Chances are you’ve heard the term “APR” on credit card commercials, but tons of Americans have no idea what it actually means. So before you refinance mortgage rates or apply for home mortgage interest rates to purchase a home, you should understand what this term really means.
APR — Annual Percentage Rate
An Annual Percentage Rate is the total interest rate in a one year period. There’s also the Effective Annual Percentage Rate, which represents a year’s worth of compound interest plus fees. Essentially, the APR was designed to give home buyers and other loan applicants information on their total annual costs. If you want to refinance mortgage rates or apply for some other type of loan, then the APR will be used to calculate the best interest rates available to you.
Ideally, the A
Many believe that after wining the lottery, the only tough choice you’ll ever have to make again is whether to receive your winnings as a lottery annuity settlement, or as a lottery lump sum payout.
That, unfortunately, is not true. There are still many other things that winners need to be cautious of. Here are just a few.
If your state allows you to, you’re going to want to remain anonymous if you win the lottery. Nothing will make you a more obvious target for burglars than an announcement that you’ve recently come into some very large lottery payments. It won’t matter if you get an annuity or a lump sum if you wind up getting robbed, after all.
Seeing a Tax Pro.
Winning a structured settlement can be a great source of steady, regulated income over the next few decades. These settlements, which are typically awarded in life insurance payouts and employee lawsuits, allow you to get your compensation over time rather than all at once.
Yet financial situations change all the time, and what may have seemed like a sound source of income for the future might now be putting your finances in jeopardy, because you could be using that money to pay for your current unexpected financial obligations. If this is the case, don’t worry — you always have options. And one of the best options to help you avoid a financial crisis might just be to sell structured settlement payments in exchange for a lump sum.
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