If you are planning on purchasing a home, it’s important to understand the difference between annual percentage rate (APR) and annual percentage yield (APY). These two items differ enough in how they work that they can significantly affect how much you pay each month in interest. [Read more…]
A transfer on death account (TOD) is an investment account that is designed to make the transfer of an account to a designated beneficiary easier. Transfer on death accounts helps those who want to avoid going through probate.
What is Probate?
Believe it or not, there are restrictions on certain cash deposits and it is regulated by your bank and the U.S. government. As a consumer and homebuyer, it’s important to be aware of cash transaction reporting guidelines.
The Bank Secrecy Act
The Bank Secrecy Act sets the guidelines for banks and businesses to report large currency transactions. The purpose of the act is to prevent tax evasion and money laundering by individuals using cash deposits to cover up the illegal source of their “earnings.” [Read more…]
Whether you’re purchasing your first home or your second, lenders will look at your income to determine if you can afford a Kansas City home loan. Namely, they will analyze your gross income, or the income you make before taxes and deductions are made. As a home owner, here is what gross income means for you: [Read more…]
Community property is property jointly owned by a husband and wife. This typically includes all money earned, debts incurred and property procured during the marriage. There are eight community property states: [Read more…]
Earning money through investments can be tricky. You have some money you can invest, but don’t want to directly invest in the stock market. Investing in a certificate of deposit (CD) is a safe option that you can earn money from when done correctly. [Read more…]
Saving up your money in order to buy a home shouldn’t be complicated. But if you’re looking for a low-risk investment, a high-yield online savings account may be for you. These types of savings accounts are offered solely online and have higher interest rates than traditional savings accounts. [Read more…]
When you are a loan officer, you may have clients with money market accounts. It’s important to understand what a money market account is and how it works. That way, you can educate clients about the best investing options for them.
What is a Money Market?
A money market is a type of savings account offered by banks and credit unions. They are similar to a traditional to savings accounts in that they earn interest, but at a slightly higher rate. The bank will take the money clients invest to create other loans or investments. [Read more…]