Here are Five mutual fund headlines you're unlikely to see anytime soon.
Fidelity to Liquidate 43 "Unnecessary" Funds
Boston-based Fidelity investments today announced that it is taking a knife to its sprawling fund lineup. According to executive vice president Klaus Shave, the firm has come to the conclusion that it simply offers too many funds. In an interview Shave said, "A Nordic Fund? What were we thinking? It's much easier to gather assets in a $30-billion small-cap fund." Shave also sought to debunk rumors that the firm was set to launch a series of funds modeled after the popular "Lord of the Rings" trilogy. "There is not going to be a Fidelity Mordor Fund. I don't know how that story got started. It's just not true," he said.
Vanguard Launches Retirement Funds for Future Centuries
In a bid to literally consign the competition to the dustbin of history, Vanguard's head of strategic planning Xavier Moolah revealed that the firm was launching new retirement offerings with target dates of 2100, 2180, 2225, and 2310. "With life expectancies increasing, your descendants need to plan far ahead," Moolah observed. He added that the compounding effects from investing before you are conceived are even greater than if you were to invest in your childhood. "We believe this new suite of funds demonstrates our commitment to not only young investors, but also hypothetical children," said Moolah.
Ordinary Investor Understands Fund Prospectus
In a startling development, Ira Smolensky of Monmouth, Ill., today became the first person to fully comprehend the language published in a mutual fund's prospectus. "It's better than winning the lottery," said Smolensky, who officials confirmed has not previously been institutionalized. The Monmouth resident, who is slated to be honored at the town's annual Prime Beef Festival, expressed surprise at the discovery of the fund's board of directors. Said Smolensky, "A group of individuals who represent my interests? Who knew?" Meanwhile, fund company lawyers were reportedly meeting to devise ways to ensure nobody would duplicate Smolensky's feat.
American Funds Dumps Portfolio Counselor System in Favor of Star Managers
Los Angeles-based American Funds today announced that it was doing away with its system of running funds with multiple portfolio counselors, opting instead for high-profile "star" portfolio managers who oversee funds individually. To get the effort underway, spokesman Russell Sprout disclosed the hiring of fund management wunderkind Chris Lahiji. Lahiji, the 21-year-old former manager of Frontier Equity (FEFPX) , recently stepped down at his former charge. "Lahiji is a great fit for us," said Sprout. "We've already got too many people with too much experience."
Bill Gross Gives Up: "The Competition Is Too Tough"
With tears in her eyes, PIMCO spokeswoman Tia Dropps announced today that Bill Gross, the legendary manager of PIMCO Total Return (PTTRX) and other bond funds, has called it quits. "The brutality of the bond market and the cacophony of voices claiming their superiority have finally had an impact," said Dropps. Apparently, Gross has come to the conclusion that it's just not healthy to spend so much time worrying about whether PIMCO is on top. "Besides," added Dropps, "with all his competitors comparing themselves to Gross, telling everyone how much better they are, it just wears you out after awhile." She also mentioned the frequent media references to Gross being the Bond King as a factor in the decision. "It's not easy being king," she noted. "He wants to just be a duke or an earl for a while."
Monday, 31 March 2008
Five Investing Headlines for April Fool's Day
Thursday, 27 March 2008
30 Year Home Loans
It used to be the first choice of most borrowers, because since the total payments are spread over a longer period of time with the interest rate set for the entire time of the mortgage. 30 year home loan rates are an industry standard but is it the right choice for you?
The 30 year home loan is an industry standard, but is it the right choice for you? Because the total payments are spread over a longer period of time and the interest rate set for the entire time of the mortgage. This was the first choice of most home owners.
As we mentioned, the plus side for a 30 year home loan is lower monthly payments. This attraction is somewhat dimmed by the fact that you pay thousands extra in interest. But, your interest is 100% tax deductible which does lower your after tax cost. It offers you some flexibility so that if your financial situation changes and you have more money you can pay it off in less than 30 years, this while keeping the low monthly payments. Your payments are smaller so in reality you can purchase a larger roomier home.
To show an example of the interest difference between 30 year home loan rates and one of the other rates. On a 30 year, 100,000 dollar loan using 7% interest rate your monthly payment of interest and principle would be $665.30 dollars. Over the next 30 years you will have paid $139,511.04 in interest alone. Now with a 15 year home loan rate on the same amount you will pay $871.11 per month and over the next 15 years, you would pay $56,799 in interest. This would save you $82,712 dollars.
If you have the will power to invest the savings from the monthly payments, it still could be a good choice to go with the 30 year mortgage. Especially if you can find an investment that the long term payoff matches or exceeds what you would save in a 15 year mortgage. Another factor to consider is how fast you want to accrue equity in your home or to own it out right. 30 year home loan rates take much longer to build equity.
30 year home loan rates are certainly attractive and the vast majority of home buyers get 30-year loans because that is the longest home loan available today. Experts agree if they could get a 35- or 40-year loan, they probably would. There are many other options to consider. Probably the biggest question you have to ask yourself when considering a loan is what are your financial goals? What loan plan will help you the most to reach that goal? It is clearly to your advantage to look into other loan options for the best loan available for you and your financial goals. It may surprise you that because of your personal situation there may be other plans more suitable for you.
Bad Credit Home Equity Line of Credit
Bad credit can increase the difficulty that a homeowner encounters when seeking a home equity line of credit. Bad credit can be the reason for a poor credit score.
What is a credit score? The credit score varies between the values of 300 and 850. The credit score is the creation of the Fair Isaac Corporation. Lenders who arrange for a home equity line of credit use the credit score in order to set the interest rate that will be charged the homeowner.
Homeowners with a low credit score will need to pay higher interest payments. A score above 700 is assurance of good interest rates. The credit score also serves as an indicator of whether or not a lender should accept a homeowner’s application for credit. Decisions on credit limits for the homeowner are likewise based on the homeowner’s credit score.
The credit score is a function of the homeowner’s past line of credit. In the U.S., three different agencies keep a record of each consumer’s line of credit. Those agencies are Experian, TransUnion and Equifax. If a homeowner with a low credit score wants to raise that score, then the homeowner must contact each of those three agencies.
The effort to overcome a record of bad credit and to raise a credit score requires the contesting of false claims that money is owed. If the homeowner can prove that the claim for money is spurious then the homeowner has an opportunity to raise his credit score. This action should be taken if the homeowner who plans to seek a home equity line of credit has a score less than 640. Such a score would be a sign of bad credit.
The contesting of a credit score is not like a shot in the dark. A survey of credit reports in the U.S. showed that 80% of such reports contained mistakes. Thus, a homeowner could have good reason to question the credit score that is being used to determine the interest rate on a home equity line of credit.
The credit score for a couple, a pair that are joint homeowners, is based on three credit scores from the person with the most sizable income. This is the score that the homeowner needs to make correct. Such correction may require a written statement to each of the above-mentioned agencies. Those agencies will then contact the homeowner and indicate if more information is necessary. If the homeowner is lucky, then the credit score will be increased and the interest rate for the desired home equity line of credit will be lowered.
Once the homeowner has a good credit score then he will want to avoid slipping back into that region of bad credit. This means that the homeowners must avoid the sort of spending that carries them to the borders of their credit limits.
Tuesday, 25 March 2008
Buy Cleveland Jonas Brothers Tickets at Quicken Loans Arena
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