Relief From The Mortgage Industry
May 24, 2009 by admin · Leave a Comment
If you are like most people these days , you are looking for ways to cut back on expenses. There is not much positive that can be written about the financial institution in this country. However, even in the midst of the worst economic crisis this country has suffered in generations, there is a glimmer of good news and it comes from, of all places, the mortgage industry .
Remember the ultra low mortgage teaser rates to persuade you to secure your mortgage. Yep the same rates that supplied the energy for the housing boom and ultimately the housing bubble bursting. Well it seems that same industry is making refinance mortgage rates even more attractive.
Fixed mortgage rates are now available at below 5%, the lowest they have been in some time. These rates do not include jumbo mortgages, but still many people could be helped. If you plan on staying in your home more than 2 or 3 years, you can save money.
One of the principle reasons for the housing bubble bursting was that many loans were made outside of traditional guidelines of approving a mortgage. Mortgage lenders are stricter and your monthly mortgage, insurance and taxes should not be more than 31% of your monthly income. Imagine that , making loans with some fiduciary responsibility. Closing costs can be costly so make sure that it is worth it to refinance.
These offers are not for everyone. Many are struggling just to maintain current payments on their mortgages. If you have been able to keep current with your payments and your FICO score will allow you to refinance at a good rate, it warrants your due diligence to research your options
Stop Paying Convenience Fees and Save Money
May 21, 2009 by admin · Leave a Comment
Seems like a smart idea right? Well consider this, years ago, you may remember, you may not depending on your age but I remember the little jingle that Landmark Bank in Florida used to get us all hyped up about their latest technology to give us quick easy access to OUR money. It was the ATM Machine and her name way Maryanne. I remember being sold on “convenience” and not having to pay any fees. Now, years later, there are ATM machines everywhere, all giving us quick electronic access to our money. All we have to be is willing to pay a $1 or $2 or $3 dollar “convenience” fee to get “convenient” access to our own money from anywhere.
We were a generation sold on the fact that these machines would save the banks money by reducing the “manual” staffing to process such requests at the bank. They would allow us twenty-four hour access to our money and it would save everyone money and time. It’s essentially the same bill of goods we were sold with cable television. Cable television was originally “marketed” as non-commercial television, providing uninterrupted programming and giving the public a much needed break from the advertising so prevalent on regular broadcast television. Do you remember when you could watch the great Muhammad Ali box on television without having to “pay-per-view?” For years we watched sporting events alone on any of the big three networks and didn’t pay to see the action. We just simply turned on the television and watched the action.
Now, we pay generously for cable television and are even more inundated with the marketing and advertising cable sought to eliminate and WE PAY FOR IT. But I digress…
It’s the same with all the convenience fees and additional charges we pay to “electronically” pay our bills, purchase services, and yes, access our own money. We continue to pay recurring fees to deposit money in the bank. We continue to pay fees to withdrawal money “conveniently” from the bank. Are you listening PayPal?
I don’t know about you but I have grown weary of all the fees and charges we pay for convenience and advancements in technology for it only to be manipulated and twisted into the very thing we essentially wanted to avoid.