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Scroll down far enough on the list of Webster’s definitions of the word “consolidate,” and you’ll find “to form together into a compact mass.”  Financial markets appropriated that definition long ago and have been using it to refer to the condensed mass of prices, yields, or whatever else is being measured on a chart.

Speaking of charts, consolidation has a tell-tale pattern of lower highs and higher lows that form a sort of triangle or pennant (incidentally, market participants also use those terms more or less interchangeably). 

Regardless of the label, the underlying phenomenon is one of indecision or anticipation of a big move that has a chance to be higher or lower. 

Consolidation is everywhere in the market these days.  If we zoom way out and simply consider the general flow of events, this makes good sense.  As inflation surged at the fastest pace in decades, the Fed tightened monetary policy at a similarly fast pace.  Inflation can also act as a natural brake on economic activity as consumer buying power declines.

At some point, the inflationary surge levels off and we wait for price growth to moderate back toward more sustainable levels.  The presence of consolidation makes sense because we’re smack dab in the middle of finding out whether inflation has leveled off as a sign that it’s about to go lower, or simply to take a breath before remaining stubbornly high.  Consolidation patterns are equally likely to be seen for both reasons.

This week’s focal point for economic data and the broader consolidation theme was Wednesday’s release of April’s Consumer Price Index (CPI).  More than any other inflation report, CPI has had the power to push rates rapidly higher or lower.

CPI was right in line with expectations this time around, which doesn’t really help clear up much indecision. The monthly change of 0.4% at the core level (the one that gets the most attention from the Fed and financial markets) is right in the middle of consolidation pattern.  And the annual number remains fairly flat after coming off the higher levels seen at the end of 2022.

There were some subtleties underneath the headlines that were helpful for rates.  Specifically, there was a nice little drop in core services inflation excluding housing.  This is a hot button for the Fed, as it captures a vast majority of the inflation that has been the most problematic.  Removing housing from the equation allows the market to see a shift earlier than it otherwise might (because the housing components don’t move as much or as quickly).

All that to say: interest rates moved lower on Wednesday despite CPI coming in flat.  The following day, Jobless Claims and the Producer Price Index (PPI) helped the move continue, although bank sector drama was also driving investors into US Treasuries.   Yields bounced on Friday after the Consumer Sentiment survey showed 5-year inflation expectations at their highest level since 2011.

The chart of 10yr Treasury yields above is a good proxy for interest rate momentum throughout the week.  It may not look like a good example of consolidation on such a short time scale, but if we zoom out, things change.

And what would a good proxy for rate momentum be if its sideways vibes didn’t translate to the mortgage market?

In fact, as of Friday, mortgage rates clocked their flattest calendar month since May 9th through June 9th, 2022.  

The point of all this consolidation observation is simply to convey that the market is at a crossroads–albeit with a very long stop light–that will inform the next big move for rates and the housing market. 

If inflation moves lower out of its consolidation pattern, rates would almost certainly do the same, thus allowing homeowners some breathing room to shop for new homes without worrying about sacrificing their ultra low existing rate. 

In the week ahead, we’ll get to see how that process is going via the Existing Home Sales data on Thursday. Two days prior, the Retail Sales report will provide an update on consumer spending.  In general, lower sales suggest downward pressure on inflation, but economists expect a +0.7% increase this time around compared to a 0.6% decrease in the last report.

Source: mortgagenewsdaily.com

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Elevated mortgage rates are continuing to give homeowners a reason to stay at their current homes, according to the 2023 Borrower Insights Survey conducted by ICE Mortgage Technology. But while the inventory-lacking market has caused issues for buyers, one bright spot is that about half of the current homeowners say they plan to sell their homes in the next two years, according to survey data.

Of those who plan to remain in their homes, about one-third (36%) specifically cite high interest rates as the reason for staying put.

The survey polled 2,010 individuals age 18 and older in the U.S. in January and February. Of the total surveyed, 1,005 owned their current residence and had taken out a mortgage loan within the last five years. The rest of the participants were currently renting.  

Borrowers were asked about the factors and the elements of the experience that are most important to them during the loan process. Renters were asked about their perceptions of the home buying experience and their expectations about the requirements of homebuying. The survey was fielded using the Qualtrics Insight Platform and the panel was sourced from Lucid. 

What are borrowers looking for?

Nearly two-thirds of recent borrowers (63%) say they plan to seek new financing in the form of home equity loans, reverse mortgages, refinancing, or investment property loans.

About 34% of current homeowners who have taken out a mortgage in the last five years plan on taking out a home equity loan in the next year and 29% say they have considered refinancing. About 24% have considered a reverse mortgage, and 31% have considered investment property loans – an indication that there is still some degree of confidence in rising home values. 

Current homeowners who were recently involved in the mortgage process cited “more space” and” finding a good deal on a house” as the main reasons for buying a home, according to the survey.

But while recent borrowers cite more space and good deals as the reason for buying, fewer respondents say they are trying to transition from renting to buying – which may signal that this type of transition is difficult in the current environment. 

