Latest news with #MindYourMoney
Yahoo
2 days ago
- Business
- Yahoo
How to buy gold: 4 steps to take before investing
Gold (GC=F) is still trading near all-time highs. So how can you invest in it? Mind Your Money Host Allie Canal shares four steps to take before buying the precious metal. To watch more expert insights and analysis on the latest market action, check out more Mind Your Money.
Yahoo
3 days ago
- Business
- Yahoo
VA loans in focus: How veterans can make homeownership work
Many veterans may not realize how flexible and valuable US Department of Veteran Affairs (VA) home loans can be. Black Dog Wealth certified financial planner Vanessa Alanis joins Mind Your Money with Allie Canal to explain how to qualify for VA loans, avoid missteps, and use the benefit to build long-term wealth. To watch more expert insights and analysis on the latest market action, check out more Mind Your Money. Lenders issued more than 416,000 VA backed loans in fiscal year 2024 with the average loan amount coming in at just over $373,000. That's according to the VA. Here to talk about how veterans can secure the best VA loan is Vanessa Alanis, a certified financial planner at Black Dog Wealth. Vanessa and her spouse recently went through the VA loan process themselves. So Vanessa, let's start there. What was that experience like and what surprised you most along the way? Thank you so much for having me. Um, it was uh, actually very smooth. I have to say, the process was handled well by we had a lender that was familiar with the VA home loan process. So pretty nice, um, and owning our own home after so many years of service was a definite treat. So for veterans or service members just starting out, what's that very first step they need to take when applying for a VA loan? The very first step, a veteran, um, and again, you don't have to be a veteran, you can still be an active duty service member to use this benefit. But the very first thing that want to do is get a certificate of eligibility from the VA. They can get this certificate either by going online or by having their potential mortgage lender apply for it that way or since it's the government, we can still do it by the mail as well. But that would be the first step to make sure that they are eligible and to get that certificate of eligibility. So you mentioned that certificate of eligibility. How does someone get that and what else will lenders still want to see in terms of credit and finances? Again, the certificate of eligibility comes from the VA. So they will use that, the VA to get the certificate from. Applying for VA home loan is the same as applying for a regular home loan. So all of the other things will still matter. Um, a veteran would want to make sure that their credit is in order, have their personal finances in order. Um, they're going to want to make sure they understand how much they can afford and look at their numbers before starting the loan approval process because they want to make sure that uh, the mortgage, the mortgage loan provider is not going to make sure that they're providing a loan that the person cannot pay for. Uh, they're going to want to make sure they can do that themselves. Um, I see here that, yeah, to qualify for a VA loan, again, it doesn't have to be a veteran, can be an active duty service member and in certain situations, uh, qualifying surviving spouses. And what a great thing about VA funds is that there's usually no down payment, but that doesn't mean that there are no fees. So a VA funding fee is something unique to veterans. How does it work and how should vets navigate this? So you're correct, there is no down payment for a VA home loan, but the VA does try to recoup the expenses of running this program to taxpayers by having a funding fee. And a funding fee is a percentage of the mortgage and this percentage ranges depending on whether or not it's the first or subsequent use of this benefit and if there is a down payment involved. And again, a down payment is not required, but a service member can come to the table with one. The fee ranges anywhere from zero to about three and a half percent of the loan value and it can be financed. But this is definitely something for a service member to have, uh, be planning for as they're preparing to purchase a home. And is a VA loan a one-time benefit? Are there other restrictions on property types for this type of loan? No, the benefit can be used more than once. Um, so a property restriction is that it has to be for a primary residence. So a service member has to be planning on living in this house initially. But, um, per your previous guests, if they should move and decide to rent it out, they can still use some remaining benefit to purchase another home. Um, they would want to get their a new certificate of eligibility before engaging in the home loan process for a second home to make sure that they know how much benefit is available for them. But yes, they can use it more than once. Um, so it really can help people, um, increase their wealth. And any lender can choose to work with the VA. So how should veteran shop around for the best rates, the best terms, and is this search any different from someone who isn't a veteran? It's not too different except you do want to make sure that your lender is familiar with the VA home loan process. Um, because there are a couple extra documents that are, um, and processes that are involved such as having a VA home appraiser and the, uh, escape clause so to speak, um, if your home should not appraise for the correct value. But other than that, you're going to want to shop around the same way, who offers the best interest rates, who has the best customer service? Um, those kinds of things and an interesting fact that just because a bank may be, um, very familiar within the military community, does not necessarily mean they are providing the best rates or customer service. So I do encourage people to shop around to at least three different vendors if they are looking at getting a home loan. And I'm curious, are there specific VA lenders? Um, there