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Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How can I get a home loan within 2 years of bankruptcy? | Your only option might be finding a seller-financed property with a motivated seller who is willing to take the risk of loaning you money. However, be prepared to pay a hefty rate on that loan if you can even pull it off. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How can I get a home loan within 2 years of bankruptcy? | There are a few loan programs that grant exceptions to bankruptcy requirements in the event of extenuating circumstances that can be proven to be outside of your control (i.e. massive medical bills that you used bankruptcy to settle, etc.) however, in order to make the case for this exemption, you would need to make a ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Paying off a loan with a loan to get a better interest rate | I don't know what rates are available to you now, but yes, if you can refinance your car at a better rate with no hidden fees, you might save some money in interest. However, there are a couple of watchouts: Your original loan was a 6 year loan, and you have 5 years remaining. If you refinance your car with a new 6 ye... |
Share your insights or perspective on the financial matter presented in the input. | Paying off a loan with a loan to get a better interest rate | If it's possible in your case to get such a loan, then sure, providing the loan fees aren't in excess of the interest rate difference. Auto loans don't have the fees mortgages do, but check the specific loan you're looking at - it may have some fees, and they'd need to be lower than the interest rate savings. Car loan... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Paying off a loan with a loan to get a better interest rate | Dude- my background is in banking specifically dealing with these scenarios. Take my advice-look for a balance transfer offer-credit card at 0%. Your cost of capital is your good credit, this is your leverage. Why pay 4.74% when you can pay 0%. Find a credit card company with a balance transfer option for 0%. Pay no in... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Paying off a loan with a loan to get a better interest rate | Before we were married my wife financed a car at a terrible rate. I think it was around 20%. When trying to refinance it the remaining loan was much larger than the value of the car, so no one was interested in refinancing. I was able to do a balance transfer to a credit card around 10%. This did take on a bit of risk,... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Paying off a loan with a loan to get a better interest rate | Your current loan is for a new car. Your refinanced loan would probably be for a used car. They have different underwriting standards and used car loan rates are usually higher because of the higher risks associated with the loans. (People with better credit will tend to buy new cars.) This doesn't mean that you can't ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Refinancing a vehicle, longer term with extra in the kitty, or shorter term and just make scheduled payment? | It really depends on the answers to two questions: 1) How tight is your budget going to be if you have to make that $530 payment every month? Obviously, you'd still be better off than you are now, since that's still $30 cheaper. But, if you're living essentially paycheck to paycheck, then the extra flexibility of the ... |
Share your insights or perspective on the financial matter presented in the input. | Refinancing a vehicle, longer term with extra in the kitty, or shorter term and just make scheduled payment? | Refinancing a car for anything other than lowering the rate is not a good idea. Keep the same term, or take a shorter one. Remember that unlike real property, a car only loses value. So when you make your payments on your 84 month (!) loan, those payments are amortized so that the interest is front loaded. The problem... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Accounting for currency depreciation | Yes - it's called the rate of inflation. The rate of return over the rate of inflation is called the real rate of return. So if a currency experiences a 2% rate of inflation, and your investment makes a 3% rate of return, your real rate of return is only 1%. One problem is that inflation is always backwards-looking, ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Remitting Money To India Towards Home Loan Repayment | If you are still Indian Citizen for Tax purposes, then all your Global Income is taxable [There are certain exemption if you are in certain professions]. So even if you transfer or not transfer the funds to India, it is taxable in India. If you are getting a per day allowance, its exempt, this has to be looked more as ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Resources on Buying Rental Properties | In no particular order - to help you on deciding whether to invest or not: Building Wealth One House at a Time Buy & Rent Foreclosures: 3 Million Net Worth, 22,000 Net Per Month, In 7 Years...You can too! Landlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches and for when/if you ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Resources on Buying Rental Properties | The book HOLD: How to Find, Buy, and Rent Houses for Wealth by Chader et al. was one of the best I've read on the subject. It has all of the basics, explanations, examples, and gives you real-life assumptions for your inputs when you do your analysis. It does contain some less-relevant information now that was more rea... |
