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Recommendations for online bank?

Hello, I’m looking for a good online bank to replace my brick and mortar savings/checking account. The online bank would act as a central hub to all our liquid incoming and outgoing funds where: 1) Mortgage and Home Equity Loans would be automatically paid a. Bi weekly principal payments could be tr...
by sighchological
Thu Nov 20, 2014 5:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Recommendations for online bank?
Replies: 6
Views: 733

Re: Age 28, Short Term/Intermediate Term Financial Plan?

Thanks for the help! So I should: 1) Establish emergency fund 2) Max out 457 b and 403 b 3) Pay down Home Equity Loan 4) Pay down mortgage If I do this, I’ll be stuck with the Home Equity Loan for X amount of years. To increase cash flow, would it be more conservative to: 1) Establish emergency fund...
by sighchological
Wed Nov 19, 2014 9:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Age 28, Short Term/Intermediate Term Financial Plan?
Replies: 11
Views: 1826

Re: Age 28, Short Term/Intermediate Term Financial Plan?

Thank you for the replies. Some questions: 1) In how many years would you start contributing to the 457b or 403b? 2) In response to maxing out the 403b /457 before paying down the mortgage: What if I face a financial emergency and am unable to pay for my mortgage? I thought that paying down the guar...
by sighchological
Mon Nov 17, 2014 9:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: Age 28, Short Term/Intermediate Term Financial Plan?
Replies: 11
Views: 1826

Re: Age 28, Short Term/Intermediate Term Financial Plan?

Thanks for the replies everyone! Personal Loan 1-3 has no interest involved; just loans that I owe friends/family. In response to "splitting the difference between mortgage and retirement savings." 11K a year is currently being contributed towards my wife's 403b plan and 4 years from now, ...
by sighchological
Sat Nov 15, 2014 10:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Age 28, Short Term/Intermediate Term Financial Plan?
Replies: 11
Views: 1826

Age 28, Short Term/Intermediate Term Financial Plan?

It’s been over a year after I visited Bogleheads, and made several important financial decisions with the help of this forum. Recently I realized that I didn’t make any short term or intermediate term goals. Any help would be greatly appreciated! Fixed expenses per month: Personal Loan 1 (expires in...
by sighchological
Sat Nov 15, 2014 2:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Age 28, Short Term/Intermediate Term Financial Plan?
Replies: 11
Views: 1826

Re: How much auto insurance coverage?

thanks! any other suggestions?
by sighchological
Sat May 17, 2014 9:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much auto insurance coverage?
Replies: 5
Views: 457

How much auto insurance coverage?

Hello, I'm about to purchase auto insurance in New York for my wife and I. Any help would be greatly appreciated. I'm 27, she's 26. Assets: Equity of $124K in a house worth $300K. We both have good health insurance plans. I have a 1999 honda civic with 93K miles. Bluebook value is $3K My wife has a ...
by sighchological
Sat May 17, 2014 5:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much auto insurance coverage?
Replies: 5
Views: 457

Re: Confused at an easy loan concept

thanks guys for clarifying this for me!
by sighchological
Fri May 09, 2014 5:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: Confused at an easy loan concept
Replies: 11
Views: 1377

Re: HELOC to pay off student loans?

thank you guys very much for your help
by sighchological
Fri May 09, 2014 5:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

Confused at an easy loan concept

This should be a really easy and fundamental question. But I can't figure it out. I don't understand how to pay off a higher interest loan with a lower interest loan. For example, If I get an auto loan, I receive a lump sum from a lender at a certain interest rate. That lump sum is supposed to be us...
by sighchological
Sat May 03, 2014 10:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Confused at an easy loan concept
Replies: 11
Views: 1377

Re: HELOC to pay off student loans?

any other thoughts?
by sighchological
Tue Apr 29, 2014 9:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

Re: HELOC to pay off student loans?

thanks ripete. I appreciate your honesty. When you say "what if the investments go sour" what do you mean? If I stay with my student loans I still have to pay them back regardless. And I'll be putting extra on the principle. So if I replace them with a lower rate interest how would that ga...
by sighchological
Mon Apr 28, 2014 8:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

Re: HELOC to pay off student loans?

Thanks everyone for the help. I'm thinking of choosing the 5 year, 2.99 Home Equity Line from PennFed since it will be $844.32 per month. If I put an extra $700 a month I could pay it off in 32 months and would pay $1,938.88 in interest. As for the $12K car, I'm thinking of paying it in cash to elim...
by sighchological
Mon Apr 28, 2014 8:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

Re: HEL to replace student loan (revised)

Thanks for clarifying that! It makes a lot of sense to eliminate the risk of losing my house. The reason I would take out the HEL is b/c I would save money on interest. I really don’t think I could pay off the student loans in 2 years and I thought taking out a 5 year HEL wouldn’t be too risky.. I t...
by sighchological
Sat Apr 26, 2014 3:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

Re: HELOC to pay off student loans?

