Should you keep your adjustable-rate mortgage or refinance? Generally, stay with the ARM if you plan to move before it adjusts or can handle a modest increase in payments. Refinance to a fixed rate loan if you expect to stay for at least three years or if you owe more on your home than it is worth in today’s market AND you qualify for government assistance. To see if you qualify for the government’s Home Affordable Refinance Program (HARP), go to http://makinghomeaffordable.gov and click on “Refinancing”.
IT IS TIME TO DO YOUR HOMEWORK
February 4, 2010 By Leave a Comment
Are you aware of the current tax breaks for which you may qualify? There are special 2009 benefits for energy saving home improvements (windows, heat and cooling source and appliances) . . . first-time home Buyers and move-up home Buyers . . . plug-in electric drive conversion kits . . . new vehicle sales tax.
Banks are in trouble.
January 30, 2010 By Leave a Comment
With so many of the larger banks rushing to increase fees and interest and reduce your credit limits, some financial advisors are advising the consumers consider smaller, local community banks and credit unions to provide your services.
When you consider making such a change, be sure to patronize only banks insured by the FDIC and credit unions covered by NCUA.
Below is a link to a scary but very informative list of the 545 banks in trouble nationwide. This is an unofficial list of Problem Banks compiled only from public sources. (NOTE: Columns are sortable – click on column header.) http://www.calculatedriskblog.com/2009/12/unofficial-problem-bank-list-545-banks.html
