Buying Archives - Page 23 of 938

Apache is functioning normally

July 10, 2024 by Brett Tams

Homes in Nunaka Valley neighborhood of East Anchorage. (Loren Holmes / ADN)

Last year in Anchorage, housing reached its least affordable level in the last 21 years — worse even than during the Great Recession more than a decade ago, according to new data from the Alaska Department of Labor and Workforce Development.

State economists reported a similar statewide trend in May. In 2023, housing in Alaska was at the least affordable level since 2006.

The cost of home ownership in Alaska has increased dramatically since 2018, according to data provided by Alaska Housing Finance Corp. The average mortgage payment — principal loan amount plus interest, but excluding property taxes, insurance and other costs — rose by 52% between 2018 and 2024.

Rents have soared in that same time period.

“The rental market has gone up by about 24% in terms of the pricing escalation across the state,” said Daniel Delfino, an economist and director of planning at Alaska Housing Finance Corp.

City officials have called the situation in Anchorage a housing crisis. They’ve pointed to a tangle of factors: the spike in housing costs, a low rental vacancy rate, a rising number of short-term vacation rentals, a decline in housing development, increasing building costs and a labor shortage, among others.

The new data sheds further light on the difficulties of renting or buying a home in Anchorage today.

It’s become a central issue in recent city policymaking and discourse. Mayor Suzanne LaFrance, sworn in on Monday, says housing is a top priority for her administration.

The Assembly has aimed to spur more housing development with a series of changes made to city code over the last two years. Late last month, the Assembly voted to essentially eliminate single-family zoning in the Anchorage Bowl, by allowing duplexes to be built in areas that were previously zoned only for houses.

To Assembly Vice Chair Meg Zaletel, one of the sponsors of last week’s measure, a housing crisis means that people across the economic spectrum “can’t achieve appropriate housing, attainable housing that’s suitable to their needs,” she said.

“That’s renters who are stuck at the top of the rental market who can’t move into home ownership. That’s people needing to double or triple up in order to afford rent. That means there just aren’t enough housing units for the market to respond to the various circumstances and needs,” she said.

More expensive, fewer homes for sale

Downtown Anchorage, photographed from Fish Creek. (Loren Holmes / ADN)

The median rent in Anchorage increased by 7.8% since last year, rising from $1,275 to $1,375 in 2024, according to AHFC’s data. That doesn’t include the cost of utilities.

AHFC’s rental data comes from a yearly survey in March done by the state Department of Labor. It “runs the full gamut” of rental housing, from studios to four bedrooms and larger, and excludes rentals that have income restrictions, like those for affordable housing programs, Delfino said.

This year’s increase comes after Anchorage rents rose 14.2% in 2022 and jumped another 5% in 2023, according to state data.

The U.S. Department of Housing and Urban Development defines being “housing cost burdened” as spending more than 30% of a person or household’s monthly income on rent or mortgage payments and utilities.

Among economists, there isn’t a broadly used definition of a “housing crisis,” nor is there a defined level of ideal affordability, said Rob Kreiger, an economist with the Alaska Department of Labor and Workforce Development who authored the May report.

That’s because what may be affordable varies by the circumstances and income of an individual, he said.

But with Anchorage housing at its “least affordable level” in two decades, “I think right now, what we’re seeing is, it’s really prohibitive for first-time buyers to afford a home, and it’s really expensive to rent as well,” Kreiger said.

Statewide, “it’s more expensive, and there are fewer homes on the market,” Delfino said, adding that the reported number of homes sold and mortgage loans recorded has dropped “pretty significantly over the past couple of years.”

According to the National Association of Homebuilders’ chief economist, more than 86% of residents can’t afford the cost of a newly constructed home in Anchorage.

State economists measure home purchase affordability with the Alaska Affordability Index, a calculation that uses the average mortgage payment and average monthly wages to determine how much income it takes to afford a home.

An average index of 1 would mean that average monthly wages are just enough for one person to afford the average monthly mortgage payment for an average priced home.

The state and Anchorage saw the lowest indexes — the most affordable housing — in 2020 and 2021. Mortgage interest rates dropped significantly during that time as the federal government took actions to stabilize the economy during the pandemic, Kreiger said.

But by 2023, Anchorage’s affordability index jumped to 1.8. That means to afford the average Anchorage home, it takes about two people working full time at the average wage.

The Anchorage-specific data only dates back to 2002, and housing last year was at its least-affordable level in that timespan.

In 2023, Alaska’s overall affordability index was 1.66, the highest since 2006. That dataset dates back to 1992.

‘Alaska has a problem with keeping young people’

What the state data doesn’t show or quantify is how the rapid increases in housing costs are affecting everyday residents, Delfino and Kreiger said in separate interviews.

“Given that things have moved a lot, and so quickly recently, it’s that stuff underneath the data set that affects real people that I would say is probably really pressing when we talk about the affordability,” Delfino said.

Before passing the zoning measure, the Assembly last month heard an outpouring of testimony from Anchorage residents. Many described struggling to find homes to rent or buy, or told stories of loved ones moving away because housing here is scarce and expensive.

“Based on my experiences as a renter and as a young person in Anchorage, it is very difficult for young people to find adequate housing in Anchorage. If you have a pet — forget about it,” said Sean McDowell, a renter in South Addition. McDowell said he lost his previous housing because the owner turned it into an Airbnb for the summer.

“We all know that Alaska has a problem with keeping young people. If there’s nowhere to live for young people, if it’s difficult to find a long-term rental in Anchorage, young people are going to keep leaving,” McDowell said.

Sean McDowell testified before the Anchorage Assembly about the lack of affordable housing at a meeting in June . McDowell is a renter in the South Addition neighborhood, where he was photographed this week. (Anne Raup / ADN)

“To what extent is housing playing in people’s decision to leave or stay here? It’s hard to say,” Kreiger said.

As homeownership becomes more expensive, the point in a person’s life when they switch from renting to buying a home moves further out, Kreiger said in his May report.

“That gap is wider and wider, so it’s harder and harder to make that transition. So we see people that, six years ago, would have become homeowners, staying in an increasingly tight renter market,” Delfino said.

And then there’s wages.

For some Alaskans, raises and regular cost of living pay increases have helped to defray the pressure of rapidly rising housing costs.

But for many residents, it’s unlikely wages will increase quickly enough in the near term to make up the difference, Kreiger said.

“When we’re looking at inflation that’s as recent as it is, how quickly everyone’s salaries have caught up to the increased cost of living, I think, drives how acutely people feel the affordability pinch,” Delfino said.

A worker in Alaska, paid at the state’s minimum wage, $11.73 an hour, needs to work 75 hours a week in order to afford a modest, one-bedroom apartment at the statewide fair market rent, according to the National Low Income Housing Coalition’s annual report.

A full-time worker in Anchorage needs to make at least $27.96 per hour to afford a two-bedroom at the fair market rent of $1,454. A person making minimum wage would need to work 96 hours to afford the same apartment, according to the report.

Getting back to average

Homes in Anchorage’s Westpark development south of Ted Stevens Anchorage International Airport. (Loren Holmes / ADN)

Another factor in increased housing costs is how rapidly mortgage interest rates have risen. Interest rates are a “critical component” making housing less and less affordable, Kreiger said.

When rates dropped during the pandemic, “it brought a lot of competition and buyers to the market that wouldn’t have otherwise been able to participate,” Kreiger said.

The average sales price for a single-family home in Anchorage rose 26% between 2019 and 2023, from $389,477 to $490,596, according to state data.

“Because you had that big rush of buyers and all that competition, and you have on top of that, this limited amount of homes for sale and limited construction … that’s really what I think put prices up so high,” Krieger said.

Since then, the average interest rate for 30-year fixed-rate mortgages has seen an unprecedented rise, according to Kreiger’s May report.

The average rate in Alaska is 6.33% — the highest since 2006.

Not only is it more difficult for a first-time home buyer to purchase a place to live, but the high interest rates can keep people stuck in homes they’ve owned for a few years.

“When the costs go up, especially if you’re a person who locked in an interest rate at 2.5% and you’re looking at moving, it’s the question of, could you afford your own home if you had to buy it today?” Delfino said.

For many residents, the answer is likely no, he said.

It’s another impact that’s difficult to quantify.

“We know all these things are happening,” Kreiger said. “… We know that there’s people who are stuck, we just don’t know how many there are.”

Still, for many longer-term homeowners who’ve built up equity, the market has never been better, Kreiger said in his report.

Housing affordability is unlikely to change much in the near term, Kreiger said. Wages will rise over time, but not quickly. Home sales prices “may level off and may come down a bit,” but not significantly, he said.

Interest rates are the most realistic variable that could help drive the index back down, he said.

Barring another major event like the pandemic, the rate is “not going to come down to where it was,” Kreiger said. “And depending on how things go with inflation, it may not actually happen for quite some time, but eventually they will come back down and create more of a normal situation.”

Anchorage’s average affordability index between 2002 and 2023 is 1.47.

In order to get back to the average affordability, wages would need to increase 22.5%, or home sales prices would need to drop by 18.4% — or around $90,000.

