Current or short-term assets are those that can be converted to cash in less than one year, and also those that might be used up in a year in the course of running the company. They include market assets such as bonds or CDs, any debts they have yet to collect, and prepaid amounts (such as if future taxes were paid the year before). Any cash that a firm may have on hand is of course on the list of short-term assets as well....

At its inception, the Federal Home Loan Bank Act was specifically geared toward affordable homeownership. Since then, however, the various Federal Home Loan (FHL) Banks have begun to move into broader economic development too. For example, in recent years, the FHLBanks developed the Community Investment Cash Advance (CICA) program, which offers funding to members geared toward projects that benefit certain economic development activities. It targets specific demographics including low- or moderate-income neighborhoods and rural areas....

Typically, this process includes: Title searchesTitle examinationsProvision of title certificatesTitle insuranceAttorney servicesPreparation of key documents like property surveys, credit reports, inspections, etc.Mortgage origination RESPA limits how escrow accounts may be used, requires specific cost disclosures, and prohibits practices such as kickbacks and referral fees. For example, RESPA prohibits a real estate agent from receiving payment for referring a homebuyer to a specific settlement servicer. RESPA was passed in 1974 and came into effect in June 1975, when it was overseen by the Department of Housing and Urban Development (HUD)....

For example, let’s say a homebuyer takes out a mortgage for $400,000 to buy a single-family home and monthly payments are $2,600. The buyer is approved for the loan based on their income and other financial information. However, if the buyer loses their job and fails to make payments for several months, the bank will eventually have a right to foreclose on the home to sell it to avoid further losses....

Definition and Examples of Uninsured Motorist Coverage Carrying valid auto insurance is a legal requirement to drive in 49 states—but that doesn’t mean every driver is insured. If you get into an accident with a driver who has no insurance or whose insurance is insufficient, uninsured motorist coverage helps you pay for damages. While the idea behind uninsured motorist coverage is fairly simple—insurance coverage that pays out when the at-fault driver is unable to—this kind of coverage can take several different forms:...

Voluntary life insurance is generally offered in addition to a basic life insurance policy and at a discounted rate compared to retail insurance policies since the employer is acting as a sponsor for the insurance. Premiums are usually paid through periodic payroll deductions. Make sure you know what to expect from voluntary life insurance so you can decide if it’s right for you. What Is Voluntary Life Insurance? As an employee benefit, supplemental life insurance gives you access to additional life insurance coverage (over and above the basic life insurance your employer provides)....

Then again, there are times when you and a manager just don’t hit it off. In this case, your manager declining to recommend you is actually the best thing that could happen to you. Regardless of why your manager won’t give you a reference, the important move for your career is to find substitute references, so that you can prove to a prospective employer that you’re someone people will vouch for....

Since water causes so many problems, flooded cars are often a total loss. But if you don’t have comprehensive coverage on your plan, the cost of fixing or replacing your flood-damaged vehicle comes out of your pocket. Here’s a look at the types of insurance that cover flood damage. You’ll also find tips for filing a claim so that if the worst happens, you’re ready. What Type of Insurance Covers Flood Damage to Your Vehicle?...

Since 2012, the Department of Labor has required 401(k) retirement plans to provide the more than 87 million plan participants in the U.S. with a comprehensive disclosure of the fees they pay, but a GAO survey in the summer of 2020, weighted and generalizable to all 401(k) participants, showed that many people still do not understand how the fees work, or that they even exist. The explanations required by the department should make the impact of fees more clear, the GAO recommended, and the terms used should be more consistent....

Find out how VA cash-out refinance loans work to see if one might be a good refinancing option for you. What Is a VA Cash-Out Refinance? A VA cash-out refinance is a way for homeowners who meet the eligibility requirements to replace their home loan with a new VA-backed loan at a higher amount. This new mortgage amount allows you to take out a lump sum of cash. You can borrow up to 100% of your home’s equity, and you can use the cash for anything you want....

So, how can you best protect yourself? If you are a homeowner or a renter in a coastal region, having insurance coverage for damage from hurricanes helps. Learn what you need to know about hurricane insurance to get the right coverage. What Is Hurricane Insurance? Hurricane insurance is made up of a combination of a few different insurance coverages. There is no such thing as a stand-alone “hurricane insurance” policy....

Even if one of these agents does represent a buyer in the market for a home, it’s unlikely that the buyer actually wants your specific home. This may be one of the reasons that the public often mistrusts real estate agents. As long as the agent can rationalize the lie, the agent might not see the harm. Sellers who offer their homes for sale by themselves, known as “FSBO” (For Sale By Owner), also hear from agents who claim to have buyers....

There are some situations when refinancing your home loan makes sense. A little math can help you identify those opportunities. Find Your Break-Even Point One tool to help evaluate refinancing is a break-even point. This analysis allows you to figure out how long it takes to recoup the costs you’ll pay to refinance. For example, assume you pay $2,000 in closing costs and fees for a new loan, and your new payment will be $100 per month less than you pay now....

The same schedule typically applies if you’re collecting Social Security retirement benefits or Social Security disability benefits. However, if you’re receiving Supplemental Security Income (SSI) benefits, you’ll be paid on the first of the month. Social Security Payment Schedule for Retirement, Survivors, and Disability Benefits If you receive retirement, survivors, and disability benefits from the Social Security Administration (SSA) and filed for benefits on or after May 1, 1997, your payment schedule is most likely determined based on the date you were born....

How Long it Could Take to Find a Job The amount of lead time you will need to secure a new job in a new location will depend on a number of factors. The following are some of the variables which can make a difference in the length of time it takes to find work: The demand for your skills and experience.The supply of jobs at your level and in your occupation in the new areaGeneral economic conditions impacting the labor marketYour salary level...

Below you can see how each of the four factors might affect your individual situation, as well as examples with sample numbers to help you decide. Earned Income Before Age 66 or 67 The Social Security Administration (SSA) defines your full retirement age as the day you are able to start collecting benefits. It depends on the day you were born, and for most people ends up being about age 66 or 67....

People have different attitudes about money, and while one person may be forgiving when you can’t repay them, another may hound you until you pay up. If you’ve borrowed money and find that you can’t pay it back, it’s important to preserve your relationship until you’re able to repay your debt. Though you may feel the financial strain or even embarrassment of not being able to pay back what you’ve borrowed, your friend has a side too....

To find the coverage you need, you can look to a car dealership, your current auto insurance provider, or other auto insurance providers. However, it’s important to consider the pros and cons of each of these gap insurance providers so you can find the best deal. What Is Gap Insurance? Gap insurance is a type of auto insurance that covers the gap between what standard car insurance pays for a total loss and what you owe to your lender or leasing company....

Most taxpayers can open and contribute to these accounts, but there are some rules in place that will exclude others. Here’s a closer look at who can open a Roth IRA, along with workarounds and alternatives if you don’t qualify. Roth IRA Earned Income Rules One of the main requirements you must meet to make Roth IRA contributions is having earned income. Earned income includes all of the taxable income and wages you earn while working for yourself, someone else, or a business you own....

One saving grace for workers: their pay is also headed north. (If you’re unfamiliar with all the jargon being thrown around these days about increasing prices, our inflation dictionary is here to help.) But if you were too busy calculating how the president’s latest spending proposals might impact your household’s bottom line, you might not have heard that it’s better to start college during a recession than an economic boom....