Your Money

By Julie Rawe

PHONE WARS Last week MCI joined Sprint and Qwest in offering 5[cents]-a-minute calling rates, and market leader AT&T may follow suit. Meanwhile, Qwest announced unlimited Internet access and 250 minutes of long-distance calls for $24.95 a month. One caution: Carriers may slip in new fees or hijack your local toll-call service. Read your bill carefully.

Long-distance rates Monthly Company Rate Fee

MCI 5[cents] nights and weekends, 10[cents] days $4.95

AT&T 10[cents] days and nights, 5[cents] Sundays 4.95

Sprint 5[cents] nights, 10[cents] days 5.95

Qwest 5[cents] around the clock 14.95

CUT-RATE MORTGAGE With mortgage rates now topping 8%, potential home-buyers might consider the unconventional: a 30-year loan with an adjustable rate that can only go down. Two lenders, www.servicesavers.com and, in Western states, www.citylinemortgage.com will notify you when prevailing rates drop as little as a quarter to half a point and will automatically refinance your mortgage. Sticking with the same company means you pay no hefty closing costs. You shell out for the new title at City Line and pay zip at Service Savers. To qualify, you need to make timely mortgage payments.

401(K) FUTURES Worried your nest egg won't be big enough? A free online service will forecast the long-term value of your 401(k). After years of consulting for big pension funds, Nobel-prizewinning economist Bill Sharpe packaged his simulation software into the easy-to-use www.financialengines.com If you want to pay $14.95 a quarter, the service will advise you on how to improve your asset allocation. Compare its forecasts with ones from www.fplanauditors.com which uses historical data to evaluate all your assets.

--By Julie Rawe