Home » Apartment Hunting

Category Archives: Apartment Hunting

22 Best Small Business Credit Cards of 2020 – Reviews & Comparison

Looking for the perfect credit card for your business? See a list of the best here, w/ rewards ranging from cash back to airline miles to shopping portals.

Source: moneycrashers.com

Credit Unions vs. Banks: Here are the Pros & Cons

Credit union or bank? Learn the key differences between the two so you can pick the best financial institution for all of your monetary needs.

Source: crediful.com

What Is A Consumer Loan?

A consumer loan is a loan or line of credit that you receive from a lender.

Consumer loans can be auto loans, home mortgages, student loans, credit cards, equity loans, refinance loans, and personal loans.

This article will address each type of consumer loans.

Get Approved for personal loan today.

Types of consumer loans:

Consumer loans are divided into several kinds of categories. They include auto loans, student loans, home loans, personal loans and credit cards. Regardless of type, consumer loans have one thing in common: you have to repay the loan at some period of time. 

Auto loans

Most people who are thinking of buying a car will apply for an auto loan. That is because buying a car is expensive.

In fact, it is the second largest expense you will ever make besides buying a house. And unless you intend to buy it with all cash, you will need a car loan.

So, car loans allow consumers to purchase a vehicle where they may not have the money upfront. With an auto loan, your payment is broken into smaller repayments that you will make over time every month.

Get Matched With 3 Fiduciary Financial Advisors
Answer a quick question to start your matching process with advisors in your area.
When would you like to retire?
Select an answer

You can choose between a fixed or variable interest rate loan. But the most important thing is, whether you’re buying a new or used car, it’s important to compare loans to help you find the right auto loan for your needs.

Start comparing auto loans now!

Home loans

Another, and most common, type of consumer loans are home loans. A home loan or mortgage is a loan a consumer receives for the purpose of buying a house.

Buying a house is, undoubtedly, the biggest expense you’ll ever make in your life. So, for the majority of consumers who want to purchase a house, they will need to borrow the money from a lender.

Home loans are paid back over a period of time. Those mortgages term are typically 15 to 30 years. They can be variable rate or fixed rate. A fixed rate means that your repayments are locked in for a fixed term.

Whereas a variable rate means that your repayments depend on the interest rate going up or down when the Federal Reserve changes the rate.

Over the loan’s term, you will pay back the principle amount of the loan plus interest. This makes it very important to compare home loans. Doing so allows you to save thousands of dollars on interest and fees.

Personal Loans

The most common types of consumer loans are personal loans. That is because a personal loan can be used for a lot of things.

A personal loan allows a consumer to borrow a sum of money. The borrower agrees to repay the loan (plus interest) in installments over a period of time.

A personal loan is usually for a lower amount than a home loan or even an auto loan. People usually ask for $500 to $20,000 or more.

A personal loan can be secured (the consumer backs it with his or her personal assets) or unsecured (the consumer does not have to use his or her personal asset).

But most of them are unsecured, so getting approved for one will depend on your credit score, income and other factors.

But consumers use personal loans for different purposes. People take out personal loans to consolidate debts, such as credit card debts. You can use personal loans for a wedding, a holiday, to renovate your home, to buy a flt screen TV, etc…

Student Loans

Consumers use these types of loans to finance their education. There are two types of student loans: federal and private. The federal government funds a federal student loan.

Whereas, a private entity funds a private student loan. Generally, federal student loans are better because they come at a lower interest rate.

Credit Cards

Believe it or not credit cards is a type of consumer loans and they are very common. Consumers use this type of loan to finance every day expenses with the promise of paying back the money with interest.

Unlike other loans, however, every time your pay with your credit card, you take a personal loan.

Credit cards usually carry a higher interest rate than the other loans. But you can avoid these interests if you pay your balance in full immediately.

Small Business Loans

Another type of consumer loans are small business loans. These loans are used specifically to create a business or to expand an already established business.

Banks and the Small Business Administration (SBA) usually provide these loans. Small Business Loans are different than personal loans, because you usually have to provide a collateral to get the loan.

