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May 9, 2013 Leave a Comment

HARP = Refinancing’s Best Kept “Secret”

In case you weren’t aware of the program, HARP, the refinance program offered to Fannie and Freddie mortgage holders, accounted for 21% of refinance volume in February.

Great news buuuuut, I have mortgage brokers telling me that clients aren’t using it enough – that enough people either don’t know about it or think they don’t qualify. HARP is for mortgage holders who are underwater but not delinquent. Here’s who qualifies according to the government website:

  • Fannie or Freddie Loan holders
  • not delinquent
  • LTV OVER 80%
  • Mortgage must have been sold to Fannie/Freddie on or before 5/31/2009

If you fit this criteria, and you have a high rate mortgage, call your loan officer to find out if you qualify for HARP.

Filed Under: Real Estate, Your Money
March 19, 2013 Leave a Comment

Been a Long Time – Bought Some Physical Silver Today

Heads up – I did this personally – not recommending that you do necessarily, but for many this might be a good idea depending on what you define as “risk.” More below…

But for the first time in 3 years, I bought physical silver. Prices are low and I’m figuring that if this past weekend’s circus in Europe doesn’t motivate people to move just a portion of their savings from banks to gold, I don’t know what will.

Some notes from my visit to the bullion dealer:

  • spreads are chunky. $5 on silver eagles for odd lot purchases. You have to buy 100 oz+ to start seeing some reduction or negotiate with your

    from GovMint.com

    dealer. (online you can get non bullion – ie “rounds” for smaller premium).

  • numismatic coins are selling in some cases for a small premium. Saw St Gaudens gold coins selling for smaller premium and lower overall cost than a current US gold eagle
  • Place was empty, though there is a snow storm going on:)
  • Dealer told me it’s hard to get some supply

Interestingly, people tell me it’s hard to get supply and markup is high because of that but spot prices are down. Seems odd but that’s the way it is for now. I do think it’s a decent time to add to or start a position. I like silver here and you can start your precious metals savings with smaller dollar amounts with silver. Prices in USD could go lower from here but I think the world is smartening up to the idea that government can mess you up and that trusting fiat money, government, and central banks could cost you a lot.

 

Filed Under: Chris' life, Your Money
March 11, 2013 Leave a Comment

Disputing Billing Mistakes

Did you ever have a charge show up on your credit card that you didn’t think was correct?

Me too. Had one a couple of months ago. Received a letter from the vendor telling me that I owed a bill on some educational materials I ordered. Apparently, the intro material I ordered came with follow on materials that I could review, which I never

source: Tax Credits on Flickr

received.

So I did what we should do – I called, got the explanation on the follow on materials (which I never received, so I couldn’t review and I couldn’t decide to keep or send them back), explained to them that I didn’t receive the materials (UPS said it was delivered but I would know if I got them), and will follow up with them after some research on their part.

The call was professional, I was honest, and the conversation went well. Let’s see what happens. And if this happens to you, do the same:

  • follow up
  • do some research so that your phone conversation discusses facts
  • listen to their side
  • if you’re wrong, take care of it and if you’re right take care of it
  • be prepared to write supporting letters if the situation turns confrontational and they try to report you to a credit agency
  • also, be prepared for a positive and healthy resolution to the situation

Hope this helps!

Filed Under: Chris' life, Your Money
February 4, 2013 Leave a Comment

Places Where You’d be Foolish to Pay Full Price

Routine shoppers are familiar with retail shops that constantly have sales. However, if like me,  you’re not quite the routine shopper, this nuance may pass you by. Therefore pay attention.

At a store like Macy’s, you’d be a fool to buy an item at regular price in my opinion. Why? Macy’s ALWAYS has sales (Macy’s has what appears to be a permanent Google link for www.macys.com/sale). Especially if you have a Macys card, you likely get frequent 20% off coupons and such. It’s the whole model, and it works. Michael’s is another chain that constantly puts out 40% off coupons (here is their Retailmenot.com page). Usually it’s on one item only but so what? Why would you pay full price? You can go multiple times or bring a friend to use a coupon if you want to buy more than one item.

Do you think the coupon “game” is silly? Maybe not. Let me tell you about a company that tried to go the other way and got shellacked.

JC Penney hired former Apple retail chief Ron Johnson and his big idea was straightforward honest pricing (“fair and square”). The best price -no gimmicks. It sounded similar to Saturn’s pitch some years back to avoid haggling when buying a car. How did shoppers respond to this offer?

FT.com

Not pretty so far. Perhaps shoppers want the coupons to “feel” like they’re saving money?

An important point to consider – if you feel that way, then perhaps you should analyze your own psychology when buying things. If you need to be “tricked” by a sale to buy something, or if a sale induces you to buy more or needlessly, maybe you should reflect on those thoughts and think about the tricks that retailers try to play on your mind.

The one downside to JC Penneys’ new pricing is the lack of bargaining, which can be fun. Some people are uncomfortable haggling, which is too bad because it can be amusing and it can save even more money.

Filed Under: Cheap Ba**ard, Opinion, Your Money
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