That result is a departure from last year, when “not wanting to rent anymore” (38%) was cited more often than finding a good deal (36%) or needing more space (36%). 

“The year-over-year change may indicate that it is more difficult in the current environment to transition from renting to home ownership,” the survey said.

Active home buying market coming?

Still, it seems likely that the home buying market will stay active or become more so in the relatively near future. Nearly half of current homeowners, as well as many younger homeowners, say they are planning to sell their home in the next two years. 

About 46% of respondents plan to sell their home in two years or less, according to the survey results. The reasons cited most were to cash in on increased home equity/value (39%), to change scenery (38%), or to downsize or upsize (36%).

Of the renters who are motivated to buy, Generation Z leads the sentiment. 

About 37% of Gen Z say they believe that owning a home is within their reach, compared to 27% overall. About 67% of Gen Z and Millennial renters say they are open to relocation as a path to homeownership, compared to just 448% of those Gen X and older. 

Homeowner, renter concerns

Saving money is a top concern for homeowners and renters, according to the survey. About 67% of people surveyed reported that when financing a mortgage, saving money overall is their biggest concern, followed by low lender fees at 56%.

When choosing a lender, Baby Boomers want low interest rates. Younger generations are more focused on finding a variety of loan terms and product options, study results show.

In addition, the survey showed borrowers tend to have different kinds of outreach preferences based on their experiences.

Experienced borrowers – defined in the survey as those who have taken out five or more mortgages in their lifetime – say they favor digital offerings. Borrowers, especially those who are least experienced, say they rely on referrals from family, friends or realtors to choose lenders.

“In other words, relationships mattered to high-interest rate borrowers. These borrowers are therefore likely to consider more than one lending institution when going through the mortgage process,” the survey report states.

Source: housingwire.com

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Have you ever wondered about where the things in your home come from? Who created them? How were they made? I firmly believe that a thing takes on a whole new level of meaning when you can tell its story. I’ve made this concept a top priority as I work to design our new house. The renovation process has been such a (never-freakin’-ending!) labor of love. So now that I’m working on furnishing the space, I want what I put in the house to have the same level of care and attention paid that we put into our construction. I’m in no rush to simply fill the house with off the shelf stuff so that it feels “done.” Instead, I’ve been intentionally taking my time, hunting down pieces that I know I will feel good about every time I look at them.

So when my friends at HP challenged me to create an experience inspired by the beautiful design and attention to detail that went into making their gorgeous HP Spectre laptop (my new obsession which you may have caught in this post here), I knew exactly what I wanted to do. I wanted to collaborate with someone who would put that same attention to detail and commitment to artistry into a piece for my home. It did not take long for me to think of my dream partnership. I immediately set my sights on the home furnishing company Cisco Home. Like HP, they care about both the guts of their product as much as the visual aesthetics.

I’ve been obsessed with Cisco Home ever since I stumbled upon their store front upon moving to San Francisco. Their eye-catching lighting is what drew me in first, but it is the family run company’s commitment to quality, sustainability and beautiful timeless design that has kept me coveting a Cisco Home piece. Thanks to HP, I got the chance to hop down to Los Angeles to get a personal tour of the Cisco Home headquarters and furniture factory (where nearly everything Cisco Home sells is made by hand), to see what goes into their design process and collaborate with the founder himself on a custom piece for our home! Swoon.

As we walked Cisco Home’s factory floor, my HP Spectre tucked in my purse (it’s SO thin and light you can’t even tell it’s in there, can you??), I was so impressed by the skill and artisanship that goes into building furniture frames – Cisco only uses certified sustainable hardwoods – hand tufting headboards, stuffing cushions or hand stitching upholstery. Fabrics are designed in house by Cisco Home’s Creative Director & founder Cisco’s daughter Maurishka. To see the human hand that touches each detail of a piece of furniture was so inspiring.

After getting to see how a piece of furniture is made – start to finish – we sat down do design the perfect piece for my house! I was like a kid in a design candy store to say the least. Since our living room is likely going to be the heart of our home – it’s directly connected to the kitchen and will be the ultimate hang out zone – we decided to design a sofa. When it comes to home furnishings, your sofa is kind of equivalent to your computer if you think about it. It needs to be your work horse and stand up to all the abuse you dish out, but it also needs to look good and inspire you! I really want our living room sofa to be a piece I’ll love for years to come. Thankfully, my HP Spectre was the perfect travel companion to help us get the job done. At less than 2.5 lbs I was able to travel with it easily. And with its great battery life, I didn’t even have to haul a charger.

We were able to sit down right there in the middle of the Cisco Home showroom and quickly look up sofa styles on their website, look through all my Pinterest boards and narrow down to the perfect sofa style, fabric choice and color palette for my design – all in less than an hour! I loved that the online world could so easily collide with the old school physical one that is furniture making. It felt so satisfying to look at Pin boards on my HP Spectre while simultaneously flipping through Cisco Home’s books of gorgeous textile samples, connecting the virtual with the tactile in real time.

