Marketing is an expense, but it can also be considered an investment in the success of your small business. When done correctly, it can build your brand, draw prospective customers to your website or store, and ultimately drive revenue.
To make the most of your marketing dollars and successfully promote your small business, you’ll want to avoid the following mistakes.
1. Not making market research a priority
Market research, one of the first stages in the marketing process, is used to confirm demand for your business’s product or service, identify its target market and assess competitors.
“If we think of marketing, it’s not only the promotion of services, the promotion only of products. It’s the creation of products. It’s the creation of services. It’s connecting with people,” says Islam Gouda, a marketing scholar and author. “As a small business, I want to understand how my customers are thinking about different aspects in terms of their wants or their needs.”
When researching your target market, consider the platforms and channels they frequent and market your business there.
”Make sure that you’re really focusing on how people are going to find you,” says Jennifer Fortney, president of Cascade Communication, a PR and marketing communications company based in Chicago. Beyond the largest, most popular platforms, Fortney suggests also looking into niche publications and local magazines.
2. Brand inconsistency
“Always have consistent branding across all your channels: your social media, your LinkedIn profile, your website, your brochures, your fliers, whatever it is,” says Vanessa Castillo Bell, a consultant for the Arizona Minority Business Development Agency. “Once you have consistent branding all across your channels, your customers will recognize your brand.”
Establish brand guidelines for the logos, colors, images and text you’ll use across your marketing materials. Consistent branding creates a brand identity that looks professional and can offer benefits such as increased customer trust and loyalty — which can all lead to higher revenue for your business.
3. Not having a clear website strategy
There are many platforms on which to market your business, but your website is especially important. “Businesses own their website. That’s their online home,” Castillo Bell says. Therefore, you have complete control over what information you provide and how.
Castillo Bell recommends learning search engine optimization (SEO) techniques and identifying keywords that your customers would use to search for your products and business. Including those keywords in blogs, newsletters, white papers, videos and other types of content marketing can help your website appear on search engine results pages and gain traffic. Optimizing your website for mobile — since many consumers search online using their phones — is another key step, Castillo Bell says.
You’ll also want to make important details about your business easily accessible to website visitors. “If you’re a local business, be very specific about your location, what areas you serve, and put all of that information on your website,” Fortney says.
Building an effective marketing strategy requires patience; however, a mistake many businesses make is that “they are looking for a quick process,” Gouda says. “They are looking to generate revenue on the spot. They do not wait for return on investment,” he says. Ultimately, “they confuse marketing and sales.”
In reality, the results from your marketing strategy may not be noticeable for months. Researching your target audience, creating consistent messaging in all your marketing materials and exploring free marketing ideas can all help you stay the course.
From Facebook and YouTube to Instagram, TikTok and many more platforms, social media is a great place to market your business. However, trying to build an online presence on multiple channels doesn’t guarantee success.
“Just because a social media outlet or a social media platform exists doesn’t mean you have to use it. If you stretch yourself too thin, you’ll do none of it well,” Fortney says. “Own one. Pick one that’s the best for your business and your product or service, own it.”
After you’ve become successful in managing one platform, consider whether you want to add another social channel to your marketing strategy.
6. Not utilizing free resources
Before paying consultants to help with your marketing strategy, “one resource you should take advantage of is your free agencies,” Castillo Bell says.
The U.S. Small Business Administration, Small Business Development Centers, Minority Business Development Agencies and community development financial institutions, as well as nonprofit organizations for women, minorities and veteran small-business owners, can all be good options when you need free or low-cost help with your marketing plan.
Nevada is known for its dry climate, untouched natural wonders, and tall, forested mountains. The majority of the state is a plateau, with deep valleys and tall peaks. It has many climate zones, ranging from warm mediterranean in the western part of the state, to vast desert in the south, to high desert in the north.
Weather patterns generally range from dry and hot in metros like Las Vegas,to dry and cooler in areas such as Elko and Genoa. However, throughout the state, weather can often turn into natural disasters, like flooding, wildfires, and heat waves.When these happen, it’s essential to be prepared.
So what are the most common natural disasters in Nevada, how are they changing, and what can you do to prepare? Whether you’re planning a move to Las Vegas or are looking at apartments in Reno, read on for everything you need to know.
1. Nevada drought
Drought is a serious issue in Nevada, which is already the driest state in the US, receiving an average of 9 inches of precipitation per year. The state is one of many in the Colorado River Basin that has been dealing with a long-term “megadrought.” This drought hit a peak in spring 2022, when100% of Nevada’s population was experiencing severe to exceptional drought. This prompted the federal government to enact a tier two water shortage for the state, which is still in place.
The state’s water supply primarily comes from the Colorado River at Lake Mead, which has been shrinking due to chronic overuse and reduced precipitation. To help, Nevada has been working with the other six “basin” states who rely on the Colorado River to reduce water use and prevent an emergency that would require dramatic Federal action. Recently, the Lower Basin States of California, Arizona, and Nevada pledged to save around 1 billion gallons of water by 2026.
Southern Nevada has already adopted extremely strict water conservation measures, reducing water usage by 26 billion gallons compared to 2002, even though its population increased by over 750,000.
Droughts are exacerbated by warmer average temperatures, and can also increase the frequency and severity of other disasters, such as forest fires, dust storms, and heat waves.
How to prepare for drought in Nevada
Because Nevada has been experiencing drought for decades, it’s important to adapt your lifestyle to accommodate lower water use and prepare for future restrictions. For example:
2. Nevada wildfires
Wildfires are a major disaster in Nevada. In fact, from 2000-2018, wildfires burned more than double the number of acres compared to 1980-1999. Recently in 2018, the Martin and Sugarloaf Fires burned nearly 1 million acres. While most wildfires occur in the northern parts of the state, they can happen anywhere.
Most people don’t live within 20 miles of a recent active wildfire, excluding the mountainous cities of Reno and Carson City. However, according to data from First Street Foundation, 60% (733,893) of properties in Nevada are at risk of being affected by a wildfire in the next 30 years. Importantly, only 27% of properties in Las Vegas are at risk of being impacted by a wildfire, with most risk confined to Summerlin South, Enterprise, and nearby areas.