If only the average interest rate for a mortgage changed, it would need to drop to 4.5%.

• • •

Source: adn.com

Apache is functioning normally

July 10, 2024 by Brett Tams

Do you want or need to learn how to get free diapers? Diapers are one of the biggest expenses for parents, and they can last for years! The average child can go through over 5,000 diapers, so that is a lot of money. Finding ways to get free diapers can help you save money and…

Do you want or need to learn how to get free diapers?

Diapers are one of the biggest expenses for parents, and they can last for years! The average child can go through over 5,000 diapers, so that is a lot of money. Finding ways to get free diapers can help you save money and make sure your baby always has what they need. There are many options available that can make this possible.

By exploring different programs and resources, you can find free diapers for your baby. From diaper banks to local giveaways, many organizations are ready to help. It’s important to know where to look and what’s available to you so that you can save money and get more free things.

Related content:

Best Ways To Get Free Diapers

Below are the best ways to get free diapers:

1. Ask in a Buy Nothing group on Facebook

One great way to get free diapers is to ask in a Buy Nothing group on Facebook. Buy Nothing groups are local groups where people give away items they no longer need.

Join a group in your area and make a post saying you need diapers. Many parents have extra diapers their baby outgrew and would love to give them to someone who needs them. Make sure to mention the size of diapers you need because this helps others see if they have what you’re looking for. And don’t forget to check the group’s rules before posting.

Or, you can also wait to see if anyone shares that they are giving away diapers too. Many kids outgrow their diaper size or become potty-trained and no longer need diapers. I see free diapers being given away in my local Buy Nothing group all the time.

It’s that simple! These groups can be very helpful and you may find other baby items, too (like free baby clothes and toys).

2. Join rewards programs

Many diaper companies have rewards programs that can help you get free diapers.

Pampers has a rewards program called Pampers Club. By using their app, you can scan your receipts and get points for each purchase. These points can be redeemed for free diapers, baby food, toys, and more. For example, you get $0.20 Pampers Cash for every diaper code you enter and $0.05 Pampers Cash for every wipes code you enter.

Huggies also has a loyalty program. You can earn points when you buy Huggies diapers or wipes. Just take a photo of your receipt using their app, and these points can then be exchanged for free diapers and other baby items.

Other major diaper companies, like The Honest Company and Seventh Generation, also have a rewards program for purchasing their products. Signing up is usually free and can save you lots of money.

Rewards programs might also send you free samples of diapers and discounts, which can be nice to get.

I do want to mention that diaper rewards programs can take a long time to earn enough points for free diapers. So, I wouldn’t look at this method to be your only way to get free diapers – instead, it’s simply a way to save a little bit of money on diapers.

3. Sign up for diaper coupons

Getting free diapers can be as simple as signing up for diaper coupons. Many diaper companies, like Pampers, have special promotions and deals for joining their mailing lists or clubs, and you can get coupons sent right to your inbox.

Having these coupons can cut down on the cost of diapers. Some companies even give free samples along with their coupons.

To get started with this, simply go to your favorite diaper brands’ websites and look for any sign-up options.

Related to this: Don’t forget to browse coupon websites. They sometimes collect deals and coupons from various diaper and baby brands in one place, so that you can see who currently has the best diaper deals. This makes it easier for you to find what you need without having to visit multiple websites.

4. Use cash back apps

Cash back apps can help you save money on diapers. These apps give you a percentage of your money back on purchases. Apps like Ibotta, Rakuten, and Fetch Rewards tend to have deals on baby products. You can use these apps to buy diapers and earn money back.

For example, I just logged into my Ibotta account to see what diaper deals they currently have. These are constantly changing, but right now you can get $6.00 on Huggies, $3.00 back on Luvs Diapers, $3.00 back on Pampers Swaddlers, $2.00 back on baby wipes, and more.

Fetch Rewards currently has diaper deals too, such as earning 2,000 points for buying Luvs Diapers.

These diaper deals are easy to get. First, download the app and create an account. Then, browse the deals for diapers. When you find a deal, follow the app’s instructions to activate it before you shop, and make sure to save your receipt.

After buying the diapers, upload your receipt to the app. The app’s system will check your purchase and add the cash back to your account. You can accumulate money over time and transfer it to your bank or use it for more purchases.

What’s great about cash back apps is that strategy can be stacked so that you can earn even more points and free diapers. For example, you can use both Ibotta and Fetch Rewards at the same time for the same box of diapers, and you can even scan those same diaper boxes to add them to any diaper rewards programs you’re a part of too (such as Pampers Club and Huggies Rewards).

5. Follow diaper brands on social media

Diaper brands sometimes give away free samples and coupons through their social media pages. If you follow them, you can be among the first to know about these offers.

Brands also share special promotions and discounts on their social media. By keeping an eye on their posts, you can grab these deals before they expire.

This isn’t exactly the best way to get free diapers (I like many of the others on this list more), but it is a possible way to get free diapers.

6. Check online marketplaces

You can find free diapers on online marketplaces. Sites like Craigslist, Facebook Marketplace, and Freecycle tend to have people giving away baby items they no longer need.

Search in the “free” section or post your own request for diapers. Many parents are happy to pass on extras rather than throw them away.

I also recommend joining parenting Facebook groups. You can find them by searching “your town name + parents” or something similar, or even just asking other parents you know. Even the smallest towns have these, so there is a good chance yours does too. Members tend to share tips on where to get free diapers or may even have some to give away. For example, I am a part of a parenting group in my local area, and free diapers are given away at least a few times a week by parents whose child outgrew them.

Of course, you’ll want to be careful when meeting strangers for free diaper pickups. Always choose public places and, if possible, bring a friend with you for safety. Check the condition of the diapers to make sure they are still usable.

7. Visit local diaper banks

Local diaper banks are a valuable resource for families in need. These organizations collect and distribute free diapers to families who can’t afford them.

Diaper banks often have partnerships with community centers, churches, and other local organizations. They can help connect you with additional resources to support your family.

Always call ahead to check the hours and requirements of the diaper banks. Some may need proof of income or residency, so bring any necessary documents with you.

8. Join parenting forums

Joining parenting forums is a great way to find free diapers (such as the What To Expect forum). These online communities are full of parents sharing tips and resources. Some forums have threads dedicated to diaper giveaways and swaps.

On these forums, you can also learn about local diaper banks and other community resources. Parents share details and experiences, helping you find the best options so that you can save money and time.

9. Apply for government assistance

If you need diapers for your baby, government programs can help.

One way is through the Temporary Assistance for Needy Families (TANF) program. Some states also give diaper allowances too.

For example, California’s CalWORKs program provides diapers to certain families who qualify. Washington State also has a diaper allowance for families getting TANF.

10. National Diaper Bank Network

The National Diaper Bank Network (NDBN) can be a big help if you need free diapers. They work with over 225 community-based diaper banks across the U.S. These diaper banks collect, store, and give out free diapers to families who are struggling.

To find a diaper bank near you, visit their website at NationalDiaperBankNetwork.org. They connect families to resources that help provide diapers and other baby necessities. This can be a lifesaver if you’re having trouble buying diapers for your child.

If you need help quickly, you can call 2-1-1. Specialists are available 24/7 and can help you find local resources, including diaper banks. They can also guide you toward other basic needs, like food and housing support.

11. Reach out to nonprofit organized playgroups near you

Nonprofit local playgroups have more than just fun activities for kids. Many also provide essential items like diapers to families in need.

I am a part of two local playgroups, and they both constantly have diaper drives and are giving out diapers. While I am personally not in need of free diapers, I do know how helpful these types of groups are for our children and families. For the playgroup that I am in, you can simply put in a request for diapers and someone will contact you right away about your options.

You can start by searching for playgroups in your area, asking around in local Facebook groups, or talking to other parents in your neighborhood. You might find listings online or through community centers too.

When you contact these groups, ask if they have any diaper assistance programs. Some playgroups partner with charities to distribute free diapers to families who need them.

Joining one of these playgroups has other benefits too. Your child will get to socialize and play, and you might make some new friends with other parents. It’s a win-win!

12. Add diapers to your registry

Adding diapers to your baby registry is a smart move. You can get a good supply of diapers at your baby shower.

You could also ask for different sizes as babies grow quickly, so having different sizes will help you be prepared.

You can also create a diaper fund. Friends and family can contribute money so you can buy diapers as needed.

I have even seen a new trend lately where people have a raffle at their baby shower for a new TV or something else that is expensive. For each box that a guest brings, they are given one raffle ticket. I’ve seen some parents get a TON of free diaper boxes this way!

13. Reach out to parenting nonprofits near you

Parenting nonprofits are a great resource for getting free diapers. These organizations often provide supplies to families in need.

Nonprofits like Help a Mother Out and Baby2Baby work to increase access to diapers and other baby essentials.

Finding these nonprofits in your area is simple. Try searching online or asking for recommendations from local community centers or hospitals.

14. Contact nonprofit organizations

Nonprofit organizations that aren’t related to babies can be a great resource for getting free diapers too. They sometimes distribute diapers to families in need.

