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Can You Afford the New, Higher Mortgage Rate?

One of the ways that mortgage lenders convinced borrowers to get ARMs in the past was by insisting that they would probably make more money later, and be able to afford the higher mortgage rate. Another ploy was to tell borrowers that they could just refinance down the road. Of course, with the housing market crash and financial crisis, home values plummeted so that refinance was impossible for many with re-setting mortgage rates — and wages haven’t kept pace with other costs so many were unable to cope with the higher payments.

Before you agree to an ARM, you should consider whether or not you could afford it with the higher payment. Fin

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I know tax day is less than a week away but this is a last minute reminder for everyone who made a nondeductible contribution to an IRA – don’t for Form 8606. Form 8606 covers contributions to Nondeductible IRAs and is important because it will tell the IRS how much you’ve contributed, on a nondeductible basis, to an IRA. When you go to take disbursements or perhaps convert it to a Roth IRA, the Form 8606 will make sure you don’t pay taxes twice.

It’s crucial.

What if you forgot to file it for past years? Oops. Fortunately, you can still file it for past years but there’s a $50 penalty that can be waived if you have a good reason. You can fil

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This is a topic that has been the subject of previous Friday Your Take’s (do you give to panhandlers?) but after reading this column by Derek Thompson, an associate editor at The Atlantic, I thought it’s something that deserved another look. Read his article and then come back, it’ll take but a few minutes (it’s not long and his point is made in the first two sentences).

In general, my feelings mirror his. I don’t give to panhandlers but I do support philanthropic organizations whose goals are to reduce homelessness and poverty. That includes places like our local food pantry. It’s not an idea situation because there’s loss whenever you have to go through something. Not every dol

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I’ve been through several mortgage refinances. My last refinance was to replace my adjustable rate loan with a 30 year loan and along the way, I was able to reduce my interest rate and payment. Refinancing is basically just the process of replacing an existing mortgage with a new one.

1. To cut your costs. If interest rates have dropped significantly since you got your mortgage, refinancing will probably decrease your monthly payment and give your budget some relief. You’ll also potentially reduce the amount of interest you pay over the term of the loan.
2. To change your type of loan. This was my motivation for refinancing. I h

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A disability policy is an important component of your total insurance plan but how do you choose your policy? Your answers to the following six questions will help you and your insurance agent decide which disability insurance policy suits you best:

How Much Do I Need?
The amount of coverage you receive usually depends on the extent of your disability. For example, some policies require the policyholder to prove total disability in order to receive any amount of coverage. Other policies pay out a partial amount based on the extent of the policyholder’s disability. In general, you will be able to insure up to (but no more than) 60 percent of your gross monthly earned income. T

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