WASHINGTON, D.C. — The Department of Veterans Affairs (VA) has issued new guidance urging mortgage servicers to pause foreclosures on VA-guaranteed loans through the end of 2024. This measure aims to help Veterans and their families stay in their homes beyond May 31, when the current foreclosure moratorium ends.
This targeted foreclosure moratorium will provide critical relief while mortgage servicers implement the Veterans Affairs Servicing Purchase (VASP) program. Set to launch on May 31, VASP is designed as a last-resort tool for Veterans facing severe financial hardship. Under this program, the VA will purchase modified loans from servicers and transform them into direct loans with more affordable terms for Veterans. Mortgage servicers are expected to fully implement the program by October 1, 2024.
Veterans experiencing financial difficulties are encouraged to contact their mortgage servicers to explore all available home retention options. For additional help, Veterans can reach out to the VA directly at 877-827-3702 or visit the VA Home Loans website.
“When a Veteran falls on hard times, we work with them and their loan servicers every step of the way to help prevent foreclosure,” said Josh Jacobs, Under Secretary for Benefits. “We’re calling on mortgage servicers to follow a targeted foreclosure moratorium so we can make sure that Veterans get the support they need to stay in their homes.”
VA offers several home retention options:
Forbearance Agreements: Temporarily reduces or pauses payments for short-term financial difficulties. Loan payments are still owed at the end of the forbearance period.
Repayment Plans: Arranges plans for catching up on missed payments gradually.
Loan Modifications: Adjusts loan terms to make monthly payments more manageable.
VASP: For Veterans who have exhausted all other options, VASP offers a fixed 2.5% interest rate to ensure consistent and affordable payments.
The targeted moratorium applies to all VA-guaranteed loans unless:
The property is vacant or abandoned.
The borrower does not wish to retain homeownership or avoid foreclosure.
No payments have been received for at least 210 days, and the borrower is unresponsive.
The servicer has evaluated all options but determined no viable solution exists.
This moratorium could have significant implications. By pausing foreclosures, it provides breathing room for Veterans struggling financially, allowing them time to stabilize their situation without the imminent threat of losing their homes. The introduction of VASP further enhances these efforts by offering a sustainable long-term solution for those in severe distress.
These measures aim to support Veterans through financial challenges. By working closely with mortgage servicers and providing a range of options, the VA aims to keep more Veterans in their homes, ensuring they receive the stability and support they deserve. For additional information, visit VA’s foreclosure support and prevention website.
For the latest news on everything happening in Chester County and the surrounding area, be sure to follow MyChesCo on Google News and Microsoft Start.
HELSINKI, Finland — Those interested in home décor are shopping lots of outlets, including second-hand stores and even picking up street finds to furnish their homes.
A survey of 5,500 respondents associated with the real-life design simulation game Redecor found that about one-fourth of them find the majority of their home décor and furniture from second-hand outlets such as Goodwill, Facebook Marketplace and Upcycled. This number was highest among Gen X (26%) and lowest among Gen Z (19%).
While more than one-fourth (28%) buy from traditional channels such as brick-and-mortar chain and retail stores, they also explore other options, including family, friends and street finds (20%); online stores (11%); and local boutique shops (7%).
Nearly half (46%) put cost ahead of aesthetics (18%) as the most important element to think about when designing a home. Other considerations were sustainability (7%), comfort (15%) and family/lifestyle needs (14%).
Despite the low percentage who would make sustainability the most important on the list, most said sustainability has been a factor in a home décor decision, with 73% of Gen Z saying it has vs. 62% of Millennials.
One intriguing finding from the survey was that 50% of all respondents agreed they would consider living in a “tiny home,” which the survey defined as a standalone, fully contained dwelling of 100 square feet to 400 square feet, and another 26% answered “maybe.”
More than half of Gen X (53%) and nearly half of Baby Boomers (48%) were on board with this small-space living idea, which could signal a new approach to what “downsizing” really means.
Most respondents (46%) considered themselves minimalist decorators vs. 21% who opted for the “maximalist” label.
Looking at recent décor trends, 18% of respondents considered the use of fake plants “the cringiest,” followed by blobby furniture and word art/quote signs (9%); cluttercore (8%); and peel-and-stick wallpaper and bean bag chairs (7%).
Other cringeworthy decorating faux pas mentioned were couch covers, nautical motifs, wicker furniture, monochrome, white appliances and mason jars.
The Redecor survey of 5,500 respondents included 70% from the United States and 16% from Canada, the United Kingdom, Ireland, Australia and South America. Nearly all (95%) of respondents were female.
With its close proximity to Providence and beautiful coastal views, East Providence offers a peaceful suburban lifestyle with easy access to urban amenities. From the quaint neighborhoods to the thriving arts and culture scene, this city has something for everyone. So whether you’re searching for the perfect East Providence apartment along the waterfront or a cozy rental home in a friendly neighborhood, you’ve come to the right place.
In this Apartment Guide article, we’ll cut to the chase, breaking down the pros and cons of moving to East Providence, RI. Let’s get started and see what awaits in this hidden gem along the Rhode Island coast.
Pros of living in East Providence, RI
1. Waterfront Living
East Providence offers beautiful waterfront living along the Seekonk River, providing residents with picturesque views and access to recreational activities such as boating, fishing, and waterfront dining. The scenic East Bay Bike Path also runs through the city, offering a perfect opportunity for outdoor exercise and leisurely strolls along the water’s edge.
