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 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 […]
What is a HELOC?
Categories: Financial Terms, HELOC
Understanding different financing options is crucial for homeowners looking to maximize their property’s value. One option is a Home Equity Line of Credit, or HELOC. What is a HELOC? Essentially, a HELOC allows you to borrow against the equity in your home, providing a flexible way to access funds. In the following sections, we will […]
What is a 2nd Mortgage and/or Home Equity Loan?
Categories: Financial Terms, Mortgage
When you’re exploring ways to tap into the value of your home, a 2nd mortgage or home equity loan might come to mind. First and foremost, it’s important to understand what these terms mean. To clarify, both options allow you to borrow against the equity in your home. However, there are key differences between the […]