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My Recent Education in Mortgages

Posted on: April 11, 2007 I Written By

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My wife and I have been looking all over for a house to buy. We even made an offer on a house that we thought would work out just great for us. Unfortunately, I think we got the order wrong, because after making the offer I went to the lender and learned all about what it would take to get a mortgage. Let’s just say that housing prices in Vegas just make me cringe.

Here’s a little look at what I learned about mortgages. First, I would not want to deal with bad credit mortgages. I have a clean credit report and a great score and even with all of that, there are challenges. I can’t imagine what someone with bad credit must have to work out to get a mortgage. I also learned some really interesting things about a short sell. Turns out that the house we were looking at is a short sell. I guess it’s essentially when a home owner needs to sell the house for less than his mortgage. Well, this guy had didn’t just have one mortgage on the house, but had either done a remortgage or a second mortgage or something like that. That was good news for us, because we thought that we could get a good deal.

Well, there’s a lot more to be said, but it turns out that we just couldn’t afford the down payment, closing costs and everything else associated with getting a mortgage. We could handle the payment, but the rest was just killing us. The good part is that I’ve learned a ton about mortgages and the process of getting a mortgage. I also know about my good credit score and my wife’s bad credit score. We’ll have to work on that one. However, the best thing is..

When we move from Las Vegas and we purchase a bigger home for half the price, we are going to be in heaven.
This post sponsored by Personal Loan Store.

Managing Your Personal Finances – Don’t Be An Idiot

Posted on: December 19, 2006 I Written By

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Some people act like complete idiots when it comes to their personal finances. Take for example credit cards. They get their credit card statement and see that they only have to pay the minimum payment. Just because that is all you have to pay doesn’t mean that you have to listen. People don’t realize how much they are paying in interest when they only pay the minimum payments.

Next, let’s take a look at secured loans and mortgages. Don’t get me wrong. Sometimes these are necessary. In fact, sometimes they are absolutely essential. However, make sure that you can afford the loan. Just because someone is giving you a loan doesn’t mean that you are going to be able to afford the payments. Even more important is that just because you can afford the payments doesn’t mean that you should get that large of a loan. Take some time and think about what you’re doing before you do it.

What smart people do is get a good savings accounts. There are some pretty impressive internet money markets from regular banks that pay really well. It’s so much better to earn interest instead of paying it. Plus, it makes you feel so good.

One last thought is getting home insurance. I know that sometimes it feels like wasting money. I feel the same way. However, our neighbors recently had their house go up in flames because of a faulty burner in their kitchen. They’re glad that they have some good fire insurance.

All it takes is for you to stop and think about what you’re doing. If you’re not going to stop and think then don’t come complaining to me.

This Post Sponsored by ThrifyScot

Earning Interest on Your Money

Posted on: November 3, 2006 I Written By

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I’m happy to finally say that my wife and I have been very fortunate this past year and we finally have a nice little nest egg in the bank. We’ve been lucky to NEVER been in debt in our marriage and except for a future house I don’t expect that will change. However, now that we have money in the bank we need to see what type of investments we should make to get the most out of our money.

If you’ve looked at a bank’s money market or savings account then you’ll quickly realize that they are ripping you off. I have been looking into Zion’s Internet Money Market account as an option since it pays 5% interest which isn’t too bad. My brother and father have used it and really like it. My dad and brother both use to work for Zions Bank so I know they are a solid company.

I must admit that I have been intrigued by the concept of online investment. In fact, I’ve talked to my wife that I was interested in using some of the money I made blogging to see what it was like to invest online. There are a few options out there. Zopa is one example which is working in the UK and is coming to the US real soon. Another is called Prosper. They are both very similar. It is essentially peer to peer lending. Basically, as an investor you make a bunch of loans to various people. In fact, you can choose the credit rating of the people you will give a loan too. By distributing the loans across a large cross section of people then you are able to cover someone not making their payment. It’s a very interesting concept and I love that you could make the interest that before only the bank could make.

Has anyone else tried it out? I’d really like to get in and try it with some money I don’t care about. My idea is to take a small amount of money which I will continually reinvest and see how much money could be made with it. What do you think?

Instant Payday Loan Company Online

Posted on: September 28, 2006 I Written By

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Everyone has seen those Instant Payday loan companies that have sprouted up everywhere right? Well, when I say everywhere I mean everywhere. There are now Instant Payday Loan Online. I still can’t believe there is a market for this type of service.

Reminds me of the saying “Interest is the cost for getting what we want now rather than later.”

Loan Consolidation for Doctors (and Other Students Too)

Posted on: August 30, 2006 I Written By

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Today I went to lunch with one of the doctors I work with. In our discussion I made a passing phrase about him making “the big bucks.” He then went on to tell me that I didn’t have all the massive student loans that he’d accrued getting his title of Doctor. He went on to tell me that he had taken students loans of $30,000 a year to get through med school. Multiply that by 8 years of school and that equals a lot of debt.

I told him the following:
Student loan consolidation Student Loan Consolidation STUDENT LOAN CONSOLIDATION!!

It’s really quite simple. Just by consolidating his student loans he’d be able to do all of the following:
– Cut his monthly payment up to 50%
– Improve his credit score
– Only have one payment a month

The most important of those is having one payment a month. He said that because he has so many loans he often has missed payments on some of his loans. I can’t imagine how hard it is to keep track of which one is due when. Missing these payments means he has to pay a late fee and his credit score also takes a hit.

I finally sent him the following link: student loan consolidation with Now he has no excuse for not consolidating his student loans.