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1 week ago | 
experian.com | LaToya Irby
How Does the Prime Rate Impact You? Changes to the prime rate can influence how much you pay to borrow money, or how much you earn on your savings. The impact varies depending on the type of financial product. Most credit cards have variable interest rates that are tied to the prime rate. Your annual percentage rate (APR) is usually calculated as the prime rate plus a margin determined by your card issuer.
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2 weeks ago | 
investopedia.com | LaToya Irby
Tariffs are taxes that governments place on imported goods. Companies often pass these higher costs onto customers, leading to price increases across a wide range of everyday items. While tariffs are intended to protect domestic industries, they can come with side effects: higher consumer prices, rising inflation, and added pressure on home prices.
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2 weeks ago | 
experian.com | LaToya Irby
What Is a Home Improvement Loan? A home improvement loan is an unsecured personal loan specifically used to pay for upgrades and repairs to your home. Since it doesn't require any collateral, approval and terms are mainly based on your credit score, income and debt-to-income (DTI) ratio rather than your home's equity. You can generally borrow up to $100,000, depending on the lender and your credit profile.
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2 weeks ago | 
experian.com | LaToya Irby
How to Get an FHA Construction LoanHere's what you can expect during the application process:You can use the loan to buy land or build on land that you already own. If the land was gifted to you, your lender will verify that it meets FHA and gift requirements set by the U.S. Department of Housing and Urban Development (HUD).
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2 weeks ago | 
experian.com | LaToya Irby
What Happens if You Default on a Deed of Trust? If you stop making payments or violate the loan agreement, you're considered in default. The trustee can then initiate a non-judicial foreclosure to recover the property for the lender. The trustee initiates the foreclosure process by filing a Notice of Default with the county and sends a copy to you. In some states, you may have time to reinstate the loan by catching up on payments and fees.
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2 weeks ago | 
experian.com | LaToya Irby
Quick AnswerA mortgage lien gives a lender the right to foreclose on your property if you default on mortgage payments. Liens can also be placed on your property for unpaid debts. A mortgage lien gives the lender a claim on your property as collateral for taking out your mortgage. This means that your mortgage lender has the legal right to take possession of your home if you fall behind on payments.
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3 weeks ago | 
experian.com | LaToya Irby
Lender Credits vs. Mortgage PointsLender credits and mortgage points are opposite in how they affect your loan. Lender credits lower your upfront costs, but increase your interest rate. Mortgage points require you to pay more at closing in exchange for a lower interest rate. Buying mortgage points can lower your monthly payment and may offer potential tax benefits. However, it also means using more cash at closing, and you may not break even if you sell or refinance within a few years.
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1 month ago | 
experian.com | LaToya Irby
Quick AnswerThe minimum down payment on an FHA loan is 3.5% if your credit score is 580 or higher and 10% if your score is 500 to 579. FHA loans from the Federal Housing Administration make homeownership more accessible for borrowers with lower credit scores and smaller savings for a down payment. They can be especially helpful for first-time homebuyers. The minimum down payment required for an FHA loan depends on your credit score.
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1 month ago | 
experian.com | LaToya Irby
How to Trade In a Car With an Upside-Down LoanIf you're upside down on your car loan, you can still trade it in by rolling the negative equity into a new car loan. However, this increases your new loan amount, so it's important to minimize your risk. Find out how much you owe versus the trade-in value of your car. Knowing your exact amount of negative equity helps you decide whether trading is worth it or if you should explore alternatives. It also helps you spot unfair trade deals.
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1 month ago | 
experian.com | LaToya Irby
Quick AnswerYou can remove a cosigner from a car loan and take over the loan yourself by refinancing, requesting a cosigner release, paying off the loan, selling the car or requesting loan assumption. If you needed a cosigner to help you get a car loan, you may eventually be able to take over the car loan on your own. You can remove a cosigner from a car loan to release their financial responsibility and take over the loan yourself as long as you meet the lender's requirements.
