Bernanke Has Refinanced His Mortgage Twice in the Past Two Years

Last updated on March 9th, 2018

When deciding whether you should refinance your mortgage, you may look to your friends, family, and neighbors to see what they’re doing and/or to get advice.

After all, if they’re refinancing, maybe there’s something to it. But when it comes to financial advice, it doesn’t get much better than the Chairman of the Federal Reserve, Ben Bernanke.

Okay, okay, we know, he destroyed the economy and got us in this mess so we shouldn’t believe a word he says, right? Well, that’s up for debate, and that debate won’t take place here.

But the takeaway is that he and the Fed control monetary policy, and thus should have a good idea as to whether mortgage rates will be heading higher or lower.

And so this may explain why Bernanke has refinanced his mortgage twice in the past two years. Yes, two times! That almost makes him a serial refinancer. Well, not really, but it’s pretty awesome.

According to the WSJ, he lives in a rather humble 3-bedroom, 2,100 square-foot home outside Washington D.C recently appraised at $850,000.

He purchased the home for $839,000 all the way back in 2004 and currently holds a $672,000 mortgage.

In case you were wondering, it is indeed a 30-year fixed rate mortgage. Unsurprisingly, there is no adjustable-rate mortgage or option arm for Mr. Bernanke.

At the same time, it doesn’t appear that he’s been all that aggressive in paying off his mortgage. Perhaps he feels his money is better served in another financial instrument.

He Refinanced After “Operation Twist”

Back to those refinances…Bernanke refinanced his mortgage in late 2009, and then shortly after the Fed announced “Operation Twist” this past September.

Put simply, Operation Twist was the shifting of Fed holdings from medium-term bonds to long-term bonds, such as the 10-year bond.

When demand for bonds rise, associated interest rates fall. And these interest rates are tied to mortgages, and thus mortgage rates fell too.

So Bernanke’s second refinance happened around the time the 30-year fixed dipped to its current level of roughly 4% even.

And it has held pretty steady since that time, and likely won’t drop any lower. In other words, it appears as if Bernanke is in a pretty good place with regard to his mortgage.

He has a rock-bottom interest rate and positive home equity, albeit not a lot. But considering how bad things got, he seemed to do okay with his own personal finances.

Hopefully that means things will eventually improve for the economy as a whole, but as we all know, not everyone was so prudent in their decision-making.

Many borrowers pulled cash-out at the height of the market, and now owe much more than their mortgages are worth (underwater).

And probably won’t ever pay the money back, simply because they can’t afford their inflated mortgage payments and/or see no hope in recouping their home’s once sky-high value.

(photo: Medill DC)

About the Author: Colin Robertson

Before creating this blog, Colin worked as an account executive for a wholesale mortgage lender in Los Angeles. He has been writing passionately about mortgages for 15 years.

Source: thetruthaboutmortgage.com

Tips for Helping You Declutter Your Room of Shame

There’s a fun game of cognitive dissonance many of us play when it comes to messes in our apartment. For me, it’s something of an object permanence issue: As a child, I briefly believed that I turned invisible when I closed my eyes, and as an adult, I tend to treat rooms I’m not looking at as a problem for Future Michelle.

Young woman laying in a pile of clothing and shoesYoung woman laying in a pile of clothing and shoes

Take, for example, the spare bedroom in my first apartment. It was going to become an office “once I got around to it,” but in the meantime, I used it as storage – where “storage” translates roughly to “place I put random junk.” This seemed like a sustainable model for maybe a month. I admitted it was a problem at three months, at which point I closed the door and resolved to “dedicate a weekend to it.”

I pretty much ignored the room for the remainder of my lease, thinking of it only when I pushed the door open to toss in some other item for which I had no real use. Each visit back into my spare bedroom filled me with an increasing sense of dread, slightly hampered by a noncommittal promise to myself to declutter it as soon as I could.