Share your insights or perspective on the financial matter presented in the input. | Resources on Buying Rental Properties | I would also suggest finding the training resource within your state for real estate agent license exam prep... When I was getting started, I took the "101" level course and it was worth the few hundred bucks for the overview I gleaned. |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | How can I get the car refinanced under my name if my girlfriend signed for the loan? | The best solution is to "buy" the car and get your own loan (like @ChrisInEdmonton answered). That being said, my credit union let me add my spouse to a title while I still had a loan for a title filing fee. You may ask the bank that holds the title if they have a provision for adding someone to the title without cha... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How can I get the car refinanced under my name if my girlfriend signed for the loan? | You should have her sell it to you for the amount of the outstanding loan. You take out a loan in your name for the amount (or at least, the amount you have to come up with). You then transfer the title from her to you, just as you would if you were buying the car from someone else. While the title is in her name, she ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | How can I get the car refinanced under my name if my girlfriend signed for the loan? | Your best bet would be to add your name to the title through the bank or have her sell it to you for the amount she owes then you get a loan for that amount like they said before. If you guys split up at this point she'll legally get to keep the car you've been paying for. You could apply for a new loan and have her co... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | How to pay for Alzheimer's care? | The cost of Alzheimer's care depends on the facility that provides this care. Specialized facilities usually have higher costs than general geriatric care ones. Though there are several ways to cover the cost: I think you'd better read the article http://www.autumngrove.com/blog/how-to-pay-for-alzheimers-care/ or learn... |
Share your insights or perspective on the financial matter presented in the input. | How to pay for Alzheimer's care? | See Paying for Care | Caregiver Center | Alzheimer's Association. Notable excerpts: For most individuals 65 or older, Medicare is the primary source of health care coverage. However, private insurance, a group employee plan or retiree health coverage also may be in effect. [...] In addition to Medicare, the per... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What are my tax-advantaged investment options at a university job? | Yes. Two years after your first contribution to the SIMPLE IRA, you can roll it to a traditional IRA. You can still contribute "pre-tax", but the mechanism will be slightly different, since with an employer plan the contribution was automatically deducted from your paycheck. With an individual plan, you make the cont... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Historical data files for NYSE/NASDAQ daily open/close price data? | I think Infochimps has what you are looking for: NYSE and NASDAQ. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Historical data files for NYSE/NASDAQ daily open/close price data? | Another possibly more flexible option is Yahoo finance here is an example for the dow.. http://finance.yahoo.com/q/hp?s=%5EDJI&a=9&b=1&c=1928&d=3&e=10&f=2012&g=d&z=66&y=0 Some of the individual stocks you can dl directly to a spreadsheet (not sure why this isn't offer for indexs but copy and paste should work). http://... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Where can one find intraday prices for mutual funds? | Mutual funds don't have intraday prices. They have net asset values which are calculated periodically (daily or weekly or any other period depending on the fund). |
Share your insights or perspective on the financial matter presented in the input. | Where can one find intraday prices for mutual funds? | This idea does not make sense for most mutual funds. The net asset value, or NAV, is the current market value of a fund's holdings, minus the fund's liabilities, that is usually expressed as a per-share amount. For most funds, the NAV is determined daily, after the close of trading on some specified financial exchange,... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Where can one find intraday prices for mutual funds? | Like others have said, mutual funds don't have an intraday NAV, but their ETF equivalents do. Use something like Yahoo Finance and search for the ETF.IV. For example VOO.IV. This will give you not the ETF price (which may be at a premium or discount), but the value of the underlying securities updated every 15 seconds. |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Where can one find intraday prices for mutual funds? | Look at morningstar holdings.It will list the top 25 holdings and their current price.This will give you a good idea of the intra-day price of the fund. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Are REIT worth it and is it a good option to generate passive income for a while? | One way is to think of a REIT as a fully managed portfolio of real estate investments. Risks and returns are averaged across the real estate portfolio and managed by experts, possibly industry leading experts. REITs have a well documented track record you can research - most individuals do not. Many individuals have l... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Are REIT worth it and is it a good option to generate passive income for a while? | In financial markets, the gains you can expect to make (whether in the form of dividends or capital gains) correspond to the risks you are bearing. There are a variety of REITs but you can expect to make only as much money in them as you bear risk (meaning you can also lose a lot of money in the ones that earn a lot).... |
