Who is the Quintessential Reverse Mortgage Customer

By Kablamn Vanrock

As a loan officer working exclusively with reverse mortgages, I speak to many prospective borrowers on a weekly basis. I'm always in the process of evaluating them as real customers.

I'm not in the business of making a big magnet of myself and trying to get all of them to work with me. The fact is some simply shouldn't, and I tell them so.

The reverse mortgage is a poor choice for some, 50/50 for some, good for some, and a great choice for the rest. I wish to tackle the latter group.

Closing costs are expensive for these mortgages. As such I'm very interested to know the time frame a senior plans on residing in the home.

What I'm trying to get at with my customer is if the cost to get the mortgage will be worth it to them. They have to understand that solving their financial issue will have a cost to it. Will the results be worth the costs?

The best answer I can hear is "forever". I like that because the longer someone stays in the home the cheaper the reverse mortgage gets over time.

At loan application you would receive, from you lender of choice, a disclosure outlining how the mortgage reduces in cost, on an annualized basis, the longer the mortgage lasts.

The disclosure gives snapshots of the annual cost of the mortgage over various years. You'll see how cost reduces over time.

Another perfect candidate is someone who simply can't make due on the income they have. Due to economic or health reasons they simply cannot do it on their income.

Fixed incomes play an important role in making up the perfect reverse mortgage customer.

I'd say the final attribute of the perfect candidate is that of not having a vital interest in leaving a large inheritance to the kids. This group is thinking about the rest of their own lives rather than the rest of their kids lives.

Some people are dead set on leaving as much as possible to the kids. Reverse mortgages rarely sit well with these folks because the interest is constantly working against the equity in the home.

To sum up a great reverse mortgage cadidate, we are looking for an attidute of us first, kids second; static income which isn't enough; and an extending mortgage period hopefully as long as the borrower lives.

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Reverse Mortgage Money Now Accessed for Investments

By Diogie Vanrock

I don't suppose I need to tell you that we've lost somewhere around thirty five percent in value in the stock market in one year. Some seniors are now picking up their phone and calling me because of this.

They are looking to get a reverse mortgage. Of course the planets have to match up to their particular situation for me to entertain this with them.

What I like to see, first and foremost, in my potential customers is the attitude that they will be in that house until death do the two part. The reason is the closing costs make getting a reverse mortgage pretty expensive in the short run.

The longer one holds a reverse mortgage, or in a practical sense, stays in the home the cheaper the mortgage becomes on an annualized basis.

What some of these folks are wanting is to use proceeds to invest either back in the market or into other investments outside the market.

One of the teasers the reverse mortgage has for these folks right now is very low interest rates on the adjustable rate option.

As of this week the ARM is just under four percent. In the short run this makes this loan pretty nice. In the longer run it's average is in the six percent range.

As a loan officer I'm not required to represent my customer's best interests. However, as an ethical person I do my best to discuss the costs as opposed to the return the customer will receive by investing reverse mortgage money.

In my conversations with the borrower I always discuss the fact that rates will not continue at their current position indefinately. They will go back up.

Many in the marketplace are taking the position that rates will be low for some time with so much pressure to keep them low.

When rates are high it is difficult for big business to borrow. This is hardly ever good, especially when the economy is in such bad shape as it is now.

I have no doubt rates will be down for some time, but it I have to wonder how much some of these borrowers are thinking through the costs as opposed to the benefits.

People must consider not only the interest rate but also the closing costs when factoring the true math to determine if this is really a good idea.

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The Definition of the Perfect Reverse Mortgage Customer

By Kablamn Vanrock

As a mortgage professional working only with reverse mortgage customers, I am constantly contacted with a myriad of different scenarios. Some are true potential customers, some should think of other options.

I don't paint a blue sky picture for each of these potential customers. They are owed truthful advice. And to some I advise to go elsewhere.

If I were going to place a ranking on how good the reverse mortgage is for customers I'd say it would be bad, okay, good, and great. People fit into all ranking. Let's talk about great.

One of the most important things I like to cover are really two things: Closing costs and length of the mortgage. I want to know the lenght of time the client expects to live in the home.

Most important in my mind is to help my customer understand that their will be a fairly high cost to get the mortgage. My efforts are to ascertain the customers needs relative to cost.

The best answer I can hear is "forever". I like that because the longer someone stays in the home the cheaper the reverse mortgage gets over time.

If you ever apply for a reverse mortgage the lender will furnish you with a disclosure detailing how much the loan costs you over time.

You'll see the loan at a number of different years down the pike. As it gets older you'll see the annual loan cost get less.

Along with a long mortgage period the best reverse mortgage customers are those without the ability to add income to a financial situation which is already under water.

The fixed income customer actually makes up most reverse mortgages.

I'd say the final attribute of the perfect candidate is that of not having a vital interest in leaving a large inheritance to the kids. This group is thinking about the rest of their own lives rather than the rest of their kids lives.

The very nature of a revese mortgage doesn't work very well with those who must leave inheritance to the kids. The mear thought of interest accumulating and eating away at the kids inheritance makes them very standoffish.

To conclude we're looking for three things: "they're going to carry me out of the house", non-recoverable financial hardship, and lack of desire to leave inheritance to the kids.

