Chase Mortgage Group

By: James Dimmitt

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Were you lucky enough to get a pay raise recently? If so, what are you planning to do with it? Here are 4 tips on how to make your raise pay real dividends for you now and into the future:

flop raise is insufficient. With large pocket pairs, I usually like to raise it up a bit more in an effort to chase out weak Aces and other similar hands. The bet on the flop is also weak considering the size of the pot. Where this causes a problem is when the raise of 240 comes in. Did you get raised because of your weak continuation bet, or because your opponent really hit the flop You will never know by calling.

Home Equity Loans 1) Open a savings account

Although the Federal Reserve raised interest rates recently in an effort to raise home mortgage loan rates, year fixed rate mortgage loan rates remained at 5.68 per cent, according to the Mortgage Bankers Association (MBA). year fixed rate mortgage loan rates fell to 5.03 per cent from 5.16 per cent.

Home Equity Loan Rates Baby boomers can probably remember parents or grandparents making regular deposits to a savings account at the local bank. Our current savings rate is a measly 2.5 percent - down significantly from the 7 percent average 30 years ago.

When and why do people decide to refinance home mortgage loans As a homeowner, The home mortgage loan rate on your first mortgage is at least 2 per cent higher than the mortgage loan rate being quoted now. If you refinance now, you will pay less every month to pay off your mortgage. You can consider refinancing even if the home mortgage loan rate has fallen less than 2 per cent from your original home mortgage loan rate. Get your best refinance home mortgage loan rate at abacusmortgageloans.com.

Homeowner Loans For example: If you saved an $80.00/month raise, at the end of one year you'd have $960.00. It's not a huge amount for some, but it's a start. And thanks to the wonders of compound interest you can watch it grow into a nice nest egg over time, especially if you continue to add new raises to your savings.

What Is An Endowment Mortgage An endowment mortgage, in theory, is supposed to lower your mortgage payment. Ideally, endowment mortgages are much cheaper than standard mortgage policies such as repayment mortgages. When you get an endowment mortgage, you pay only the interest on the amount borrowed. In addition to this, the endowment policy. This policy is supposed to grow and grow, and at the end of the mortgage term you use this money to pay off your capital.

Equity Loan Rates Savings account interest rates are on the rise. The online bank, ING Direct is currently offering 2.35% APY (annual percentage yield), with no minimum deposit, no fees, and your account is FDIC insured. Visit www.ingdirect.com to learn more about their saving account plans.

Mortgage life insurance pays off your mortgage if one of the people listed on the loan dies before it's paid. Because with each payment your mortgage decreases, so too will your life insurance coverage. Your payments on the other hand will not. This means that with each payment made to your mortgage, the cost for your mortgage insurance gets more expensive.

Student Consolidation Loans 2) Pay down credit card debt

Second Mortgages The average American carries $2,627 in credit card debt, up 14.5 percent from a year ago, according to Myvesta, a nonprofit consumer education group in Rockville, Md.

Federal Consolidation Loan Fifty-three percent of credit card companies require only a 2% minimum monthly payment, up from 43% of companies in 2003, according to the consumer advocacy group, Consumer Action.

Equity Loan Paying the 2% minimum due each month on a balance of $2,600.00 at 18.0% interest, it would take you MORE THAN 35 YEARS to pay it off, not to mention the $6,730.00 spent in interest charges! Instead, add your $80.00 a month raise to the minimum monthly payment and you would be paid off in 2 YEARS and pay just over $500.00 in interest charges, a huge difference!

Refinancing With Bad Credit Applying your raise toward your credit card debt will lower your debt to income ratio, improve your credit score, and help you escape from the nasty web of outrageous credit card debt.

Home Equity Line Of Credit 3) Open or contribute to an Individual Retirement Account (IRA)

Federal Consolidation If you haven't started contributing to a personal retirement account, you should, and what better time to start than with your new raise? This is exactly what I did three years ago, although I wish I would have started sooner.

Equity Loans If you're counting on Social Security to take care of you in your retirement years, you'd better do some rethinking. Regardless of changes to the Social Security system, we tend to overestimate how much we'll receive in benefits and underestimate how long we'll live. The only way to fill that gap is to have income from your own retirement plan to enjoy in your "golden years".

Student Loan Consolidate An additional benefit of opening an IRA is that many companies will match your personal contributions at a specific rate. Check with your human resources department to see what plans are available and whether or not your employer will match your contributions.

Consolidate Loans 4) Invest in Stocks, Bonds, and Mutual Funds

Home Loans Refinancing You don't need thousands of dollars or a degree in business in order to invest. Nor do you have to hire a broker or financial advisor to own stocks, bonds, or mutual funds.

Consolidate College Loans In fact, a company called ShareBuilder is making it easy for anyone who can afford to make regular automatic investments "to build wealth through long-term investing." Visit www.sharebuilder.com to learn more about their simple, affordable, and flexible plans to fit your budget.

Student Loan Refinance 5) BONUS TIP

Equity Home Another option, and the one that too many of us choose, is to do nothing other than spending our annual raises. Unless you had some unforeseen emergency or are living paycheck to paycheck, is there any reason to think you can't get by this year on the same salary as last year?

Home Line Of Credit The Federal Reserve estimates that over 40% of U.S. families spend more than they earn and as many as 25% of households aren't saving enough for the future

Home Equity Poor Credit Your raise presents a unique opportunity for you to invest in the well being of your finances with results that can continue to "pay" you now and well into the future.

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125 Equity Loan © 2005, http://www.yourfreecreditreportnow.com Author: James H. Dimmitt - James is editor of "TO YOUR CREDIT", a free weekly newsletter with tips to help you manage your personal finances. Subscribe today and receive his e-book "IDENTITY THEFT- How To Avoid Becoming the Next Victim!" and other free bonuses by visiting http://www.yourfreecreditreportnow.com



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