Yes, the HELOC is variable, but the Home Equity Loan isn’t variable, and it’s fixed at 3.99% APR for 121-180 months. I believe both the HELOC and HEL are secured loans. So, you’re saying, that since the HELOC and HEL are secured loans that puts a lien on my house, I shouldn’t take that risk? This is...
by sighchological
Sat Apr 26, 2014 3:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

HEL to replace student loan (revised)

[Thread merged with the original, see below. --admin LadyGeek] Hello all, A question: Any help would be appreciated :) Some financial facts: - I have a $175K mortgage at 4% fixed - I have a $47K student loan at 6.55% - I'm planning to purchase a $12K car in June. - My combined salary w/ my wife is ...
by sighchological
Sat Apr 26, 2014 1:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

Re: HELOC to pay off student loans?

Thank you everyone for your responses. It helped me to explore different options. Robertalpert, thank you for your comment. I agree that it's not good to risk the house. But regardless, I still have to pay the student loans. What if I replaced the student loans with a loan that had a lower interest ...
by sighchological
Sat Apr 26, 2014 12:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

Re: HELOC to pay off student loans?

I'm kind of confused :? Is my logic correct? I apologize in advance for any mathematical errors. If my $50K student loan at 6.55% is replaced by the $50K 2.24%APR HELOC, (which becomes variable 3.25% APR afterwards) , how would I compare the amount saved? --------------------------------------------...
by sighchological
Sat Apr 19, 2014 3:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

Re: HELOC to pay off student loans?

Thanks Twins Fan.

As for the HELOC, there is no closing costs for my bank (Bethpage Federal Credit Union)

I would be scared to not pay off the HELOC early, since the 3.25 APR is variable.
by sighchological
Sat Apr 19, 2014 12:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

HELOC to pay off student loans?

Hello all, Quick question: Any help would be appreciated :) Some financial facts: - I have a $175K mortgage at 4% fixed - I have a $53K student loan at 6.55% - I'm planning to purchase a $12K car in June. - My combined salary w/ my wife is $155K. - I have around $20K in savings. --------------------...
by sighchological
Sat Apr 19, 2014 11:43 am
 
Forum: Personal Finance (Not Investing)
Topic: HELOC to pay off student loans?
Replies: 33
Views: 5426

Re: Help on Auto Loan vs. Student loan/Mortgage

Twins fan:

I was planning on just paying min on the lower rate auto loans until the loan ended and use the saved interest to pay off the higher interest student loans... thanks for the advice :)
by sighchological
Sat Apr 19, 2014 11:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Help on Auto Loan vs. Student loan/Mortgage
Replies: 8
Views: 628

Re: Help on Auto Loan vs. Student loan/Mortgage

Thanks for everything guys! it definitely gave me a lot to think about.
by sighchological
Sat Apr 19, 2014 11:35 am
 
Forum: Personal Finance (Not Investing)
Topic: Help on Auto Loan vs. Student loan/Mortgage
Replies: 8
Views: 628

Re: Help on Auto Loan vs. Student loan/Mortgage

Twins fan, Sorry, I know I cannot pay off my student loans, i mean pay (part) of them off :) I mean I would get a $12K used auto loan at 2.49% for 60 mths from PenFed. Pen Fed would write me a check for $12K and I would use that $12K check to pay off my student loans. Did I make a mistake in assumin...
by sighchological
Sat Apr 12, 2014 6:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help on Auto Loan vs. Student loan/Mortgage
Replies: 8
Views: 628

Help on Auto Loan vs. Student loan/Mortgage

Hello all, Just want to see if my financial decision making is rational. Any help would be appreciated :) Some financial facts: - I have a $175K mortgage at 4% fixed - I have a $53K student loan at 6.55% My combined salary w/ my wife is $155K. I am planning to purchase a lease buyout for a 2010 Hond...
by sighchological
Sat Apr 12, 2014 5:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help on Auto Loan vs. Student loan/Mortgage
Replies: 8
Views: 628

Re: Pay student loans or car lease?

Thanks everyone for the help. According to NADA, the value of the car is around 14K. There's only around 20K miles driven on it. On 6/7/13, she would have to pay around $12k to purchase the car at the end of the term.. One of the main reasons why I would like to purchase the car is b/c we know she t...
by sighchological
Fri Dec 06, 2013 8:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pay student loans or car lease?
Replies: 10
Views: 588

Re: Pay student loans or car lease?

her parents leased it for her 3 years ago and she's stuck with it...

I just found out that the lease is now extended til 6/7/14 (sorry just corrected it )and there will be a purchase option of around 12K.

