| 10 Things to Know About Mortgages
I became a first-time homeowner four years ago, and in the process I learned a lot about mortgages, much of which I found interesting and surprising. Here are 10 things you may not know about mortgages. 1. You can buy a house with 0% down. That's right, you can buy a house with no down payment at all. There may even be a government agency that will help with your closing costs. These options aren't available to everyone, but first-time homeowners and/or homebuyers of limited means should definitely do some research. Check out the Department of Housing and Urban Development website for more information; and here's a list of special programs offered in various states. If you don't fit one of those categories, talk to a lender or mortgage broker about the loans that they offer. An "80-20" loan, for example, allows you to take out a first mortgage for 80% of the purchase price and a home equity loan or line of credit for the remaining 20%.
Getting Dinged with a $250 Credit Card Credit Limit Increase Fee!
Not too long ago, one of my CardRatings.com colleagues came home to find an offer from Best Buy in her mailbox. It was for a MasterCard that came with some nice perks:An introductory APR of 0% – good for a yearFour percent back on Best Buy purchasesA minimum of 1% back elsewhereTwo percent back during special promotions (e.g., for travel and dining)A point system, where your spending leads to reward certificates good for buying music, movies, electronics, etc. at Best BuyMembers-only deals, sweepstakes, and salesThe liability on unauthorized purchases is $0Unfortunately, there were some not-so-nice features of this offer – for example, a 5% fee for cash advances. That's on top of a 25.99% interest rate for cash advances – no introductory rate here, folks! Getting a cash advance on a credit card is almost always a bad idea, but on this Best Buy card, it'd be incredibly costly and anything but a best buy.There's a late payment fee of $29 to $35, depending on the balance.
Blind Cashier Counts Change at Credit Union
PHOENIX, Ariz. - Mike Feeney is the business owner and operations manager at the Desert Schools Federal Credit Union employee cafeteria. He is also totally blind.
On most days, you'll find Mike behind the cash register --- chatting with workers, taking their money and counting change. The credit union's headquarters at 48th Street & Washington in Phoenix where Mike works employs more than 600 staffers, which makes for a very busy lunch rush.
"It can be stressful at times when the line backs up, said Mike, who set up shop in the credit union's cafeteria in 2005. "There aren't too many visually impaired people who count money for a living in a financial institution.
As an independent vendor, he acquired his job through a special agreement with the Arizona Department of Economic Security known as the Business Enterprise Program (BEP) which offers legally blind persons the opportunity to become independent entrepreneurs capable of achieving their fullest potential through self-employment.
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