2. Rich History and Culture
With a rich history dating back to the 17th century, East Providence has a vibrant cultural scene, including historic sites, museums, and art galleries. Residents can explore the city’s past at the John Hunt House or immerse themselves in contemporary art at the Heartspot Art Center and Gallery. The diverse cultural heritage of the city is celebrated through various community events and festivals, providing a deep sense of connection to the area’s roots.
3. Convenient Location
Located just a short drive from Providence, East Providence offers the perfect balance of suburban tranquility and urban convenience. Residents can easily access the amenities and attractions of the capital city while enjoying the peaceful atmosphere of their own community. The proximity to major highways like I-195 and Rte 44 also makes commuting to other parts of Rhode Island and Massachusetts a breeze.
4. Neighborhood Diversity
East Providence is home to a variety of diverse neighborhoods, each with its own unique character and charm. From the historic architecture of Watchemoket to the friendly atmosphere of Kent Heights, residents have a range of options to choose from. Whether seeking a bustling urban environment or a quiet suburban retreat, there’s a neighborhood to suit every lifestyle.
5. Outdoor Recreation Opportunities
The city of East Providence offers an abundance of outdoor recreation opportunities, including numerous parks, playgrounds, and sports facilities. Residents can enjoy picnics at Pierce Field, play a round of golf at Agawam Hunt, or take a leisurely stroll through the scenic Haines Memorial State Park. The city’s commitment to green spaces and outdoor activities makes it an ideal place for nature enthusiasts and active individuals.
6. Culinary Delights
East Providence is a haven for food lovers, with a diverse culinary scene that reflects the city’s cultural diversity. From family-owned diners serving up classic comfort food to trendy eateries offering international cuisine, there’s no shortage of dining options to explore. Residents can indulge in fresh seafood at waterfront restaurants like Waterman Grille or savor authentic ethnic dishes from around the world without ever leaving the city.
7. Cost of Living
East Providence offers a relatively affordable cost of living compared to neighboring cities, making it an attractive option for those seeking a balance between quality of life and expenses. The average rent for a 2 bedroom apartment in East Providence is $2,582, much cheaper than the $5,276 average rent in nearby Boston. Housing options range from historic homes to modern apartments, providing a variety of choices to accommodate different budgets and preferences. The city’s cost-effective living arrangements allow residents to enjoy a comfortable lifestyle without breaking the bank.
Cons of living in East Providence, RI
1. Traffic Congestion
One of the drawbacks of living in East Providence is the potential for traffic congestion, especially during peak commuting hours. The city’s proximity to major highways and its connection to Providence can result in heavy traffic, leading to longer commute times and occasional frustration for residents. Navigating through congested roadways may require patience and strategic planning to avoid delays.
2. Limited Public Transportation Options
While East Providence is well-connected by major roadways, the city’s public transportation options are relatively limited compared to larger urban centers. The transit score for East Providence is 30 out of 100, indicating that most residents are dependent on cars for day to day errands. Residents who rely on public transit may find themselves with fewer convenient routes and schedules, making it challenging to commute without a personal vehicle. The lack of extensive public transportation infrastructure can pose a hurdle for those seeking alternative travel methods.
3. Weather Extremes
East Providence experiences weather extremes throughout the year, with hot and humid summers and cold, snowy winters. The fluctuating climate can be a challenge for residents who prefer milder weather conditions, requiring them to adapt to seasonal changes and prepare for inclement weather. The city gets an average annual snowfall of about 3 feet. Snow removal and heat management are essential considerations for those living in the city, adding an extra layer of responsibility during extreme weather events.
4. Limited Nightlife Options
While East Providence offers a vibrant cultural scene, the city’s nightlife options may be relatively limited compared to larger metropolitan areas. Residents seeking a bustling nightlife with a wide array of entertainment venues and late-night activities may find themselves traveling to nearby cities for a more extensive nightlife experience. The quieter evenings in East Providence may not cater to those looking for a lively social scene after dark.
5. Limited Job Opportunities
While East Providence offers a convenient location for commuting to nearby cities, the job market within the city itself may be relatively limited in certain industries. Major employers in East Providence include CORE Business Technology, New England Construction, Starkweather and Shepley Insurance Brokerage, and East Side Clinical Laboratory. Residents seeking diverse career opportunities and professional growth may find themselves exploring job prospects in neighboring areas, potentially requiring longer commutes or relocation. The city’s job market landscape may pose challenges for individuals seeking specific career paths and employment diversity.
6. Noise Pollution
East Providence’s proximity to urban centers and major roadways can result in higher levels of noise pollution, especially in densely populated areas. Residents living near busy streets or commercial districts may experience increased noise levels from traffic, construction, and other urban activities. Managing noise pollution and finding peaceful residential areas may require careful consideration and strategic housing choices for those sensitive to environmental noise.
WASHINGTON — The Consumer Financial Protection Bureau is gearing up to publicize repeat offenders of consumer laws, finalizing a database that will track wrongdoing across different states.
The database, which agency officials expect to launch next year, is part of CFPB Director Rohit Chopra’s mission to focus on repeat wrongdoing in and outside the banking industry. Some industry groups have pushed back against the database, saying existing tools already fulfill that need.
But the CFPB director told reporters that the database will limit the ability of “fraudsters and scam artists” to resume wrongdoing, since it would easily let consumers track orders across different agencies and courts.
