Monday, March 31, 2008

Credit

Just a little tip about credit. Since mid-October we had been paying a certain amount for the mortgage on our 4 family. One night, just last month, I looked at our statement carefully. I realized we were paying an optional fee that increased the amount by $40. The next day I called to inquire. The representative told me that he had a record that we requested, at closing, that we have this optional fee added to our mortgage payment for disability and unemployment. Quickly, I explained that it was a mistake, because my husband doesn't even believe in warranties. The representative went on to explain how it's helpful to have. He obviously didn't know that every penny eats into investors cash flow. We canceled the "optional fee" and added $40 a month to our cash flow. Lesson learned. Read everything, check your documents, as much as you like a team member...assume nothing.
Take action.

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