This can include local churches, food banks and food pantries, the Salvation Army, and shelters.

15. Use cloth diapers

Cloth diapers are a great way to save money. They can be reused many times, which means you don’t have to keep buying new ones.

There are many types of cloth diapers. Some have inserts you take out and wash separately. Others come as one piece. Find what’s easiest for you.

Using cloth diapers might seem like more work. However, they can save you thousands of dollars over time. Plus, they are better for the environment since they reduce waste.

Frequently Asked Questions

There are many ways to get free diapers. Some programs provide them for low-income families, while others give samples or help through government services. Here are answers to common questions about how to get free diapers.

What programs give free diapers to low-income families?

Many states have diaper programs for families in need. Reaching out to programs like TANF, diaper banks, and local nonprofits can be a good way to get free diapers for low-income families.

How can I get free diaper samples sent to my home?

You can get free samples by reaching out to diaper manufacturers. Many companies, like Pampers and Huggies, send free samples if you join their rewards programs or sign up for their newsletters.

How to get free diapers from the government?

Some government programs, like TANF, give diaper support. Specific states, such as California and Washington, have allowances for families with young children. Check with your local social services office to learn more.

Can I get help with diapers through the WIC program?

The WIC program mainly focuses on providing nutritious food (like baby formula and other grocery items) to low-income families. It does not usually cover diapers. However, some local WIC offices might be able to share information with you on nearby organizations that can give you diaper assistance. Also, unfortunately, you cannot use the Supplemental Nutrition Assistance Program (SNAP) for free diapers either.

How to get Pampers for free?

Sign up for Pampers’ rewards program and follow them on social media. They sometimes have promotions and giveaways where you can earn points that can be redeemed for free diapers.

Does Huggies send free samples?

Yes, Huggies offers free samples. Join the Huggies Rewards program and keep an eye on their social media for any sampling events or promotions. If you sign up for any baby boxes while you’re pregnant, there are typically a few free Huggies diapers as well.

What can be used instead of diapers?

If you’re out of diapers, cloth diapers can be a good alternative.

How To Get Free Diapers – Summary

I hope you enjoyed this article on how to get free diapers.

As you can see, there are many ways to get free diapers. No matter the quantity of diapers that you need, you may be able to get help affording diapers.

What do you think is the best way to get free diapers?

Recommended reading:

Source: makingsenseofcents.com

Apache is functioning normally

July 10, 2024 by Brett Tams

Editor’s Note: Parts of this story were auto-populated using data from Curinos, a mortgage research firm that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our methodology here.

Mortgage rates have moved very little over the past week. Today’s 30-year fixed rate is down to 7.28% APR, according to data from Curinos analyzed by the MarketWatch Guides team. The 15-year fixed rate is down to 6.61% APR.

The U.S. Bureau of Labor Statistics released its monthly jobs report on Friday. While there were 206,000 jobs created in June, one-third of new hires were for government jobs and fewer jobs were created in April and May than originally announced. Employment data can affect mortgage rates in two main ways: by influencing the Federal Reserve’s interest rate adjustments and affecting home demand, which in turn impacts rates and pricing.

The Federal Reserve has previously indicated that it will not cut the federal funds rate, the short-term interest rate that impacts mortgage rates and financial markets in the U.S., until it sees signs that the economy is slowing, with inflation that remains at or under 2% and steady unemployment rates around 4%. The next economic report that economists are closely watching is this week’s Consumer Price Index, which reports price levels around the country and is one major indicator of inflation rates.

Here are today’s average mortgage rates:

30-year fixed mortgage rate: 7.28%
15-year fixed mortgage rate: 6.61%
5/6 ARM mortgage rate: 7.01%
Jumbo mortgage rate: 7.18%

Current Mortgage Rates

Product	Rate	Last Week	Change
30-Year Fixed Rate	7.28%	7.30%	-0.02
15-Year Fixed Rate	6.61%	6.68%	-0.07
5/6 ARM	7.01%	7.06%	-0.05
7/6 ARM	7.10%	7.14%	-0.04
10/6 ARM	7.27%	7.27%	0.00
30-Year Fixed Rate Jumbo	7.18%	7.17%	+0.01
30-Year Fixed Rate FHA	6.94%	6.96%	-0.02
30-Year Fixed Rate VA	6.98%	7.01%	-0.03

Disclaimer: The rates above are based on data from Curinos, LLC. All rate data is accurate as of Tuesday, July 09, 2024. Actual rates may vary.

>> View historical mortgage rate trends

Mortgage Rates for Home Purchase

30-year fixed-rate mortgages are down, -0.02

The average 30-year fixed-mortgage rate is 7.28%. Since the same time last week, the rate is down, changing -0.02 percentage points.

At the current average rate, you’ll pay $684.21 per month in principal and interest for every $100,000 you borrow. You’re paying less compared to last week when the average rate was 7.30%.

15-year fixed-rate mortgages are down, -0.07

The average rate you’ll pay for a 15-year fixed-mortgage is 6.61%, a decrease of -0.07 percentage points compared to last week.

Monthly payments on a 15-year fixed-mortgage at a rate of 6.61% will cost approximately $877.17 per $100,000 borrowed. With the rate of 6.68% last week, you would’ve paid $881.03 per month.

5/6 adjustable-rate mortgages are down, -0.05

The average rate on a 5/6 adjustable rate mortgage is 7.01%, a decrease of -0.05 percentage points over the last seven days.

Adjustable-rate mortgages, commonly referred to as ARMs, are mortgages with a fixed interest rate for a set period of time followed by a rate that adjusts on a regular basis. With a 5/6 ARM, the rate is fixed for the first 5 years and then adjusts every six months over the next 25 years.

Monthly payments on a 5/6 ARM at a rate of 7.01% will cost approximately $665.97 per $100,000 borrowed over the first 5 years of the loan.

Jumbo loan interest rates are up, +0.01

The average jumbo mortgage rate today is 7.18%, an increase of +0.01 percentage points over the past week.

Jumbo loans are mortgages that exceed loan limits set by the Federal Housing Finance Agency (FHFA) and funding criteria of Freddie Mac and Fannie Mae. This generally means that the amount of money borrowed is higher than $726,200.

Product	Monthly P&I per $100,000	Last Week	Change
30-Year Fixed Rate	$684.21	$685.57	-$1.36
15-Year Fixed Rate	$877.17	$881.03	-$3.86
5/6 ARM	$665.97	$669.34	-$3.37
7/6 ARM	$672.03	$674.73	-$2.70
10/6 ARM	$683.53	$683.53	$0.00
30-Year Fixed Rate Jumbo	$677.43	$676.76	+$0.67
30-Year Fixed Rate FHA	$661.28	$662.62	-$1.34
30-Year Fixed Rate VA	$663.96	$665.97	-$2.01

Note: Monthly payments on adjustable-rate mortgages are shown for the first five, seven and 10 years of the loan, respectively.

Factors That Affect Your Mortgage Rate

Mortgage rates change frequently based on the economic environment. Inflation, the federal funds rate, housing market conditions and other factors all play into how rates move from week-to-week and month-to-month.

But outside of macroeconomic trends, several other factors specific to the borrower will affect the mortgage interest rate. They include:

Financial situation: Mortgage lenders use past financial decisions of borrowers as a way to evaluate the risk of loaning money.
Loan amount and structure: The amount of money that bank or mortgage lender loans and its structure (including both the term and whether its a fixed-rate or adjustable-rate).
Location: Mortgage rates vary by where you are buying a home. Areas with more lenders, and thus more competition, may have lower rates. Foreclosure laws can also impact a lender’s risk, affecting rates.
Whether borrowers are first-time homebuyers: Oftentimes first-time homebuyer programs will offer new homeowners lower rates.
Lenders: Banks, credit unions and online lenders all may offer slightly different rates depending on their internal determination.

How To Shop for the Best Mortgage Rate

Comparison shopping for a mortgage can be overwhelming, but it’s shown to be worth the effort. Homeowners may be able to save between $600 and $1,200 annually by shopping around for the best rate, researchers found in a recent study by Freddie Mac. That’s why we put together steps on how to shop for the best mortgage rate.

1. Check credit scores and credit reports

A borrower’s credit situation will likely determine the type of mortgage they can pursue, as well as their rate. Conventional loans are typically only offered to borrowers with a credit score of 620 or higher, while FHA loans may be the best option for borrowers with a FICO score between 500 and 619. Additionally, individuals with higher credit scores are more likely to be offered a lower mortgage interest rate.

Mortgage lenders often review scores from the three major credit bureaus: Equifax, Experian and TransUnion. By viewing your scores ahead of lenders considering you for a loan, you can check for errors and even work to improve your score by paying down balances and limiting new credit cards and loans.

2. Know the options

There are four standard mortgage programs: conventional, FHA, VA and USDA. To get the best mortgage rate and increase your odds of approval, it’s important for potential borrowers to do their research and apply for the mortgage program that best fits their financial situation.

The table below describes each program, highlighting minimum credit score and down payment requirements.