“Too many American families and businesses have been harmed by repeat offenders in a rinse-repeat cycle of illegal activity where bad actors see fines and penalties as just the cost of doing business,” Chopra said, likening it to similar databases for lawyers, doctors and other industries.
Payments companies, debt collectors, auto lenders and other nonbank companies will have to report whether they’ve faced an agency or court order for consumer infractions. The requirement covers orders going back to 2017, and companies must report any new orders or changes to existing ones within 90 days.
Senior executives must also provide a written attestation every year stating that they’ve submitted all relevant orders.
The registry would have captured trends across different states before the 2008 financial crisis, including state officials’ attempts to “stop many of the abuses in the mortgage market,” Chopra said. State regulators and law enforcement will benefit by being able to take action sooner, and the public will also be able to use the database as they evaluate companies to do business with.
“The registry will make tracking violations of orders easier and stop serious harm before it spreads,” Chopra said.
A few industry groups had criticized the CFPB’s proposal as unnecessary and harmful. The Electronic Transactions Association, for example, had noted that many consent orders companies reach with regulators do not include an admission of wrongdoing.
Including companies in a repeat offender database may “have a chilling effect of discouraging settlement in future cases,” the group wrote in a comment letter to the CFPB. Those companies would be subject to reputational damages and a “consumer perception that they are engaging in unsafe and unsound practices, even if this is not the case,” the group wrote.
It asked the CFPB to let the companies publish an explanation on the registry and create an appeals process for the agency to remove companies.
A senior CFPB official told reporters that carving out such cases from the database would paint an incomplete picture, since many enforcement actions include those clauses. The agency chose not to create an appeals process under the rule, and any orders stating that companies did not admit to wrongdoing will be available on the database, the official said.
The agency did amend a provision that industry groups said was duplicative. Companies that have orders published on the Nationwide Multistate Licensing System & Registry can use a one-time simplified filing process, the agency said.
The NMLS dates back to January 2008, and state agencies use it to handle licenses for mortgage companies and other nonbanks.
In a comment letter last year, the Mortgage Bankers Association said the CFPB was “severely downplaying” the role of the NMLS and other public registries. The CFPB should focus on ways to reduce “duplicative regulatory requirements that will provide little benefit” rather than proposing new ones, the group wrote.
State regulators had also taken issue with the CFPB proposal. The Conference of State Bank Supervisors said last year that the registry “would exceed the CFPB’s authority and is not needed to identify repeat offenders.” The group owns and runs the NMLS, which it says is an effective way for the public to keep track of companies’ track records.
In a statement Monday, CSBS President and CEO Brandon Milhorn said the group is “disappointed” that the CFPB is moving forward with the registry. The group is now focused on ensuring the new registry and the NMLS can align “to prevent consumer and industry confusion and redundant reporting.”
The CFPB said on Monday the new registry will supplement the NMLS and other registries by pulling in more companies that aren’t subject to as much oversight as the mortgage sector.
Consumer groups and industry critics had backed the CFPB’s creation of the registry. The advocacy group Better Markets, for example, wrote in a letter last year that it will be an “invaluable resource” for regulators and for consumers to avoid doing business with questionable companies.
The group also pushed back against concerns that the registry would be redundant, saying there is no public repository of nonbank companies’ compliance records.
“Any consumer or regulator seeking to gather this information would be required to conduct an exhaustive, time-consuming search across many state and federal court dockets, agency databases, and private registries — an unrealistic if not impossible task,” the group wrote.
Inside: Learn how much is 6 figures? What exactly do 6 figures mean plus 6 figure salary ideas. Plus compare 7 figures, 8 figures, and 9 figures.
When you look at it six figures can be a lot of money for anybody.
One of the topics we discuss a lot here on Money Bliss is having money, which will allow the doors of opportunity to open up. That means the more that you save, the more that you keep, and the less that you spend, which will help you grow the amount of money you have.
The lifestyle possibilities are endless when you increase the number of figures in your net worth.
However, many of us struggle with even understanding how to reach our first six figures.
This is something that we are going to learn how to change along with strategies to improve your money management skills.
In this post, we are going to look at what it means to have 6 figures, 7 figures, 8 figures, and even 9 figures salary.
How Much is a Figure?
Simply put, a figure is just a symbol that stands for a number.
A figure is any of the written symbols from zero to nine that are used to represent the number.
A lot of times people would believe that using six figures is another way of saying $400,000 of cash.
For example, the more figures put together is how you count the number.
Four Figures = 4,698
Five Figures = 43,590
Six Figures = 234,859
Seven Figures = 1,343,896
Eight Figures = 12,549,475
Nine Figures = 124,349,000
Six Figure Meaning
The means of six figures means you have six digits in your number.
How much is six figures in cash?
Six figures means anything from 100,000 to 999,999.
There are two ways to look at a six figure meaning. The first is your net worth, and the second is your income.
The reason it is important to differentiate the two is they both have different meanings on what they can accomplish in your life.
For example, reaching a six figure net worth is a great achievement because you have reached your first $100,000 saved. The six year salary meaning means that you are making over $100,000 a year.
So this is important to note because you can still reach six figures on a median salary, just through hard work and dedication.
How Much is a Six Figure Salary?
This is exactly how much is 6 figures in money…
A six figure salary ranges anywhere from $100,000 all the way up to $999,999.
Specifically, that means over the course of the year, you make a gross salary above six numerical digits. In this case, it would be $100,000.
When you reach a six figure salary, it is much easier to reach financial freedom quicker because there is more money each and every month to save versus having all of your income go to your basic expenses.
