NorCalSavant

If you have cash sitting in your checking or savings account earning a measly one-half percent, you might be able to earn as much as 6% on a checking account.  Unbelievable?  It is true at the many so-called rewards checking accounts.  These are typically offered by small community banks and credit unions trying to lure in profitable new customers with the potential to make even more money by cross selling other products later.  Typically, the high interest rate only applies to balances up to about $25,000, although the limits can vary from bank to bank.  For sums higher than the limit, the interest rates down to less than 1%.  Another plus point of these programs is that many of these banks reimburse ATM surcharges at the end of the month when you withdraw money from other ATMs.  So, cash is always conveniently available even if the bank doesn’t have many of its own ATMs spread around. Continue reading Rewards Checking Accounts — Worth the Pain for A Lot Of Gain?

I am back to the blog after spending months being extremely busy looking to buy a house.  We finally bought the house, and of course, soon after Congress passed the Worker, Homeownership, and Business Assistance Act of 2009, which includes a $6,500 credit for repeat homebuyers but only for those who buy their houses after November 6, 2009.  We missed the opportunity to pocket $6,500, but you can still take advantage of the program. Continue reading Home Buyer Tax Credits 2009 Act 2

As you know, the Energy Independence and Security Act of 2007 effectively outlawed incandescent bulbs as they existed at the time. Conventional wisdom from public commentators essentially called it the end of incandescent bulbs to make room for more energy-efficient lighting technology like compact fluorescent lamps (CFL’s) and light emitting diodes (LED’s). CFL’s and LED’s, while highly energy-efficient in comparison with the incandescent bulbs have their own set of problems including the color or the quality of light, management and disposal of hazardous ingredient mercury, cost, performance, and a directional spread of light from the source. Continue reading New Incandescent Bulb Technology — One Last Hurrah Before Death Or the Best of Both Worlds?

On June 24, 2009, President Obama signed the Consumer Assistance to Recycle and Save (CARS) Act of 2009.  It was actually included as Title XIII in HR 2346, the Supplemental Appropriations Bill for Iraq, Afghanistan, Pakistan and Pandemic Flu.  The full text of HR 2346 including Title XIII is available at this website.

The CARS Act provides consumers incentives to replace an old gas guzzler with a new fuel-efficient vehicle.  If you have a less than 25 years old car, and it was rated for less than 18 mpg when new, you can get a government voucher for $3,500 or $4,500 from the dealer towards the purchase of a new more fuel-efficient vehicle.  The $3,500 voucher applies when the mileage improvement is between 4 and 10 mpg.  The $4,500 voucher applies when the mileage improvement is more than 10 mpg. Continue reading Cash for Clunkers – Good for Your Personal Finances, the Environment, or the Auto Manufacturers?

There was an interesting article in the New York Times detailing the plight of Eileen Ulery, a homeowner in Mesa, Arizona caught up in the delinquency/foreclosure crisis. She basically owes $143,000 on a house worth only $122,000, a loan to value of about 117%. She lost her job at Arizona State University with an income of about $26,000 per year, while her house payment has gone up to more than $1000 from about $600 per month. Continue reading Eligible Homeowner Facing Delinquency Rejected by the Bank for a Loan Modification

The moratoria banks had on foreclosures have expired, and a steady stream of foreclosures is expected to hit the market throughout the remaining year. As these foreclosed properties add to the supply of houses on the market, home prices are expected to continue to decline or stay declined. Continue reading More Federal Foreclosure Mitigation Programs for Delinquent Homeowners, but How Effective?

With the ongoing recession things have not been looking too good for California’s budget.  With politicians entrenched in Legislature and ideological camps with safe gerrymandered seats, there has been no clear solution to matching state income with state expenses.  State Legislature and Governor Schwarzenegger have taken some half-hearted measures, although the problem seems far from being solved. Continue reading California — Welcome to One of the Highest Sales Tax Rate in the Country, But No Sales Tax Holidays

Last week Treasury announced the Second Lien Program to work in tandem with the primary mortgage modification under the Home Affordable Modification Program to help homeowners avoid foreclosure.  Treasury also announced new lender incentives under the beleaguered Hope for Homeowners Program for underwater homeowners.  Are these new programs going to make a difference in continuing foreclosures?  Is there new hope for a homeowner facing foreclosure in the worst affected markets in California, Nevada, and Florida? Continue reading Is Treasury’s New Second Lien Program Going to Make a Difference to Foreclosures?

Interest rates are low, and house prices are down, but all you eager mortgage buyers out there, beware.  Mortgage fees and private mortgage insurance (PMI) have gone up, sometimes based on the credit score, and underwriting and appraisal rules have changed for the worse. Continue reading Home Prices Down, Mortgage Interest Rates Down, but Buyer Beware – Mortgage Fees Are Up

In my earlier post here, I had discussed the details of President Obama’s Making Home Affordable Program.  The program has two components — Home Affordable Refinance program for solvent homeowners with a loan-to-value as high as 105%, and Home Affordable Modification program for delinquent or nearly-so homeowners unable to pay their mortgages.

Continue reading FICO’s MortgageReliefOnline.com for Free Credit Counseling and Assistance with Making Home Affordable Program