August 2023 - Hanover Mortgages

Apache is functioning normally

August 25, 2023 by Brett Tams

Mortgage rate shot up again last week as the bond market continues to grapple with a growing economy in the run up to the next Federal Open Market Committee meeting.

Investors are concerned that the central bank will continue raising the funds rate, pushing borrowing costs even higher. For many, there is worry that the Fed may overtighten on the monetary front and lead to economic damage,” said George Ratiu, chief economist at Keeping Current Matters.

Freddie Mac‘s Primary Mortgage Market Survey, which focuses on conventional and conforming loans with a 20% down payment, shows the 30-year fixed rate averaged 7.23% as of August 24, up from last week’s 7.09%. By contrast, the 30-year fixed-rate mortgage was at 5.55% a year ago at this time.

“This week, the 30-year fixed-rate mortgage reached its highest level since 2001 and indications of ongoing economic strength will likely continue to keep upward pressure on rates in the short-term,” said Sam Khater, Freddie Mac’s chief economist.

Other indices showed even higher mortgage rates.

HousingWire’s Mortgage Rates Center showed Optimal Blue’s 30-year fixed rate for conventional loans at 7.22% on Wednesday, compared to 7.18% the previous week. At Mortgage News Daily on Wednesday, the 30-year fixed rate for conventional loans was 7.36%, up 2 basis points from the previous week.

What does it mean for the housing market ?

Higher borrowing costs are part of today’s overall consumer experience: interest rates on credit cards, auto and personal loans, as well as mortgages, are higher. A strong economy still supports rising wages, allowing many households to mitigate the financial pressures.

However, persistently high mortgage rates pose a significant affordability challenge to buyers and sellers (not to mention the workers of a trillion dollar-plus industry). People adapt to the higher costs using different strategies, observed Ratiu. Some are leveraging high home equity levels, others downsize their budgets or ask their family for cash assistance. In July, 26% of existing homes sold to cash buyers while 7% of new homes sold to cash buyers.

For a majority of people, buying a home still means borrowing money. At today’s rate, the monthly cost to purchase a home totals about $2,400, not including property taxes and insurance, a 17% increase from a year ago.

Home sales have been tracking below last year’s levels and are also more than 20% below 2019 totals, noted Bright MLS Chief Economist Lisa Sturtevant. Higher mortgage rates probably signal “a further contraction in home sales activity,” she added.

“We could see monthly sales fall to 2010 or 2011 levels when the market was recovering from the free fall after the housing bubble.”

However, the big difference between the financial crisis of 2008 is that the current higher-rate environment is not sending home prices down, and other factors have kept inventory close to historic lows. Therefore, sales activity will probably continue to slow in the fall but home prices should decrease only modestly and not homogeneously across all markets.

The combination of high prices and high rates makes single family residential an unattractive investment option currently, said Charles Clinton, CEO at commercial real etate investment platform EquityMultiple.

“This is exacerbated for investors pursuing short term rental strategies, where Airbnb hosts have seen a drop in average revenue,” he added.

What to expect with the Fed ?

When the Fed halted its rate hikes last June, many investors were hopeful that the Central Bank was close to declaring victory. Forecasts were for mortgage rates to begin to decline, perhaps falling to 6% by the end of the year. Now, however, as inflation ticked up, the labor market is still strong and bond yields are rising amidst economic uncertainty, optimism starts to wane.

“Instead of talking about rates falling to 6% this year, the question is how much above 7% are we going to go?” said Sturtevant.

However, the MBA still expects mortgage rates to fall off recent highs later this year. If that were true, it could bring some buyers back into the market, MBA President and CEO Bob Broeksmit said in a statement.

Next week’s reading of the Personal Consumptions Expenditures Price Index will be another strong influence on the Fed’s decision in September.

Additionally, former Federal Reserve Bank of St. Louis President James Bullard told Bloomberg Television that a pickup in economic activity this summer could delay plans for the Fed to wrap up interest-rate increases.

Source: housingwire.com

Apache is functioning normally

August 25, 2023 by Brett Tams

Silversea is a leader in the luxury, small-ship cruising market. These cruises typically appeal to the high-end traveler looking for personalized service, upscale dining and accommodations, access to smaller ports and a top-notch vacation experience.

If you’re in the market for a high-end cruise vacation, here’s everything you need to know about Silversea.

About Silversea

You won’t find waterslides, kids clubs or roller coasters on a Silversea cruise.

Instead, expect an elevated experience designed for those looking for a relaxing yet entertaining sailing. Here are a few key features of Silversea cruises:

Accommodations

Every one of Silversea’s cabins has an ocean view, and they’re all designated as suites with a high space-to-guest ratio. For guests’ needs throughout the cruise, butler service is available in every room.

Some suites are more luxurious — smaller suites only have windows overlooking the ocean, while classic veranda suites and many others come with a balcony.

Some room categories, such as the ultra-luxurious Otium Suite, are exclusive to Silversea’s newest ship, Silver Nova. Others are found across the fleet, although accommodations on board each vessel may differ slightly.

All-inclusive sailings

Many cruise lines charge their passengers a base fare for the trip, allowing them to choose various add-ons — such as beverages, specialty restaurants, internet access and port excursions — for an additional cost.

Silversea does away with this. It advertises an all-inclusive cruise package, which includes everything from shore excursions and alcoholic drinks to butler service and gratuities.

Primary U.S. ports

Silversea ships span the globe, but travelers that don’t want to venture too far from home will find many cruises departing from Fort Lauderdale and San Juan, Puerto Rico. Trips also depart from New York City for destinations in Canada.

Those wishing to depart from the West Coast can set sail from San Francisco or Los Angeles. Ships from these ports travel to the Caribbean, Alaska, Canada and other far-flung destinations.

Where does Silversea sail?

Silversea’s destination map is extensive, with over 900 ports on all seven continents. Sailings are at least six days long, but trips can last several weeks to a month or more.

For those with the time and the money, Silversea offers World Cruises that travel from continent to continent in a global adventure that can take as many as 140 days.

How much does a Silversea cruise cost?

Silversea sailings are no discount venture, but the all-inclusive nature of each cruise adds value.

