getty images – Templo Do Conhecimento http://templodoconhecimento.com/ Tue, 19 Apr 2022 11:05:09 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://templodoconhecimento.com/wp-content/uploads/2021/04/cropped-icon-32x32.png getty images – Templo Do Conhecimento http://templodoconhecimento.com/ 32 32 Home renovation could peak in 2022. Here’s how to finance the improvements https://templodoconhecimento.com/home-renovation-could-peak-in-2022-heres-how-to-finance-the-improvements/ Sat, 12 Mar 2022 11:00:21 +0000 https://templodoconhecimento.com/home-renovation-could-peak-in-2022-heres-how-to-finance-the-improvements/

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Are you planning to renovate? Here are some options to pay for it.


Key points

  • d Home renovation could peak in 2022.d
  • It’s important to weigh your home improvement financing options that you can’t pay for outright.

Many people have been spending more time at home since the start of the pandemic. And it inspired many people to update their homes.

If you’re thinking of renovating this year, you’re in good company. Home renovation is expected to take off in 2022, according to Harvard University’s Joint Center for Housing Studies. In fact, homeowners’ annual spending on improvements and repairs could reach $430 billion by the second half of the year.

If renovating your home is high on your priority list, there may be one thing holding you back: money. Looting your savings to pay for home renovations is not a good idea if it leaves you with limited cash reserves for emergencies. That’s why it’s worth looking into these affordable remodeling financing options.

1. Personal loans

Personal loans allow you to borrow money for any purpose, and you can take out one to finance home renovations. To qualify for a competitive rate on a personal loan, you will need strong credit. This is because personal loans are unsecured, so they are not tied to any specific asset. So lenders are already taking the risk of not getting paid, but the higher your credit score, the less risk there is.

2. Home equity loans

With a home equity loan, you borrow a lump sum of money and pay it back over time, just like you would with a personal loan. Home equity loans are secured by the properties in which the equity is borrowed. It can be a good thing and a bad thing.

The upside is that it’s fairly easy to qualify for a home equity loan as long as that equity is there. And your credit score might not be as big an issue when it comes to getting a home equity loan. But if you fall behind on your loan payments, you risk losing your home.

That said, you might get a lower interest rate on a home equity loan than a personal loan. This, in turn, could make you less likely to fall behind on your payments.

3. HELOC

With a HELOC, or home equity line of credit, you have access to a line of credit that you can draw on for a set period of time, usually five to 10 years. HELOCs are more flexible than home equity loans because you don’t have to commit to borrowing a lump sum. This is often a good option for financing home renovations, as sometimes you may start a project only to meet additional costs as you go along.

Like home equity loans, HELOCs are secured by borrowed homes. They may be more affordable than personal loans from an interest rate perspective, but they also tend to come with variable interest rates, which means your HELOC payments could increase over time.

4. Refinancing by collection

With a cash refinance, you borrow more than your remaining mortgage balance and get the difference in cash. Even though mortgage rates have climbed recently, you’re still likely to pay less interest on the money you borrow with a cash refinance than with a personal loan, home equity loan, or HELOC.

That said, a cash-out refinance requires you to get a brand new mortgage, and it can be a lengthy process. Additionally, you will be charged closing costs to refinance your home loan, and these could be significant.

How will you pay for the renovations?

If you’re eager to upgrade your home, be sure to consider the pros and cons of your various borrowing options before moving forward. Remodeling can be rewarding, but it’s worth doing your best to make it as affordable as possible.

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A surprising thing could be asked of you when applying for a personal loan https://templodoconhecimento.com/a-surprising-thing-could-be-asked-of-you-when-applying-for-a-personal-loan/ Fri, 11 Mar 2022 11:09:00 +0000 https://templodoconhecimento.com/a-surprising-thing-could-be-asked-of-you-when-applying-for-a-personal-loan/

Wondering how to get a personal loan? These 5 steps are important to follow before even applying.

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Admittedly, gathering everything you need to apply for a loan can be tedious, but on the other hand, personal loans are often one of the quickest loans to get because you can sometimes get the money in a matter of seconds. days. (You can see the personal loan rates you may qualify for here.) That said, you’ll be much better off if you have the necessary documentation for a personal loan and know other key things you’ll want to do before you officially apply. (Also, read this guide first to determine who a personal loan might or might not be right for.) Here’s how to make sure you’re properly armed with everything you need to make the application process as smooth as possible.

