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What is cash-out refinance? It is a mortgage option that lets homeowners replace their existing home loan with a new one and, in the process, convert a portion of their built-up home equity into cash. In other words, if you have substantial equity in your property, you can refinance it for a loan amount that exceeds what you currently owe. The difference between the new loan’s principal and your remaining mortgage balance is then disbursed to you as a lump sum of cash.

A cash-out refinance can be a powerful way to consolidate debt, fund home renovations, or address pressing financial needs. Moreover, mortgage refinance rates are often lower than those of credit cards or unsecured loans. So, how does a cash-out refinance work? Read on for details and the pros and cons.

One of the most consequential financial decisions you will make in your lifetime is purchasing your home. In Colorado's unique housing market, using a home loan calculator in Colorado can provide invaluable insights. Read on for effective best practices in using these calculators to get accurate results.

Thanksgiving is a time for loved ones, gratitude, and, of course, delicious food. But hosting a lavish feast doesn't mean you have to break the bank. Thanksgiving on a budget is possible and can be just as enjoyable and memorable. With careful planning and some creativity, you can host a fantastic celebration that delights your guests without causing financial stress.

Budget-friendly festivities allow you to focus on spending quality time with loved ones. Plus, you'll find that a simpler approach reduces the holiday hustle and bustle. Let's explore five delicious tips to help you celebrate Thanksgiving without overspending.

Being in your 20s is sure to be one of the most exciting times in your life, but it’s also a great time to think about your financial future. The decisions you make today will have a tremendous impact on your financial situation in the years to come. It is never too early to start thinking about saving for retirement, getting out of debt or saving for a down payment on your first home or car. Starting early gives you an advantage because your savings will grow interest over time. You can also lock in low rates on life insurance and other important financial safeguards. Use these financial milestones to set yourself up for success later in life.

Focus on having a steady source of income and a plan for the future, and that means putting the money you earn to good use. Your 20s give you time to build a foundation, and now you can start building up a safety net for yourself and your loved ones. This period will inform the next decade of your life. You might take on new responsibilities in your 30s, such as a mortgage, car payments, insurance and healthcare expenses, which will eat into your earnings. But you should use this time to save money and pay down your debt to set yourself up for a bright future. Consider setting these financial goals by 30 to form good money management habits.

In the current high-interest rate environment, car payments might be shrinking your discretionary budget. Refinancing might be the solution if you are burdened by high interest rates or unfavorable terms on your current car loan.

Car loan refinancing allows you to replace your existing auto loan with a new one, typically with better terms, lower interest rates, and a more manageable monthly payment. In this comprehensive guide, we will walk you through the step-by-step process of how to refinance car loans.

The need to adopt eco-friendly practices is more pressing than ever. Indeed, climate change, pollution, and resource depletion are significant concerns that require immediate attention. However, many believe living sustainably is synonymous with high costs and inconvenience. The truth is that eco-friendly living on a budget is not only possible but also practical and beneficial in the long run.

Adopting sustainable practices doesn't mean you must overhaul your entire lifestyle overnight. You can be eco-friendly on a budget by implementing small, incremental changes that make a big difference over time. For instance, simply reducing food waste minimizes greenhouse gas emissions and can save the average U.S. household approximately $1,800 annually (Goodwin, 2023). Ultimately, saving the planet is all about conscious choices about the products you use and the habits you form.

In the homeownership journey, a significant financial advantage is leveraging your home equity. Today, many Americans have this opportunity, considering that rising home prices pushed the total equity per borrower to 327,000 by the end of Q2 2024 (ICE Mortgage Monitor, 2024).

If you're planning a major renovation, consolidating debt, or funding a child's education, tapping into your home's equity can provide the necessary funds. Two primary options are home equity loans and home equity lines of credit (HELOCs). While both allow you to borrow against the value of your home, they operate differently. Let’s discuss home equity loans vs HELOC features and how they are suited to different financial needs.

Digital banking lets you securely manage your money on the go. You can access nearly all the same benefits and features on your mobile device or computer without visiting a brick-and-mortar branch. Digital banking apps also use security features such as two-factor authentication and facial recognition.  

You have many options for where and how you manage your money. Thanks to digital banking, you no longer need to go to a physical bank or credit union to open an account, make a deposit, or transfer money between accounts. You can manage your money digitally using your smartphone, tablet, or computer and save time from commuting to your local financial institution. Convenient digital banking is widespread, and your current bank or credit union probably already offers this service.

What is digital banking, and how does it compare to visiting a branch in person? Explore the benefits of digital banking and use these tips to help keep your money safe.  

The holiday season is upon us. It’s a time of joy, celebration, and togetherness. However, it can trigger financial stress due to the pressures of gift-giving, hosting parties, and decorating. Moreover, the excitement often leads to overspending, leaving many with a financial hangover in the new year. To help you navigate this festive time, we've compiled essential holiday budgeting tips. Follow them to keep your finances in check and ensure you enjoy a debt-free season.

The decision to buy a home can be both exciting and terrifying all at the same time. Homeownership is what many of us strive for—to be able to have a home that we can call our own, as well as a real estate asset we can use to build our personal wealth. It is a big step to take. At the same time, though, the process of buying a house can be overwhelming. Understanding the step-by-step process in purchasing a home can help make the home-buying experience a more positive one for you and your family and can help reduce the additional stress that comes with big purchases in life.