Share your insights or perspective on the financial matter presented in the input. | Are REIT worth it and is it a good option to generate passive income for a while? | There are tax strategies you could take advantage of if you own the property. Find local real estate investors that like 'buy and hold'. Additional strategy is to buy a property and sell it with owner financing (you use a Residential Mortgage Loan Officer to facilitate.) What is great is you can get a great % real retu... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Are REIT worth it and is it a good option to generate passive income for a while? | Other individuals answered how owning an REIT compares to an individual real estate investment, but did not answer your second question as readily, "are REITs a good option to generate passive income for awhile?". The "awhile" part is quite important in answering this question. If your intentions are to invest for a re... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | What is the best approach to save money for College for three kids? | I'm not a 'rule of thumb' guy, but here, I'd suggest that if you can set aside 10% of your income each year for college, that would be great. That turns out to be $900/mo. In 15 years, if you saw an 8% CAGR, you'd have $311K which happens to be in your range of expenses. And you'd still have time to go as the baby won... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What is the best approach to save money for College for three kids? | In your situation you will be using your normal savings to offset additional funding from student loans or similar financing. Also, sending your children to or moving to a jurisdiction that has lower education costs but ample opportunity should also be in your cards. That can be another state, or another country. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | What is the best approach to save money for College for three kids? | Live where you live now untill your kids are about to go to college. Then move to Germany and send your children to college for FREE. The german universities may be not in the top 10 of the world (THE), but are still competitive enough on a worldwide scale. Also, if your children excell at college, it should not be a h... |
Share your insights or perspective on the financial matter presented in the input. | Is it possible to know the probability that a trade is successful? | If you had a trading system, and by trading system I mean the criteria setup that you will take a trade on, then once a setup comes up at what price will you open the trade and at what price you will close the trade. As an example, if you want to buy once price breaks through resistance at $10.00 you might place your b... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Is it possible to know the probability that a trade is successful? | No. Like Keshlam said, unless you have a crystal ball there is no sure thing. However based on the things you said in your question, you could be better off doing some back testing. With your findings, you can then set up trades in your favor but again it's not 100%. You may also want to check out quant finance stackex... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Ways to get individual securities from ETF's | ETFs are legally required to publicly disclose their positions at every point in time. The reason for this is that for an ETF to issue shares of ETF they do NOT take cash in exchange but underlying securities - this is called a creation unit. So people need to know which shares to deliver to the fund to get a share of ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Ways to get individual securities from ETF's | Save the effort. For personal finance purpose, just use the simple tools. For example, if you like P&G very much but you want to diversify with ETF, use: http://etfdb.com/stock/PG/ https://www.etfchannel.com/finder/?a=etfsholding&symbol=PG Pick a ETF with highest weighting. Replace "PG" in the link with other tickers... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Ways to get individual securities from ETF's | Assuming that the ETF is tracking an index, is there a reason for not looking at using details on the index? Typically the exact constituents of an index are proprietary, and companies will not publish them publicly without a license. S&P is the heavyweight in this area, and the exact details of the constituents at a... |
Share your insights or perspective on the financial matter presented in the input. | Will an ETF increase in price if an underlying stock increases in price | The ETF supply management policy is arcane. ETFs are not allowed to directly arbitrage their holdings against the market. Other firms must handle redemptions & deposits. This makes ETFs slightly costlier than the assets held. For ETFs with liquid holdings, its price will rarely vary relative to the holdings, slippag... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Will an ETF increase in price if an underlying stock increases in price | Since the market is in general rather efficient, the price of the ETF will most of the time reflects the prices of the underlying securities. However, there are times when ETF price deviates from its fundamental value. This is called trading at a premium/discount. This creates arbitrage opportunity, which is actually b... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Will an ETF increase in price if an underlying stock increases in price | The creation mechanism for ETF's ensures that the value of the underlying stocks do not diverge significantly from the Fund's value. Authorized participants have a strong incentive to arbitrage any pricing differences and create/redeem blocks of stock/etf until the prices are back inline. Contrary to what was stated ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Will an ETF increase in price if an underlying stock increases in price | An ETF consists of two componenets : stocks and weightage of each stock. Assuming the ETF tracks the average of the 5 stock prices you bought and equal weightage was given to each stock , an increase in 20% in any one of the five stocks will cause the price of the ETF to increase by 4% also This does not take into c... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Any Loop Holes for Owner Occupancy? | There are 2 and 3 family houses that have an "owner occupied" clause for certain financing. Of course, one would rent out the extra apartments without question. The key thing is that owner-occupied means just that, occupancy for tax purposes. Just using a small area like an office won't satisfy the requirement, so no,... |
