by: Martin Lukac Mortgage lenders have an obligation to give you a good faith estimate of the closing costs that will be due when the time comes. This estimate is required thanks to the federal Real Estate Settlement Procedures Act. A good faith estimate can also be called a GFE and this document needs to [...]
Archive for the 'Finance' Category
What is a Good Faith Estimate?
Article Posted in Finance.Changing Monthly Mortgage Payments
Article Posted in Finance.by: Martin Lukac The amount of money that you pay each month for your mortgage payments will change over the life of your loan. This could be for any number of reasons. For instance they could go up or down due to taxes, whether or not you have an adjustable or fixed rate mortgage, your [...]
Mortgage Loan Basics: Interest Only Loans, Pay Option Arm
Article Posted in Finance.by: Martin Lukac To understand loans and mortgages we need to understand loan limits first. If your loan amount exceeds the amount below, you will qualify for a Jumbo Loan, which carries higher interest rate. One-Family (single family homes) $417,000 Two-Family(duplex) $533,850 Three-Family (triplex) $645,300 Four-Family(fourplex) $801,950
New Fixed-rate Interest-only Mortgage is Increasingly Popular
Article Posted in Finance.by: Martin Lukac With rising interest rates putting the pressure on adjustable mortgages, a new type of loan product is gaining in popularity. The fixed-rate interest-only mortgage gives the security of a fixed interest rate and the low monthly payments in the early years.
The Affordability of a 40-year Mortgage
Article Posted in Finance.by: Martin Lukac If you are looking for a way to make your mortgage payment more affordable, you might consider a 40-year mortgage. The 40-year mortgage can lower your monthly payment. As interest rates are on the rise, there are more and more lenders offering 40-year mortgages. They do this in an effort to draw [...]
Savings Bonds – the I-bond
Article Posted in Finance.by: Martin Lukac Savings bonds are a type of Treasury security that earns interest for up to 30 years. They are only payable to the person to whom they are registered and can not be resold. You can cash them in after one year, but if you redeem it before five years you will pay [...]
Permanent Insurance: Whole, Universal and Variable
Article Posted in Finance.by: Martin Lukac There are life insurance policies that benefit you in two ways: they pay in the event of death and they allow you to accrue tax-deferred savings. It can be a bonus if you are in need of insurance anyway, but you shouldn’t buy an insurance policy as a way to save money. [...]
Annuities Incomes
Article Posted in Finance.by: Martin Lukac Those with fixed incomes or living on their retirement savings are often looking for a safe, low risk place to invest their money. They will often turn to annuities, which are sold through insurance companies. Basically, an annuity is a contract between you and the insurance company that provided for tax-deferred earnings.
Bank Loan Funds
Article Posted in Finance.by: Martin Lukac As interest rate climb, most bond owners are shaking their heads. The price of existing bonds falls when rates are on the rise. There is a way to offset the decline. You can invest in bank loan funds, also known as floating rate funds. There is a risk to these funds, but [...]
Retirement Accounts
Article Posted in Finance.by: Martin Lukac The IRS understands that you need to save for retirement. Often your nest egg builds faster if you don’t have to pay taxes on retirement savings until you are ready to retire and withdraw your money. The idea is that you will be in a lower tax bracket once you retire. The [...]