The state’s dry season from May through September (excluding monsoons), combined with parched forests, sets the stage for devastating fires that can spread rapidly. Prolonged drought and heat waves exacerbate the severity of wildfires. The primary causes of wildfires in Nevada are human activity and monsoon lightning. And in southern Nevada, where there are fewer trees, most wildfires are caused by target shooting and fireworks.
Wildfires can also devastate the landscapes and hillsides of northern Nevada, making them more susceptible to flooding, landslides, and mudslides, especially during intense rainfall.
How to prepare for wildfires in Nevada
If you intend to move to Nevada or already live in the Golden State, preparing for wildfires is essential. Here are some tips to help:
Create a defensible space around your property by removing flammable materials and trimming or removing dry vegetation.
Install interior and exterior sprinkler systems, if you have access to enough water and drought restrictions don’t prohibit it.
Install a generator to keep the power running in case of power outages.
Stay updated on fire weather forecasts and follow all fire restrictions.
Prepare for poor air quality by purchasing an air purifier and installing HEPA air filters on air conditioning units.
Build an emergency kit with essentials and valuable documents.
Ensure your insurance adequately covers fire damage, or, if the rising premiums are too high, understand the risks of going uninsured.
Work with your community. This is the most successful way to mitigate fire risk in your neighborhood.
3. Nevada heat waves
Hot, dry weather is common throughout Nevada, especially in the Southern parts of the state, where most of the population lives. Summer temperatures can reach over 100 degrees Fahrenheit throughout the state, especially in July and August. Most recently, during a heatwave in 2023, Las Vegas recorded temperatures above 100 degrees every day in July, with two weeks hitting a daily average temperature of 100.7. The city also hit 110 ten days in a row.
According to First Street Foundation, 66% (1.2 million) of homes in Nevada currently have a Severe Heat Factor, meaning the average daily temperature is at least 95 degrees Fahrenheit for the hottest month of the year. The overwhelming majority of homes at risk are in Clark County, which is home to Las Vegas.
Cities often feel the heat worse than rural areas due to the urban heat island effect. Las Vegas is the worst heat island in the country, experiencing a 5.76 degree difference between urban and rural temperatures. Las Vegas is also the fastest warming city in the US, with average temperatures increasing nearly 6 degrees since 1970.
How to prepare for heat waves in Nevada
Heat waves can be intense and cause health issues, including heat stroke and dehydration. As such, it’s essential to be prepared when they arrive. Here are a few ways to stay cool in extreme heat:
Stay updated on forecasts and advisories.
Prepare a meal plan that doesn’t involve cooking indoors.
Stay hydrated before, during, and after a heat event.
Make sure your air conditioning is functioning properly.
Install a generator in case the power goes out due to strained utility systems.
Limit outdoor activities to the early morning and late evening.
Switch from incandescent to LED light bulbs.
Stock up on lightweight, protective clothing.
Close blinds, shades, and curtains.
4. Nevada flooding
Nevada is known for its dry climate, but it’s actually very prone to flooding. 11% of properties in Nevada have a chance of being severely affected by flooding in the next 30 years, with most located in the mountains and highlands.
Nevada’s flood risk profile is marked by its dry climate, which makes it particularly susceptible to regional and flash floods year-round. Some cities also have a risk of riverine flooding. Recently, in February and March 2023, the winter storms that hit the Sierra Nevadas prompted a disaster declaration in Nevada for flooding, landslides, and mudslides. And, later in the year, an intense late summer monsoon caused flash flooding throughout Clark County.
Nevada is also prone to snowmelt flooding. The Carson Range and nearby peaks in Northwestern Nevada can receive substantial snowfall in the winter, often through winter storms and blizzards. And as temperatures rise in the spring and summer, this snow can melt rapidly, especially during an early heat wave.
How to prepare for flooding in Nevada
In Nevada, preparing for a flood is essential, particularly during sudden intense rain and snowmelt events. Because a large portion of the state is prone to flash flooding, you may not have much time to prepare, so it’s critical to practice and have supplies ready during the spring and summer. Here are a few tips to help:
Familiarize yourself with flood risk maps for your area to see your potential risks.
Consider flood insurance if you’re in a high-risk zone.
Keep emergency supplies on hand, including non-perishable food, water, medications, and important documents.
Elevate valuable items in flood-prone areas of your home, and install sandbags or barriers if necessary.
Invest in flood sensors.
Stay tuned to weather forecasts and alerts, and have a communication plan in place with your family.
5. Nevada earthquakes
Earthquakes are a major risk in Nevada. The state is home to thousands of fault lines, and many regions experience dozens of tiny earthquakes every day. The most notable region is the Walker Lane, which is a trough consisting of thousands of fault lines that pass through most of the Western border of Nevada and into southern California. This is where most geologic activity occurs, although there are notable major faults in the Las Vegas Valley. Reno and Carson City, located along the Walker Lane, are at a particularly high risk, although Las Vegas would suffer far more damage.
There have been 23 earthquakes with a magnitude 6 or greater since the 1840s, with the most recent being the Ridgequest quakes in 2019.
While earthquakes are infrequent, they are by far the most destructive type of disaster in Nevada when they hit. Additionally, Nevada can also be affected by earthquakes with epicenters in California, such as the recent quake in the Sierra Nevadas that was felt in Reno.
How to prepare for earthquakes in Nevada
Earthquakes are irregular but destructive and can cause significant damage to structures, utilities, and water systems. Main shocks can last for minutes, while aftershocks can last for years. They can also strike suddenly, at any time, with only seconds of warning. As such, preparing your home is critical. Here are a few tips to help:
Practice drop, cover, and hold on, so you’re ready when a quake hits.
Purchase earthquake insurance to cover some losses in the event of a quake. This is a separate policy that you purchase in addition to regular homeowners’ insurance. It’s also available to renters.
Make sure you have a durable, charged communication device in case of an emergency.
If you rent, ask your landlord about the building’s seismic history.
Keep your emergency kit stocked, updated, and accessible.
Anchor heavy items to the wall, strap down expensive electronics, and secure small valuables.
Brace your water heater according to state law.
Ensure your gas lines have flexible connections.
If you live in a house built before 1980, it will likely need to be retrofitted. Don’t do this yourself; hire a seismic retrofitting professional.
Final thoughts on natural disasters in Nevada
Nevada’s climate is diverse, dry, and pleasant. Drought, fire, heat, flooding, and earthquakes make it a varied and unpredictable place to live.Many cities in Nevada, especially Las Vegas, continue to be the most popular migration destinations, primarily due to people’s desire for sun. Because of this, the state’s population has increased by over 70,000 since 2020.