While I’ll have to wait for my sofa for awhile, I thought I’d share a little sneak peek of the design direction we’re headed.

I cannot wait for this house that I’ve worked on for so long to finally feel like home. And knowing the loving, thoughtful origins of our living room sofa is going mean so much to me. It’s just proof positive of HP’s entire approach to the design of the Spectre; that when something is thoughtfully designed from the inside out, it is made to last and to be loved.

original photography for apartment 34 by jeff mindell

This post is a paid collaboration with HP Spectre. All thoughts and opinions are 100% my own. Thank you for supporting partnerships that I’m excited about and that have kept Apartment 34’s doors open.

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Source: apartment34.com

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Nobody ever said finding “the one” was easy. It takes some time, a great deal of persistence, and definitely the commitment to make your way through a few bad eggs before finding one with potential.

The same is true for finding your ideal apartment– it really does take the same amount of dedication. However, in the same way that it’s hard to know if you’ve landed a guy or gal you could commit to, it’s also tough to know while apartment searching when you’ve found the place you want to snatch up.

Every place is going to have its advantages and disadvantages. So, to give you a little assistance on your apartment quest, here’s how to know you’ve found the one:

You Like Your Landlord (and Your Lease)

It’s important to enter into a lease confident in your landlord’s expectations and dependability. You don’t want to get stuck with no heat mid-December, only to find out you have a landlord who’s no help at all.

When talking (whether in person or over email or phone) to potential landlords or building managers, pay attention to how they answer your questions or concerns and how quickly they respond. Find someone who you like and feel you can trust.

Also, be sure the terms of your lease are OK. If no utilities are included and the rent is already on the high end of your budget or there are strict lease terms you can’t really agree to, the situation may not be the right fit for you.

It’s Well-Maintained

No renter should have to live in a place that’s constantly in need of repairs, small or large. During your apartment search, observe the overall condition of the building and the apartment, including its floors and walls.

Then, inspect appliances, heating and cooling systems (if applicable), and faucets and fixtures in the kitchen and bathroom to make sure everything is in good working order. Don’t feel bad about taking the time to do this– as they say, it’s better to be safe than sorry.

Your Location is Ideal

You should have done ample research on the best neighborhoods for you before beginning your apartment search. If not, consider whether the locations of the apartments you’re viewing are a good fit for you.

Is the neighborhood safe? Is the commute to school or work reasonable? Is the area easily accessible by public transportation or is there parking nearby? Are all of your everyday necessities in the vicinity (i.e., a grocery store, coffee shop, pet store, etc.)?

The Price is Right

It’s always best to go into apartment hunting with an ideal budget in mind, but you should nail down a maximum price you’re willing to stretch to in case you aren’t finding anything within your optimal price range.

Your apartment may be “the one” if it’s a little over what you’d like to spend but makes up for that with amenities and location. Perhaps, for example, an apartment with a nice workout facility is more expensive, but then you could also cancel your gym membership to offset that added cost.

However, that doesn’t mean you should go over what you can reasonably pay per month.

It Has Your Non-Negotiable Amenities

Personally, I can’t live in an apartment without a dishwasher. In my experience, that will result in a sink constantly full of dirty dishes and an overextended food budget. Why? Because I’d rather buy food than clean my dishes and make meals at home.

Decide what your non-negotiable amenities are before apartment searching. Your ideal apartment should have as many of these as possible.

It’s the Right Fit for Your Furry Friend

Do you have a pet? Or are you considering getting one in the near future? Then the apartment has to be the right fit for your furry friend too. You wouldn’t marry someone your kids (assuming you have them) didn’t like, would you?

In any case, look for a place that has the right setup, amenities and location for your pets, and make sure the added deposits, fees and monthly rent will still keep the place within your budget. If you’re wondering how to know if a place is good for animals, look for other signs of dogs or cats in the building, like an outdoor doggie play area or a jar of treats at the front desk.

Keep in mind that it’s rare to find a “perfect” apartment. Much like finding the man or woman who is “the one” for you (you know, if you believe in that sort of thing), finding the right apartment may mean having to make a few compromises. While you shouldn’t settle for something that truly isn’t a good fit, give yourself a little wiggle room in all of these categories and look for a place that meets your most important criteria.

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Despite high mortgage rates and the affordability challenges facing many homebuyers, houses are selling at a rapid pace.

New data from real estate brokerage Redfin shows that 48% of the homes that sold in April did so within two weeks. That’s a little less than the same month last year, when 51% of homes sold in two weeks, but more than a month ago, when 46% of homes sold within two weeks.

Redfin’s experts say the difference is significant because the pace of home sales typically peaks in March. This year, homes are selling a little more slowly than they did during the pandemic, when the market was booming, but notably faster than they do during a normal year.

Homes that sold in April were on the market for an average of 49 days, according to Realtor.com, compared to just 32 days during the same month last year and between 60 and 70 days in the same month during the more typical years before the pandemic.