The collateral serves as a way to protect the lender in case you default on the loan. In addition, you will also need to provide a business plan for the lenders to review.

Home Equity Loans

If you have your own home, you can borrow money against it. These types of consumer loans are called home equity loans. If you’ve paid off the mortgage on the home, you can borrow up to the full value of the home.

Vice versa, if you’ve paid half of the mortgage on the home, you can borrow half of the value of the house. You can use a home equity loan for several purposes like you would with a personal loan.

But most consumers use this type of loan to renovate their house.  One disadvantage of this type of loan, however, is that you can lose your house in case of a default, because your house is used as a collateral for the loan.

Refinance loan

Loan refinancing is a basically taking a new loan to replace an existing one. But you get this loan specifically either to refinance your existing mortgage or to refinance your student loans or a personal loan.

Consumers usually refinance in order to receive a lower interest rate or to reduce the amount of monthly payments they are making on their existing loans.

However, reducing to a lower payment will lengthen the time to pay off the loan and you will accrue interest as a result.

Consumers also use this type of loan to pay their existing loans off faster. However, some mortgage refinancing loans come with prepayment penalties. So do you research in order to avoid that extra charge.

The bottom line is consumer loans can help you with your goals. However, understanding different loan types is important so that you can choose the best one that fits your particular situation.

So do you need a consumer loan?

Get Approved for personal loan today.

Speak with the Right Financial Advisor

If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post What Is A Consumer Loan? appeared first on GrowthRapidly.

Source: growthrapidly.com

Certificate of Deposit: What is a CD? – The Simple Dollar

A CD, or certificate of deposit, can earn you a higher interest rate on your savings – if you don’t need to touch the money for a while.

Source: thesimpledollar.com

5 Things Keeping You From a Life of Financial Independence

These are common obstacles that could be standing between you and sweet financial freedom.

Source: wisebread.com

How to Set Financial Goals: A Simple, Step-By-Step Guide

Want the number to be bigger? Go back through your budget and figure out where you can afford to make cuts. Maybe you can ditch the cable bill and decide between Netflix or Hulu, or replace a takeout lunch with a packed one.
It’s also the money you can use toward your long-term financial goals.
You’re in awesome financial shape — and you’ve made it to the fun part of this post.
So even though becoming debt-free seems like a big sacrifice right now, you’re doing yourself a huge financial favor in the long run.
You might try to get away with a smaller emergency fund — even ,000 is a better cushion than nothing. But if you lose your job, you still need to be able to eat and make rent.
And the trouble isn’t brand-new: We’ve been bad enough at saving for retirement over the past few decades that millions of today’s seniors can’t afford to retire.
Future you will thank you. Heartily. From a hammock.

What to Do Before You Start Writing Your Financial Goals

Now you can figure out exactly what you want to do with it.
You don’t need to abandon the idea of having a life (and enjoying it), but there are ways to make budgetary adjustments that work for you.

First Thing’s First: How Much Money Do You Have?

Did you know almost half of Americans have absolutely nothing saved so they can one day clock out for the very last time?
Ideally, you’ll want to find other ways to save for retirement, too. Look into individual retirement arrangements (IRAs) and figure out how much you need to contribute to meet your retirement goals.
Saving money is all well and good in theory.
And I do mean all of the expenses — even that .99 recurring monthly payment for your student-discounted Spotify account definitely counts.

  1. Figure out how much money you have. It might be in checking or savings accounts, including long-term accounts like IRAs. Or, it might be wrapped up in investments or physical assets, like your paid-off car.
  2. Assess any debts you have. Do you keep a revolving credit card balance? Do you pay a mortgage each month? Are your student loans still hanging around?

You also get to decide the size of your emergency fund, but a good rule of thumb is to accumulate three to six times the total of your monthly living expenses. Good thing your budget is already set up so you know exactly what that number is, right?
One method is known as the debt avalanche method, which involves paying off debt with the highest interest rates first, thereby reducing the overall amount you’ll shell out for interest.
Is everything in order? Amazing!

