admin Early Withdrawal Penalties at Major Banks bank One-year CD penalty Five-year CD penalty Ally 60 days of interest 150 days of interest Bank of America 90 days of interest 365 days of interest Capital one Three months of interest Six months of interest Chase 180 days of interest 365 days of interest Discover six months … Read more
7(a) Loans 504/CDC Loans Franchise Uses Establishing and operating the business as well as real estate or heavy equipment Purchase of real estate and large equipment or machinery Eligibility Be a small business, operating as a for-profit in the US, have invested equity, demonstrate good credit history Operating as a for-profit in the US, have … Read more
Hosting a place on Airbnb can be a lucrative undertaking—although financing the initial investment might seem daunting. To help you gain a greater understanding of financing an Airbnb business, we’ll cover the main options for funding, tips to help you successfully finance the venture, and answers to some frequently asked questions. Can You Finance an … Read more
HELOC Home Equity Loan Secured by your home equity Secured by your home equity Low interest rates Low interest rates Usually variable rate Variable or fixed rate Draw funds multiple times One-time payout Upfront and annual fees Upfront fees, but no annual fees Secured by Home Equity Both home equity loans and HELOCs are secured … Read more
You can’t get a power of attorney to act for someone after they have died, and an existing power of attorney becomes invalid upon the death of the principal—the individual who gave you the right to take certain actions on their behalf. Someone is still going to have to take care of their affairs after … Read more
Definition and Example of the Fair Housing Act The Fair Housing Act is a law enacted in 1968 and has been updated several times since its inception. The law is enforced by the US Department of Housing and Urban Development (HUD). The Fair Housing Act prohibits lenders, landlords, sellers, and agents from discriminating against homebuyers … Read more
Reverse mortgages are special types of loans that give older homeowners a way to turn their home equity into a source of income they can use during retirement. When they move out or die, the lender usually takes and sells the home to repay the loan. There are some benefits to reverse mortgages, but there … Read more
A home equity loan, or second mortgage, allows you to withdraw the equity you’ve built up in your home so you can use the cash to make repairs to your home, pay for college tuition, or consolidate your debt, for example. You repay the money over time through a series of regular payments. Home equity … Read more
Key Takeaways A higher unrecaptured Section 1250 tax rate applies to long-term capital gains for which a taxpayer has previously claimed depreciation. The IRC requires that claimed depreciation must be factored back in to arrive at an adjusted cost basis for calculating the amount of a capital gain. The Section 1250 rate is usually 20%, … Read more
Highlights More than 10 years of experience as a journalist covering topics like personal finance, parents, and mental health Former marketing and communications professional at a real estate company Host of local workshops discussing financial and contractual advice for freelance professionals Has writing expertise focused on the intersection of personal finance, race, and culture experience … Read more