Those speedy sales are being driven in part by low inventory. Data on the housing market from Realtor.com showed that in April, there were 21% fewer homes listed on the market compared to the same month last year.

Mortgage rates push buyers and sellers out of the market

Rising mortgage rates are in large part to blame for the dearth of available homes. Higher mortgage rates mean that borrowing money to buy a home is significantly more expensive than it used to be.

Realtor.com found that over the past year, rising mortgage rates and home prices increased the monthly cost of financing a typical home by 19%, or $340. Consequently, many potential buyers have opted to sit on the sidelines until the market becomes more affordable.

On the other side of the equation, the sudden spike in interest rates from historic lows to levels above 6% has also pushed sellers away from the market.

“Fewer sellers are opting to list their homes than previous years,” Realtor.com’s experts wrote, “largely due to feeling ‘locked in’ by a lower mortgage rate compared to what is obtainable this year.”

Mortgage rates may stop climbing

Thankfully, buyers and sellers alike could see some relief in the coming months.

“While a pause in Fed rate hikes doesn’t mean a significant drop in mortgage rates is coming, it does at least alleviate one layer of uncertainty in the housing market,” Redfin economics research lead Chen Zhao said in a blog post.

She adds that while it’s still possible that the central bank will raise interest rates again (prompted by bad inflation data, more bank turmoil or a debt ceiling crisis), “homebuyers and sellers can feel a little more confident that mortgage rates won’t skyrocket again.”

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More from Money:

Why Are There So Few Houses on the Market?

Fannie Mae and Freddie Mac’s Controversial New Mortgage Fee, Explained

Home Prices Just Had Their Biggest Decline Since 2012

Source: money.com

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Today we’ll check out a Pacific Northwest mortgage lender by the name of “Evergreen Home Loans” that has more than three decades of home financing experience.

That’s a lot more than your average mortgage lender out there, and speaks to their successful business model, which marries technology with human touch.

Despite being around since the late 1980s, they’ve taken the time to update their website and integrate the latest technology, including a digital mortgage application, smartphone app, and eClose signing ability.

Let’s dig in to learn more about them.

Evergreen Home Loans Fast Facts

  • Direct-to-consumer retail mortgage lender with branches in six states
  • A dba of Evergreen Moneysource Mortgage Company
  • Offers home purchase, construction, and refinance loans
  • Founded in 1987, headquartered in Bellevue, Washington
  • Funded roughly $3.5 billion in home loans last year
  • Licensed to do business in 9 western states currently
  • Their Security Plus Seller Guarantee may provide an edge in a competitive housing market

At the moment, the company is licensed primarily on the West Coast, in the states of Alaska, Arizona, California, Colorado, Idaho, Nevada, Oregon, Washington, and Wyoming.

Despite that, they still produced about $3.5 billion in home loans last year, with more than two-thirds of it from home purchase financing, and the remainder mortgage refinances.

Much of their production consists of conventional loans, though they also do a good chunk of FHA lending, VA loans, and jumbos.

About 60% of total loan origination volume came from their home state of Washington.

How to Apply with Evergreen Home Loans

  • To get started simply visit their website and click on “apply for a loan”
  • They offer a so-called Digital Mortgage Advantage that is backed by the latest tech
  • Allows borrowers to scan/upload or digitally verify assets by connecting their accounts
  • And eClose by electronically signing most closing documents from anywhere using a computer or mobile device

Evergreen Home Loans says it believes in technology, but also acknowledges that it takes a human hand to get its customers home.

That means you’ll have a dedicated loan officer and processor who will help you every step of the way, though you can also perform most tasks on your own if you wish.

Their digital mortgage application powered by ICE Mortgage Technology is known as “Digital Mortgage Advantage,” and it allows you to apply for a home loan from any device, including their free mobile app.

You can scan/upload requested documents and/or digitally verify your checking, savings, retirement, or investment statements using your own bank’s login credentials.

When it comes to sign, they offer an eClose option where you can eSign most closing documents from anywhere using a computer or mobile device.

To get started, you can visit their website and browse their loan officer directory to view bios and contact info, or simply hit apply and get started on your own.

It’s always recommended to get mortgage rate pricing first, then proceed to the application if you’re happy with what you hear.

Either way, they appear to make it easy and fast to apply for a mortgage thanks to their use of the latest technology available.

And they’ve also got physical offices in six states if you prefer to work face-to-face.

Loan Programs Offered by Evergreen Home Loans

  • Home purchase loans
  • Refinance loans: rate and term, cash out, streamline
  • Home renovation loans
  • New construction loans
  • Conventional loans backed by Fannie and Freddie
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans

One thing Evergreen Home Loans seems to excel at is home purchase lending. Part of that could have to do with their robust mortgage pre-approvals and their Security Plus Seller Guarantee.