Now I live in a much smaller apartment, and every time I agonize over my lack of space, I mentally kick myself for not taking advantage of what I once had. For those who are currently living with a room of shame, there is hope – here’s some advice for getting to the other side of your mess:

Step 1: Admit It

You can’t deal with a problem until you acknowledge it’s there. Maybe you’ve already done this, deep down in your heart, but you’ve been pretending things are fine: They’re not. Things have snuck up on you, and now the room is totally out of control. Admit that it’s time to take back your life.

Step 2: Call in Reinforcements

Even the strongest people can’t take on everything alone. Ask your closest (and least judgmental) friends to help you handle your disaster room. Depending on whether your mess has been in or out of sight, you may need to admit your problem to them as you have to yourself. There’s a good chance they’ll tell you it’s not that bad. They’re probably being polite, but you’ll feel better about it anyway.

If things have gotten completely out of hand, consider hiring a professional organizer. Not only will this person be able to help you declutter the room, but he or she will empower you to avoid clutter in the future.

Step 3: Plan Your Approach

Unless you have a ton of storage space somewhere that you’ve been ignoring in favor of your room of shame, the odds are good you’re going to be throwing a lot of stuff away. Come up with three piles – keep, donate, and toss – and get heartless with your junk. Unless something has serious sentimental value, get rid of it if you haven’t used or looked at it in the last year.

Figure out what you’re going to do with the things you keep. Maybe you already have some designated places for these items that you just haven’t been using. If not, you’ll need to figure out where everything goes – don’t fall into the “I’ll just stick it here” trap that got you into this mess in the first place.

Step 4: Do the Work

It’s easier said than done, I know. Clear a day or two out of your schedule and formally announce that these are the days you’re working. Take pictures of the disaster before you start to clean, and if you’re feeling particularly brave post them online. Adding a caption, “After pic to come,” will give you plenty of motivation to follow through.

You may need to block out additional slots of time after the Big Day to do a finer sorting of your items. For example, you might find a place to put all your random documents and letters when you’re cleaning, but you should also spend some time actually organizing the papers themselves. That said, feel free to post your “after” picture once the room looks great.

Step 5: Bask

Once you’re all done, bask in the glory of your own achievements. Smile at all the comments your friends and family left on your after pic. Invite people over and experience the pure joy of hearing, “Wow, your apartment is so well-organized! I wish mine looked like this.” Sit alone in your apartment and marvel at how much space you suddenly have. This is your time. Enjoy it.

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Source: apartmentguide.com

Living Large in a Small Space

Squeezing your life into a tiny apartment, home, or condo can be a challenge, but you don’t have to sacrifice style or live knee-high in a sea of clutter. No matter how small, a space can be enjoyable and feel spacious with just the right touch. Here are some ways five tips on how to maximize your space, making it feel like home:

Downsize

You don’t have to get rid of everything but going through the process of downsizing can ease the clutter by getting rid of things you don’t really need. You probably did this before moving into your new space, but if you’ve had some time to accumulate more stuff, you may need to revisit it.

Brighten the atmosphere

Choose a crisp, light color scheme for things like curtains, sofa, and throw rugs to make the room feel bigger, brighter and comfy. Avoid darker tones that make a space appear uninviting and small.

Lots of natural light in a space can make it seem larger, too. Changing window treatments, if possible, or simply opening blinds and curtains during the day can make any room more pleasant.

Mirror appeal

Take a page out of restaurant strategy and try hanging up a few mirrors. It gives the illusion of feeling like you’re in a much larger and lighter space, and sometimes the illusion is all you need to feel better.

Style with function

With little space, you can’t give over space to something with just one function. A table with storage underneath or a desk that pulls out from the wall gives you effectively more space to work with. If you’re in a one-bedroom apartment, or even a studio, opting for a sofa bed can be a smart choice if you host guests from out of town. This takes away the need for an extra room and bed, while still being practical for everyday use.

Curtain call

Hang your curtains higher (the higher the better) to give the appearance of higher ceilings. You can also let in more light and make windows look wider by extending a curtain rod by four inches or more on either side of the windows. This will not only give the illusion of more square footage, but allows more light to enter too!

