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Free consumer info. since 1998! As featured by The Wall Street Journal, The NY Times, PBS, etc.
Entertainment Coupons
Author: Saver Guest
Posted: Fri May 30, 2003 5:12 pm
Post subject: Entertainment Coupons Anyone have any comments about the Entertainment Book? I love mine. They are on sale now for only $10!
Author: Guest
Posted: Mon Dec 08, 2003 3:36 pm
Post subject: Entertainment Coupon Book what is the web site address to order?
Author: Steve
Posted: Wed Dec 10, 2003 12:58 pm
Post subject: Entertainment Coupon Book You can also buy them from varius charities for $20. It is well worth it. We may by two next year!
Author: Tracysbeans
Posted: Wed Jun 09, 2004 8:38 am
Post subject: Entertainment Coupon Book This is the website address: http://www.entertainmentbook.com/ Actually I ended up getting the book for JUST $4.99 plus $5.00 shipping since I enrolled to receive the Entertainment books in the future. So I paid a total of $9.99 for this years 2004 book for my area. Then with the future books I get FREE shipping on those! Just though I would let anyone know. With my daughter off from school now I'm sure we can get our moneys worth from the Entertainment book this summer.
Series I Savings Bond
Author: Guest
Posted: Thu Aug 21, 2003 4:21 pm
Post subject: Series I Savings Bond Anyone know anything about these?
Author: sisflomi
Posted: Tue Nov 11, 2003 12:48 pm
Post subject: Series I savings bonds Read up on them here http://www.publicdebt.treas.gov/mar/martdibond.htm http://www.publicdebt.treas.gov/sav/savseree.htm
Author: stevejk
Posted: Tue Sep 28, 2004 2:38 pm
Post subject: Series I savings bondsReply wrote:
Not good investments I agree, Guest. Why loan money to the guvmint when they'll just blow it on welfare queens who just on their butts and watch Jerry Springer and Oprah all day? What's the ROI on that? However, Series I Savings Bonds are my long term cash savings, guaranteed (albeit by the govmint) to not lose value due to inflation. Will it outperform the S&P 500 in the long term, i.e. by the time I retire? No. Does it give me a cushion for my emergency fund to let me sleep at night while Mr. Market has an apoplectic fit on Wall Street? Yes. Will it outperform money market account rates? Will it outperform 5-year CDs? Maybe, but my rate of return at the moment on savings bonds is higher than the better MMA rates. On a related topic. I find it amazing that there are $9 to $10.9 Billion in savings bonds that have stopped earning interest. This is good for the gov't as they save $400 Million in interest payments. This is also bad for the gov't because that's a lot of income that people have not paid income tax on yet, since tax is not due until the bond is redeemed. That's why they've gone to the electronic savings bonds. When they mature, they are automatically redeemed and you are sent a 1099-INT.
Economical Investment Strategies
Author: SVT Cobra
Posted: Mon Aug 09, 2004 5:41 pm
Post subject: Investing EconomicallyI hear alot of talk about investors changing their investment strategies. To my understanding, there are more and more investors investing in collector cars, trucks, etc. The claim is that they hold and raise in value more consistantly than stocks, etc. What is your take on this? Also a few wealthy investors are also saying, that in the stocks trend, to buy into "economical" business's. For exp: Dollar General, etc. They say when the overall economy is poor, the stocks will rise in the business's that are tailored to meet lower income familys, and those pinching pennies.
Board Monitor
Posted: Tue Aug 10, 2004 8:28 am
Post subject: Economical InvestingI know that Fred's stock (similar to Dollar General) has done incredibly well over the past couple of years. Wal-Mart, though, hasn't done much at all. Dollar stores make a lot of money. _________________ Best Regards, Curtis Arnold Board Monitor http://www. cardratings.com(501) 663-0314
CD Savings at Amazon
Author: Verne
Posted: Wed Jun 09, 2004 9:24 am
Post subject: CD Savings at AmazonI just wanted to share my latest venture in money-saving. I was recently shopping at amazon for CD's and noticed a "club price" button. Membership is free, shipping is free for orders over $25.00, and prices are at least 20%-50% off. The only catch is an obligation to buy 2 CD's over a year. They have a wide selection so I didn't see a problem. Anyway I bought 2 CD's at $9.99, well below the $18.99 regular price. Found another for $7.99 to bring the order over $25.00 and get the free shipping. S&H is prohibitively expensive otherwise. Normally I don't like these sorts of clubs but I couldn't resist with the discounts, free shipping, and ease of ordering through amazon.
Should i get Credit Life Insurance
Author: loot
Posted: Wed Dec 24, 2003 4:35 pm
Post subject: Credit life Should one purchase it? Author: Guest
Posted: Wed Mar 17, 2004 12:58 am
Post subject: Credit Life Insurance ~~~~~(1*} It runs 2 to four times that of a level term life policy for the same dollar amount. ~~~~~(2*} You pay monthly interest on the higher priced credit life because the premium for the full term is added to the loan from the start. A 15 year loan would mean the entire 15 yr. premium added to your loan and charged the same interest rates as the loan. Now ain't that sweet you pay the insurer 15 years in advance and you get to pay em 15 years of interest for doing it. Compare that with level term life. No advance payment required. no need to take out a loan to finance the premium. No interest on premium. ~~~~~(3*) Credit life beats you out of the unearned premium. 2*The best way is to add a level term rider to your current life insurance policy in the amount of the loan. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~Remember FOLKS this inside scoop on credit life didn't come from your friendly banker or insurer. ><- <>- ><- <> ~~~ ><- <>- ><- <> ><- <>- ><- <> ~~~ ><- <>- How many of you folks out there in consumer land have had your banker or insurer show you this little tid bit.??
What is the Rule of 72
Author: loot
Posted: Wed Dec 24, 2003 4:24 pm
Post subject: Rule of 72 What is the rule of 72 ? Author: Pale Rider
Posted: Thu Jan 22, 2004 9:32 pm
Post subject: Rule of 72 If I am not mistaken, divide 72 by the interest rate you are getting and that will give you the number of years it will take to double your money. Example: 72 / 10 = 7.2 years to double your money at 10% interest rate
Rebate Services Online
nwhatnot: Guest
Posted: Wed Jun 25, 2003 4:24 pm
Post subject: Rebate Services OnlineHas anyone registered their cards for additional rebates through RebateNetwork.com (consumer1st) or other added rebate services? Does the card issuer take into consideration that they may already be giving you a rebate?
Author:nativechild48
Posted: Tue Nov 11, 2003 1:06 am
Post subject:Online Rebate Services Consumer First: anyone who would consider doing this is going to lose. If you want rewards or cashback get a credit card with these features. Don't give out any personal info and credit card numbers to anyone. How much did these consumer pay to get these so-called rewards? Sounds more and more like a scam
Home Equity Savings Tips
Author: usmsci
Posted: Tue Sep 27, 2005 10:54 am
Post subject: Home Equity Savings TipsI bought my home in April for around $110,000. its a nice 3bed and 2 bath, brand new, never been lived in, roughly 1,450 sq.ft. anyway April of 2006 i will have had it a year and want to take out a home equity loan on the house. the first question is, is this too soon or is a year ok? will the house need to be appraised again? how much would i expect on average to get? if i was approved for 20,000 does that just get added on to the existing balance on the house/mortgage and they just write me a check for 20k? my interest rate is 5.5% as a Fixed 30-yr mortgage. could i suffer a higher interest rate if i get a equity loan or not? i want to pay off my car(which i am paying 15.99%) and do some home improvements inside and outside the house. a 5.5% instead of 15.99% on a car is going to save me lots of interest money. i figured it out and it would cost about 20,000 for everything that i wanted..of course i am flexible. This includes putting $1,000 or so in a ROTH IRA to get that ball moving and possibly putting money in a few other places. my credit wasnt the greatest when i got my car loan and i am paying for it but now my credit is better.. FICO score is 656 and i was approved on the house with a score of 626-650 or so using all 3 reporting agencies. i calculate that i will be close to 700 by April rolls around as i have some negative information coming off my credit report at the end of the year. i might think of some more to say but thanks in advance for all your advice..