That guarantee gives the seller(s) $5,000 if they’re unable to close the loan, enough to perhaps entice them to accept an Evergreen loan offer with a Security Plus Seller Guarantee over a higher-priced bid.

They also offer construction-to-permanent financing if you’re building a home, including a one-time close (OTC) loan that allows for an all-in-one home loan experience.

Those who already own a home can take advantage of a home renovation loan, such as the popular FHA 203k program, or a mortgage refinance, including rate and term, cash out, or streamline options.

They offer all the major home loan types, including conventional, jumbo, FHA, VA, and USDA, with reverse mortgages and second mortgages perhaps the only options missing.

You can get a fixed-rate mortgage like the 30-year or 15-year, or an adjustable-rate mortgage, such as the 5/1 ARM.

CashUp by Evergreen

If you’re constantly getting outbid, the “CashUp by Evergreen” program could help you land your dream home.

First, you get pre-approved for a mortgage with a fully underwritten credit package. Then you can shop for a home as a cash buyer with no financing or appraisal contingency.

This allows you to beat out the competition who often must rely on home loan financing to close the deal.

Chances are the seller will favor your all-cash offer above others that require a mortgage, which is never a guarantee.

Once your offer is accepted, Evergreen will purchase the home on your behalf and then transfer it to you after permanent financing is established.

As you might suspect, you must use Evergreen Home Loans for your permanent financing.

The CashUp by Evergreen program is currently available in Idaho, Nevada, and Washington.

Only owner-occupied and second homes are eligible. Condos and manufactured homes are not permitted.

Evergreen Home Loans Rates

One slight drawback to Evergreen Home Loans is their lack of transparency regarding mortgage rates. You won’t find them displayed on their website.

While this doesn’t mean they’re necessarily good, bad, or otherwise, you’ll need to speak with a human loan officer first to see where they stand.

The same is true of their lender fees, which don’t appear to be listed on their website.

When you get in touch, make sure you inquire about both their interest rates and lender fees, which collectively make up the mortgage APR.

Once you’ve got all the details you can use their mortgage quote to shop and compare with other banks and lenders out there.

Evergreen Home Loans Reviews

On Zillow, Evergreen Home Loans has an almost flawless 4.97-star rating out of 5 from about 1,600 customer reviews, with many saying the interest rate and/or closing costs were lower than expected.

And on SocialSurvey, they’ve got a similarly stellar 4.93-star rating from nearly 10,000 reviews, which speaks to their consistency in the customer satisfaction department.

They’ve also got excellent reviews at many of their individual branch locations on Google if you want to search local, physical offices.

While they aren’t an accredited business with the Better Business Bureau, they do hold a perfect ‘A+’ rating based on customer complaints.

In summary, Evergreen Home Loans seems like a good fit for both home buyers and those interested in building or renovating a new home.

They also offer a guarantee to sellers that your home loan will close, which could give you a serious leg up in a competitive housing market.

Additionally, they could be a good choice for existing homeowners looking to refinance because they offer a wide array of loan programs and have lots of physical locations for those who prefer a local touch.

Evergreen Home Loans Pros and Cons

The Good Stuff

  • Can apply for a home loan online without human assistance
  • Offer a digital mortgage application powered by ICE Mortgage Technology
  • Security Plus Seller Guarantee for home buyers in competitive markets
  • Lots of different loan programs to choose from including construction loans and jumbos
  • Also have physical locations in six states if you prefer in-person consultation
  • Excellent reviews from past customers across all major ratings websites
  • A+ BBB rating
  • Variety of free mortgage calculators and mortgage glossary on their website
  • Free Evergreen mobile app for smartphones

The Cons

  • Only licensed in states on the West Coast
  • Do not list mortgage rates or lender fees

(photo: Frank Olivier Schwellinger)

Source: thetruthaboutmortgage.com

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Are you looking for a way to earn some extra money? Did you do well in school, or on standardized tests? Offering tutoring services may be a good bet for you.

I’ve been a private tutor for the better part of seven years now. It kept me in spending money as a part-time job in college, and it has turned into a full-time gig for me over the last few years. The best part about it, though, is that it’s an easy concern to keep going whether you have three or thirty hours a week to devote to it.

What to Tutor

I’ve taught everything from high school writing to college calculus to professional certification exams for public school teachers. That’s just the tip of the iceberg: there’s a market for tutors for every standardized test in existence, and probably every academic subject at every level, too. Heck, much of this article probably applies to things like music lessons, as well.

If you have a strong academic background, but aren’t comfortable opening for business without some kind of certification, it might be worth taking a job with a tutoring service, particularly one of the big-name test prep companies such as Kaplan or The Princeton Review. They’ll train you, you’ll get valuable in-class experience, and after a few months you may feel better about setting off on your own.

Finding Students

The standard advice for would-be tutors is to post flyers at strategic locations such as universities. In my experience, though, that doesn’t work.

Ideally, your business would come via word of mouth. Every time you work with a student, make sure they have your contact information, and encourage them to tell their friends about you. The less effort it takes to get business, the better!