1. Gather documentation that a personal lender might require

The specifics needed to determine loan eligibility will vary from lender to lender, but most will ask:

  1. The loan request (this typically asks for information such as name, address, date of birth, social security, and other personal information, as well as how much you want to borrow and why);

  2. Identity proof (this may include a passport or driver’s license);

  3. Proof of employer and income (this may include a W2, pay stubs, bank statements, 1099 forms or tax returns); and

  4. Proof of address (this may include utility bills or a lease or mortgage statement, proof of insurance on your home, voter registration card or property tax receipt).

This is only a preliminary list, so be prepared to provide further information. It could even include your educational background, says Annie Millerbernd, personal loan expert at NerdWallet, who explains that if a lender asks about it or what you studied in school, they may be trying to figure it out. earning potential. “Your level of education is unlikely to trump income or credit,” says Millerbernd.

2. Pull your credit score in advance and improve it before applying if necessary

Before applying for a personal loan, check your credit score because credit is, like most loans, a big factor in determining the rate you will get or even if you get the loan. The best personal loan terms typically go to people with credit scores in the mid-700s and above, says Ted Rossman, senior industry analyst at Bankrate. “You can potentially get a personal loan with a lower credit score, but especially when you drop below 700 on the FICO scale, your odds are going to get noticeably worse and your interest rate should be significantly higher,” says Rossman. According to Bobby Ritterbeck, president of personal loans for Best Egg, the minimum credit score you’ll likely need to qualify for a personal loan is around 610 to 640. (You can see the personal loan rates you may qualify for here.)

“Banks generally prefer good or excellent credit over a personal loan application, while a credit union may look more at your overall financial situation than your credit score alone. Online lenders tailor their loans to borrowers in different situations, so there are good and bad credit online loans,” says Millerbernd.

As with any loan, the higher your credit score, the better the terms of your personal loan. “If you have strong credit, you can get a loan with a single-digit APR. However, if you have poor credit, the APR could reach 30% or more, well beyond what you would pay with a typical credit card,” says Matt Schulz, chief credit analyst at LendingTree.

3. Understand the other factors that personal lenders are looking for and improve on them too

“Your credit score isn’t the only thing lenders will consider. The length of your credit history and your debt-to-equity ratio can also affect your ability to get a personal loan,” says Ritterbeck. To find your DTI, add up your recurring monthly debt, including credit cards, mortgage, car loan, student loan, and more, and divide by your total gross monthly income, which is the amount you earn before taxes, withholdings and expenses. Typically, lenders like to see a DTI of 43% or less. If you can pay off some debt or increase your income, that’s a good way to improve that number. (You can see the personal loan rates you may qualify for here.)

4. Know if you get a secured or unsecured personal loan

Because unsecured personal loans are exactly that – unsecured debt – you don’t have to put assets such as your home or car as collateral. Secured personal loans, however, will require valuable assets including investment accounts, real estate, and collectibles to use as collateral, should you default on the loan. If you get a secured personal loan, you’ll need to show proof of property you own, such as a paid-off vehicle, jewelry, savings accounts, investments, art, and more.

5. Understand if a personal loan is right for you and how you will repay it

Personal loans aren’t for everyone: While they can be effective tools for debt consolidation or essential projects where you need money fast, they aren’t suitable for discretionary spending. And if you decide to take out a personal loan, make sure you have a solid plan to pay it off in full and on time.

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Russia’s invasion of Ukraine could jeopardize international science https://templodoconhecimento.com/russias-invasion-of-ukraine-could-jeopardize-international-science/ Mon, 07 Mar 2022 20:17:38 +0000 https://templodoconhecimento.com/russias-invasion-of-ukraine-could-jeopardize-international-science/

The Russian invasion of Ukraine, which forced at least 1 million people flee their homes, and has already seen thousands of Ukrainian civilians killedcould also have wide-ranging and prolonged ramifications for dozens of industries and organizations, many of which are designed to be apolitical.

Global efforts that could suffer include international scientific collaborations, which primarily focus on pursuing technological and scientific progress. They do this by harnessing knowledge from all corners of the globe: the intention is to create positive change through a collaborative effort and generally operate without political interference.