Kindle Myths and Partial Truths

[ShortNCuddlyAm]

Originally Posted by desertgrandma

Save a tree.......Boycott toilet paper!

And use a pbook instead


(preferably one you already had and have replaced with an ebook)

[daffy4u]

Myth:

Only 6 Kindles can be registered to your Amazon account.

Truth:

Up to 6 Kindles may share content.

I believe the confusion comes from the section on the support page regarding Digital Rights Management.

Digital Rights Management Issues

* Content from the Kindle Store: Most books and other non-subscription items you purchase from the Kindle store may be downloaded for your personal use on to up to six Kindles registered to your Amazon.com account. If you have exceeded your download limit, you must purchase an additional copy of the title. Subscription content can only be downloaded to one Kindle at a time, and only the seven most recent issues will be available for redownload in the Kindle Content Manager or from the Manage Your Kindle page.

After contacting Amazon Customer Service a couple of times, I received this response with clarification (bold added by me).

I have reviewed our previous correspondence and apologize for any frustration you have felt thus far. There is no limit to the number of Kindles that can be registered to a single account. However you will only be able to view a Kindle book from up to 6 Kindles at any given time.

Most books come with a maximum of six licenses, but their are some books that may have less. The amount of licenses a book comes with is determined by the author or publisher who owns the right to the content.

I hope this information answered your question. Our goal is to help you get the most out of your Kindle experience. If you need further assistance, please contact customer support at 1-866-321-8851.

Thank you for choosing Kindle. Enjoy!

[desertgrandma]

Looks great!

[desertgrandma]

Myth:

Amazon will not let you use their gift certificates for Kindles or books.

Truth:

If you receive a GC, go to your Amazon account, click on "apply gift certificate", enter the number on the GC, and hit 'okay'

Any purchases, including Kindles or Kindle books, will be subtracted from the gift certificate balance first.

[HarryT]

Originally Posted by desertgrandma

I would ask where the heck you live except I already know.

Yes, interest payments are falling somewhat, but the banks here seem to be "reluctant" to 'refinance' what they know are bad loans in the first place, even tho they did the loaning AND supposedly there are billions out there they have received! (takes deep breath)

Sorry, are you saying that US banks are not lowering mortgage rates in line with interest rate cuts? My own monthly mortgate payment has fallen by over $500 a month in the last year due to the dramatic lowering of interest rates; that's what I meant when I said that IF you are in work, and you have a mortgage, then falling interest rates should mean that you're much better off than you were.

Sorry - I know that this is way off-topic, but I'd be interested to know the reason why the same thing isn't happening to people in the US!

[pshrynk]

Originally Posted by HarryT

Sorry, are you saying that US banks are not lowering mortgage rates in line with interest rate cuts? My own monthly mortgate payment has fallen by over $500 a month in the last year due to the dramatic lowering of interest rates; that's what I meant when I said that IF you are in work, and you have a mortgage, then falling interest rates should mean that you're much better off than you were.

Sorry - I know that this is way off-topic, but I'd be interested to know the reason why the same thing isn't happening to people in the US!

Somebody's gotta pay for those bonuses! Actually, the yearly adjustment for interest rate will not be coming up for some time for lots of folks with ARM's.

[daffy4u]

Originally Posted by HarryT

Sorry, are you saying that US banks are not lowering mortgage rates in line with interest rate cuts? My own monthly mortgate payment has fallen by over $500 a month in the last year due to the dramatic lowering of interest rates; that's what I meant when I said that IF you are in work, and you have a mortgage, then falling interest rates should mean that you're much better off than you were.

Sorry - I know that this is way off-topic, but I'd be interested to know the reason why the same thing isn't happening to people in the US!

We have to refinance in order to get a lower rate (depending on the type of mortgage you have). My own Mortgage is at a "fixed" rate., so it never changes no matter how interest rates change. If rates are going up, having a fixed mortgage is good. If rates are going down, if you can qualify and the rates are low enough, it's best to refinance.

[HarryT]

Thank you - if rates are only being adjusted once a year, that would explain it. In the UK, the vast majority of people have what are called "variable rate" mortgages, where the rate changes month-on-month to follow the Bank of England's current interest rate, and, at the moment, that's at a historic low (the lowest for over 300 years).

