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How Much House Can You Afford? Many Buyers Are Ignoring a Classic Rule of Thumb
The finance world is full of rules that, while not set in stone, help people to stay within their budgets and making sound decisions for their money. One of those rules is to keep mortgage payments under 28% of your household income. However, thanks to today's high mortgage rates and elevated housing prices in general, first-time homebuyers are spending well beyond that recommended 28% figure: Typical payments for this group now account for over 40% of their gross income.
What Is a Mortgage-Backed Security?
A 2023 SoFi poll revealed that nearly 54% of investors hold stocks in their portfolios. But only 26% hold bonds. In many cases, that’s attributable to the fact that bonds are generally a lower risk asset class, which results in more modest gains (and losses) than equities. Whether you’re...
How to Rent an RV
Are you considering taking a recreational vehicle (RV) on your next road trip? Renting an RV is a great way to travel and enjoy the great outdoors while having a comfortable home on wheels. While there are some things to consider before you book a rig (especially if you’re a...
2024 Tax Brackets: IRS Increases Income Thresholds, Standard Deduction Due to Inflation
Inflation has eaten into Americans' wallets throughout this year, and the IRS is making changes to its federal income tax bracket thresholds as a result. The IRS revealed its tax inflation adjustments on Thursday for the 2024 tax year. That means these aren't the rates tied to income taxes you'll pay this upcoming filing season (those are technically your 2023 taxes) — these are the rates you will pay in 2025 based on the amount you earn next year.
4 Reasons It's Actually a Good Time to Buy a House (for Some People)
A record number of Americans think it’s a bad time to buy a house, and with housing costs near an all-time high, it's hard to blame them. Mortgage rates are higher than they've been in decades, and the sales price of the typical American home — $394,300 — has shot up about 40% in the last four years.
Dollar Scholar Asks: Is It OK to Put Stickers on My Credit Card?
This is an excerpt from Dollar Scholar, the Money newsletter where news editor Julia Glum teaches you the modern money lessons you NEED to know. Don't miss the next issue! Sign up at money.com/subscribe and join our community of 160,000+ Scholars. When I opened my first checking account, the bank...
3 Million Student Loan Borrowers Have Monthly Payments Cut to $0
It’s not student loan forgiveness, but it may be the next best thing for many borrowers. Under President Joe Biden’s new income-driven repayment plan, about 3 million federal student loan borrowers have been approved for $0-a-month loan payments, according to new data from the Department of Education. In...
Dollar Scholar Asks: Do RFID-Blocking Wallets Really Work?
This is an excerpt from Dollar Scholar, the Money newsletter where news editor Julia Glum teaches you the modern money lessons you NEED to know. Don't miss the next issue! Sign up at money.com/subscribe and join our community of 160,000+ Scholars. A few months ago, I saw the Jonas Brothers...
Credit Card Balances Just Grew by the Biggest Amount in Over 20 Years
Rising delinquencies on credit cards show that Americans are having difficulty managing their debt — and some people are struggling more than others. The Federal Reserve Bank of New York's quarterly report on household debt shows that credit card delinquencies increased across demographics in the third quarter (July through September), and millennials and borrowers with auto loans and/or student loan debt disproportionately drove that growth.
Here's What's Next for the Housing Market After a Massive Realtor Lawsuit
Change is coming to how homes are bought and sold. The U.S. real estate industry was shocked last week when the jury in a class action lawsuit against the National Association of Realtors and two major brokerage firms, Keller Williams and HomeServices of America, decided they conspired to keep real estate commissions higher than needed. After a two-week trial that ended Oct. 31, jurors awarded the plaintiffs $1.78 billion in damages.
What Vegetables Can Dogs Eat?
Veggies are healthy for humans, so it’s natural to presume they’re safe for dogs. Yet while sweet potatoes, green beans and brussels sprouts can be a healthy addition to a dog’s diet, onions and wild mushrooms are a strict no-go. It’s also good to know what vegetables...
When Is the FAFSA Available This Year? Nobody Knows
Millions of students, parents and financial aid workers want to know: WTF — where’s the FAFSA?. The Free Application for Federal Student Aid, aka the FAFSA, is getting a major facelift, but the new form’s release has been pushed back to an unknown date. Typically released each year in October, the FAFSA is a vital form that roughly 20 million students fill out annually to see if they qualify for aid for higher education, such as grants, scholarships and student loans.
Safeco Motorcycle Insurance Review
Safeco is a Liberty Mutual subsidiary that offers guaranteed original equipment manufacturer (OEM) coverage along with other options. Here’s everything you need to know about Safeco motorcycle insurance, including potential drawbacks to consider. Best motorcycle insurance for OEM parts coverage. Safeco offers guaranteed OEM repairs to all motorcycle insurance...
Tracking Your Tax Refund Will Be 'Significantly' Easier Next Year: IRS
Tax season is widely dreaded among Americans. But next year, it might be a little less dreadful thanks to an IRS overhaul. The Where's My Refund? tool, launched by the IRS in 2002 and used by millions since to track their tax refunds, is getting a major makeover. In response to complaints about the tool's lackluster features, the government agency says it's rolling out a slew of enhancements that should be ready when you file your taxes in 2024.
What Is a Mortgage Bond: A Primer
When it comes to finance, most people are generally familiar with different kinds of stocks and funds. Even novices have heard terms such as “value stocks,” “growth stocks,” “exchange-traded funds” and “mutual funds.” But many everyday investors have less familiarity with bonds, especially in terms of the many different options available to them.
The Share of Homes for Sale With Price Drops Hits a Record High
The real estate market is fairly harsh for all parties involved right now, but here's a glimmer of good news for homebuyers: Sellers are slashing their prices at record levels. Real estate company Redfin reports that the share of homes for sale with price drops is at its largest ever....
Inflation Forced Small Business Owners to Pivot, and It's Finally Paying Off
When it comes to inflation, much ink has been spilled on the pinch it’s put on family budgets. But two recent reports document how strongly small businesses, too, have been hit by rising prices and interest rates, and how they've had to reinvent the ways they operate to stay afloat.
What Is a Buydown Mortgage?
With interest rates at 23-year highs and home prices still soaring, the already expensive undertaking of purchasing a home has become even more costly. In response to the high cost of borrowing money, many people are searching for ways to reduce their interest and monthly mortgage payments. Others are simply sitting on the sidelines, hoping that interest rates will drop. While waiting for rates to go down may seem like the only option, a buydown mortgage provides another way to relieve the high borrowing cost.
What Is a Good Debt-To-Income Ratio for a Mortgage?
When you apply for a mortgage, the lender looks at several financial factors to determine your ability to repay the loan. One of those factors is your debt-to-income (DTI) ratio, which shows your monthly debts versus monthly gross earnings in percentage form. Lenders will use your DTI to determine your ability to handle more debt.
College Tuition Prices Are Actually Decreasing Thanks to Inflation
It might sound hard to believe, but college tuition prices are actually decreasing, due in large part to inflation. Educational non-profit College Board's latest report on trends in college pricing shows that an uptick in college prices for both private and public higher education is negated by the fact that inflation is so high this year.
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