Question 1

Can I withdraw from a CD early?

Accepted Answer

Yes, but early withdrawal penalties typically equal 3-12 months of interest, depending on the term. Some no-penalty CDs allow early withdrawal but offer lower rates. Check your CD terms before investing.

Question 2

What is CVV on a debit card?

Accepted Answer

CVV (Card Verification Value) is a 3-digit security code on the back of your debit card (4 digits on the front for American Express). It's required for online, phone, or mail-order purchases to verify you physically possess the card. Never share your CVV except during legitimate transactions, as it helps prevent fraud.

Question 3

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 4

What is an FHA loan?

Accepted Answer

An FHA loan is backed by the Federal Housing Administration, designed for first-time homebuyers and those with limited savings or lower credit scores. It allows down payments as low as 3.5%, accepts credit scores as low as 580, and has flexible qualification requirements. However, it requires mortgage insurance for the life of the loan in many cases.

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Frequently Asked Questions

Can I withdraw from a CD early?

What is CVV on a debit card?

What is mortgage pre-approval?

What is an FHA loan?

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