Personal Finance – Tuscany-tuscany.com

It’s tough to get by financially in today’s fast-paced life. With mortgages, car notes and massive amounts of credit card debt, most people struggle to get by from month to month. With most people doing what they can just to pay their bills, few people are prepared for the unlikely event of a financial disaster. They come in many forms; a storm like Hurricane Katrina, a loss of job, or a sudden illness can break anyone who isn’t prepared for an unexpected interruption in their financial life. But it isn’t all that difficult to make preparations that will help you in times of a money crisis. All it takes is a bit of planning ahead of time.

Here are a few things that will help you be prepared for the unexpected:

Get an ATM/Debit card – You may not regularly use cash or have a need for a debit card, but there are some circumstances where it may be necessary. People from New Orleans who were temporarily displaced by Hurricane Katrina would have benefited from having access to cash even while away from home. If you don’t use one regularly, get one anyway and keep it in a safe place.

Sign up for direct deposit – With direct deposit, you will know that your paycheck will be in your bank account even if you cannot, for whatever reason, physically get to your bank. This will help you in the event of illness or natural disaster that may have your local bank temporarily closed.

Sign up for online bill paying – You can pay bills even if you aren’t at home via the Internet. You don’t have to use the service, but it may come in handy at a time when you least expect it.

Save some emergency cash – Financial experts recommend that you save at least three months’ worth of financial expenses. That’s difficult, but every little bit can help. Try to cut back on a few unnecessary items, such as that tall latte you buy every day. It adds up, and you never know when you may need to access that emergency cash. Read the rest of this entry »

The subprime mortgage crisis has been on the tip of everyone’s tongue lately, and the housing market has cooled. Rather than being discouraged by this, smart investors realize that this is the time for deals to be had. We’re in a buyer’s market, which is an enormous relief for buyers who have watched the market balloon over the last decade. But what if you are one of the thousands of people who got caught up in the low-interest madness, thinking you’d be making enough money to cover the difference when your rates reset?

If you are facing difficulties with your loan, remember that the ultimate goal is to maintain your credit rating. You may be able to negotiate with your lender, you may be able to refinance or you may be forced to sell your home now in order to buy one in the future, but the sooner you address the issue the more options you will have. By getting your finances in order you will be able to get on with your life sooner. Don’t add to your stress by ignoring your fiscal situation; follow these steps to getting back on track:

Know the details – go over all your loan documents so that you are prepared for any upcoming resets or changes. When will your payments increase? By how much? Can you refinance? What kind of penalty would you face, if any? Cut in other areas – can you take a roommate or a second job to help make your payments? You may need to look at significant changes in your spending and lifestyle. Do not make any major purchases at this time, and look at liquidating other assets, such as cars or boats, to help meet your payments.

Contact your lender – You should take the initiative with your lender. Contact them before the problem becomes overwhelming. If you receive calls or letters from your lender respond to them as soon as possible. Do not wait to get too far behind – lenders are less likely to move quickly into foreclosure if you are proactive. You want to speak to the right people – ask for the loss mitigation or collections department. Be honest with them about your situation and don’t make promises you can’t keep.

Beware of foreclosure “rescue” rackets – There are a number of scam artists targeting people in neighborhoods where foreclosure rates have been high. They approach troubled homeowners with promises to help them keep their houses. These “rescues” often come with payments that are out of reach of the average homeowner and result in homeowners being defrauded of their homes, sometimes still owing the original mortgage amount. Any company that approaches you with such an offer should be checked out through the Better Business Bureau, your state real estate commission and Attorney General. Do not sign anything without reading it all, get all promises in writing and ask your attorney or a financial professional to review any paperwork before you sign it.
Read the rest of this entry »

Refinancing 100 percent of your loan allows you to cash out all of the value of your home. With no down payment required, you can use your money to pay off debt, invest in other property, or remodel your current home. When refinancing, make sure that you find the best lender so you don’t get stung on high rate and fees.

Understanding 100% Refinance

100% refinancing means that you take out the total value of your property. You will still need to pay for application fees and points, if you decide to purchase a lower rate. Those closing costs can add up to 3% or more of your loan’s principal amount. But with 100% financing, you can deduct the amount from your principal.

With no equity left, conventional lenders with their prime loans will require you to carry private mortgage insurance. However, subprime lenders don’t ask for such insurance, saving you hundreds a year.

Refinancing also has its tax advantages. For instance, closing costs can be deducted along with paid interest under certain conditions.

Refi Lenders Offer Instant Online Quotes

By refinancing your total home’s value, rates will be higher than with a traditional refinance. But you can find low rates by researching lenders online.

Lenders are now able to provide near instant loan quotes without access your credit report. That means you get trustworthy numbers without having needless credit hits on your report. And the better shape your credit score, the lower rates you qualify for.
Read the rest of this entry »

Certificate of deposits with longer maturity periods pay higher rates than those with shorter maturities. It could be said that the best CD rates have the longest maturities. Some investors believe that a certificate of deposit is the best and safest investment. Others invest in a certificate of deposit to supplement their retirement income. Regardless of the reason, all types of investors want to earn the highest CD rates i.e., best CD rates.
Read the rest of this entry »