are mortgage providers who tout themselves as being VA lenders, but that just means that they choose to uh, accept VA backed loans. The VA does not, um, sponsor individual lenders. Okay. And how can veterans think strategically about using a VA loan, whether that's refinancing later, buying again after a move or building some of that long-term wealth that you were just referencing through home ownership? Well, I think it's important that veterans, um, look at their whole financial picture when trying to utilize a product like this and understand how this fits into their total goals, um, preferably using a financial professional to help them along with this. But it can help them secure housing, um, at their different duty stations and it again, it can be used to build, um, investment property, an investment property portfolio if done in the right way. So I just encourage them to look at their total financial picture and what their family's goals are. And Vanessa, thank you so much for your insights. And you can scan the QR code below to get more information about VA loans. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Consumer sentiment falls for first time in 4 months as inflation expectations surge
Consumer sentiment soured in August for the first time in four months as Americans grew antsy about where inflation is headed. The latest University of Michigan consumer survey released Friday showed year-ahead inflation expectations soared to 4.9% in August from 4.5% in July. That pessimism was seen across demographic groups and political affiliations. Overall, sentiment dropped 5% month over month, the survey showed. On an annual basis, inflation has held at 3% or lower so far this year, though core inflation stripping out more volatile food and energy prices rose 0.3% between June and July, the largest gain in six months. Hotter-than-expected wholesale inflation data released this week suggested consumers may face more pricing pressure in the months to come. Learn more: July CPI breakdown: Consumers are feeling the crunch of accelerating inflation Still, 'consumers are no longer bracing for the worst-case scenario for the economy feared in April when reciprocal tariffs were announced and then paused,' said Joanne Hsu, the survey director, in a statement. (High country-specific tariffs took effect last week.) Sign up for the Mind Your Money weekly newsletter By subscribing, you are agreeing to Yahoo's 條款 and 私隱政策 Consumers in the survey also expect the job market to weaken, following what is now a three-month streak of disappointing jobs numbers. Though the unemployment rate has been hovering between 4% and 4.2% since May 2024, the US economy added 73,000 nonfarm payrolls in July, less than the 104,000 expected by economists. Meanwhile, May and June jobs figures were revised sharply downward to a total gain of just 33,000 jobs. 'The share of consumers expecting unemployment to worsen in the year ahead was about 32% in 2022 and as recently as November 2024, but is now about 60%, a reading last seen in the Great Recession,' Hsu wrote in a report that was also released Friday. But tariff worries and recession talks aside, consumers are still getting out their credit cards: Retail sales in July were up 0.5% from the month prior. Read more: What is inflation, and how does it affect you? Emma Ockerman is a reporter covering the economy and labor for Yahoo Finance. You can reach her at
Yahoo
11-08-2025
- Business
- Yahoo
Medical debt can still appear on credit reports, judge rules
A federal judge blocked a rule from the Biden-era Consumer Financial Protection Bureau that would have kept medical debt from appearing on credit reports. Mind Your Money host Julie Hyman reports on the latest. To watch more expert insights and analysis on the latest market action, check out more Mind Your Money. A judge has blocked a Biden era ban on medical debt in credit reports. Now, technically, the rule from the Consumer Financial Protection Bureau never took effect, but if it had, it would have stopped medical bills from appearing on credit reports and barred lenders from using that data to make lending decisions. The CFPB says removing medical bill information could have wiped $49 billion off credit reports of about 15 million Americans and increased their credit scores by an average of 20 points. But a judge ruled in favor of two trade associations that argued the CFPB overstepped its authority in issuing that rule. This comes at a precarious time in health care, with millions of Americans expected to lose health insurance by 2034 due to changes in Medicaid under President Trump's new tax bill. So how does medical debt and your credit report work without this rule? Say you get medical care. The provider will send your bill to insurance, and you're responsible for whatever your insurance does not cover. If you don't pay that balance, the provider will likely send you reminders. If you still don't pay, they may send that debt to a collection agency. Once it's with the agency, they own that debt. They'll start calling and sending you letters, and they may report it to credit bureaus. Once reported, it can appear on your credit report. Now, it may not hurt your credit score right away. Medical debt must be one year old before it shows up on your credit report. Debt under $500 is not reported. And 14 states have provisions in place to remove medical collection debt from credit reports. But still, consumers are left with the responsibility to stay on top of changes to their credit as they face mounting bills.
Yahoo
10-08-2025
- Health
- Yahoo
Tips to keep medical debt out of collections
It's easy to ignore a medical bill when it lands in the mail — but that could cost you. Working Credit chief program officer Kristin Schell joins Mind Your Money with Julie Hyman to breaks down what to check first, how to get financial assistance, and why putting medical debt on a credit card can backfire. To watch more expert insights and analysis on the latest market action, check out more Mind Your Money. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
