical economic conditions, ARM rates can be higher than fixed rates. When rates drop, borrowers with ARMs can benefit without refinancing. When interest rates rise, homebuyers look for ways to make their purchases more affordable. And that means adjustable-rate mortgages, or ARMs, are on the table. But today's ARM rates are all over the place.
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4 weeks ago | 
money.usnews.com | Sarah Brodsky |Ray Frager |Gina Freeman
Key Takeaways A deed of trust is a legal instrument that is similar to a mortgage in that both documents allow financed property to be seized and sold if the borrower defaults. With a deed of trust, a trustee holds title to the property or has a lien on the property until the loan is paid off. A deed of trust generally allows the trustee to foreclose and sell the property without going through the court system.
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1 month ago | 
money.usnews.com | Sarah Brodsky |Whitney Blair Wyckoff |Gina Freeman
Key Takeaways "Clear to close" is a phrase lenders use to indicate that you've met your home loan's requirements and are ready to schedule closing. It's not a guarantee that your loan will be funded. You'll review your closing disclosure, schedule a walkthrough of the property and make an appointment to sign your final documents. Once you are cleared to close, stay in close contact with your lender and follow instructions. Avoid making major changes to your finances.
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1 month ago | 
money.usnews.com | Melanie Lockert |Whitney Blair Wyckoff |Gina Freeman
Key Takeaways The Consumer Financial Protection Bureau, or CFPB, helps oversee student loan protections for borrowers. The federal agency is under threat, and its future is uncertain. If the CFPB goes away, there may be less lender and loan servicer oversight. The Consumer Financial Protection Bureau, or CFPB, is a federal agency that helps protect consumers from financial harm. For millions of student loan borrowers, the CFPB has curbed predatory lenders and loan servicers.
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1 month ago | 
usnews.com | Melanie Lockert |Mark Evitt |Gina Freeman
Key Takeaways The Consumer Financial Protection Bureau helps protect consumers in a variety of ways, but its future is uncertain. You can file a complaint against a bank using an online CFPB complaint form. However, the agency may no longer be able to act on it. Consumers can go elsewhere, like the Federal Deposit Insurance Corporation or the Federal Reserve, to submit complaints against banks.
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1 month ago | 
money.usnews.com | Erika Giovanetti |Gina Freeman
Mortgage rates, once just a tedious condition of homebuying, have had an outsized impact on the housing market since reaching record-low levels in the early days of the COVID-19 pandemic. Homeowners are quick to boast about their sub-3% rates and how they could never give up their cheap housing payments.