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Texas reverse mortgage facts can be found at this site going over many Q&A's. Additionally, gobs of facts about the texas reverse mortgage will be obtained by clicking this link.

Credit Counseling for Credit Repair

By Rob Kosberg

You may come to the decision that going through repairing your own credit is not something that you can complete without some outside help. There is no shame in having to locate some help because of your emotional reactions or poor money management ability.

If you choose to take the professional route, you also need to be very thorough in you investigations of the third party options available to you. The public is bombarded with paper media and online information about credit repair. Beware of a lot of this information. Many of these almost unbelievable claims are just that "unbelievable."

If you are going with the third party option, you will need to conduct a serious investigation of the agencies you select for consideration. There is some basic information that you are going to require prior to selecting an agency to meet your needs. Shop and compare.

There will still be more research needed before you will be ready to choose your agency. You will need to know what is "must have" information. You should get information from more than one agency. Comparison shopping is definitely in order.

You need to be able to get the basic information about a company such as its services and fees without being asked for any of your financial situation. If you are not provided with this information do not go further with such an agency.

When you find an agency that responds to your satisfaction during a first contact you can then ask further questions. You're going to want to find out how the process may affect your credit report, debt management services, additional money management help. You also need to know how the agency will keep you informed about their activities.

One of the most important pieces of information you will need to know is about any FEES CHARGED by the agency. Some may require large sums of money upfront along with large monthly fees. How could this work for you if you already can't pay your debts. Make sure you can handle any fees charged even if the agency says it is not for profit.

Using credit agencies requires effort on your part, but you should be able to find a reputable agency to partner with you, and have your interest at the forefront.

About the Author:

With unprecedented challenges in the credit markets it?s more important than ever to have excellent credit. For more information check out Rob Kosbergs' Detailed FREE Report on Maintaining and Repairing your Credit Score by going to Bad Credit Repair for your FREE information.

Why Is It Essential To Have A Good Credit Score?

By Will Smith

A healthy credit score is principal in our financially driven order. This count tells creditors, employers and business organizations that a individual is dependable and pays their accounts on time. This type of data is in use in all walks of life. Most individuals don't recognize that Receiving a good credit history can aid them with employment opportunities, applications for credit cards, buying a new house or even a new automobile.

To be able to buy a new motorcar or home, an individual must have a good standing in their credit history. If you have damaged your credit history recently, then you must take measures to repair the trouble rapidly. This will enable you to use your credit card to purchase luxury items like holidays. There are free ways to finding this information without too much work.

You can pick up out your credit grade on the world wide web as they are many business concerns that provide this information for free. There are companies that will provide people with their credit score for free on an annual basis. You are able to view your credit grade or any outstanding bills] by answering a few simple questions, which most people would be able to answer. If you pick up that you have a bad credit score which will stop you from buying anything on hire buy, there are a count of things you can do to repair the problem.

One of the first things an individual can do to increase their credit grade is to clear any old bills]. Doing this will assist your grade even if these debts were from 10 years ago. Once the debts] are completely wiped clean, an person can begin obtaining a no credit or bad credit Master Card or Visa. This will be helpful for a person to begin gaining a fabulous credit grade and be able to purchase their dream home or vehicle. This can assist a person to increase their credit grade, which will enable them to purchase a new automobile or their dream home. Paying off any old bills will assist a person increase their credit grade and help them to buy luxury items on the credit.

It doesn't take too long to hurt your credit rating, but it can take a few years to get your credit rating back. Begin by buying one or two items on the new credit card and then paying it off instantly. Once you have shown your credit card business that you can pay off the balance rapidly, they will increase the amounts you can spend and at the same time increase your credit rating.

Every individual runs into hard times in their life. Paying your bills for a couple of months may be a problem. All Of A Sudden your credit history starts to fall, this is when many people have problems with debt. You your credit mark once again and there are many methods to do this. Just because you have found a few problems in your life it doesn't mean that you will never be able to purchase items on credit.

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Regardless of how much you think you are aware about find credit report information such as resources about instant credit report.

Get Rid Of Credit Card Debt

By Michael Benifez

The next time you whip out your credit card to pay for something, you need to remember that as easy as it is to use that card, it is just as easy to run up an enormous debt. Most people do this without a second thought, but it happens before you even realize it.

Attempting to pay off credit card debt can be daunting and a scary prospect, it requires discipline and dedication. Most people do not intentionally run up debts they cannot pay, it happens over a long period of time due to reckless and careless spending. Credit card debt out-of-control does not take long to catch up to you, and sooner or later you are going to feel the pinch.

The harsh reality is that there is no quick fix to paying off your credit card debts, but there are things you can do now to be proactive and handle the situation. The first step is to cut up all of your credit cards and stop spending or the temptation to overspend.

You have to learn to live within your means and not to be heavily dependent upon the ease of using a credit card in daily life. You have to learn to live on a budget for things such as groceries and gas, these are everyday expenses that you cannot avoid. You may find you have difficulty in paying off monthly expenses, but you need to move forward to the next step in getting out of credit card debt.

Most people find breaking the reliance on credit cards is a very hard cycle. You have to work hard to save money in whatever way you can and avoid spending money on things you do not need. If you have the chance to work overtime at work do it, and take the extra money and apply it to paying off the balance on your credit cards.

