I received my Chase MasterCard bill in the mail today. I am one of those people that review the charges line by line, the interest rate and my reward miles. I must have been bored, because I really analyzed the bill and all of the new disclosures the bank has to include now.
One really caught my eye. Although I knew about this new rule, I wanted to point out how to avoid any extra charges or increases in interest rates. This is what it says:
Late Payment Warning: If we do not receive your minimum payment by the date listed above, you may have to pay up to a $39.00 late fee and your APR will be subject to increase to a maximum penalty of 29.99%.
This means that if I am one day late with my payment, they will charge me 39 bucks and probably have the ability to increase my rate to wow 29%. That would be horrible. Any excuses for late payments, (such as the dog ate my bills, I left my briefcase on the bus or we were away for a month and did receive our mail) will not stop them from hitting you both ways. So, what to do to avoid this happening?
Apply for the AutoPayment feature on all of your credit cards. AutoPayment is very simple; it allows you to have your credit card payment taken out of your checking account each month on the due date. They give you choices, such as minimum payment, monthly charges or total balance. It is easy to do online, and takes a month or two to go into effect. Also, note that if the online feature is not available, you might need to send down a voided check. Anyway you have to, go AutoPayment, it will not fail you. Never a late payment shall you have! – FROM DALE ROBYN SIEGEL
ABOUT THE AUTHOR…Dale Robyn Siegel is a licensed attorney in New York and President of Circle Mortgage Group, in Harrison, New York. She is an adjunct professor at NYU Schack Institute of Real Estate as well as Baruch College. She is the editor for the blog “Diaries of a Mad Mortgage Broker” and has been speaking to the public and teaching real estate professionals about mortgage finance for the past ten years. She is a sought after expert on all things real estate and frequently quoted in national publications such as The New York Times, Smart Money and BusinessWeek. She is currently working on a second book, The 20 Hour S.A.F.E. Comprehensive Mortgage Loan Originator Course Textbook. This course is now required nationally for all those mortgage professionals with direct consumer contact. She is teaching the course herself in the New York Metropolitan area. Siegel holds both an MBA and a Law degree which have given her the base to be a leader in her field.
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ABOUT THE BOOK…THIS BOOK IS the latest and most current how-to book on how to get the best mortgage and the lowest interest rate out there….. The book is short, around 200 pages, so there is no room for fluff or filler. It is easy to read, set up in chapters and short essays on specific topics. A how-to book on real estate written by an attorney, 20 year veteran in the mortgage industry AND a college level professor. The material is a combination of her classroom format, her every day knowledge and expertise combined with real life experiences to bring the point home. This works and you will love it!
A few interesting and favorite topics covered in 300 words or less: * What are the new guidelines for FICO scores and loan to values and how do they affect mortgage rates? * What is Rapid Rescore Response and can it really improve your credit score in 48 hours? * How to get money from your 401k without a penalty * When can a loan from my father-in-law be called a gift? * Why is now so important to show as much money in reserves as you can? * PMI v self insured. Which one is the bigger rip-off? * What will it now cost you to refinance your home and pull cash out? * Appraisal fraud and how is it affecting the value of your home * What is an appraisal contingency clause vs. a mortgage contingency clause and how can you lose your deposit if you do not know? * Points, origination fees, discount fees and broker fees. How do you avoid them all? * What really affects the mortgage rates? * Where do you find the best lawyer in town? – FROM AMAZON
