How to Spend Money You Don’t Have

March 5, 2011

If you’ve ever bought a car or a house then you’ve probably spent money that you didn’t have.  Or if you have a credit card you might have paid for something without having the funds to back it up. A hundred years ago, or even several decades ago, it was pretty difficult to buy something […]

Home Buyers Guide

September 5, 2010

Whether you’re a first time home buyer or you’ve already gone through the hurdles of a home sale, home loans, and home buying there’s probably something you’ll come across in your next home buying exprience that you hadn’t expected.  We’ve been through the house buying process twice now so I decided to put together a list of […]

Mortgage Protection Insurance Basics

September 2, 2010

When we first bought our home we received a ton of advertisements for mortgage protection insurance in our mailbox within the first week. They kept on coming at least one or two letters per week offering mortgage protection insurance, mortgage protection plans, and mortgage cancellation insurance for the first six months of owning our home. […]

Home Mortgage Rates – 6 Key Factors

August 17, 2010

Home mortgage rates offered by your bank can vary from person to person; what determines the interest rate you’re eligible for?  While the interest rates on 10 year Treasury notes have a major impact on whether mortgage rates rise or fall, there are many individual factors that go into determining your interest rate. Those individual […]

3 Money Sucking Financial Innovations

August 13, 2010

Many fabulous financial innovations have been made in the last 15 years that have helped to make your life easier or better.  Unfortunately, not all the financial innovations over that time have been positive; there have been some products and services created that can be a major drag on your net worth and even on […]

FHA Loans vs Conventional Loans

August 11, 2010

The recent mortgage market crisis and tightening in the credit market has resulted in an increasing interest in FHA loans. Prior to the financial crisis, FHA loans, with their required down payments and limits on loan amounts, were somewhat unpopular. Now, though, with mortgages increasingly difficult to come by, FHA loan requirements seem a little […]

Home Loan Documentation Checklist

July 21, 2010

Required Home Mortgage Documents Whether you’re applying for a home loan or looking at mortgage refinancing you’ll have to fill out a lot of paperwork and provide documentation of your income and assets before the bank will process the loan. In our case we filled out a general loan application up front in order to […]

Home Loan Closing Costs

July 13, 2010

The closing costs for a home loan are something that won’t show up in in the results of a mortgage calculator.  When you enter the loan amount, the term, and interest rate a loan calculator gives you back your projected monthly home mortgage payment and sometimes an amortization schedule. Don’t Forget Closing Costs Although the mortgage […]

Borrowing Money from Family

June 17, 2010

Borrowing money from family has kept people out of the cold for thousands of years. It hasn’t always taken the form of borrowing money directly but the family structure has offered food, shelter, jobs, and loans to brothers, sisters, parents, and all manner of family members. Lending money to people you know is always tricky, […]

Reverse Mortgage Lenders Cut Loan Fees

April 19, 2010

One of the main reverse mortgage disadvantages we covered last year was the high upfront cost charged by lenders.  Although they’re not doing away with them altogether, companies like Genworth Financial, Bank of America, Wells Fargo, and MetLife are reducing their origination or servicing fees on reverse mortgages according to the Wall Street Journal. Reverse […]

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