You may even have to buckle down even further and take on a second job to get the debt paid off faster, or you might as well try some balance transfers options if you are using more than one card, you have to do whatever it takes if you are going to get out of the vicious cycle of credit card debt even if you have zero-interest balances. You will hate giving up things you enjoy and you will possibly even resent not being able to spend your extra hard earned money, but at some point all this hard work is going to pay off.

You will see the end results when you see your balances shrinking each month. If you work your plan and plan your work, you will be willing to make the sacrifices necessary to get control over your finances again.

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Consolidating Retirement Funds

By Jered Starling

The average person switches jobs several times in their life. It is very rare that someone work for the same company the entire length of his/her career. Most companies offer a retirement plan in the form of a 401k, so the average person may come into ownership of several 401k accounts by the time they retire.

What should you do with your 401k fund after switching companies? You might look into a 401k rollover to IRA.

Rolling your 401k fund into an IRA can be beneficial in multiple ways. I'll briefly discuss a few of them.

First think about someone that switches jobs and employers 3 times in their life. They would have 3 401k plans to their name from the earlier employers and now a new one from their new company. Having so many accounts is very difficult to follow even for someone financially inclined. The paperwork would be 4 times as much as if you only have 1 account. This usually leads to discouragement and eventually the account holder will take less than the necesarry interest in his/her retirement. What a nightmare!

Transferring your 401k to an IRA will allow you to consolidate your retirement funds and reduce paperwork therefore making it easier on you to manage and make good decisions for the well being of your financial future. You are able to roll multiple 401k's in to one single IRA. So the person from the example above would only have to deal with their current employer's 401K and one IRA. Much better no?

Also, consolidating your accounts into an IRA reduces your risk factor. If you leave the 3 previous 401k plans with the previous companies you run the risk of the companies going under. That would in turn leave your 401k worthless. There is still a small risk when you invest in an IRA with a financial institution, but the risk is much smaller than the alternative.

This will also allow you to take control of your planning and that is the creates reward. You don't want to depend on others to take care of your retirement because they can't possibly care as much about it as you do.

The 401K offers to match your investment 100%, and you don't see an offer like that from most investment opportunities. So take advantage of it and contribute the maximum that the employer will match. Then put the extra funds into your IRA.

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All you need to know about a 401k rollover to ira

Get a Loan With Bad Credit

By Darren Cason

Many people assume that people with bad credit simply cannot get loans in their name. Because they have a history of not paying off their debts, they are a risk to the loan company.

Despite this, it is possible for people with bad credit to get a loan. Although they probably can't get it on their own, there are many options available for those with bad credit. Now, it is not easy to get a loan if you have bad credit. And the terms of the loan will not be attractive. But it is certainly possible.

The easiest option to secure a loan if you have bad credit is to find a co-signer. This person should have a good credit history. By getting a co-signer for your loan, the loan company will be more willing to loan you money because someone who has a history of paying back their debts will be responsible for it. If you don't make the payments, they will be responsible for it, so signing someone's loan as a co-signer can be risky. Keep that in mind while you're trying to find someone who will agree to do it.

Usually, the co-signer will be a parent, very close friend, or a loved one. Keep in mind that if the deal does not work out and they end up being on the hook for your debts, the relationship will probably go sour. If you are considering asking someone to co-sign your loan, be sure that you can make your payments, because you are putting more at stake than your own finances.

If you can't find someone to co-sign a loan, you may want to try securing a loan yourself. Some lending companies will consider loans to people with bad credit. However, the interest rate will be higher than that offered to applicants with good credit history. For example, if the normal interest rate for the loan is 4 percent, you may have to pay up to 12 percent interest for the same loan. This will directly translate into higher payments for the loan. Having bad credit can be very costly if you need to get a loan.

If you have bad credit, another option is a secured loan. Basically, the property you are buying with the loan money is used as collateral for the loan. If you are unable to make your payments, that property will be repossessed. Typically, this type of loan is offered for the purchase of a vehicle. If you fall behind on the loan payments, you will lose your car.

If you are able to find a loan, the good news is that it is one step towards rebuilding a good credit history, provided that you pay on time every month. This can put you on the road towards a favorable credit history, so that you won't have as much trouble finding a low apr credit card and/or loan next time.

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For more details on the topic of apr credit card good history. You're only a click away - http://www.debtjerk.com/low-apr-credit-card.html.

IRA vs 401K

By Raul Dutton

It is vital that we plan for our future retirement. No one wants to work until they die or be forced to rely on their loved ones to support them financially.

We have many different retirement accounts and funds to plan for retirement, and I'd like to talk about 2 very popular ones, the IRA and the 401K.

IRA 401K Almost all companies offer a 401k plan to their employees. In most cases, they will match your contributions 100% for a specified number of years or total amount.nThey have their reasons.

The law requires employers to maintain so many dollars for the benefits they grant employees. This is in hopes of avoiding more cases like Enron had. When they are encouraging the workers to contribute to the fund, they get more dollars to back their package up.

Too, they will usually take the funds and invest in either in-house business or market funds. This generates earnings from the money you the worker has contributed. So when you retire they get to pay you back with mostly your money or the earnings from your own money.