Starting out, though, referrals will be hard to come by. (That doesn’t mean you shouldn’t try: family and friends may be able to help out early on by spreading the word.) The easiest way to reach prospective students is through Craigslist. Better yet, set up a simple website in addition to your Craiglist ads so that you appear to be more than some guy or gal with an e-mail address.

Ultimately, though, Craigslist is just the 21st-century version of flyering the local university. The best way to find students is to go to the source. If you’d like to help elementary school children with reading, introduce yourself at the local elementary school. Teachers and counselors are the absolute best source of referrals for K-12 students.

Nuts and Bolts

The most important operational question you’ll face is how to set your rates. At the high end, you’ll find SAT, LSAT, and GMAT tutors in New York City charging several hundred dollars per hour. The range is huge: Even in New York, for the same services, you’ll find other tutors for as little as $20 or $25 per hour.

As with most services, acceptable rates are tied to the level to expertise you bring to the table.If you’re offering math tutoring for junior high students, don’t expect to command $50 per hour: High school students can do the same thing, and they’d probably do it for a whole lot less. This is one reason to consider becoming a test-prep tutor through a major company: As soon as you finish training, you’ll have skills that set you apart from the vast majority of would-be instructors.

While it’s important to consider what the market will bear, it’s also crucial that you consider your time investment. One of the drawbacks of tutoring, compared to other part-time jobs, is that it can be difficult to string together more than an hour or two at a time. If you’re charging $20 per hour and driving across town to meet with a student for one hour, is it worth it?

One partial solution to that problem, at least once you’re working with multiple students, is to have people come to you. (Perhaps even for a discounted rate.) Before I found a shared office solution, I would set up shop at a Starbucks in Midtown Manhattan. It was convenient for my students, and on some weekends, I would tutor four students for two hours each, straight through from 9-5. One commute is much better than four!

Final Words

As I mentioned in the beginning, one of the benefits of tutoring as a side job is that there are no real minimum time requirements. It can turn into a full-time job, as well, but don’t count on that happening in short order. Be especially careful about the actual number of hours you’re spending: if you have a dozen students and you’re traveling to them, an 8-10 hour per week job can suck up quite a bit of time and expenses.

Warnings aside, there are plenty of benefits I haven’t mentioned. You’ll meet all sorts of people you never would otherwise, and you’ll help students meet goals they may not have reached without you. You’ll be your own boss, and hey — you might even have some fun!

Source: getrichslowly.org

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After posting a surprising 14.5% monthly increase in February, breaking a year long streak of declines, existing home sales were back down again in March, according to a report from the National Association of Realtors (NAR), released Thursday.

Existing home sales dropped 2.4% month over month in March to a seasonally adjusted annual rate of 4.44 million. On a year-over-year basis, sales were down 22%.

“Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” Lawrence Yun, NAR’s chief economist, said in a statement. “Yet, at the same time, multiple offers on starter homes are quite common, implying more supply is needed to fully satisfy demand. It’s a unique housing market.”

With mortgage rates remaining in the mid to low 6.0% range, home prices across the country have decreased slightly. According to NAR’s data, the median existing home sales price fell 0.9% year over year in March to $375,700. The second consecutive month of annual decreases.

“Home prices continue to rise in regions where jobs are being added and housing is relatively affordable,” Yun noted. “However, the more expensive areas of the country are adjusting to lower prices.”

Despite much higher mortgage rates than those seen a year prior, sales prices have only decreased slightly, thanks in large part to the continued inventory pinch. At the end of March, NAR reported that the inventory of unsold existing homes was up to 980,000, an increase of 1.0% from a month prior and 5.4% from a year ago. This represents 2.6 months of supply at the current sales pace.

“Prices are starting to warm up again signaling that demand is returning when dips in mortgage rates and creative financing strategies allow,” Nicole Bachaud, Zillow’s senior economist, said in a statement. “But with inventory levels far off from pre-pandemic levels as existing homeowners are still facing mortgage rate lock-in, existing home sales are taking a hit. Low inventory in general is going to remain a driving force in the movement of prices in the housing market, so affordability will likely be a barrier to those looking to transact for the foreseeable future.”

Despite these concerns, Yun remains optimistic about existing home sales for the second half of this year.

“With overall consumer price inflation calming and rents expected to decelerate from robust apartment construction, the Federal Reserve’s monetary policy will surely shift from tightening to neutral to possibly loosening over the next 12 months,” Yun added. “Therefore, home sales will steadily rebound despite several months of fluctuations.”

Thanks to the limited inventory and usual springtime uptick in buyer demand, properties typically remained on the market for 29 days in March, down from 34 days in February, but up from 17 days a year ago.

In addition, 65% of homes sold in March were on the market for less than a month.

Regionally, existing home sales fell in three out of the four regions month over month, with the Midwest recording the largest monthly drop at 5.5% to a sales pace of 1.03 million homes. The Northeast was the only region to not record a drop, holding steady from the month prior at an annual rate of 520,000.

