Have you ever wondered what the difference is between being pre-qualified and pre-approved for a mortgage? It can certainly be confusing, especially if you're new to mortgages, but they’re helpful when it comes to purchasing your new home.

You may have heard the term "adjustable-rate mortgage" (or "ARM"). But what exactly is it? And should you consider getting one?

One of the biggest expenses associated with purchasing a home is the down payment. For most mortgages, lenders require borrowers to put down at least 20% of the purchase price of the home.

Did you know credit cards can be used for more than just swiping to make a purchase in a store or online? You can also take advantage of your credit limit to do a cash advance and withdraw cash or use a balance transfer to move a balance from another credit card.

So you’re ready to establish or build your credit score and are looking for ways to do it? In your credit building research, you’ve probably come across the recommendation to open a credit card. On one hand, credit cards can help you build credit, earn rewards and access exclusive benefits, and provide you with extra cash flow when you don’t have the money at your disposal. On the other hand, a credit card could hurt your credit score, your credit history, and your wallet if you used too much of your limit, carry a balance and rack up interest charges, or miss a payment. Since this financial tool comes across as a blessing if used properly and a curse if misused, you may want to avoid credit cards altogether.

Some people don't realize a problem with their credit score until it's time to apply for a loan. Then, the most recommended way to increase your score is to take out more loans to prove to lenders you’re responsible. But what if you just can't afford to get another loan - then what?

Short and sweet? Yes, your credit score will decrease when you officially apply for a credit card. But don't worry - The drop is temporary and the score increases after a couple of weeks and the benefits of having a credit card far outweigh the initial drop in score. By that time, you could be using your credit card responsibly where the lender reports your positive credit card activity to the bureau. In turn, that positive activity will boost your credit score even higher

Ok, let's just rip the band-aid off and get straight to it - How many credit cards is too many? There's no exact number of credit cards to have, and it varies for every credit cardholder. It’s certainly good to have one, but it wouldn’t be bad if you had two (or six!) credit cards sitting in your wallet today. What really matters is how you use it. It's a frustrating answer, right? But don’t worry – I can explain…. The cool thing about credit cards is the benefits, and there are so many to choose from! There are store credit cards, cards specifically for air travel, and more credit cards offering cool rewards and perks like cash back or discounted rates at your favorite restaurant. Having options of which credit card to use before making a purchase can feel like you’re 100% covered where you have the flexibility you need for the unexpected. Especially if you're not carrying large amounts of cash. "But how many credit cards is too many?!" As an undergrad, this was my question when I received multiple credit card offers in the mail. It was sooo tempting to apply because the offer meant more credit power at my disposal if approved. But I also had other questions that came with that: What would multiple credit cards mean for my credit score? Would it hurt or help my score and history? Is there a penalty for having too many credit cards? Could I wind up incurring more debt? What should I do with my current credit cards? These are all excellent questions to ask when you’re thinking about applying for another credit card and if you already have two or more. Understand there is a risk of having multiple credit cards and there are benefits but it depends on a few factors.

Have you ever been confused when your financial institution offered you a line of credit and not a credit card? When I was first introduced to financial products, the product I was very familiar with was credit cards since many people had them. But when I was offered a line of credit from my credit union, my immediate response was “Huh? I thought my credit card was a line of credit?!” I knew I could use my credit card to pay for things as I need them, withdraw funds from my card if needed, and was earning cool rewards and other perks with the card, so I didn’t understand the benefits (or the difference) of a line of credit. The first time I understood how a line of credit worked was when it came in handy at my cousin's wedding nearly six years ago. The venue cost $21,000 and credit cards were not accepted as a form of payment. Luckily, my aunt had a line of credit account with her bank and she was able to write a nice check for the full amount. Go, Aunt Viv! In the example with my aunt Viv, the huge difference between a line of credit account and a credit card is that lines of credit accounts often give you access to a larger credit limit than credit cards and gave her immediate access to the cash without the vendor worrying about her card getting declined. In this article, I’ll cover more differences and similarities, so you have a better idea of which kind of loan would work best for you. Ready?