Share your insights or perspective on the financial matter presented in the input. | What ETF or other security tracks closest to 30 year mortgage rates? | TBF - Proshares short 20+ Year Treasury The TBF fund is designed to track (hopefully) 100 percent of the inverse daily returns of the Barclays Capital 20+ Year U.S. Treasury Index. there's some risk of tracking error, and also a compounding effect if it's down several days in a row. (invest with care) There's also... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What ETF or other security tracks closest to 30 year mortgage rates? | Mortgage rates tend to track the yield on the 10-year Treasury note. The CBOE Interest Rate 10-Year T-Note, TNX, is a security directly related to this rate. Divide the CBOE price of TNX by 10 to get the yield. One can also track the 10Y T-Note yield at yahoo finance using ticker symbol (^TNX). One can also track t... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Is there a good forum where I can discuss individual US stocks? | I would recommend looking at The Motley Fool. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Is there a good forum where I can discuss individual US stocks? | If it's an active stock, the Yahoo message boards are inhabited by some clueful people. But the signal-to-noise ratio is relatively low, and there are a lot of "interesting" characters who inhabit the boards as well. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Is there a good forum where I can discuss individual US stocks? | I've used Wikinvest before and think that's close to what you're looking for - but in Wiki-style rather than forums. Otherwise, I agree with CrimsonX that The Motley Fool is a good place to check out. |
Share your insights or perspective on the financial matter presented in the input. | Is there a good forum where I can discuss individual US stocks? | I use the forum seeking alpha. http://seekingalpha.com/ |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Is there a good forum where I can discuss individual US stocks? | The motley fool is one of the best places. Other good communities are Yahoo Finance, Seeking Alpha, and Investors Place. I also recently created a chat room connected to this site to discuss stocks/funds/etc. with other money.stackexchange users. http://chat.stackexchange.com/rooms/263/investing |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Historical P/E ratios of small-cap vs. large-cap stocks? | There is most likely an error in the WSJ's data. Yahoo! Finance reports the P/E on the Russell 2000 to be 15 as of 8/31/11 and S&P 500 P/E to be 13 (about the same as WSJ). Good catch, though! E-mail WSJ, perhaps they will be grateful. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What is a good way to keep track of your credit card transactions, to reduce likelihood of fraud? | The best way is to retain the charge slips. After you are done for the month you can discard them. Alternatively if you are using any of the personal finance tool or a simple XLS to track exepnses, it would be easy to figure out what you actually spent and what was not yours. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | What is a good way to keep track of your credit card transactions, to reduce likelihood of fraud? | Sign up for alerts. Everytime you use your card, you'll get an alert. That way if there is an unauthorized transaction, you'll know right away. The alerts can also tell you what amount was charged - since this happens right away, the last last cc transaction is fresh in your memory and any overcharges can be easily d... |
Share your insights or perspective on the financial matter presented in the input. | What is a good way to keep track of your credit card transactions, to reduce likelihood of fraud? | There are some tools that might help you. For example, I have an "Expense It" application on my iPhone, where I can type in a purchase while still at the cashier, the idea is to track expenses on a trip, but the implementation will suit your needs perfectly. Keeping slips is a way to go too, but I personally don't like... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What is a good way to keep track of your credit card transactions, to reduce likelihood of fraud? | One trick is to make all purchases end in a particular number of your choosing, say "3". From now on, all restaurant meals,gas purchases, and anything in your control, end them in 3. When you glance at the bill, you can skip these charges, and look carefully at the rest. It's not 100%, as you couldn't easily impact sup... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | What is a good way to keep track of your credit card transactions, to reduce likelihood of fraud? | Read your bill, question things that don't look familiar. People who steal credit card numbers don't bother to conceal themselves well. So if you live in Florida, and all of the sudden charges appear in Idaho, you should investigate. Keeping charge slips seems counter-productive to me. I already know that I bought gaso... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Separating money in bank account without opening another account | There are some banks that offer "pot" accounts like this (off the top of my head I think Intelligent Finance does, although they call them "jars"). The other option for charity specifically would be a CAF account: https://www.cafonline.org/my-personal-giving/plan-your-giving/individual-charity-account.aspx |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Source(s) for hourly euro/usd exchange rate historic data? | See the FX section of the quantitative finance SE data wiki. |