If you’re considering moving to Nevada or already call The Silver State home, make sure you’re prepared for natural disasters and long-term weather events. Understanding your risks and adequately preparing are helpful to make the most out of living in Nevada. The National Weather Service and University of Nevada, Reno offer experimental maps that show forecasted and past risks in any given area, which can help you prepare.
Lastly, many natural disasters are worsened by climate change.So no matter how you prepare, reducing your carbon footprint and pushing for systemic change are the best long-term solutions.
This article is for informational purposes only. Individual results may vary. This is not intended as a substitute for the services of a licensed and bonded home services or disaster prevention professional. Always seek expert advice and follow all official guidance before, during, and after a disaster.
Yesterday, President Obama gave a speech on homeownership at Desert Vista High School in Phoenix, Arizona, one of the hardest hit cities in the nation.
While it was mostly fluff many of us have heard before, there were some nice little takeaways. I’ve listed what I feel are the top 10 quotes, based on their impact, candor, and humor, in the order in which they were said.
1. I think about my grandparents’ generation…in that earlier generation, houses weren’t for flipping around, they weren’t for speculation — houses were to live in, and to build a life with.
Housing needs to be perceived as shelter again, not solely as an investment, according to the President.
2. We cracked down on the bad practices that led to the crisis in the first place. I mean, you had some loans back there in the bubble that were called “liar’s loan.” Now, something that’s called a liar’s loan is probably a bad idea.
Obama knows stated income loans are bad news, though it’s unclear if he knows they’ve already begun to resurface.
3. Congress should pass a good, bipartisan idea to allow every homeowner the chance to save thousands of dollars a year by refinancing their mortgage at today’s rates. We need to get that done. We’ve been talking about it for a year and a half, two years, three years. There’s no reason not to do it.
He continues to push for HARP3 or MyRefi, though such a program looks dead in the water because he’s asking Congress to get it done. And rates have risen substantially.
4. Housing prices generally don’t just keep on going up forever at the kind of pace it was going up. It was crazy. So what we want to do is something stable and steady. And that’s why I want to lay a rock-solid foundation to make sure the kind of crisis we went through never happens again. We’ve got to make sure it doesn’t happen again.
Here comes major housing reform…
5. …one of the key things to make sure it doesn’t happen again is to wind down these companies that are not really government, but not really private sector — they’re known as Freddie Mac and Fannie Mae. For too long, these companies were allowed to make huge profits buying mortgages, knowing that if their bets went bad, taxpayers would be left holding the bag. It was “heads we win, tails you lose.” And it was wrong.
Yes, Fannie Mae and Freddie Mac were responsible for the housing crisis, though many other organizations were as well. To be frank, the entire system is broken.
6. …private capital should take a bigger role in the mortgage market. I know that sounds confusing to folks who call me a socialist — I think I saw some posters there on the way in.
A little bit of humor mixed in with a very serious point about the housing market being far too reliant on the government, with pretty much every loan backed by Fannie, Freddie, or the FHA these days.
7. …we should preserve access to safe and simple mortgage products like the 30-year, fixed-rate mortgage. That’s something families should be able to rely on when they’re making the most important purchase of their lives.
The good news is the 30-year mortgage isn’t going anywhere, regardless of the reform that takes place, or is it?
8. They’re designing a new, simple mortgage form that will be in plain English, so you can actually read it without a lawyer — although, you may still want a lawyer obviously. I’m not saying you don’t. I’m just saying you’ll be able to read it. There won’t be a lot of fine print.
This pretty much sums up the ongoing cluster that is the mortgage industry. Perhaps the concept of mortgage reform is more elusive than we think.
9. So I want to be honest with you. No program or policy is going to solve all the problems in a multi-trillion dollar housing market. The housing bubble went up so high, the heights it reached before it burst were so unsustainable, that we knew it was going to take some time for us to fully recover.
It’s going to take a while folks…be patient.
10. More Americans will know the joy of scratching the child’s height on the door of their new home — with pencil, of course.
Translation: The American Dream is still alive and well.
Are you an agent because you want to achieve financial freedom? Real estate can be a great way to do it—if you learn to leverage your commissions. Today’s guest, Michael Banovac, built an impressive net worth by putting his commissions back into his personal real estate portfolio. Listen and learn about the best ways to leverage your real estate knowledge, earnings, and brand to build your net worth fast. Michael also covers ways to win luxury listings, where to focus your time, and who to partner with when developing real estate.
Listen to today’s show and learn:
About Michael Banovac [0:47]
Michael’s start in real estate [3:17]
Buying and renting your first property [7:49]
How to get approved for a home loan as a new real estate agent [11:16]
Tracking your net worth [14:31]
Financial freedom [16:51]
Creating higher margins for less work in real estate [17:54]
Shelby Johnson’s first year in real estate [21:08]
How to get started with luxury listings and real estate development [21:41]
Location, location, location [24:29]
The best way to work the best real estate locations [25:31]
Grant Cardone’s best piece of advice for real estate agents [27:18]
Layers of legitimacy and cultivating your personal brand [28:46]
How to put yourself in the same room as successful people [33:25]
A big benefit to running a podcast [36:10]
Who to partner with when developing luxury properties [37:31]
The riches are in the niches [40:37]
Being selfish to become selfless [42:28]
Changing your mind to change your circumstances [45:38]
Where to find and follow Michael Banovac [46:29]
Michael’s final piece of advice for listeners [48:07]
Michael Banovac
Michael’s expertise encompasses Real Estate, Marketing, and Internet Entrepreneurship. He currently holds an Arizona Real Estate License with The Agency at EXP Realty and is partners with Tarek El Moussa (the star of HGTV’s Flip or Flop & Flipping 101).
He prides himself as the agent of choice for any professional seeking to buy or sell residential real estate in Arizona. In 2007, he was awarded the President’s Volunteer Service Award from President George W. Bush.
Related Links and Resources:
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
Arizona’s vast landscapes and diverse architectural styles present a unique backdrop for the real estate market. Whether you’re buying a Spanish-inspired villa in Scottsdale or selling a contemporary home in Phoenix, home inspection is a critical stage that can’t be overlooked. For buyers, this process unveils the home’s hidden stories, ensuring a sound investment. For sellers, it’s an affirmation of the property’s worth and a chance to address possible concerns proactively.
