ANCHOR: Taxes, refinancing and where to go for cheap legal advice

ANCHOR: Money and real estate expert Ilyce Glink is here with the answers to your email questions.



I just refinanced my mortgage. I got a 15-year at 6.5 percent, and my monthly payment is $667.  I’d like to prepay the loan. How many years will I shave off by making 2 extra payments per year?

ILYCE: Pre-paying Your Mortgage

15-Year mortgage $100 extra/mo You save 3 years


You recently suggested that everyone prepare a living will and durable power of attorneys. I’ve been doing some research on the Internet, and there seems to be some expense involved in setting these up. I have no assets to speak of, and I do not currently have any relationships with an attorney, and I would like to accomplish this with as minimal an expense as possible. What should I do?

Low-cost legal help * Check with Employer or Tax Advisor * Chicago Bar Association * Stationary store *


My partner and I currently live in a two flat on the north side of Chicago. Our landlord has offered to sell the building to us and we are interested in buying it with another couple.

We are having a hard time getting solid advice on how we should proceed. Forming a condo association for two parties seems unwieldy, but what other option is there?


What important personal finance dates should people be noting on their calendars? There’s April 15, of course, but what others?

Important Dates:

Self-Employed: Jan 15, Apr 15, June 15 and Sept 15
IRA/Roth IRA: December 31, fund by Apr 15
Withholdings: Check by Oct 1
Net worth: Jan 1 and July 1