Meals, drinks, entertainment and onboard special events are all part of the price. The rates vary based on demand, destination and time of year.

There are two types of prices: “door-to-door,” which includes airport transfers and airfare, or “port-to-port,” which is the cruise fare without any transportation to or from the port.

Rates can vary from as low as $2,800 for a seven-day trip from Colombia to Florida to $94,700 for a 125-day expedition cruise from Chile to Norway.

Silversea also offers special fares for single travelers on select excursions, which provides a discount instead of paying the full cost of a double-occupancy cabin.

What is the best Silversea ship?

There are 13 ships in the Silversea fleet — with more scheduled for delivery in the coming years — ranging in size from 51 to 364 cabins. The best ship, however, will depend on the type of sailing you want.

The smallest ships are typically expedition ships that sail itineraries like the Galapagos or Antarctica. For example, the 100-passenger Silver Origin was Silversea’s first purpose-built destination ship, built explicitly for cruising in the Galapagos. It is also the most environmentally-friendly ship built by Silversea.

Another small ship is the Silver Explorer, with a capacity for 144 guests and a strengthened hull to sail in Antarctica and the Arctic safely.

On the other end of the spectrum, you have larger ships such as Silver Spirit, which was renovated in 2018. With space for 608 passengers, it spends much of its time sailing around Europe, the Middle East and the Indian Ocean.

Ships like Silver Spirit look more like cruise ships, with amenities that include larger pools, lounges and plentiful dining options. Expedition ships are smaller by nature and therefore have fewer onboard facilities.

The best Silversea ship depends on the type of traveler you are, the destinations you want to visit, and the amenities you desire.

What is the newest Silversea ship?

Silver Nova is Silversea’s newest ship, with plans to set sail later this summer. It will also be the largest ship in the Silversea fleet, with space for 728 passengers. Coming in 2024 is a second ship of the same size, the Silver Ray.

These ships feature a new asymmetrical design that gives their interiors a more spacious feel. Additionally, they’ll have the largest pools in the Silversea fleet, and every suite will have a balcony.

What’s included in a Silversea cruise

As mentioned above, Silversea advertises its cruises as all-inclusive, and compared to many cruise lines, this is pretty accurate. Here’s what’s included with all Silversea cruises:

24-hour butler service.
Complimentary beverages, including alcohol, around the ship and in minibars.
Gourmet meals, including room service and specialty restaurants.
Gratuities.
Select shore excursions.
Wi-Fi access.
Onboard lectures and entertainment.

Passengers who opt for the door-to-door all-inclusive option will also receive the following:

Private transfers to and from their home airport.
Airfare to and from the port city, including international flights.
Transfers between the ship and the airport.
Overnight hotel stays in the port city on arrival or before returning home, if needed.

A few items are not included in the fare and will incur an additional cost:

Meals or accommodations while on shore.
Some shore excursions.
Reservation fees for select restaurants.
Laundry service.
Personal spa or beauty services.

Silversea loyalty program: Venetian Society

Unlike other cruise loyalty programs, Silversea’s program — the Venetian Society — does not award points. It doesn’t have elite status tiers, either. Instead, members earn “days” based on the length of each sailing. The more days they accrue, the more benefits they can receive.

Here’s what Venetian Society members can expect to receive based on the number of days accrued:

All members. By joining the program and completing your first sailing, you’re eligible for 5% savings on certain upcoming sailings. This can represent great value on expensive cruises, meaning signing up makes sense even if you only plan to sail occasionally.
100+ days. 5% savings on all future door-to-door sailings.
250+ days. 10% savings on all future door-to-door sailings.
350 days. Once you reach this level, you are eligible for one complimentary seven-day sailing.
500 days. Reaching this milestone means enjoying a complimentary 14-day trip.
500+ days. After this landmark, members will receive one complimentary seven-day trip for each additional 150 days they sail.

How to redeem Silversea days

The best part about the Venetian Society is that the benefits are cumulative. It’s not similar to a points program where once you redeem points, your balance gets lower until you earn more. With Venetian Society, you can take advantage of that perk once you hit the next milestone while enjoying previous bonuses.

For example, once you hit 350 days, you are eligible for a complimentary seven-day voyage. But, you can also take 10% off any door-to-door cruises — a perk you receive after reaching 250 days — you book after that.

Frequently asked questions

Does Silversea have free Wi-Fi?

Yes. Like most of its onboard amenities, Silversea cruises include basic Wi-Fi free of charge. Those in upper suites will receive free premium Wi-Fi speeds, and other guests can pay for a faster speed package. The prices vary by sailing and ship.

Is Silversea all-inclusive?

Yes, everything is included in the “port-to-port” fare. Adding airfare and ground transfers is part of the “door-to-door” offering.

How much is the Silversea drink package?

Drinks are included in the all-inclusive fare, so no additional drink package is offered.

Does Silversea require a covid vaccine or test?

No, but some destinations may have their requirements. For example, there may be some destinations or embarkation points where unvaccinated travelers must provide a negative covid test, and vaccinated travelers would have to show proof of receiving the vaccine. All requirements and protocols are subject to change.

(Top photo courtesy of Silversea)

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

Apache is functioning normally

August 25, 2023 by Brett Tams

If you’re new to investing, the idea of getting started can be daunting. After all, you probably don’t have tens of thousands of dollars lying around to build a portfolio and feel like you can’t make much of a difference with the disposable cash you do have.

Luckily, though, you can start your investment journey for a lot less–even if you only have $100 to begin.

The most important part of investing is getting started as early as possible. Rather than waiting until you have a large sum of money saved up, you can get started today and begin growing your savings. Before you know it, you’ll be well on your way to building a healthy portfolio that earns you interest and sets you up for financial success for as little as $100.

Let’s look at a few fun (and low-cost) ways that anyone can start building an investment portfolio today.