A woman creates a monthly budget while sitting on her bed. The sheets are white with a floral pattern on them. This story is about how to set up financial goals.

Create a Budget

To help keep you from financial goals like “buy the coolest toys and cars,” which could easily get you deeply into debt while you watch your credit score plummet, we’ve compiled this guide.
You get to analyze your own priorities and decide exactly what to do with your hard-earned cash.
Source: thepennyhoarder.com
Before you run off to the cool-expensive-stuff store, hold on a second.

Pro Tip
It’ll help you set goals and create smart priorities for your money. That way, however you decide to spend your truly discretionary income, you won’t leave the 10-years-from-now version of you in the lurch.

Your expenses probably include rent, electricity, cable or internet, a cell phone plan, various insurance policies, groceries, gas and transportation. It also includes categories like charitable giving, entertainment and travel.
And you need to start now, while compound interest is still on your side. The younger you are, the more time you have to watch those pennies grow, but don’t fret if you got a late start — here’s how to save for retirement in your 20s, 30s, 40s and 50s.

Need to go back to basics? Here’s our guide on how to budget.

But what are you saving for? If you don’t have solid financial goals, all those hoarded pennies might end up in limbo when they could be put to good use.
And if you’re operating without a budget, it can be easy to run out of money well before you run out of expenses — even if you know exactly how much is in your paycheck.
Jamie Cattanach (@jamiecattanach) is a contributor to The Penny Hoarder.
A ton of great digital apps can help you do this — here are our favorite budgeting apps — but it can be as simple as a spreadsheet or even a good, old-fashioned piece of paper. It just takes two steps:
See? It’s all about priorities.
So sit down and take a good, hard look at all of your financial info.
You might plan to travel more, take time off work to spend with family or drive the hottest new Porsche.

Setting Financial Goals

Once you’ve learned your net worth, you need to start thinking about a working budget.
It also offers me the opportunity to see what I prioritize — and to revise those priorities if I see fit.

  1. Build an emergency fund.
  2. Pay down debt.
  3. Plan for retirement.
  4. Set short-term and long-term financial goals.

If your job offers a 401(k) plan, take advantage of it — especially if your employer will match your contributions! Trust me, the sting of losing a percentage of your paycheck will hurt way less than having to work into your golden years.
By writing down my short- and long-term financial goals and approximately how long I expect it will take to achieve each, I can figure out what to research and how aggressively I need to plan for each goal.
Make a list of your debts and (ideally) don’t spend any of your spare money on anything but paying them off until the number after every account reads “Figuring out where your money should go might seem daunting, but it’s actually a lot of fun.

1. Build an Emergency Fund

You can’t decide on your short- or long-term financial goals if you don’t know how much money you have or where it’s going.
Print out the last two or three months of statements from your credit and debit cards and categorize every expense. You can often find ways to save by discovering patterns in your spending habits.
But there’s one more very important long-term financial goal you most definitely want to keep in mind: retirement.
Take the full amount of money you owe and subtract it from the total amount you have, which you discovered in step one. The difference between the two is your net worth. That’s the total amount of money you have to your name.

2. Pay Down Debt

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Congratulations. You’re in control of your money.
This will essentially be a document with your total monthly income at the top and a list of all the expenses you need to pay for every month.
Make a list of the goals you want to achieve with your money and which category they fall into. Then you can figure out how to prioritize your savings for each objective.
For example, some of my goals have included:
Your financial goals should be (mostly) in this order:

Pro Tip
There’s lots of great information out there about how to pay off debt, but it’s really a pretty simple operation: You need to put every single penny you can spare toward your debts until they disappear.

Finding money to sock away each month can be tough, but just starting with or of each paycheck can help.
If you ever want to stop working, you need to save up the money you’ll use for your living expenses.

A retired woman floats in a circular floating device in a swimming pool.

