Check the definitions of the different financial terms

When you are going to hire a banking product, from a personal loan to a credit card, there are many technical terms that you often do not understand and that we recommend you understand to know exactly what you are acquiring. For this, in this section you will be able to consult the definitions of these expressions with a language that is easy to understand.

Differences between lines of credit and personal loans

As you become more familiar with your personal finances, you should also become familiar with the different banking products available. The main reason is related to learning the precise utility of the tools available. Therefore, this time we will focus on the differences between personal loans and ..

10/13/2022 Read more

What is APY (Annual Percentage Yield) and how is it calculated?

When comparing bank products or reviewing terms and conditions for an account, personal loan, online credit, certificate of deposit or investment, you need to be alert. Understanding details such as the nominal interest rate, APR and APY can make a big difference in terms of earnings and savings. W..

10/7/2022 Read more

Difference between hard and soft in credit inquiries

Your credit score is one of those aspects you need to know how to take care of if you hope to obtain financing, increase your wealth and improve your quality of life. In this sense, we help you to know how hard and soft credit inquiries influence your credit history. What is a soft credit inquiry? ..

10/6/2022 Read more

What is the Private Mortgage Insurance (PMI)

We all know that the application process for a conventional or government-insured mortgage can be long and complicated. There are a lot of factors to consider. In this case we are going to focus on the Private Mortgage Insurance (PMI). What is the Private Mortgage Insurance Private Mortgage Insura..

10/5/2022 Read more

What is the Automatic Clearing House (ACH)

The North American economic system is made up of a wide variety of institutions that safeguard financial operations. Among his many tasks is to ensure that transfers and payments are made quickly, safely and without complications.For this purpose, there is the Automated Clearing House (ACH). If you ..

10/3/2022 Read more

What are the discount points on a mortgage and how to use them

The dynamics of mortgage loans in the United States has some peculiarities that make it attractive and complex at the same time. It does not mean that it is difficult to understand, but rather it includes several aspects that are worth knowing before applying for a mortgage. In this category are the..

9/30/2022 Read more

What is the FHA? (Federal Housing Administration)

When applying for a mortgage in the United States, you have a wide variety of options at your fingertips. If you don't qualify for a conventional home loan, you can always go to the Federal Housing Administration (FHA). Given its importance, we will see in more detail how this institution appea..

9/29/2022 Read more

What are Fannie Mae and Freddie Mac and their functions?

In the vast universe of US mortgage lending, there are several institutions that shape the real estate market. Among the best known are Fannie Mae and Freddie Mac, two government-backed companies that make buying a home easy. Due to its importance, we have to let you know about its creation and what..

9/27/2022 Read more

Usual fees and charges for credit cards in the United States

Credit cards are a valuable resource in those moments when you do not have liquidity and there is an emergency, a celebration or a trip. Although it is a great advantage to have it, it may also carry a price, like fees and charges that can be applied by the bank that issues it. May interest you: Ban..

9/27/2022 Read more

What is the Prime Lending Rate

When you're determined to improve your personal finances, you know you're going to have to deal with credit, rates, and different kinds of metrics. It may sound complex or boring, but once you internalize it, it's like keeping in mind the price of gasoline. For that reason, we would like..

9/23/2022 Read more

Types of mortgages in the United States

It would not be bold to say that the US economy, while the largest, is also one of the most diversified. People who live in this country must get used to having a wide variety of offers in banking instruments, especially in loans and credits. In this category, it's time to review the types of mo..

9/22/2022 Read more

Usual fees and charges for bank accounts in the USA

No matter where you look at it, most US bank accounts can also include some of those fees that we don't want to pay. When you contract savings or checking accounts, you have to be alert about the costs that certain operations imply. Therefore, we will break down some of the most common charges. ..

9/21/2022 Read more

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