Overview: Where and How to Invest $100

Investment Type	Best For
High-yield savings accounts	Emergency funds and money that needs to be accessible
Certificates of deposit (CDs)	Those who don’t need to touch their funds right away
Company retirement accounts	Easy contributions, company matching, and investment diversification
Investment apps	On-the-go recommendations that are easy to access and often free
Robo-advisors	A hands-off approach with a diversified portfolio
Peer-to-peer lending	High risks but also high rewards

1. Start with High-Interest Savings Accounts

The easiest and most flexible way to begin your investment adventure is actually to start saving your money in a high-yield savings account. While your returns will be more limited than they would be on the stock market, it will also be a safer investment–and you can withdraw your funds at any time without penalty.

If you don’t already have a sufficient emergency savings account established (ideally, six months’ worth of expenses), this is a must. Even if you do have some money saved away, a savings account can be a great way to keep a smaller amount of funds safe and secure, yet accessible.

The savings accounts of today won’t earn you as much as they would have ten or twenty years ago. However, there are some online banks offering as much as 1.80% on high-yield savings accounts right now, and the interest rate climbs all the time. This makes them a great introduction to the world of interest-bearing funds.

Some of our favorite banks for high-yield savings accounts include CIT Bank, Ally Bank, and Capital One 360. All three are online banks, charge no fees for savings accounts, and offer some of the highest interest rates on the market today.

Want to see even more of the best interest rates and the banks offering them? Check out our list here.

2. Earn With A CD

If you want your money to grow a bit more than it would with a high-yield savings account but still need the funds to be secure against market drops, then you can look into a certificate of deposit, or CD. These savings vehicles offer a guaranteed rate of return on your investment in exchange for locking your money away for a specified period of time.

As long as you leave the funds alone until the end of the CD term, you will receive your full investment amount plus the agreed-upon interest. It’s a safe, easy way to earn extra cash on your savings!

CDs come in a number of different flavors. For instance, there are CDs ranging in term from as little as three months to as many as five or six years. The longer the term, the higher interest rate you’ll be offered. Plus, many of them have low minimum deposit requirements, meaning that you can get started even if you only have $100 to tuck away.

As long as you know for certain that you won’t need to withdraw your funds early (which usually involves a painful early-withdrawal penalty), putting cash into a CD is a safe and easy way to invest.

3. Invest in Your Retirement Through Work

Interested in tax-advantaged retirement funds that will help you invest in your future? Then look into starting (and fully funding) an IRA in addition to your 401(k), through your employer.

If your employer offers to match contributions toward your 401(k), you should always take advantage of this. Even if you only contribute enough to collect the full employer match, that’s fine; failing to do so is essentially leaving free money on the table, though. Plus, your 401(k) contributions are tax-deductible and will grow over time, providing you with a healthy retirement nest egg for your future.

IRAs are also excellent long-term investment vehicles, primarily for the tax benefits. If you open a traditional IRA, your contributions will be tax-deductible up to the annual maximum. If you qualify for a Roth IRA, your contributions won’t be tax-deductible now, but your withdrawals will be when the time comes to utilize those funds.

Saving for retirement is the second-most-important priority (behind establishing a healthy emergency savings account). Before worrying about building a stock market investment portfolio, be sure that you are setting your older self up for success.

4. Utilize an Investment App

Ready to dabble in the stock market, but don’t quite know where to start? Or maybe you don’t think that you have enough investable funds to warrant a stock brokerage? Well, then an investment app might be the perfect introduction for you and your money.

There are a number of intro-to-investing apps on the market today, but one of our favorites is called Stash. After answering a few questions to determine your investment style (do you want to be super conservative with your money or risk more in order to potentially make more?), Stash will curate the perfect recommendations for you.

To start using Stash, you only need $5, making it one of the most flexible and affordable investment options around. Plus, if your account balance is below $5,000, your monthly service fee for using the app is a single dollar.

Yep, for only $3, you can get curated investment options as well as a wealth of advice and resources. This makes Stash truly ideal for beginner investors who don’t really know where to start or aren’t ready for a financial advisor just yet.

To read our complete review of Stash and learn more about the app, see our write-up here.

Alternatively, Acorns uses your spare change to make thoughtful investments across a diverse portfolio. It starts the process by siphoning off the change from your spending. If you buy a drink for $4.75, the app pays the vendor the correct amount and puts the remaining $0.25 in an account ready for investing.

The app is essentially a robo-advisor that automatically invests money you wouldn’t otherwise miss. Your portfolio can easily be spread across thousands of individual securities using just a small amount of funds. Read more in our Acorns Review.

Related: The Best Investment Apps

Another app we love is Public. Public is unique because it makes the stock market social. You can follow your friends and other investors and have conversations about companies and trends to build your financial literacy over time. There are even a few famous faces on the app, like Girlboss founder Sophia Amoruso, Adobe Chief Product Officer Scott Belsky, and NBA legend, Shaq.

In addition to the social piece, Public offers fractional shares for thousands of public companies and even popular ETFs from Fidelity and BlackRock. This makes it possible to build a portfolio with just $100, because you can invest with dollar amounts (e.g. $1 worth of Amazon stock, if you like).

Public also has a fun Themes tab where you can discover and learn about companies based on your values and interests. The Growing Diversity theme spotlights companies with high marks for diversity and inclusion. Infinity and Beyond curates companies involved in space travel. Made in the USA spotlights companies who support job creation domestically.

You won’t pay any commissions for standard stock and ETF trades with Public. It’s also one of the first free trading apps to announce that it will no longer participate in payment for order flow (PFOF). This decision removes any conflict of interest from its business model. Public also added an optional Tipping feature on trades and hopes that community support will help to offset the revenue it will lose by forgoing the PFOF model.

Read our review of Public

Related: How to Invest in the Stock Market: A Guide

If you’re looking to diversify your portfolio, you could try Masterworks. Masterworks enables you to buy shares in blue-chip artwork pieces by household names like Van Gogh and Andy Warhol. While the value of art is inherently subjective and therefore a high-risk investment blue-chip works like these have historically outperformed the stock market by a significant margin.

Masterworks looks to buy a new work every 1-2 months, and pieces typically sell after 5-10 years, making it a long-term play. Works can only be sold when all owners agree to do so with no owner permitted a greater than 20 percent share, so as not to give them undue influence. As such, it is an illiquid asset, but long-term value investing is no bad strategy.

