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Basics of a Mortgage Transfer
https://www.sofi.com/learn/content/mortgage-transfer/
It may seem as though transferring a mortgage — allowing a new borrower to take over the payments for the remainder of the loan term and relieving the original borrower of that obligation — would be a pretty straightforward process. It isn’t. For one thing, most lenders don’t allow mortgage transfers as a general rule. […]
Pros and Cons of Biweekly Mortgage Payments
https://www.sofi.com/learn/content/biweekly-mortgage-payments/
Homeowners with a mortgage typically make monthly payments toward the loan principal and interest. But borrowers can choose to make biweekly mortgage payments instead, resulting in 13 full payments over a one-year period. Opting for this mortgage payment strategy may come with advantages and drawbacks, including impacts on your savings and reducing the interest you […]
How Much Does a Construction Worker Make a Year?
https://www.sofi.com/learn/content/how-much-does-a-construction-worker-make-a-year/
According to the latest figures from the Bureau of Labor Services, the average salary for a construction worker is $49,280, or $23.69 per hour. Construction workers are a crucial part of the labor force across the country, and the industry is expected to grow through the end of the decade. Without a formal education requirement, […]
How to Track Monthly Expenses
https://www.sofi.com/learn/content/how-to-track-expenses/
Key Points • Start by looking at past financial statements to understand your average monthly income and fixed monthly costs. • Categorize expenses into needs, wants, and savings for better financial management. • Use apps or spreadsheets to track and categorize expenses efficiently. • Automate payments and savings to build consistent financial habits. • Review […]
What Is the Average Retirement Age?
https://www.sofi.com/learn/content/average-retirement-age/
The average retirement age in the US is age 62, but that number doesn’t reveal the wide range of ages at which people can and do retire. Some people retire in their 50s, some in their 70s; other people find ways to keep pursuing their profession and thus never completely “retire” from the workforce. The […]