Share your insights or perspective on the financial matter presented in the input. | When I pay off my mortgage loan, what would really happen? | The underlying investment is usually somewhat independent of your mortgage, since it encompasses a bundle of mortgages, and not only yours. It works similarly to a fund. When, you pay off the old mortgage while re-financing, the fund receives the outstanding debt in from of cash, which can be used to buy new mortgages. |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | What kinds of exchange-traded funds (ETFs) should specifically be avoided? | Stay away from leveraged or synthetic ETFs. This answer talks about why leveraged ETFs are dangerous. There are numerous articles to be found by searching for "leveraged etf". My answer to this question links to one of the more accessible explanations I've read. |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | What kinds of exchange-traded funds (ETFs) should specifically be avoided? | One of the key things to look for is trading volume. I think the price spread will be better on high volume ETFs, which means you'll be able to sell for more when the time comes. Check Google or Yahoo finance for those stats. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | What kinds of exchange-traded funds (ETFs) should specifically be avoided? | As with ANY investment the first answer is....do not invest in any that you do not fully understand. ETF's are very versatile and can be used for many different people for many different parts of their portfolio, so I don't think there can be a blanket statement of "this" one is good or bad for all. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Passive vs. active investing past performance comparison/data? | The Telegraph had an interesting article recently going back 30 years for Mutual's in the UK that had beaten the market and trackers for both IT and UT http://www.telegraph.co.uk/finance/personalfinance/investing/11489789/The-funds-that-have-returned-more-than-12pc-per-year-for-THIRTY-years.html |
Share your insights or perspective on the financial matter presented in the input. | Should I switch to this high rate checking account for my emergency fund? | I do this, and as you say the biggest downside is not having a separate account for your savings. If you're the type of person who struggles with restraint this is not for you. On the other hand this type of account gives more interest than any other type of US Checking or Savings account I've seen, so you will benefi... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Should I switch to this high rate checking account for my emergency fund? | Check out the "rewards checking" accounts listed on this thread at fatwallet finance forums. You could easily get 3.5% - 4% right now if you are willing to do the rewards checking dance. If not, you should look into the 1-2% accounts at the top. I use Alliant CU and their website is nice (and they give you your credit ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Should I switch to this high rate checking account for my emergency fund? | If you're relatively certain that you're going to meet the requirements, it sounds like a good move for you. The #1 priority with emergency funds should be easy access to the money when you need it. Before the current economic situation, money market funds were great for this since they preserved the value of the doll... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Should I switch to this high rate checking account for my emergency fund? | I would also check into whether you can keep using your credit card instead of switching to a debit card tied to your checking account. The credit card provides you protection from someone wiping your account out. Most banks will help you get the money back if this happens while using a debit card. But you are out t... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Is it possible to be subject to cash withdrawal even if you don't use ATM? | Probably not. I say probably because your credit card's terms of service may treat certain purchases (I'm thinking buying traveler's checks off-hand) as cash advances. See also this question. |
Share your insights or perspective on the financial matter presented in the input. | Tax considerations for selling a property below appraised value to family? | Is this legal? Why not? But you might have trouble deducting losses on your taxes, especially if you sell to someone related to you in some way (which is indeed what you're doing). See the added portion below regarding dealing with "related person" (which a sibling is). The state of Maryland has a transfer/recordation ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Tax considerations for selling a property below appraised value to family? | Is this legal? If the purpose of the sale at that price is to defraud somebody else, you could have a legal issue. For example if the purpose was to make yourself appear poorer to make you eligible for government aid; Or to increase your chances of getting a college grant; or to not have to pay money to your spouse as... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Pay down on second mortage when underwater? | I'd split whatever cash flow you have between saving money and paying down the 20% loan. The fact that you are carrying an unrealized loss isn't really too relevant -- unless you have plans to walk away from the loan or go bankrupt, it doesn't really matter until you sell. You're either going to repay now or later. |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Pay down on second mortage when underwater? | You're welcome to throw in the towel and stop paying any time you want. You'll just suffer the consequences of doing so. It sounds like you're concerned about losing your job "in the next few years." What are you doing to stem this off? Are you building up a side income? Are you building up portable skills -- ones ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Pay down on second mortage when underwater? | If you're planning to walk away from the house - don't invest any more money in it. Just be aware of the consequences. It may be worth considering a short sale if both the lenders will agree to erase the debt. If you're going to keep the house, then the fact that you're underwater now is irrelevant, and you should do y... |