But, don’t let that fool you! Plenty of people rake in over six figure salary and still live paycheck to paycheck.
Learn how much house can I afford with 100k salary.
How common is 6 figure salary?
Six figure salaries are relatively common. In fact, Statista reported that in 2020, 33.6% of US households made more than $100K a year. A salary of six figures is enough to live comfortably and in a healthy lifestyle.
Jobs That Pay 6 Figures:
Analyst – Financial, Management, or Computer System
Management Positions
Freelance Writer
College Professor
Managers
Computer / Cybersecurity Architects
Software Developer
Engineering
Day or Swing Trader
Anesthesiologist
Doctor / Dentist
Commercial Pilot
Bookkeeper
Air Traffic Controller
Power Plant Operator
Transportation or Distribution Manager
Inspectors
Statisticians
Real Estate Investment Trust jobs
How much is 6 figures monthly
To figure out how much six figures is monthly one must take the six figures and divide by 12.
Your yearly number / 12 = your monthly number
For example, 100,000 yearly would be $8,333.33 a month.
On the upper end of the spectrum, 999,999 yearly would be $83,333.25 a month.
How Much Is 7 Figures?
Seven figures would be over $1 million dollars or that coveted millionaire status.
The range of seven figures would be 1,000,000 to 9,999,999.
Once you reach over seven figures net worth, it is much easier to start thinking about retirement. More specifically, being able to live off of your financial investments
7 Figures Salary
On the flip side, a seven figure salary is almost impossible for most workers to even imagine. For the average worker, it would feel the same as winning a scratch ticket.
A seven figure salary is when you earn $1,000,000 to $9,999,999 per year in earned income.
It would take average worker making a modest $60k salary a whopping sixteen and two-thirds year to accomplish reaching $1,000,000 in income.
7 Figures Salary Jobs
Most people who earn seven figures of income do so by being their own boss. Very few people make it up the corporate ladder high enough to rake in that amount of salary.
Day or Swing Trader
This one comes with a lot of practice and slowly building up to making over $100k per year. But, you can have more time and freedom in your life, and make sound investment decisions. Don’t believe me? Check this review out.
C-Level Executive
This group of employees are your chief executive offers, chief operating officers, chief marketing officers, or chief financial officers. Typically, they work with a huge multinational firm with impressive annual revenues.
Entrepreneur
This is someone who starts their own business. To reach this success level, they must have spectacular products or services. With the online platform, it is much easier to start a business from scratch with little to no investment.
Consultant
A consultant is a seasoned employee who wants more flexibility and decision-making in their career choice. As a consultant, they can name their fee to be a part of a project or job. Many of those who chose the consultant path are highly specialized and sought after in their field.
Top Sales Producer
In many cases, an individual can earn unlimited income in the sales environment. This holds true across multiple industries. However, many top sales executives may form a team to have them improve their sales numbers year over year.
Social Media Influencer
A social media influencer is someone who establishes authority and a strong reputation and is able to influence others to make certain decisions. Brands love to work with influencers to get their product noticed.
For many influencers, this is when success is the best revenge.
Real People Earning 7 Figures
Portfolio Manager for Hedge Funds
Popular YouTube Stars
Most NFL Football Players
Owner, Pro Blogger
Small Business Owners
How Much Is 8 Figures?
Eight figures would be over $10 million dollars or that coveted double-digit millionaire status.
The range of 8 figures would be 10,000,000 to 99,999,999.
This is almost impossible for any of us to comprehend on a personal level. For some net worth may be a stretch; however, a very small percentage will actually have a eight figure salary.
This is where most companies would show an eight figure balance sheet or cash flow statement.
8 Figures Salary
Next, an eight figure salary is a dream for the average worker to even imagine. For the average worker, it would feel the same as winning a Powerball ticket.
An eight figure salary is when you earn $10,000,000 to $99,999,999 per year in earned income.
It would take the average worker making a modest $60k salary a whopping 167 times more to reach $10,000,000 in income.
8 Figures Salary Jobs
Hedge Fund Managers
Professional Athletes with Great Endorsements
Fortune 500 CEOs and top management
Actors
Larger Business Owners
Real People Earning 8 Figures
How Much is 9 Figures?
Let’s face it…nine figures is a completely abstract nominal amount.
Nine figures would range from 100,000,000 to 999,999,999.
This is something that most of us will never see in our lifetimes.
And those that have the privilege of enjoying nine figures of income, typically have some of the best wealth strategies available.
9 Figures Salary
An unbelievable nine figure salary is never going to happen for 99.99% of people. This is where wealth inequity comes up for the average worker.
A nine figure salary is when you earn $100,000,000 to $999,999,999 per year in earned income.
Just shy of making one billion dollars in just one year.
It would take the average worker making a modest $60k salary a whopping 1666x their annual salary to reach making $100,000,000 in income.
9 Figures Salary Jobs
Top Professional Athletes
Most Talked About Entertainment Stars
Fortune 100 CEOs
Real People Earning 9 Figures
Tony Robbins, Author, Speaker, and Self Improvement Guru
Kylie Jenner
Cristian Ranaldo
Roger Federer
Elon Musk
Must Know… How Much Is 10 Figures? Money Explained in Numbers
How do you know how many figures you make?
This is very simple to figure out. You need to count backward from the decimal point using your yearly salary.
