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Tag: Unemployment

How to Protect Your Credit Score During COVID-19

Home Loans By State
The COVID-19 coronavirus pandemic has affected everyone all around the world. Extended isolation and sudden job losses have everyone thinking about their futures. Lots of people are concerned about losing a reliable income source during this time of crisis. Some have even been forced to shut their businesses. The global pandemic has turned many people’s financial lives upside down. As you work on keeping your bills in good standing and your finances going strong, you should also pay attention to your credit score. Even if you’re delaying some major purchases like buying a car or a home or going on a trip, you still need to maintain good credit. You’ll eventually start spending again, and you’ll need a good credit score. But how can you protect your credit score d...

Unemployment Benefits Explained: Terms, Definitions and More

Construction Home Loans
PEUC: Pandemic Emergency Unemployment Compensation extends the length of Unemployment Insurance aid for a maximum of 24 weeks. The first stimulus deal extended UI benefits for 13 weeks, and the second stimulus package added an additional 11 weeks. New applicants (after Dec. 27, 2020) are only eligible for the 11-week extension. This program does not extend Pandemic Unemployment Assistance. Here’s a primer on seven key terms that you’re sure to come across as you apply for benefits. The overwhelming majority of people relying on unemployment benefits are receiving aid from two key programs. According to figures from the Department of Labor, more than 13 million people are collecting Unemployment Insurance and Pandemic Unemployment Assistance benefits. Take, for example, this update to a...

What to Know Before Buying a Foreclosed Home

Beaumont, Home
If you’ve been keeping your eye on real estate home listings, you might’ve seen more foreclosed properties for sale at a reduced price.  With record levels of unemployment and underemployment, many homeowners are falling further behind on their mortgages. Currently, there’s a federal moratorium on the most common mortgage programs through December 31, 2020. Unless further homeowner protections are in place, the foreclosure market will see an unfortunate rise. In fact, according to mortgage and real estate analytics company Black Knight, 2.3 million homeowners are already seriously past-due on their mortgages.  As devastating as it is to have more homes undergoing foreclosure, it also means that prospective home buyers, who were otherwise priced out of buying a home, might h...

10 Things to Know About Living in Minneapolis

Mortgage Rates
Some people often don't realize that while they're called the Twin Cities, Minneapolis and St. Paul are actually two separate cities. Between the two of them, the Cities, as they're often called, have a population of more than 733,000 people. Surrounded by dozens of suburbs, the Twin Cities' metropolitan population runs about 3.28 million.However, as Minnesota's largest city with more than 425,000 people, Minneapolis is the hotbed for entertainment, sports and much more.From the Vikings to the birth of the Jucy Lucy, Minneapolis offers residents a lot to do year-round. Here are 10 things you need to know about living in Minneapolis.1. Cost of living is a little higher than average, but rent is more affordableLiving in Minneapolis costs a little more than in other cities, with a cost of liv...

How to Qualify for the Coronavirus Economic Relief Package

Home Equity Loans
The coronavirus economic relief package for workers and small businesses can be confusing. Who qualifies for what programs? How do you apply successfully? If you’ve been laid off or had your work hours cut due to the pandemic, you're eligible for both state and federal unemployment compensation. That’s a pretty straightforward situation. If you run a business that’s been hurt by the economic downturn and you have employees, you qualify for the Paycheck Protection Program (PPP). It’s a loan backed by the Small Business Administration (SBA) that offers relief if you want to continue paying your employees, even if they can’t do their jobs during the health crisis. If you use PPP funds for approved business expenses, such as payroll, rent, and utilities, you ...

My Parents Can’t Afford College Anymore – What Should I Do?

San Antonio, Student Finances, Unemployment
When most parents offer to fund their child’s tuition, it’s with the expectation that their financial circumstances will remain relatively unchanged. Even with minor dips in income or temporary periods of unemployment, a solid plan will likely see the child through to graduation. Unfortunately, what these plans don’t tend to account for is a global pandemic wreaking havoc on the economy and job market. Now, many parents of college-age children are finding themselves struggling to stay afloat – much less afford college tuition. This leaves their children who were previously planning to graduate college with little or no debt in an uncomfortable position. So if you’re a student suddenly stuck with the bill for your college expenses, what can you do? Read below for some strategi...