Aside from shared ownership of blue-chip art, Masterworks big innovation is using blockchain to both reliably value the art, and maintain accurate ownership records of all pieces. Plus, they’re planning to open a free-to-access gallery where you can visit your investment.

Read our full review of Masterworks or visit Masterworks.

SEE IMPORTANT INFORMATION HERE.

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5. Robo-Advisors Might Be the Answer

There is a growing number of robo-advisors on the market today, most of which offer you automated investment options for an affordable price tag. This makes them a great option for beginners or hands-off investors who want their money to grow without constant oversight.

Companies like Betterment offer easy-to-use platforms that make investing as simple as using a savings account. Simply add the money you want to invest (as much or as little as you can afford each month) to your account and watch Betterment work its magic by investing your funds in ETFs (exchange traded funds).

Robo-advisors will help you rebalance your portfolio over time, can reinvest your dividends, and will even help you with tax-loss harvesting. The fees are a bit higher than you would find if you invested your funds directly with a company, but the added expense may be well worth it to you for the convenience of a hands-off approach.

You can also opt for a robo-advisor such as Ally Invest or M1. Ally’s trading platform is free for stocks and ETF’s, and charges less than $10 per trade for mutual funds. With M1, there are no fees to worry about as long as you meet low investment minimums on the platform.

6. Check Out Peer-to-Peer Lending

Looking for a quick return on your funds, whether you’re investing $25 or $2,500? Then look into peer-to-peer lending.

Platforms like Lending Club and Prosper allow approved investors to put up funds in denominations as low as $25. You’ll be able to choose the peer loans that you’re most interested in, lending money directly to borrowers and enjoying return rates ranging from 5% to as high as 33% in some cases.

Peer-to-peer (P2P) lending comes with additional risks, but with great risk comes great rewards namely in the form of interest rates higher than you’re guaranteed to find elsewhere.

FAQs

Curious how you can grow your investments if you’re starting out with only $100? Here are a few common questions from others who are just as curious.

How much interest will I earn on $100?

It’s impossible to say how much interest you can earn from $100 because there are a few key variables in play. First, it’ll depend on where you put that money — are you investing it in the stock market or letting it sit in a savings account? Then, it’ll depend on the timeframe — are you interested in how much that money will grow in a year or where it’ll stand come retirement? Just for perspective, though: if you had bought $100 worth of Amazon shares in 1997, you’d have enjoyed more than a $120,000 growth in value by 2018. On the other hand, if you put that $100 in a high-yield savings account today, you could earn a few extra bucks by year’s end.

How should I invest $100 to make $10k?

Again, where are you investing and how much risk are you willing to take on? The riskier the investment, the faster and more aggressive the growth. Short of perfectly timing a surprise stock or buying a winning lottery ticket, turning $100 into $10,000 will take some time. If you’re determined to grow a $100 investment to $10,000, though, you may want to consider high-risk stocks or something like peer-to-peer lending.

How can I invest $100 wisely?

The wisest investment is the one you can best live with. If you don’t really have $100 to spare in the first place, investing it in a mutual fund probably isn’t wise. If you can’t afford to lose that money, using a p2p platform to offer loans with it also isn’t wise. If you can comfortably take on that risk, though, go for it. Otherwise, wise investments include savings accounts and CDs, and you’ll want to be sure to calculate how long you realistically want to invest those funds.

What’s the best way to invest $100 short term?

If you need your money available sooner rather than later, you’ll be trading off growth for convenience. With that said, short-term investments may be the best choice for those who just want to earn a little extra money and then have their funds available when they need them. This means putting it away in a CD with a smaller time frame or letting it grow in a savings account.

Bottom Line

Investing doesn’t only mean spending tens of thousands of dollars on stocks and building a Wall Street portfolio. It simply means making your money work for you, and you can get started for as little as a few bucks.

There are plenty of options to begin building your first portfolio, letting your money earn interest and grow over time. Whether you choose a high-yield savings account or go the high-risk/high-return route of the stock market, the important thing is to start early.

Also read: What to Do with Your Money When Interest Rates Are Low

Be sure to also watch your progress over time, too, and revisit whether you are making efforts in the right places. No, you don’t need to watch your investments daily or obsess over normal market fluctuations. However, using a platform like Empower to track not only your investments and savings accounts but overall net worth can be invaluable along the way.

(Personal Capital is now Empower)

Read More:

Source: doughroller.net

Apache is functioning normally

August 25, 2023 by Brett Tams

Brokerages often have promotions for new account sign ups. Most also have commission free trades and a full spectrum of investment options.

Depending on how much you have to invest you could get a bonus up to $10,000.

Best Brokerage Promotions

M1 Finance – Earn Up to $10,000

M1 Finance will give you up to $10,000 for opening an investment account. Your bonus amount depends on the amount you deposit.

A deposit of $50,000 – $249,999 will get you a bonus of $250
A deposit of $250,000 – $499,999 will get you a bonus of $1,000
A deposit of $500,000 – $999,999 will get you a bonus of $2,000
A deposit of $1,000,000 – $1,999,999 will get you a bonus of $4,000
A deposit of $2,000,000+ will get you a bonus of $10,000

Unlike a lot of brokers on this list, retirement accounts are not included in this promotion.

M1 Finance uses preset portfolios known as “pies.” You can choose premade pies or you can set up your own. Each investment of the pie is set a percentage of your portfolio and as investments are made to the account they are distributed based on asset allocation. So, if one of your “slices” is less than the preset your new investment will buy more of that slice to bring it up to its appropriate percentage allocation.

Offer ends 3/31/2023

Get started with M1 Finance here. Or read our full review of M1 Finance.

E*trade – Earn Up to $3,500

With E*Trade new customers can earn up to $3,500 depending on how much you have to deposit. To qualify, you must make the deposit within 60 days of opening the account and use promo code BONUS23.