Author: Polonius
Posted: Tue Sep 27, 2005 3:41 pm
Post subject: Home Equity Loan Questions The HEL or HELOC is completely separate from your mortgage--it will have its own terms and interest rate. There's no "too early" notion about applying for equity loans--everything depends on the equity of your home today and of course your own income and debt to income ratio. Each lender makes its own decisions on what you would qualify for. I'd suggest getting offers through LendingTree.com--they're free and will give you an idea of what you can get. I live in what one magazine called the second most overpriced housing area in the country! Prices go up over 15% per year here. That's bound to come to an end, hopefully not soon. Of course, leveraging your housing equity to the maximum can land you in trouble if prices fall. You know that.
Author: Polonius
Posted: Tue Sep 27, 2005 4:16 pm
Post subject: Home Equity Savings TipsAccording to www.bankrate.com/brm/static/rate-roundup.asp Thirty-year fixed rate mortgages--Rate: 5.88 percent (30-year fixed) Average Points: 0.36 Home equity products Rates: 6.76 percent (line of credit); 7.18 percent (loan) But there are special deals all over the place--these are just averages; you could do better or worse. My own Citibank HELOC is at prime less .25%, so 6.5% now--and it had no closing fees of any kind (no points, no appraisal fees--nothing). And I only have to pay the interest for the first 10 years--no principal payment required until the 11th year.
Author: BestMortgageInfo
Posted: Tue Sep 27, 2005 8:09 pm
Post subject: Home Equity Savings TipsYes, an appraisal will have to be done for the new loan. In some cases lenders will pay for them, and have a 3 year prepayment penalty to recoup the costs if you pay off the loan early. Be careful of HELOCs. Your initial lender may report it as a mortgage type loan, and the lender that buys the loan may report it as a credit line. A credit line, where you have over 50% Utilization, can really hurt your credit score. HELOANS are fixed rate 2nds. The initial rate may be higher, but it won't go any higher. Or lower. Stability and no surprises are sometimes worth a few $ per month. Lastly. I do mortgages, and I do my best to talk people out of paying for a car over 30 years. Some of them don't last that long. With your scores, try to refinance. One on line Auto refinance company is Patelco. You can probably cut your rate in half or better.
Get a Chase Card, Make $100.00
Author: Polonius
Posted: Mon Oct 17, 2005 1:33 am
Post subject: Make $100 cash if you qualify for a new Chase card... There's a special promo going on for those who apply for--and get--a nice Chase card. Get the Chase Cash Plus Rewards Visa® Card by calling 1-888-787-0329 before October 31, giving the code HG1. That will give you $100 cash back with your first purchase. The card offers a 5% cash rebate on gas and groceries and drugstore purchases (with the usual restrictions) and 1% on everything else. This offer's been advertised in Parade magazine and was mentioned elsewhere here, but I thought it worth making a separate topic for those who haven't seen the thread. Enjoy.
How to Get a Free Extended Warranty thru Costo
Author: Board Monitor
Board Monitor/ Administrator
Posted: Sat Oct 15, 2005 8:03 am
Post subject: How to Get a Free Extended Warranty thru CostoFollowing is a great money tip from senior tip Polonius! If you want to buy an iPod, I suggest doing it from Costco (if you're a member). The 60 GB iPod and some smaller models are available online at www.costco.com . You get an unlimited warranty on such things buying through Costco. If anything goes wrong, ever, you just return it for a full refund. If you buy online, you can return it to any local store and your shipping costs and sales taxes are also refunded. Just hold on to the box and the receipt when you get it. That beats those "double warranty" guarantees! Costco only carries a few iPod models, but this tip works for everything it sells except for laptops and desktops, where the return period is 6 months--and some other exceptions like cigarettes and prescription drugs, which can't be returned. I read about one lady who bought a washing machine 12 years ago that stopped working. She lugged it into Costco with her receipt...and got a full refund without hassle. _________________ Best Regards, Curtis Arnold Board Monitor http:// www.cardratings.com (501) 663-0314
Online Bill Pay Requirements
Author: maddybeagle
Posted: Sun Oct 09, 2005 5:40 pm
Post subject: Online Bill Pay RequirementsPolonious mentioned using this. What are folks history with it. Looks like you need to make 2 payments with it a month. Can you pay off other cc's easily with it. Is it just like making another purchase and have the same grace period? Looks like best to use it right after the statement date, to get the max. out of it?
Author: tonygoldston
Posted: Sun Oct 09, 2005 7:45 pm
Post subject: Online Bill Pay with your Bank I use MBNA bill pay for almost all my bills. Only ones I don't use it for are ones that will setup reoccuring payments through CCs and companies that are not in their system. Most credit card companies are on there (AMEX, Discover, BoA, Citi) I know for sure (i don't think Cap One is) It is treated as a balance transfer, but they waive all fees etc, so in reality it is treated as a purchase. Really good for paying bills and paying off CCs. I just recently paid of a BT on a AT&T universal (citi) card with my MBNA card, and will be doing a balance transfer in a month to pay off the MBNA card. It is great to "extend" a BT or to run some bills. The other thing you can pay off your MBNA card with a transfer from your bank account. You go in and set it up for the day your bill is due, so you max out your interest in your account, and no worries about your bill being paid late. I am just hoping with the BoA takeover, that they don't mess with it too much, cause I really like it.
Unauthorized Card Charges
Author: boogaloo
Posted: Wed Sep 21, 2005 9:36 pm
Post subject: Unauthorized Card ChargesWhat if your debit card was used to make unauthorized purchases while you still physically had your card? This just happened to me. I made a purchase at a store two weeks ago, paid with the debit card but the salesperson didn't return the card - only the store discount card and my receipt wrapped around it. I left the store and realized a short while later that my card was missing. I went back to the store and retrieved my card. Fast forward to this Monday when I went to an ATM to withdraw lunch money and discovered that my checking account was overdrawn. I called the bank and they read off a list of purchases that had been made over the weekend on my debit card. I cancelled the card immediately and reported the theft to the police. Went back to the bank with the police report and filed a report with the bank. Went back to my job to cancel the direct deposit of my paycheck but it was too late - the check was already transmitted to the bank. Here's where it gets even better: Even though I cancelled the card, filed the police report and bank report and requested that the bank close my checking account, opened a new checking account and made arrangements to transfer my direct deposit paycheck to the new checking account - guess what the bank did! They victimized me for a second time! They took my paycheck and used it to cover the overlimit purchases and fees! The thief cleaned out my bank account and the bank robbed me of my paycheck! The bank manager was totally unsympathetic and said that I would be refunded the money in 2 to 4 weeks if the investigation turns out in my favor. WHATTT???? I'm the victim not the thief!!! What recourse do I have now?
Author: nixuzer
Posted: Wed Sep 21, 2005 10:39 pm
Post subject: Re: Cloned debit card - kinda long boogaloo wrote:
What if your debit card was used to make unauthorized purchases while you still physically had your card? This just happened to me. I made a purchase at a store two weeks ago, paid with the debit card but the salesperson didn't return the card - only the store discount card and my receipt wrapped around it. I left the store and realized a short while later that my card was missing. I went back to the store and retrieved my card. Fast forward to this Monday when I went to an ATM to withdraw lunch money and discovered that my checking account was overdrawn. I called the bank and they read off a list of purchases that had been made over the weekend on my debit card. I cancelled the card immediately and reported the theft to the police. Went back to the bank with the police report and filed a report with the bank. Went back to my job to cancel the direct deposit of my paycheck but it was too late - the check was already transmitted to the bank. Here's where it gets even better: Even though I cancelled the card, filed the police report and bank report and requested that the bank close my checking account, opened a new checking account and made arrangements to transfer my direct deposit paycheck to the new checking account - guess what the bank did! They victimized me for a second time! They took my paycheck and used it to cover the overlimit purchases and fees! The thief cleaned out my bank account and the bank robbed me of my paycheck! The bank manager was totally unsympathetic and said that I would be refunded the money in 2 to 4 weeks if the investigation turns out in my favor. WHATTT???? I'm the victim not the thief!!! What recourse do I have now? That is very unfortunate and I'm sorry to hear that. If these truly are the facts then these are the steps I would take: 1. If that manager has a boss I'd be contacting them immediately. 2. I'd also read their written policy and make sure they are adhering to it by the letter of the law. If anything the manager told you doesn't mesh I'd contact him/her again. In fact, send me the banks website address (branch specific if you can) and I'd like to read the agreement. I'm not a lawyer but I can read a contract.... 3. A. Make one last appeal to the bank manager and if they don't I'd immediately contact the local News XYZ investigates and see if they would be interested in doing a story. OR B. Let the bank manager know nicely that since this is how they treat customers I'd start picketing however I could within legal means....not too many banks have people picketing in front of their bank. The court of public opinion is a very persuasive argument. So as other people don't get caught by this bank please post their name online. Let the power of the internet come into play. [update] Just came across this, your situation is helping me learn more about debit card liability. You didn't mention if they were a credit union or not. http://www.occ.treas.gov/customer.htm
Author: nixuzer
Posted: Wed Sep 21, 2005 10:51 pm
Post subject: Re: Cloned debit card - kinda long boogaloo wrote:
Went back to my job to cancel the direct deposit of my paycheck but it was too late - the check was already transmitted to the bank.
