Whether you’re looking to pay off debt, or grow your real estate portfolio, there are a multitude of different banking products available to help you reach your financial goals. From personal loans to HELOCs to credit cards to cash out refinances, it can be hard to know where to start. How do you choose the best banking product? That’s the first question I’m answering on today’s Q&A.
Before I get to your questions, we’re going to talk about what’s going on in the economy, including the future of the job market, and how to protect your family from the ups and downs of the economy. I’ll answer three great listener questions on choosing financial products, paying off debt, and building business credit. I hope you enjoy this episode of Investing in Real Estate!
On this episode you’ll learn:
- How to choose the right banking product for you
- What to consider about paying off debt
- The truth about building your credit score
How to Choose the Right Banking Product For You
When you’re trying to choose a banking product, the most important thing to look at is the interest rate. Remember that you’re essentially paying a percentage to borrow money. It’s all about the numbers. I believe that you should always shop around and find the best product you can.
Specifically when choosing between a HELOC and a cash out refinance, remember that a refinance comes with closing fees. Generally speaking, a refinance isn’t a great idea unless you plan on keeping the home for at least 6 months to 1 year. I much prefer using a HELOC, but your mileage may vary depending on your unique circumstances.
What to Consider About Paying Off Debt
There are many different ways to approach paying off debt. If you’re specifically looking to use some kind of loan or debt consolidation, always shop around. There are so many great banking products out there, and always look for the lowest interest rate you can get. You also may want to consider the best way to do this while simultaneously improving your credit score. I recommend checking out ScoreMaster.com/invest.
The Truth About Building your Credit Score
A credit score is an important part of your overall financial snapshot, but it’s not everything. In the US specifically, it seems like a lot of emphasis is put on this one marker, and I think that holds a lot of people back from reaching their goals. Your credit score doesn’t define you. You can build wealth and your net worth without having a perfect credit score.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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