This Redfin article will shed light on the nuances and best practices of inspections in the Grand Canyon State while also featuring expert insights from Arizona home inspectors themselves. Given Arizona’s unique climate and housing trends, understanding the home inspection process in the local context is vital. Let’s get started.
Why should you get a home inspection in Arizona?
Securing a home inspection in Arizona is not merely a procedural step; it’s a strategic move, given the state’s distinct environmental and architectural dynamics. Arizona’s unique climate, marked by intense heat, monsoon seasons, and occasional dust storms, can impose specific wear and tear on properties. These factors might lead to issues like foundational cracks, roof damage, or HVAC inefficiencies that aren’t immediately evident to the untrained eye. Furthermore, with the diverse range of architectural styles and ages of homes in the state, potential hidden complications can vary widely. A thorough home inspection offers buyers peace of mind, ensuring they are making a sound investment, and gives sellers an edge by addressing concerns proactively, promoting a smoother transaction process.
Are there any specialized inspections that Arizona buyers should consider?
Arizona buyers should consider several specialized inspections when purchasing a property. Given Arizona’s unique climate and geographical features, some of the key inspections to consider include a thorough termite inspection due to the prevalence of termites in the state, a comprehensive pool inspection if the property has a pool, a radon gas test, and a geological inspection in areas prone to soil instability or geological hazards.
Kyle Pritchett of Pritchett Home Inspection says that regardless of which specialized inspection you opt for, your inspector should have all the necessary tools and equipment.
“There are a lot of different types of inspections out there today for both sellers and buyers to choose from,” says Pritchett. “So, if you are going to choose one of those, why not choose one that is going to give the inspector an upgrade on what he is able to see? When you select a thermal home inspection, the inspector should be utilizing a top-of-the-linermal camera, which will enable them to detect missing insulation, air leakage, bad window seals, electrical issues, water intrusion, moisture issues, and even pest intrusions they are not able to detect with the naked eye. When making one of the biggest investments of your life, make sure your inspector has the tools to see everything you need to know about the home you’re purchasing.”
Hailey Rodriguez from WIN Home Inspections adds, “In addition to their home inspection, home buyers in Arizona should consider getting an infrared scan to identify abnormalities within the home such as moisture, insulation gaps, energy loss, and electrical hazards that are hidden within the walls, floors, and ceilings of the home.”
Are home inspections required in Arizona?
Home inspections are not legally required in Arizona, but they are highly recommended. They safeguard buyers from unexpected problems and provide an opportunity to negotiate repairs or pricing based on inspection findings.
“Even though a home inspection may not be required for your purchase, it is a great way for a home buyer to prepare for the home they are considering purchasing,” says Dylan Bucknavich of ProInspect. “They reveal a lot about a home and can even include services such as Sewer Scopes, Pool Inspections, and Indoor Air Quality. When purchasing a resale or new home, we highly recommend the buyer speak to few inspectors to get a sense or their experience and level of service.”
How much does a home inspection cost in Arizona?
The cost of a home inspection in Arizona varies based on factors like the property’s size, location, and additional services requested. According to House and Home Inspection Services, home inspections usually cost between $350 and $450 for standard sized houses, though this figure can vary depending on square footage and other factors.
David Dion of Whole Home Inspections recommends prioritizing experience over price when choosing a home inspector. “Home inspection prices in Arizona are generally based on size, age and any additional services requested. It’s important to hire an experienced home inspector who has a trained eye to see what other inspectors may not. Therefore, we don’t recommend using price as your determining factor when trying to find the right inspection company for your needs. However, if a company is a few hundred dollars above or below many others, you may consider asking why.”
Can you sell a house in Arizona without an inspection?
You can sell a house in Arizona without an inspection. However, it’s advisable for sellers to get pre-listing home inspections to attract more confident buyers and streamline the negotiation process.
Expert advice for buyers getting a home inspection in Arizona
“Be present at the inspection, so you can meet the inspector and let them go over the findings with you personally at the end,” says Tim Sponsler of 1st Priority Inspections. “This helps immensely with understanding the property you are purchasing.”
“With inflation and rising costs, life got expensive, really quick,” says Matthew Willer of Truss Home Inspections. “Get a home inspection and get the full picture before making the leap. Repair costs can add up more now than ever before.”
“The average new build home buyer is convinced they do not need a home inspection for a new build, says Cy Porter of CyFy Home Inspections. “The State of Arizona holds builders to a higher standard than most parts of the country. All new build homes in Arizona come with a 2 year state required warranty which includes cosmetic defects. If the buyer wants to have all of their warranted items addressed by the builder, the buyer must identify the defects and present them to the builder. If the builder refuses to address any defects then a complaint can be filed against the builder with the Arizona Registrar of Contractors (ROC). The Arizona ROC will then send out an investigator to verify the defects and then require the builder to address them.” A home inspector can identify warranted defects and hold builders accountable.
“Be sure to hire a licensed, experienced, inspector by asking how long they’ve been performing inspections and how many inspections they’ve performed,” according to DoubleTree Home Inspection Services. “Ask if the inspector provides a review at the end of the inspection to go over the findings so you can see the items for yourself. For items needing repair, it may be preferable to negotiate a discount or credit for repairs, rather than relying on the sellers to make satisfactory corrections.”
“A home inspector may not perform any repairs on a home that they’ve inspected,” says Connor Barickman of Purple Cactus Inspection. “This restriction allows the inspector to remain impartial. The sword cuts both ways because when a home inspector identifies a problem with the home, the inspector is not in a position to provide a quote to remedy the problem. The inspector is not licensed to perform the work and it would be a violation of the code of ethics to do so. Once a problem has been identified, it is time to bring in a licensed contractor. An excellent contractor will be familiar with the most up-to-date standards on how to correct the issues identified on a home inspection report. Furthermore, they can provide accurate written quotes which can be used to make a request of the seller which could be a price reduction, or a request to have the issue repaired before the transaction closes.”
Getting an Arizona home inspection: the bottom line
Getting a home inspection in Arizona is a smart investment. It empowers buyers with information, aids in identifying specialized issues, and facilitates smoother transactions. While not mandatory, an inspection is a practical step towards ensuring a safe and secure real estate investment in the Grand Canyon State.