Here's where it gets even better:
Even though I cancelled the card, filed the police report and bank report and requested that the bank close my checking account, opened a new checking account and made arrangements to transfer my direct deposit paycheck to the new checking account - guess what the bank did!
They victimized me for a second time! They took my paycheck and used it to cover the overlimit purchases and fees! One other issue, which won't help you now but should in the future, if you look at my post earlier with the response from the bank I was speaking with them about pulling the protection off my account (overdraft loan and the ability for my checking to draft my savings) and that way my direct deposit would go to my savings account and I would manually move the money to my checking account on paydays. This might have prevented some of your grief. Might based on the fact that a bank can pull money from any account to cover issues (if I recall correctly) but if the bank mgr is some difficult person to deal with it might not matter.
Author: boogaloo
Posted: Thu Sep 22, 2005 5:33 pm
Post subject: Debit Card Safety The bank is Astoria Federal Bank for Savings. The branch is in NYC. Your suggestion is right on the money with regard to moving the direct deposit from checking to savings. It would have spared me at least half the grief I'm feeling right now. I was finally told by the cust service rep that's handling my case that the bank manager arranged to give me a provisional credit of the amount in question. The CSR says it should take effect in a couple of days - not weeks as the manager told me previously. If I don't see that money in my account by Monday I will definitely call the TV News AND picket the bank.
Author: nixuzer
Posted: Fri Sep 23, 2005 1:43 pm
Post subject: Stolen Debit Card Number boogaloo wrote:
The bank is Astoria Federal Bank for Savings. The branch is in NYC. Emailed them and they are actually sending me a hardcopy of their debit card agreement/rules. Code: Thank you for your inquiry. Please e-mail your name and complete address to my attention and, under separate cover, we will be happy to mail you a "Regulation E" disclosure, governing ATM and debit card transactions. Or, you may call our Telephone Banking Center at 1-800-278-6742 and a Specialist will be happy to help you.
Author: CreditCardGuru
Posted: Sun Oct 09, 2005 8:18 am
Post subject: Stolen Debit Card Number They are safe, most banks use VISA so its VISA's zero liability policy. But the most you can be held liable for is up to $50 however most places have done away with that and went to VISA's zero liability policy, MasterCard also has a similiar policy. Also about bank fees, if you do a fraud report and those fees caused you to overdraft they have to refund those by law the same way the credit card companies would have to refund over the limit fees. Please don't be fooled by misleading information out there, I have noticed several OLD and ARCHAIC terms on websites and stuff. The best thing to do is contact the bank a.k.a. card issuer.
Author: boogaloo Posted: Tue Oct 11, 2005 11:17 pm Post subject: Stolen Debit Card Number Sorry it took so long to reply... Astoria Federal issued me a "provisional credit" for the total fraudulent charges 10 days after I filed the report - however, they have not returned any of the overlimit fees. They still owe me $360.
Credit/Debit Card Protection
Author: milavant
Posted: Mon Sep 12, 2005 3:48 pm
Post subject: Credit/Debit Card ProtectionIs it safe to carry a debit card with a $1000 daily spending limit (I reduced it from $3000) around in your wallet if you are VERY careful about guarding it? Aren't the fraud departments of the majot issuers making it safer to carry the debit cards these days?
Author: Ira
Posted: Mon Sep 12, 2005 9:34 pm
Post subject: Debit Card Safety If you report a card - debit or credit - stolen within a reasonable period of time you will have zero liability. In spite of the fact that the banks reserve the right to charge the first $50.00 to the card holder, I haven't heard of a single bank that does so.
Author: Polonius
Posted: Mon Sep 12, 2005 11:36 pm
Post subject: Debit Card Safety No--that's not correct unless the rules/laws changed very recently. Quote: Be aware that ATM and debit cards do not allow the same protections as credit cards. If you fail to report unauthorized charges within a timely manner, you could be held liable for the charges. 1. If you report an ATM or debit card missing before it is used without your permission, your financial institution cannot hold you responsible for any unauthorized withdrawals. 2. If you report your ATM or debit card lost or stolen within two business days of discovering the loss or theft, your liability is limited to $50. 3. If you report your ATM or debit card lost or stolen after the two business days, but within 60 days after a statement showing an unauthorized withdrawal, you can be liable for up to $500 of what a thief withdraws. 4. If you wait more than 60 days, you could lose all the money that was taken from your account after the end of the 60 days and before you report the card missing. Source: http://www.chicago.bbb.org/idtheft/liability.html Some states have separate protective laws for unauthorized use of debit cards.
Author: nixuzer
Posted: Fri Sep 16, 2005 10:48 pm
Post subject: Debit Card Safety Polonius wrote: No--that's not correct unless the rules/laws changed very recently. Actually Polonius I'm not sure that information is accurate with all banks/credit unions. It may also be that my state, Texas, has different laws than Illinois (where the above link is referring to) Below is the email I got back from my credit union concerning using a debit card (I specifically emailed my credit union to make sure I had a 'paper' trail) since I'm looking at completely doing away with using my credit card for monthly purchases in the next 3-6 months. Names/numbers removed to protect the guilty Mr. [nixuzer]: Thank you for your email request. I will answer your questions in the order that you've presented them to me. - The turnaround on reimbursements on fraudulent debit purchases is between 2-10 business days. - You have 120 days from the day of the purchase to those purchases as fraudulent. - You will not responsible for any fees that were assessed due to fraudulent activity on your account as long as you complete a debit dispute and the dispute is legitimate. - You can limit the maximum daily amount on your debit card. - You can either accept or waive the overdraft protection service which will automatically try to use funds available in savings account if a check or debit purchase is presented for payment and the funds are not available.
High Yield Saving Accounts
Author: PhilBy
Posted: Sun Oct 09, 2005 6:08 pm
Post subject: High Yield Saving AccountsHello I was thinking of opening a Capital One online high yield savings account that I read about somewhere on the forum. When they pull my credit report for identification purposes, will it count as a hard inquiry like when you apply for a credit card? Also, I know there is only $1.00 min. to open the account, but is there a minimum to get the current advertised interest rate? Do they send you a 10-99int statement in the mail when it's time to file income tax like the standard banks do? Does anbody have experience with one of there high yield accounts? I read about ImmigrantDirect as well, but since this is my first attempt at an online savings account I prefer to go with a company I am familiar with such as Capital One dispite the .55 interest rate difference. I am thinking I will see how it goes with CapitalOne, and in the future possibly expand to others. Thanks and any other comments and suggestions are appreciated as well.
Author: diddlydudette
Posted: Sun Oct 09, 2005 6:45 pm
Post subject: High Yeild Savings Account PhilBy, here is an interesting article on online savings accts. http://money.cnn.com/2005/10/02/pf/debt/internet_banking/index.htm?section=money_topstories I have an Emigrantdirect acct. and felt the same way you do. I was skeptical and like you, had never heard of them before. I did tons of research and learned they've been around a long time and reputable and FDIC insuredl. They pay the highest interest right now at 4%. You can check this out at Bankrate.com. I highly recommend Emigrantdirect. I've had no problems and so far things are running smoothly with them. I'm happy with my choice.