IRA stands for Individual Retirement Account. The purpose of these accounts is to make people want to invest in their retirement to kind of take it easy on the social security system. Too many people rely on their 401K and then their company goes under. Then they are left eith no retirement.

Since their are so many types of IRA's, it may be difficult to decide which is the best for your plan. Discuss your retirement goals with a financial advisor and they can help you see which is the right one.

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Find out more about IRA 401K and other retirement plans.

Finding Houston TX Home

By J. Kim

Over the last few months the sales of houses has slowed considerably. But even so there are still plenty of people who potentially could buy yours if you have it up for sale. If you are trying to sell your Houston TX home or a home anywhere else there are certain things that you can do which can improve your chances of getting that offer. Below we look at just a few things to consider that could help you when trying to sell your Houston TX home.

1. If you don't want to put off any potential buyers from making an offer then arrange to get all repairs to your home completed prior to putting it up for sale. Such repairs won't cost much and will help to ensure that your house looks it best and increase the chances of selling it. Plus if you don't carry out such repairs potential buyers may decide to make a lower offer if they make one at all.

2. To further increase your chances of selling your home when the market is slow you need to make sure that it is kept clean and tidy at all times. This means that your home will be available for viewings at any time and so the chances of having more potential buyers crossing the threshold are increased.

3. Although they cost it is worth considering employing the services of a professional to stage your home for viewings for you. They will help to remove all clutter and depersonalize the property so it can be shown to its full potential. Plus anyone viewing the property will be better able to imagine themselves residing in it.

4. When you are trying to sell your home in a slow market then you need to be realistic about the price you are willing to sell it for. Avoid thinking about what you could have sold it for last year but concentrate on what it is worth now. If you set the price too high then you are going to price yourself out of the market. But by you setting a fair price you give any potential buyer little or no room for negotiating it down.

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To located the best Houston TX Home, please review Houston Home, and Houston TX Home

High Risk Personal Loans - Proceed With Caution

By Trinity Flutie

High risk personal loans may be a good option if you need to get your hands on some extra cash. However, these loans often have interest rates that are extremely high and that can be quite costly.

The nice thing about the loan is that it is really simple to qualify for. Some of the basic qualifications might be that you have a place of residence, a steady paycheck, a checking or savings account and you are at least 18 years of age. Your credit score probably wont even be checked so if you have bad credit, the loan is still an option. You may be able to qualify for a loan ranging in the amount of a few hundred dollars to a few thousand dollars.

Since lenders of this type charge a lot of interest, there is no need to offer collateral. These lenders usually double their money every few months and are willing to lose some of the loans in exchange for the high interest on others.

If you have great or poor credit, they probably wont require you to have a co-signer with this type of loan. There wont be a long and tedious application process either. Most lending sources offer online applications with a quick turn- around time for the approval process. Some places can get you the money within 24 hours. This is enormously helpful for people who are in need of the money fast to help cover unexpected expenses.

A credit union or bank is probably not the best place to look if you are thinking about applying for a high risk personal loan. Most banks and credit unions don't even offer them. There are plenty of places that not only offer the loans, but also specialize in financing short-term, high risk loans. The Internet is always the best place to start. You can research to determine the right lender for you.

Most providers of this type of loan can be found online. Many also have local shops that you may be able to find in your town or city of residence. Some people are more comfortable applying in person and if this is the case for you, go ahead and walk into the lender's place of business.

About the Author:

Trinity helps people to learn the risks of high risk personal loans, especially high risk personal guaranteed loans.

How You Can Remove a Tax Lien

By Matt Douglas

If you have a tax lien on your credit report, you should take immediate action to remove it. This is a very bad mark and will lower your score considerably.

The first step is to request validation from the bureaus. This is done through sending a dispute letter directly to each.

Unfortunately mistakes do happen on your report; there are estimates that 1 in 4 people have an error on their report.

When your letter is received then the bureau will contact the state or federal government and ask them to verify the debt. If it is verified then you will have to negotiate payment to remove it.

It may be in your best interest to talk with a tax negotiator to work out a settlement with the government. You can often pay a reduced amount, and once paid you can remove it from your report.

This debt can be collected on for 10 years. It will be reported on your report for 7 years once it is paid.

Upon payment you should wait around 3 months and then send another dispute letter to the bureaus asking for validation. We have learned that once the government has received payment they often will ignore a bureaus request for validation.

This means your tax lien will not be verified and the bureau will erase it from your report. However if this mark is incorrect to start with you can demand proof that the account is yours, and send any documentation you have to prove your side.

Repayment

The IRS and state governments are willing to accept partial payment. It is called OIC (offer in compromise), this means you are settling your tax debt for less than the balance.

The government will decide to accept based on; your income, assets, ability to repay, expected amount they will recover. It can help if you send in a letter explaining your financial hardship that led up to this.

It may be in your interest to hire a tax attorney or negotiator to help negotiate a repayment amount. It is not absolutely necessary but nonetheless a good idea.

In sum, you can remove a tax lien and other negative marks from your credit report. You do not just have to live with bad credit.

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For more online credit repair tips or for info about credit repair services visit us.

