It happens to everyone eventually. You change jobs. The good news is that you were able to take advantage of their 401(k) program. Now as you change where you hang your hat from 9 to 5 you need to make a decision on where you should put your retirement savings.
Monthly Archives: July 2013
Serial Refinancing
Refinancing a mortgage loan to get a lower rate has become a sport. Many people think that there is no reason not to refinance and then refinance again. All this activity based is on the concept that the transaction cost to lower the interest rate was zero, zip, nada. Where borrowers are correct is that it is easy to refinance a loan and not have to bring any money to the table. Where they are wrong is that the process is free.
Co-Signing a Loan
Once you have signed the papers you’re every bit as responsible as the primary loan signer to make payments. To quote from the FTC’s Facts for Consumers guide “Co-signing a Loan“: “When you’re asked to co-sign, you’re being asked to take a risk that a professional lender won’t take. If the borrower met the criteria, the lender wouldn’t require a co-signer.”