A deposit of $5,000 – $19,999 will get you a bonus of $50
A deposit of $20,000 – $49,999 will get you a bonus of $100
A deposit of $50,000 – $99,999 will get you a bonus of $200
A deposit of $100,000 – $199,999 will get you a bonus of $300
A deposit of $200,000 – $499,999 will get you a bonus of $600
A deposit of $500,000 – $999,999 will get you a bonus of $1,200
A deposit of $1,000,000 – $1,499,999 will get you a bonus of $2,500
A deposit of $1,500,000+ will get you a bonus of $3,500

Existing customers can also get in on the action.

A deposit of $500,000 – $999,999 will get you a bonus of $600

E*Trade doesn’t have any account minimums to open or account maintenance fees. They also have $0 commissions for online domestic stocks, ETFs, and mutual funds. There is a fee for options that is between 50 and 65 cents depending on your trading volume. Bonds are $1 and futures are $1.50.

Offer ends 4/18/2023

Get started with E*Trade here. Or read our full review of E*Trade.

Charles Schwab – Earn Up to $1,000

Charles Schwab will give you up to $1,000 for opening a new investing account. The catch is that you’ll need to be referred to Schwab by a current client. If you know someone who is already using Schwab they will need to send you a link you can use that will qualify you for the bonus.

Also, how big your bonus will be depends on how much you deposit into the account.

A deposit of $25,000 – $49,999 will get you a bonus of $100
A deposit of $50,000 – $99,999 will get you a bonus of $300
A deposit of $100,000 – $499,999 will get you a bonus of $500
A deposit of $500,000+ will get you a bonus of $1,000

To receive the offer you will need to make the deposit to the account within 45 days of account opening.

Charles Schwab has $0 commission online trades for stocks and ETFs. Options are 65 cents per contract. There are no account minimums to open but you’ll need to deposit at least $25,000 to receive a bonus.

Get started with Charles Schwab here. Or read our full review of Charles Schwab.

JP Morgan Self-Directed Investing – Earn Up to $700

You can get up to $700 by opening a self-directed brokerage account with JP Morgan. How much you’ll receive depends on how much you deposit into the account:

A deposit of $10,000 – $24,999 will get you a bonus of $50
A deposit of $25,000 – $99,999 will get you a bonus of $150
A deposit of $100,000 – $249,999 will get you a bonus of $325
A deposit of $250,000+ will get you a bonus of $700

You will have to fund the account within 45 days of opening and keep the account funded for 90 days to qualify. The money needs to be “new” to JP Morgan and Chase to qualify.

You can open a taxable investment account or either a Traditional or Roth IRA.

JP Morgan offers commission-free online trades and a wide variety of investments including stocks, ETFs, mutual funds. They also offer options which are charged 65 cents per contract.

Offer ends 4/13/2023

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Get started with JP Morgan here.

Merrill Edge – Earn Up to $600

At Merrill Edge you can get up to $600 by opening a new self-directed brokerage account or IRA. The amount of your bonus depends on how much you deposit into the account.

A deposit of $20,000 – $49,999 will get you a bonus of $100
A deposit of $50,000 – $99,999 will get you a bonus of $150
A deposit of $100,000 – $199,999 will get you a bonus of $250
A deposit of $200,000+ will get you a bonus of $600

To receive your bonus, you’ll need to make your deposit within 45 days of account opening and then maintain that balance for at least 90 days. The money you deposit has to be “new” money to Merrill Edge which includes money that is currently with Bank of America or a 401(k) that is currently managed by Merrill Edge.

Merrill Edge has $0 stock and ETF trades. Options are 65 cents per contract.

Also, funds in your Merrill Edge account go towards your status as a Bank of America Preferred Rewards member, which gives you preferred pricing on many of their products. You can learn more about the Preferred Rewards program here.

Get started with Merrill Edge here. Or read our full review of Merrill Edge.

Fidelity Investments – Earn $100

With the Fidelity you can earn $100 just by depositing $50 within 15 days of opening the account. Use code FIDELITY100 when signing up to qualify.

There are five account options included in this promotion.

The Fidelity Account

The Fidelity Account is Fidelity’s brokerage account. There are $0 commissions for online US stock, ETF, and option trades.

Investment choices include both domestic and international stocks, ETFs, options, over 3,700 mutual funds, bonds, CDs, and precious metals. It even allows margin borrowing and extended trading hours.

The vast majority of Fidelity’s mutual funds do not have any transaction fees and they even offer a few funds that have no fees at all, not even management fees. These fee-free funds are called Fidelity ZERO funds.

You can also buy fractional shares in your brokerage account. This is a great feature for those who want to own a piece of a company but don’t have the funds to buy a whole share.

Fidelity Cash Management Account

The Fidelity Cash Management Account works similar to a checking account but it keeps the funds in your Fidelity account for easy access when you are ready to invest.

Your funds are FDIC insured and you can access them all the ways you would normally use your money in checking account, including debit card, online bill pay, paper checks, and online transfers.

Your balance also earns a competitive interest rate so it will work as a savings account as well.

Fidelity Starter Pack

The Fidelity Starter Pack comes with both The Fidelity Account and the Fidelity Cash Management Account.

Neither account has fees or minimum balances to open, keep in mind to get the $100 bonus you’ll need to deposit $50 within the first 15 days.

In the brokerage account there are $0 commission for online US stock, ETF, and option trades. The cash management account is similar to a checking account, the cash is available for easy investing but it is also available for easy spending and is FDIC insured.

Traditional and Roth IRAs

Both Traditional and Roth IRA’s also qualify for the $100 promotion. These are both retirement accounts, but they are taxed slightly differently. When you make contributions to a Roth you contribute after tax money, meaning you don’t get a tax break when you contribute, but you can make tax free withdrawals. So, your money grows tax free.

With a Traditional IRA you make pre-tax contributions but are taxed on all the money when you withdraw in retirement.

Within these accounts you will have access to the full suite of investments offered through Fidelity.

Here’s more information about how IRAs work.

Get started with Fidelity here. Or read our full review of Fidelity here.

Webull – Earn Up to 12 Free Fractional Shares

You can earn two free fractional shares just by opening a Webull brokerage account. Then deposit any amount of money into the account for an additional ten free fractional shares.