Shelve it

Getting clutter off of the floor can make any space seem bigger. If you’re letting items collect, trying various shelving. For a sleek, modern look, try floating shelves — this helps reduce the mess and keeps things simple. Hang them on your walls for a fashionable look that also leaves you plenty of floor real estate.

Curtain call

Getting clutter off the floor can make any space seem bigger. For a sleek, modern look, try floating shelves — this helps reduce the mess and keeps things simple. Hang them on your walls for a fashionable look that also leaves you plenty of floor real estate. If that’s enough, you might need to get more creative.

Be clever about storage

You still need places to stick your stuff, and a little creativity can get you a lot more space. If your bed frame is off the ground, you can put some boxes and other storage containers underneath it – the same goes for any other furniture with space under it. When you run out of that space, look to hooks and racks that go on the back of your doors. These are especially helpful in closets, where you can get shoe hangers to held more than just shoes, or bathrooms, where you can store what doesn’t fit in your drawers or cabinets. Still not enough space? Some cleverly placed peg boards can convert wall space to storage space, as well as keeping commonly used things in easy reach.

With these tips, take a look around your space and see how you can update! Have more tips to share based on your personal experience? Share in the comments below!

Photo by Stephen Crowley on Unsplash

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Source: apartmentguide.com

Are the Low Mortgage Rates a Home Buyer Trap?

Despite a slight uptick this week, mortgage rates are still pretty much rock bottom, and unarguably at ridiculously low levels.

This has sparked yet another refinance boom, with mortgage application volume rising to its highest point since May 2009, per the latest data dump from the Mortgage Bankers Association.

This is great news for existing homeowners with plenty of home equity looking to refinance to a lower rate. It’s also working out nicely for those who don’t have equity thanks to programs like HARP 2.0.

All in all, it’s a gift to these borrowers who are experiencing some serious monthly mortgage payment relief.

But what about new and prospective home buyers?

Are People Buying Because of the Low Rates?

With rates this low, you have to wonder if it’s all a big trap (whether intentional or not) to lure would-be buyers off the sidelines and into the game.

If you’ve followed the housing market lately, at least in certain regions of the country, such as Los Angeles, homes are speeding into pending status just days after being listed.

In fact, many are pending just one or two days after being listed. It’s looking like a serious seller’s market, though obviously a very unconventional one.

The low rates have increased affordability so much that a new pool of buyers has essentially been created, which has facilitated both standard and short sales.

Again, great news for those who have waited very patiently to sell their homes; many can finally do so!

And perhaps even better for the housing/mortgage market, with seemingly bad loans being replaced with better ones.

Heck, I’m even seeing a ton of flips that are actually selling for a tidy profit. I thought flips were dead?

Reminder of the Homebuyer Tax Credit

But it all seems reminiscent of the boost seen with the now infamous homebuyer tax credit.

That “free money” created a short-lived, yet steep run-up in home prices as first-time home buyers came out in droves.

Just a short time later, it became clear that those who purchased a home did so at a premium, and their tax credit was quickly eclipsed by a larger loss in home value.

If you take a look at this home price chart, you’ll see how the homebuyer tax credit stoked demand, but its effect was clearly fleeting.

In fact, those who purchased before the tax credit expiration were actually worse off compared to those who bought later on.

To bring it all together, home prices were pumped up as a result, similar to what we may be seeing with the record low mortgage rates.

With rates so low, homeowners and their clever real estate agents probably feel they can list their homes for more than they could have six months ago.

And the whole “it’s never been a better time to buy” adage is back.

Economy Still in Disarray

The big problem is that the economy is still a huge mess, with the European crisis hanging over our heads, and domestic unemployment still far from unresolved.

Then there are the millions of homes in the process of foreclosure, or knocking at its door.

So is this artificial stimulus actually going to help the real estate market long-term, or is it just another quick fix with no staying power?

