Money Management

Amazon is known for its great prices. Check out some awesome deals you can find right now. [[{“value”:”

As an Amazon Prime member, you may be privy to a world of bargains throughout the year. But right now, the online retail giant has a number of great deals on offer that could help you save money. Here are some specific offers you may want to check out while they’re still available.

1. The Dyson V11 Plus Cordless Vacuum Cleaner

We’re getting toward the spring cleaning season, which, for many people, means clearing out clutter and tackling projects that weren’t winter-friendly. But if your brain is in “must clean” mode, you may also be eager to upgrade your vacuum for seamless dust-grabbing all year round. And now’s a great time to purchase this Dyson vacuum cleaner for 35% off the usual price of $719.99, bringing your price to $466.

Now clearly, this is not an inexpensive buy. But purchasing a quality vacuum cleaner while it’s heavily discounted could be a smart personal finance decision.

Dyson is basically the gold standard when it comes to household vacuum cleaners, and if you purchase this one, it might last a lot longer than a model that’s half the price.

Plus, think about the aggravation factor. Most of us don’t like to vacuum. So if you’re going to do it, you want a device that actually gets the job done. This model comes with three cleaning modes and gives you 60 minutes of run time.

2. The Garmin Forerunner® 255, GPS Running Smartwatch

Incoming warmer weather might inspire you to get back into the routine of running — or perhaps train for that half-marathon you’ve been talking about for months. Right now, this Garmin GPS Smartwatch is $249.99, which is 29% off of the regular $349.99 price. It features up to 14 days of battery life in regular watch mode and up to 30 hours in GPS mode, plus added perks like heart rate tracking.

3. The VEWIOR Air Purifier for Home

While many of us are excited for spring, we’re not excited for the plethora of allergens that are about to fill the air. You can do your part to keep some of those sneeze-inducing particles out of your home with an air purifier.

This model is highly rated on Amazon and is currently 60% off the usual price of $99.99, bringing your cost to $39.99. It’s a modest investment for what could be many nights of better breathing.

4. The Instant Pot Duo Plus 9-in-1 Electric Pressure Cooker

If you’re someone who pledged to do more cooking this year and perhaps kick your takeout habit to the curb, then the right set of tools could make food prep much easier on you. And one item you may want to grab is this Instant Pot 9-in-1 Pressure Cooker.

Normally, it retails for $129.99, but now, it’s on sale for $74.95, or 42% off the usual price. And as the name implies, it features nine different cooking modes, including slow cooking, steaming, and warming. Plus, many of its components are dishwasher safe for easy cleanup.

5. Magnetic Tiles

Magnetic tiles are a great toy for younger kids whose small fingers might struggle to manipulate Lego bricks. Right now, Amazon has this set of magnetic tiles on sale for 43% off, bringing the normal price of $34.99 down to $19.99. If you need a gift for an upcoming birthday party, or if you have a toddler who will be celebrating a birthday soon, then this is something worth grabbing. You’ll get 40 tiles in a variety of shapes and colors.

Of course, some of the above items are fairly costly, even with the aforementioned discounts applied. So make sure you can afford to pay for them in full before making a purchase. Racking up interest on a credit card could negate a lot of your savings. But if you can swing these discounted buys, you may want to scoop them up while you can.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Maurie Backman has positions in Amazon. The Motley Fool has positions in and recommends Amazon. The Motley Fool has a disclosure policy.

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Knowing the terminology puts you in a better position to navigate the mortgage process. Keep reading for a glossary of home loan terms you’ll encounter. [[{“value”:”

Mortgage lenders often sound as if they’re speaking a different language, especially to those who haven’t been through the home-buying process before. It’s important to understand the terminology when preparing to undertake a mortgage for the first time.

Here are some of the most important terms you might come across while you are shopping for a home loan.

1. Adjustable-rate mortgage (ARM)

Most mortgages are fixed rate, meaning that they have an interest rate that stays the same for the entire loan term. However, there are also adjustable-rate mortgages that have a rate that stays the same for a few years and adjusts periodically thereafter. For example, a 5/1 ARM (the most popular type) has the same interest rate for the first five years, and it can adjust according to a certain benchmark every year after that.