Author: maddybeagle
Posted: Sun Oct 09, 2005 7:21 pm
Post subject: High Yeild Savings Account I do ING and that has worked out fine. I might start an Emigrant as well. I have applied for money market accounts and it doesnt appear on my credit report as an inquiry. They may ask for a current phone bill or something to verify your address for the patriot act. Yes, they report the interest annually for taxes.
Author: CreditCardGuru
Posted: Mon Oct 10, 2005 12:17 am
Post subject: High Yeild Savings Account I believe they do pull a soft inquiry credit report similiar to the one eBay gets for ID Verify.
Author: CreditCardGuru
Posted: Wed Oct 12, 2005 6:58 pm
Post subject: High Yeild Savings Account When I got my Capital One High Yield account, it was just a soft inquiry the same as an employer would pull, these are for identity verification only. Then I opened a MM account and they did not pull another soft inquiry since I already had an account with them, just opened it and transferred all my money to the MM. I would personally go with MM because you get the same interest but get access to your money via checks and
Unauthorized Card Charges
Author: mcflack1
Posted: Tue Oct 11, 2005 8:38 pm
Post subject: Unauthorized Card ChargesI have a situation that I am not sure is correct. I am in Texas. I have Electric with Reliant Energy. My Daughter has Electric with Reliant Energy. In August 2005, my daughter brought me cash and asked me to pay her electric bill on line. I did so with my check card since I was depositing her cash into my account. In September 2005, she failed to pay her electric bill and Reliant Energy used the last payment information they had on file, which was my debit/check card and paid her bill from my checking account. My bank, BankofAmerica is telling me that is legal even though I did not authorize that payment. Do you know if that is accurate?
Debt Free Training
Board Monitor
Posted: Wed Oct 12, 2005 6:18 am
Post subject: Unauthorized Debit Card Charges I am almost certain this is completely legitimate but your best source will be your state's Attorney General's office consumer protection http://www.oag.state.tx.us/ . I suspect what you will have to end up doing is writing a letter to the electric company and the bank to stop them from doing this again.
HELOC for Home Repairs
Author: usmsci
Posted: Tue Sep 27, 2005 10:54 am
Post subject: HELOC for Home RepairsI bought my home in April for around $110,000. its a nice 3bed and 2 bath, brand new, never been lived in, roughly 1,450 sq.ft. anyway April of 2006 i will have had it a year and want to take out a home equity loan on the house. the first question is, is this too soon or is a year ok? will the house need to be appraised again? how much would i expect on average to get? if i was approved for 20,000 does that just get added on to the existing balance on the house/mortgage and they just write me a check for 20k? my interest rate is 5.5% as a Fixed 30-yr mortgage. could i suffer a higher interest rate if i get a equity loan or not? i want to pay off my car(which i am paying 15.99%) and do some home improvements inside and outside the house. a 5.5% instead of 15.99% on a car is going to save me lots of interest money. i figured it out and it would cost about 20,000 for everything that i wanted..of course i am flexible. This includes putting $1,000 or so in a ROTH IRA to get that ball moving and possibly putting money in a few other places. my credit wasnt the greatest when i got my car loan and i am paying for it but now my credit is better.. FICO score is 656 and i was approved on the house with a score of 626-650 or so using all 3 reporting agencies. i calculate that i will be close to 700 by April rolls around as i have some negative information coming off my credit report at the end of the year. i might think of some more to say but thanks in advance for all your advice..
Polonius
Posted: Tue Sep 27, 2005 3:41 pm
Post subject: Home Equity Loan have
the Same Rate as My Mortage The HEL or HELOC is completely separate from your mortgage--it will have its own terms and interest rate. There's no "too early" notion about applying for equity loans--everything depends on the equity of your home today and of course your own income and debt to income ratio. Each lender makes its own decisions on what you would qualify for. I'd suggest getting offers through LendingTree.com--they're free and will give you an idea of what you can get. I live in what one magazine called the second most overpriced housing area in the country! Prices go up over 15% per year here. That's bound to come to an end, hopefully not soon. Of course, leveraging your housing equity to the maximum can land you in trouble if prices fall. You know that.
Author: usmsci
Posted: Tue Sep 27, 2005 3:44 pm
Post subject: Home Equity Loan have
the Same Rate as My Mortage how do these terms and rates compare to regular mortgage rates? are they comparable??
Author: Polonius
Posted: Tue Sep 27, 2005 4:16 pm
Post subject: Home Equity Loan have
the Same Rate as My Mortage According to www.bankrate.com/brm/static/rate-roundup.asp Thirty-year fixed rate mortgages--Rate: 5.88 percent (30-year fixed) Average Points: 0.36 .............................................................. Home equity products Rates: 6.76 percent (line of credit); 7.18 percent (loan) But there are special deals all over the place--these are just averages; you could do better or worse. My own Citibank HELOC is at prime less .25%, so 6.5% now--and it had no closing fees of any kind (no points, no appraisal fees--nothing). And I only have to pay the interest for the first 10 years--no principal payment required until the 11th year.
Author: BestMortgageInfo
Posted: Tue Sep 27, 2005 8:09 pm
Post subject: Home Equity Loan have
the Same Rate as My Mortage Yes, an appraisal will have to be done for the new loan. In some cases lenders will pay for them, and have a 3 year prepayment penalty to recoup the costs if you pay off the loan early. Be careful of HELOCs. Your initial lender may report it as a mortgage type loan, and the lender that buys the loan may report it as a credit line. A credit line, where you have over 50% Utilization, can really hurt your credit score. HELOANS are fixed rate 2nds. The initial rate may be higher, but it won't go any higher. Or lower. Stability and no surprises are sometimes worth a few $ per month. Lastly. I do mortgages, and I do my best to talk people out of paying for a car over 30 years. Some of them don't last that long. With your scores, try to refinance. One on line Auto refinance company is Patelco. You can probably cut your rate in half or better.
Author: usmsci
Posted: Wed Sep 28, 2005 8:46 am
Post subject: Home Equity Loan have
the Same Rate as My Mortage ok thanks for all your help... somehow i was thinking that you could put whatever you borrowed on your house and that way you would still keep that same rate on your mortgage. Again i am paying 5.5% right now on my house. it would be nice to put the $9k i have left on my car on the house and therefore my mortgage payments will be a little higher but i wouldnt be paying that outrageous APR. see what i mean? is this possible or was this something i just dreamed? One more question..as i mentioned earlier ive only had the house since April so not much equity. someone said above that it really didnt matter that much, you could apply for a Home Equity Loan at any time. i was under the impression it was best to wait at least a year to make sure you have increased the value of your home somewhat. what are your thoughts? oh yeah what does it mean by average points?? sorry i am new to all this lingo..
Author: BestMortgageInfo
Posted: Wed Sep 28, 2005 9:38 am
Post subject: Home Equity Loan have
the Same Rate as My Mortage The reason for a year is that by that time there are normally enough other sales in your area to justify any increase in value. If you get a home equity loan, if you do it now, chances are the value of your home will not have gone up much since when you bought it. The "rates and points" The average of all the loans that they grouped together had an interest rate of 5.88, Probably the average rate should have been 6%, but it was lowered by the borrower paying .36% to lower the rate to the 5.88. Keep in mind that over time, the average home owner either buys another home, or sells theirs to retire, or refinances every 5-7 years, so you need to be carefull when you buy down a rate. If the net savings in the payments take longer than 5 years to break even, then it may not make sense.
Author: usmsci
Posted: Mon Oct 03, 2005 11:39 am
Post subject: Home Equity Loan have
the Same Rate as My Mortage BestMortgageInfo wrote:
One on line Auto refinance company is Patelco. You can probably cut your rate in half or better. i was approved by Patelco but in order to take advantage of the loan i have to be a member of Patelco. In order to be a member you have to be eligible to join. if you look at the requirements to join here: http://www.patelco.org/apply/eligibility.aspx which seems outrageous... i mean gimme a break i live in Mississippi so by default i am inelgible pretty much right there. Really amazes me how they would let someone apply for credit with them if they dont live in california.. really stupid if you ask me..
