Tapping into home equity by is a great way to afford expenses like college tuition or home improvement, and it is a cost-effective way of consolidating debt from credits cards or medical expenses. There are three options — refinances, home equity loans, and home equity lines of credit (HELOCs). These loans have slightly different terms… Read the Rest »
When applying for a Home Equity Line of Credit (HELOC), you will come across many of the same terms you learned about when you first applied for your mortgage. However, you may also find some new terms. The CFPB provides a free PDF available for download here that explains everything you should know about HELOCs,… Read the Rest »
Teaching children about savings is an ongoing and important lesson. Learn some tips and tricks from Bob Mahoney in the Mahoney Money Minute video above. Share your experience with teaching your child about saving money in the reply section below!
Many parents worry about saving for their child’s college education. Thankfully, there is a lot of information and resources available, one of which is 529 plans. Learn more about 529 plans from Bob Mahoney in the Mahoney Money Minute video above. Feel free to share an additional helpful tips to parents in the comment section… Read the Rest »
It really is never too early to begin preparing for your child’s future and a savings account is definitely a step in the right direction. Starting a savings account early can help you manage events down the road like college, their wedding and other expenses. Older children can become involved in saving while learning the… Read the Rest »
It’s tough to separate fact from fiction when it comes to home loans. Believing the myths about mortgages can lead to thousands of lost dollars over the life of a loan. Here are five of the most common – and dangerous – myths about mortgages. The Only Way to get that Down Payment is to… Read the Rest »
Some parents have a difficult time trying to determine which allowance strategy is best for their family. Learn more about different options and what worked best for Bob Mahoney of Belmont Savings Bank. What worked best for you? Share by writing a comment below!
If you have made the decision to apply for a home equity line of credit (HELOC), then familiarizing yourself with its features will simplify the application process. In addition, when you draw against the loan, you will know how that loan works and what to expect. Features to understand when applying: Qualifying Your home must… Read the Rest »
There was a time when it was easy to find a savings account with a 5% interest rate. All you had to do was walk to your nearest bank. Times have changed and most savings rates are under 1% APY. However, there are things that you can do to ensure your savings account is earning… Read the Rest »
Are you looking to buy your first home? Here are 10 mortgage vocabulary words you’ll need to know: 1. Annual percentage rate (APR). APR is a standard method of calculating mortgage costs stated as a yearly rate. It includes interest, mortgage insurance, points and/or credit costs. Since it includes other items, the APR number will… Read the Rest »