What Is The Difference Between 401(k) and 403(b) Accounts?

Mortgage

Key takeaways Both 401(k)s and 403(b)s are tax-advantaged retirement savings plans. While 401(k)s are offered to workers in for-profits companies, 403(b)s are for not-for-profit and government workers. Both plans are subject to the same annual…

What Does PITI Stand For On A Mortgage?

Mortgage

Key takeaways PITI stands for principal, interest, taxes and insurance — the four big elements of your monthly mortgage payment. You can calculate your PITI payment yourself or by using an online calculator. You may need to pay additional costs not included in PITI, such as homeowners association fees. What…

How I Adjusted My Auto Policy When I Turned 26

Mortgage

Photography by Getty Images; Illustration by Bankrate Turning 26 isn’t a big milestone birthday like turning 18 or 21, but it did come with some personal — and financial — adjustments. I now bake all of my bread from scratch (18-year-old me would roll her eyes), and I relish being…

What was the LIBOR rate, and what happened to it? |

Mortgage

Key takeaways LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced LIBOR in 2023, using actual market data. The change affects some mortgages and loans but…

Top 9 Reasons To Make 401(k) Catch-up Contributions

Mortgage

MoMo Productions/Getty Images Key takeaways Almost all workplace 401(k) plans let workers save extra money for the future, so long as you meet age requirements. Those age 50 or older can contribute an extra $7,500 per year. And, starting this year, individuals aged 60-63 can now make “super catch-up” contributions…