Can't get approved for a Home Equity Line of Credit
Author: scarymary
Posted: Thu Oct 06, 2005 11:33 am
Post subject: Can't get approved for a Home Equity Line of CreditOK... in the past 4 days I have applied to... ING Commerce Bank of America All have declined hubby and me for a HELOC. House is worth $250k Mortgage bal is $112,577 Income is $82K Credit scores in mid-600's We desparately need to put a roof on the house. Any idea where to go next??????????????????????????????????????
Author: ams370
Posted: Thu Oct 06, 2005 1:20 pm
Post subject: HELOC for Less Than Perfect Credit Hi! My husband and i just got approved for a HELOC. Now, it doesn't have the best interest rate, but it is better than the credit cards interest rates that we are going to pay off with it. Our credit scores are not good, 500's & 600's. We went through homeloancenter.com. They match you up with a lender. They were very helpful and we applied an got approved in a matter of 2 weeks. Let me know if you need any other info.
Author: scarymary
Posted: Thu Oct 06, 2005 1:49 pm
Post subject: HELOC for Less Than Perfect Credit Thanks so much for the info. Actually, I just got approved!!! Bank One/Chase felt that we weren't as big of losers as the other banks did!! LOL I went on lendingtree.com and had an approval in an hour. Also, inquiries for mortgages and equity loans/lines, if made within a 14 day period, only count as one inquiry. As a Realtor, I could have gone thru my own mortgage broker but I am reluctant to share my personal financial info with people I work with... just my own hang up, I guess. Thanks so much fo sharing your ideas with me...
How to Calculate Interest on a Savings Account
Author: diddlydudette
Posted: Wed Sep 28, 2005 9:08 am
Post subject: How to Calculate Interest on a Savings Account. Say you have 20,000 in a savings acct. with 4% interest. Interest on the account is compounded daily and credited monthly. How exactly is this calculated daily? At the end of one month, what should the total be in the account?
Author: rain
Posted: Wed Sep 28, 2005 2:05 pm
Post subject: Calculate Interest on a Savings Account per Month Its better to teach you how to calculate this, so I've listed the steps and tried my best to explain. Try it yourself. Your computer will have a calculator, even if you don't have any other calculators handy. Say you have 20,000 in a savings acct. with 4% interest. Interest on the account is compounded daily and credited monthly. How exactly is this calculated daily? At the end of one month, what should the total be in the account? a) Interest in saving accounts are usually stated on an annual basis. This means you get 4% if you leave your deposits for 1 year. However, this doesn't mean you won't get the interest payments credited to your account every month, or whenever it reaches a certain figure. Most banks credit your account with the interest payments you've earned monthly. b) What you want to do is to calculate how much interest you'll earn at the interest rate stated. In this example, lets say this is 4% interest in a year. So you take 4/100 x the amount you have deposited. lets say this is 20000. So 4/100 x 20000. This gives you 800. This means if you deposit 20000 in the account, you will get 800 interest at the end of the year. This is a very simpilified statement. -------------------------------------- Now that you know how to calculate your annual interest in figures, lets take this one step further. What happens if you want to find out how much interest you have earned in 1 day, not 1 year? c) From the example above, $800 is for 1 year. There are 365 days in a year, so you take 800/365 = 2.19. You will roughly get 2.19 interest per day. d) What if its 1 month? There are 12 months in a year. So 800/12=66.67. Each month, you will earn $66.67 more in interest. ----------------------------------------- We need to extend this another step now that you have an idea how banks calculate how much interest you've earned in a day, or in a month. When you read the fine print of your account agreement, you will usually see something like "interest rate is listed on an annual basis, accrued daily, and paid monthly". interest rate is listed on an annual basis e) This means the 4% interest you see is for a year. If you leave your $20000 money in the bank for 6 months, you will not see $800 in interest. You will see less, about $400. accrued daily f) This also means each day, your bank calculates your interest for that day. For example, look at step C again. The first day you put your money in the bank account, you have earned $2.19 interest. Leave it another day, and you have earned another $2.19. Sounds good right? paid monthly g) At the end of the month, the bank will pay you the interest you've accumulated in this month. For the first month, lets say there are 31 days. You have earned 4/100 x 20000 x 31/365 = $67.95 in interest. Your bank will add this amount to your current 20000 balance. So you will now have $20067.95. h) The next day, your bank will start accruing your interest earned again. Remember how to calculate? 4/100 x 1/365 x amount in the bank. This time, amount in the bank is 20067.95. This may seem like a small difference, but this $67.95 extra causes your interest accrued to increase. This is a good thing. When people talk about compound interest, this is basically what they mean. That the amount of interest earned is added to your original balance, and will in turn earn interest for you. So, for this next month, pretend its another 31 day month. You will have earned 4/100 x 20067.95 x 31/365 = $68.18 interest. This is slightly more than the 67.95 you have earned the previous month. ------------------------------------- Try to reread what I've written if you still don't understand. Practise working out the mathematics yourself, if possible. Maths requires practise. So basically you take 4% of 20,000 and divide by days (365) and that's your daily interest. Then at end of month you will have approx 66.00 and add that to 20,000 and start whole process again for next month
Interest Rates for Emigrant Direct
Author: diddlydudette
Posted: Tue Sep 20, 2005 9:29 pm
Post subject: Interest Rates for Emigrant DirectDang, that's great. I just received e-mail informing me of this. I highly recommend it.
Author: diddlydudette
Posted: Wed Sep 21, 2005 8:42 am
Post subject: Interest Rates for Emigrant DirectWell Curtis according to bankrate.com, it's the highest rate right now at 4%. I imagine it's just a matter of time before others raise their rates due to competition huh? I think ING is still at only 3.3%. It's pretty easy to set up if interested in joining. You fill out app. online at Emigrantdirect.com. You give them your routing number from checking acct. Emigrant transfers a few pennies into your checking to make sure every thing linked ok with your bank. Then you verify you received funds from them in your checking acct. Then Emigrant sends you a letter to verify every thing ok and then after letter, you're able to register and login and start transferring money from your checking into your new Emigrant acct. There's no fees involved to transfer or to apply and only need 1.00 to open. I did that first to make sure everything ok before I sent more money. I felt safe with 1.00. It's fun watching money grow and I feel so much better putting money in here than at my regular in-town bank where I was only getting .6%.
Author: diddlydudette
Posted: Thu Sep 22, 2005 7:18 pm
Post subject: Interest Rates for Emigrant DirectHi Curtis, No, I never had an online account until a couple months ago when I joined Emigrant. I was impressed with the 3.5% interest compared to my bank's .6%. I had like 20,000 sitting in my savings waiting while I get ready to buy house at end of year or beginning of next year. I figured I didn't want to long term invest so opted for the Emigrant so I could take out whenever without penalty and make a little money. It's done really well in just a couple months and now that's it 4% will do even better. I almost hate to take it out ever because it's fun to watch it grow. I'm not sure what you mean if I have to write so many checks each month. This is just a savings acct. When I deposit money into the Emigrant savings acct, I transfer from my personal checking account from my in-town bank. It's drafted out and transferred online into the savings. It's very easy to transfer back and forth. It's all done online. They even mention coming out with a new cash back credit card. I can't wait for that. Here's email I received from Emigrant: We are pleased to announce that effective today, Tuesday, September 20, your American Dream Savings Account from EmigrantDirect now yields 4.0% APY, the highest rate in the country with no fees and no minimums, FDIC insured. Responding immediately to the most recent news from the Federal Reserve, EmigrantDirect is pleased to be able to offer this unmatched rate to our loyal customers. You may wish to take this opportunity to put all your available funds to work for you. If you have deposits earning less interest at other institutions, now is a good time to consolidate those savings at EmigrantDirect. Electronic transfers into and out of your account are free and our new 4.0% APY is guaranteed through December 31, 2005 (subject to upward adjustments only). Additionally, we are also pleased to announce the upcoming launch of a no-fee credit card from EmigrantDirect offering the highest cash back rebate in the country on all your purchases – from the first dollar spent on your card to the very last. This revolutionary credit card featuring platinum-level benefits will be offered only to EmigrantDirect customers and be available before yearend. Cash back amounts will be deposited into your American Dream Savings Account automatically not once, but twice a year for added convenience. If you would like to be sent a priority invitation to apply for the card once it becomes available, please send a quick email with your name and email address to emigrantdirect@emigrant.com. We hope that you will become a cardholder and discover yet another way that EmigrantDirect serves and rewards its customers with outstanding value
Author: diddlydudette
Posted: Fri Sep 23, 2005 10:00 am
Post subject: Interest Rates for Emigrant DirectWell, I thought that too about the rate...that it might go down, but if you notice it states that if it changes, it will be an upward change and not go down. So I would welcome a change actually. Just looking back on history of their interest rates, I've never seen them go down but only go upward and quite often at that. I'll let you know about the credit card. I'm very interested in what they offer.
