CFA
This national initiative partners with HBCUs to promote financial literacy, career readiness, and homeownership.
What is the Center for Financial Advancement (CFA)?
This is the first step in creating a budget.
What is tracking your income and expenses?
This number, usually between 300 and 850, represents your creditworthiness.
What is a credit score?
This upfront payment made when buying a home reduces the total amount financed.
What is a down payment?
This type of debt typically comes from borrowing money to purchase education.
What are student loans?
The CFA program is sponsored in part by this major mortgage finance organization.
What is Freddie Mac?
This type of expense stays the same each month, like rent or a car payment
What is a fixed expense?
This type of credit account allows you to borrow up to a certain limit repeatedly.
What is revolving credit?
The legal document that transfers ownership of property is called this.
What is the deed?
The total amount you owe to lenders is called this.
What is your outstanding balance?
CFA Ambassadors receive training in this essential financial skill that involves managing money and setting goals
What is budgeting?
Failing to budget for these unpredictable costs — like car repairs or medical bills — can lead to financial stress.
What are emergency expenses?
Your credit score is most affected by this factor, which measures whether you pay your bills on time.
What is payment history?
This is the term for the amount you still owe on your mortgage
What is the principal balance?
The legal process that helps individuals eliminate or repay debts under court protection is called this.
What is bankruptcy?
This term describes the CFA’s goal of increasing diversity within the mortgage and real estate industries.
What is workforce inclusion?
A common budgeting rule suggests spending 50% on needs, 30% on wants, and 20% on savings.
What is the 50/30/20 rule?
The three major credit bureaus in the U.S. are Experian, Equifax, and this one.
What is TransUnion?
This type of loan has an interest rate that can change over time
What is an adjustable-rate mortgage (ARM)?
Debt with a set repayment period and fixed payments is called this.
What is installment debt?
The CFA was created in partnership with this organization known for its housing counseling and community development programs.
What is HomeFree-USA?
This type of budget bases spending on actual income and prioritizes necessities before wants.
What is a zero-based budget?
Applying for too many credit cards at once can hurt your score because of this type of inquiry.
What is a hard inquiry?
The process by which a lender takes possession of a property due to missed payments is known as this.
What is foreclosure?
Consolidating multiple debts into one with a lower interest rate is known as this.
What is debt consolidation?