For example…
77000.00 = 5 figures
143800.00 = 6 figures
1438594.00 = 7 figures
27357612.00 = 8 figures
107384939.00 = 9 figures
Not sure your annual salary, then figure it out with how much do I make per year.
Can You be Content with a 5 Figure Salary?
The further you get into the post, you probably feel a little bit demotivated because the chances of any of us reaching a 6, 7, 8, or even 9 figure salary is almost next to impossible.
However, a good majority should have a six figure net worth (hopefully before you turn 30) and work your way towards seven figures or that coveted millionaire status.
Crossing over to that eight figure or nine figure net worth is much more difficult to build on your own when you make a five figure salary.
My challenge is the look deep inside and ask yourself…
Am I content with my (fill-in-the-blank figure) salary?
Like we teach on this site, you can earn an average five figure salary over your lifetime and still reach the seven figure net worth.
Something to be proud of and something you should look forward to doing if you haven’t reached it yet.
One of the biggest difficulties is lifestyle creep in comparison with others.
That is something that’s gonna hold you back financially. The doors of opportunity that can come your way. At the end of the day, it is important to increase how much money you can make to provide the lifestyle you desire.
However, money is not absolutely is not everything.
That is an achievement! Making $200k a year is an accomplishment.
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
Your credit score is one of your most valuable assets, and it’s important to take action if you notice that yours is dropping. Many credit card issuers now offer customers free credit monitoring, and there are other ways to check your credit score without paying.
Let’s dive in.
Reasons Why Your Credit Score Can Drop
There are several factors that affect your credit score. Here’s a look at some common scenarios:
Check your score with SoFi Insights
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Late or Missing Payments
When it comes to determining your FICO score — a type of credit scoring model used in 90% of lending decisions in the U.S. — your payment history matters. A lot. It’s the largest factor in FICO’s credit scoring formula. Missed or late payments can cause your score to drop by as much as 180 points and could remain on your credit reports for up to seven years. Signing up for autopay is one way to help ensure your bills are paid on time.
Credit Utilization Increased
Credit utilization refers to how much of your credit you’re using, and it can indicate to potential lenders how well you manage your finances. It’s also the second-largest factor in your FICO credit score. The general rule of thumb is not to use more than 30% of the credit available to you. If your credit utilization rate is higher than that, you may see a drop in your credit score.
If you need help keeping tabs on where your money is going, consider using online tools like a money tracker. Besides monitoring spending, it can also provide insights on your finances.
Recent Application for a Mortgage, Loan, or Credit Card
Applications for new credit may only make up 10% of your FICO credit score, but that can still have an impact. That’s because lenders often pull a hard inquiry when you apply for credit, which may cause your score to fall slightly. The good news is, the dip is usually temporary.
A Credit Limit Decreased
If your credit limit decreases, that means you have less available credit. And this can cause your credit utilization rate — or debt-to-credit ratio — to increase. Why does that matter? Your credit utilization rate is one of the factors lenders consider when you apply for credit. In general, lenders consider a debt-to-credit ratio of 30% or below as “excellent.”
You Closed a Credit Card
You may want to think twice before closing a credit card, especially if it’s one you’ve had in good standing for a while. When you close a credit card, your total credit line decreases and your debt-to-credit ratio may increase. This could temporarily lower your credit score.
Inaccurate Information on Your Credit Report
Need another reason to routinely keep a close eye on your credit report? Having inaccurate information — say, defaults on loans you don’t have — could potentially hurt your credit. If you spot a credit report error, be sure to dispute it (more on that below).
Recommended: Does Checking Your Credit Score Lower Your Rating?
Major Event Such as Foreclosure or Bankruptcy
Having your home foreclosed or filing for bankruptcy are major issues that have the potential to damage your credit score for several years. For instance, Chapter 13 bankruptcy stays on your credit report for seven years, while Chapter 7 bankruptcy stays on for 10 years. Meanwhile, a foreclosure remains on your report for seven years.
Check Your Credit Report
If you’ve noticed a significant drop in your credit score, it’s worth looking over your credit report. Typically, your credit report updates every 30 to 45 days and includes key information about your credit history such as:
• Your history of on-time and delinquent payments
• How often you’ve applied for credit
• How many accounts you have open and closed
• Any accounts that are in collections
Every 12 months, you can get a free copy of your credit report from each of the three major credit reporting companies at AnnualCreditReport.com. Be sure to carefully review reports from all three companies, as there may be some differences between what’s reported with Transunion vs. Equifax vs. Experian.
Another option? Signing up for credit score monitoring, which can offer score updates and financial insights.
Dispute Credit Report Information You Believe to Be Incorrect
If you find information on your credit report that’s not accurate, you have the right to dispute it. And the good news is, doing so won’t negatively affect your credit score.
To get the ball rolling on resolving errors, you’ll need to file a formal dispute with the credit reporting company. You can contact them online or by mail or phone. The Consumer Financial Protection Bureau (CFPB) also offers helpful tips on how to file a dispute .
Take Actions to Build Your Credit
Is your credit score not where you want it to be? There are things you can do to help improve it.
One helpful step to take is to pay all of your bills when they’re due, as consistent, on-time payments can significantly raise your credit score over time. Automating your finances is one way to help ensure you don’t miss a due date. It’s also a good idea to focus on catching up past-due accounts so they’re current.
Another step to consider is to limit your credit utilization ratio so your credit balances aren’t too high in relation to your credit limit. You can explore setting up balance alerts that alert you when you’re nearing the recommended 30% credit utilization ratio. You may also want to consider paying your credit card bill more frequently, say, twice a month instead of once a month.