Author: Maddybeagle
Posted: Tue Sep 27, 2005 7:59 pm
Post subject: Interest Rates for Emigrant DirectI have an ING mm account, but these guys must really want to put on the pressure. ING is a little lower, but they give you a 50 buck bonus to start so that helps. From what I read from other forums ING is a favorite. I really like these since you can link your local checking account and transfer. I think it takes a few days to transfer, but a good place to park your money but still have fairly quick access to it.
Author: diddlydudette
Posted: Wed Sep 28, 2005 7:10 am
Post subject: Interest Rates for Emigrant DirectWhat does this mean on the ING 50.00 promotion? This offer is only valid for purchasers of Quicken 2005 with valid PN numbers. Valid through 12/31/05. Do you have to purchase some type software Quicken in order to receive the 50.00?
Author: diddlydudette
Posted: Wed Sep 28, 2005 7:33 am
Post subject: EmigrantDirect has Higher interest rate than a CD Well, I just called ING and the 50.00 promo is if you purchase Quicken.
Author: maddybeagle
Posted: Fri Sep 30, 2005 9:15 am
Post subject: EmigrantDirect has Higher interest rate than a CD I got the credit from ING. Just use a code. Otherwise, there are offers for 25 bucks floating around. I saw one in kiplingers mag.
Author: tonygoldston
Posted: Fri Sep 30, 2005 11:12 pm
Post subject: EmigrantDirect has Higher interest rate than a CD I have both Emigrant and ING accounts. They work exactly the same. MM with a limit of 6 withdrawals per month. Biggest difference in the two is the web interface. ING's site is very user friendly and easy to navigate. Emigrant's is not so fun. It is functional but ugly. (my local bank WSFS uses the same system.) I would definitely sign up for ING (free money from them.) If anyone wants a referal let me know. You get $25 for opening and I get $10 What I would do then is refer to your friends, wife, etc. and rack up some money. ING has a 5 Business day hold on all deposits thru transfer so you have to be aware of that. Emigrant I don't think does. I have my paycheck direct deposit into ING (no hold) and then I have multiple accounts (very simple to sign up for them once you are a member, just "open a new account" and it adds it to your "customer #") I have auto transfers from my "paycheck" account into accounts to seperate money (i have one for the car insurance, one for the mortgage, etc.) keeps my money that is tied up seperate from money that is spendable. I also would suggest Presidential.com (it's a bank out of Bethesda, MD) that has an internet only checking account that is paying 4% now (max of $25,000 balance) but it's a checking. So I have Emigrant for savings, ING for management, and then Presidential for paying bills. (I use MBNA;s online system for most of them.) I also have a local account for depositing checks and auto payment of mortgage which is through them. But other than about $500 in the local bank, the lowest interest rate I am getting on anything is ING's 3.4% I also use Emigrant for putting money I pull from CC offers (0% BT) to sit and make money. Just paid off $8000 from a citi card that has been earning intrest for 9 months. Getting ready to pull another $10,000 from citi.
Restaurant Coupon Codes
Author: Board Monitor
Board Monitor/ Administrator
Posted: Mon Sep 26, 2005 8:55 am
Post subject: Restaurant Coupon CodesAnyone know any discount or coupon codes for online retailers? I know Restaurant.com has a new 50% off coupon code: 38066 that expires 9/30. I got some $25 gift certs. to some nice restaurants in our area for $5. What a deal! _________________ Best Regards, Curtis Arnold Board Monitor http:// www.cardratings.com (501) 663-0314
Author: diddlydudette
Posted: Mon Sep 26, 2005 12:40 pm
Post subject: Restaurant Coupon CodesGreat site Curtis, Can you use discount code more than once? If restaurant says 35.00 minimum, how is that calculated after discount? We were trying to find rules and details but didn't see any.
Board Monitor
Board Monitor/ Administrator
Posted: Tue Sep 27, 2005 10:10 am
Post subject: Restaurant Coupon CodesIt's a wonderful site- my wife and I have used it for years. A word of caution- call the restaurant before you buy a particular gift cert to make sure they still honor it. Typically you buy a $25 gift cert for 10 bucks, but with the 50% discount code you get it for only 5 bucks! The only catch is that you often have to buy at least $35 in food. They offers vary- read each offer carefully. All in all, though, a great way to make a big dent in your restaurant bills (if you eat out a lot like us)... _________________ Best Regards, Curtis Arnold Board Monitor http://www. cardratings.com ( 501) 663-0314
Author: Polonius
Posted: Tue Sep 27, 2005 3:50 pm
Post subject: Restaurant Coupon CodesCheck http://www.dealcoupon.com/ It's just a news source, listing discount coupons available, organized in many ways including by store. And, Curtis, it lists a 60% off discount coupon for restaurant.com--code is 39109. Valid until 9/30. The same group runs dealnews.com, dealcam.com, dealram.com and dealmac.com. I've saved thousands with its listings--and probably spent thousands I wouldn't have spent if I hadn't seen the bargains to begin with. I bought a Maxtor DiamondMax 200GB IDE Hard Drive, model no. L01P200, for $69.99 shipped from Fry's Outpost.com yesterday because of that site!
