It's time to compare! You've selected the maximum amount of home loans so click that compare button you crazy selecting fool you.
You can only compare three home loans at a time. Unselect an account or use clear all to start over.
Choose Your State
Rates and products offered may differ from state to state. To see the rate and offering available to you, please select the state where you bank. (Your privacy is important to us—see our Privacy Notice)
Preparing for Major Financial Events
Preparing for Major Financial Events
Many life events are directly related to (or cause) financial events that are faced at
the same time. Preparing for the financial aspects of these events can help to reduce the
stress that often accompanies major changes.
Remodeling your home or making major repairs. Home equity loans have become a
major source of funds used when making improvements to homes. The application process is
usually easy and inexpensive with funds available when needed. This avoids paying interest
on funds you don't need. Home equity loans usually have attractive interest rates and the
interest is tax-deductible. If you are considering a major home improvement, you may want to
investigate this source of funds.
Buying a home. Buying a first or new home can be one of the largest financial
transactions of your life. Investigating the mortgage options before you start looking at
homes can help you focus on a home you can afford and help keep you focused on the home
selection and purchase negotiation parts of the process. You may want to talk to a lender to
get some kind of pre-qualification or at least learn what the current rates are and how much
your monthly payments would be for different size mortgages.
Changing jobs. It is seldom easy to change employers. New responsibilities, new
co-workers and a new environment can be stressful. In addition, you will probably get a
distribution from your old employer's retirement plan. Once you get that distribution, you
have important decisions to make. You must move the funds into another qualified plan or IRA
within 60 days to avoid paying taxes on the distribution. You must also make investment
decisions. Retirement plan distributions are often the largest single sum an individual ever
has to invest at one time. Sometimes, a new employer's plan can accept transfers as well. If
changing jobs is in your near-term future, investigate your options early to make the
transition less stressful.
Retirement. After a career, venturing into retirement brings many changes. Along
with Social Security benefits, your existing assets must pay for a major portion of your
living expenses. Your living expenses will probably fall somewhat, perhaps by 20% to 30%.
You will probably want to modify your investment strategies to be more conservative. While
you are young and still accumulating assets, it can be easier to absorb a fall in the value
of your portfolio because you have time to recoup your losses. During retirement, a
significant fall in your portfolio can be troubling. You may want to consider a more
conservative asset allocation with more of your funds in cash and shorter-term fixed income
Funding a child's college education. The cost of a four-year college education is
expensive. Annual college costs at private out-of-state institutions can run over $30,000.
Even state sponsored schools can be at least half that amount. Paying those college bills
can be tough if you do not start saving early. Make time your ally by establishing a regular
savings program and taking advantage of some of the new tax-advantaged programs like
Education IRAs and Section 529 Plans.