Business Credit Cards for the Small Business Owner

By Caressa Waechter

A business credit card is obtained in much the same way as a consumer credit card is. They have a very similar application and approval process, you still get charged interest if you carry a balance, and they have an impact on a credit rating, but usually on the businesses', not the consumer's.

These cards generally offer low interest rates, various rewards options, easy online account access and other account services to support the needs of your business. They often times have higher credit limits than the typical consumer card.

Normally, for the average small business owner, personal credit is checked in order to get a card in your company's name. Most businesses don't have a credit history, so the banks have to rely on the history of the owner, so you are basically guaranteeing your company's credit card.

A business credit card is an excellent tool for managing the expenses of your small business. They allow you to easily track the spending of business funds, and let you keep track of employee spending habits.

If you need to track where and what your business spends money on, then the annual and quarterly expense reports that most business credit cards offer is a very handy feature. They allow you to track expenses as well as figure out future budgets.

Another feature of a business credit card is rewards programs. These can be similar to what is offered on a normal consumer credit card, but generally have rewards that are more tailored to the needs of a business owner, or the company itself.

A good tool to use in keeping track of expenses and managing growth of your business is a credit card. When it comes to choosing the right one for your business, you have to be careful to choose one that fits your business needs and offers maximum benefit.

You have to use a business credit card as a tool to benefit your company, and they should never be abused. Because they are generally targeted directly at the small business owner, they are an affective financial tool that can adapt to the needs of your business.

About the Author:

Caressa Waechter is an entrepreneur that has first hand knowledge of how a business can benefit by using a low interest business credit cards. Find out how to get a business credit card cash back by visiting her website.

Indianapolis Home

By Ok Kim

A large number of people tend to decide to sell their homes in the spring as they feel this is the best time. Normally they do this because they feel that they are able to show their home off better. However, whether you are selling an Indianapolis home or a home in any other place in the US there are other factors which can influence when is the best time to sell.

Below we look at just a few factors that you should be considering that will influence when and how quickly you sell your home. Plus which will influence what price you actually get for it when sold.

1. Ideally it is best to try and sell your home when there are far fewer homes of a similar style and size on the market. This places you in a much stronger position to negotiate with any potential buyer because they will have far less to choose from. Sometimes in situations like these buyers are willing to purchase a home that doesn't fully meet their requirements.

2. If you are thinking of putting your house up for sale when the market is healthy and lots of properties are available do some research beforehand. Take time to see what price houses similar to your own have currently been sold for. It is worth your while also finding out what Indianapolis homes are categorized as a pending sale.

If you know just how many pending sales there are to properties still available you will be able to quickly identify at what speed the market is moving. If for example you find there are far fewer pending sales to properties available the market is moving slowly and it may be wise not to put your property on the market just yet. If you do get it listed at a time like this then it could be quite some considerable time before you begin to get any viewings and any possible offers.

3. Another thing which can influence when you decide is the best time to sell your Indianapolis home is the weather. The reason so many people choose to put their home up for sale in the spring is because this is when the weather is getting better. However, it is worth considering actually putting the property up for sale towards the end of the year as well. If you are able to complete the sale of your home by the 31st December then when filing your income tax return you can make certain deductions on it.

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If you want to sell your Indianapolis Home fast, please review Indianapolis Home, and Indianapolis Home

UK Best Loan Payday

By Haley Le Forte

This article looks at the way banks take advantage with NSF and overdraft fees. It contrasts this with the alternative of using payday loans direct and proposes that these are in fact cheaper than bank fees. It goes on to show how banks lobby aggressively against the payday industry fearing cuts in there fees. The findings are based on a US study by the federal government and is freely down loadable.

An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. The FDIC is managed by a five-person Board of Directors, all of whom are appointed by the President and confirmed by the Senate, with no more than three being from the same political party.

The FDIC Study of Bank Overdraft Programs was initiated in 2006 in response to the rapid growth of automated overdraft programs, defined as programs in which the bank honors a customer's overdraft obligations using standardized procedures to determine whether the non-sufficient fund (NSF) transaction qualifies for overdraft coverage. Data and information were gathered through a survey of a sample of institutions representing 1,171 FDIC-supervised banks, and a separate data request of customer account and transaction-level data from a smaller set of 39 institutions.

The Federal Deposit Insurance Corporation (FDIC) published the results of a two year study on the use of overdraft programs operated by FDIC-supervised banks. The study found that a typical NSF check can result in overdraft fees and interest in excess of 3,500 percent APR. Customers in low income areas were more than likely twice as certain to incur these fees.

This study confirms the argument made by the payday industry. That is short term payday loans are much less expensive than using a bank and incurring bank overdraft fees. The other major difference is than banks are automatically enrolling customers in programs that carry APRs and other fees that are in fact far more expensive than a payday loan. Namely 75% of banks did this.

The study concluded that a typical customer would incur fees of $27- for each $20 overdraft over a 2 week period. A $60- ATM overdraft in 2 weeks would incur an APR of 1,067 percent. A customer repaying a $60 ATM overdraft in two weeks would incur an APR of 1,173 percent and a customer repaying a $66 check overdraft in two weeks would incur an APR of 1,067 percent. Surprisingly, the study also concluded that the faster a customer repays an overdraft, the higher the resultant APR.

