Question 1

What is the difference between secured and unsecured loans?

Accepted Answer

Secured loans require collateral (house, car) and offer lower rates because the lender can seize assets if you default. Unsecured loans have no collateral, higher interest rates, and approval based primarily on creditworthiness.

Question 2

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.

Question 3

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.

Question 4

What is cash flow management?

Accepted Answer

Cash flow management involves monitoring money coming in (income) and going out (expenses) to ensure you have enough to cover obligations. Bank statements provide the data needed to analyze and improve cash flow.

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Frequently Asked Questions

What is the difference between secured and unsecured loans?

What is a Health Savings Account (HSA)?

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

What is cash flow management?

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