What Is the Conforming Loan Limit? | Mortgages and Advice

[ad_1] The conforming loan limit is the maximum amount of money a homebuyer can borrow using a conventional mortgage that’s eligible for purchase by Fannie Mae and Freddie Mac. The Federal Housing Finance Agency, which oversees Fannie and Freddie, adjusts the baseline limit each year based on the national average home price, with higher loan … Read more

Are Private Student Loans Worth It? How to Decide | Student Loans and Advice

[ad_1] Paying for college can seem like an insurmountable feat for students and their families amid the rising cost of a university education – especially for those who can’t afford to pay out-of-pocket after maxing out federal student loans, grants and scholarships. When federal aid comes up short, private student loans can be one way … Read more

Best Home Equity Loans of 2023

[ad_1] What Is a Home Equity Loan? A home equity loan, also known as a second mortgage, allows you to borrow against the equity in your home and uses your property to secure the loan. You get a lump sum, and the loan typically has a fixed interest rate and a repayment term of five … Read more

Best Home Improvement Loans of 2023

[ad_1] What Is a Home Improvement Loan? A home improvement loan is financing you use to pay for home repairs and enhancements. When you get a home improvement loan, you use the loan funds to pay your contractor or buy supplies to complete the work, then pay the loan off over time. A home improvement … Read more

Historical Mortgage Rates: See Averages and Trends by Decade | Mortgages and Advice

[ad_1] Mortgage rates have been historic in their own right during the past few years. The average 30-year fixed rate reached an all-time record low of 2.65% in January 2021 before surging to 7.79% in October 2023, according to Freddie Mac. But when someone points out that mortgage rates are painfully high right now, a … Read more

What Is a Good APR on a Personal Loan?

[ad_1] A personal loan‘s annual percentage rate, or APR, is the total annualized cost of borrowing, expressed as a percentage of the total loan cost. The APR includes the interest rate in addition to other fees, such as a loan origination fee. Unlike with other loan fees, the interest rate varies based on the prime … Read more

How to Get a Low Interest Rate on a Personal Loan | Personal Loans and Advice

[ad_1] The average interest rate on a two-year personal loan is 11.23%, according to the Federal Reserve. But depending on your credit history, income and other factors, you may be able to qualify for a rate in the single digits. Here’s a look at things you can do to score a lower interest rate on … Read more

How to Get a Small Personal Loan | Personal Loans and Advice

[ad_1] Small personal loans can provide the funding you need to pay for incidentals like car repairs, medical bills, replacement appliances and other unexpected expenses. You may also use a personal loan to pay off a small amount of credit card debt at a lower fixed interest rate. However, many lenders have minimum borrowing amounts … Read more

Should You Refinance a Personal Loan? | Personal Loans and Advice

[ad_1] Personal loan refinancing is when you take out a new personal loan to repay the balance of an existing personal loan on better terms. It’s possible to refinance a personal loan to save money on interest, lower your monthly payment or pay off debt faster. That being said, personal loan refinancing isn’t a good … Read more

Best Medical Loans of November 2023

[ad_1] What Are the Current Personal Loan Rates? The average personal loan rate is 11.53% as of November 15, according to a Bankrate survey. Personal loan interest rates are trending higher over the past few months, increasing by about half-a-point since early July: Personal loan rates vary widely based on creditworthiness. Borrowers … Read more