Home Buying, Retirement and Investing Expert
Hank Coleman is a finance writer, financial planner and self-proclaimed investing junkie. He has a Masters Degree in Finance and a Graduate Certificate in Financial Planning. Hank is an expert in all things retirement, investing and home buying. Be sure to follow him on Twitter @MoneyQandA and on his blog, Money Q&A.
Posts by Hank Coleman:
Despite sounding identical, a prequalified mortgage is not the same as a preapproved mortgage. Prequalification is generally a quick, free process where a bank takes your financial information and lets you know generally what your loan will look like. Preapproval is actually a followup process that is much more involved and often costs money. Preapproval requires a credit check, a mortgage application and an estimate of your own down payment. For help with a mortgage, consider finding a financial advisor. Prequalified Mortgages Getting a prequalification on your home mortgage is simply a basic step. It’s like a fact-finding mission and does not signal to sellers that you are a true buyer. A prequalification from a mortgage lender tells you the types of loans that are available, how much it may be willing to lend to you and what your payments could possibly be. But a prequalification is not a binding agreement. It’s simply meant to be informational. It gives you an idea of what is out… Read more
Have you found a new job? Are you starting a new career? What are you going to do with the 401(k) retirement plan that you left in the care of your previous employer? Here’s what you should do: rollover your old 401(k) retirement plan into your new employer’s plan right away. Don’t pass go. Don’t have the check sent to you because you might forget to roll over your funds. Read more
There are very few times when taking out more debt to pay off credit card debt makes sense. Using a personal loan to pay off your credit card debt is only moving the money around. The debt is still there. You are simply moving the money you owe the bank from one pile to another. It just so happens to be a pile of debt with better terms for you and your family. These are three times it might make sense to pay off credit card debt with a personal loan. If you want more help in your loan repayment process, consider seeking a consultation with a trusted financial expert. SmartAsset’s financial advisor matching tool can pair you up with a professional who can provide guidance that suits your specific needs. Read more
Investing in prepaid college tuition plans is an alternate investment for parents who are looking to pay for college instead of using the traditional 529 College Savings Plan. Prepaying college… Read more
A Roth IRA is one of the best types of retirement accounts that you can own. A Roth IRA is not its own type of investment class like a stock, mutual fund, or bonds. Instead, a Roth IRA is a type of… Read more