My gut tells me that this recent run-up in prices and virtual 180 in consumer sentiment is bad news.

Getting into a bidding war over a house just months after no one was interested seems really fishy.

Additionally, all these calls of a “housing bottom” are concerning as well. You always have to wonder when every single media outlet (including your local news channel) is claiming that the worst is behind us.

Of course, the low rates have led to lower mortgage payments, even with the recent home price increases factored in.

So there’s some serious power behind those rates. The question is will you be able to buy a home next year at an even better price with a similar (or even lower) interest rate?

Read more: Home prices vs. mortgage rates.

About the Author: Colin Robertson

Before creating this blog, Colin worked as an account executive for a wholesale mortgage lender in Los Angeles. He has been writing passionately about mortgages for 15 years.

Source: thetruthaboutmortgage.com

You May Have Missed the Housing Bottom, But Not the Mortgage Rate Bottom

Posted on May 15th, 2012

Over the past several months, it has become somewhat clear (insert gigantic grain of salt here) that home prices may have bottomed last year, at least in some areas of the country.

While it’s still too early to say so definitively, it looks like some homes were snatched up at rock-bottom prices a year ago.

These same homes are now valued quite a bit higher, and recent comparable sales are backing up the numbers.

Of course, some are also calling it a “mini bubble,” otherwise known as a fake recovery, spurred on in part by the record low mortgage rates.

But only time will tell…

[Tips for first-time home buyers.]

You Missed the Bottom

Perhaps you’re kicking yourself, thinking you could have purchased that same house for a lot less a year ago.

Yep, you were all set to time the bottom, and seemingly out of thin air, it came and went, and you were none the wiser.

How did that happen? You were watching home prices on a weekly basis, looking at recent sales, surveying market conditions. How could you have missed it?

Well, they always say that timing the market bottom is near impossible, partially because you only know it has actually hit bottom when it’s too late.

So did you mess up? Did you miss your chance to get the steal of the century? Not quite.

[Are mortgage rates negotiable?]

Have Mortgage Rates Bottomed?

For much of the first half of 2011, mortgage rates on the popular 30-year fixed stood around 4.75%.

While this may have seemed like the “bottom for mortgage rates,” they now sit around a percentage point lower, which most people would have never guessed in a million years.

That’s right; today you can snag a 30-year fixed for around 3.75%, which is pretty much unheard of.

And who knows, rates could fall even lower over time, though the more they drop, the less upside there is for lower rates.

You certainly shouldn’t bank on rates slipping any lower because then you’re falling into the same “timing the bottom” trap.

All that said, let’s do the math to see what the difference is using a real world scenario, assuming the home buyer is putting 20% down.

2011 Home price: $475,000
2011 Mortgage rate: 4.75%
2011 Mortgage payment: $1982.26
Total interest paid: $333,613.60

2012 Home price: $520,000
2012 Mortgage rate: 3.75%
2012 Mortgage payment: $1926.56
Total interest paid: $277,561.60

Wait just a minute here. Those who missed the housing bottom are actually ending up with a lower mortgage payment?

While not significantly lower, it’s still roughly $50 cheaper each month to buy the same house today, and results in $56,000 in interest savings throughout the life of the loan (yes, the down payment is slightly higher).

Who would have thought that? Turns out you didn’t necessarily miss out, assuming you are financing the deal via a mortgage, which most of us are.

Put simply, even though you may have missed the housing market bottom, whether by choice or accident, waiting may have actually paid off.

Read more: Home prices vs. mortgage rates.

About the Author: Colin Robertson

Before creating this blog, Colin worked as an account executive for a wholesale mortgage lender in Los Angeles. He has been writing passionately about mortgages for 15 years.

Source: thetruthaboutmortgage.com

Valet Waste: How it Works

Confession: the first time I heard of valet trash, I wasn’t overly excited.  Another fee for a thing I can do myself? Seriously? Who needs it!

