Question 1

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.

Question 2

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 3

What is an IRA bank account?

Accepted Answer

An IRA (Individual Retirement Account) held at a bank typically invests in CDs or savings accounts rather than stocks. Contributions may be tax-deductible, earnings grow tax-deferred, and withdrawals follow IRA rules.

Question 4

Should I pay statement balance or current balance?

Accepted Answer

To avoid interest charges, pay at least the statement balance by the due date. Paying the current balance (which includes newer charges) can help keep your credit utilization lower and may give you a head start on the next billing cycle, but it's not required to maintain the grace period.

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Frequently Asked Questions

What is a jumbo mortgage?

What is a reconciliation in banking?

What is an IRA bank account?

Should I pay statement balance or current balance?

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