Why is it a bad idea to apply for a subprime loan? What follows is not MY advice, but rather the advice from credit reporting agencies like Experian, and from government watchdog agencies like the Consumer Financial Protection Bureau. I preface today's article with that disclaimer because I want the message to be clear; applying for a subprime loan is something most consumers should think twice about doing. And that is according to the … [Read more...]
Why The Coronavirus Could Help You Refinance Your Mortgage
The coronavirus outbreak that has grabbed world headlines could also be partly responsible for you getting a better mortgage loan interest rate if you refinance an existing mortgage or even choose to buy a new home. What on EARTH are we talking about with a headline like this? It’s simple. The coronavirus and its’ related quarantines in Wuhan in the Hubei province in central China, Italy, Japan, and elsewhere may not DIRECTLY affect … [Read more...]
Do You Need A Loan? Advice From Personal Experience
Do you need a loan? Do you REALLY need a loan? Sometimes the answer is yes, sometimes the answer is no. There are LOTS of articles with vague, non-specific advice about whether or not to apply for a personal loan, small business loan, or student loan. But what SPECIFIC advice is there for people who just aren’t sure whether or not to commit? What follows is my own personal experience. The opinions are mine alone. Names and locations have been … [Read more...]
Total Cost vs. Monthly Payment
A friend of mine is considering buying a new car and was talking to me about how to negotiate the price. I realized one of the important things to remember when buying a car (or just about anything on installment payments) is that frequently, you're encouraged to look at the monthly payment, but the important thing to think about is the final payment. What does a lower monthly payment cost you? When I was buying my car, the salesman kept … [Read more...]
Should I Refinance My Home Loan?
Should I refinance my home loan? That is a question many homeowners ask. And it's a question that is especially relevant when news headlines at CNN Money and elsewhere reflect a trend toward lower mortgage loan interest rates. When rates go down, the ability to refinance into a lower mortgage interest rate is very attractive, but who should consider making the jump? The United States Federal Reserve Board weighs in on this question on its’ … [Read more...]