Did you finish some much needed work on the house this Memorial Day weekend? Or maybe kick-off a new project? For 30 years now, do-it-yourself has been a big part of American life, and has led to the success of companies like Home Depot). But it looks like the UK has started moving in the other direction. Apparently, DIY projects reached their peak in England all the way back in 2004 — they’re giving up on do-it-yourself, and moving to do-it-for-me. What about you? Have you started to see this trend in the U.S.? Or have our British cousins just gotten a little bit too lazy?
Archives for May 2015
Last week Wednesday, this blog reported on Sen. Shelby’s discussion draft of The Financial Regulatory Improvement Act of 2015. For those of you who are inclined to delve a little deeper into these things, and who haven’t already done so, you may be interested in the Wall Street Journal’s critique of the draft. The upshot is, the particular way the bill proposes to loosen the requirements around qualified mortgages may, in fact, put banks in a worse position than they were before the 2008 collapse — and no one wants to see that again. Well worth the read if you have an opinion on banks’ ability to self-assess their risks.
Conventional wisdom is that you should pre-pay your mortgage — at the very least, you should break your monthly payment in half and pay it twice per month. Doing so can dramatically shorten the period of your loan and save you a bunch of money in the long haul. But as with all things, conventional wisdom isn’t necessarily the right answer. Liz Weston writes for CBS MoneyWatch, and addresses four reasons you very well may be better off doing something with that money other than pre-paying your mortgage. Plus, she uncovers some pre-payment scams you should avoid.