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  Whether you need to pay for a costly medical procedure or are thinking about using your home equity as a down payment on a second home, you may be thinking about tapping into $60,000 worth of your home's equity soon. But before you borrow against your home equity, it's important to make sure you can afford the payments.  After all, when you take out a home equity loan, your home is used as collateral. And, if you're unable to...

How much would a $60,000 home equity loan cost per month?

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  Over the past few years, home equity levels have increased substantially nationwide. In fact, as of the first quarter of 2024, the average homeowner had seen their equity increase by $28,000 year-over-year, according data from CoreLogic. That uptick in home equity began in 2020 and was driven, in large part, by a mix of low rates, low for-sale home inventory and high demand by buyers. Since then, the average price of a home has increased over 50% — climbing...

The best ways to use home equity to fund retirement, according to experts

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  Home equity borrowing is a smart way to access significant sums of money, especially now that the average homeowner has near-record-high amounts of funding to access. With just over $300,000 worth of equity, the average homeowner has a significant amount of money available to fund major renovations, pay off debt or finance other expenses from weddings to medical debt and more. Considering the amount of money available, some homeowners may be looking for the best way to access it. An...

Is a HELOC or home equity loan better to borrow $80,000?

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  For many current homeowners, holding onto the ultra-low mortgage rates secured during the pandemic is a top priority. During that time, mortgage rates were hovering below or near 3% at that time, so many homeowners would prefer to avoid a loan at today's mortgage rates — which currently average over 7% for a 30-year fixed mortgage. After all, a 7% mortgage rate would result in much higher monthly costs and interest charges over the life of the loan, even...

3 home equity borrowing options that let you keep your low mortgage rate

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  July is closing in quickly. And while temperatures continue to heat up, you may be looking for ways to access low-cost funding. That's especially true if your air conditioning unit is beginning to fail, you notice a leaky roof during summer storms, or you otherwise need access to a meaningful amount of money. A home equity line of credit (HELOC) may be the solution to your low-cost funding needs.HELOCs are credit lines that offer several benefits. With your home being...

Why homeowners should get a HELOC this July

The Motley Fool

You'll often hear that it's best to grow your savings as much as possible. But is there such a thing as having too much cash in the bank? Read on to find out.

Is $50,000 Too Much Money to Keep in a Savings Account?

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  Over the last couple of years, persistent inflation has caused the cost of consumer goods to soar, causing an increase in money issues for many Americans. And, the higher cost of necessities like gas, groceries and housing is happening at a time when interest rates are also high. So, relying on short-term borrowing options, like credit cards, to fill in the gaps between paychecks has become a riskier and more expensive proposition. The nature of credit card debt makes it...

What happens to unpaid credit card debt after 7 years?

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Why I Wouldn't Open a 6-Month CD -- Even With Rates at 5%

The competition for landing your dream home or apartment can be stiff these days. So, you’re going to want to follow some tips to get approved quickly for an apartment, mortgage or loan. A few little changes can go a long way, so let’s get into some simple things you can do to improve your chances of getting approved and making your dreams come true.

Tips to Get Approved for an Apartment, Mortgage or Loan

Car prices are still historically high and most people are financing their vehicle with auto loans. At the start of 2024, car payments averaged $735 a month for new vehicles and $523 for used vehicles, according to Experian. A down payment is a percentage of a vehicle's total cost that...

How much you need for a down payment on a car

It's possible to overfund your savings account. Discover the drawbacks of doing this and how to better manage your money.

Learn What Happens When You Leave a Lot of Money in Your Savings Account

Family Handyman

We’ve all done it — overtightened an oil filter so much that it’s a bear to remove. If you think you can remove it by jamming a long screwdriver through the can and twisting, think again. The screwdriver will just rip the can open, and you’ll be drenched in oil. When you’re done dealing with that mess, the filter will still be stuck, and you’ll be even more frustrated.

Remove a Stubborn Oil Filter with This Genius Hack

You're not alone if you have outstanding credit card debt -- many Americans do. Read on to learn how you can pay your debt off faster.

You Won't Believe How Much Credit Card Debt the Average American Has

A 100-point boost could do a world of good for your credit score. Read on to learn more.

Here's What Happens When Your Credit Score Rises by 100 Points

New York Post

If you need a mortgage, a good credit score, also called a FICO score, is essential—and it’s within your control.

In a nutshell, a credit score is a simplified calculation of your history of paying back debts and making regular payments on loans. If you’re borrowing money to buy a home, lenders want to know you’ll pay them back in a timely manner, and a credit score is an easy estimate of those odds.

Here’s your crash course on this all-important little number, and how to whip it into the best home-buying shape possible.

Pull your credit report

There are three major U.S. credit bureaus (Experian, Equifax, and TransUnion), and each releases...

How to boost your credit score if you’re a first-time homebuyer

TheStreet

Mortgages are the most common path to homeownership. How much have Americans borrowed to pay for their homes, and what’s the average monthly mortgage payment?

How much mortgage debt do Americans have on average?

Homes & Gardens

Starting these five projects in summer will only spell disaster, experts warn

5 home renovation projects you shouldn’t complete in summer – according to expert contractors

GOBankingRates

According to National Association of Realtors (NAR), homebuyers could potentially save "hundreds of dollars a month" on their mortgages simply by shopping around before agreeing to any one lender....

How Homebuyers Could Potentially Save Hundreds of Dollars a Month

You shut the door, but it doesn’t latch, or you have to lift the handle to get it to latch. This problem is getting on your nerves—why not spend five minutes fixing it? The first thing you should try is tightening the screws in both the handle and the striker plate. If the door still doesn’t catch, try the following steps.

Door Won’t Latch? Here’s an Easy Fix

Prospective home sellers are often so focused on how much they can make from their home sale that they may not realize how much money it will take to get it sold. A new study from Clever Real Estate...

It Now Costs an Average of $55K To Sell a Home: Here’s How That Cost Breaks Down

NewsBreak

With Home Equity Levels Near Record High, Should You Remodel?

If you own a home, chances are it’s worth more now than it was just a few years ago. According to CoreLogic, home equity levels have...

With Home Equity Levels Near Record High, Should You Remodel?

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