Mortgages can eat you alive.
That’s because even after you decide upon all of the home loan particulars you’re looking for, there’s still that process of finding the best deal for you and your family. For example, you may know that you are looking to finance $200,000 for 30 years, but how do you find the best interest rates? Here are a few options:
The Internet has become a fantastic place
Continue reading Great Ways to Save on Your Home Loan
Vanilla or chocolate?
Credit or debit?
House Hunters or Jersey Shore?
Some questions can be answered with relative ease by almost everyone.
When it comes to paying down mortgages early, however, a much more perplexing question for most folks is whether it’s better to make a single large extra principal payment annually or twelve smaller ones each month.
Is one method better than another?
Does one prepayment method save more interest and result in a quicker
Continue reading Question: What’s the Fastest Way to Pay Down My Mortgage Early?
Invest $100 that earns a 6% annual return and you’ll have $106 a year later. The uninitiated might expect to see $112 in their account after two, but they’d actually have $112.36 because interest not only accrued on the original principal of $100, but also on the $6 gained in year-one. Left untouched, that account would balloon to $1842 after 50 years — 18 times the original stake! No wonder
Continue reading 100 Words On: Why Compound Interest Isn’t Everybody’s Best Friend
Let’s face it, the more choices we have in life, the richer and more rewarding it becomes.
Fortunately, I’m currently in that coveted sweet spot where I can do pretty much whatever the heck I please, whenever I want.
Don’t get me wrong. I’m not in a position to buy whatever I want, but I am able to take advantage of a lot of opportunities in life that are typically out of
Continue reading No, I’m NOT Rich. But I Am Financially Free. Here’s How I Got There.
Even Rod Serling couldn't make this latest Southwest story up …
You’re traveling through another dimension, a dimension not only of sight and sound, but of mind. A journey into a wondrous land whose boundaries are that of imagination. That’s the sign post up ahead, your next stop … The Personal Finance Twilight Zone.
And I thought my recent adventure with Southwest Airlines was infuriating!
While Southwest was pulling a classic bait
Continue reading Southwest Airlines: Website Horror Stories, Part II
As this penny illustrates, even the United States Mint occasionally makes money mistakes.
I’m not ashamed to admit I’ve made more than a few mistakes in my lifetime. After all, everybody screws up occasionally; for us humans, mistakes come with the territory.
For example, I remember the time I decided it would be great fun to play Wii golf for eight consecutive hours. So I did.
Unfortunately for me, my middle-aged left
Continue reading The 50 Biggest Money Mistakes Household CEOs Make
Cosigning for a loan is one of the dumbest financial moves you could ever make. By cosigning, you not only assume liability for the borrowed money, but you also make it tougher on yourself to qualify for large loans — regardless of your payment history — because lenders still include cosigned loans as part of your overall debt load.
The bottom line: If a lender refuses to loan money to somebody
Continue reading 100 Words On: Why You Should Never Cosign A Loan for Anyone
Millions of successful household CEOs automate their finances in order to save time and money, and help them reach their financial goals. For example, prepaying your utility bills, the mortgage and other loans helps eliminate late fees and postage. And paying yourself first is painless when you make weekly or fortnightly automatic paycheck deductions to your IRA or 401(k) retirement accounts. However, computerized systems still make mistakes — that’s why
Continue reading 100 Words On: Why Lazy People Shouldn’t Automate Their Finances
When it comes to the great mortgage debate, I’ve already explained my position regarding 15- and 30-year loans: 30-year loans are better for a multitude of reasons. In fact, I think it’s a no-brainer.
I remember when I bought my first home in 1990, interest rates were in double-digit territory. Today, 30-year loans make more sense than ever with mortgage interest rates continuing to set new all-time lows. In fact, last
Continue reading 15 vs 30 Yr. Loans: The Added Cost to Retire a 30-Year Loan in 15
Giving out a loan is always a dicey proposition. After all, once you lend the money, there’s no guarantee it will be repaid.
The stakes are even higher when we lend money to our friends and family — or even cosign a loan — because we not only risk our hard-earned money, but we also endanger important personal relationships. Many people refuse to lend money to friends or family for precisely
Continue reading 3 True Loan Stories: How to Lend Money to Family & Friends