5 Money Lessons from Monopoly

Personal Finance:


5 money lessons learned from Monopoly - As with Monopoly; you can go bankrupt in real life. What else can the game... ow.ly/2Ncxvs

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Reasons to Burn the Mortgage

Mortgages:


Owning a home with no mortgage is probably the best way to ensure a long-term financially secure retirement, according to a new report on housing and financial security by the Joint Center for Housing Studies at Harvard University. ow.ly/2N0wB3

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How to Fix Wealth Inequality

Home Ownership:



The ability to transfer wealth from one generation to the next is the driving force behind ending intergenerational poverty. http://t.co/c6H56VaBvP

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Are you a money-wise boomer? - Are you a boomer?

Personal Finance:


Quiz: Are you a money-wise boomer? - Are you a boomer? Take our quiz on saving and investing as you prepare for re... ow.ly/2MqPvj

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7 Financial Talks to Have With Your Kids Before They Start College

Personal Finance Tips for Kids:


7 Financial Talks to Have With Your Kids Before They Start College ow.ly/2LGKi4

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5 Personal Finance Topics Parents Should Teach Their Kids

5 Personal Finance Topics Parents Should Teach Their Kids - Unless your child's school is at the forefront of ... ow.ly/2LiIdA

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5 steps to becoming the boss of your money

Get smart about spending, debt and retirement: 5 steps to becoming the boss of your money ow.ly/2Ksfna

5 Ways to Save Money Using Smartphones

A smartphone isn’t the cheapest way to make a phone call. But they aren’t cheap for a reason —they can do much more than make and receive phone calls.

If you use your smartphone to its fullest capabilities, you might find that you make up the cost with the amount of money you save. This additional savings can have a positive snowball affect if used to improve your financial profile, which can improve your credit score, which can help you get lower interest rates on everything from credit cards to home loans. Now that's what I call a "smart" phone.

With that said here are 5 ways your smartphone can help you save money:

Avoid overdraft fees

By checking your bank balances on your phone through your bank’s website or an app like PageOnce, you can be sure that your next purchase won’t result in overdraft fees while you’re in the checkout lane.

Never pay another late fee

Similar to checking bank balances, your smartphone can alert you when you have a bill coming up through mobile finance apps or bill-specific apps like BillMinder, saving you from paying late fees on utilities, credit cards, and other bills.

Coupons on the go

Clipping coupons is a tiresome chore of the past. Register your cell phone with Mobideals to get a listing of deals geo-targeted to your current location. You’ll find discounts on everything from auto services to beauty salons.

Price comparisons in the palm of your hand

Gone are the days you have to wonder if a store sale is really offering the best price on an item. Stores that have a price-matching policy will match the price you find on your phone at the register.

Organized grocery shopping

You won’t need to bother with remembering your grocery list with an app like Grocery Gadget. I can help you save both time and money with features like coupons, price comparisons, and bar code scanning.

Refinance Now Before Rates Rise

(HOUSTON) – There has never been a better time to refinance your home. That’s because of a little-known government program called the Home Affordable Refinance Plan (HARP).

The Home Affordable Refinance Plan allows Americans to refinance their homes at shockingly low rates, and reduce their payments by an average of $3,000 a year.

But here’s the catch – like most government programs, this is likely temporary. Currently the program is set to expire on December 31, 2015. But the good news is, once you’re in, you’re in. If the thought of a lower payment or fewer years on your mortgage sounds appealing, refinance now before rates rise.

4 Things You Need Before You Buy A Home

Many factors go into whether it makes more sense to buy or rent. Here are four things you should have before homeownership. If you have them, buying may be a smart move.

1. An Emergency Fund: If you have avoided or paid off debts, your credit is healthy and you are saving for retirement, you may feel good about your financial situation. Before buying a home though, it's important to go another step further: Focus on building up an emergency savings fund.

4 Things You Need Before You Buy A Home

While everyone should really have an emergency fund to cover unexpected costs, it's especially important to homeowners. This should be in addition to the money you plan to use as a down payment. If you have enough cash to cover three to six months of your living expenses, you are much more prepared for homeownership. This way, in case your steady income is interrupted, you can still afford mortgage payments while you get back on your feet.

2. A Budget: A track record of maintaining a budget can be a good sign. If you already have a budget, try adjusting it to fit your new financial life as a homeowner before you buy. This should include mortgage payment, utility bills, homeowners insurance, property taxes, maintenance and upkeep costs. It's a good idea to even try living on that new mock budget for a few months. If you can do that comfortably, it may be a good time to buy.

3. A Steady Income: With mortgages usually 15 to 30 years in length, buying a home is a serious long-term financial decision. When calculating how much house you can afford a consistent income that covers monthly payments and miscellaneous home expenses is important. You may want to consider your other goals beyond buying a home. This may include how your financial situation will be affected if you plan to go back to school, start a family or change careers in the near future.

4. A Good Credit Score: When you go to a lender to apply for a mortgage, they will also look at your credit score in addition to your income. It's important to know where you stand before you actually apply for the mortgage, since there may be incorrect information on your credit reports that you can correct. And since your credit score will be a major factor in determining not only the interest rate you'll qualify for, but also whether a lender can even lend to you. (You can check your credit reports for free once a year -- here's how -- and you can see two of your credit scores for free on Credit.com.)

How Loan-To-Value Ratio Affects the Cost of a Mortgage

Loan-To-Value Ratio is a lending risk assessment ratio that financial institutions and others lenders examine before approving a mortgage. 

Typically, assessments with high LTV ratios are generally seen as higher risk and, therefore, if the mortgage is accepted, the loan will generally cost the borrower more to borrow or he or she will need to purchase mortgage insurance.

Calculated as: Mortgage amount divided by the Appraised Value

For example, Jim needs to borrow $92,500 to purchase a $100,000 property. The LTV ratio yields a value of about 92.5%. Since bankers usually require a ratio at a maximum of 75% for a mortgage to be approved, it may prove difficult for Jim to get a mortgage.

Similar to other lending risk assessment ratios, the LTV ratio is not comprehensive enough to be used as the only criteria in assessing mortgages.

Using Secured Credit Cards To Build Credit

Secured credit cards can build your credit. Building up your credit has become even more important over the past few years as credit is harder to come by. Secured credit cards can help people with little credit history build credit and even save some from bad credit.

When lenders look at a credit report, one of the things they want to see is that you have a history of repaying loans in a timely manner. If you've never taken out a loan before or have only been using credit for a short time, lenders often lack the information they need to decide how creditworthy you are. In cases like this, a secured credit card might be your only option.

In the same way, if you had a rough period where your bills went unpaid or were only paid sporadically, it can be difficult to convince lenders that you are going to pay off any new loans. If you do manage to get a loan or credit card while having these black marks on your credit report, you will likely have to pay high fees and high interest rates.

Rebuilding your credit
There is a way to build -- or rebuild -- your credit. A secured credit card works like a debit card. Once you are approved, you make a deposit into an account linked to this new credit card. The card you receive will have a Visa or MasterCard logo on it, but you will not be able to charge more than the amount you previously deposited onto the card.

Over time, as you continue to make payments and stay within your credit limit, you are building credit history and improving your credit score.

Be a careful consumer
Some secured credit cards have fees. Also, ensure the card issuer reports your account to at least one of the three main credit bureaus so it can help improve your credit score. It is important to research the card the same way you would an unsecured card. Also, check whether your current bank or credit union might have a secured credit card to offer you.