01.30.08
Posted in Advice - Refinance at 10:10 pm by Ken S.
Lower Fed Rate Helps Mortgage Refinancing - For the second time this week, the Federal Reserve reduced the federal funds rate by one-half point. This lower Fed rate helps mortgage refinancing. How? Here it is in a nutshell.
Think of money as an entity. It moves in, out, and around the economy constantly through purchases, returns, loans, investments, payments, re-payments, etc. At any given moment, hundreds of millions of people around the world are moving money around. To keep up with this movement, banks lend and borrow money, to and from each other, on a short term basis (usually overnight). The Federal funds rate is the interest rate the banks charge each other when they lend money to each other. Today, that interest rate is 3%.
So, the lower Fed rate helps mortgage refinancing like this: After the interest rate banks will charge each other is established, the banks establish the lowest rate they are going to charge to qualifying consumers and businesses. This rate is called the prime lending rate, the benchmark rate for consumer and business loans. When the Fed funds rate was lowered to 3%, banks announced they were lowering the prime lending rate from 6.5% to 6%. This has been the lowest prime interest rate since the spring of 2005.
If you remember, 2005 was back when everybody was buying a house or refinancing. Why was that? Because back then, people were getting really low mortgage and refinance rates, and their payments were affordable. Well that time is back and it’s happening now. Save yourself some money and take advantage of the lower rates while you can, the lower Fed rate definately helps mortgage refinancing.
- Ken S.
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01.29.08
Posted in Advice - Refinance at 11:40 pm by Ken S.
If you have a mortgage and good credit, research says now is a great time to refinance your loan. Thanks to the lowest mortgage rates in nearly two years, it is a good time to refinance your home loan rate to lower your payment. Adjustable and interest-only loan rates are resetting, and many applicants can take advantage of fixed rates in the 5.5 % to 6% range - often with no out-of-pocket closing costs. Jay Brinkmann of the Mortgage Bankers Association says that “no-cost” refinancings (where the lender rolls your transaction costs into your interest rate) “are absolutely an option” for many people.
Anyone whose current mortgage loan rates are 6.25 % or more could benefit from such an affordable refinance arrangement. Though specifics vary from lender to lender, many mortgage firms will offer affordable zero-out-of-pocket loan deals in exchange for an extra quarter-point on the interest rate. In other words, a borrower who has a mortgage loan with a 6.5% fixed-rate loan would refinance into a new, lower, more affordable 6% interest rate loan without paying any fees at closing. The lender would just include 0.25 percentage points onto the prevailing 5.75% rate.
Some lenders report that more than 60% of the home loan applications this month were refinance loan applications. My advice? Take advantage of the lower interest rates, get a low affordable payment, and save yourself some money. I did.
- Ken S.
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01.11.08
Posted in Offers - Health Insurance, Offers - Traveler's Insurance, Offers - Personal Insurance, Deals - Cheap Travel at 8:54 pm by Ken S.
Hello world!
I didn’t realize the importance of travel insurance or how affordable and low the rates are until recently. Have you ever lost money because you had to cancel pre-paid travel plans? It happened to me. Have you ever had your luggage lost or stolen while traveling? I know several people who have. Did you know that your health insurance may not travel with you? I didn’t.
As a safeguard against those types of unfortunate travel woes, there is a travel insurance product with a really low rate that will cover you as you travel, for up to 12 months. AIG Travel Guard covers more than 6 million worldwide travelers each year. Their affordable travel insurance plans offer coverage for vacation and trip cancellation, travel interruptions and delays, emergency medical and health expenses, lost baggage and more. And the low rate is really affordable. Travel insurance plans start at just $30!
Every AIG Travel Guard insurance plan includes a 24-hour “911″ travel emergency service for emergency medical assistance, last-minute or emergency travel and flight changes, lost luggage tracking, and pre-trip travel advice. With plans starting at just $30, It’s cheap and affordable enough that NOT having this insurance shouldn’t even be an option.
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Posted in Deals - International Hotels, Deals - Accomodations, Deals - Hotels, Deals - Getaways for Cheap, Deals - Cheap Vacations, Deals - Cheap Travel at 4:59 pm by Ken S.
Hello world!
According to an email I received from Choice Hotels, they claim to have “The best internet rates. Guaranteed.” Choice Hotels® is the worldwide franchisor of: Cambria Suites™,Quality®, Clarion®,Comfort Inn®, Comfort Suites®, Sleep Inn ®, MainStay Suites®, Suburban Extented Stay Hotels®, Econo Lodge® & Rodeway Inn®.
Well, I did some surfing for discount hotels, discount hotel rates, affordable hotels, etc., and they seem to have the best price in the 2-to-3 star hotel range. I also found:
- At Choice Hotels - Kids stay FREE!* (some limitations apply.)
- Choice Hotels offers AAA and CAA hotel discounts at thousands of hotels worldwide
Comfort Inn® is renowned for quality and service at affordable prices at over 2,000 locations worldwide. - Guests enjoy a free deluxe continental breakfast and free local calls. Amenities include free high-speed Internet access, in-room microwave and refrigerator. Great for business or leisure travelers looking for oversized rooms with mid-sized rates.- Choice Hotels offers 15% OFF for AARP members
- Rodeway Inn® is known for great service you can always trust. - Price conscious guests appreciate these affordable travel accommodations.
- MainStay Suites® is an affordable hotel that offers amenities designed for extended-stay travelers. - Features include a free continental breakfast, free local calls, kitchen and a work area.
- Clarion® luxury hotels offer upscale amenities and superior accommodations at affordable prices. - Many locations feature high-speed Internet access, a full-service restaurant and more.
- Cambria Suites® is where style, sophisticated technology and function meet. - These luxurious rooms feature a flat-screen TV, CD/DVD player MP3 connection, free wireless Internet, fitness center, indoor pool, spa and barista bar.
- Suburban Extended Stay Hotels offer FREE cable and premium movie channels.
- You can earn nights or flights fast with the Choice Hotels® Choice Privileges® rewards program. - The fastest way to free stays.
- Many hotels are pet friendly!
I must say, in my personal experience I’ve found these hotels to be clean and the staff to be courteous. If you are a frequent traveler, or just need a quick and affordable getaway, these are great hotels to consider.
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Posted in Deals - Getaways for Cheap, Deals - Cheap Vacations, Deals - Cruise Travel, Deals - Cheap Travel at 3:09 pm by Ken S.
Hello world!
Have you ever taken a cruise? I haven’t. Why? Basically, because I’m a chicken. Really. I’m just plain-old-every-day nervous. That’s the only reason I’ve been cheating myself out of (what I’m told) is an awesome vacation experience. But I think I’m going to have to get over it with the deals that are out there lately. Have you checked the prices of cruise vacations recently? I thought they would be out-of-this-world expensive, but they aren’t! They are really affordable and I was alerted of some great deals with Travelocity and Cruise Direct. Check them out, and don’t procrastinate on booking because many of them expire on January 31st.
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