January 2013

The Elimination of Exit Fees and the Impact on Hidden Mortgage Costs

01.30.2013
australia mortgage

For many years, the existence of exit fees served as a factor that discouraged homeowners from refinancing their mortgages.  The fees were often buried deep in the fine print of contracts and were frequently unknown to borrowers, who were focused on mortgage rates.  Unknown, that is, until the borrower decided to refinance and was hit with a rash of unanticipated expenses upon switching from one borrower to another.  In some cases, exit fees ran well into the thousands of dollars. In June of 2011, the Australian federal government stepped in banned lenders from charging exit fees to their customers.  While [...]

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The Basics of Insuring Your Car

01.28.2013
car insurance basics

     You’ve done the legwork, and checked the ads. (Hopefully you also read the previous article at MLF on the basics of buying a car, as well.) Your patient dickering paid off; the perfect car or truck is sitting in your driveway. Hooray – let’s go for a ride! Hold on there, Bucko. You shouldn’t turn that ignition key until you’ve got insurance. What’s next? Research Insurance Companies Do the research. Which insurance companies have the best reputation? Consumer Search gives the top nod to Amica, USAA and State Farm; runners up include American Family Insurance. (Guess the latter’s “Go get it – we’ll protect it” campaign [...]

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Buying A Car: The Basics

01.21.2013
buying a car: the basic

She was my first love. Others listened to her cough and choke on frosty mornings. They said she was ugly. (Not everyone has a bright blue body and cracked accessories!) They made fun of her eccentric ways, and said she would come to no good end. But I knew better. I loved my Plymouth Duster. The strange thing about this ‘first car?’ It may not have gotten terrific mileage. It was clunky and rarely turned easily on anything, let alone a dime. But that awkward vehicle was a champ through years of traipsing between work and school in all sorts [...]

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Where Will You Live When You Retire?

01.14.2013
Where Will You Live When You Retire?

     Retirement may be the perfect opportunity to do something you’ve been considering for years: move to a different state or region. But how do you decide which one?   Consider what taxes you’ll pay. Five states don’t charge sales tax: Alaska, Delaware, Montana, New Hampshire and Oregon. But you’ll pay tax on certain items in these states, anyways, including cruise ship-related expenses in Alaska, and restaurant meals, lodging and rental cars in New Hampshire. Seven states don’t charge income tax: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.(You’re thinking [...]

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Resolve Your Future in 2013

01.07.2013
resolve your future 2013

It’s fun to make predictions for the coming year. The only problem: once they’re in print, you’ll have to face it in January of the next year. Maybe you were right, maybe you weren’t. Some daring types use a schtick. Len Penzo’s ‘Magic 8-Ball’ didn’t do so hot in 2012; nearly every one of his predictions, including the election of a Republican president, was wrong. Oops! On the other hand, Sam from Financial Samurai did quite well with his 2012 Predictions. Go figure. Resolutions If your Magic 8 Ball is on the fritz, you’ll do better to stick to resolutions, instead. “Resolution,” [...]

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