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Posted
Jul 31 2008, 03:02 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
"JLP" at All Financial Matters bought a house he knew he could afford, even though he was told he could qualify for a much larger mortgage. He saved over the years to remodel the modest house into a dream home. Did we also mention that the homeowner bailout passed by Congress and signed by President Bush really ticks him off? He wrote, "As a responsible, taxpaying citizen of the United States of America, I find it offensive that our goverment is bending over backward to keep irresponsible people in houses they can't afford." His post, "Let people (and companies) fail," provoked a rebuttal from one of the homeowners hoping to keep her house with the government's help.
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Posted
Jul 10 2009, 05:45 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
Among the many personal-finance debates, the 30-year versus 15-year mortgage is always high on the list. In one corner you have the interest savers who swear by the 15-year mortgage (think Dave Ramsey), and in the other corner you have the lower-payment folks who swear by the flexibility of a 30-year mortgage.
We're in our second home, and in both we financed with a 30-year mortgage, so we've preferred the lower payments over the potential interest savings. But the truth is that there is no one answer to the 30-year versus 15-year mortgage debate. What works best for one homeowner may not work best for another.
Let's take a look at a mortgage example so we can see some real numbers, and then we'll look at the factors one should consider when choosing a home loan.
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Posted
Dec 12 2007, 01:02 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Who benefits from the mortgage bailout plan? Bankers and government, says The Baglady. And how about the subprime borrowers who will get to keep their homes under the plan? "These homeowners are just indentured servants to a gargantuan money-hungry force," Baglady writes. "Their rates will be frozen for five years, but they will have to keep on paying the price on an asset that has depreciated greatly" and spend just about all the money they make to do it.
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Posted
Apr 14 2009, 11:51 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Madison at My Dollar Plan launched an ethical debate. She and her husband qualify on paper for a mortgage modification through the Making Homes Affordable program -- but they don't really need it.
Is it OK to take advantage of a program intended to help struggling homeowners when you can easily afford your monthly payment?
That's one of several questions about ethical personal-finance behavior that have surfaced online recently. Age-old dilemmas have been cloaked in modern terms. Here are a few that PF bloggers have addressed:
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Posted
Mar 20 2008, 05:32 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from Xin Lu at partner blog Wise Bread. Since I got married, people have been constantly asking me two questions: "Are you pregnant yet?" and "Are you going to buy a house?" If you are a reader of my personal blog, you already know that I don't want to buy a house in the San Francisco Bay Area right now because the prices are still quite ridiculous. The hubby and I always tell people that we cannot afford a house, but that's not entirely true. We can afford to buy a house with a pretty nice margin of comfort, but we don't want to buy one just because we can afford it. One day I told someone that I do not want to afford a house right now and he asked me what I meant. Here is my explanation. We do not need to spend more. The cost to own a unit similar to what we live in is two to three times what we pay in rent. The only purpose of a house is to provide shelter, and I don't see a need to upgrade just because we can afford it.
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Posted
Jan 03 2008, 08:49 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Some personal-finance bloggers are well on their way to financial security. But others live like the rest of us, trying to build savings while getting through each day. We learned this after a group of PF bloggers decided to post about net worth (assets minus liabilities) at the end of 2007. For instance, Lynnae at Being Frugal reported that for the first time in 12 years of married life, she and her husband are starting the new year with a positive net worth.
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Posted
Mar 10 2008, 11:03 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
We're all for you making some extra income, so we're directing you to an innovative tool on the Internet. ParkatmyHouse.com could help you earn some cash from that underused part of your real estate known as the driveway. This British-based Web site has recently expanded its service to the good old USA. ParkatmyHouse.com connects people who need a place to park with those whose driveways or garages sit empty.
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Posted
Mar 11 2009, 06:55 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from partner blog The Dough Roller.
Last week President Obama announced the details of his Homeowner Affordability and Stability Plan. The housing program has two key features: the Making Home Affordable Refinance Program, and the Making Home Affordable Modification Program. Both are designed to help homeowners stay in their homes, either by refinancing or restructuring their current mortgage. And the modification program also has a feature that can result in reducing your mortgage by $5,000 over five years.
Before we look at each program, it is important to note that they are implemented through banks and mortgage companies. There is no special application to fill out and submit to HUD or some other government entity.
For the refinance program, any mortgage broker or bank can tell you if you qualify and also process your refinance application through the program. For the modification program, your existing mortgage company can tell you if you qualify and process your application.
With that, let's look at each program.
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Posted
Mar 25 2008, 10:53 AM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
This post comes from David Wood at partner blog ConsumerAffairs.com. "Protect your home, save money, and avoid the hassles of home repair now!" began the junk e-mail I received about American Home Shield, one of the largest providers of home warranties. Not to be confused with a builder's warranty, a so-called home warranty -- actually a service contract -- is typically purchased for existing homes, especially homes sold by real estate agents. These service contracts generally cost $300 to $600 for a yearly basic-coverage plan that includes items like ceiling fans, water heaters and furnaces. Here's how a home warranty is advertised to work: Instead of calling a repair company when something breaks down, you call the warranty company, which sends out a local contractor to diagnose the problem. You'll pay the contractor a service-call fee, typically $50 to $100, and the contractor informs the warranty company about what needs to be done to fix the problem. Once the OK is given, the contractor repairs or replaces the problem item, and you don't pay a cent more. Or so the ads promise.
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Posted
Dec 31 2007, 02:09 PM
by
Karen Datko
Rating:
Money Blog: Smart Spending Blog - MSN Money
Popular MSN Money and New York Times columnist MP Dunleavey got a heap of criticism after she and her husband bought a house that seemed more than they could readily afford. Dunleavey's recent explanation at MSN Money has not silenced all of her critics. This appears to be the price you pay when you live your financial life out in the open.
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