Personal Finance

In the 1980s, 30-year fixed mortgage rates peaked just under 17%. During the COVID-19 pandemic, they were much lower, hovering around 3%.

While prequalification and preapprovals give buyers an idea of the type of loan offer they might expect, the prequalification process is much more straightforward than getting preapproved. However, some real estate agents require buyers to get preapproved, and some sellers may take a buyer's offer more seriously.

The most common types of loans are conventional, jumbo, fixed-rate, adjustable, and government-backed.

Buyers who need mortgage insurance end up paying more per month on top of their loan to cover the added insurance. At its core, mortgage insurance helps buyers purchase a home they can’t afford, letting them put down 20%, while protecting lenders offering potentially risky loans.

A Gallup poll from 2022 found that the percentage of adults between the ages of 55 and 74 who are retired is declining.

To calculate one’s FIRE number, FIRE followers typically multiply their expected annual expenses in retirement by 25.

The Mr. Money Mustache blog, started in 2011 and written by Peter Adeney, gained a significant following documenting real people’s experiences trying out FIRE, and also helped popularize the concept.

The Mr. Money Mustache blog was started in 2011, and was written by a man named Peter Adeney. It gained a significant following documenting real people’s experiences trying out FIRE, and also helped popularize the concept.

Many different types of FIRE exist, and their methodologies and end goals vary drastically. “Lean FIRE” followers, for instance, are minimalists who plan to live modestly in retirement. “Barista FIRE” proponents plan to work part-time in retirement.

Car loans, mortgages, business investments—these and more can be drastically impacted by the adjustment of the Federal Reserve’s federal funds rate. Alternatively, savers can earn higher, low-risk yields on their savings when the Fed’s target rate is higher.