Question 1

How much should I put down on a house?

Accepted Answer

While 20% down is ideal to avoid mortgage insurance and secure better rates, many buyers put down less. FHA loans allow 3.5%, conventional loans as low as 3%, and VA/USDA loans allow 0%. Consider your savings, budget, and whether you'd rather have cash reserves for emergencies, repairs, and moving costs versus a larger down payment.

Question 2

What is the difference between statement balance and current balance?

Accepted Answer

The statement balance is what you owed at the end of your last billing cycle, while the current balance is what you owe right now, including any new charges or payments since the statement date. Pay the statement balance by the due date to avoid interest; the current balance reflects real-time activity.

Question 3

What is a chargeback?

Accepted Answer

A chargeback reverses a credit card transaction, returning funds to your account. Request chargebacks for unauthorized charges, goods not received, defective products, or merchant fraud. The process can take 60-90 days.

Question 4

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.

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Frequently Asked Questions

How much should I put down on a house?

What is the difference between statement balance and current balance?

What is a chargeback?

What is a reconciliation in banking?

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