Personal Finance

Better Finances for a Better You

Topic: "Mortgages"

← Curating the web to find the most interesting and helpful information about your money.

Word of the week

Fixed Mortgage

The interest rate on a fixed-rate mortgage does not change over a certain period, often two to five years. This offers security and predictability because your monthly mortgage payments will remain unchanged over this set term.

Find the best 5-year fixed mortgage rates in Canada →

Word of the week

Prime Rate

The best interest rate that lenders charge customers is known as the prime rate, or prime lending rate. It's possible that your credit card's real interest rate is higher than the prime rate. Variable APRs frequently fluctuate in tandem with changes in the prime rate. It follows that your variable APR will probably increase if the prime rate does, and vice versa.

Here’s a breakdown of the most common personal finance terms →

Serious Stuff

Nearly half of house hunters don’t think they can afford a home — these 4 tips can make it possible from Kelsey Neubauer

  1. Bulk up your savings
  2. Build your credit
  3. Apply for grant and loan programs
  4. Secure an assumable mortgage
Priced out of buying a home? These strategies can help →

Did you know?

CNN found that 33% of those surveyed do not know what "annual percentage rate" means. Further, 33% also believe that mortgage lenders are required to charge all borrowers the same fees.

Neontra can help you keep track of interest rates, loan amortization, and monthly mortgage payments →

Did you know?

Housing is the largest average cost at $2,025 per month, making up 33% of typical spending, according to the most recent Consumer Expenditure Survey from the U.S. Bureau of Labor Statistics (BLS).

Neontra auto-categorizes your all transactions by essential, non-essential, debt payments and saving contributions so you can see what percentage of your expenses are going to housing →

Did you know?

The word "mortgage" comes from the old French phrase "mort gaige." Literally translated, mort gaige means death pledge. Once the mortgage is paid off, the loan dies.

10 Weird Facts About Home Mortgages →

Word of the week

Co-Borrower

When two people apply for a loan or credit line together, they are known as co-borrowers. The money associated with the loan are equally accessible to the co-borrower. Payment obligations fall on both the principal borrower and the co-borrower. A common example of this is a married couple that applies for a mortgage or auto loan together.

What Is a Co-Borrower? Role in Loan Documents and Vs. Co-Signer →

Infographic of the week

What You Need to Earn to Own a Home in 50 American Cities

Between skyrocketing prices, stagnating wages, and now rising interest rates, the deck seems to be increasingly stacked against home ownership. Using May 2023 data tabulated by Home Sweet Home, the Visual Capitalist maps out the annual salary needed to afford a 30-year mortgage (at 6.37%) to buy a home in America’s 50 most populous metropolitan areas.

What You Need to Earn to Own a Home in 50 American Cities The Least and Most Affordable American Cities to Own a Home →

Word of the week

Collateral

Capital or asset pledged to a bank or other lender in the event that the borrower is unable to make all of the repayment instalments on a loan.

Collateral Definition, Types, & Examples →

Infographic of the week

Which Cities Have Bubble Risk in Their Property Markets?

Despite higher mortgages and sharply correcting prices, some cities’ property markets are still in bubble-risk territory.

Which Cities Have Bubble Risk in Their Property Markets? The UBS Global Real Estate Bubble Index →

Word of the week

Amortization

The amortization period is the length of time it takes to pay off a mortgage in full. The amortization is an estimate based on the interest rate for your current term.

Learn more on how your amortization period affects your costs →

Saving

Rising interest rates brought pain for new homeowners - and opportunity for house hunters

Saving Podcast: Stress Test by columnist Rob Carrick and editor Roma Luciw →

← Curating the web to find the most interesting and helpful information about your money.