Typically, a mortgage represents the largest debt an American has ever taken on, frequently totaling hundreds of thousands of dollars. Although it may seem like a significant amount of money to repay, most mortgages only last for 30 years. Depending on the timing of your mortgage, it frequently implies that you will have paid off … Read more
First and foremost, SoFi Learn wants to be a helpful tool for you as you travel through your financial journey. We’re here to help! Read more We develop content that covers a variety of financial topics. Sometimes, that content may include information about products, features, or services that SoFi does not provide. Our goal is … Read more
If so, a number of federal tax breaks, such as the earned income tax credit (EITC) and the child tax credit (CTC), may be able to reduce your tax liability or possibly even increase your refund. Here’s a brief explanation of who is eligible for dependent status and how it may impact your income tax … Read more
If your lender uses an outdated credit scoring model, paying off collections may not affect your score. However, paying off collections may raise your score from the most recent models. Regardless of whether it will raise your score quickly, paying off collection accounts is usually a good idea. Experian, TransUnion and Equifax now offer all … Read more
If you’re not using cash, you might wonder which is a better way to pay: with a credit card or a debit card. You may use your credit card and debit card interchangeably, picking up whatever plastic is available at the moment. Both a credit card and a debit card get the job done when … Read more
In a Nutshell Compared to lower scores, a good credit score can unlock better credit opportunities. Although credit and loan applications are evaluated by lenders based on a number of criteria, applicants with better credit scores typically have a better chance of being approved. Good credit scores can also help you qualify for lower interest … Read more
So, you’re eager to pay off your mortgage early? That’s a great financial goal to set for yourself! Being completely debt-free and living in a paid-for home not only offers you a great deal of freedom, but it’s also a great way to accumulate wealth because you’ll have a lot more money each month to … Read more
Your credit reports contain a lot of information, but some items are more important than others. What factors do lenders take into account when they review your credit report? This is an easy question with a difficult answer because there are no common criteria that all lenders use to evaluate potential borrowers. It can depend … Read more
The most recent inflation data shows that in January prices rose 3. 1% year over year. That’s still above the Federal Reserves’ 2% target, but it’s a significant improvement from when inflation spiked to over 9% in 2020-22. In light of this, a number of real estate analysts forecast that mortgage rates for 30-year fixed-rate … Read more
The debt snowball is your new DFBFF (debt freedom best friend forever) if you’re looking for a long-term debt relief strategy. The debt snowball method is the fastest way to pay off your debt. I paid off $40,000 in consumer debt in just 18 months using this method, and if it works for me, it … Read more