A third strategy is to pay off what you owe. Having a debt repayment plan in place can help, and there are several approaches to consider. Two common ones are the snowball method (where you pay off debts in order from the smallest balance to the largest) and the avalanche method (where you pay off accounts in order from the highest interest rate to the lowest).
What Is a Good or Bad Credit Score?
FICO credit scores run the gamut from 300 to 850, so where does a “good” credit score fall? While there’s no one magic number, most lenders consider scores between 670 and 739 “good.” If your FICO score is between 740 to 799, it’s classified as “very good”; 800 and higher is “exceptional.”
What about scores below 670? If yours falls in the 580 to 669 range, it’s considered “fair.” That means it’s below the average score of consumers, though you may not have issues getting a lender to approve you for a loan. A score of 580 or less is considered “poor,” and could signal to lenders that you’re a risky borrower.
Credit Score Tips
Since paying your bills on time factors heavily into your credit score, you should take steps toward preventing late payments. One good way to do that is to enable auto-pay on your credit cards and other loans.
You can also reduce your credit utilization by trying to minimize the outstanding balances reported to the credit bureaus. For example, if you make payments just before your statement closing date, the lower balance is reported, which reduces your credit utilization.
The Takeaway
Your credit score is invaluable. Lenders use it as they review your applications for credit, as do landlords, prospective employers, and utility providers. So it’s crucial to keep track of your credit score and take action when it falls.
If your score takes a noticeable dip, the first step is to find out why your credit score fell. This may involve carefully checking your credit reports and disputing errors with the credit reporting company. Next, it’s a good idea to take steps to improve your score, which can include paying bills on time, paying off debt, and limiting your credit utilization ratio.
Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.
SoFi helps you stay on top of your finances.
FAQ
Should I be worried if my credit score dropped?
Changes in a credit score are normal. That said, if yours dropped significantly, and you don’t know why, then you should consider reviewing your credit report and disputing any inaccuracies. However, if the drop is small and expected, then there’s no reason for concern. For example, if you applied for a new credit card, you might see your credit score temporarily drop a bit.
How long does it take to recover from credit score drop?
It all depends on the size of the drop and the cause. If you have higher credit utilization, for instance, your score will likely recover when your utilization ratio drops. But if you have a record of delinquent payments or a default, it can take much longer to recover. And with major events, such as bankruptcy or foreclosure, it may take many years until your credit score fully recovers.
Why is my credit score going down when I pay my bills on time?
While your payment history is the most important factor in your credit score, it’s not the only one. If you are paying your bills on time, your credit score could still drop if your credit utilization is increasing or you have a short credit history.
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SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.
*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.
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US Treasuries had a tough time digesting auction supply last week, but have been nothing short of enthusiastic since then. This isn’t to say the auction cycle was the biggest market mover in the past week. After all, there were logical reactions to economic data. Rather, we’re attempting to reconcile the underperformance in MBS at the start of the week. In addition to the ebbs and flows surrounding the auction cycle, outperformance of the long end of the yield curve also commonly causes a bit of a lag in MBS. As for today’s data, it was all about ISM Manufacturing which came in with a weaker headline and a lower “prices paid” component.
S&P Global Manufacturing PMI
51.3 vs 50.9 f’cast, 50.0 prev
ISM Manufacturing PMI
48.7 vs 49.6 f’cast, 49.2 prev
ISM Prices Paid
57.0 vs 60.0 f’cast, 60.9 prev
09:46 AM
No major reaction to PMI data. MBS up 3 ticks (.09) and 10yr down 3.8bps at 4.46.
10:06 AM
10s are now down 8bps on the day at 4.418 and MBS are up at least 6 ticks (.19)–possibly more by the time liquidity improves.
03:04 PM
MBS perfectly flat at highs, up a quarter point. 10yr near best levels, down 9.5bps at 4.403.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
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Mortgage rates have started the month slightly high. In May, 30-year mortgage rates averaged around 6.76%, according to Zillow data. But they’ve gone up a bit in recent days.
As inflation decelerates and the Federal Reserve starts to lower the federal funds rate, mortgage rates are expected to come down. But we’ll need more data showing that inflation is sustainably coming down before the Fed will consider cutting rates. If inflation remains elevated, mortgage rates will stay high, too.
It’s possible hopeful homebuyers will need to wait until next year if they want to snag a substantially lower rate. According to the Mortgage Bankers Association, rates could drop to 5.9% by the end of 2025. But this year, they might only drop to the mid-6% range.
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Mortgage Calculator
Use our free mortgage calculator to see how today’s mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you’ll also understand how much you’ll pay over the entire length of your mortgage.
Mortgage Calculator
$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
Click “More details” for tips on how to save money on your mortgage in the long run.
Mortgage Rates for Buying a Home
30-Year Fixed Mortgage Tick Up (+0.20%)
The current average 30-year fixed mortgage rate is 6.91%, up 20 basis points from where it was this time last week, according to Zillow data. This rate is flat compared to a month ago, when it was also 6.91%.
At 6.91%, you’ll pay $659 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you’ll pay back what you borrowed over 30 years, and your interest rate won’t change for the life of the loan.
20-Year Fixed Mortgage Rates Increase (+0.25%)
The average 20-year fixed mortgage rate is 25 basis points up from where it was last week, and is sitting at 6.58%. This time last month, the rate was 6.69%.