Though conventional mortgages are most common, borrowers will also need to consider their repayment plan and term. Rates can be either fixed or adjustable and terms can range from 10 to 30 years, though most homeowners opt for a 15- or 30-year mortgage.

3. Compare quotes across multiple lenders

Shopping around for a mortgage goes beyond comparing rates online. We recommend reaching out to lenders directly to see the “real” rate as figures listed online may not be representative of a borrower’s particular situation. While most experts recommend getting quotes from three to five lenders, there is no limit on the number of mortgage companies you can apply with. In many cases, lenders will allow borrowers to prequalify for a mortgage and receive a tentative loan offer with no impact to their credit score.

After gathering your loan documents – including proof of income, assets and credit – borrowers may also apply for pre-approval. Pre-approval will let them know where they stand with lenders and may also improve negotiating power with home sellers.

4. Review loan estimates

To fully understand which lender is offering the cheapest loan overall, take a look at the loan estimate provided by each lender. A loan estimate will list not only the mortgage rate, but also a borrower’s annual percentage rate (APR), which includes the interest rate and other lender fees such as closing costs and discount points.

By comparing loan estimates across lenders, borrowers can see the full breakdown of their possible costs. One lender may offer lower interest rates, but higher fees and vice versa. Looking at the loan’s APR can give you a good apples-to-apples comparison between lenders that takes into account both rates and fees.

5. Consider negotiating with lenders on rates

Mortgage lenders want to do business. This means that borrowers may use competing offers as leverage to adjust fees and interest rates. Many lenders may not lower their offered rate by much, but even a few basis points may save borrowers more than they might think in the long run. For instance, the difference between 6.8% and 7.0% on a 30-year, fixed-rate $100,000 mortgage is roughly $5,000 over the life of the loan.

Expert Forecasts for Mortgage Rates

Mortgage rates have cooled significantly over the past several months. After the 30-year fixed-rate mortgage hit 8% last October, it ended 2023 closer to 7%. In fact, the average for Q4 2023 was 7.3%.

Analysts with Fannie Mae and the Mortgage Bankers Association (MBA) both project that rates will fall going into 2024 and throughout next year.

Fannie Mae economists expect rates to drop more quickly, falling below 6% by Q4 2024. Meanwhile, the MBA’s forecast for Q4 2024 is 6.1% and 5.9% for Q1 2025.

More Mortgage Resources

Methodology

Every weekday, MarketWatch Guides provides readers with the latest rates on 11 different types of mortgages. Data for these daily averages comes from Curinos, LLC, a leading provider of mortgage research that collects data from more than 250 lenders. For more details on how we compile daily mortgage data, check out our comprehensive methodology here. Editor’s Note: Before making significant financial decisions, consider reviewing your options with someone you trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.

Source: marketwatch.com

Apache is functioning normally

July 9, 2024 by Brett Tams

In the investing ecosystem, the term “margin” is used to describe the money that may be borrowed from a brokerage to execute trades or a strategy. Buying assets on margin can help magnify gains and returns, but it can do the same with your losses.

When you buy on margin, you’re purchasing assets using money that you borrow from your broker. Margin trading might seem more complicated than some other ways to invest in the stock market, but it’s a method that many investors favor — especially experienced investors. If there’s one thing to know about margin trading, though, it’s that it can cut both ways, and may incur serious risks.

Table of Contents

What Is Margin Trading?

Margin trading, or “buying on margin,” is an advanced investment strategy in which you trade securities using money that you’ve borrowed from your broker to potentially increase your return. Margin is essentially a loan where you can borrow up to 50% of your security purchase, and as with most loans, a margin loan comes with an interest rate and collateral.

Trading on margin is similar to “buying on credit.” Using margin for a trade is also known as leveraging. Margin interest rates are determined by your broker, and collateral types can be stock holdings or cash. Traders must also maintain a margin balance, known as the maintenance margin, in their accounts to cover potential losses.

As noted, margin trading is a bit more complicated (and risky) than some other ways to invest in the stock market, but it’s a tactic used by many investors.

How Does Margin Trading Work?

While margin trading may seem straightforward, it’s important to understand all the parameters.

For all trades, your broker acts as the intermediary between your account and your counterparty. Whenever you enter a buy or sell trade on your account, your broker electronically executes that trade with a counterparty in the market, and transfers that security into/out of your account once the transaction is completed.

To execute trades for a standard cash account vs. margin account, your broker directly withdraws funds for a cash trade. Thus every cash trade is secured 100% by money you’ve already deposited, entailing no risk to your broker.

In contrast, with margin accounts, a portion of each trade is secured by cash, known as the initial margin, while the rest is covered with funds you borrow from your broker.

Consequently, while margin trading affords you more buying power than you could otherwise achieve with cash alone, the additional risk means that you’ll always need to maintain a minimum level of collateral to meet margin requirements.

While margin requirements can vary by broker, we’ve defined and outlined the minimums mandated by financial regulators.

Term	Amount	Definition
Minimum margin	$2,000	Amount you need to deposit to open a new margin account
Initial margin	50%	Percentage of a security purchase that needs to be funded by cash
Maintenance margin	25%	Percentage of your holdings that needs to be covered by equity

💡 Quick Tip: Options can be a cost-efficient way to place certain trades, because you typically purchase options contracts, not the underlying security. That said, options trading can be risky, and best done by those who are not entirely new to investing.

Increase your buying power with a margin loan from SoFi.

Borrow against your current investments at just 12%* and start margin trading.

Example of Margin Trading (Buying on Margin)

Here’s an example of how margin trading works, or could work, in the real world. Imagine you open a margin account with $2,000 at a brokerage firm. It’s helpful to keep the maintenance margin in mind, too, when reading through this example.

Now, say you have your eyes set on Stock X, that’s trading at $100 per share. You can afford to buy 10 shares with the cash in your account. But, you want to buy more — margin allows you to do that. Given your margin account’s 50% initial margin requirement, that means you can effectively double your purchasing power.

So, you can buy 20 shares of Stock X for a total of $2,000, and $1,000 of that purchase would be buying on margin.

If Stock X appreciates in value by, say, 100% (it’s now worth $200 per share), you could sell your holdings and end up with $4,000. You could then pay back your brokerage for the margin loan, and have realized a greater return than you would have without using margin.

But the opposite can happen, too. If Stock X depreciates by 50% (it’s now worth $50) and you sold your holdings, you’d have $1,000, and owe your broker $1,000. So, you’ve wiped out your cash reserves by using margin — one of its primary risks.

To recap: In both scenarios, the margin loan balance remains the same ($1,000), while the equity value took the entire gain or loss.

Bear in mind, too, that for simplicity, this example ignores interest charges. In a real margin trade, you would need to also back out any interest expense incurred on the margin loan before calculating your return; this would act as an additional drag on earnings.

Potential Benefits of Margin Trading

As noted, margin trading has some pretty obvious benefits or advantages. Those may include the following:

• Potential to enhance purchasing power. A primary benefit of margin trading is the potential expansion of an investor’s purchasing power, sometimes exponentially. This could possibly help boost returns if the price of the stock or other investment purchased with a margin trade goes up.

• Possible lower interest rates. Benefits of margin loans might include lower interest rates relative to other types of loans, such as personal loans, if the investor is borrowing money to make trades. Plus, there typically isn’t a repayment schedule.

• Diversification. You could also use margin trading to diversify your portfolio.

• Selling short. Another potential advantage might be a complicated trading method called short selling. Margin trading might make it possible for you to sell stocks short. Short selling differs from most other investment strategies in that investors make a bet that a stock’s price will fall.

Note, however, that the rules for short selling with a margin account can get even more complicated than a traditional margin trade. For instance, Regulation T of the Federal Reserve Board requires margin accounts to have 150% of the value of the short sale when the trade is initiated.

While the benefits of being able to buy more investments — and potentially generate larger returns — might seem appealing to some investors, there are also some potential risks to using margin. It might be worth considering these before you decide if trading on margin is right for you.

Potential Risks of Margin Trading

There are potential benefits, and there are potential risks associated with margin trading. Here are some of those risks:

• Possible loss beyond initial investment. While a primary benefit of margin trading may be increased buying power, investors could lose more money than they initially invested. Unlike a cash account, the traditional way to buy stocks or other investments, losses in a margin account can actually extend beyond the initial investment.

For example, if an investor purchases $20,000 worth of stock with a cash account, the most they can lose is $20,000. If that same investor uses $10,000 of their own money and a margin — essentially a loan — of $10,000 and the stock loses value, they may actually end up owing more money than their initial $10,000.

• Possibility of margin call. Another potential negative aspect of margin trading is getting a margin call. Investors might need to put additional funds into their account on short notice if a margin call is triggered because the investment lost value. Moreover, a drop in value might mean an investor needs to sell off some or all of the investment, even at an inopportune time.

The SEC warns investors that they must sell some of their stock, or deposit more funds to cover a margin call. If you get a margin call, it is your responsibility to deposit more funds, add securities or sell holdings in your account. If you don’t meet the margin call after a number of warnings from your broker, then the broker has the right to sell all or some of the current positions to bring the account back up to minimum value.