Consumer advocacy groups like the Center for Responsible Lending (CRL) have lobbied to ban payday lending, leaving consumers with no option other than to pay overdraft fees to banks and credit unions. CRL have led a charge to pass a law banning payday lending in Ohio. In 2006, Ken Compton, CEO of Advance America, said, "Contrary to the CRL's spin, responsible uses of the payday product provides consumers firm footing to overcome unexpected financial circumstances,".

Some key findings;

90 percent of banks surveyed allow NSF transactions to be completed without informing the consumer that funds are insufficient - even though the information is immediately available. Only 8% inform consumers that funds are low before completing the transaction. There is little opportunity to cancel the transaction so avoiding the fee.

Customer complaints were received by 12.5 percent of banks - regarding overdraft fees.

Almost 9 percent of consumer accounts had at least 10 NSF transactions during a 12-month period. 4.9 percent had 20 or more NSF transactions.Clients of banks with 20 or more NSF transactions are charged $1,610 per year.

About the Author:

Marsha Smythe is intrigued by the concept of APR and how banks can get away with charging such high amounts. He makes available on his blog downloads from the Federal Deposit Insurance Corporation (FDIC). These are a must read for anyone contemplating overdraft versus payday loans. Although US bank orientated the same rules apply to both UK Payday Now and Canada payday cash.

Using "thinkorswim" For Option Trading Be A Billionaire

By Walter Fox

Due to the rapid growth of internet connectivity and liberal economic policies of individual governments, more and more people from all walks of life are able to invest in stock markets. Banks and other financial institutions started providing financial assistance to individual investors on easy terms and conditions.

As more and more people start investing in stock markers, the concept of trading is becoming increasingly complicated and tough to comprehend. This results in mercurial stock prices and fickle cash positions. As a result getting involved in bourses without a good understanding of the trends and the business, in general, is chancy. For someone new to this game, the speculative aspect of this market could leave him with burnt fingers more often.

With the advent of online trading, the job of trading on the exchanges has become more tricky. Hence many traders are now looking up to experts to get guidance in between the trading sessions. This has fueled the growth of many broking agencies. These firms try to cash in on the investors dilemma by churning out tips on trading successfully online.

Among the number of broking agencies which are operating in the market, Thinkorswim brokerage is an American company which offers live and online education services to its customers. They are the leading advisors of futures and options trading with more than seventy thousand live account holders under their belt including individual option traders, institutional users.

Option trading tips from Thinkorswim brokerage are proved to be very useful for their customers for the last few years. They guide their account holders on number of categories of investments such as equities, exchange traded funds, bonds, futures and variety of mutual funds. The success rate of their customers in the stock market and the popularity of their option trading tips made them the best brokerage in NASDAQ as well as other prominent markets of the world.

In any growing market especially option trading market and forex trading market, one should be equipped with additional knowledge to face the challenges which are arising during trading sessions. The easiest way of acquiring additional knowledge is through a broking agency. You can select a best agency which suits your requirements.

To make profit from the market, broker tricks, techniques, professional advisors are some of the additional resources which we can be utilized for a successful trade. And for an immature in the market, getting advice from a reputed agency like Thinkorswim is a best option.

As hopeless stock trading may seem, relying on a trusted associate like Thinkorswim can help you tide some tough circumstances. At Thinkorswim you can enjoy a restricted margin accounts that can help you with any well designed option investment plan. Thinkorswim can be your dependable aide in tackling the oft brutal markets.

About the Author:

TheScienceOfTrading.com provides 90 free minutes of videos on option trading tips and provides a complete and detailed option trading course for beginners to experts.

Buying Columbus Home

By Won Kim

The real estate market has certainly become a lot weaker in recent months because of the current financial situation and this has made it ideal for those looking to buy property. Whether you are buying a Columbus home or one anywhere else you need to work out what is the right offer price to put to the seller.

There are a number of things that you need to take into consideration in order to determine what price you wish to offer on a home that you are considering buying. In this article we take a look at what some of these considerations are and which will in turn help you to come up with a fair offer price for the seller of the property.

Step 1 - It is important to do some research before putting in an offer to find out what similar style houses have recently been selling for. You don't need to spend hours looking through newspapers as by going online there are plenty of websites that have this information instantly available to you. However, when looking at the sales prices of properties to determine what offer you put in take into consideration other factors which contributed towards the property selling.

For example look at the properties condition and any improvements which have been made to it. Properties such as these are going to sell for lots more than those that nothing has been done to. Another thing that can influence the sale price of a home is where it is located so take this in to consideration when determining your offer.

Step 2 - Another thing to look at is not just properties that are similar that have sold but the ones which are currently on the market. It is important that again you look not only at the price requested to buy at but what features it has which may be influencing this.

Step 3 - Another thing to do before putting in an offer on a home that you are considering purchasing is to arrange to have it inspected. This way you will be able to identify any problems that once the property is yours will need to be rectified. Knowing such things gives you more of a bargaining tool when you put in your initial offer which is lower than the asking price.