Share your insights or perspective on the financial matter presented in the input. | Pay down on second mortage when underwater? | I think everyone else answered before you added the info about your car loan in your comment. While it makes sense to pay off loans with the highest interest rate first, keep in mind that in most cases you can deduct mortgage interest from your taxable income. So the after-tax rate of interest that you're paying on you... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Pay down on second mortage when underwater? | Well, I suppose it depends on your idea of a "lost cause". Are you planning to lose the house to foreclosure? If so, then yes, it's a lost cause. Don't waste your money paying down the principal. In any other scenario* you should absolutely pay down the principal to the extent that you'd pay down any loan with nearly... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Pay down on second mortage when underwater? | There are programs out there which will let you refinance even when underwater, under the Government's HARP program. You are overpaying by nearly $7,000 per year compared to a refinance to 4.5%. A classic example of how the bubble hurt people who overextended themselves a bit as housing shot up. The bank risks a $50K ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Can I deduct interest and fees on a loan for qualified medical expenses? | IRS Publication 502: Medical expenses are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. Loan interest and fees do not meet this definition. Your loan interest and fees are a cost of the payment method you chose ... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Why is there so much interest on home loans? | APR stands for "annual percentage rate." This means when you see a loan with a 6% rate, it is 6% per year. On a $100,000 mortgage, where you aren't paying much of the principal down at first, a 6% rate would have you paying nearly $6,000 in interest in the first year alone. |
Share your insights or perspective on the financial matter presented in the input. | Why is there so much interest on home loans? | Interest rates are always given annually, to make them comparable. If you prefer to calculate the rate or the total interest for the complete time, like 10 years or 15 years or 30 years, it is simple math, and it tells you the total you will pay, but it is not helpful for picking the better or even the right offer for ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | what is shareholders' Equity in balance sheets? | Shareholder's Equity consists of two main things: The initial capitalization of the company (when the shares were first sold, plus extra share issues) and retained earnings, which is the amount of money the company has made over and above capitalization, which has not been re-distributed back to shareholders. So yes, i... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Dad paying for my new home in cash. How can I buy the house from him? | You are going to need a lawyer anyway so check with him. But here is a path you might be able to go down. Put the house in your name right from the get go. He gives you the money but you sign over a promissory note to him so that you net less than $14000 (gift tax annual exclusion for the calendar year). He can gi... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Dad paying for my new home in cash. How can I buy the house from him? | You have four basic options. |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Dad paying for my new home in cash. How can I buy the house from him? | Presumably this house is a great deal for you for some reason if you are willing to go to great lengths such as these to acquire it. I suggest you have your father purchase the house with cash, then you purchase the house from him. You might want to discuss this with the title company, it's possible that there are some... |
Share your insights or perspective on the financial matter presented in the input. | Dad paying for my new home in cash. How can I buy the house from him? | we have little money in cash for a down-payment This is a red flag to me. If you have little money in cash for a down-payment, how are you supposed to be a landlord too? You could try is to do a lease to own from your Dad. Get a renter into the other home for at least a year or more and then close on the house once yo... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Dad paying for my new home in cash. How can I buy the house from him? | There are quite some options, but without additional information, I can only provide examples. Last year I had the option to buy a house, but I decided against it because in my area it is getting harder and harder every year to sell it at a reasonable price. But if I had bought a house, my mother would have lent me the... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Pay off car loan entirely or leave $1 until the end of the loan period? | If I were you, I would pay off the car loan today. You already have an excellent credit score. Practically speaking, there is no difference between a 750 score and an 850 score; you are already eligible for the best loan rates. The fact that you are continuing to use 5 credit cards and that you still have a mortgage ... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Pay off car loan entirely or leave $1 until the end of the loan period? | a link to this article grabbed my Interest as I was browsing the site for something totally unrelated to finance. Your question is not silly - I'm not a financial expert, but I've been in your situation several times with Carmax Auto Finance (CAF) in particular. A lot of people probably thought you don't understand ho... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Pay off car loan entirely or leave $1 until the end of the loan period? | There's two scenarios: the loan accrues interest on the remaining balance, or the total interest was computed ahead of time and your payments were averaged over x years so your payments are always the same. The second scenarios is better for the bank, so guess what you probably have... In the first scenario, I would pa... |