💡 Quick Tip: How to manage potential risk factors in a self-directed investment account? Doing your research and employing strategies like dollar-cost averaging and diversification may help mitigate financial risk when trading stocks.

How to Get Started With Margin Trading

Typically, the first step to getting started with margin trading is to open a margin account with a brokerage firm.

Even if you already have a stock or investment account, which are cash accounts, you still need to open a margin account because they are regulated differently. First-time margin investors need to deposit at least $2,000 per FINRA rules. If you’re looking to day trade, this dollar figure goes up to $25,000 according to FINRA rules. This is the minimum margin when opening a margin trading account.

Once the margin account has been opened and the minimum margin amount deposited, the SEC advises investors to read the terms of their account to understand how it will work.
The SEC advises investors to hedge their risks by making sure they understand how margin works, understanding that interest charges may be levied by your broker, knowing that not all assets can be purchased on margin, or even communicating with your broker to get a sense if a margin account is the right tool for you.

The Takeaway

Margin trading, as discussed, means that investors are trading securities with borrowed funds from their brokers. This allows them to potentially increase their returns, but also carries the risk of ballooning losses. As with most investing strategies and vehicles, margin trading comes with a unique set of potential benefits, risks, and rewards.
Margin trading can seem a little more complicated than some other approaches to investing. As the investor, it is up to you to decide if the potential risks are worth the potential rewards, and if this strategy aligns with your goals for the future.

If you’re an experienced trader and have the risk tolerance to try out trading on margin, consider enabling a SoFi margin account. With a SoFi margin account, experienced investors can take advantage of more investment opportunities, and potentially increase returns. That said, margin trading is a high-risk endeavor, and using margin loans can amplify losses as well as gains.

Get one of the most competitive margin loan rates with SoFi, 12%*

FAQ

Is margin trading profitable?

Margin trading can be profitable, but there are no guarantees for investors that it will be. It can also lead to outsized and substantial losses for investors, so it’s important to consider the risks and potential benefits.

What happens if you lose money on margin?

If you lose money on margin, you may have a negative balance with your brokerage, and owe the broker money. You may also be subject to interest charges on that balance, too.

Should beginners trade on margin?

It’s best to consult with a financial professional before trading on margin, but generally, it’s likely that professionals would recommend beginners do not trade on margin.

How do you pay off margin?

Typically, if you have a negative balance in your margin account, you can reduce or pay it off by simply depositing cash into your account, or selling assets.

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below:
Individual customer accounts may be subject to the terms applicable to one or more of these platforms.

1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.

2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.

For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.

Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Investment Risk: Diversification can help reduce some investment risk. It cannot guarantee profit, or fully protect in a down market.

*Borrow at 12%. Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment when using margin. Please see SoFi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information.
Claw Promotion: Customer must fund their Active Invest account with at least $25 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

SOIN-Q224-1905305-V1

Source: sofi.com

Apache is functioning normally

July 9, 2024 by Brett Tams

Mortgage interest rates moved in different directions compared to last week, according to rate data compiled by Bankrate. See below for a detailed breakdown of how different loan types moved.

Inflation has cooled somewhat, but homebuyers are still feeling limited by high prices and rates. At the close of the Fed meeting on June 12, policymakers chose to hold rates at current levels.. The next Fed meeting concludes July 31.

“With [the June 12] announcement, the Fed confirms its higher-for-longer position on interest rates,” says Dr. Selma Hepp, chief economist at CoreLogic. “But the stance is looking more untenable as more American households continue to pull back on spending. As more economic indicators begin to confirm this and unemployment begins to rise, the Fed will then look to cut rates. What’s not clear yet is when exactly the disinflation signs will be consistent enough for the first rate cut — we hope it’s still this year.”

Often, though, the decision to buy a home isn’t based on what’s happening in the economy — it’s more personal. Depending on your situation, it might make sense to take a higher rate now and refinance later. This way you can start building equity, rather than hoping for a future of more favorable rates and home prices that might not materialize.

Rates accurate as of July 9, 2024.

The rates listed here are marketplace averages based on the assumptions shown here. Actual rates listed within the site may vary. This story has been reviewed by Suzanne De Vita. All rate data accurate as of Tuesday, July 9th, 2024 at 7:30 a.m. ET.

Current 30 year mortgage rate flat for the week

The average rate you’ll pay for a 30-year fixed mortgage today is 7.07 percent, unchanged over the last seven days. A month ago, the average rate on a 30-year fixed mortgage was higher, at 7.09 percent.

At the current average rate, you’ll pay principal and interest of $670.01 for every $100,000 you borrow.

Use the loan widgets on this page or head to our primary rates page to see what kind of rates are available in your situation. You just need to give us a little information about your finances and where you live. With that data, Bankrate can show you real-time estimates of mortgages available to you from a number of providers.

15-year fixed mortgage rate moves lower, -0.03%

The average 15-year fixed-mortgage rate is 6.56 percent, down 3 basis points over the last week.

Monthly payments on a 15-year fixed mortgage at that rate will cost approximately $874 per $100,000 borrowed. That’s clearly much higher than the monthly payment would be on a 30-year mortgage at that rate, but it comes with some big advantages: You’ll come out several thousand dollars ahead over the life of the loan in total interest paid and build equity much faster.

5/1 ARM moves upward, +0.03%

The average rate on a 5/1 adjustable rate mortgage is 6.68 percent, rising 3 basis points over the last week.

Adjustable-rate mortgages, or ARMs, are mortgage terms that come with a floating interest rate. To put it another way, the interest rate will change at regular intervals, unlike fixed-rate mortgages. These types of loans are best for people who expect to sell or refinance before the first or second adjustment. Rates could be materially higher when the loan first adjusts, and thereafter.

While borrowers shunned ARMs during the pandemic days of super-low rates, this type of loan has made a comeback as mortgage rates have risen.

Monthly payments on a 5/1 ARM at 6.68 percent would cost about $644 for each $100,000 borrowed over the initial five years, but could increase by hundreds of dollars afterward, depending on the loan’s terms.

Jumbo loan interest rate moves up, +0.08%

The average rate for a jumbo mortgage is 7.23 percent, up 8 basis points since the same time last week. A month ago, the average rate on a jumbo mortgage was lower at 7.16 percent.

At today’s average rate, you’ll pay principal and interest of $680.82 for every $100,000 you borrow. That’s $5.41 higher compared with last week.

Refinance rates

30-year fixed-rate refinance eases, -0.03%

The average 30-year fixed-refinance rate is 7.03 percent, down 3 basis points over the last week. A month ago, the average rate on a 30-year fixed refinance was higher at 7.12 percent.

At the current average rate, you’ll pay $667.32 per month in principal and interest for every $100,000 you borrow. That’s down $2.02 from what it would have been last week.

Where are mortgage rates going?

The rates on 30-year mortgages mostly reflect the 10-year Treasury yield, which changes with the market. The yield curve is a tool used by investors to predict where interest rates could be headed.

“The yield curve remains inverted — no surprise here,” says Ken Johnson of Florida Atlantic University. “Until the yield curve reverts to its normal upward slope, we will not see significant downward pressure on mortgage rates.”

Besides bond yields, the Federal Reserve’s key benchmark rate also has an impact. The Fed has held this rate at a 23-year high since July 2023.

If and when the Fed cuts interest rates depends on evolving economic data, such as inflation and the jobs market. While inflation has fallen since its peak in 2022, it’s still well above the Fed’s target rate of 2 percent. Unemployment is still low, though in May it hit 4 percent for the first time since 2022.

“Much like that flight where departure keeps getting delayed 15 minutes at a time with no end in sight, the timetable for when the Fed begins to cut rates is equally uncertain,” says Greg McBride, CFA, Bankrate’s chief financial analyst.

While the Fed bases its decisions on rate changes due to broader economic factors, your rate is also affected by personal finances. Depending on your credit score, down payment, debts and income, you could be quoted a rate that’s higher or lower than the trend.

What today’s rates mean for you and your mortgage

Mortgage rates fluctuate daily, but it appears that, for now, they will remain above the historical lows of recent years. If you’re shopping for a mortgage, it might be wise to lock your rate when you find an affordable loan. If your house-hunt is taking longer than anticipated, revisit your budget so you’ll know exactly how much house you can afford at current market rates.

You could save serious money on interest by getting at least three loan offers, according to Freddie Mac research. You don’t have to stick with your bank or credit union, either. There are many types of mortgage lenders, including online-only and local, smaller shops.

“All too often, some [homebuyers] take the path of least resistance when seeking a mortgage, in part because the process of buying a home can be stressful, complicated and time-consuming,” says Mark Hamrick, senior economic analyst for Bankrate. “But when we’re talking about the potential of saving a lot of money, seeking the best deal on a mortgage has an excellent return on investment. Why leave that money on the table when all it takes is a bit more effort to shop around for the best rate, or lowest cost, on a mortgage?”

Methodology

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

The rates on this page represent our overnight averages. For these averages, APRs and rates are based on no existing relationship or automatic payments.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.

