Your Financial Guide

Don’t worry about tying your shoes, this footwear will do it for you!

Nike is working toward developing a sneaker featuring an “automatic lacing system,” similar to the one featured in “Back to the Future Part II,” according to documents filed by the company.

The “automatic lacing system provides a set of straps that can be automatically opened and closed to switch between a loosened and tightened position,” the papers state.

The patent was filed in 2009.

An image accompanying the documents reveals what would likely be a high-top sneaker, with straps over the top of the foot, as well as around the ankle.

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A small percentage of American consumers are currently considered underbanked or unbanked, but new reports reveal that this number may grow as more individuals turn their backs on traditional banking.

Following the subprime mortgage crisis, many lenders dramatically tightened their financing practices and standards – a move that continues to this day. Read more…

Determined.

Back when I was getting out of debt, I was the very definition of determined.  I worked hard, extremely hard, to stay on budget, earn extra money, and rapidly pay down my debts.

Once I paid off my debts, I remained determined, and worked hard to fully-fund my emergency fund.  I also worked hard to fund retirement and education savings accounts.  I was motivated, pumped about the progress I had made, and, like I said, determined.

After  couple of years of enjoying the debt-free life, things changed.  I lost a bit of my determination, and a bit of my focus.  I think that this is natural.  Once I reached my major goals, I took a breather, enjoyed some of the benefits of a little extra cash, and kinda relaxed.

Alas, it is now time to breakout ye olde debt reduction mindset and really focus on saving for future purchases.  Why?  Well, at some point, I’m going to need to buy not one, but two, newer automobiles.  We’re also going to need need some newer furniture for the house, and we have lots of plans for the landscaping of the yard.  In other words, there are some pretty big-time purchases that we need to make, in the not-so-distant future, and I need to prepare for them now.

The last thing I want to do is work as hard as I have worked to get out of debt – only to slip up and go right back into it.  I don’t want to simply be debt free – I want to remain debt free, forever.

Side note – Those who are familiar with this site might be asking – “NCN, haven’t you been working hard to remain debt free, already?”  The answer, frankly, is “yes and no”.  On the one hand, I have been saving some money for future purchases, and I’ve continued to live on a budget.  On the other hand, I’ve gotten a little sloppy, not really displaying, in my opinion, the proper degree of intensity.  That, my friends, changes – today.  Rock on.

Following the subprime mortgage crisis, lenders and underwriters have made the criteria for securing financing much more strict and tedious than in the past. However, more analysts are saying that they may be going overboard with the rules, making it too difficult for creditworthy individuals to qualify for a mortgage loan. Read more…

The Federal Reserve has proposed a new rule that may make it easier for prospective homeowners and those looking to refinance shop around before making a commitment.

The proposal, which was part of a 930-page document published mid-month in the Federal Register, would allow consumers to cancel mortgage applications within three days and get refunded for certain costs.

Things like application fees and appraisal fees would be refundable, while credit report fees would not.

Mortgage shoppers would be entitled to refunds if they canceled an application within three business days of receiving key disclosures, including the Good Faith Estimate and Truth in Lending Act statement.

The Fed believes such a rule would help consumers shop for the best deal, instead of being locked in with one mortgage lender for fear of losing any up-front costs.

But many lenders believe the rule will have little effect, as most already wait several days before charging any fees.

Others are concerned it could delay an already backed-up process, as there will be a waiting period before anything is acted upon or ordered.

Although, it’s not uncommon for a loan to be “on hold” until it makes it through underwriting and receives a formal decision.

It’s unclear how the rule would affect mortgage brokers, those who work on behalf of banks directly with consumers.

A recent Bankrate.com study found that mortgage closing costs rose more than 36 percent this year, with loan origination fees rising nearly 25 percent and third-party fees jumping almost 50 percent.