She ended up taking a break from her nascent career to work at retailer JC Penney instead. Ultimately, she secured a license before moving to Missouri. That’s when she decided to walk into the offices of GE Capital to ask for a job, securing a mortgage consultant slot in 1997. “I used to look at … [Read more…]
Working as a paramedic is a rewarding career path for many. Though the job is often about more than just the money, it is possible for paramedics to earn a living. The median annual wage for paramedics is $46,770, according to the U.S. Bureau of Labor Statistics (BLS).
Keep reading for insights into a paramedic’s salary.
What Is a Paramedic?
A paramedic provides emergency medical services to individuals when they’re injured or sick. They may also be responsible for transporting people to the hospital, where they can receive further medical treatment. Because medical emergencies can happen any time of day, paramedics often work nights, holidays, and weekends. Many work 40 hours a week, if not more.
To become a paramedic, you usually must meet certain postsecondary educational requirements, which can vary by state.
How Much Is a Paramedic’s Starting Salary?
How much does a paramedic make a year? While the median annual salary for paramedics is $46,770, entry-level salaries may be lower. As with most jobs, a paramedic’s pay rate should become more competitive as they progress in their career. 💡 Quick Tip: When you have questions about what you can and can’t afford, a spending tracker app can show you the answer. With no guilt trip or hourly fee.
Recommended: Is a $100,000 Salary Good?
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What Is the Average Salary for a Paramedic?
If you’re considering going into emergency medical services — and thinking about the long shifts that are often involved — you may be wondering how much a paramedic makes an hour.
According to BLS data, paramedics earn a median hourly rate of $17.76. But how much they actually earn depends on how many hours they work, how experienced they are, and where they live.
In fact, salaries can differ greatly by state. For example, the annual mean wage of a paramedic in California is $71,470. In Alabama, it’s $37,820.
It’s understandable that some paramedics earn more based on where they live, as the cost of living can vary a lot by state. At the very least, paramedics can expect to earn the minimum wage.
The following table breaks down the mean annual wage for paramedics by state.
Median Paramedic Salary by State for 2022
State
Annual Mean Wage
Alabama
$37,820
Alaska
$53,930
Arizona
$48,610
Arkansas
$45,100
California
$71,470
Colorado
$55,410
Connecticut
$64,590
Delaware
$62,040
District of Columbia
$64,260
Florida
$51,520
Georgia
$46,350
Hawaii
N/A
Idaho
$61,880
Illinois
$57,420
Indiana
$49,610
Iowa
$48,470
Kansas
$45,780
Kentucky
$42,850
Louisiana
$49,120
Maine
$50,130
Maryland
$62,310
Massachusetts
$63,320
Michigan
$46,630
Minnesota
$63,090
Mississippi
$43,670
Missouri
$46,670
Montana
$53,800
Nebraska
$48,950
Nevada
$57,770
New Hampshire
$58,620
New Jersey
$76,500
New Mexico
$49,340
New York
$61,530
North Carolina
$44,550
North Dakota
$49,860
Ohio
$46,790
Oklahoma
$45,740
Oregon
$60,930
Pennsylvania
$52,850
Rhode Island
$46,440
South Carolina
$47,280
South Dakota
$45,870
Tennessee
$49,610
Texas
$50,730
Utah
$54,660
Vermont
$48,910
Virginia
$51,300
Washington
$90,980
West Virginia
$44,290
Wisconsin
$50,030
Wyoming
$50,570
Source: BLS
Recommended: Salary vs. Hourly Pay: How Their Pros and Cons Compare
Paramedic Benefits & Job Considerations
Alongside earning a paycheck, paramedics may also receive valuable benefits such as:
• Healthcare, dental, and vision insurance
• Paid time off
• Sick leave
• Retirement plans
Pros and Cons of a Paramedic Salary
If someone is debating whether or not to pursue a career path as a paramedic, they’ll want to consider both the advantages and disadvantages of the job.
Pros
• Potential career growth. It is anticipated paramedic jobs will grow by 7 percent by 2031, and there will be around 20,000 new openings for paramedics and EMTs every year over the next decade.
• Fulfillment. Helping people for a living and saving lives can be very fulfilling ways to spend a career.
Cons
• Physically demanding. Working as a paramedic can require a lot of lifting, bending, and kneeling, which can take a physical toll.
• Dangerous. Working with the sick can expose you to diseases and viruses and potentially increase your risk of injuries.
• Hectic work schedule. Not only are paramedics expected to work odd hours, their time on the job can be very busy and stressful, with life-or-death stakes. Shifts can also be long and last up to 24 hours. This may also not be a great job for introverts, as working as a paramedic requires interacting a lot with patients and teammates.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.
The Takeaway
Pursuing a career as a paramedic requires a secondary education, a lot of hard work, and the ability to work odd hours. The role can be very stressful, as the stakes are quite high when delivering emergency medical services. However, with a median annual salary of $46,770, working as a paramedic can also be a reliable and rewarding way to earn a living. What’s more, you may find that as your career progresses, your earning potential will grow as well.
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FAQ
What are the highest-paid paramedics?
Exactly how much money does a paramedic make? That depends on how much experience the paramedic has, among other factors. The highest 10 percent of top-earning paramedics earn more than $47,580.
Can a paramedic make six figures?
It is unlikely a paramedic will earn a salary of $100,000 or more, but is not impossible. Typically, the highest-paid paramedics work in general medical and surgical hospitals, and they earn a median annual salary of $47,000.
What is the lowest-paid paramedic?
On the low end, paramedics can earn less than $23,620. However, they can expect their salary to rise as they gain years of working experience.
Photo credit: iStock/sturti
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Foreclosure filings fell 12 percent in September from a month earlier, but still increased 21 percent from the same period a year earlier, RealtyTrac reported today.
Default notices, auction sale notices, and bank repossessions were reported on 265,968 properties during the month, putting one in every 475 U.S. households in some stage of foreclosure.
RealtyTrac chief James J. Saccacio attributed much of the month-to-month decrease to new state laws that extend the time mortgage lenders must wait before serving foreclosure papers.
“Most significantly, SB 1137 in California took effect in early September and requires lenders to make contact with borrowers at least 30 days before filing a Notice of Default (NOD),” he said, in a release.
“In September we saw California NODs drop 51 percent from the previous month, and that drop had a significant impact on the national numbers given that California accounts for close to one-third of the nation’s foreclosure activity each month.”