Source: bankrate.com

Apache is functioning normally

July 9, 2024 by Brett Tams

Holland America Line’s current fleet includes 11 ships, which are mostly midsize. They visit all seven continents, with stops in the Caribbean, Tahiti, the Mediterranean, Antarctica and more. Its Alaska presence is especially strong, and Holland America claims it has visited Glacier Bay National Park more than any other cruise operator.

Holland America’s parent company is Carnival Cruise Line, which acquired Holland America in 1989. But while Carnival touts offerings like the “first roller coaster at sea” on its flagship brand, Holland America is for folks with — let’s call it — more refined tastes.

Here’s your guide to Holland America, including amenities, costs and how you might save money on your next sailing.

Is a Holland America cruise right for you?

Many ships feature a library. (Photo by Sally French)

Here are some types of people best suited for Holland America:

Travelers ready for relaxation rather than partying

Though open to travelers of any age (infants must be at least six months old to embark on most cruises), Holland America caters to the mature set.

Unlike Disney Cruises or Royal Caribbean ships, which are laden with waterslides, flashy designs and high-energy shows, Holland America is more subdued. Its most lively entertainment includes a casino, trivia nights and live music. Children or adult travelers seeking maximum stimulation might be less enthused.

But relaxed cruisers seeking peace might find it here.

Cruisers who prefer a ship that’s not too big yet not too small

The salon. (Photo by Sally French)

Every Holland America ship has a gym, portrait studio, sports courts, a spa, salon and multiple pools. On a short three-night cruise, you could eat three meals a day at a different restaurant and never hit them all. The largest ship has 10 restaurants, not including snack spots like the café and gelato shop.

Still, Holland America ships are relatively small. While Royal Caribbean’s behemoth Icon of the Seas ship has more than two dozen restaurants and a capacity for 5,610 guests, Holland America’s largest ship, Rotterdam, accommodates 2,668 guests.

Holland America destinations

Holland America covers almost 100 countries or territories and more than 470 ports, including stops in the Amazon and Antarctica.

For its 2025-26 cruise season, Holland America will operate in 11 countries in Asia alone. The primary focus is Japan, where it will dock in 24 ports around the country.

Mexico and Panama Canal cruises are also big. The 2025-26 cruise season adds a new stop at the port of Acajutla, El Salvador, on most Panama sailings. Meanwhile, two ships will offer Mexico itineraries with stops including Cabo San Lucas and Puerto Vallarta.

(Photo courtesy of Holland America)

The 2025-26 season brings an iconic Pacific Northwest itinerary that hasn’t been offered in decades. Dubbed the “Great Bear Rainforest,” the seven-day itinerary departs from Seattle and includes stops in Ketchikan, Alaska. Expect to see whales, eagles and potentially bears.

Holland America ships

Here’s a breakdown of all 11 Holland America ships, sorted by largest to smallest guest capacity:

Staterooms

Suites feature whirlpool bathtubs. (Photo by Sally French)

The smallest, two-guest rooms are about 143 square feet, though suites are easily double that. The smallest suite, the Vista Suite, ranges from 260-356 square feet. For maximum space (and service), book the Pinnacle Suite, which fills roughly 1,290 square feet. High-end suites include frills like whirlpool bathtubs, vanities, dressing rooms, decks and floor-to-ceiling windows.

Holland America also caters to solo travelers by offering single-person staterooms that are as small as 127 square feet.

Whether you choose a lavish suite or an inside stateroom, expect fairly upscale accommodations.

Holland America food

Larger ships have a dozen or more eateries. Some restaurants operate on every ship, such as Canaletto (a casual Italian restaurant) and Lido Market (which serves meals in an all-you-can-eat, cafeteria-style setting).

All you can eat

Meals at The Dining Room are included with your cruise fare — a rare exception for fine dining restaurants on Holland America. (Photo by Sally French)

Most casual restaurants are complimentary and all-you-can-eat, included in your cruise fare.

While most restaurants cost extra, the exception is The Dining Room. Its multicourse dinners feature rotating, elevated menu items (such as lamb loin). As part of a partnership with Masaharu Morimoto, The Dining Room serves dishes similar to those in Morimoto’s restaurants.

No matter your cabin class, 24-hour room service is complimentary, delivering items such as salads and sandwiches.

With beverages, the free stuff is generally limited to the basics like water, tea and coffee. Sodas, specialty coffees, mocktails and alcohol cost extra.

What food costs extra?

Aside from The Dining Room, waiter-service restaurants cost extra. Some operate an à la carte model, such as Nami Sushi. There, entrees cost about $15, while sushi rolls run about $5 each.

Others charge fixed prices. For example, dinner at Pinnacle Grill, a steakhouse, costs an additional $46 per person. Certain items also have an additional charge (caviar costs an extra $50).

Though the additional charges might be annoying, they can be considered a deal relative to dining at a steakhouse on land.

In addition to fancy restaurants, some casual dining options (including the cafés and gelato shop) incur an extra fee.

🤓Nerdy Tip

For free ice cream, head to Lido Market, where you can DIY dessert at the ice cream station.

Holland America drink packages

On Holland America, you’ll need to purchase a drink package to sip from these soda machines. (Photo by Sally French)

For beverages beyond the basics, buy them individually or through a drink package.

The soda-only package entails unlimited fountain drinks for $8 per person, per day.

The Quench package costs $17.95 per person, per day and includes sodas, premium coffee (like lattes), juice, mocktails and bottled water. It’s technically not unlimited, but there’s plenty to go around with a 15-drink daily limit.

For packages with alcohol, you’ll owe at least $55 per person, per day (premium spirits cost more). Again, there’s a 15-drink daily cap.

Is the food any good?

Food quality varies. Lido Market is your run-of-the-mill buffet but other restaurants are generally excellent (just note the surcharge).

For example, dinner at Canaletto costs $25 extra per person and includes pasta and gelato — both made fresh on board.

Holland America also has some food options from famous chefs. The first Morimoto By Sea opened aboard the Nieuw Amsterdam, bringing the award-winning restaurant chain to sea.

A spread of items served at a Morimoto pop-up restaurant on the Koningsdam. (Photo by Sally French)

Holland America activities

The art gallery on the Koningsdam. (Photo by Sally French)

Holland America activities are pretty tame, such as live music and wine tasting.

A music venue. (Photo by Sally French)

Every ship features World Stage, a theater hosting entertainment like expert lecturer talks and dance performances. Ships also have at least one lounge or club, such as Rolling Stone Rock Room or B.B. King’s Blues Club.

A shuffleboard court on the Koningsdam. (Photo by Sally French)

Every ship has a casino, spa, fitness center and outdoor sport courts, including pickleball courts. After all, Holland America is the exclusive cruise line partner of the Professional Pickleball Association.

Holland America Kids Club

Most cruises offer a kids club with crafts, video games and scavenger hunts.

Kid-friendly offerings are extremely limited (especially compared with competitors like Royal Caribbean and Disney Cruise Line) so don’t expect many kids onboard. Many cruisers consider the lack of kids one of Holland America’s best features.

Which Holland America ship is best?

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Because amenities are so similar on every ship, it’s hard to pick one best ship. But here are some factors to consider:

If you want the most options: Rotterdam is the largest (and has the most restaurants).
If you want the newest ship: The Rotterdam is also the newest ship, which first set sail in 2021. Newer ships often (though not always) mean better layouts and up-to-date fixtures.
If you prioritize smaller ships: Volendam and Zaandam are the smallest.
If you want to live on a ship: Two ships, Volendam and Zuiderdam, carry out the Grand Voyages and World Cruises, which sail around the world for months. Zuiderdam is slightly larger than Volendam — offering more guest rooms and entertainment venues.

The Crow’s Nest offers a lounge for relaxing and panoramic views. (Photo by Sally French)

Holland America: How much does it cost?

According to a NerdWallet analysis of more than 100 Holland America cruise itineraries through 2024, the average seven-night, inside stateroom starts at $646 per person. That figure assumes double occupancy (so a couple sharing a room would owe about $1,300), but doesn’t account for extra fees, including taxes and gratuities, or optional add-ons like beverages or Wi-Fi.

Suites can easily cost double that (or far more). For example, the average Vista Suite (the lowest class of suites), averaged $1,322 per person for a seven-night trip. The fanciest of the suites, the Neptune Suite, averaged $2,766 per person.

An inside stateroom on the Koningsdam. (Photo by Sally French)

Prices can also vary widely by region. Here were the average prices per person for seven-night journeys (assuming inside staterooms with double occupancy), broken down by major regions:

California coast: $349.
Alaska: $413.
Caribbean: $609.
Mediterranean: $909.
Northern Europe: $972.

Other costs

The dessert spread at the Morimoto pop-up restaurant on the Koningsdam. (Photo by Sally French)

That’s the base fare, but anticipate other expenses, including:

Taxes, fees and port expenses: Holland America passes on fees and taxes imposed by governments or port operators. Expect a few hundred dollars added to your base rate.
Gratuity/tip: An automatic $17 ‘Crew Appreciation’ charge is added per stateroom guest, per day. For guests in suites, it’s $19. Though automatically added, you can adjust the figure upon settling your bill at checkout.
Service charge: Add-ons like beverages, speciality meals and spa services incur an 18% service charge.
Ability to choose your stateroom: For those who want to sleep closest to the best deck on a cruise ship, there’s an additional fee to select your specific stateroom, though prices vary by cruise.

