Check this out… According to TransUnion, which is one of the big three credit bureaus, credit card delinquencies are currently at their lowest level in 17 years.
Surprised? I am. Given all the tight job market, stagnant wages, and increasing food prices (among other thing), I wouldn’t have expected it.
At the same time, however, more Americans [...]
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Archive for the ‘Mortgages’ Category
Paying Credit Cards Instead of Mortgages?
Written by Nickel - 9 Comments
Published on December 9th, 2011 - 9 Comments
Filed under: Credit Cards, Debt Reduction, Mortgages
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Filed under: Credit Cards, Debt Reduction, Mortgages
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Are Personal Loans Taxable?
Written by Nickel - Leave a Comment
On Friday, I talked about using your 401(k) to pay off your mortgage. Then, over the weekend, a reader wrote in to ask about a different scenario – a family member lending you the money to pay off your mortgage. Robert asked:
Is a $100k personal loan from a family member to pay off a mortgage [...]
Published on October 31st, 2011 - Leave a Comment
Filed under: Mortgages, Taxes
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Filed under: Mortgages, Taxes
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Pay Off Your Mortgage With 401(k) Funds?
Written by Nickel - 12 Comments
Earlier this week, I ran across an article about a new piece of legislation being promoted by two Georgia Congressmen who want to allow people to pull money out of their retirement accounts to pay down their mortgages.
Dubbed the Hardship Outlays to Protect Mortgage Equity (HOME) Act of 2011, the legislation would allow homeowners to [...]
Published on October 28th, 2011 - 12 Comments
Filed under: Mortgages, Retirement, Taxes
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Filed under: Mortgages, Retirement, Taxes
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Why Reverse Mortgages Are Not a Retirement Option
Written by Hank Coleman - 9 Comments
Everyone has seen how housing prices have taken a nosedive in most markets across America since the start of the 2008 recession. Almost $3 trillion worth of equity has disappeared, and homes are now worth significantly less than what their owners paid for them. This evaporation of equity has dealt a devastating blow to many [...]
Published on October 27th, 2011 - 9 Comments
Filed under: Mortgages, Retirement
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Filed under: Mortgages, Retirement
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Changes Aim to Make Refinancing Underwater Mortgages Easier
Written by Nickel - 5 Comments
If you’ve been unable to refinance your mortgage because your loan is underwater, you’ll be happy to learn that the Obama administration has announced sweeping changes aimed at helping homeowners like you. More specifically, if your loan was sold to Fannie Mae or Freddie Mac on or before May 31, 2009 and your loan-to-value ratio [...]
Published on October 24th, 2011 - 5 Comments
Filed under: Economy, Mortgages, Real Estate
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Filed under: Economy, Mortgages, Real Estate
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Refinance and Overpay to Pay Off Your Mortgage Faster
Written by Nickel - 6 Comments
Last week, I talked about refinancing your mortgage to improve cash flow, but without extending your time horizon. Today, I want to talk about something slightly different… Refinancing your mortgage to accelerate your mortgage payoff.
For now, we’ll set aside the debate over whether you should pay off your mortgage early or string it out and [...]
Published on September 21st, 2011 - 6 Comments
Filed under: Mortgages
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Filed under: Mortgages
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How to Refinance Your Mortgage, Reduce Payments, and Avoid Increasing the Total Cost to Own Your Home
Written by Nickel - 14 Comments
Have you looked at mortgage rates lately? They are (once again) crazy low, with 30 year fixed rates averaging just a shade over 4%. I feel like I’ve been saying this over and over, but rates can’t get much lower than this, so if you’re looking to refinance refinancing your mortgage, now is a great [...]
Published on September 16th, 2011 - 14 Comments
Filed under: Debt Reduction, Mortgages
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Filed under: Debt Reduction, Mortgages
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Is the Home Mortgage Interest Tax Deduction a Good Deal?
Written by Nickel - 12 Comments
Interest payments on home mortgages have long been tax deductible in the United States. In fact, prior to the Tax Reform Act of 1986, interest on all personal loans was tax deductible. The deductibility of loan interest dates back to the introduction of the income tax system in 1913 when, according to an article in [...]
Published on September 14th, 2011 - 12 Comments
Filed under: Mortgages, Real Estate, Saving & Investing
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Filed under: Mortgages, Real Estate, Saving & Investing
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An Extreme Early Mortgage Payoff Story
Written by Nickel - 54 Comments
Earlier this week, a long-time commenter named Carlos (aka CharlieBoy) mentioned that he paid off his mortgage early. Having done the same thing myself, I was intrigued, so I sent him a note asking for details.
Within a few hours, Carlos sent a lengthy reply with tons of details. Today, I’ll be summarizing his story.
“My wife [...]
Published on September 2nd, 2011 - 54 Comments
Filed under: Mortgages, Retirement, Saving & Investing
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Filed under: Mortgages, Retirement, Saving & Investing
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Time to Refinance Your Mortgage?
Written by Nickel - 8 Comments
If you’re in a position to refinance your mortgage and haven’t done so already, now’s a great time to lock in a very low rate. And even if you have refinanced, it might make sense to refinance again.
You’ve likely heard about the “historically low” mortgage rates over the past few years, but 15-year fixed rate [...]
Published on August 15th, 2011 - 8 Comments
Filed under: Debt Reduction, Mortgages
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Filed under: Debt Reduction, Mortgages
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