At the same time, he noted that a 90-day right-to-cure notice in Massachusetts had slowed foreclosure filings during the summer, but seemed to just delay the inevitable.
“On the other hand, initial foreclosure filings in Massachusetts jumped 465 percent from August to September after being much lower than normal in June, July and August,” Saccacio said.
“That temporary lull happened after a new law took effect in May requiring lenders to give homeowners a 90-day right to cure notice before initiating foreclosure. But in September, about 90 days after the law took effect, initial foreclosure notices jumped back up close to the level we were seeing earlier in the year.”
That’s certainly not good news for those who support foreclosure moratoriums, as it seems to have simply extended the mortgage crisis without providing meaningful assistance to at-risk homeowners.
Six states (California, Florida, Arizona, Ohio, Michigan, and Nevada) accounted for 60 percent of total foreclosure activity during the third quarter, with California responsible for a whopping 27 percent.
Whoa, have you seen what just happened to interest rates!?
Suddenly, after at least fourteen years of our financial world being mostly the same, somebody flipped over the table and now things are quite different.
Interest rates, which have been gliding along at close to zero since before the Dawn of Mustachianism in 2011, have suddenly shot back up to 20-year highs.
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Which brings up a few questions about whether we need to worry, or do anything about this new development.
Is the stock market (index funds, of course) still the right place for my money?
What if I want to buy a house?
What about my current house – should I hang onto it forever because of the solid-gold 3% mortgage I have locked in for the next 30 years?
Will interest rates keep going up?
And will they ever go back down?
These questions are on everybody’s mind these days, and I’ve been ruminating on them myself. But while I’ve seen a lot of play-by-play stories about each little interest rate increase in the financial newspapers, none of them seem to get into the important part, which is,
“Yeah, interest rates are way up, butwhat should I do about it?”
So let’s talk about strategy.
Why Is This Happening, and What Got Us Here?
Interest rates are like a giant gas pedal that revs the engine of our economy, with the polished black dress shoe of Federal Reserve Chairman Jerome Powell pressed upon it.
For most of the past two decades, Jerome’s team and their predecessors have kept the pedal to the metal, firing a highly combustible stream of easy money into the system in the form of near-zero rates. This made mortgages more affordable, so everyone stretched to buy houses, which drove demand for new construction.
It also had a similar effect on business investment: borrowed money and venture capital was cheap, so lots of entrepreneurs borrowed lots of money and started new companies. These companies then rented offices and built factories and hired employees – who circled back to buy more houses, cars, fridges, iPhones, and all the other luxurious amenities of modern life.
This was a great party and it led to lots of good things, because we had two decades of prosperity, growth, raising our children, inventing new things and all the other good things that happen in a successful rich country economy.
Until it went too far and we ended up with too much money chasing too few goods – especially houses. That led to a trend of unacceptably fast Inflation, which we already covered in a recent article.
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So eventually, Jay-P noticed this and eased his foot back off of the Easy Money Gas Pedal. And of course when interest rates get jacked up, almost everything else in the economy slows down.
And that’s what is happening right now: mortgages are suddenly way more expensive, so people are putting off their plans to buy houses. Companies find that borrowing money is costly, so they are scaling back their plans to build new factories, and cutting back on their hiring. Facebook laid off 10,000 people and Amazon shed 27,000.
We even had a miniature banking crisis where some significant mid-sized banks folded and gave the financial world fears that a much bigger set of dominoes would fall.
All of these things sound kinda bad, and if you make the mistake of checking the news, you’ll see there is a big dumb battle raging as usual on every media outlet. Leftists, Right-wingers, and anarchists all have a different take on it:
It’s the President’s fault for printing all that money and running up the debt! We should have Fiscal Discipline!
No, it’s the opposite! The Fed is ruining the economy with all these rate rises, we need to drop them back down because our poor middle class is suffering!
What are you two sheeple talking about? The whole system is a bunch of corrupt cronies and we shouldn’t even have a central bank. All hail the true world currency of Bitcoin!!!
The one thing all sides seem to agree on is that we are “experiencing hard economic times” and that “the country is headed in the wrong way”.
Which, ironically, is completely wrong as well – our unemployment rate has dropped to 50-year lows and the economy is at the absolute best it has ever been, a surprise to even the most grounded economists.
The reality? We’re just putting the lid back onto the ice cream carton until the economy can digest all the sugar it just wolfed down. This is normal, it happens every decade or two and it’s no big deal.
Okay, but should I take my money out of the stock market because it’s going to crash?
This answer never changes, so you’ll see it every time we talk about stock investing: Holy Shit NO!!!
The stock market always goes up in the long run, although with plenty of unpredictable bumps along the way. Since you can’t predict those bumps until after they happen, there is no point in trying to dance in and out of it.
But since we do have the benefit of hindsight, there are a few things that have changed slightly: From its peak at the beginning of 2022 until right now (August 2023 as I write this), the overall US market is down about 10%. Or to view it another way, it is roughly flat since June 2021, so we’ve seen two years with no gains aside from total dividends of about 3%.
Since the future is always the same, unknowable thing, this means I am about 10% more excited about buying my monthly slice of index funds today than it was at the peak.
Should I start putting money into savings accounts instead because they are paying 4.5%?
This is a slightly trickier question, because in theory we should invest in a logical, unbiased way into the thing with the highest expected return over time.
When interest rates were under 1%, this was an easy decision: stocks will always return far more than 1% over time – consider the fact that the annual dividend payments alone are 1.5%!
But there has to be some interest rate at which you’d be willing to stop buying stocks and prefer to just stash it into the stable, rewarding environment of a money market fund or long-term bonds or something else similar. Right now, if a reputable bank offered me, say, 12% I would probably just start loading up.
But remember that the stock market is also currently running a 10% off sale. When the market eventually reawakens and starts setting new highs (which it will someday), any shares I buy right now will be worth 10% more. And then will continue going up from there. Which quickly becomes an even bigger number than 12%.
In other words, the cheaper the stocks get, the more excited we should be about buying them rather than chasing high interest rates.
As you can see, there is no easy answer here, but I have taken a middle ground:
I’m holding onto all the stocks I already own, of course
BUT since I currently have an outstanding margin loan balance for a house I helped to buy with several friends (yes this is #3 in the last few years!), I am paying over 6% on that balance. So I am directing all new income towards paying down that balance for now, just for peace of mind and because 6% is a reasonable guaranteed return.
