The standard Settlement Statement, the HUD-1, just got a makeover this December. The extra page is an extra burden on lenders to get the Good Faith Estimate right the first time. Last week at the closing for our new house, we got a small bonus courtesy of the new requirements. The expenses are broken down … Read more
I initiated a wire transfer today from an out-of-state credit union to my home credit union. Because the amount of money was fairly significant, they called me up to verify a few things before they did the transfer. After the woman gave her name and who she worked for, she asked for the passcode to … Read more
This Huffington Post article puts a big spotlight on all of the money that credit card companies and banks are making by being the broker of donations to charities that support rescue and aid over in Haiti: About 97 percent of these donations will actually make it to the designated organizations — but the other … Read more
Managing a checking account isn’t rocket science but it’s not basket weaving either. (No offense meant to basket-weavers. I tried to weave a basket in eighth grade art class and it ended up looking more like a Frisbee.) But managing a checking account boils down to one key skill: You have to know that the … Read more
No Credit Needed is taking his oldest daughter (ten years old) to open her first savings account. He and his family have been free of consumer debt for over three and a half years now and this is a milestone in how he’s educating his children in wise money management. Trips to the bank will … Read more
Five Cent Nickel posted on how to calculate the payback period for a potential mortgage refinance. It’s indeed important to figure this out before paying for a refinance that might never save any money. (There are plenty of ways to blow money that are more fun than going through a mortgage refinance. Trust me!) Nickel … Read more
This might have been one of my easily confused money terms, but I didn’t think of it back then. Inflation and rising prices are often used interchangeably but they’re not the same thing. Inflation is an increase in the money supply, or put another way, a dilution of its value. (Or put even more cynically, … Read more
Five Cent Nickel had a good discussion on bi-weekly mortgage payment plans. I’ve received these before. The principle is sound: 26 bi-weekly payments of half your (fixed-rate) monthly mortgage payment will indeed pay off your mortgage years ahead of schedule. Basically you’re sneaking in an extra payment per year, and taken a little bit at … Read more