FiLife

Here’s my problem with the rescue plan.

The Bush administration intends to reward some borrowers who are in over their heads by cajoling mortgage companies into leaving those borrowers’ artificially low interest rates where they are. Those rates won’t jump, as they were scheduled to do soon. Read the White House’s explanation here.

But what about the folks who have saved diligently, have impeccable credit, earn a decent income and yet still are priced out of many homes because of the stratospheric real-estate prices that were propelled by easy credit? Folks like, oh, say, me for instance? (more…)

Money earning more money – it’s a wonderful thing.

As regular FiLife readers may know, my husband and I are looking to buy our first apartment. Our down payment resides in a Citibank e-Savings account, which currently yields 4.0%. We’ve saved a respectable sum, and I get a sense of satisfaction watching it grow without having to do anything at all.

But the last time I checked the balance - and I do this often - I started thinking: Can I do better?

So I came up with an idea. If I was a bank product manager for a day, I’d create something tailor-made for first-time homebuyers: an account specifically earmarked for down payment savings that offers one percentage point more in interest than the highest-yielding online savings account already in the market. (more…)

We thought we’d found her.

After months of scouring Brooklyn for an apartment, my husband and I finally found a place that had it all. This beauty had two bedrooms, a wood-burning fireplace and a roof deck with sweeping views of the city. And it wasn’t in a soulless high-rise but a gorgeous brownstone brimming with details. We decided to make our first official offer.

A couple of days later, we were outbid. And crestfallen. (more…)