If she has put in more than $6k, and it's in good condition, should she really let it go?
by sighchological
Thu Dec 05, 2013 8:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pay student loans or car lease?
Replies: 10
Views: 588

Re: Pay student loans or car lease?

how would i figure out the percent?

I do know that the monthly payments are $182.50 but that's all...i would have to figure in the rent charge, sales tax, etc.
by sighchological
Thu Dec 05, 2013 8:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pay student loans or car lease?
Replies: 10
Views: 588

Pay student loans or car lease?

Hello all, I'm trying to help my fiancee decide on whether to target paying her student loans or for her to save up to pay off the residual value of her 2010 honda accord. Her lease looks like this: -amount paid at lease signing on 6/7/2010 = $2635.67 -gross capitalized cost = $19206.98 -capitalized...
by sighchological
Thu Dec 05, 2013 7:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pay student loans or car lease?
Replies: 10
Views: 588

Re: TIAA-CREF question

Thanks Everyone! :) ---- Yes, Fidelity does have various Spartan funds, including index funds To make it easier to read do you want me to take away the "Benchmark" part, too? Or just the numbers? ----- I want to keep it simple, so I'll try to follow something like: "3 fund portfolio w...
by sighchological
Thu Sep 12, 2013 10:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: TIAA-CREF question
Replies: 11
Views: 1502

TIAA-CREF question

Hello all, I'm still very new to investing. My fiancee just started teaching at an university, and they are matching 5% for TIAA-CREF or Fidelity. I'm choosing the funds for her. I chose TIAA-CREF simply because I saw that there was a Vanguard 500 Index Fund. After some research on this forum, I saw...
by sighchological
Wed Sep 11, 2013 10:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: TIAA-CREF question
Replies: 11
Views: 1502

Re: Financial dilemma [Fiancee to Cosign HELOC]

Thanks for the responses The $15K will most likely be paid back in full or more - it's common for relatives/friends in my culture to give generously. My fiancee is not going to co sign for the HELOC anymore. But we're planning on paying off the $40 - $45K loan interest free for the next 5 years. Yes...
by sighchological
Sat Aug 17, 2013 9:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial dilemma [Fiancee to Cosign HELOC]
Replies: 40
Views: 3838

Re: Financial dilemma [Fiancee to Cosign HELOC]

Thanks for the responses.

Unfortunately, we have no way around my FIL's renovations.. the workers are already working on the house..

But the good thing is that my fiancee is very frugal.. and she's ready to be saving up every penny before we're debt free..
by sighchological
Wed Aug 14, 2013 8:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial dilemma [Fiancee to Cosign HELOC]
Replies: 40
Views: 3838

Re: Financial dilemma [Fiancee to Cosign HELOC]

I'm sorry I did not mention the dowry, I thought that I should just stick to the numbers. Well... I am not even thinking of kids at this point... but my fiancee does want to start trying to have kids 2 years after we get married.. she's 26 right now and I'm a little concerned for her health so I sho...
by sighchological
Fri Aug 09, 2013 8:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial dilemma [Fiancee to Cosign HELOC]
Replies: 40
Views: 3838

Re: Financial dilemma [Fiancee to Cosign HELOC]

In some cultures the dowry is the male side, some the female side. thanks for the humor, James :happy .. guess I need to laugh once in a while But even if I had a daughter..I would not want to put her future husband in the predicament I am in now Thanks rayjames for your caution.. I really appreciat...
by sighchological
Thu Aug 08, 2013 9:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial dilemma [Fiancee to Cosign HELOC]
Replies: 40
Views: 3838

Re: Financial dilemma [Fiancee to Cosign HELOC]

Because in our culture the male side has to give a "dowry".. and unfortunately I have no way around it..
by sighchological
Thu Aug 08, 2013 9:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial dilemma [Fiancee to Cosign HELOC]
Replies: 40
Views: 3838

Re: Financial dilemma [Fiancee to Cosign HELOC]

Thank you guys for your help, once again. It sure seems that I’ve made a fool out of myself. If I use this formula: If we pay the $80K student loans at 6.8% in 5 years, it will be around $1580 a month If we pay off the FIL’s $45K renovations in 5 years, (interest free) it will be $750 a month. If I ...
by sighchological
Thu Aug 08, 2013 6:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial dilemma [Fiancee to Cosign HELOC]
Replies: 40
Views: 3838

Re: Financial dilemma [Fiancee to Cosign HELOC]

Thanks for everyone’s help. I am sorry for the lack of clarity in my original post. The renovation is not for me, but for the FIL. Here’s what has happened in the last week: 1) I talked to the fiancée and she is not cosigning. The FIL will try to get the HELOC on his own. 2) The renovation for the F...
by sighchological
Wed Aug 07, 2013 11:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial dilemma [Fiancee to Cosign HELOC]
Replies: 40
Views: 3838

Re: Financial dilemma

Thanks for the help... and sorry for the confusion. My fiancee's father wants her to cosign on a heloc on his house, and they would use the money from the HELOC to pay for his renovations.