[HarryT]

Originally Posted by daffy4u

We have to refinance in order to get a lower rate (depending on the type of mortgage you have). My own Mortgage is at a "fixed" rate., so it never changes no matter how interest rates change. If rates are going up, having a fixed mortgage is good. If rates are going down, if you can qualify and the rates are low enough, it's best to refinance.

Thank you for explaining that - I didn't know that's the way it worked for you.

Now, back to talking about the Kindle!

[pilotbob]

Originally Posted by HarryT

Sorry - I know that this is way off-topic, but I'd be interested to know the reason why the same thing isn't happening to people in the US!

Well, the answer is, it depends.

First, I'm not sure how it works in the UK, but many mortgages here are "fixed" rate. The rate is set at loan origination and does not change. See about re-fi below.

What you are talking about are ARM's (adjustable rate). Many people do get ARMs and they will adjust. But, usually the adjustment is done 1 time per year. Also, the payment doesn't always adjust with every rate adjustment. So, your rate could adjust every 6 months but your payment only adjusts once a year, or maybe even once every other year.

Also, the adjustment depends on what index the rate is tied to. Sometimes it is t-bills rather than prime lending. t-bill rates get better in a bad economy.

In addition to that, many people get an ARM expecting that their income will rise with the rate. If that doesn't happen you are in trouble.

Also, many ARM's have an intro rate... the first year rate is much lower than the normally indexed rate would be. So, even though the index rate is lower now, people payments still go up when they are out of the intro rate. Alot of mortage problems here were due to loans being approved at the intro rate, which isn't realistic.

The only other way to change the rate is to refinance. If a house is mortagaged to 95% of its value when it is bought and the value of the house goes down 30% or more... then you owe more than the house is worth, no one will refinance it for you.

So, no just because rates are lower now than your current mortgage may be doesn't mean you will be making a lower payment right now.

BOb

[ShortNCuddlyAm]

Originally Posted by pilotbob

Well, the answer is, it depends.

First, I'm not sure how it works in the UK, but many mortgages here are "fixed" rate. The rate is set at loan origination and does not change. See about re-fi below.

In the UK fixed rate mortgages tend to run for a fixed term, then revert to variable rate. But as HarryT said, many people have a variable rate anyway that follows the current interest rate.

[pilotbob]

Originally Posted by ShortNCuddlyAm

In the UK fixed rate mortgages tend to run for a fixed term, then revert to variable rate. But as HarryT said, many people have a variable rate anyway that follows the current interest rate.

Every mortgage here runs for a fixed term...as far as I know.

BOb

[ShortNCuddlyAm]

Originally Posted by pilotbob

Every mortgage here runs for a fixed term...as far as I know.

BOb

My bad, didn't explain that at all well!

OK, in the UK, you borrow x amount for a period of, say 20-30 years. The default will be a variable rate mortgage. However, especially at the start, you may choose to have a fixed rate for a short period - say 3-5 years. Which is what I meant by fixed term

[pilotbob]

Originally Posted by ShortNCuddlyAm

My bad, didn't explain that at all well!

OK, in the UK, you borrow x amount for a period of, say 20-30 years. The default will be a variable rate mortgage. However, especially at the start, you may choose to have a fixed rate for a short period - say 3-5 years. Which is what I meant by fixed term

Yes, that is similar to what I explained with the ARM adjustment terms. Most ARMs that I see advertised are what they call 1/2. Those are the CAP. The first number is how many times a year is can adjust and the second is how far is can adjust. So a 1/2 means it adjust every 1 year and can't adjust up more than 2% points.

We do have all types of mortgage products though. They are basically designed to find something that will meet the underwriting requierments. Basically, do all they can to write the loan. We have hybrids like you mentioned and we also have convertibles which is the opposed of what you said, where it is adjustable and at any time you can lock the current rate as a permanent fixed rate for the rest of the term.

The bottom line is, if people could get lower mortgage payments and stay in the same house, they would!

BOb

[desertgrandma]

'sigh. Newbies will be looking at this site for info........I'm just sayin'.....