Find Less Expensive Car Insurance
Author: astounding
Posted: Tue Sep 20, 2005 9:34 pm
Post subject: Find Less Expensive Car InsuranceHello guys, Here's an article on nine ways you can lower your auto insurance costs... You may not realize it, but the insurance rates you pay for your car can vary dramatically depending on the insurance company, agent or broker you choose, the coverages you request and the kind of car you drive. Listed below are a number of things you can do right now to lower your insurance costs. 1. COMPARISON SHOP. Prices for the same coverage can vary by hundreds of dollars, so it pays to shop around. Ask your friends, check the yellow pages or call your state insurance department (phone numbers are on back page). You can also check consumer guides, insurance agents or companies. This will give you an idea of price ranges and tell you which companies or agents have the lowest prices. But don't shop price alone. The insurer you select should offer both fair prices and excellent service. Quality personal service may cost a bit more, but provides added conveniences, so talk to a number of insurers to get a feeling for the quality of their service. Ask them what they would do to lower your costs. Check the financial ratings of the companies too. Then, when you've narrowed the field to three insurers, get price quotes. 2. ASK FOR HIGHER DEDUCTIBLES. Deductibles represent the amount of money you pay before you make a claim. By requesting higher deductibles on collision and comprehensive (fire and theft) coverage, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision cost by 15% to 30%. 3. DROP COLLISION AND/OR COMPREHENSIVE COVERAGES ON OLDER CARS. It may not be cost-effective to have collision or comprehensive coverages on cars worth less than $1000 because any claim you make would not substantially exceed annual cost and deductible amounts. Auto dealers and banks can tell you the worth of cars. 4. ELIMINATE DUPLICATE MEDICAL COVERAGES. If you have adequate health insurance, you may be paying for duplicate medical coverage in your auto policy. In some states, eliminating this coverage could lower your personal injury protection (PIP) cost by up to 40%. 5. BUY A "LOW PROFILE" CAR. Before you buy a new or used car, check into insurance costs. Cars that are expensive to repair, or that are favorite targets for thieves, have much higher insurance costs. Write to the Insurance Institute for Highway Safety, 1005 North Glebe Road, Arlington, VA 22201 and ask for the Highway Loss Data Chart. 6. CONSIDER AREA INSURANCE COST IF YOU ARE MAKING A MOVE. Costs tend to be lowest in rural communities and highest in center cities where there is more traffic congestion. 7. TAKE ADVANTAGE Of LOW MILEAGE DISCOUNTS. Some companies offer discounts to motorists who drive fewer than a predetermined number of miles a year. 8. FIND OUT ABOUT AUTOMATIC SEAT BELT OR AIR BAG DISCOUNTS. You may be able to take advantage of discounts on some coverages if you have automatic seat belts and/or air bags. 9. INQUIRE ABOUT OTHER DISCOUNTS. Some insurers offer discounts for more than one car, no accidents in three years, drivers over 50 years of age, driver training courses, anti-theft devices, anti-lock brakes and good grades for students. See the following page for a guide to these and other discounts. INQUIRE ABOUT DISCOUNTS FOR: Code: COMPANY A COMPANY B COMPANY C $500 deductible _______ _______ _______ $1,000 deductible _______ _______ _______ More than 1 car _______ _______ _______ No Accidents in 3 Years _______ _______ _______ No Moving Violations in 3 Years _______ _______ _______ Drivers Over 50 Years of Age _______ _______ _______ Driver Training Course _______ _______ _______ Anti-Theft Device _______ _______ _______ Low Annual Mileage _______ _______ _______ Automatic Seat Belt _______ _______ _______ Air Bag _______ _______ _______ Anti-Lock Brakes _______ _______ _______ Good Grades for Students _______ _______ _______ Auto and Homeowners Coverage with the Same Company _______ _______ _______ College Students Away From Home Without a Car _______ _______ _______ OTHER DISCOUNTS: _______________ _______ _______ _______ _______________ _______ _______ _______ _______________ _______ _______ _______ _______________ _______ _______ _______ YOU CAN REACH YOUR STATE INSURANCE DEPARTMENT AT: AL: 205-269-3550 AK: 907-465-2515 AS: 684-633-4116 AZ: 602-255-5400 AR: 501-686-2900 CA: 800-927-4357 CO: 303-894-7499 CT: 203-297-3800 DE: 800-282-8611 DC: 202-727-8002 FL: 800-342-2762 GA: 404-656-2056 GU: 671-477-5144 HI: 800-468-4644 ID: 208-334-2250 IL: 217-782-4515 IN: 800-622-4461 IA: 515-281-5705 KS: 800-432-2484 KY: 502-564-3630 LA: 504-342-5900 ME: 207-582-8707 MD: 800-492-6116 MA: 617-727-3357 MI: 517-373-9273 MN: 800-652-9747 MS: 601-359-3569 MO: 314-751-2640 MT: 800-332-6148 NE: 402-471-2201 NV: 800-992-0900 NH: 800-852-3416 NJ: 609-292-5363 NM: 505-827-4500 NY: 212-602-0203 NC: 800-662-7777 ND: 800-247-0560 OH: 800-686-1526 OK: 405-521-2828 OR: 503-378-4271 PA: 717-787-5173 PR: 809-722-8686 RI: 401-277-2223 SC: 803-737-6117 SD: 605-773-3563 TN: 800-342-4029 TX: 512-463-6464 UT: 801-530-6400 VT: 802-828-3301 VI: 809-774-2991 VA: 800-552-7945 WA: 800-562-6900 WV: 800-642-9004 WI: 800-236-8517 WY: 307-777-7401 FOR MORE INFORMATION, CALL THE NATIONAL INSURANCE CONSUMER HELPLINE (NICH) AT 1-800-942-4242
Author: usmsci
Posted: Tue Sep 27, 2005 10:44 am
Post subject: Shopping for Cheaper Car Insurance i would raise my deductibles , both comp and coll. from $100 to possibly $500 but my front windshield cost about $1,800 to replace if its damaged or a rock breaks it or whatever. i cant afford to fork upo $500 or $1000 on a windshield..thats crazy. id rather just pay $20 more a month to insure it with a $100 deductible
For Sale By Owner TIP
Author: diddlydudette
Posted: Mon Jul 18, 2005 10:45 am
Post subject: Should I Purchase a For Sale By Owner property?Ok, I'm 46 years old and I'll be a first time home buyer. I have good credit Equifax 807, Transunion I think is 853. I won't be able to consider applying for until December when my lease is up in apt. She'll be about ready to move about that same time. I have a friend who's house I'd like to purchase. She is getting married. The house is in great shape...great lanscaping, well maintained, etc. She is not dealing with a realtor. She said initially she would sell for 120,000 and I cringed and told her I thought I couldn't afford that. She then cringed back and said least she could sell for is 114,000. I can afford and really like the house and everyone who has seen pics of it thinks I'd be getting a good deal. We really hadn't talked much about it. She cuts my hair and isn't a very close friend. I've just been going to her forever..5 years. She did say when I went to look at it that we'd both pay our own closing costs. Since I'm new to this and no realtor of my own, she wanted to work out the details of a contract. She said that's how she bought it. She and owner had dinner out and hashed everything out and it worked great. Of course I'd get it inspected and have a closing attorney. Any great words of wisdom for me? What do I need to watch out for?
Author: Polonius
Posted: Mon Jul 18, 2005 1:39 pm
Post subject: Should I Purchase a For Sale By Owner property? You can get a good deal--but there are so many risks and you're so inexperienced I'd advise against handling it the way you're planning. How can you determine a price without a careful comparative market analysis, which most realtors will give for free? (Traditionally, you get 3 CMAs if you're the seller.) What about title insurance? Given this scenario, as a buyer I'd hire a licensed realtor to be MY agent--to arrange for the building inspection, title search/insurance, and closing documents. And I would pay for an independent appraisal of the property.
Author: Sarasotatony
Posted: Tue Jul 19, 2005 7:34 pm
Post subject: Getting Ready to Buy My First House Polonius is 100% correct. As a first-time buyer, you need to realize that buying a home can be a complicated process. If she won't deal with a realtor, then you must hire an attorney who specializes in real estate. It should cost you $400-$500, for the attorney to put together the closing documents. You must also hire an appraiser (around $200) who will give you a certified appraisal of the property. This is different from a realtor's comparative market analysis. If you end up agreeing to pay more for the property than it is worth, than the bank won't go along with it. Regarding closing costs: they are often negotiated with the seller--often the seller will pay up to 2% of your closing costs. Your closing costs will run $5,000 to $6,000. This is separate from the 20% down you need to pay at closing. Remember, if you put less than 20% down, than you will have to pay PMI (private mortgage insurance). This should be around $75 a month. Try to avoid this ripoff. What are the costs of taxes and insurance? Make sure you close at the end of the month--never the beginning of the month. You also need to hire a home inspector, especially one that is A.S.H.I. certified. Look in your phone book. The cost is around $150. If the inspector finds anything that could be a costly problem down the road, then you have the right to ask the seller to pay for the repairs. If she will not, then you can walk away. A title search as well as title insurance is a must. This is part of your closing costs and your lender won't close without proof of a clear title. I suggest you check out www.bankrate.com--a very valuable web site. Type anything in the search box and you will get very valuable information. For example, type, how much home can I afford? and you will get a detailed analysis. Personally, I would never buy a home from someone I knew, in fact, when I sold real estate years ago I always kept buyers and sellers apart.
Author: Sarasotatony
Posted: Wed Jul 20, 2005 9:23 pm
Post subject: Getting Ready to Buy My First House Clarification on the 2%. It should read: In your offer, ask the seller to pay 2 points of your closing costs. This is roughly around $2,000. However, if you are in a seller's market, the seller will often reject this request.