Technically, I know I would probably make a bit more if I let the balance just stay outstanding, kept putting more money into index funds, and paid the interest forever, but this feels like a nice compromise to me
What if I want to Buy a House?
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For most of us, the biggest thing that interest rates affect is our decisions around buying and selling houses. Financing a home with a mortgage is suddenly way more expensive, any potential rental house investments are suddenly far less profitable, and keeping our old house with a locked-in 3% mortgage is suddenly far more tempting.
Consider these shocking changes just over the past two years as typical rates have gone from about 3% to 7.5%.
Assuming a buyer comes up with the average 10% down payment:
The monthly mortgage payment on a $400k house has gone from about $1500 at the beginning of 2022 last year to roughly $2500 today. Even scarier, the interest portion of that monthly bill has more than doubled, from $900 to $2250!
For a home buyer with a monthly mortgage budget of $2000, their old maximum house price was about $500,000. With today’s interest rates however, that figure has dropped to about $325,000
Similarly, as a landlord in 2022 you might have been willing to pay $500k for a duplex which brought in $4000 per month of gross rent. Today, you’d need to get that same property for $325,000 to have a similar net cash flow (or try to rent each unit for a $500 more per month) because the interest cost is so much higher.
And finally, if you’re already living in a $400k house with a 3% mortgage locked in, you are effectively being subsidized to the tune of $1000 per month by that good fortune. In other words, you now have a $12,000 per year disincentive to ever sell that house if you’ll need to borrow money to buy a new one. And you have a potential goldmine rental property, because your carrying costs remain low while rents keep going up.
This all sounds kind of bleak, but unfortunately it’s the way things are supposed to work – the tough medicine of higher interest rates is supposed to make the following things happen:
House buyers will end up placing lower bids which fit within their budgets.
Landlords will have to be more discerning about which properties to buy up as rentals, lowering their own bids as well.
Meanwhile, the current still-sky-high prices of housing should continue to entice more builders to create new homes and redevelop and upgrade old buildings and underused land, because high prices mean good profits. Then they’ll have to compete for a thinner supply of home buyers.
The net effect of all this is that prices should stop going up, and ideally fall back down in many areas.
When Will House Prices Go Back Down?
This is a tricky one because the real “value” of a house depends entirely on supply and demand. The right price is whatever you can sell it for. However, there are a few fundamentals which influence this price over the long run because they determine the supply of housing.
The actual cost of building a house (materials plus labor), which tends to just stay pretty flat – it might not even keep up with inflation.
The value of the underlying land, which should also follow inflation on average, although with hot and cold spots depending on which cities are popular at the time.
The amount of bullshit which residents and their city councils impose upon house builders, preventing them from producing the new housing that people want to buy.
The first item (construction cost) is pretty interesting because it is subject to the magic of technological progress. Just as TVs and computers get cheaper over time, house components get cheaper too as things like computerized manufacturing and global trade make us more efficient. I remember paying $600 for a fancy-at-the-time undermount sink and $400 for a faucet for my first kitchen remodel in the year 2001. Today, you can get a nicer sink on Amazon for about $250 and the faucet is a flat hundred. Similarly, nailguns and cordless tools and easy-to-install PEX plumbing make the process of building faster and easier than ever.
On the other hand, the last item (bullshit restrictions) has been very inflationary in recent times. I’ve noticed that every year another layer of red tape and complicated codes and onerous zoning and approval processes gets layered into the local book of rules, and as a result I just gave up on building new houses because it wasn’t worth the hassle. Other builders with more patience will continue to plow through the murk, but they will have less competition, fewer permits will be granted, and thus the shortage of housing will continue to grow, which raises prices on average.
Thankfully, every city is different and some have chosen to make it easier to build new houses rather than more difficult. Even better, places like Tempe Arizona are allowing good housing to be built around people rather than cars, which is even more affordable to construct.
But overall, since overall US house prices adjusted for inflation are just about at an all-time high, I think there’s a chance that they might ease back down another 25% (to 2020 levels). But who knows: my guess could prove totally wrong, or the “fall” could just come in the form of flat prices for a decade that don’t keep up with inflation, meaning that they just feel 25% cheaper relative to our higher future salaries.
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When Will Interest Rates Go Back Down?
The funny part about our current “high” interest rates is that they are not actually high at all. They’re right around average.So they might not go down at all for a long time.
Remember that graph at the beginning of this article? I deliberately cropped it to show only the years since 2009 – the long recent period of low interest rates. But if you zoom out to cover the last seventy years instead, you can see that we’re still in a very normal range.
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But a better answer is this one: Interest rates will go down whenever Jerome Powell or one of his successors determines that our economy is slowing down too much and needs another hit from the gas pedal. In other words, whenever we start to slip into a genuine recession.
In order to do that however, we need to see low inflation, growing unemployment, and other signs of an economy that’s not too hot. And right now, those things keep not showing up in the weekly economic data.
You can get one reasonable prediction of the future of interest rates by looking at something called the US Treasury Yield Curve. It typically looks like this:
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What the graph is telling you is that as a lender you get a bigger reward in exchange for locking up your money for a longer time period. And way back in 2018, the people who make these loans expected that interest rates would average about 3.0 percent over the next 30 years.
Today, we have a very strange opposite yield curve:
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If you want to lend money for a year or less, you’ll be rewarded with a juicy 5.4 percent interest rate. But for two years, the rate drops to 4.92%. And then ten-year bond pays only 4.05 percent.
This situation is weird, and it’s called an inverted yield curve. And what it means is that the buyers of bonds currently believe that interest rates will almost certainly drop in the future – starting a little over a year from now.
And if you recall our earlier discussion about why interest rates drop, this means that investors are forecasting an economic slowdown in the fairly near future. And their intuition in this department has been pretty good: an inverted yield curve like this has only happened 11 times in the past 75 years, and in ten of those cases it accurately predicted a recession.
So the short answer is: nobody really knows, but we’ll probably see interest rates start to drop within 18-24 months, and the event may be accompanied by some sort of recession as well.
The Ultimate Interest Rate Strategy Hack
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I like to read and write about all this stuff because I’m still a finance nerd at heart. But when it comes down to it, interest rates don’t really affect long-retired people like many of us MMM readers, because we are mostly done with borrowing. I like the simplicity of owning just one house and one car, mortgage-free.
