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Why is taking out an Aussie Personal Loan a Smart Choice?

We ask John Symond why taking out an Aussie Personal Loan is a smarter choice for managing larger loan amounts than common alternatives such as a ...

Business Briefs: Mortgage rates steady at 4.55 percent

Mortgage rates steady at 4.55 percent

The key long-term U.S. mortgage rate held steady this week, providing a lure for potential homebuyers as the spring buying season goes forward.

Mortgage buyer Freddie Mac said Thursday the average rate on 30-year, fixed-rate mortgages was 4.55 percent, unchanged from last week. The benchmark rate rose steadily for most of April, reaching its highest level in more than four years. By contrast, the rate averaged 4.05 percent a year ago.

The average rate on 15-year, fixed-rate loans declined slightly to 4.01 percent from 4.03 percent last week.

Despite higher borrowing costs and home prices, demand for home purchases has grown in the spring buying season as the economic outlook has continued to improve and bolstered consumer confidence.

Homes sold at a solid annual pace of 5.6 million in March, the National Association of Realtors reported last week, even though the number of houses for sale has plunged. As a result, average home prices are rising at more than twice the pace of wages.

The 3 best reasons to rent your home instead of buying

One of the most contentious issues in personal finance is whether it's smarter to buy a home or to rent . Those who prefer owning argue that renting is the same as throwing your money away, as you give up the opportunity to build up equity in a home. But as any homeowner knows all too well, there are plenty of responsibilities involved with home ownership that renters don't have to worry about.

There are a host of financial and personal reasons that go into whether you prefer to own a home or to rent, and as Motley Fool personal finance expert Maurie Backman points out, the arguments in favor of home ownership can be compelling. But many people will find that in their personal and financial situations, renting is simply the better choice. Here are a few reasons why.

1. You don't expect to be in one place very long

Buying a home involves a number of one-time costs, and the longer you expect to live in the home, the longer the period of time over which those costs get spread out. But if you only think you're going to be living in a certain area for a year or two, it's a calculated gamble whether any price appreciation in that particular real estate market will make up for costs like mortgage origination fees and real estate brokerage fees when you sell. In most cases, it takes several years to make up the difference , and that makes renting smart when you don't want to commit for that long a period.

Can I still Refinance If I'm Self Employed? I have an Option ARM mortgage and am afriad of rising rates!?

I JUST started my own business and bought a new house and between the two I'm kinda broke. Started the business about 6 months ago and I've been moved in here now for about 12 weeks now.

First of all, don't worry about your ARM going up unless you are getting close to the adjustment date. If you have a 3-year ARM and you just go it, you have 3 years to not worry. Make sure you understand the terms and dates of your ARM.

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