Fast forward several months later and I can tell you that valet trash is actually one of the most practical advents to modern apartment living.

Related: Most popular apartment amenities

Let me explain. Valet waste removal is exactly what it sounds like. Trash receptacles, generally designed to look attractive or serve a double purpose, are near your door. At my Orlando apartment community, the receptacles are disguised as benches: great for tying shoes, placing shopping bags while we fumble for our keys, etc.   We put our properly bagged trash into the receptacle and POOF! . . . someone makes the garbage disappear.

Valet trash really does feel like magic.

Advantages of Valet Waste

Think about it: unless you live right near your community’s dumpster (and who wants to?), lugging trash is super inconvenient, particularly if you’re on a higher floor. Bags are cumbersome at best and if they break, cleaning up that mess is not something any of us wants to do. With trash valet, those “magic garbage elves” come right to your door to get it. It’s amazing!

Are you eco-conscious? Most valet trash services account for your predilection. Some valet waste services provide separate receptacles, while others might require you to use a different kind of bag (blue plastic, for example) and just put it in the bin.

If you’re living with a roommate, deciding who takes out the garbage can be a real pain in the neck. Valet trash makes it a non-issue! Open door, deposit waste and you’re done. Arguments – over trash, at least – averted.

Here’s a rundown of the many benefits of valet waste services:

  • No need to carry trash up/down stairs, on elevators or down hallways
  • No trash chutes or designated areas where garbage piles up
  • Services are usually included in rent
  • Valet waste collection is available to all residents
  • Contributes to a cleaner apartment community that everyone can enjoy
  • More efficient for property management
  • Regular schedule makes trash collection predictable and convenient
  • Supports recycling and sorting of waste
  • Deters potential snooping through tenant garbage
  • Service valets offer helping hand and extra security on apartment premises during the night

Valet Trash: Things to know

Valet trash fees are generally included in some other monthly bill, whether rent or utility. Some properties will allow you to combine so you’ll only have to make one payment. Also, there are a few basic rules.

  • Know your collection days. Some communities have valets coming up to five days a week, but generally there are off days.
  • There can be rules about the types of bags you can use and how you secure the trash (raccoons are cute, but you don’t want them rummaging around on your third-floor breezeway).

Oh … and if you do live near your community’s dumpster, it might be time to look for a new apartment!

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Source: apartmentguide.com

How to Create a Roommate Cleaning Schedule

Is there anything worse than coming home from a long day at work and seeing the kitchen turned upside down for the third day in a row? Before you throw in the towel, bring up a roommate cleaning schedule in your next house meeting. Assigning specific tasks and building a roommate chore chart can help everyone take more responsibility for their messes.

Showing how you can work together vs. just sending passive-aggressive vibes can help you get along better and keep the apartment clean. It’s all about communication when it comes to roommate compatibility.

Follow these tips to build a roommate chore chart and keep your home clean.

Sync on cleaning habits

Whether you found your roommate through Facebook, a friend or an app, you only got a few minutes to get to know each other before you decided that they were a good fit. You must check compatibility during the interview.

Here are a few questions that can help determine if you have the same cleaning habits, for example.

  1. How often did you do the dishes in your old home?
  2. How did you and your roommate split the deep cleaning of the apartment?
  3. Did you have any altercations about cleaning tasks not being done? How did you resolve them?
  4. If the trash is full, do you walk away or take it out and add a new bag?
  5. How often do you think we should do a deep clean of the apartment?

You’ll see red flags as they talk about their old roommates (this is why references are essential!) and determine if your cleaning personalities sync up.

How to make a cleaning schedule

What exactly does the word “clean” mean to you and your roommate? Determine how often the roommate should do the tasks — daily, weekly, monthly — and how detailed they should go with their task. For example, should someone clean the grout in the shower or wipe all surfaces in the bathroom? Does mopping come into the equation or just sweeping? It’s essential to agree on what “clean” looks like for all roommates.