With a 6.58% rate on a 20-year term, your monthly payment will be $750 toward principal and interest for every $100,000 borrowed.
A 20-year term isn’t as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
15-Year Fixed Mortgage Rates Go Up (+0.13%)
The average 15-year mortgage rate is 6.17%, 13 basis points lower than last week. It’s down compared to this time last month, when it was 6.25%.
With a 6.17% rate on a 15-year term, you’ll pay $853 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you’ll have a higher monthly payment than you would with a longer term.
7/1 ARM Rates Stay Flat (No Change)
The 7/1 adjustable mortgage rate is unchanged from a week ago at 6.63%. It’s down compared to a month ago, when it was at 7.63%.
At 6.63%, your monthly payment would be $641 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
5/1 ARM Rates Inch Up (+0.09%)
The average 5/1 ARM rate is 6.69%, a nine-basis-point increase from last week. It’s down compared to where it was a month ago, when it was 7.42%.
Here’s how a 6.69% rate would affect you for the first five years: You’d pay $645 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Rise (+0.24%)
The average 30-year FHA interest rate is 6.27% today, which is up 24 basis points from last week. This rate was 6.16% a month ago.
At 6.27%, you would pay $617 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don’t qualify for a conforming mortgage. You’ll need a 3.5% down payment and 580 credit score to qualify.
30-year VA Rates Increase Somewhat (+0.20%)
The current VA mortgage rate is 6.14%, 20 basis points higher than this time last week. This rate was 6.29% a month ago.
With a 6.14% rate, your monthly payment would be $609 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-Year Fixed Refinance Go Up (+0.20%)
The average 30-year refinance rate is 7.76%, 20 basis points higher than last week. It’s up compared to a month ago, when it was 7.48%.
Here’s how a 7.76% rate would affect your monthly payments: You’d pay $717 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you’ll ultimately pay more by refinancing into a longer term.
The current 20-year fixed refinance rate is 6.94%, which is up just three basis points compared to a week ago. This rate was 6.78% this time last month.
A 6.94% rate on a 20-year term will result in a $772 monthly payment toward principal and interest for every $100,000 you borrow.
15-Year Fixed Refinance Rates Drop Half a Percentage Point (-0.57%)
The average 15-year fixed refinance rate is 5.79%, which is 57 basis points lower compared to last week. It’s also down compared to this time a month ago, when it was at 6.31%.
A 5.79% rate on a 15-year term means you’ll pay $833 each month toward principal and interest for every $100,000 borrowed.
Refinancing into a 15-year term can save you money in the long run, because you’ll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
7/1 ARM Refinance Rates Inch Up (+0.08%)
The average 7/1 ARM refinance rate is 6.83%, up eight basis points from where it was last week. It’s down from a month ago, when it was 8.19%.
Refinancing into a 7/1 ARM with a 6.83% rate means your monthly payment toward principal and interest will be $654 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
5/1 ARM Refinance Rates Rise (+0.34%)
The 5/1 ARM refinance rate is 6.88%, which is just three basis points lower than it was this time last week. It’s down compared to this time last month, when it was 7.93%.
A 6.88% rate will result in a monthly payment of $657 toward principal and interest for every $100,000 borrowed. You’ll pay this amount for the first five years of your new mortgage.
30-Year FHA Refinance Rates Flat (No Change)
The 30-year FHA refinance rate is 5.79%, which is the same as it was last week. This rate was 6.03% this time last month.
A 5.79% refinance rate would lead to a $586 monthly payment toward the principal and interest per $100,000 borrowed.
30-Year VA Refinance Rates Tick Up (+0.24)
The average 30-year VA refinance rate is 6.07%, which is up 24 basis points compared to where it was was last week. This rate was 6.10% a month ago.
At 6.07%, your new monthly payment would be $604 toward principal and interest for every $100,000 you borrow.
Are Mortgage Rates Going Down?
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have been somewhat elevated recently, they should go down by the end of 2024.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
A study commissioned by the U.S. Department of Housing and Urban Development (HUD) Office of Policy Development and Research (PD&R) in 2022 aimed to assess the state of the Home Equity Conversion Mortgage (HECM) program over a 20-year period.
Released late last year, the study examined three core elements of HECM program effectiveness between 2000 and 2020. It was conducted by analytics firm SP Group LLC and its subcontractor Econometrica Inc.
RMD already examined the study’s sections related to borrower trends and various program policy impacts, but the section on economic impact attempts to assess the value provided to taxpayers, as well as the HECM program’s impacts on the Federal Housing Administration’s (FHA) Mutual Mortgage Insurance (MMI) Fund.
Assessing financial impacts
The researchers assessed the financial impact through the scope of gains and losses over the 20-year period, with data derived from “HUD’s data systems, including mortgage insurance premiums (MIPs), claim payments, note-holding and property-holding expenses, and net recoveries on dispositions for terminated loans,” the report explained.
Determining what constituted “gains” and “losses” was seen through the impact that the program had on the solvency of the MMI Fund. They do not include the administrative costs for the program incurred by HUD, including “the cost of direct and indirect staff, contractors, facilities, data systems, and other resources used in administering the HECM program that are not recorded as program costs.”
Insured loans were looked at through both mortgage insurance premiums and claims, or cash outflows paid to the lender under the FHA insurance program that the HECM program operates from.
