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Chase FreedomSM Cash Visa Signature

Earn 3 Points for every eligible $1 spent1 in purchases at: Grocery Stores, Gas Stations, Quick Service Restaurants.
Earn 1 Point for every $1 spent1 in purchases everywhere else
Get a $50 Check once you've earned $50 in rewards
Save up $200 in rewards and redeem for $250 cash back
Save with 0% APR* for up to 6 months** and No Annual Fee

Take control of your rewards with

Chase FreedomSM.

• Grocery Stores: Stock up on food, household goods and more
  
• Gas Stations: Use your card for fuel, repairs, car washes, and other purchases
  
• Quick Service Restaurants: Rewards add up fast from pizza to hamburgers to tacos - even sandwich shops, coffee houses and more
  
  


• Earn 1 Point for every $1 spent1 in purchases everywhere else
  
• Reward yourself with as few as 1,000 Points
  
• Save with 0% APR* for up to 6 months** and No Annual Fee
  

DID YOU KNOW?

	The 12b-1 fee is the obscurely-named outrage that dings investors in mutual funds so that management can market the fund. In 1980, the mutual fund industry successfully lobbied the SEC to allow this fee with the justification that a larger fund lowers the expenses for everybody. In theory, the logic is right when you take into account the same expenses being spread over a larger pool of assets. However, there are several problems with this thinking: 1) A larger fund does not necessarily become easier to manage. Over the last 25 years, multi-billion dollar mutual funds have become the norm. When I worked for Fidelity in the early 1990's, the largest fund in the world at the time, the famous Fidelity Magellan, was around $25 billion. Even then, concerns had set in that it had become too large to outperform the market. Since then, Magellan's size has been a deterrent. Like a large barge, meaningful changes in its trajectory take too long to implement. Of the funds with in excess of $5 billion, most of them track the S&P 500 minus their outsize fees because that is all they can do. Yet, even these large funds continue to charge the 12b-1 fee. 2) Certainly, if a fund is closed to new investors (which makes the fund easier to manage), the existing shareholders should be relieved of the 12b-1 fee. But, as of November 2003, when the House introduced HR 2420, 139 closed funds still levied the fee. The funds are charging a marketing expense for funds that no longer accept new investors. Huh? Like crack cocaine, fund management firms just became addicted to the stream of poorly disclosed fund fees. 3) A fund is able to call itself "no load" as long as the 12b-1 fee is 25 basis points (.25%) or lower, although many funds charge the max-allowable 100 basis points. In practice, the 12b-1 fee is partially shared with advisers who tout the funds, and the rest is gravy to the fund firm. They do not disclose this fee as part of their management fee, and even obscure the fee in their overall expense ratio. Two thirds of mutual funds charge this fee, and I would bet that few investors know about it. HR 2420, introduced by congressman Mike Castle of Delaware, sought to ban this fee for closed funds only, and even that was stalled in the Senate, despite broad bi-partisan support and backing from the white house.

Buying a home on loan has become comparatively easy. Apart from banks, there are many mortgage companies who are willing to finance your home at competitive rates. Having said this, the process may not be as simple as it sounds. It can be confusing, not to mention the high interest rates you might end up paying if you haven’t got your priorities and facts right.

Borrowing heavily is never a feasible option. So settle for a house that is within your budget. This means that you should keep in mind the amount of down payment and also the monthly payments that you’ll have to make for a number of years. So, first and foremost, you must be realistic about what you can afford. The traditional rule is that your monthly payment should not exceed 29% of your household income.

The next step is to search for an ideal locality, where you can buy a home within your budget. Here, you also need to consider factors like schools for your children, traffic volume and the distance from your workplace. Going through the various classified advertisements in the newspapers can save you driving down various places.

The next step should be to study the various mortgage loan plans available in the market. The three major plans include the 30-year loan program, the 15-year loan program and the adjustable rate loan program. While the 30-year loan program includes 360 monthly payments for 30 years, the 15-year loan program involves 180 monthly installments to be paid over a period of 15 years.

The adjustable rate loan program is different in the sense that the initial interest rate is low, but after a specific period it is adjusted according to the prevalent market rates. Before deciding on any of the options, do a thorough research on the pros and cons of each plan. The adjustable rate program may seem a tempting offer because of the initially low rate of interest, but keep in mind that mortgage rates are rising and will continue to rise and so, once your low interest rate period is over, and the interest rate is adjusted as per market rates, you might end up with a higher rate than you had ever bargained for.

Whichever plan you choose, building a cash cushion is always advisable. This means you should keep a certain amount of money every month to buffer any shock that may arise. After all 15 years or thirty years is a very period of time.