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Some activities: Certain activities incur extra costs, such as spa treatments.
Shore excursions: Upon docking, you’re free to exit the ship and roam around on your own, but Holland America sells curated shore excursions, too, that easily cost more than $100 per person. Prices vary by excursion. In Maui, you can tour a pineapple plantation for $190, while a behind-the-scenes tour of the Maui Ocean Center costs $560. Although you can book excursions through third parties, beware. Benefits of booking through Holland America include early departure and a guaranteed return.
Wi-Fi: Wi-Fi starts at roughly $22 per day depending on cruise length. More robust Wi-Fi (such as streaming capabilities) costs more than $30 per day.
Specialty dining and drinks: Specialty restaurants — as well as most beverages beyond basics such as coffee, tea and water — cost extra.

Is the Have It All premium cruise package worth it?

For the latter three items — shore excursions, Wi-Fi, speciality dining and drinks — the Have It All premium cruise package may be worth it.

Packages vary depending on the cruise length. Here’s what’s included:

NerdWallet analyzed dozens of Holland America cruise fares. On average, here’s how much money you would save, depending on the cruise length:

In every data point in NerdWallet’s analysis, the Have It All package ended up cheaper than buying all of those things a la carte. But consider what you really need. If you only drink one alcoholic beverage per day, the $55 beverage package probably isn’t worth it.

How to save on a Holland America cruise

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Cruise last-minute: The Last Minute Cruise Deals page lists discounted sailings within the next 60-90 days. However, don’t overlook other costs such as potentially-expensive, last-minute airfare.

Scout out promotions: Holland America’s general deals page is the spot for Black Friday cruise deals or other seasonal promotions.

Refer a friend: Holland America regularly runs a referral program where you might get a cruise credit if your friend enters your name in the referral form.

Become an AARP member: AARP members can earn up to $200 in stateroom credits. Actual amounts depend on room type and cruise length. Considering AARP membership costs $16 annually (and potentially less if you commit to more than one year), joining pays for itself based on the cruise credit alone.

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Should you purchase travel insurance for a Holland America cruise?

Holland America sells a cancellation protection plan, which allows you to cancel your cruise for any reason. It’s called the Holland America Line Cancellation Protection Plan (CPP). Unlike traditional insurance plans that require proof (e.g., a doctor’s note confirming illness) or have tons of fine print around reasons the insurer doesn’t have to pay out, CPP is convenient because it lets you cancel for truly any reason.

Plans start at $79, but can run higher depending on coverage and trip length.

The cheapest plan, Standard, requires you cancel at least 24 hours before departure. The Platinum Plan lets you cancel any time up to departure. Neither gets you a full refund though. The Standard Plan refunds up to 80% of your total cost, and Platinum refunds up to 90%.

The Platinum Plan also covers potential costs such as emergency medical and dental care, coverage for lost or delayed bags and trip delay insurance.

Is the Holland America credit card worth it?

The Holland America Line Rewards Visa® Card has a $0 annual fee, so it’s hard to knock it. It earns 2 points per $1 spent on Holland America purchases and 1 point per $1 spent everywhere else. There are also no foreign transaction fees.

Top travel cards

Chase Sapphire Reserve®

on Chase’s website

U.S. Bank Altitude™ Reserve Visa Infinite® Card

Bank of America® Premium Rewards® credit card

on Bank of America’s website

Citi Strata Premier℠ Card

Annual fee

Rewards earn rate

• 10 points per $1 on Chase Dining, hotel stays and car rentals purchased through Chase.

• 5 points per $1 on air travel purchased through Chase.

• 3 points per $1 on other travel and dining not booked with Chase.

• 1 point per $1 on other purchases.

• 5 points per $1 on prepaid hotels and car rentals booked directly in the Altitude Rewards Center.

• 3 points per $1 on eligible travel purchases and mobile wallet spending on Apple Pay, Google Pay and Samsung Pay.

• 1 point per $1 on all other purchases.

• 1.5 points per $1 spent.

• 10 ThankYou® points per $1 spent on hotels, car rentals and attractions booked through the Citi Travel site.

• 3 points per $1 on air travel and other hotel purchases.

• 3 points per $1 on supermarkets.

• 3 points per $1 on gas stations and EV charging stations.

• 3 points per $1 on restaurants.

• 1 point per $1 on all other purchases.

Travel credit benefit

$325 annual credit.

$100 in airline incidental statement credits.

This card does not offer a travel credit benefit.

Still not sure?

Is cruising with Holland America worth it?

The casino. (Photo by Sally French)

Holland America offers a traditional and elegant cruise experience. The emphasis on high-quality dining makes it good for foodies — just note that the best restaurants cost extra. Crowds are mature, which is a pro or a con depending on the level of entertainment, nightlife and energy you seek.

Families or people seeking high stimulation and constant entertainment should skip it. Additionally, budget travelers might find the additional charges aggravating (though additional charges are common across pretty much any cruise line).

In short, cruisers who value sophisticated service, delicious food, and exploration may love Holland America.

(Top photo courtesy of Holland America)

How to maximize your rewards

Source: nerdwallet.com

Apache is functioning normally

July 9, 2024 by Brett Tams

Teachers often find themselves with extra time during the summer break, making it the perfect opportunity to earn some extra money! If you’re looking to boost your income, there are plenty of side hustles that can fit seamlessly into your summer schedule. From tutoring to freelance work, these easy summer side hustles can help teachers make the most of their time off while supplementing their income. Let’s explore some of the best options to keep you busy and financially secure this summer.

Resell your Curriculum

Image Credit: Wavebreakmedia from Getty Images.

Teachers can make extra money by selling their lesson plans and study guides. Platforms like “Teachers Pay Teachers” and Etsy let you sell your materials to other educators. You might as well make money on lessons that work well in your own classroom!

Sell Printables

Image Credit: Dean Drobot.

Create and sell printables like habit trackers, meal planners, and chore charts. Use tools like Canva to design the printables and sell them on Etsy for extra cash.

To learn more: Digital Products to Sell on Etsy: Best Way to Make Money Online Fast

Rent Out Baby Gear

Image Credit: Pixelshot.

Make money by renting out baby gear to parents and tourists. Use BabyQuip to list your items and help families while earning extra income.

Trade Stocks and Options

Image Credit: Ipopba from Getty Images Pro.

Earn money by buying and selling stocks. It requires discipline and patience, but with learning and practice, it can be a profitable side hustle.

To learn more: How Fast Can you Make Money in Stocks? The Real Answer

Be the Party Planner

Image Credit: Pixelshot.

Use your organizing skills to plan parties and events. From birthdays to weddings, help people celebrate while making extra money. Use your social skills to shine!

Get Paid to Housesit

Image Credit: Fizkes from Getty Images.

Housesitting is a great way to earn extra cash. Take care of homes and pets while homeowners are away. Platforms like HouseSitter.com can help you find gigs. Maybe even travel to a new destination and experience the culture!

To learn more: Get Paid to House Sit and Find Lucrative Housesitting Gigs Easily

Become a Referee or Umpire for Sports

Image Credit: Filo from Getty Images Signature.

Combine your love for sports with extra income by becoming a referee or umpire. It’s a flexible job that fits well with a teacher’s schedule. There is a shortage of referees, so there are plenty of opportunities.

Start Tutoring

Image Credit: JasonDoiy from Getty Images Signature.

Offer private tutoring services to help students with their schoolwork. You can tutor in person or online. This is probably the most logical side hustle for most teachers.

Dog Walking or Pet Sitting

Image Credit: Kzenon.

If you love animals, consider dog walking or pet sitting. Use platforms like Rover to find clients and make extra money while spending time with pets.

Be a Babysitter, Nanny, or Caretaker

Image Credit: Pixelshot.

Earn money by babysitting or providing childcare. Parents need reliable and caring individuals to look after their children, making it a great side hustle for teachers. Great side hustle as children are off when the teachers are!

Find More Side Hustles Ideas for Teachers

Image Credit: Wavebreakmedia from Getty Images.

Teachers can explore these 50 side hustles to make extra money. From online opportunities to hands-on jobs, find the perfect fit to boost your income.

Find more ideas: 50 Best Side Hustles for Teachers to Make Extra Money

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

Apache is functioning normally

July 9, 2024 by Brett Tams

tough housing market but one that’s not impossible to navigate, experts say.

There are still many ways to maximize a budget if you’re a buyer or ensure you earn top dollar and trim your costs if you’re a seller. Strategies include knowing what fees might be negotiable, what home features to invest in, what kind of lender to look for, what types of mortgages are available and what tax benefits there are to selling and buying another home, experts say.

Can I still get a 3% mortgage rate?

Yes, if a seller has a so-called assumable mortgage at a lower rate, you can take it over.

Best mortgage lenders

About 12 million, or 23% of, active mortgages are assumable, according to data and technology firm Intercontinental Exchange. Of those, 7.2 million, or 14%, are assumable at interest rates below 4%, which can save buyers thousands of dollars and generate more bids for sellers. Current loan rates hover around 6-7%.