Despite the lack of monthly change, the sales pace in the Northeast was still down 21.2% year over year. The other three regions also recorded year-over-year decreases in the existing home sales pace, with the Midwest falling 17.6%, the South (annual rate of 2.07 million) dropping 20.4%, and the West (annual rate of 820,000) falling 30.5%.

The West also recorded the largest year over year price change, falling 7.5% from a year prior to a median sale price of $565,400.

Source: housingwire.com

Apache is functioning normally

Today we’ll review East Coast based mortgage broker “Silver Fin Capital,” which says it’s the #1 rated certified lender in New York based on LendingTree reviews.

The company has also been ranked the #1 lender across LendingTree’s nationwide network four times since inception in 2005, and landed in the top-10 rankings eight times.

Additionally, they pride themselves on never having a complaint filed with the Better Business Bureau, while maintaining an A+ rating.

So clearly they’re making their customers happy and striving for perfection when it comes to customer satisfaction, which is a big plus.

Assuming they also offer low mortgage rates with limited fees, they could be a good choice if you need a mortgage on the East Coast.

Let’s discover more about them.

Silver Fin Capital Fast Facts

  • Mortgage broker that offers home purchase loans and refinances
  • Founded in 2005, headquartered in Great Neck, NY
  • Has 60+ wholesale lender partners in its network to choose from
  • Currently licensed to do business in Connecticut, Florida, New Jersey, and New York
  • A LendingTree Certified Lender for the year 2021
  • Pride themselves on having zero complaints filed with the Better Business Bureau (BBB)

As noted, Silver Fin Capital is a mortgage broker, which means they connect homeowners with their wholesale lender partners.

This allows them to shop your loan scenario and mortgage rate with a variety of their partners all at once to land you the best possible rate with the fewest fees.

At last glance, the company said it had more than 60 wholesale lender partners in its network, meaning they should have lots of options to both shop your rate and find a suitable loan program.

The company got its start back in 2005, and is headquartered in Great Neck, New York.

They are currently licensed to do business in just four states, including Connecticut, Florida, New Jersey, and New York.

Aside from their flawless BBB rating, they are also a LendingTree Certified Lender.

This means they’ve demonstrated a commitment to employee development with at least half of their loan originators certified (while also earning high marks from LendingTree customers).

How to Apply for a Home Loan with Silver Fin Capital

  • First call them up or fill out a short contact form on their website
  • A loan originator will then discuss loan options and rates with you
  • They offer secure document uploading to speed up the loan process
  • Unclear if they offer a fully digital mortgage application or eClose options

To begin, you can either call Silver Fin Capital up directly or fill out a short contact form on their website.

If you go the online route, a licensed mortgage loan originator will promptly contact you to discuss loan options and provide a personalized rate quote.

Once you speak with a loan officer and intend to move forward, you can proceed to filling out the mortgage application.

It’s unclear if they offer a fully digital application, but my assumption is you’ll be able to complete most tasks electronically, whether it’s eSigning documents or uploading documents.

They do have a page dedicated to secure document upload, so once you are approved, you’ll easily be able to share files to satisfy any outstanding loan conditions.

Based on their stellar customer satisfaction ratings, Silver Fin Capital probably makes it super easy to apply for and manage your home loan from start to finish.

Loan Programs Available at Silver Fin Capital

  • Home purchase loans
  • Refinance loans: rate and term, cash out, and streamline options
  • Home renovation loans
  • Conventional loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • Reverse mortgages
  • Interest-only home loans
  • Fixed-rate options: 10, 15, 20, 25 or 30 years
  • Adjustable-rate options: 3, 5, 7 or 10 years

One plus to using Silver Fin Capital is their extensive product menu. This is a benefit to using a mortgage broker, as they have not one lending menu, but dozens.

In fact, they say they’ve got 60+ lender partners to choose from, meaning you should be able to get your hands on just about any type of home loan that exists, regardless of your property type.

They should have you covered whether it’s a home purchase, mortgage refinance, renovation loan, or even a reverse mortgage.

You’ll also be able to get anything from a conventional loan to a government-backed loan (FHA or VA) to a jumbo or interest-only mortgage.

The one major loan type they might not have is USDA loans, which are reserved for borrowers in rural areas.

In terms of specific loan programs, they offer both fixed-rate and adjustable-rate mortgages in a large variety of loan terms.

You shouldn’t face too many restrictions in this department, and brokers also tend to be good at funding difficult scenarios, whether you’re self-employed or experienced a recent credit event.

Silver Fin Capital Mortgage Rates

While Silver Fin Capital doesn’t advertise its mortgage rates on its website, they will have numerous options for you to choose from due to their many wholesale lender partners.

Instead of showing you rates from just one company, they have the ability to shop your rate with dozens of lenders simultaneously to find you the best combination of rate and fee.

They also say they structure most loans where the lender pays them directly, meaning you won’t have to pay anything out-of-pocket if that’s your wish.

