In the world of mortgages, there are many options available for qualified borrowers, some better than others. These include traditional fully-amortizing 15-year or 30-year fixed-rate mortgages, adjustable rate mortgages, and interest only mortgages. To put it bluntly, interest-only mortgages are the least-desirable of the bunch.

What Is An Interest Only Mortgage?

With an interest only mortgage the borrower has the opportunity to pay monthly payments, for a predetermined period of time, on just their mortgage’s interest and not the principal. This time frame is usually between five to ten years; however, the borrower does have the option of paying down principal during the interest-only period. A

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Looking for Financial Resolutions that you can Actually Stick to this Year?

If anyone knows how hard it is to stick to resolutions, it’s me. If I had a dollar for every time that I vowed that I was going to… stop talking about how real Sasquatch is, or… stop farting in the company of my dog and blaming it on him – then I’d be rich.

Giving a one-size-fits-all personal finance resolution list is incredibly unrealistic, and just downright arrogant. That’s why I wanted to provide a list of 10 financial landmarks that you can set out to achieve in 2010 to enhance your financial well being and build a good foundation for the future.

My challenge to you is to pick 3 of the 10 to focus on in 2010 and share what they are in the comments. Cross more than three off the list? You’re an a

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The Federal Deposit Insurance Corporation or FDIC insurance coverage limits have been increased from $100,000 to $250,000. Certain rules apply and we will show you how to take advantage of those later, but in general, deposits at FDIC insured institutions have coverage up to at least $250,000 per depositor until December 31, 2013. On January 1, 2014, FDIC deposit insurance for all deposit accounts, except for certain retirement accounts, will return to at least $100,000 per depositor. Before we go further, it is wise to note that deposits in credit unions are very similarly insured by National Credit Union Administration or NCUA, which is the independent federal agency that charters and supervises federal credit unions throughout the United States and its territories.

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Small businesses can turn great profits for credit card companies.  Small businesses need credit cards to survive the roller coaster of uncertainty that comes from fluctuations in cash flow from month to month.  For the small business just starting out, a credit card is often times the only way they can purchase the items needed to meet their daily purchase and expense requirements.

The changing economy has made it difficult to obtain loans because of the risk that new small businesses pose to creditors. According to a survey done in 2008 by the National Small Business Association, the percentage of small business owners that have had difficulty securing a loan is over 50%. B

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I hope everyone enjoys their jelly of the month club membership.  It’s the gift that keeps on giving all year round.

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