Which shares you get will be determined at random, but all companies are listed on the NYSE or NASDAQ and have at least $20 billion capitalization and have share prices between $3 and $3,000. You will most likely receive between $3 and $30 worth of stock. Once the shares are issued you have 30 days to claim them.

Webull offers commission-free trades and no minimum deposit is required to open an account – although you will need to make a deposit to qualify for your bonus. They offer fractional shares, crypto, ETFs, options, OTC, and paper trading.

Offer ends 3/31/2023.

Get started with Webull here. Or read our full Webull review.

Robinhood – Earn Up to $200 in Free Stock (But Probably $5)

With Robinhood you can earn a free stock by opening an investment account and linking your bank account.

Once you are set up you will receive a “specified amount” that you can use to choose a fractional share of from a list of 20 S&P 500 companies. Your bonus amount will range between $5 and $200 — but most likely between $5 and $10.

New Robinhood customers are eligible, but existing customers can also claim the bonus if they refer a new customer to Robinhood. You can sell the free stock after three days but you can’t withdraw the cash for 30 days. You can use it to reinvest in something else if you’d like.

Robinhood’s key feature is no fees. They don’t even have fees on options which most brokerages charge for. Robinhood offers stocks, ETFs, crypto, and trading on margin.

Get started with Robinhood here. Or read our full review of Robinhood.

Betterment – Up to One Year Free

Betterment is a popular robo advisor offering up to one year free depending on how much you deposit into your new account.

A deposit of $15,000 – $99,000 will get you 1 month free
A deposit of $100,000 – $249,999 will get you a bonus of 6 months free
A deposit of $250,000 will get you a bonus of 1 year free

You must deposit the funds within one month of account opening; does not apply to crypto.

So, in order to get the full year free, you have to deposit at least $250,000 to your account. However, that’s a substantial savings when you consider even the 0.25% annual management fee.

Get started with Betterment here. Or read our full review of Betterment.

What is a Brokerage Account?

A brokerage account is a type of investment account that allows individuals to buy and sell various securities, such as stocks, bonds, mutual funds, exchange-traded funds (ETFs), options, and more. The account is managed by a brokerage firm or financial institution, which acts as an intermediary between the investor and the securities markets.

When an investor opens a brokerage account, they deposit funds into the account, which they can then use to buy securities. The brokerage firm will typically charge fees for each transaction made in the account, which can include commissions, fees for account maintenance, and other charges.

Brokerage accounts can offer a range of features and benefits depending on the firm or institution that manages them. For example, some accounts may provide access to research and analysis tools to help investors make informed investment decisions, while others may offer margin trading, which allows investors to borrow funds to make larger trades.

How to Choose a Brokerage Firm

Choosing a brokerage firm or platform that meets your needs can be an important decision when it comes to managing your investments. Here are some factors to consider when choosing a brokerage firm or platform:

Fees: Look for a firm that charges competitive fees for trades, account maintenance, and other services. Some firms may offer commission-free trades, which can be an attractive option for frequent traders.
Investment products: Consider the range of investment products offered by the firm, including stocks, bonds, ETFs, mutual funds, and other securities. Make sure the firm offers the products you want to invest in.
Research and tools: Look for a firm that provides access to research and analysis tools to help you make informed investment decisions. These tools may include market data, stock analysis, financial news, and more.
Trading platform: Consider the trading platform provided by the firm, including its ease of use, features, and functionality. Some platforms may offer advanced tools and customization options, while others may be more streamlined and user-friendly.
Customer support: Look for a firm that provides responsive and helpful customer support, whether it’s through phone, email, or live chat. Make sure the firm has a good reputation for resolving issues quickly and efficiently.
Security: Consider the security measures taken by the firm to protect your account and personal information, such as two-factor authentication, encryption, and other security features.

All the platforms in this article are reputable, safe, and have low fees.

What is the Minimum Deposit to Open a Brokerage Account?

The minimum deposit required to open a brokerage account can vary depending on the brokerage firm or platform you choose. Some firms may not require a minimum deposit at all, while others may require several thousand dollars or more.

In general, discount brokers and online platforms tend to have lower minimum deposit requirements than full-service brokers.

Also, keep in mind that to receive the brokerage account bonus, you will have to meet the minimum deposit requirements. While there may not a minimum deposit required to open the account, there will be one to qualify for the bonus.

Are Brokerage Account Bonuses Taxable?

Yes, brokerage account bonuses are generally considered taxable income and must be reported on your tax return. Make sure to consult with a tax professional to understand the tax implications of any brokerage account bonuses you receive.

Final Thoughts

Choosing a place to invest your money is going to depend on a variety of factors including how much money you have to invest, how much investing experience you have and the type of investments you are looking for. You want to make sure your choice is the best fit for your financial situation so be sure to check out our list of Best Online Discount Brokers for 2023 for additional options.

Source: doughroller.net

Apache is functioning normally

August 25, 2023 by Brett Tams

“[This securitization] builds upon the positive momentum of June’s AOMT 2023-4 securitization, the earnings impact of which had not yet been demonstrated in our Q2 results,” said Sreeni Prabhu, president and CEO of Angel Oak Mortgage REIT. “Between these two securitizations, we have released over $45 million in capital for new loan purchases and reduced … [Read more…]

Apache is functioning normally

August 25, 2023 by Brett Tams

If you’re a home buyer in today’s market, there’s a bit of good news: an influx of new construction. In response to the low levels of existing home inventory, residential builders are working to meet demand. In June 2023, new home sales in the U. S. made up 14.35 percent of total home sales, according to the National Association of Home Builders (NAHB) — an increase of 4.46 percent year-over-year.

On top of building the home, a residential developer often can help you buy it, too. Called home builder financing or preferred lending, getting a mortgage this way can mean a speedier closing, discounts and special perks for borrowers. However, it can also result in higher interest rates, more stringent qualifications and potentially more expensive loans overall.

So is it a good idea to finance your home purchase through a construction company? Here’s how borrowing from a builder works, and what you should know before filling out any applications.

What is home builder financing?