Step 4 - Another thing to look at closely when deciding what opening offer you put on a house you wish to buy is how long it has been up for sale. Often properties that have been on the market for any amount of time and especially because of the current financial situation the sellers are willing to negotiate with buyers more. So you may find that you get a much better deal on that Columbus home or a home anywhere else that you are looking to buy.

About the Author:

When purchasing Columbus Home, please check out Columbus Home, and Columbus Home

Tips on buying Memphis Home

By S. Kim

When you are buying a home this can be a very stressful period in your lives. It does not matter where you live whether it is in Memphis, Los Angeles or Las Vegas buying a home is the biggest amount of money you will spend at any one time. In this article we offer a few tips which could help you reduce your stress levels when buying a Memphis home for example.

Tip 1 - If you are not intending to live in a property for a number of years then you shouldn't be thinking about buying one. The costs relating to buying and selling a property are quite substantial, and you may find if you sell too quickly that you don't actually make anything from it.

Tip 2 - In all likelihood you will require a mortgage in order to purchase the Memphis home of your dreams you need to make sure that your credit history is looking healthy. It wouldn't harm you to a few months before you begin looking for a home to get copies of your credit reports. These you can obtain free from the main credit reporting agencies such as Experian. Look to make sure that everything is in order on them and if not get any problems you find solved.

Tip 3 - If you can go with the additional points mortgage as this allows you to pay off some of the interest when the sale closes. Such mortgages offer a much lower rate of interest on them. This kind of mortgage is best suited to those people who intend to stay in their new home for more than 5 years. What they will find over the long term they have saved themselves quite a bit.

Tip 4 - If you can arrange to get your mortgage pre-approved prior to you really starting to search for your dream home. This will save you a lot of grief as you will be able to clearly define what properties you can afford and what you can't. Also you will find yourself in a stronger position when it comes to making an offer on the house that is right for you.

Tip 5 - You should before you put in any kind of offer on a Memphis home you are interested in buying do your homework first. Look closely at what the current market prices for houses similar to the one you are thinking of buying and what ones have recently sold for. If for example you find that properties are selling at about 5% below the asking price then your initial offer to the seller should be around 8 to 10% the price they are asking.

About the Author:

For tips on purchasingMemphis Home, please visit Memphis Home, and Memphis Home

Business equipment is not normally covered automatically

By Rem

It is a sad fact of life that accidents come about and often things are taken from your home but by starting a home insurance plan, personal things you own can be replaced after events of this nature. For individuals that rent, this is in general all that is required but if you own your house then a policy that covers the building as well as the contents might be a good idea.

It is always a good practice to make a list of everything in your home that has any value, doing this on a room by room basis and preferably before you actually take out the house insurance. An easy way to do this is to carry out a walk-through of your home with a camcorder if you have one or a digital camera if not and take pictures of the rooms and the contents. Combined with the written inventory, this makes an excellent record of your home and property. Many people forget to keep there household insurance inventory current though and neglect adding new personal things to the list as well as taking pictures to attach to that list.

Numerous individuals forget to keep there place insurance inventory current though and overlook adding new things you possess to the list as well as taking pictures to accompany that list.

Many suppliers now offer their own unique policies online, so before settling on the one you would like to set up, be sure to obtain a few of quotes so that you can compare. The benefit of getting an immediate online quote is that insurance quotes from major providers are brought to your personal computer screen in a matter of a few seconds. In addition to giving you more choice, home insurance policies accepted online are usually less expensive as the overheads are smaller for the company. You should not just check the value of quotes, but also the reputation of the insurance company before you decide.

Your plan will come with a sum assured value which is the entire amount the insurance company will settle with you if there is a claim for total loss etc. The sum assured is often worked out by the insurance supplier for you based on figures for replacing the contents of an average home. Others nonetheless, will assess your house and offer protection based on their estimates or ask how much cover you would like and then calculate the premiums on your behalf. Having the correct insurance level is more essential than just a small premium and this way may better suit those house owners who have higher worth personal possessions and do not want to end up with a sum assured that does not meet the needs of replacing their house.

Although the contents of your house may all be important to you, remember your policy will not always cover all of your personal possessions. home workers for instance should be conscious that equipment used to run that business from household is not always covered as standard. Also, if the sum assured does not cover high value items, such as jewelry and electronic stock, you may have to pay extra on your house insurance policy to insure them at the level you require. Still, in the end it is your duty to check out which possessions are covered by the plans that you are considering before you make a final decision.

About the Author:

Also have a look at Cheap Real Estate News and Low Cost New Home News

?Retirement Calculators - What Can They Tell You?

By William Blake

A basic retirement calculator is a program you can find for free on the internet that will take your current retirement savings information, let you factor in things that will affect the final number, and then tells you how much more you need to save to be able to retire at the level you want to retire at.

The results from the retirement calculator are always ballpark figures since the calculator is taking current situations and trying to predict where the financial world will be in the future and how that will affect your retirement savings. Since there is no way to perfectly make such predictions the calculator can only guesstimate how your retirement plan will work out.

What the calculator does is determine what your standard of living is costing you now and tries to predict what that same standard of living will cost you at the time you are ready to retire.

Most financial consultants use a retirement calculator to stress the need to save as much as possible for your retirement. The calculator compares cost of living expenses now with what they will be in the future, maybe 15 to 20 years down the road, or whenever it is that you will be ready to retire. Those numbers can be a bit overwhelming. But remember it is just a shot in the dark estimate.

