Check the definitions of the different financial terms

When you are going to hire a banking product, from a personal loan to a credit card, there are many technical terms that you often do not understand and that we recommend you understand to know exactly what you are acquiring. For this, in this section you will be able to consult the definitions of these expressions with a language that is easy to understand.

Differences between secured and unsecured loans

Nowadays, getting financing under different conditions is much easier than it used to be, especially in the United States. Banks, traditional lenders and online lenders are on hand to give you a little extra cash even if your credit score is bad or you haven't even started your credit history ye..

2/21/2023 Read more

What is a Mortgage Loan Originator (MLO)?

In the world of mortgages, you will need to familiarize yourself with several terms that are important to understand the dynamics of mortgage lending. One of them is the MLO or mortgage loan originator. Together with the real estate agent, they are the professionals who should look out for your inte..

2/17/2023 Read more

What is the Tax ID Number (TIN)?

The TIN stands for Tax ID Number and is an identification number provided by the Internal Revenue Service (IRS). Its format is that of a 9-digit number and it is mandatory when filing any tax return. In addition, there are several variants, such as the SSN, the ITIN, the EIN or the ATIN, which we ta..

2/14/2023 Read more

What to do with an unauthorized credit inquiry?

There are several reasons why you may not recognize an inquiry on your credit report. Even if it doesn't mean someone has stolen your identity, it doesn't hurt to check to see what has happened. In some instances, this may be a sign that someone is trying to use your name to obtain financing..

2/8/2023 Read more

What are ACH transfers between banks?

In the world of finance there are all sorts of terms that we see every day that we may not be familiar with. One of them is ACH transfer, a kind of electronic transaction that is done between banks. If you're not familiar with what they are and how they work, we're here to enlighten you. Wh..

2/2/2023 Read more

What are the adjustable-rate mortgage loans (ARM)?

The dynamics of mortgage loans in the United States do not vary much with respect to other countries where this resource is widely accepted. Thus, Adjustable-Rate Mortgage (ARM) is known as variable or mixed outside our borders. Because it is important to know how they work to find out if they are s..

2/1/2023 Read more

What is FICO score and how it's calculated?

If you are looking for financing in the United States, such as a personal loan or a credit card, you should already know the importance of the FICO credit score to get money lent to you. Since it is a tool used by most financial institutions, you need to be clear about its basic aspects and dynamics..

1/31/2023 Read more

What is an Individual Retirement Account (IRA)?

IRA accounts can be a very helpful financial instrument for those who have a good retirement plan in mind. For many people in the U.S., retirement is most often associated with the 401(k). However, 33% of the workforce does not have access to this benefit, having to save on their own for this purpo..

1/20/2023 Read more

What are the Health Savings Accounts (HSA)?

We can guess that Health Savings Accounts (HSA) or medical savings accounts help you to save money related to these kind of incidences. The thing is that not everyone has access to these instruments in the United States, because the law requires you to be enrolled in a HDHP (high deductible health p..

1/17/2023 Read more

What is the National Credit Union Administration (NCUA)?

All financial institutions run the risk of failing or going bankrupt. In this situation, agencies such as the FDIC and NCUA come to the rescue of consumers. The latter is in charge of backing the money of credit union account holders for up to $250,000. We tell you a little more about this federal a..

1/11/2023 Read more

Why is my credit score going down?

Taking care of personal finances can become complicated with so many daily commitments, bills and obligations. This is especially true for credit scores on Fico or VantageScore, whose formulas are not easy to understand. Often, having a low score does not mean that you are an irresponsible person, b..

1/9/2023 Read more

What is the Internal Revenue Service (IRS) and its function?

In the United States there are a variety of government institutions charged with establishing internal order. Perhaps the most famous, and feared, is the IRS or Internal Revenue Service. Because of its importance for permanent and temporary residents, we will review its origin and some of its basic ..

12/24/2022 Read more

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