3. Plan for Retirement

Set the numbers you’re willing to spend in each category, and stick to them.
Congratulations! We’re almost done with the hard part, I promise.
If it seems like a lot, cool. Hang tight and don’t let it burn a hole in your pocket. We’re not done yet.
Many experts suggest making sure you have an emergency fund in place before aggressively going after your debt.
Because you’re wasting money on interest charges you could be applying toward your goals instead.
No matter your goals, it’s helpful to categorize them by how long they’ll take to save for.
If you’re motivated by quick wins, the debt snowball method may be a good fit for you. It involves paying off one loan balance at a time, starting with the smallest balance first.
But if you’re hemorrhaging money on sky-high interest charges, you might not have much expendable cash to put toward savings.
You can make the process a lot easier by automating your savings. Or you can have money from each paycheck automatically sent to a separate account you won’t touch.
If it seems like… not a lot, well, you can fix that. Keep reading.

FROM THE BUDGETING FORUM

4. Set Short-Term and Long-Term Financial Goals (the Fun Part!)

Maybe you want to have a six-course meal at the finest restaurant in the world or work your way through an extensive list of exotic and expensive wines. (OK, I’ll stop projecting.)
What experiences or things can your money buy to significantly increase your quality of life and happiness?
Now, let’s move on to repaying debt. Why’s it so important, anyway?
It’ll depend on your individual case — for instance, I totally have “wine” as a budget line item.
As a bonus, if your credit score could be better, repaying revolving debt will also help you repair it — just in case some of your goals (like buying a home) depend upon your credit report not sucking.
Start by listing how much you actually spent in each category last month. Subtract your total expenses from your total income. The difference should be equal to the amount of money left sitting in your bank account at month’s end.
All right, you’re all set in case of an emergency and you’re living debt-free.
We say “mostly” because it’s ultimately up to you to decide in which order you want to accomplish them.
After all, even if something seems like exactly what you want right now, it might not be in future-you’s best interest. And you’re playing the long game… that’s why they’re called goals!

But to make the most of your money, follow a few best practices while setting your goals.
For example, if you have a ,500 revolving balance on a credit card with a 20% APR, it gets priority over your ,000, 5%-interest car loan — even though the second number is so much bigger.
Consider the funds you have left — and those you’ll continue to earn — after taking care of all the financial goals above. Now think: What do you want to do with your money?
It’s pretty hard to argue against having more money in the bank.
That means you’ll pay the interest for a lot longer — and pay a lot more of it — if you wait to pay it down until you have a solid emergency fund saved up.

Get Two Months Free on This Adams Morgan Studio

The Best Apartment Deals In DC Right Now | Cheap DC Apartments

We’re all about scoring a good deal here at Apartminty.  While we love perusing the top-of-the-line luxury apartments in DC, we also understand, sometimes an affordable rent is the better option. Either way, instead of you searching for Washington, DC apartments on Craigslist and property management company listing sites, we are delivering our choice of the best apartments to rent in DC right now.  Here’s our pick for the best Washington, DC apartment for rent today. Want more information on moving to DC? Check out Apartminty’s  Ultimate Guide to Moving to Washington, DC.

Adams Morgan/Columbia Heights

THE SHAWMUT

1768 Columbia Road NW

Washington, DC 20009

Studio Apartment
$1325/month
Unit #: 308
330 Sq Ft
Available Now

Why it’s a great deal:
The Shawmut is in the intersection of Adams Morgan and Kalorama and just a quick walk to Dupont Circle.  This apartment building is one of the most pet friendly buildings in D.C. They allow cats and dogs, but do not charge pet rent or a pet fee.  The customer service and maintenance team are incredible.   

The price on this studio apartment is not something you will see often! PLUS The Shawmut is offering two months free if you lease before the end of December!  You are only responsible for electric and cooking gas.   If you’re interested, reach out today! Looking for something a little different? Check out Apartminty’s guide How to Find an Apartment in DC.   *Pictures may not be of exact unit.*

SCHEDULE A TOUR

Read Get Two Months Free on This Adams Morgan Studio on Apartminty.

Source: blog.apartminty.com