Question 1

What is a fixed-rate mortgage?

Accepted Answer

A fixed-rate mortgage has an interest rate that remains constant throughout the entire loan term (typically 15 or 30 years). Your monthly principal and interest payment stays the same, making budgeting predictable. This protects you from rising interest rates but won't benefit if rates drop unless you refinance.

Question 2

What is a Target debit card?

Accepted Answer

The Target debit card (RedCard Debit) is linked to your checking account and offers 5% off most Target purchases, free shipping on Target.com, and extended return periods. Unlike the Target credit card, it draws directly from your bank account with no credit check required. You can apply in-store or online.

Question 3

How can bank statements help with budgeting?

Accepted Answer

Bank statements show spending patterns by category, help identify unnecessary expenses, track recurring subscriptions, verify bill payments, and provide historical data for creating realistic budgets and financial goals.

Question 4

What is the difference between pre-qualification and pre-approval?

Accepted Answer

Pre-qualification is an informal estimate of how much you might borrow based on self-reported information, with no credit check. Pre-approval is a formal process where the lender verifies your finances, checks your credit, and commits to a specific loan amount. Pre-approval carries more weight with sellers and is essential for serious home shopping.

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Frequently Asked Questions

What is a fixed-rate mortgage?

What is a Target debit card?

How can bank statements help with budgeting?

What is the difference between pre-qualification and pre-approval?

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