Share your insights or perspective on the financial matter presented in the input. | Pay off car loan entirely or leave $1 until the end of the loan period? | Not sure if it is the same in the States as it is here in the UK (or possibly even depends on the lender) but if you have any amount outstanding on the loan then you wouldn't own the vehicle, the loan company would. This often offers extra protection if something goes wrong with the vehicle - a loan company talking to ... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Pay off car loan entirely or leave $1 until the end of the loan period? | In some states there are significantly higher automobile insurance costs and higher coverage requirements for vehicles that have a lien on them. I suspect this is not your scenario, or you probably would not be considering holding the loan open. But it is something to consider. If you live in a state where insurance ... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | Pay off car loan entirely or leave $1 until the end of the loan period? | As an FYI, working for a lending company, I can tell you many have a dollar amount limit that they'll just write off at the end of the month/quarter/etc just to get the loan off the books. It's a little goofy, but I actually bothered to plan ahead and save $9.99 on my student loans since the lender would close out all... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Pay off car loan entirely or leave $1 until the end of the loan period? | what you aim to do is a great idea and it will work in your favor for a number of reasons. First, paying down your loan early will save you lots in interest, no brainer. Second, keeping the account open will improve your credit score by 1) increases the number of installment trade lines you have open, 2)adds to your po... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Pay off car loan entirely or leave $1 until the end of the loan period? | Nobody outside of the credit scoring agencies know exactly what goes into the scoring formula. That said, I don't think there is any evidence that keeping a fixed loan (car or mortgage) open is necessary to keep its effect on your score. It doesn't improve your utilization ratio like an open revolving credit line would... |
Share your insights or perspective on the financial matter presented in the input. | Pay off car loan entirely or leave $1 until the end of the loan period? | Among the other fine answers, you might also consider that owning a vehicle outright will free you from the requirement to carry insurance on the vehicle (you must still carry insurance on yourself in most states). |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Pay off car loan entirely or leave $1 until the end of the loan period? | I used to work for Ally Auto (formerly known as GMAC) and I'd advise not to pay off the account unless you need to free up some debt in your credit report since until the account is paid off it will show that you owe your financial institution the original loan amount. The reason why I am saying not to pay-off the acco... |
Utilize your financial knowledge, give your answer or opinion to the input question or subject . Answer format is not limited. | How should I choose an additional retirement investment plan? | It's a hard decision to make. Especially without knowing the complete contract details. I would in general stay away from financial "advisors" like tecis or other pyramid selling companies ("Strukturvertriebe" in german). They usually only offer a very limited range of products. In most cases they sell only 1 or 2 prod... |
Offer your insights or judgment on the input financial query or topic using your financial expertise. Reply as normal question answering | Can you explain why these items are considered negatives on my credit report? | Creditworthiness is proven over time. The longer your track record of making payments on time, the more probable you will stick to credit agreements in future (or so the reasoning goes). Conversely, someone who has only just started applying for credit could be someone whose finances were previously stable but have now... |
Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open. | Can you explain why these items are considered negatives on my credit report? | Consider that however high your credit score gets, there is a 'worst piece of it'. The automated software will always report your 'weakest' two points, even if they are already at the top 0.0001% of everyone; that's just how it is coded. |
Share your insights or perspective on the financial matter presented in the input. | Can you explain why these items are considered negatives on my credit report? | I'm going to give the succinct, plain language version of the answers: 1. Your oldest active credit agreement is not very old You don't have much experience or history for me to base my analysis on -- how do I know I can trust you to pay back the money? 2. You have no active credit card accounts Other people hav... |
Offer your thoughts or opinion on the input financial query or topic using your financial background. | Can you explain why these items are considered negatives on my credit report? | 1. Your oldest active credit agreement is not very old This is fairly straight forward. If you've not been exposed to borrowing for a reasonable length of time, people won't want to lend you money. They have no reason to have any confidence in your ability to repay them. As other said, it's pretty much a case of provin... |
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