Question 1

What are the different types of mortgages?

Accepted Answer

Common mortgage types include: Fixed-rate mortgages (interest rate stays the same), Adjustable-rate mortgages (ARM, rate changes periodically), FHA loans (government-backed, low down payment), VA loans (for veterans, no down payment), USDA loans (for rural areas), Jumbo loans (for expensive properties), and Conventional loans (not government-backed).

Question 2

What is the difference between ACH and recurring card payments?

Accepted Answer

ACH pulls funds directly from your bank account with lower fees, used for mortgages and utilities. Recurring card payments charge your credit/debit card, offering more protection and easier disputes but higher merchant fees.

Question 3

What is a reconciliation in banking?

Accepted Answer

Reconciliation is comparing your bank statement with your own records to ensure all transactions match and identify discrepancies. It helps detect errors, fraud, forgotten transactions, and ensures accurate financial records.

Question 4

What is a Health Savings Account (HSA)?

Accepted Answer

An HSA is a tax-advantaged account for medical expenses, available with high-deductible health plans. Contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are tax-free. Funds roll over annually.

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Frequently Asked Questions

What are the different types of mortgages?

What is the difference between ACH and recurring card payments?

What is a reconciliation in banking?

What is a Health Savings Account (HSA)?

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