Choosing a mortgage lender can be confusing, so where should you start when you are ready to find financing for your home?

Mortgages represent the largest component of household debt in America. This makes mortgage refinance one of the biggest opportunities for reducing debt and interest payments.

The average American has about three or four credit cards. Credit cards are useful for a number of things. Not only can they be helpful in building credit, but credit cards are also handy for keeping track of business expenses, for traveling without the risks of carrying cash, and for stretching funds when finances are tight. Some people also use their credit cards for routine purchases, such as school supplies, clothing, and household goods and others only use them for online purchases. In fact, it’s impossible to make online purchases without a credit or debit card.

Bankruptcy filings in America totaled 819,240 (source) in 2015. While that number represents a 10 percent decrease from the filings of the previous year, there are still many people who have or will experience  bankruptcy.

Nina Nelson is a simple living author, expert, and consultant who’s mastered the art of saving money and living well with a large family. We had a chance to sit down with Nina and hear her suggestions on saving money, repurposing items, and living debt-free.

It’s one of the catch-22s of of modern life: you want your first student credit card but haven’t had the time to build enough credit to get one. Much like getting a first job with no real-world experience, getting your first credit card can be tough. The Credit Card Act of 2009 provided consumers with important benefits, such as fee restrictions, more time to pay, and the end retroactive rate increases. It also made more difficult for credit card companies to give out cards to consumers under 21. This act had good intentions – namely protect students and other new users from falling into debt – but it’s also made the path to credit a little more difficult.

Can you afford to buy a home? When you are in the decision-making process about whether it makes more sense to rent or buy, one of the most important pieces of the puzzle is to know how the monthly mortgage payment will compare to what you are currently paying in rent.

Once you have made the decision that homeownership is right for you, you may feel inclined to rush out and start your search for the perfect home right away. But mortgage experts advise a different approach. You may be better off to get pre-approved for a mortgage loan before home shopping.

David John Marotta, CFP®, AIF®, AAMS® is the president of Marotta Wealth Management, a fee-only comprehensive financial planning practice in Charlottesville, Virginia. We had a chance to speak with David about topics ranging from retirement planning to savings to budgeting.

John and Mary plan to buy a home. Their credit is okay, but not excellent. They have some money put away toward a down payment of about 20 percent of the value of the home they want to buy. Meanwhile, Joe and Nancy have excellent credit, but have very little money put aside for a down payment on the home they wish to purchase. Which couple will get a mortgage loan?