CLEVELAND, Ohio - Thirty-year mortgage rates that dipped below 3% this summer and have stayed low make this an especially good time to consider refinancing.
This week’s That’s Rich! personal finance column published earlier dug into the refinancing issue and explored how much money can be saved. Check it out at this link: With mortgage rates at historic lows, should you join the rush to refinance?
In case you missed previous That’s Rich! columns, here are other topics covered recently.
* Ohio has $3.2 billion in unclaimed funds; find out if some of that money is yours. The state might be holding money that’s yours form an old bank account, a company refund, a lost paycheck or other source. Here’s a how-to on finding the money.
* Roth retirement plan or traditional IRA and 401(k) plans? Is this the time to adjust your thinking? Pre-tax contributions through traditional 401(k) and IRA plans, knowing that the bill will come due when the money is withdrawn, or paying now but being tax free later with Roth accounts? Whether you choose one or the other, or a mix of the two, a periodic review is a good idea.
* Taking college classes online this fall because of coronavirus? Students can save a lot of money. The state maintains an online tool that shows what classes will transfer for credit between schools. This includes both two-year and four-year colleges. The difference could be a savings of thousands of dollars. In fact, the price difference between Ohio’s public two- and four-year schools averages about $2,600 a semester.
* Does it make sense to pay off your mortgage early? Some things to consider are whether the money would be better used for a 401(K) or IRA, but also the peace of mind that comes with being debt free. Four financial pros from the Greater Cleveland/Akron area offer advice.
* CARES Act makes this ideal time for a student-loan payment checkup - Options to make the best use of the 0%, payment-suspension period offered by the federal government under the coronavirus-relief law known as the CARES Act.
* Coronavirus and taxes: Revised July 15 filing deadline nears; IRS not yet processing paper forms - An explainer on why you’re likely still waiting for your refund if you submitted your tax form months ago on paper.
* What you need to know to get an unemployment check in Ohio - Laid off? Hours reduced? Business slow or gone away if you’re self-employed? A lot of people have become eligible for unemployment checks who never before encountered the system. Here’s what you need to know.
Rich Exner, data analysis editor, writes cleveland.com’s and The Plain Dealer’s personal finance column - That’s Rich! Follow on Twitter @RichExner.
Email questions and suggestions to rexner@cleveland.com. Include your hometown. Let me know if I can publish your name. And to help me sort through the clutter of my email box, try to remember including “That’s Rich!” in the subject of the email.
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