Question 1

What is a down payment on a mortgage?

Accepted Answer

A down payment is the upfront cash you pay toward the home's purchase price. It's typically expressed as a percentage (e.g., 20%, 10%, 3%). A larger down payment reduces your loan amount, may eliminate mortgage insurance, lowers monthly payments, and can secure better interest rates. Minimum down payments vary by loan type.

Question 2

What is a bank statement?

Accepted Answer

A bank statement is an official document issued by your bank that summarizes all transactions in your account over a specific period, typically monthly. It includes deposits, withdrawals, fees, interest earned, and your account balance.

Question 3

What is a pending transaction?

Accepted Answer

A pending transaction is a payment that has been authorized but not yet fully processed and posted to your account. It typically takes 1-3 business days to clear and appear on your statement.

Question 4

Can I rent a car with a debit card?

Accepted Answer

Yes, you can rent a car with a debit card, but policies vary by rental company. Many require additional documentation (like proof of insurance, a credit check, or utility bills), a larger deposit, and may restrict vehicle selection. Some companies only accept debit cards for local rentals. Credit cards are generally preferred by rental agencies.

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Frequently Asked Questions

What is a down payment on a mortgage?

What is a bank statement?

What is a pending transaction?

Can I rent a car with a debit card?

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