Assign zones to each person (kitchen, bathroom and living room) and what can be done together (outdoor space). This is a good time to make rules about personal items in shared spaces — don’t leave your laptop or dirty socks in the living room, for example. Your personal things should remain in your bedroom.

Once you’ve made a list of the tasks to complete, it’s time to create the roommate chore chart.

rooommates cleaningrooommates cleaning

Making a roommate chore chart

While there’s no allowance attached to this roommate chore chart like the good old days of childhood, the reward is a clean home and a good relationship with your roommate. We call that a win-win. Here’s how to get started.

Make the chore list together

Pick a Saturday morning, make breakfast together and spend a few hours walking around the apartment. Make a list per room of the cleaning tasks you would like to see done.

For example, in the kitchen, write down taking out the trash, loading the dishwasher, buying cleaning supplies, wiping down the counters and sweeping the floor as items for your chore list. Then do the same for each shared space.

You can keep the bedrooms out of the chore list as they are personal spaces. List everything per room and evenly split tasks between the roommates based on interests and usage. These chore tasks typically are fast and easy to complete on a daily, weekly and monthly basis.

When are the tasks getting done?

Some tasks will happen every day like taking out the trash or doing the dishes and other tasks work well on a weekly basis. Next to each chore task, list how often the task is done. A few examples of timelines:

  • Daily: Empty out the garbage every morning, pick up clutter from shared spaces and load the dishwasher. Pick up as you go is a great way to stay on top of dirty counter spaces, clutter and dishes. Use a dish, put it in the dishwasher immediately after rinsing.
  • Weekly: Take the garbage to the curb, wipe all counters including kitchen and bathroom, sweep and vacuum the floors, clean the toilet and shower and make any lists for the grocery store. Rooms like the living room and bathrooms should be cleaned on a weekly basis to avoid any pile-up of dirt, food or clutter.
  • Monthly: Wash all kitchen towels and couch blankets, replenish any household items that are old and clean out the fridge. The kitchen should be deep cleaned on a monthly basis and it’s best for a team project.

Shell out the assignments

Split chore assignments evenly, so everyone is doing the same or similar amount of work and add their name next to the assignment with a deadline, if applicable. Designate specific tasks to the same person over time, like emptying the garbage daily, to avoid confusion. The roommate should complete this task at the end of each day.

Other tasks like loading the dishwasher need to be completed by the person who didn’t cook dinner or, if you don’t cook dinner together, by the person who made the mess. This way, some of the tasks rotate, especially those that are generally not wanted. Roommates assigned weekly completion tasks can pick a specific weekday, so they don’t all pile up on the weekends.

Before finalizing the assignments, make sure everyone agrees and airs out their grievances to ensure all compromises were met.

Print out the roommate chore chart

Here’s a quick template to use for your roommate chore chart — download the chore chart so you can print it, laminate it and stick it on the fridge for everyone to see your roommate cleaning schedule.

roommate chore chart to create a roommate cleaning scheduleroommate chore chart to create a roommate cleaning schedule

Check-in as time goes on

Once you’ve settled with the roommate cleaning schedule for a few weeks, review it again during your next roommate meeting. If it’s better for you to do the dishes at night and maybe your roommate can take the trash out in the morning, make sure to communicate that. You have a higher probability of sticking with it if it fits your schedule a little more.

Keep the (cleaning) harmony at home

Finding the perfect roommate is genuinely a feat. It’s so hard to get to know a perfect stranger over a short meet-up. But if you communicate your expectations initially, like what cleaning mistakes set you off, you’ll find a better fit for your home.

Refer back to this roommate chore chart when discussing your cleaning schedule and check in with each other as time passes for any needed changes.

