Pre-approval. Mortgage pre-approval is a common first step to getting a mortgage, and shows sellers you’re serious about buying a home. You don’t have to have a specific home picked…
Tag: loans
It can be hard to get a loan. Whether it’s a mortgage, a student loan, an auto loan, or even a credit card, getting a loan can be difficult. And…
A mortgage is just a loan, specifically for the purpose of buying a home. There are lots of different types of mortgages, options that are offered, and details to keep…
A down payment is the amount of money you pay up front when buying something with a loan; like a car or in this case, a home. Here’s a quick…
PMI, or private mortgage insurance, is a type of insurance that protects the mortgage lender in the event of default or foreclosure and is usually required if you put LESS than…
Collateral is any item(s) of value (assets) designated as security to a lender when you take a secured loan. In the event that you’re unable to make payments, the lender…
An installment loan is a lump sum borrowed all at once and re-payed over a fixed period of time. Payments (known as installments) are typically monthly, but can vary depending on the…
Unsecured debt is a loan not secured by any assets or collateral and the creditor doesn’t typically come after the items you purchased if you’re unable to make your payment.…
Revolving credit (or a revolving line of credit) is a type of loan that gives you continuous access to funds, up to an approved limit. When you use a portion…
Debt is probably the most common topic our coaches get asked for help with. Why? Because people take on debt without knowing how it works and then find themselves with…