CU1 Education

Should You Buy a House with Less than 20% Down? The Pros and Cons

When you start saving to buy a home, the first question on your mind might be how much you should set aside for a down payment. The size of your down payment—or the amount of money you pay upfront when buying a house—will impact the amount of money you need to borrow from a lender, your monthly mortgage payment, and whether you need to pay private mortgage insurance (PMI). While 20 percent is often presented as the gold standard of down payments, there may be situations where it actually makes more sense to your financial situation to put less down—and some mortgages even offer the opportunity to put no money down. Here are a few things to consider when determining what down payment makes sense for you when buying a home.

How to Use Second Chance Checking to Start Fresh Financially

When you have experienced financial setbacks, you may have difficulty being approved for a new bank account. Second Chance Checking accounts—also known as second chance bank accounts—can offer another option for people looking to get on stronger financial footing.

Using a Credit Card to Pay Daily Expenses

Should You Use a Credit Card for Daily Expenses?

A credit card can be a valuable financial tool. When used responsibly, credit cards can help you build strong credit and earn rewards, like cash back, travel benefits, and more. And the more you use the card, the more chance you have to earn those perks. But—like any financial tool—a credit card only truly has benefits if you are smart about how you use it and only spend what you can afford. That is why it may make sense to use a credit card for daily expenses—items you already have allotted in your budget that you can pay off promptly. Consider the pros and cons of using your credit card for daily expenses before you tap or swipe.

What You Need to Know as a First-Time Home Buyer

Buying a home is one of the most significant financial transactions you will make in your lifetime. While preparing to purchase a house is exciting, it’s understandable to feel a bit overwhelmed (especially as a first-time buyer).

Is a Home Equity Loan Right for You?

Equity in your home is a unique financial advantage that can offer an affordable way to fund a wide range of other life milestones, including home renovations, emergency expenses, debt consolidation, weddings, higher education, and more. Home equity loans—like a home equity loan (HELOAN) or home equity line of credit (HELOC)—leverage the value in your home to provide you with flexible funds for other needs.

Smart Spending with Credit Cards

Credit cards have many benefits: They can be a great way to help you build your credit, they are convenient, and with some cards you are able to earn rewards or cash back. But credit cards can cause financial trouble if you are not mindful of spending and interest.

Should You Buy a House with Less than 20% Down? The Pros and Cons

How to Use Second Chance Checking to Start Fresh Financially

Should You Use a Credit Card for Daily Expenses?

What You Need to Know as a First-Time Home Buyer

Is a Home Equity Loan Right for You?

Smart Spending with Credit Cards

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