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Source: apartmentguide.com

How to Save Money on Printer Ink

They charge a significant mark-up, and you’ll save money buying third party, Freiberger says. There are companies that specialize in selling generic ink cartridges, and Ebay is the best place to find them, says Lou Gimbutis, chief homebuyer with Property Solutions in Charlotte, North Carolina. He says that the five-pack of the cartridges he needs costs more than at a major retailer, but he finds the five-pack on Ebay for to . By buying ink in larger quantities, he pays just over per cartridge.
These ink cartridges are available at a fraction of the cost, Cirignano says. A new set of three color and one black brand-name cartridges costs around 0 for Cirignano’s printer. On Amazon, he purchases a complete set or remanufactured cartridges containing three colors and two of the larger black cartridges for less than with free delivery.
These allow you to buy ink separately and pour the ink inside yourself. This is a messy, DIY project and it’s easy to do it wrong. But if you’re good at DIY and don’t mind making a little mess, this could save you more than 50 percent in printer ink, Freiberger says.
“I believe some printer brands can actually monitor your Internet-connected printer so they can see if you are not adhering to this ink policy,” he says.
Now that so many of us are working from home and buying our own printer ink, we thought it would be a good time to take a deep dive into the world of printer ink costs so you never run dry or at least don’t spend a fortune on ink.

The Essentials about Buying Printer Ink

Source: thepennyhoarder.com

Don’t Buy Ink Directly from Big Brands

Most of the major printer companies now offer subscription-based ink services that are cost-effective depending on your plan. For example, HP offers a plan with a monthly fee to print a specific number of pages per month. The fee includes the ink, shipping and recycling and it rolls over front month to month. If you need to print more pages, you will be billed the same price per page as the base plan. The most popular plan is per month, and it includes ink for 100 pages of printing.
Within the last few years, a few major printer brands (Epson, Canon) have released ink in bottles that may be poured into reusable tanks. These are paired with EcoTank printers, and the ink is considerably less expensive than comparable ink (it’s about 3 cents per black page). The downside is that the actual printer is relatively high so this should only be considered as a way to save money for those who truly print often.
The biggest consideration when it comes to saving money on printer ink is buying the right printer in the first place, says Rex Freiberger, CEO of Gadget Review, a technology and lifestyle publication.

Try Remanufactured Cartridges

In recent years, when many cartridges have added smart-chips embedded within them, there are companies that will offer money for empty cartridges. It’s a win-win, Cirignano says.
“The key to purchasing quality refilled cartridges is to read reviews and to check the ink company’s warranty policy,” he says.
Some printers that have less expensive ink costs include the Brother MFC-J995DW (0 at Best Buy), the Epson EcoTank (0 at Amazon) and the CanonPixma G7020 (0 at Best Buy).

Consider Refill Ink Cartridges

Danielle Braff is a contributor to The Penny Hoarder. Check out her other work here.
Beware though, because many manufacturers require that you use their brand new ink cartridges or else you may void the warranty, says Thomas Cirignano, an author who prints numerous copies of his manuscripts for editing purposes.
Here are our tips on how to save money when loading up your printer with ink.
Printer ink is the most frustrating purchase ever. That’s because printer ink varies in quality and price, and you never seem to know what you should and shouldn’t do (Is refurbished ink okay? Should you stick with the brand name ink? What about subscription services?).

Check Out Subscription Services

“Many of the cheaper printers waste ink and have no option for ink conservation,” Freiberger says. “It’s worth it to invest in a more expensive printer to keep the cost-per-page down.”

There are Also New Print Bottles

Toner cartridges for laser printers are larger and require refilling less often, but the process is time consuming and not always successful. To refill toner cartridges, you must drill a hole in the cartridge, fill it with powder and then re-seal. In both cases, you will typically need a new chip  that your printer recognizes every time you do this, otherwise it will refuse to print.
Still, Gimbutis says that in his experience, ink and toner refills are more trouble than they’re worth. He’s owned a home-based business that relies heavily on direct mail since 2004, so he’s tried just about every way possible to get his printing costs down. Liquid ink cartridges tend to be relatively small, so the frequency of refilling is high per 1,000 pages printed, Gimbutis says.
“It’s also a messy process: The best of intentions often leave stained fingertips, surfaces and sometimes even printers.”