Question 1

What is mortgage pre-approval?

Accepted Answer

Mortgage pre-approval is when a lender evaluates your finances and confirms how much they're willing to lend you. It involves a credit check, income verification, and asset review. Pre-approval gives you a specific loan amount, strengthens your offer when buying, and shows sellers you're a serious buyer. It typically lasts 60-90 days.

Question 2

What does statement balance mean on a credit card?

Accepted Answer

Statement balance means the exact amount you owed when your billing cycle ended. Paying this amount in full by the due date helps you avoid interest charges on purchases (during the grace period). It differs from your current balance, which includes new transactions made after the statement was generated.

Question 3

How do I read a credit card statement?

Accepted Answer

To read your credit card statement: check your statement balance (total owed), note the payment due date and minimum payment, review all transactions for accuracy, look at fees and interest charges, check your credit limit and available credit, and verify your rewards or points earned. Pay attention to the grace period to avoid interest.

Question 4

What is a custodial account?

Accepted Answer

A custodial account (UGMA/UTMA) is held by an adult for a minor's benefit. The adult manages it until the child reaches legal age (18-21), when full control transfers. Often used for education savings or gifts.

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Frequently Asked Questions

What is mortgage pre-approval?

What does statement balance mean on a credit card?

How do I read a credit card statement?

What is a custodial account?

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