Some people are discouraged by the economy and its instability over the years. They feel that it may be better to enjoy what you have today and not even bother worrying about what tomorrow will bring.

Can We Predict the Future?

The economy has been extremely unstable and unpredictable over the years. That is evident by the millions of dollars that have been lost on investments when the market crashes as it has every 10 to 20 years over the last century. One thing is for sure, the prices have consistently risen throughout the years. Consider how much it used to cost to buy a car.

In the 40's you could buy a new car for well under $1,000. Now it cost at least 15 times that amount to buy a new car. Things have really changed. The cost of living continues to rise dramatically. Unfortunately, salaries have not followed suit. These are things a retirement calculator may not factor in.

About the Author:

Looking for credit card debt assistance? Visit the Debt Reduction Academy website, where you can sign up to receive your free 5 day e-course "Operation Money-Find: How To Find Money To Start Paying Off Your Debt This Month". Grab your copy now at http://www.debtreductionacademy.com/minicourse.php

Advanta Credit Card Scam

By John Monderine

I sit at my desk completely frustrated with Advanta. I opened up a business credit card with them 3 years ago and made a purchase of $6500 to help build my business credit for Rapid Recovery Solution, my Collection Agency. I have paid more then the minimum every month, on time. About 3 months ago noticed that my interest rate seemed a little high. No where on my statement did it say the actual interest rate so I called the company. After 10 min or so I get a live rep on the line and they tell me it is 36.1%. Are they kidding, this must be a mistake. I have over a 750 score and never missed a payment. They said they sent me a notice in Aug that they are doing this due to a change in there lending methods. It turns out this is the second time this year they did this. I went from 8.99% in Jan 08 to 18.99 in Feb 08 to 36.1% in Aug 08.

Now, being in the industry for over 10 years I know that I need to watch my credit. I look for charges I didn't make and it is tough to scam me. I have seen it all but this takes the cake. They told me I am now at a high risk for default so that is why they raised my interest rate? That doesn't make any sense. They should lower my rate if they think I will default on my credit card. How will an increase in what you are charging me keep me from defaulting. Luckily, I have the ability to pay off this card today but I want everyone to realize that these companies have you by the short-n-curly's. Watch your statements and lookout for this scam.

FYI, In NY, the maximum interest rate is 30%. They are charging me more then the maximum allowed in my state. I will send a letter to the BBB, the NY Attorney General, the UT Attorney General and the Department of Consumer Affairs.

As a nation we are in deep trouble. If a credit card company can just raise my rate because they feel like it I am positive that 99% of their customers are also paying 36.1%. How many other credit card companies are doing this to innocent people? We need to fight back. I am going to tell as many people as I can.

Unfortunately, there is nothing we can do except payoff the card. I was told I am a high credit risk. I paid the bill in full after I realized the rate was so high and the next month I received another bill for more finance charges for about $255. I paid that bill in full. I just received another bill in the mail for $5.65 and my rate was changed to 37.99%. Another point higher.

Just for a laugh I called again to see why the rate went up again and they said "Sir, you have been classified as a very high credit risk and as a company we can't risk you not paying your bill with us." I said "I just paid my bill in full with your company, I have never had a late payment with your company in three years, I have one mortgage on my house for $290K, 25 years left at a fixed rate of 5.375% and it is worth over $500k and almost zero credit card debt personally. I am in the fastest growing industry right now, CNBC expects the debt collection industry to grow at 25% a year for the next decade. What else would I have to do to receive a better rate?" The extremely rude lady said "Sir, you would need to send a letter to Santa Clause and maybe he can help you out."

The Government should put a maximum rate in place for the next year or so on all credit card debt. If the credit card companies are truly worried about consumers defaulting on their obligations, wouldn't it make more sense to lower the rate so we can continue to make the payments? By raising the rate, it only makes it harder to pay and more likely that a consumer will default. The credit card companies are preying on the weak right now hoping you don't pay so they can pound you with the highest interest rate. When you do default, they now have a higher balance to sell to a collection agency. In my eyes, this is a crime.

The Government doesn't care either. Instead of giving the banks 350 billion dollars, They could have sent $1151.98 to each US citizen to pay towards credit card debt. The banks still get the money but we the people get a little break on our bill. The average family of four would receive $4607.92 to pay off a credit card. They reason that the banks need the money so they can lend money again to us? Are they crazy? All the banks did was raise the interest rates on our cards and pocket the money without ever having to say what the money went towards. No accountability!

Now the geniuses in Washington are considering giving billions to the auto industry so they can produce more shit cars that we can't afford. How about giving the money to everybody with a current auto loan so we can pay for the car we already have. The money would still flow to the banks and auto makers via we the people.

Good luck America, your gonna need a miracle.

I feel better now. I was very upset prior to writing this blog. I hope everybody reading this realizes that if it can happen to me it can happen to anybody.

John Monderine Rapid Recovery Solution, Inc.

About the Author:

John Monderine is the President of Rapid Recovery Solution, Inc. a Debt Collection Agency. When you need help getting your past due accounts paid visit his Collection Agency website for a free quote.