Home builder financing simply means a mortgage for a newly built home that’s offered through the construction company or developer. Some of the largest firms have their own standalone home-financing arm: National builder Toll Brothers, for example, provides loans through its subsidiary, Toll Brothers Mortgage Company. Other builders have ongoing partnerships/arrangements with independent mortgage companies or banks, known as their “preferred lenders.”

This can be a mutually beneficial relationship. However, to ensure there are no conflicts of interest, lenders must closely follow the terms of the Real Estate Settlement Procedures Act (RESPA), which dictates that they cannot legally receive kickbacks, referral fees or other unearned fees from the builder — or bestow them, either.

Home builder financing requirements

If you’re buying a production or a spec house — a move-in ready home built in a development before there’s a buyer — qualifying for a loan with a preferred lender is similar to getting a mortgage from any lender. You’ll likely be able to choose between a variety of financing products such as a conventional loan or FHA loan. These kinds of mortgages typically require a minimum down payment of 3 to 5 percent and a credit score of at least 620 (for conventional) or 580 (FHA). Some lenders even offer jumbo or other non-conforming loans.

If you aim to have a home custom-built, financing can be more complicated. You’ll need to get a construction loan (either independently or through a preferred lender), which can have stricter requirements, as well as higher fees. You’ll generally need a 20 percent down payment and a credit score of 680 for this sort of financing, though the terms can vary by lender.

Home builder financing deals

To encourage borrowers to use their financing, home builders often offer deals. In fact, nowadays “we are seeing incentives of some sort in most new construction developments,” says Patty Zuzek, real estate broker at Fieldstone Real Estate Specialists and vice president of sales and marketing for Fieldstone Family Homes in Minnesota. Through these deals, home buyers may be able to increase their buying power by financing through the home builder.

Home Equity

Bankrate insights

In August 2023, 55% of builders provided incentives to bolster sales, up from 43% in 2022, according to the National Association of Home Builders (NAHB). A quarter of builders (25%) reduced their home prices, by 6% on average.

Financing incentives

Special offers may include upgrades for the home (like better appliances) or downgrades of the home price, a credit towards closing costs or a discount on the mortgage rate. The particular incentives the builder (or their preferred lender) offers are dependent on the type of construction and financing, according to Zuzek. For instance, a borrower going with a preferred lender’s FHA loan to buy a new home in an existing development will be offered different incentives than someone financing a custom-build on their own lot.

Mortgage rate buydowns

Home builder incentives are also highly market-driven, Zuzek says. For example, home builders are responding to current high interest rates by offering a mortgage rate buydown on new construction if you go with their preferred lender. Mortgage rate buydowns — also known as temporary buydowns — are discounts on loan interest rates. They involve the builder, lender and/or buyer paying upfront to knock percentage points off the interest rate for the first one to three years.

Mortgage 30 Year

Bankrate insights

One common type of temporary buydown is the 2/1 buydown, which lowers the borrower’s rate by 2 percent for the first year, then by 1 percent for the second year. For example, say you take out a 30-year mortgage with a rate of 7.25 percent and have a 2/1 buydown. The first year, your rate will be 5.25 percent, the second year it will be 6.25 percent and the third year it will be 7.25 percent, where it will remain for the rest of the loan.

To get a buydown, “depending on which builder you work with, you’ll need to work with their preferred lender and their preferred title company,” says Zuzek. That’s because the lender pays for some portion of the buydown. Aspects like the borrower’s credit score and what type of mortgage they’re using will affect whether they’re offered a temporary buydown, she adds.

A temporary buydown can be a good option, but you need to be aware of the risk when the rate resets. “In general, buydown loans tend to end up at a much higher rate than what you’re going to get for a straight fixed ,” says Jeff Lazerson, President of Mortgage Grader, a mortgage brokerage in Laguna Niguel, California.

Still, they can be a shrewd move when mortgage rates are rising. “Right now the timing might not be too bad, as long as it’s a lender or builder-paid buydown,” Lazerson says. If mortgage rates fall in the next year or two, the buyer could refinance to a better rate after the buydown ends, he adds.

The pros of borrowing from a builder

1. Good interest rates

A big reason a borrower should consider borrowing home builder financing: cheaper loans. Pulte, for instance, is one of the nation’s largest home builders with their own mortgage company — Pulte Mortgage. As of this writing, Pulte is offering a 30-year fixed rate mortgage with an interest rate of 5.5 percent and an annual percentage rate (APR) of 5.69 percent. That interest rate is 1.62 percent below the current national average.

2. Home upgrades

One benefit of working with a preferred lender is you may be able to more easily upgrade the home. “The builders will allow you to finance improvements into the loan,” says Lazerson. The best reason to go with builder financing is when you want a significant amount of extras or customized features — such as top-of-the-line kitchen appliances or specialty flooring — but don’t have the money, according to Lazerson.

Because builders can pay for materials and labor at a reduced rate, the upgrade could be negotiable if you go with their preferred lender. You could get a better deal on a mortgage with an independent lender, but you’ll have to pay out of pocket for your own upgrades or take out a home renovation loan.

3. Streamlined mortgage process

Since builders work closely with a specific lender (or they’re owned by the same parent company), they can have more confidence that the loan will close if the borrower is approved. Builders don’t want to have a sale fall through at the last minute due to a hiccup in underwriting.

Every extra day they keep a finished home on their books is costing them, not only in taxes and maintenance, but in opportunity cost as well. With a preferred lender, the lender and the builder have strong reasons for the process to go smoothly. The builder benefits from selling the house and the lender benefits from the continued referral business. And of course, you the buyer could benefit from a faster and easier closing. It’s not guaranteed that you’ll get approved, of course, but your relationship with the builder certainly won’t hurt.

The cons of borrowing from a builder

1. Higher fees and costs

Going with a builder’s preferred lender can cost you more than going with an independent lender. “When you’re having to split your profits three ways — between the mortgage company, the builder and the loan officer — you just mark up the loan more because everyone’s got to get paid,” Lazerson says. That means a higher interest rate (after a buydown ends) and more fees.

Also note: for using their preferred lender, builders may throw upgrades like nicer flooring in for free. But, what they don’t tell you is that they inflate the value of these perks, according to Lazerson. “I don’t remember one time that a builder deal was cheaper than what the consumer could get through the mortgage broker,” he adds.

