Hey! Today, let’s talk about the 4 C’s of home loans, the factors that lenders consider before making a home loan.
The 4 C’s of loan and credit are: capacity, capital, credit and collateral.
Capacity is your present and future payment obligations, as well as your debt to income ratio. Capital is the value of your assets, including cash, savings, investments, property, and other things that you could sell for cash. Credit is how responsibly you have paid bills or debts in ...
Hey! Did you know that a cup of coffee and a bag lunch can change your life?
Throughout the day, we think about the things we want: a Frappuccino from Starbucks. A new car. A trip to Hawaii.
Fact is, giving up the small things can help you get the big ones. For example, packing a lunch instead of eating out every day could save $50-$60 per week, or $200 a month, or $1200 to $1500 per year! Make your own coffee ...
Hey! Did you know that budgeting doesn’t have to be painful?
Fact is, it could actually be fun!
Southern Bank offers the Budget Bubble tool in online banking. It shows where your money is going and allows you to set up your own categories. Next you assign a goal for each category. Then the tool automatically shows you when you are on target (green), close to your target (yellow), or on your target budget (red).
Hey. Do you know the difference between a credit card and a debit card?
When you use a credit card, it basically means you’re taking a loan from your bank. If you pay the full amount each month on time, there is no extra cost. But if you only pay part of the balance, it can get very expensive. You’ll be charged interest, and if you’re late, there could be penalties as well.
Trying to figure out which financial habits to focus on with your family may feel overwhelming. One way to think about such a big topic is by breaking these habits into four easy-to-understand main categories.
First is understanding how money is earned in a household, a key to many financial conversations.
Second is borrowing and understanding debt, repayments, and how this contributes to financial health.
Third is spending and saving, the concept of putting aside money to make purchases.
Hey, are you prepared for life’s little surprises?
Lots of things in life are unpredictable. Experts say that you should have at least $1,000 saved for emergencies, such as when your car breaks down or your fridge stops working, as well as 3-6 months of savings for things like rent in the even of a longer crisis.
Having an emergency fund set aside can reduce your stress and keep you from going over budget.
When building your emergency fund, open a special savings ...