2. Annual percentage rate (APR)

Many home buyers focus on their interest rate, but the annual percentage rate, or APR, is a better indicator of the true cost of borrowing. It includes the interest you pay, as well as any origination charges or points you pay to get the loan. For this reason, the APR is usually higher than the interest rate of the loan.

3. Appraisal

An appraisal is an assessment of your potential home’s value performed by a licensed third-party professional. This is typically required by lenders to ensure that the home you are planning to buy justifies the amount of the loan.

4. Closing costs

When you get a mortgage, you’ll have to pay certain expenses at closing. This can include a mortgage origination fee, title insurance, credit reporting fees, local taxes, and more. Closing costs can vary depending on your situation, but typically are in the range of 1% to 3% of the home’s selling price.

5. Conventional mortgage

A conventional mortgage is one that is not guaranteed by any government agency like the FHA, VA, or USDA. These loans have to meet standards set by government-sponsored enterprises Fannie Mae and Freddie Mac, though.

6. Debt-to-income (DTI) ratio

Your DTI ratio is your debts divided by your gross income, expressed as a percentage. Generally, lenders want to see your debts (including the new mortgage) as 36% or less of your income, although there is some flexibility.

7. Earnest money

Earnest money is a deposit that you submit when signing a purchase contract to demonstrate your commitment to the sale. If you terminate the contract, and don’t have a valid reason as defined by the contract, the earnest money can be forfeited and paid to the seller.

8. Escrow

When buying a home, your lender will typically open an escrow account on your behalf to keep some money separate, and each month a part of your payment will be deposited into the account to ensure that when your annual property tax and homeowners insurance bills are due, there will be money available.

9. FHA loan

An FHA loan is a type of mortgage that is guaranteed by the Federal Housing Administration. It is designed to allow people without excellent credit scores or large down payments to obtain home financing with competitive interest rates.

10. Home inspection

When you sign a purchase contract, you’ll typically have a certain number of days to do whatever due diligence you deem necessary. A home inspection (performed by a licensed professional) is usually the first thing you’ll do, and it can reveal any issues with the home that you should know.

11. Loan-to-value ratio

The LTV ratio is a metric that calculates the balance owed on your mortgage as a percentage of your home’s value (usually defined as the purchase price initially). For example, if you use a $300,000 mortgage to buy a home for $400,000, your initial LTV ratio will be 75%.

12. Mortgage insurance (or PMI)

If you put less than 20% down on a conventional loan, you may pay for mortgage insurance. This protects your lender in the event that you cannot make the payments on your loan. FHA loans have their own mortgage insurance, called MIP.

13. Mortgage servicer

Many first-time home buyers are surprised to find out that the lender that originated their mortgage loan isn’t necessarily the company they’ll make payments to after closing. A mortgage servicer handles the month-to-month administrative work behind your loan, including collecting payments and making sure your taxes and insurance get paid in a timely manner.

14. Origination fee

Most lenders charge an origination fee, which is their charge for facilitating your mortgage loan. Origination fees can vary significantly between lenders, so it’s important to shop around.

15. PITI

PITI stands for principal, interest, taxes, and insurance, and are the four components of most homeowners’ mortgage payments. Your payment might also include homeowners association (HOA) dues or other fees.

16. Title insurance

When you buy a home, the seller transfers legal ownership (title) to you. Title insurance is a major component of closing costs and provides protection in the rare event that ownership is disputed after closing.

17. USDA mortgage

USDA mortgage loans are guaranteed by the U.S. Department of Agriculture. These are designed to provide 0% down financing with relatively low interest rates to buyers who purchase a home in certain rural areas.

18. VA mortgage

A VA mortgage, or VA loan, is a type of mortgage that is guaranteed by the Department of Veterans Affairs (VA) and is offered to qualifying veterans, military members, and their families.

The bottom line on mortgages

By understanding what these terms mean, you’ll be in a great position to approach the mortgage process with confidence, and to make the best decisions for you and your family. This isn’t an exhaustive list, so it’s a smart idea to learn as much about the mortgage process as possible before you get started.

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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

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