2. Stricter qualifications

To take advantage of some financing deals, you may have to meet stricter guidelines. For example, Pulte’s advertised APR of 5.69 (mentioned above) isn’t for everyone. The minimum credit score is 780 and you have to put at least 20 percent down. This rate is based on purchasing a $500,000 home. That means a minimum $100,000 down payment. The national median down payment for Q1 of 2023 was $24,100, according to Realtor.com. So, to qualify for this specific reduced APR, you’ll need to make a down payment that’s four times the national median down payment.

3. Limited choices

If you want to get discounts or other benefits from financing through a builder, you may be limited in the house you can buy. Obviously, it’s got to be one of the developer’s — and not all builders and lenders work in every area. Also, with some builders and preferred lenders, the discounts their offering may only apply to already-built homes in specific communities. If you want a different house or a different location, the discount may not work for you.

Should you use home builder financing?

It’s important to know that builders can’t require you to use their preferred lender. It’s just another option for buyers. “Asking the correct questions to the lender and the builder is really important,” says Zuzek. You want to know what to expect in terms of timeline, discounts and fees. And read the fine print on any and all incentives.

And, while going the preferred-lender route is certainly convenient — like getting an auto loan at the car dealership — studies show that shopping around saves money for mortgage-hunters. You should compare new construction mortgage rates from three different lenders, at least.

That way you’ll be able to make an educated decision as to whether the builder’s loan offer, with all its enticing incentives, is the best way to finance your new home.

Source: bankrate.com

Apache is functioning normally

August 25, 2023 by Brett Tams

“The first few years, my children were still young and under 16, so I did not do it full time,” she said. “I would do a loan for family members, but not go out marketing myself as fully doing the job. It took me probably two or three years.” Broumand noted she didn’t get into … [Read more…]

Apache is functioning normally

August 25, 2023 by Brett Tams

“Then came the advent of technology like LP and DU, which changed the game. I vividly remember spending around six hours trying to figure out how to run LP for the first time. Eventually, automation kicked in, and that’s when technology started to make its mark in our industry. In 2001, I graduated with a degree in finance and transitioned from the back end to the front end, and my brother gave me a real challenge – handling all the manufactured home packages. It was a steep learning curve, but I tackled it head-on.”

However, Volpe’s journey isn’t just defined by technological shifts; it’s a story intertwined with market turbulence and resilience. The seismic events of 9/11 and the 2008 market crash cast their shadows, adding layers of complexity to his narrative.

“When the financial crisis hit, it was a tough time for the industry. However, we weathered the storm because we didn’t focus on risky loans like many others did,” he said, revealing the mindset that carried them through the market chaos. “Our approach during that was pretty lean and focused.”

The allure of stated-income subprime loans held little appeal for Volpe’s team. Instead, they embraced a strategy of one loan at a time, minimizing risk and ensuring their longevity even as others faltered.

“Had we chosen that route, we might not have survived,” he said. “Many companies went under because they had a plethora of loans tied up in warehouse lines without investors to support them. Despite the challenges, our team, which we humorously dubbed the ‘bulky team,’ remained the top originating team in Arizona and even among all loan officers nationwide during those years. It was a period of keeping our heads down, finding innovative solutions, and continuing to assist clients.”

Source: mpamag.com

Apache is functioning normally

August 25, 2023 by Brett Tams

The co-owners of a Yakima-based online business offering home décor, gifts and other hosting and kitchen items have opened a brick-and-mortar location in Glenwood Square.

Lexi Borton and Morgan Robinson began their online Table Envy “tablescape” rental business in 2020, just as the COVID pandemic shifted many gatherings from public places to private homes. It provided the items and décor necessary to host parties and other events.

The inside of Tavolo Shoppe is pictured Wednesday, Aug. 2, 2023, in Yakima, Wash.

Evan Abell, Yakima Herald-Republic

That business led to Tavolo Shoppe, which offers many of the Table Envy rental items for sale. Those include charcuterie boards, dough boards, glassware, linens and pantry items.

Borton said other popular items at Tavolo, the Italian word for “table,” include candles, ceramics, spices and pillows.

After establishing Tavolo online in October, a physical location in Glenwood Square became available. The shopping center at 5110 W. Tieton Drive in Yakima is housed in a refurbished fruit warehouse and includes several restaurants, stores and services such as beauty salons.

“We love this space. We feel like it really fits our style,” Borton said of the Glenwood Square building. “Being in a place with a lot of restaurants and retail businesses has been fun. It allows us to meet a lot more people.”

Tavolo opened its Glenwood Square location in mid-June and is located on the first floor in Suite 220, immediately inside Entrance 1 on the west side of the building. It is open noon to 6 p.m. Tuesdays through Fridays and 10 a.m. to 4 p.m. Saturdays. Call 509-206-8766 or visit tavoloshoppe.com for more information.

The inside of Tavolo Shoppe is pictured Wednesday, Aug. 2, 2023, in Yakima, Wash.

Evan Abell, Yakima Herald-Republic

Source: yakimaherald.com

Apache is functioning normally

August 25, 2023 by Brett Tams

Drift Home Collection began as an online venture in 2017, specializing in handmade Moroccan rugs and other home decor items; now it’s opening a brick-and-mortar location in New Braunfels slated for September.

The shop will be located at 173 E. San Antonio St. and called Drift Home & Interiors.

Owner and curator Nataliya Borener, who is an interior designer by trade, wanted to combine her home collection shop with her namesake business Nataliya Borener’s Interiors.

Borener got the idea after traveling to Morocco in 2016.

Drift Home & Interiors will have a variety of handmade, high-quality home decor items including lighting, rugs, blankets, pillows, ceramics. The shop will also have a small assortment of handmade jewelry, ceramics and more.

“Each thing in my shop is special because it’s going to be something that was made by human hands and has a story,” Borener said.

The shop will also offer full-service interior design services.

Borener emphasized that great design is “purposeful, intentional and meaningful.”

“Your home should be a reflection of things you truly love and connect with,” Borener said.

http://drifthomecollection.com

Source: communityimpact.com