But even though they’re a broker who can shop on your behalf, it’s still recommended to compare two or three brokers to see what they can offer.

It might be possible to find better pricing, or negotiate more effectively if you can pit two brokers against one another.

Silver Fin Capital Reviews

On LendingTree, they have a perfect 5.0 rating from 700+ customer reviews, along with a 99% recommendation rate.

The company is also one of just eight Certified Lenders on the LendingTree platform for the year 2021.

Over at Zillow, they’ve got a similarly stellar 4.95-star rating out of a possible five from 120+ reviews, with a good chunk of them saying the interest rate received was lower than expected.

Additionally, they’ve got a 5-star rating on Google from about 125 customer reviews, which tells us they’re consistent in the customer satisfaction department.

Lastly, they are an accredited business with the Better Business Bureau and currently have an ‘A+’ rating based on complaint history.

And as mentioned, they’ve never had a complaint filed against them with the BBB.

In summary, Silver Fin Capital could be a good choice for both home buyers and those looking to refinance, who prefer a more hands-on approach from a broker.

Their ability to shop rates on your behalf is also a plus if you’re not one to put in the time yourself.

Silver Fin Capital Pros and Cons

The Good

  • Offer a simplified and streamlined mortgage loan process
  • Can shop your mortgage rate with dozens of lenders all at once
  • Lots of loan programs to choose from thanks to their many lender partners
  • Excellent reviews from past customers across all ratings sites
  • A+ BBB rating, accredited business (with no complaints filed)
  • Mortgage glossary and mortgage calculators on their website

The Perhaps Not

  • Only licensed in four East Coast states
  • Do not disclose mortgage rates or lender fees
  • They won’t service you loan after closing

(photo: KMR Photography)

Source: thetruthaboutmortgage.com

Apache is functioning normally

Today’s homebuyers are exceptionally sensitive to mortgage rates with house prices so high — and they’ve found their tipping point.

After years of government intervention following the great recession and the first years of the Covid-19 pandemic that kept mortgage rates artificially low, today’s buyers have a skewed view of what “normal” mortgage rates are.

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The majority of potential homebuyers, 71%, say they will not accept a 30-year fixed mortgage rate over 5.5%, according to a survey done in March by John Burns Research and Consulting. The current rate, however, is around 6.4%.

In addition, 62% of buyers said they believed that a “historically normal mortgage rate” was below 5.5%. The average going back to 1971 is 7.75%, according to Freddie Mac.

Homes in Centreville, Maryland, US, on Tuesday, April 4, 2023. 

Nathan Howard | Bloomberg | Getty Images

“Our consulting team has witnessed this across the country, noting that home builders who choose to subsidize buyers’ mortgage rates, bringing the overall rate down below 5.5%, have been achieving the most success. Many of the largest builders in the country have been buying mortgage rates down below 5.0%,” said CEO John Burns and Maegan Sherlock, a senior research analyst, in the report.

For most buyers, the mortgage rate determines what they can afford, because generally they are focused less on the home price and more on the monthly payment; that monthly payment is all about the rate.

If so many potential buyers, however, are saying they won’t buy unless they get a rate below 5.5%, they may be sitting on the sidelines for a while. Mortgage rates have been over 6% for nearly a year and are not expected to move much lower this year.

An April survey from U.S. News and World Report seems to corroborate these findings: It found that 66% of Americans who plan to buy a home this year said they are waiting until rates fall. 

“Mortgage rates are about twice as high now as they were a little over a year ago, which has exacerbated housing affordability challenges ahead of the spring 2023 homebuying season,” wrote Erika Giovanetti, loans expert at U.S. News, in a column discussing the survey’s findings. “Today’s homebuyers are extremely sensitive to fluctuating interest rates, and a significant drop in mortgage rates would likely make the market more competitive.”

The U.S. News survey also found that 25% of homebuyers who are holding out for lower rates are waiting until they drop below 5%. Nearly two-thirds of respondents said they’ve had to reduce their housing budgets due to the current level of mortgage rates.

While some buyers can’t afford the home they might want at today’s rates, others are choosing not to buy simply because they don’t like the idea of a higher rate, even if they can afford it. Older consumers aren’t necessarily more willing to accept higher rates just because they may have experienced them in the past, according to the John Burns report.

Potential home sellers, likewise, find the current rates to be unacceptable, contributing to the severe lack of supply on the market. New listings in the four weeks ended April 9 were 25% lower than the same week the year before, according to Redfin, a real estate brokerage. That continues an eight-month streak of double-digit declines.

“Even if the Fed chooses not to hike interest rates next month, which would likely bring down mortgage rates, the limited supply of homes for sale would remain a major obstacle for would-be buyers,” wrote Daryl Fairweather, chief economist at Redfin, in the report. “Rates dipping below 6% would probably pique the interest of more buyers, but enough homeowners have rates in the 3% or 4% range that we’re unlikely to see a big uptick in new listings.”

Source: cnbc.com