ENB Insights

A big part of growing up is learning to be financially responsible. Most students still rely on their parents financially while in college, but they’ll likely be faced with many opportunities to make their own financial decisions, that could impact them for years to come. Be sure they’re leaving the nest with a solid foundation in basic money management skills so they don’t rack up unnecessary student loan or credit card debt. Read on for our list of financial topics to discuss with your student, if you haven’t already.

Borrowing money to increase your spending power can be a smart financial move. Under the right circumstances, using a home equity line of credit (HELOC) can open the door to fantastic returns. When you're strategic about leveraging the equity in your home, it's possible to reach financial goals sooner and save money while doing it. While a HELOC can be used to pay for almost any expense, five specific uses garner the most attention. Read on to discover why.

When funds are sparse, but creativity is abundant, tackling budget-friendly remodeling projects might be the answer. Simple, low-cost makeovers can add value to your home while showcasing your unique personality. There's no need to hire a team of experts. Focusing on small changes can keep costs down and result in the updated look you desire - no contractors, architects, or designers required.

Most people aren’t in a position to provide an expensive college degree to each of their children. After setting aside money for an emergency fund, life insurance, mortgage payments and the cost of living, that’s okay! As a parent, you’ve got a responsibility to take care of your child – and yourself – financially. After all, you can’t take out a loan for retirement. Fortunately, you don’t have to pick up the tuition tab to help make college more affordable. In this article, we’ll show you 5 other options.

Financial missteps of the past can rear their ugly heads at the worst possible times. As you navigate the mortgage process, expect a spotlight to shine on your credit score. This numerical representation of your credit history plays a significant role in loan approval. While the score needed to secure financing on your new home will largely depend on the loan type, e.g., Conventional, FHA, USDA, VA, etc., a record of late payments or high credit utilization can limit your financing options.

College decision letters are on their way to a home near you. Maybe someone in your household is expecting one soon. What you might not be expecting is the lean financial aid award package that accompanies many college acceptance notifications.

Financial experts recommend households maintain an emergency savings account equal to six months of living expenses. A hefty savings balance ensures there's enough money to pay bills and buy groceries in the event of an unexpected job loss, health diagnosis, or significant expense that would otherwise derail your budget. Many Americans fall short of this savings ideal. A recent Economic Well-Being study found that four out of ten U.S. households would have trouble covering an emergency expense as small as $400. 

Rising property values and shrinking inventories make for a competitive housing market. You’ve probably witnessed homes that initially fell within your home buying budget succumb to a bidding war before vanishing from MLS listings, often within days. It can make you question whether homeownership is possible.

If you’re shopping for a new home, figuring out financing options is likely on your to-do list. The earlier you learn about your mortgage choices, the more time you have to prepare financially for closing. While this is good news, it doesn’t make reviewing home loan details feel less intimidating. A vast array of possibilities, lengthy explanations, and confusing terms can make it seem like you’ve enrolled in a college-level finance class against your will.