Stephanie Colestock

Whether you experience a sudden financial windfall or just find yourself with leftover cash in your budget each month, you might be wondering what to do with those extra funds. One option is to contribute more money toward the loan on your home, but should you pay off a mortgage early, or are there better places to focus your efforts? Here are some key factors to keep in mind. Consider working with a financial advisor as you weigh your options.
Benefits to Paying Off a Mortgage Early
There ar...

A shared equity mortgage is a financial agreement in which a financial institution acts as both the lender for and an investor in a property. In this arrangement, the homebuyer agrees to sell a percentage — as well as future gains — of their property to the lender in exchange for a smaller mortgage loan.
Shared equity mortgages can make it easier for buyers to afford more expensive homes, and may even provide down payment assistance if needed. Here’s everything you need to know.
How a shared ...

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.
Planning a wedding can be exciting, but this happy day often comes with a hefty price tag.
The average reception alone costs about $22,500 in 2021, according to data from The Knot. In some states, such as ...

When taking out certain home equity lines of credit (HELOC), reverse mortgages, or mortgages on manufactured homes that aren’t attached to real estate, the Department of Housing and Urban Development (HUD) requires lenders to provide borrowers with a HUD-1 settlement statement.
A HUD-1 settlement statement, also referred to simply as a settlement statement, details every charge associated with your new loan. It also outlines who is responsible for each of those charges — the buyer or the sell...

Buying a home is an involved process, from choosing a neighborhood to calculating your budget and, of course, actually looking at properties. Knowing how to get pre-approved for a mortgage can make the who...

The number of 401(k) and IRA millionaires reached an all-time high in the first quarter of 2021, according to Fidelity Investments. Retirement account balances have been steadily recovering in the year since COVID first emerged, even surpassing pre-pandemic levels. Today, more than 365,000 Fidelity investors boast seven-figure 401(k) balances, along with more than 307,600 IRA millionaires. A well-funded retirement account can afford you the financial security you need after your career ends. ...

A new credit card here, a personal loan there, maybe a line of credit — it’s easy to find yourself carrying a variety of balances over the years. These are often unsecured debts with high interest rates and different repa...

Editorial Note: Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our marketing partners don’t review, approve or endorse our editorial content. It’s accurate to the best of our knowledge when posted.
It’s an ironic reality of banking: You may have to pay in order to use your own money, even if you open a “free” account.
Both online and brick-and-mortar banks may charge monthly maintenance fees (among other types of fees), which ca...

Slide 1 of 15: When I was growing up, my grandmother kept her cash in a coffee can above the fridge. I never knew how much money was in that old blue Maxwell House tin, but I was always worried that one day it would somehow disappear and her hard-earned savings would be lost.It wasn’t until I got older that I realized why my grandmother kept her money in that can. Eight years before she was born, her parents lost all their savings when their bank failed in the wake of the Great Depression.Whe...

Even if you don’t believe that we are on the cusp of another economic downturn, it’s always smart to be prepared. In fact, the way that you structure your earnings, savings and investments today can not only make it easier to survive a recession, but can even allow you to thrive regardless of what’s going on around you.

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.
Your home is one of the biggest purchases you’ll ever make, and where you’ll spend the bulk of your time outside of work. Eventually, you may reach a point where you want, or even need, to start making imp...

A second mortgage is an additional home loan that takes priority after the initial, “first” mortgage you borrowed to buy your home. If you need to adjust monthly payments, lower your interest charges or just simplify your mortgage debt, it might make sense to refinance your second mortgage. However, before you get started, it’s important to understand what a second mortgage refinance really entails.
When to refinance a second mortgage
Pros and cons of refinancing a second mortgage
Types of se...

Life insurance policies are a great way to provide for your loved ones in your passing, giving them the financial security they need or even creating wealth. One helpful aspect of these financial products is that they are tax-advantaged.
This means that if you leave your estate to a surviving spouse or have a total estate (including insurance proceeds) below a certain threshold, your family will receive their share tax-free. However, if you have a spouse who isn’t a U.S. citizen, or have a ve...

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as "Credible" below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.
Whether you’re buying, selling or even renting a home, you may be wondering if you should enlist the help of a Realtor or real estate agent for the transaction.
Before you do, it’s important to know that t...