(MONEY Magazine) – Q. I am in the process of refinancing a home loan. Although I locked in a great rate in mid-June that was good for 60 days, it took the lender longer than that to get the appraisal and legal work completed. Now my bank is trying to make me pay a higher rate because it was not able to close the loan in time. What can I do? CHRIS MORELOCK KINGSPORT, TENN.

A. We've been hearing this complaint a lot since interest rates jumped last June. Unless you have a document clearly outlining the details of your rate lock, you're probably out of luck. But the laws governing rate-lock agreements vary widely from state to state. Several states don't have any laws governing rate-lock commitments, while others require lenders to honor the terms of their written agreements--as long as the cause of the delay in closing was clearly their fault. The laws in Tennessee protect consumers from misrepresentations or false promises made by lenders. So if you cannot negotiate with your lender, contact the Tennessee Department of Financial Institutions (DFI) in Nashville at 800-778-4215, or you can file your complaint on the DFI website at state.tn.us/financialinst.

And although this won't help you solve your current problem, keep this advice in mind before you get your next lock: Refinancing tends to take longer than you think, and the paperwork can be cumbersome. So if you are given two different rates for different lock-in periods, don't automatically go for the lower rate, especially if the lock-in time is less than two months. First, ask the lender how long it typically takes to complete the loan process. Then decide what can be realistically accomplished in the lock-in periods offered. As always, get the terms in writing.

TIMING NEW INVESTMENTS

Q. I'm interested in investing in the Vanguard Growth Index fund and the Vanguard Value Index fund. Both funds have net capital losses that are being carried forward from previous years. What are the advantages or disadvantages of investing in mutual funds that have capital losses? I understand that new investors should wait until capital gains are distributed if they plan to invest in a fund at the end of the year, but is this also advisable for investing in funds that are carrying forward losses? SHIRLEY EDGAR SKINNER ROCHESTER, N.Y.

A. Our take is that you needn't wait. Typically, new investors should be patient until capital gains are distributed (usually in December) so they won't be taxed on gains they have not received. However, a fund carrying forward losses may use them to offset any capital gains. In the case of the Vanguard funds you're considering, even if the market were to suddenly make a big turnabout before Dec. 31, says John Woerth of Vanguard, it's doubtful that either one will distribute capital gains this year.

The advantage of investing in a fund with capital losses is that it is likely to be tax efficient going forward because losses can be deferred for up to eight years and used to offset future gains.

SLASHING MORTGAGE COSTS

Q. Last year I got a 30-year fixed jumbo mortgage at 6.25% for $348,000 to purchase my home. My monthly mortgage payment is $2,771. I'm considering enrolling in the Equity Accelerator Mortgage Payment Program offered through my lender. The program will allow me to reduce my mortgage interest by $101,598 over the life of the loan and pay off the entire mortgage in 23 years, simply by deducting $1,388.45 every two weeks from my checking account. Does it make any sense for me to do this? NAME WITHHELD MERRICK, N.Y.

A. Prepaying your mortgage this way will result in making one extra monthly payment a year. If you can afford to dole out this amount of cash, then yes, this may be an ideal way to get rid of this debt quickly. But remember, a mortgage loan is probably your least costly debt and your biggest tax deduction. If you have more expensive debt such as higher-interest credit-card loans, you should pay those off first.

Most programs charge a one-time fee to enroll. A cheaper alternative: Make an extra monthly payment each year on your own for free. You could also just prepay your principal as your budget allows. If you do this diligently, you'll still whittle down your loan in a shorter period of time. In order to compare savings using various payment schedules, use the Homebuyer's Calculator at hsh.com /hbcalc.html.

Here's one more thing to consider: Even if you decide to sell the house before the loan is paid off, you may come out a winner by prepaying your mortgage because not only will you owe less money to the bank, you'll also own more equity in your home.

CALCULATING SOCIAL SECURITY

Q. I decided to be a stay-at-home mom after my former employer eliminated my job. When I received this year's statement from the Social Security Administration, I noticed that the estimate of my future benefits had dropped. Why did this happen? Is there a way to figure out how big the reduction will be if I continue to stay at home? CAROL RITACCA WOODBURY, MINN.

A. Your estimated benefits went down because the Social Security Administration (SSA) calculates future benefits based on the amount of money you earned in recent years, prorated over time. When you retire, Social Security uses the 35 most highly paid years of your entire career to figure out your benefits. The calculation is based on 35, even if you work only 20 years. (Zero is used for the years you earn no income.) Go to ssa.gov/planners to calculate your retirement, disability and survivor benefits. You can explore hypothetical scenarios by plugging in various numbers for salary and retirement dates.

DOTCOM DILEMMA

Q. I have not been able to unsubscribe from a website service (Kiss.com) since January 2003. The problem is that I am being billed even though I haven't used the service. There must be an agency to contact to get this resolved. What do you recommend? I would hate to have my A1 credit ruined over this absurdity. G.T. NEW YORK CITY

A. Organizations such as the Better Business Bureau (bbbonline.org) and TRUSTe.org help resolve online consumer problems for the websites they monitor. A website sometimes pays organizations like these to receive their so-called certification or stamp of approval for policies covering such issues as privacy, spam and subscription concerns. TRUSTe.org certifies Match.com, the owner of Kiss.com, so you should first contact the privacy officer at legal@match.com. If you're still not satisfied, use the Watch-dog Dispute Resolution Process at truste.org.

INSURANCE NO ONE NEEDS

Q. Do I need credit-card insurance in case I lose my job and can't pay my bills? If so, where can I get the best coverage? KAREN MILLER COLUMBUS, OHIO

A. This type of insurance is definitely not a good buy, and for several reasons. The policies are expensive and come with lots of rules and requirements before you qualify for benefits. If you do qualify, the benefits typically make only minimum payments or simply freeze your balance so that the interest does not accrue. Coverage usually lasts for only three to six months. A wiser use of your money is to pay down your bills and make sure you have sufficient disability and life insurance.

PROTECTING YOUR MONEY

Q. I realize that the Federal Deposit Insurance Corporation (FDIC) insures bank accounts for up to $100,000. But is the limit higher for joint accounts? ROBERT BRONFMAN FORT LAUDERDALE

A. No such luck. But the rules are complicated. Federal deposit insurance is not determined on a per-account basis, nor by the number of people who own an account. What's insured is the amount on deposit (generally in checking and savings accounts) owned by a legal entity such as an individual or a couple. The maximum amount that can be insured is $100,000 per legal entity at one bank, and that money can be deposited in one or more accounts.

Deposits owned by different legal entities are separately insured, so you can have more than $100,000 coverage in a single institution. Here's how that works: Say you and your wife have $100,000 in a joint account, and you would like to insure more money at the same bank. You can't simply open another joint account or CD with your wife. Each of you must open individual accounts or joint accounts with other people. Of course, you could also establish an account at another bank. For the record, Congress is considering increasing this limit by as much as $30,000.