Some of the most difficult things for consumers to swallow are the various bank charges out there. If you aren’t aware of them, you could be hit with various fees and charges every month that can wreak havoc on your finances. Are bank fees getting to you? Are you aware of what you are paying every month? Read on and we’ll explore some of the nasty fees out there and what you can do about them!

Many banks charge for checking accounts and the way they assess these charges varies from bank to bank. Some examples include:

If your balance falls below a certain amount in any given month, you’ll be charged $10, $12, even $14 in monthly maintenance fees for that month!

If your account is overdrawn and you don’t have an overdraft checking account plan in place, expect to be penalized $29 or more per infraction. What’s more, expect your credit rating to nosedive if this happens more than one time.

In some cases banks will even charge you money if you see a live teller! Yes, walk up to a teller to deposit your money and you could be charged $1 or more per transaction. What the bank is really telling you is that they want you to use their ATM.

Some banks waive or reduce fees if you have a savings account with them that is linked to your checking account. Trouble is, most of these accounts pay a paltry 2 or 3 percent interest. In addition, the funds sitting in your checking account do not earn interest either.

If you use your ATM card at a machine that isn’t part of your bank’s network, plan on paying a fee to that separate network. In addition, your own bank pay charge you a fee for going out of network. Do you really want to pay 3 or 4 dollars just to get $20 from a foreign ATM? I doubt that!

Instead of paying through the nose every month, consider switching your funds to another bank or to a credit union. One famous bank will allow you to open up a checking account for just $1 and not charge you a monthly maintenance fee even if the funds drop to $0.01. Shop online for the best deal and check your current bank statement for unexplainable fees. Visit your local bank and ask them to reverse any spurious charges.

Joseph is the proud owner of Mortgage Tricks, a website that will
explain everything you need to know about Getting a Mortgage. We invite you
to visit our site today and see what we have to offer.

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The House of Representatives approved a bill to increase the FHA’s lending limits and reduce payment restrictions.

The bill, which will help low-income and first-time home buyers, was sponsored by Ohio Representative Bob Ney. It received almost unanimous support by the house with a 415-7 vote.

The factors in determining the maximum amount insurable by the FHA for single-family homes will be changed as an amendment to the National Housing Act, according to the new law.

The bill allows the FHA flexibility in insuring mortgages up to the median home price in areas where home prices are extremely high. It will also provide for a maximum of 40-year mortgage terms.

The bill will eliminate all flat mortgage insurance premiums, instead instuting a tiered premium system according to the property’s loan-to-value ration, the borrower’s credit history and debt-to-income ration and the FHA’s experience with comparable borrowers.

The current minimum downpayment of 3% will be discarded. The limit on federally insured reverse mortgages will also be eliminated

The law will allow loans to be more easily made in high-cost areas. For years, low-income buyers have been pressured to take out high-cost private mortgages due to the substantial increases in house prices in metro areas.

The FHA hopes that the new law will change this trend.

“Modernizing FHA will improve competition in the prime home loan mortgage industry and effectively assist the industry in combating abusive and discriminatory lending practices,” said Ney.

“This bill helps further increase the country’s homeownership rate, especially among low and moderate-income and minority families.”

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

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What Are Fixed Rate Mortgages?

Fixed rate mortgages are the most common type of house-buying loan, where the payments and interest rates remain the same, no matter what happens. Interest rates may increase, and other bills may also get bigger, but your payments towards your mortgage are constant. This means that you can settle your budget far in advance, knowing that your mortgage rates will remain fixed. If you have any additional items, such as house insurance, this may go up and down as money rates change, but payments of the fixed term itself does not move.

What Does A Fixed Rate Mortgage Involve?

The fixed rate mortgage will involve a set number of payments over a number of years. There are a few options available, such as a 15 year loan, up to 30 years being the most common. The fewer years involved, the higher the payments made but the less interest that is accumulated. There are also options where you can pay ‘biweekly’, in which you can pay half the monthly sum every two weeks; this amounts to 13 months’ worth of payments, thereby shortening the life of the mortgage.

Why Pick A Fixed Rate Mortgage

Many people feel more comfortable with a fixed rate mortgage, as it is a fairly stable monthly payment, and this makes budgeting for the amount easier to do. There is also comfort in the knowledge that there won’t be any surprises when the bill arrives, and neither will you be hit with any extra sums at the end of the year. Fixed rate mortgages also allow you to ‘overpay’, or clear off more of your loan sooner, to a certain percentage each year, and do not charge. This can make the customer feel more in control of his money.

Where Can Fixed Rate Mortgages Be Found?

Most banks and building societies will have one, if not several, fixed rate mortgages available. They will have a number of different versions of this mortgage because there are made ‘additions’, options and services that can be put into the mortgage to make it more suitable to the client. As well as all these options, the booming mortgage industry now means that there are independent advisors, private mortgage brokers, and independent loan services who will all be happy to provide you with their selection of fixed rate options. There are now plenty of Internet sites where advisors, brokers and even the mortgages themselves can be found.

Risks Of Fixed Mortgages

Just like any other kind of loan, the fixed rate mortgage has some problems. Firstly, it is not available to high-risk clients, and anyone who cannot provide proof of earnings will be unwelcome; however, there are other options for them. The other risk is the amount of time it will take to clear the mortgage. A 30 year mortgage will probably cover the whole of the client’s working life, a constant monthly payment that can only be paid off early by accepting a heavy ‘charge’ for breaking the contract. However, if you are looking for a stable mortgage in a world of unstable mortgage rates, then a fixed-rate mortgage is worth looking in to.

Ian D. Major is the editor of Affordable Mortgage Search

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