Loans
Longer Loans Cost More. So?
It’s car-buying season, and new data show that a growing number of Americans are choosing longer car loan terms—as long as seven years. Most personal finance advice would steer you away from the longer loan—because in the end you’ll typically pay... ➡
Co-Sign at Your Own Risk
Should you co-sign a loan or credit card for a friend or relative? I get this question a lot, especially since the economic downturn has made it harder for people to obtain loans. There are certainly situations where you might be inclined to... ➡
Will You Get Any Mortgage Help?
You’ve heard the news: thanks to a national mortgage settlement five major banks will pay out $25 billion to help troubled borrowers in 49 states. The question is whether you’ll reap any of those benefits. Use this guide to decide—and plan... ➡
Refi Madness
Sudden savings alert! Mortgage rates are dropping again. How much could you save if you refinanced at a lower rate? At the moment, a 30-year fixed rate loan is about 4.75%; a 15-year fixed is about 4.02%, according to Bankrate.com.Pay less, save... ➡
Decide When to Refinance
Q: How do I decide whether it makes sense to refinance my mortgage at a lower interest rate?In this example, imagine that you're refinancing a $160,000, 30-year fixed mortgage that is currently at 6.5%, into a 30-year fixed at 5.5%. Your current... ➡
POP! Goes The Balloon Mortgage
Just what is a balloon mortgage, and should you be wary of this type of loan? Remember, oh, about a year ago, when the credit markets went haywire and we learned that millions of Americans had taken out home loans they suddenly couldn't afford? A... ➡
