Question 1

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 2

How do I identify fraudulent transactions?

Accepted Answer

Review statements regularly for unfamiliar merchants, duplicate charges, small test transactions, unexpected foreign charges, or amounts that don't match your records. Report suspicious activity to your bank immediately.

Question 3

What is mortgage insurance?

Accepted Answer

Mortgage insurance protects the lender if you default on your loan. It's typically required when your down payment is less than 20% of the home's value. Private Mortgage Insurance (PMI) is for conventional loans, while FHA loans have Mortgage Insurance Premiums (MIP). The cost is added to your monthly payment and can be removed once you reach 20% equity.

Question 4

What is a jumbo mortgage?

Accepted Answer

A jumbo mortgage exceeds the conforming loan limits set by the Federal Housing Finance Agency (typically $766,550 for most areas as of 2024, higher in expensive markets). Because they can't be purchased by Fannie Mae or Freddie Mac, they're riskier for lenders and typically require higher credit scores, larger down payments, and may have higher interest rates.

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Frequently Asked Questions

How can bank statements help with budgeting?

How do I identify fraudulent transactions?

What is mortgage insurance?

What is a jumbo mortgage?

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