Our Smart With Debt blog guides you on how to live the life you desire with your own money, not borrowed from banks or lenders. We strive to support those who are serious about managing their debt and discovering ways to leverage it for financial gain.
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What Is Debt?
Categories: Financial Terms
Debt is when you borrow money from someone and promise to pay it back later. To put it another way, people and businesses use debt to buy things they can’t afford right now. How Does It Work? First, Borrowing Money: You ask for money from a lender. This could be a bank, a friend, or […]
What is an Adjustable Rate?
Categories: Debt Management
Understanding Adjustable Rate Mortgages (ARMs) An adjustable-rate mortgage (ARM) is a type of home loan with a variable interest rate. Unlike fixed-rate mortgages, where the interest rate stays the same for the life of the loan, an ARM’s rate can change. This can be good or bad, depending on the market. How ARMs Work Initial […]
What are the Risks of Adjustable Rates?
Categories: Debt Management
Adjustable-rate mortgages (ARMs) can be appealing because they often start with lower interest rates. However, they come with risks. What are the risks of adjustable rates? Let’s break it down! What is an Adjustable-Rate Mortgage? An adjustable-rate mortgage has an interest rate that changes over time. Unlike a fixed-rate mortgage, where the rate stays the […]
What is a Mortgage?
Categories: Financial Terms
First of all, a mortgage is a loan used to buy real estate. To put it another way, when you take out a mortgage, you agree to pay back the loan over a set period. To clarify, this set period is typically 15 or 30 years. However, there are different types to consider. For example, […]
Is a HELOC a Mortgage?
Categories: HELOC, Mortgage
Today we will be answering the question, “Is a HELOC a mortgage?” Let’s begin by exploring what a HELOC is. A HELOC stands for Home Equity Line of Credit and is a type of loan. However, instead of getting all the money at once, you can instead borrow as you need. It works like a […]