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Getting Personal

Getting Personal

About the author

Chris Farrell is the economics editor of Marketplace Money.
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Though you have had many discussions about mortgages, I am always surprised that Chris does not advise people to hire an attorney to represent them when obtaining a mortgage or refinancing it. This is often the biggest financial decision that a person or family makes and one that I believe requires an attorney to protect your interest. When banks say that you don't need an attorney, their attorney will handle it, it's very important to remember that the bank's attorney is protecting the bank's interest first and foremost.

Assuming all investments are the same, is it better to use a Roth IRA as a retirement savings tool or a 401k. I have both, my employer puts in for the 401k and I match 5%, for the Roth I only save $100 per month. My thought is to put the 5% into the Roth and let the 401k be employer funded only. I don't have enough funds to max out both. There would still be more going into the 401k, and my Roth would be about $300, after taxes, per month. Currently I'm 34 and would like to retire at 60 if all goes well.

Thank you.

Someone has probably already brought this up, and in the context of saturday's broadcast, it wasn't a 'question', but one of your call-in guests talked about getting a conventional loan vs. using their VA entitlement. I am a real estate professional in NC, specifically, near Ft. Bragg, and run into this particular misunderstanding active and retired vets have in relationship to this benefit so often. They never 'lose' their entitlement. Upon selling a home that was purchased with a VA backed loan, the entitlement can then be reinstated - the borrower pays a higher fee to 're-use' their loan, but never really 'loses' that benefit.

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