Having cash can be helpful to put down a larger down payment, pay everyday expenses, or satisfy debt. Learn more about investment options for your cash, what you can do with more cash, and what your cash means on this page.
Fannie Mae Restricts Refinancing
To reduce the number of mortgage loan refinancings, Fannie Mae instituted a fee. Fannie Mae's refinancing fee should offset the cost of people defaulting on their mortgage loans. In addition, Fannie Mae is limiting home owners to refinancing no more than once per year. Learn more about Fannie Mae's new refinancing policies.
How To Protect Your Finances
Recent economic news hasn't been too encouraging, with foreclosures at their highest level ever and businesses not making investments that keep the economy rolling. With all the bad news, cutting back on your own spending will help you protect yourself from any downfall. If you can spend less and save more, you'll be prepared for any more bad news.
College Savings Plans: UPromise.com and BabyMint.com
If you're saving for college, 529 College Savings Plans offer easy options for stocking away cash. Upromise and BabyMint offer 529 plan credit cards that give you a small percentage of cash back as a contribution to a specified 529 plan if you buy from an affiliated company. 529 plans permit you to transfer the funds to other children, if the named child doesn't go to college.
Pay Off High-Interest Credit Cards First
You should always pay off your high-interest, non-deductible debts first. When you prepay a debt, you're effectively earning the interest rate the debt carries on each dollar. Once your debts are paid off, you start savings the cash you would have paid each month to service the debt. Consider using your tax refund to pay credit card debt, or take out a home equity loan with a lower interest rate than your credit cards.
Personal Finance Management: Pay Credit Card Debt Before Car Loans
If you have extra cash, what should you pay off first to boost your personal finances: credit card debt or car loans? Ilyce recommends paying off high interest credit card debt with extra cash before car loans and other loans. Credit card debt usually has higher interest than a car loan, so paying off credit card debt first and prepaying a car loan later is the best first step to personal finance management.
Purchasing An Additional Lot And Refinancing
A family would like to purchase an additional lot that borders their property but isn't sure how to go about financing it. One possibility for financing is to take out a home equity loan on their current residence and use it as a down payment on the lot. Talking to mortgage lenders in the area will help ensure they get the best financing.
Home Renovation: By Refinancing Or Home Equity Loan
What is the best way to pay for a home renovation project which includes updating the windows and kitchen in your home? Ilyce suggests a "cash-out" refinance or a home equity loan.
Is Reverse Mortgage Right For You?
Is a reverse mortgage right for you? Ilyce says if you're a home owner over age 62, you can cash in on a reverse mortgage which is a lot like a home equity loan. The amount of cash you receive depends on your age, where you live and your home's value. She offers tips on where to find information on reverse mortgages.
If Your Home Isn’t Selling, You’ve Got To Get Moving
If you want to sell your home, the time is certainly now. Homes are selling quickly and for their listing price or more. If you're house isn't one of those, it's time to figure out what's wrong and fix problems to sell your house fast.