Author: diddlydudette
Posted: Thu Jul 21, 2005 3:19 pm
Post subject: Should I Purchase a For Sale By Owner property? Thanks y'all. Yes, I was planning on getting an attorney for closing. I think she has pretty much stated that we each handle our own closing cost. She originally said 120,000 for asking, but after saying I couldn't afford, she said lowest was 114,000. The house will sell easily without a doubt because it's in great shape, etc. so I feel I can't ask her to help with closing. I do understand about inspection and appraisal. I know what I can afford and know to walk away if it gets to be too much money. Actually, my sister is a realtor in another town so she said she'd help do a comparison of houses in area and she'll look over contract for me. I'm not paying PMI at all. Let's just say I refuse. I think my FICO is high enough not to have to. I did get a mortgage estimate at my bank and was told it was a pretty accurate estimate. I will comparison shop, but wanted to get an idea of my payments. They suggested the 80/15/5. She said when they pulled my credit report and got down to business that if score was good enough bank might even lower interest more. I have 853 at Transunion, 807 at Equifax and something like 785 at Experian. It was like 80% at 5.35, 15% at 8% and 5% down....paying NO PMI. I gave her location of house and she calculated insurance and taxes, etc and came up with 757.00 a month as mortgage for 114,000. I'm thinking I may even be able to do better than their quote. I just hope the interest doesn't go up much between now and the end of the year. I have 20,000 in my savings acct. and that's about it except maybe a couple thousand in stock. I wouldn't touch any 401K or anything like that. I'm not one to want to buy beyond my means or get over my head. It just seems if I were to pay 5% or more down and 6,000 in closing that it will take all my money. It's very scary to think I have to drain savings to buy my first home. Y'all think it's a good idea and think I can afford? I make about 38,000 + a year. Should I stay in apt. where I can budget and not have to worry about things breaking....extra costs and getting broke. Sometimes I get so scared about thinking about all the money upfront and how confused I am, that I just want to forget about it.
Author: Sarasotatony
Posted: Thu Jul 28, 2005 1:38 am
Post subject: Getting Ready to Buy My First House I know it can appear overwhelming, but you will never get anywhere renting. Try and see if you can qualify for 5% or 10% down, because you will be surprised at some of your costs after you move in. Appliances/window coverings are just a few. I certainly agree with you about PMI--avoid it if you can. Once approved, ask your lender how many days you can "lock in" your rate. Most lenders will give you a 30 day lock; a few will lock for 60 days. Some will lock you in for 60 if you pay a fee. Remember: That attorney you choose must be a specialist in real estate, he/she shouldn't be a standard attorney. Another suggestion: Go to www.bankrate.com and type in closing costs or junk fees in the search box. Some fees are negotiable with the lender. Some are tax-deductable. Closing fees can vary by a $1,000 to $2,000, depending on the lender. And: Close at the closest business day to the end of the month.
Author: jbrinson
Posted: Wed Sep 21, 2005 10:04 am
Post subject: 80/20 Loans no down payment or MI I work at a mortgage company and we have 80/20 loans with no down payment at great rates, in which you can keep your 5%. Buying is always better with the tax advantage AND if you take an average appreciation of 8% a year on a house of 114k...considering it sounds like you are actually gaining additional equity immediately, in 5 years your house may be worth about 165k or more! Feel free to email me if you want more info on the 80/20 loans!!
Author: BestMortgageInfo
Posted: Thu Sep 22, 2005 7:56 am
Post subject: Should I Purchase a For Sale By Owner property? Few comments on home value Be careful here. Things to look for is to make sure that the properties that the appraiser is comparing (Comps) are 1) with in a mile of the home, and that the ages are close to this home 2) that the sizes of the homes, sales prices of the homes, number of rooms of the homes, are all "bracketed" meaning some lower some higher. 3) That the comps are fairly new, 3 months is best, 6 months normal.
Author: BestMortgageInfo
Posted: Thu Sep 22, 2005 9:23 am
Post subject: Should I Purchase a For Sale By Owner property? Well, I found out years ago, terrible experience, that appraisers can sometimes "give what someone wants". As long as it is not undergoing a review (lender or Loan officer or someone that knows what to look for) then they can come up with what ever value requested. So, Bracketed is important: Either one lower/smaller and the others higher/larger or the other way around. You want the home being appraised to be in the middle. THere is a lot to reviewing appraisals. I forgot to include the GLA (Gross Living Area) factor. Should not be more than 20% difference. It is difficult to compare a home that is 1200 SQFT with a home that is 1800 SQFT. So difficult that lenders wont accept an appraisal like that.
Non-Conforming Conventional Loans
Author: nixuzer
Posted: Fri Sep 16, 2005 5:06 pm
Post subject: Non-Conforming Conventional LoansSince I'm a little under educated about loan types can someone please explain what non-conforming conventional loans are? Also, if they could provide some research links that would also be appreciated.
Author: BestMortgageInfo
Posted: Fri Sep 16, 2005 9:36 pm
Post subject: Non-Conforming Conventional LoansThe residential mortgage world is divided up several ways. First there are Government loans: FHA/VA/etc. Then there are the rest of the loan types, called conventional. You further divide the conventional: Conforming: "Fits the box" of Fannie Mae and Freddie Mac. Rules say 39% DTI (Debt to Income ratio), 95% LTV (Amount of the value of the home you can borrow) 2 months of PITI (Principal-Interest-Taxes-Insurance) in assets, that have been there 60+ days. The down payment has to be in the account for 60+ days, etc. Must escrow/impound the Taxes and Insurance. Great Rates, no Prepayment penalty Non-Conforming: The other parts of Conventional loans. 1) Most people call Sub-prime. 50% DTI (can even go to 55%), 100+ (or more) LTV, No assets, No escrow required. Down payment can be seasoned (in the account) for an hour. High rates. In theory should be temporary loans, just to get the new home buyer to the point that they can qualify for conventional loans. 2) Alt-A or A-, Sort of 1/2 way inbetween subprime and conforming. The lines are getting blured anymore however. There are times when a person with good credit goes with a sub-prime or an Alt A loan, because they have limited proof of self employment, or not great job history etc.
Author: nixuzer
Posted: Fri Sep 16, 2005 10:34 pm
Post subject: Non-Conforming Conventional LoansWell BestMortgageInfo I did get this from your website so I appreciate your response. Good information but since I love to learn, If you could assist me with a couple more questions since you do this for your career it would be appreciated. 1. A loan where someone does manual underwriting, if I recall the term correctly, because someone has a low credit score (due to no debt/credit) but has a decent income would be considered a non-conforming loan? 2. Lets say we have two people that have the exact same income and are looking at the same house with the same FICO score. Would someone with a bad payment history/bankruptcy have the same interest rate and closing costs/processing fees vs someone with a low score due to no debt and a non-existent or sparse credit history? If the either person has a lot more assets (retirement, cash, etc) would that make a difference on their interest rate? Thanks for your time on this.
Author: BestMortgageInfo
Posted: Sat Sep 17, 2005 7:50 am
Post subject: Non-Conforming Conventional Loans1. A loan where someone does manual underwriting, if I recall the term correctly, because someone has a low credit score (due to no debt/credit) but has a decent income would be considered a non-conforming loan? To answer your question on terms. Yes, there is automated and manual underwriting. Sometimes if a loan almost fits some lenders have a manual UW available. Rare, because as said before, conforming needs to fit the box. Part of that box is using the automated underwriting systems. If your score is under 620, then you are for sure Non-Conforming. If over 620, and the lender can do a manual UW, then you can be approved, but at a higher rate than one approved with the automated approval. 2. Lets say we have two people that have the exact same income and are looking at the same house with the same FICO score. Would someone with a bad payment history/bankruptcy have the same interest rate and closing costs/processing fees vs someone with a low score due to no debt and a non-existent or sparse credit history? If the either person has a lot more assets (retirement, cash, etc) would that make a difference on their interest rate? The first one would have the highest rates. If there are credit scores on the second one, they would get into a conforming loan. If the 2nd has no scores, then it is a sub-prime loan. If #2 has 3 or more open accounts with companies that don't report (Utility co, Cell phone, monthly car insurance, etc) then a loan can be done. Otherwise better to be in #1's position. Generally the rates would be about the same, but if #1 has a BK that is less than 3 years old, or 30 day late in the past year on a rent or home payment, then #1 will have the higher rate.
Buying a House with Bad Credit
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