Tag Archives: loans

Reverse Mortgages

Should you use a reverse mortgage? First, you have to make sure you qualify. Reverse mortgages are only for those who are 62 and older, who own a home with significant equity, and those who expect to live in their home for many years. A reverse mortgage must be paid back to the lender when you no longer plan to use your home as your primary residence. This can occur upon death, when you decide to sell the home, or if you have to move out longer than 12 months. At that time, the loan balance or market value of … Continue reading →

Equal Credit Opportunity Act

What is the Equal Credit Opportunity Act you may ask? Well, Congress passed the Equal Credit Opportunity Act in 1974. It initially developed to protect the rights of women to receive credit. In the early 1970s before the law passed, it was almost impossible for single women to get a loan and married women had to have their husbands co-sign. This act helped make the credit playing field for men and women equal. Later on, the coverage expanded to include all types of discrimination in relation to credit. It now protects your ability to receive credit in regards to sex, … Continue reading →

Shopping for a Loan

As a consumer you shop around for the best deal on a car, a television set and other items. Do you do the same thing with the loans that you take out? You can save yourself a lot of money and heartache by taking the time to consider several different companies when it comes to borrowing money. Many consumers simply go with the loan offered by the car dealership or the mortgage company recommended by their realtor. It is important to realize that by shopping around you can find lower interest rates and other benefits that may accompany the loan. … Continue reading →

Money Week in Review August 21-25

In Paying off your Mortgage Early Debbie gives some advice on this important decision. She mentions things that you may need to focus on other things first. She also shares the advantages of paying of your mortgage. In Understanding Student Loans Miriam gives you the basics of the different types of student loans. She cautions you to stay away from private loans, and about how much money you should really borrow. She also gives advice on what to do with student loans. One Category a Month counsels you to focus on improving one area of your budget each month. Miriam … Continue reading →

Helping Relatives with Their Finances

There are times when you may feel that you need to help out other family members financially. This can be a tricky area to go into. It is difficult to give money to someone, and then watch them use it unwisely. Loaning money to someone can also be very difficult, especially if you need the money. Also finances tend to be something that people keep to themselves, so it may be difficult to help them begin to budget or change their habits. Here are four tips when it comes to helping family members with money issues. 1) Never loan someone … Continue reading →

Paying Off Loans

If you have debt and are looking to start paying it off, then you need to evaluate where to put your money first. For those with a couple of loans, this process may only require a piece of notebook paper. But for most of us with a variety of loans and debts, create a spreadsheet to compare the variances between them. These differences will help you decide which loans need to be paid off first. Start by lining up all your sources of debt. Common types include: *Mortgage *Home Equity Loans *Lines of Credit *Credit Cards *Student Loans *Automotive Loans … Continue reading →

Family and Money

It is difficult to mix money and family. There may be times when someone in your family is in a tough financial situation and comes to you for help. Or you may simply decide you would like to help without being asked. Or you may be in a situation where you could use some help and one of your family members volunteers to help. The problem is that often loans or gifts come with emotional strings attached and so it can put everyone in an awkward situation. Here are a few guidelines: 1) If you want to loan someone the … Continue reading →

How Much Car Can You Afford?

One question that you may be asking yourself is how much car can you really afford? The bank is certainly willing to lend you the money for a car loan, but should you take what their estimate of what you will be able to pay over what you really can afford to pay? It is important to realize that banks will often lend you more than would be comfortable in most budgets. It is a balancing act when it comes to determining how much car you can truly afford. Ideally you should pay cash for your cars. You can start … Continue reading →

What I’ve Learned About Money and How I Learned It

You can pick up knowledge in a lot of different places. You can learn about how and what to spend your money on from watching television, hanging out with your friends, and from watching your parents. I haven’t really shared how I’ve learned what I know about money. So I thought I would give you a quick rundown of my experiences of what I’ve learned, why and how. I learned the importance of thrift and the clearance sales from my mother. When I was young she was an excellent bargain hunter. In fact she still is. From her I learned … Continue reading →

A Wolf in Banker’s Clothing

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The Pentagon has just released a report that finally addresses a huge issue for military personnel and their families. The Report On Predatory Lending Practices Directed at Members of the Armed Forces and Their Dependents can be found in its entirety at (http://www.defenselink.mil/pubs/pdfs/Report_to_Congress_final.pdf) Surely you’ve seen all those “Payday Loan” companies. They are everywhere but they are most concentrated just outside military bases. These companies will let you write a postdated check that they won’t deposit until your next payday and give you cash today in return. Certainly that can be very convenient for a young military person who is … Continue reading →