“Of the 1.1 million HECM loans endorsed during the 20-year period, the research team identified 533,894 HECM loans that were terminated and disposed as of September 30, 2020, and no further transactions occurring after September 30, 2020,” the report said. “Based on this sample, the research team estimated that FHA incurred a total loss of approximately $10.4 billion, or an average loss of $19,556 per loan.”
Roughly two-thirds of the more than 533,000 loans studied resulted in net gains for the FHA, the report found. The average gain per loan that was terminated without a claim was just over $10,000.
Disposition over time
Loans were also examined on a year-by-year basis, the report stated. It found that, aside from 2007 and 2008, the program ”incurred gains on most of the loans endorsed in each of the other fiscal years.”
The average loss for each loan originated in 2007 was estimated to be $37,300, or a total loss of about $2.5 billion for that cohort of loans. Beginning in 2014, all loans that were terminated with gains reached 92% of the total share — and ultimately reached 100% by 2018, where it has remained despite severely reduced volume, according to the data.
The report also reviewed impacts of alternative disposition methods HUD has used for assigned loans. It characterized the first of the two most common options as the “conveyance program,” which is “used for those HECM loans that are assigned to and foreclosed by HUD and for which the underlying REO is sold through the traditional conveyance program.” The second is the “note sale program,” in which an assigned loan is attached to a vacant property that HUD then sells to a third party through a vacant note sale.
The report aimed to determine the loss severity and overall timeline associated with each option, finding 15,380 loans within the time period disposed of through one of these two methods.
“On a per loan basis, the conveyance program generates a higher cash inflow, but the outflows in that program are almost twice as high as those under the note sale program, resulting in a loss of approximately $142,000 per loan,” the report stated.
When compared by fiscal year of loan endorsement, the report determined that the average loss for each loan “was consistently lower for those disposed through the note sale program,” the report said. “The difference in average loss per year was largest for loans endorsed in fiscal years 2009 and 2010, when losses generated by the loans disposed through the conveyance program were more than twice as high as those generated by the loans disposed through the note sale program ($180,000 versus $80,000).”
Loans sold through the conveyance program had a timeline of approximately two years between initiation and final disposal, and the “average number of months for REO sales stabilized at approximately 37 months” since then, the report said.
Loans sold through the note sale program typically took less time than those through the REO sale channel — save for those loans terminated in 2017, according to the data.
“It does not appear that time to disposition is the primary driver of holding costs, because average holding costs rose from fiscal years 2014 to 2020, whereas the average time to disposition did not fluctuate,” the report explained.
Other findings
The report also found that certain policy changes applied to the HECM program during the study period — including financial assessment and life expectancy set-aside (LESA), “detected that the introduction of the financial assessment, LESA, and underwriting requirement was associated with reduced likelihood of defaults, lower unscheduled draws, and lower net losses to loans made to Black borrowers — although a net loss reduction to the overall population could not be established.”
The study also found that borrowers during this time tended to skew toward the younger end of the senior demographic. This reinforced longstanding data showing that single women use the reverse mortgage program far more than single men — and at rates well beyond the average divisions present in the senior demographic.
Since 2011, roughly half of all borrowers specifying why they sought out a reverse mortgage chose only one reason, while the other half selected multiple reasons. Most of the borrowers who chose one reason (53%) selected “additional income” as their reason for obtaining the loan.
“This finding is in line with the HECM program goal of providing seniors the ability to turn their home equity into supplemental income,” the report stated.
Marcus by Goldman Sachs’ Online Savings Account earns a competitive 4.40% APY (annual percentage yield) as of 4/3/2024.
This rate is much better than the national average rate of 0.45%, and is among the best savings rates around. Also, there are no monthly fees. The savings account is offered by Goldman Sachs Bank, which is a brand of the financial giant Goldman Sachs.
Marcus by Goldman Sachs high-yield savings account: rates and fees
Monthly fees
Minimum opening deposit
Minimum requirement to earn the high rate
SoFi Checking and Savings
Min. balance for APY
$0
EverBank Performance℠ Savings
Min. balance for APY
$0
Marcus by Goldman Sachs historical savings rates
Rates for this savings account have consistently been among the highest, much higher than the national average. And the account is regularly featured in NerdWallet’s “best of” lists for savings accounts and savings rates.
However, some of the highest online savings rates are around 5%. So while Marcus’ yields are strong, there are accounts with higher APYs.
How the Marcus by Goldman Sachs savings account compares with other online savings accounts
The best online savings accounts offer strong rates and have low or no monthly fees. The account from Marcus by Goldman Sachs checks those boxes.
Some high-yield savings accounts have minimum opening deposits of $1,000 or more, though many others are similar to Marcus and allow you to get started saving with any amount. However, unlike some other online options, Marcus doesn’t support opening a trust or custodial account. So this product is best for single or joint account holders. (Read more about trust and custodial accounts.)
FDIC insurance for savings accounts
As a Goldman Sachs Bank offering, this savings account is federally insured by the Federal Deposit Insurance Corp. up to $250,000 per depositor, per insured bank, for each account ownership category. (Examples of ownership categories are single accounts and joint accounts.) This is typical for both brick-and-mortar and online banks.
Goldman Sachs Bank also offers FDIC-insured high-rate online CDs, but the institution doesn’t offer a checking account. If you’re looking to do all of your banking in one place, this might not be the right place for you. But if you’re looking to park your savings at an online-only institution and earn high yields, this bank is worth considering.
Savings calculator: See how much interest you can earn with this account
Use this calculator to add up how much interest you could earn in a high-yield account over time. The higher the rate, the faster your money can grow.
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