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If you are searching for your first home, you have probably heard that you must have a 20% down payment if you want to buy a home.  In today’s economy, it is difficult for new buyers to come up with that much cash.  However, there are homebuyers that are getting loans with less than the traditional 20% down payment.  First time homebuyer’s programs, FHA loans and private mortgage insurance are a few ways that new homebuyers are getting around the traditional 20% down payment rule. For more … [Read more...]

How often do you hear that question?  Most financial planners and advisors charge a premium for their services.  However, gaining the advice of a professional financial planner can help you tackle tough financial questions you may be facing. Residents in select cities, including Chicago, may have the opportunity for a free consultation with a professional financial advisor.  The Financial Planning Days, a traveling program, will be coming to the Chicago area soon to offer free financial … [Read more...]

As most people think about ways they can make the most out of their retirement contributions before the end of the year, some are trying to figure out what to do with retirement withdrawals.  If you are over 70½, you are required to withdraw at least the minimum retirement distribution before the end of the year.  This leaves you trying to figure out what assets to tap for the distribution and how to reinvest the money that you may not need right now. For tips and suggestions read, “How to … [Read more...]

Even with the best credit score, your credit card interest rate will still be higher than the interest rate for your mortgage.  There are several reasons for this.  The main reason is that your mortgage is secured by collateral while your credit card balance is unsecured and at risk.  Credit card interest rates are also closely tied to the economy and your credit score.  However, if you shop around you can find credit cards with lower interest rates. For more information read, “Why Are Credit … [Read more...]

For taxpayers who have a healthcare FSA account, they know that they must spend those funds before the end of the tax year or lose them.  However, the tricky part is finding ways to spend the money that are allowable under the tax code.  For example, you cannot stock up on over-the-counter medications but you can purchase various types of home healthcare equipment.  If you suspect that your child may need orthodontia, this would be the time to brighten their smile using your tax-free FSA … [Read more...]

If you filed for an extension on your tax returns, be warned that they are still due by the deadline. The IRS issued a notice that the October 15 deadline still remains for taxpayers who received an extension regardless of the fact that the government is still in a partial shutdown.  Even though you must file your tax returns and pay any taxes due, do not expect a tax refund any time soon.  Tax refunds will be delayed due to the shutdown. For more read the entire story at, “Got an extension … [Read more...]

Because Americans rely on debit cards more each day as their payment of choice, more and more people are finding themselves the victims of debit card fraud.  If you have been a victim of debit card fraud, you already know how stressful and frustrating it can be.  If not, then you should take steps to protect yourself from becoming a victim.  You can sign up for fraud alerts to minimize the amount of time a thief has to use your card.  If there are fraudulent charges, report them immediately and … [Read more...]

Even though the IRS may be closed due to the government shutdown, you can work on decreasing your 2013 tax obligation by taking advantage of some end-of-the-year deadlines now.  For example, max out your retirement accounts by increasing contributions to your IRA.  Look for one-time tax incentives or creditors such as purchasing energy-efficient products for tax credits.  Contribute to your child’s college savings account if you have not done so for the year.  You should also spend some time … [Read more...]

As the government shutdown continues day after day, the effects of the shutdown are beginning to reach further than the streets of Washington, DC.  All around the country people are beginning to feel the rippling effects of the shutdown including the mortgage market.  If the shutdown persists, lenders may lower mortgage rates even further to attract more business; however, with key government offices closed, closing on that low-interest mortgage may not be possible. Lenders cannot verify income … [Read more...]

What if you could take your potential new home for a “test drive” before you sign on the dotted line?  This is what some potential sellers are allowing serious buyers to do in order to make the sale.  According to one New York realtor, it is a trend that is growing in several cities.  The “try before you buy” option allows serious buyers to stay in the home for a day or over night to get a better idea if this is their dream home. For more about this new real estate trend read, “Quirky Trend … [Read more...]