With the current overheated housing market here in Colorado, I’m not tempted to even look at other properties, but someday that may change. And the great thing about having actual savings rather than just a high income that lets you qualify for a loan, is that you can be ready to pounce on a good deal on short notice.
Maybe the entire housing market will go on sale as we saw in the early 2010s, or perhaps just one perfect property in the mountains will come up at the right time. The point is that when you have enough cash to buy the thing you want, the interest rates that other people are charging don’t matter. It’s a nice position of strength instead of stress. And you can still decide to take out a mortgage if you do find the rates are worthwhile for your own goals.
So to tie a bow on this whole lesson: keep your lifestyle lean and happy and don’t lose too much sweat over today’s interest rates or house prices. They will probably both come down over time, but those things aren’t in your control. Much more important are your own choices about earning, saving, healthy living and where you choose to live.
With these big sails of your life properly in place and pulling you ahead, the smaller issues of interest rates and whatever else they write about in the financial news will gradually shrink down to become just ripples on the surface of the lake.
In the comments:what have you been thinking about interest rates recently? Have they changed your decisions, increased, or perhaps even decreased your stress levels around money and housing?
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* Photo credit: Mr. Money Mustache, and Rustoleum Ultra Cover semi gloss black spraypaint. I originally polled some local friends to see if anyone owned dress shoes and a suit so I could get this picture, with no luck. So I painted up my old semi-dressy shoes and found some clean-ish black socks and pants and vacuumed out my car a bit before taking this picture. I’m kinda proud of the results and it saved me from hiring Jerome Powell himself for the shoot.
A mortgage banker represents a lending institution, helping homebuyers explore their mortgage options and, ideally, close on a home loan.
A mortgage banker differs from a broker in that they’re tied to a specific lender (usually, the financial institution employing the banker).
To find a mortgage banker that’s right for you, set your home budget and shop around with multiple lenders.
There are many roles involved in the lending process, and you might work with different people from the time you get preapproved for a mortgage to closing. As a result, understanding who does what and when can make your life easier. Here, we explore what a mortgage banker does in the process of getting a home loan while differentiating their role from other mortgage pros (namely, mortgage brokers).
What is a mortgage banker?
A mortgage banker is a person or entity that originates, or initiates, home loans, and typically provides the funding for them. The home loan banker could be an individual or a large company, but in either case, they function in the same capacity. To give you a relatively simple mortgage banker definition, this is the entity that approves you for a loan and cuts a check to the home seller so you can get your keys to the house.
Many mortgage bankers generate revenue by charging borrowers an origination fee.
Once a mortgage banker originates a loan, the banker can keep the loan in its portfolio (in other words, on its books) and service it. Alternatively, they can sell it on the secondary market, sell the servicing rights to another party or a combination of the two.
What does a mortgage banker do?
The most important thing a mortgage banker does is determine whether to approve a borrower for a loan, which is usually accomplished through the banker’s underwriting department. A mortgage banker’s services might include:
Originating loans: Mortgage bankers have a variety of loans to offer, but some can specialize in particular types of loans, such as jumbo loans, VA loans or unusual financing options.
Servicing loans: Once the loan closes, your mortgage banker might also service your loan, meaning they manage the repayment process and assist you if you need help with repayment.
Selling loans: Mortgage bankers can also sell your mortgage or the rights to service your mortgage on the secondary market. Mortgage bankers do this to free up more capital to make more loans to more borrowers.
Mortgage banker vs. other mortgage professionals
The mortgage banker may not be the only home loan pro you work with to get financing for your house. You might also work with a mortgage broker or a loan officer, both of which have certain distinctions from a mortgage banker.
Mortgage banker vs. mortgage broker
Mortgage bankers are often confused with mortgage brokers, but they’re very different. A mortgage banker is tied to one financial institution, while a mortgage broker works independently of lenders. As a result, mortgage brokers can help you compare options from various lending institutions.
The broker helps you shop around for a good deal from multiple lenders or bankers, generally at no cost to you as the borrower. But their role maxes out at a certain point. Unlike bankers, brokers don’t fund loans — they simply guide you through the process of finding the best loan for your situation.
“A banker uses their own money for funding while a broker only facilitates between a borrower and a lender,” says Paul Sundin, CPA, CEO at Emparion, based in Chandler, Arizona.
Although the funding source might not seem too important to you as the borrower, it is useful to know as you navigate the homebuying process. Ultimately, the mortgage banker, not a broker, will be the one to make the decision about your loan. In fact, some people who get a mortgage never work with a broker at all, instead working straight with the mortgage banker from the get-go.
Mortgage banker vs. loan officer
The difference between a mortgage banker versus a loan officer might not be as obvious. All mortgage bankers are loan officers, but not all loan officers are mortgage bankers. A loan officer typically works for a single financial institution and can only offer products and rates set by that institution.
Mortgage bankers, on the other hand, might have more flexibility. Mortgage bankers may be able to get multiple offers from institutions they work with, and they can also originate all types of loans, giving you flexibility in the type of loan you can apply for.
Which type of mortgage professional is right for you?
To find the right mortgage professional for you, compare offers from multiple sources. That can include mortgage bankers from a few different lenders and a mortgage broker, who can help you cast your net even wider to find the best deal.
You may be tempted to choose the first professional you talked to, but that could end up costing you thousands of dollars.
Compare several offers within a span of a few days so you can get an accurate snapshot of current rates. Mortgage rates change frequently, so it’s important to compare offers within a short time.
How to find a mortgage banker
Are you looking for a mortgage to buy a home, or do you want to refinance your loan to a new one? Here are some quick tips on getting the best mortgage and finding the right mortgage lender:
Boost your credit: A good credit score can help you secure the best loan rate and terms from mortgage bankers. As you start to consider different lenders, take action to improve your credit, if needed.
Set your own budget: Although a bank might approve you for a larger loan, it can be wise to only go with what you can reasonably afford. You can use Bankrate’s home affordability calculator to find out where you’d be most comfortable based on your budget.
Compare rates from multiple lenders: Look for the lender that offers you the best rate and good terms to match. Get loan estimates from multiple lenders—including banks—so you can compare offers and find the right mortgage for you. While a mortgage banker at each institution can help, you can also compare mortgage rates easily through Bankrate.