I understand the dangers of a HELOC.. and I know she has too much debt...
by sighchological
Sat Aug 03, 2013 7:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial dilemma [Fiancee to Cosign HELOC]
Replies: 40
Views: 3838

Financial dilemma [Fiancee to Cosign HELOC]

Please, please help. I'm not sure what to do. My salary is around $37 - $40K a year. I teach violin and make around 5K a year. This year I made $45K. My fiancee's salary is $105K I bought a house in Long Island at the end of Feburary 2013 for $225,000. I was able to put $60K down for the downpayment...
by sighchological
Sat Aug 03, 2013 7:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial dilemma [Fiancee to Cosign HELOC]
Replies: 40
Views: 3838

Re: Mortgage dilemma, please help

thanks! I just locked in the mortgage rate at 4.25% for 30 years. But now, I'm thinking that it would be better to take out a loan of $225,000 on the house (bought for $225,000 - $165K on HELOC, $60K on downpayment), pay off the HELOC and use the remaining $60,000 to pay off the student loans, which...
by sighchological
Sat Jun 29, 2013 3:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Re: Mortgage dilemma, please help

thanks for the help.

Still a little confused though.

How come NMA doesn't have "Prepaids and Reserves" like my local credit union?
by sighchological
Wed Jun 26, 2013 9:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Re: Mortgage dilemma, please help

Any help would be appreciated: Now that the rates for bethpage credit union rose (my local credit union ) from 4.25% to 4.5%, I did bit of research, came up with National Mortgage Alliance. Here's what their online quote said: Loan Amount: $165,000.00 Appraised Value: $225,000.00 Product: 30 Year Fi...
by sighchological
Tue Jun 25, 2013 10:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Re: Mortgage dilemma, please help

Thanks guys for the help.

Sigh. Just when I was about to pull the trigger, the rates went to 4.5%. So frustrated. Will do a little more shopping for now...
by sighchological
Mon Jun 24, 2013 3:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Re: Mortgage dilemma, please help

Thanks a lot for your help. Yes I definitely will be working 2 jobs!

So.. Just no objections to taking that 4.25 loan? The closin costs are what I should expect right? Just want to be sure before I pull the trigger.. Thanks :)
by sighchological
Sun Jun 23, 2013 11:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Re: Mortgage dilemma, please help

Thanks ! The reason why I did qualify was because it was a joint mortgage with my fiancée. I agree with the 30 year as my fiancée also has 70k in student loans at 6.55% and I think it would make sense to pay that off aggressively. As for income I don't think I have too much of an option as I work fo...
by sighchological
Sun Jun 23, 2013 10:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Re: Mortgage dilemma, please help

Any thoughts? Thanks!
by sighchological
Sat Jun 22, 2013 2:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Re: Mortgage dilemma, please help

Thank you so much for your responses!! I went to my local credit union (Bethpage Federal Credit Union) today, and they said that I would be able to qualify for both the 15 year mortgage at 3.25% or the 30 year mortgage at 4.25. This mortgage of $165,000 would replace my HELOC. Here are the following...
by sighchological
Fri Jun 21, 2013 9:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Re: Mortgage dilemma, please help

Thanks everyone for your help. I really, really appreciate it. I have been very frugal. The 4% variable rate for the HELOC will go into effect in 2 months, since the credit union gave me a 6 month introductory rate at 0.25%. I can afford to pay off the 4% HELOC as I've been saving up for a long time...
by sighchological
Sat Jun 15, 2013 8:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Mortgage dilemma, please help

I currently bought a house in Long Island at the end of Feburary 2013 for $225,000. I was able to put $60K down for the downpayment. I had to take a home equity line of credit for $165K (my father took out the HELOC on his house) since I no one would give me a mortgage due to my lack of credit. The ...
by sighchological
Sat Jun 08, 2013 7:36 am
 
Forum: Personal Finance (Not Investing)
Topic: Mortgage dilemma, please help
Replies: 26
Views: 4263

Beginner question on portfolio balancing

Vanguard's "best practices for portfolio balancing" says: "we concluded that for most..portfolios, annual or semiannual monitoring, with rebalancing at 5% thresholds, produces a reasonable balance between risk control and cost minimization.." So, if i am 80%stocks and 20% bonds r...
by sighchological
Thu May 30, 2013 8:21 am
 
Forum: Investing - Theory, News & General
Topic: Beginner question on portfolio balancing
Replies: 3
Views: 351
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