Banking Blog

Saving money may be a pain for many people. However, it may not appear to be worth it, and there is usually an immediate benefit associated with putting additional funds into a savings account. Furthermore, with interest rates at present low, there may not be much need to save money.

Yotta Savings Account is here to fight that trend. Yotta is a high-yield savings account specialist that operates through the internet. Yotta also has a unique element: the opportunity to win weekly prizes.

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One of the big economic news stories lately has been the Federal Reserve’s latest interest rate hike. The Fed has planned on hiking interest rates since last year, and so this hike is no surprise. However, unforeseen events this year have led to expectations of further interest rate hikes that will go far beyond what was previously planned.

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Figure Loans is an online lending service designed for borrowers with good credit scores. The Fintech company uses the FICO scoring system, meaning they accept borrowers with a FICO credit score of 680 or better. Figure offers several services to borrowers. One of their most popular services is the home equity line of credit. With this service, homeowners can take out a fast loan on their mortgage – usually within minutes. The borrowers will have the funds available in their bank account in a few days.

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Wet loans and dry loans are types of mortgages that dictate how you buy a home. The main difference between both types of mortgages is the way the funds for the home purchase are released by the lender. As such, the wet loans vs. dry loans debate is something that homeowners should pay attention to. It can make a big difference between purchasing a home successfully, and getting rejected at the last minute. Due to how they work, they appeal to home buyers differently. 

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In the world of loans, mortgages, and financing, the average consumer may feel confused and stressed. Nonetheless, it’s vital to understand how credit and loan types differ, as this will help you decide which path to homeownership is most suitable for you.

If you are short on cash when planning a purchase, an open end credit option may be available to you. But then, there is also the term Closed-End. 

Wondering what all of this means? Let’s take a look at the difference between Open End and Closed-End Credit to understand future decision-making better!

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