Test Your Financial Literacy
Test Your Financial Literacy with our 9 Question Quiz! A recent study conducted by the Global Financial Literacy Excellence Center at the George Washington University, found that only 16% of millennials were considered to be financially literate. This trend is troubling because so many Americans have outstanding debt, including 43% of millennials that are struggling…
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Closing Costs When Buying a Home
Closing costs are fees and charges due at the closing of a real estate transaction that are in excess of the purchase price of the property. Both buyers and sellers are subject to closing costs and associated fees from the sale of the home. How much you’ll pay in closing costs depends on the price…
Home Equity Loan vs. Home Equity Line of Credit
Did you know that homeowners can use the equity in their home to borrow money for just about anything? And, because the loan is secured with collateral (the home) the rates are usually much better than traditional personal loans or credit cards because the risk to financial institution is reduced. Home Equity Loans and Home…
What’s the difference between APR and APY besides one letter?
To most people knowing the difference between Annual Percentage Rate (APR) and Annual Percentage Yield (APY) doesn’t seem like a big deal, but that one letter at the end of those two acronyms can make a big difference financially. It’s important to note that knowing the difference between APR and APY could save consumers, hundreds…