Families and individuals have the most to gain – or lose – when money is in motion. Whether you’re building wealth or spending it, one thing is for certain: this is a critical moment for good financial choices. Here are five common situations where you will find that your money is in motion, and what to look out for in each one: Leaving your job American workers leave their jobs, on average, once every 4.1 years, which means your money may be in motion due to a job change as many as 10 to 12 times in your lifetime! Whether…
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Tag: home buying
Interest-only mortgages are risky in a rising interest rate environment
Over the past decade, as interest rates declined, some homebuyers gravitated towards interest-only loans. However, times are changing, and borrowers should be careful in considering this kind of mortgage loan. During the past two years, many financial lenders have tightened credit standards across most loan types. The combination of the Coronavirus pandemic, supply shortages, inflation and the impact of the Ukraine war has created a drag on the U.S. economy. A slowing economy increases the risks of lending, thus tighter standards emerge. Fannie Mae and Freddie Mac, the two government-sponsored enterprises that back most mortgages, exclude interest-only mortgages. And while…