Arizona, Georgia, Colorado, Florida, Illinois and Texas, you can check assumable listings site Roam, which launched last September.

Real estate agent commissions. If you’re a seller and don’t want to negotiate your own agent’s commissions, ListWise will connect you with agents willing to work under an incentive-based commission, instead of the current flat percentage structure. Basically, agents agree with you on a minimum price they think they can get for your home. If the sale price exceeds that, agents get paid 0.75% of the final price plus the incentive pay of 20% of each dollar over the agreed price. This approach “focuses attention on what is most important, getting the highest price for your home,” said founder Nic Johnson.

State and local government recording fees, usually paid for by either the buyer or seller

comparison shop lenders, experts say.

“Get estimates and see the variance,” said Darren Tooley, senior loan officer at Cornerstone Financial Services. “That gives you some knowledge and basis to say, ‘I’ve got quotes from other lenders and will you work with me?’”

What kind of lender should I hire?

Find a lender who “has a variety of loan products and can coach you to maximize financing with credit improvement, cheaper PMI (private mortgage insurance) options depending on your down payment, paying points or temporary buy downs,” Tooley said.

PMI can be required to buy if your down payment’s less than 20% of the purchase price, and points are a form of prepaid interest you can choose to pay up front in exchange for a lower interest rate and monthly payments.

Temporary buy downs are prepaid interest that gets you a lower interest rate for a short period. “It’s been a way to help bridge the period (before rates fall),” he said. “People can afford a loan at 5-6% even if it’s a year or two and (then, they) refinance.”

Best mortgage lenders of June 2024

What are tax benefits of selling and buying a home?

If you sell your primary residence, you can exclude from federal income tax up to $250,000 of the profit as an individual or $500,000 as a couple filing jointly. That applies if you lived there for at least two of the last five years and haven’t sold another home in the last two years, the IRS said.

State tax rules vary, so you need to check local laws, said Mike Zovistoski, partner at professional services firm UHY.

Since home prices have appreciated so much over the last five years, many people selling could probably use this exclusion, he said. If you’re thinking about downsizing, you could sell your house, buy a smaller less expensive home in cash and pocket any difference without paying tax on it.

Also, if you itemize, you can deduct mortgage interest you paid during the tax year on the first $750,000 of your mortgage debt. If you’re married filing separately, the limit drops to $375,000, the IRS said.

What are the types of mortgages?

The main types of mortgages are:

Conventional loans, typically used by those with good credit
Government-backed loans, best for those with lower credit scores and smaller down payments
Jumbo loans, usually for those with good credit who want to buy expensive homes
Fixed-rate loans which have fixed interest rates and steady monthly payments
Adjustable-rate loans which have interest rates that periodically move in line with changes in a specific benchmark

subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning.

Source: usatoday.com

Apache is functioning normally

July 9, 2024 by Brett Tams

Understand how much extra income you could get from a side hustle like DoorDash and get a budgeting and investing basics refresh.

This Week in Your Money: How much extra money can you really make from side hustles? What are budgeting and early investment strategies for young professionals? Hosts Sean Pyles and Sara Rathner discuss the realities of gig economy jobs with Tommy Tindall, a NerdWallet writer who tried working for DoorDash to see what kind of income it would give him. He shares tips and tricks on the ease of starting with DoorDash, the practical challenges involved, and how your location and lifestyle can impact your earnings.

Today’s Money Question: Host Elizabeth Ayoola joins Sean and Sara to help answer a listener question from a recent college graduate about early investment strategies. They discuss how young professionals can apply the 50/30/20 rule to their finances, the importance of setting clear savings goals, and how to start investing at a young age. They discuss the benefits of starting investments early, the differences between active and passive investing options, and the importance of automating investments to build wealth over time.

Check out this episode on your favorite podcast platform, including:

NerdWallet stories related to this episode:

Episode transcript

This transcript was generated from podcast audio by an AI tool.

Sean Pyles:

Have you ever gotten a food delivery or a ride in an Uber and wondered whether these gigs are really worth the effort as a side hustle? Well, this episode will deliver some answers.

Sara Rathner:

Cute. Welcome to NerdWallet’s Smart Money Podcast. I’m Sara Rathner.

Sean Pyles:

And I’m Sean Pyles. This episode, Sara and I are joined by our co-host, Elizabeth Ayoola, to answer a listener’s question about money goals, especially when you’re early on in your financial journey. How do you get a grip on your finances and set yourself up for long-term success?

Sara Rathner:

But first, we’re turning to side hustles. This month on Smart Money, we’re running a special series about how you can increase your income, whether you want more money to invest or you’re working on building up your savings, or you really just want some extra cash to spend on whatever junk appears in your social media feeds.

Sean Pyles:

And we are not here to judge you for whatever you spend your money on, but watch any social media influencer or read any article about ways to increase your income and inevitably someone mentions taking up a part-time job in the gig economy like Uber, DoorDash, Airbnb, take your pick. And I’ve always been pretty skeptical that these gigs will net you meaningful amounts of cash, especially considering all the time and effort involved.

Sara Rathner:

Absolutely. If you’re going to put miles on your car or let strangers sleep in your rental property, it needs to be worth it. And we don’t have access to a vacation house for the purposes of this podcast, but we do have a Nerd on staff at NerdWallet who actually did DoorDash for a couple of days to get a feel for whether these jobs live up to the hype. Tommy Tindall is here to share his insights with us. Tommy, welcome back to Smart Money.

Tommy Tindall:

Hey there. Thanks for having me.

Sean Pyles:

So Tommy, you recently made a really fun video for NerdWallet’s YouTube channel where you test drove DoorDash for a few days. What were your hopes and expectations going into this journalistic exercise?

Tommy Tindall:

Yeah, so I study and write quite a bit about side hustles and for this one, I really wanted to go the extra mile, get it, and test it out myself, try to make the advice a little more valuable, right? Give it a true test. And delivery driving is super popular and seemingly accessible, at least that’s what I thought, was my hypothesis, I should say, an easy way to make side money. So I really wanted to answer a couple questions that I think people have about a gig like this, and one is just how easy is it to get started? Can you really sign up on your phone, get a red bag in the mail and start driving? And spoiler alert, yes, that’s what I did. You can. And also can you make real money?

Sean Pyles:

Okay, so what were the main things that you were tracking as you weighed whether this side hustle was worth it?

Tommy Tindall:

I wanted to keep it easy, so I was just keeping a close eye on the time I spent driving while delivering, the miles I drove, and of course how much I earned and really wanted to get to what’s the real pay when you factor in the cost of driving.

Sara Rathner:

So talk with us a little bit about the experience of doing this. Was it fun? Was it boring? Did you get chased by any wild animals? Did you use this as an opportunity to catch up on episodes of Smart Money?

Tommy Tindall:

Well, I wanted it to be fun, but it was kind of hectic. I mean, I remember there were a couple moments of zen where I was just cruising, windows down, just looking outside thinking this is the life. But as soon as I started thinking that way, ding, ding, I’d get another delivery. And I think hustle is a real good term for this because it was kind of a grind. And what really got me, which I thought was interesting, was the constant interaction with my phone. It was draining. I was using maps to navigate, to take orders, and it was just a lot of interaction with the phone while driving.

At one point I, quick story had a 16-mile delivery, which was good pay. It was like $18 of base pay, which was really good. So I took it, but I was so distracted kind of trying to figure out where I was going, that I went the wrong way on 95 and was screaming, pounding the wheel, as you can imagine, and just like, efficiency. That’s what I was going for. Also, keep in mind, I was filming this experience for the video and that totally added to my stress. So maybe more practice without trying to film myself, I could be a little more efficient, get a little more time to enjoy solitude and catch up on my favorite podcasts like this one. But yeah, it was hectic.

Sean Pyles:

Yeah. But you can’t forget that this is a job, right? It’s going to have stressful, difficult moments like any job.

Tommy Tindall:

I was reminded of that quickly, that this is a job and I kind of felt the stress. When I would get a delivery, I wanted to make sure the food was hot and get there quickly, know where I was going. So I had that sense of, hey, you’re on the clock, you’re working.

Sara Rathner:

That distracted driving element is also pretty terrifying.

Sean Pyles:

Tommy Tindall:

Yeah. Now when I see people on the road, I’m wondering are they delivering right now? So before I yell “get off your phone,” I’m wondering that.

Sara Rathner:

Sean Pyles:

Sara Rathner:

They might be.

Sean Pyles:

Either way, get off your phone.

Tommy Tindall:

Sara Rathner:

Tommy Tindall:

Sara Rathner:

I know. So Tommy, you mentioned this in your video, you live in a smaller town, a more remote area. How does that affect your ability to make money from DoorDash or any other app-based job like this?

Tommy Tindall:

I mean, it matters a lot because it’s how busy it’s going to be around you. So location matters. It’s where you live, which towns you have access to with a short drive that may be more populated. So I live, it’s a smaller, more rural but kind of suburban town outside of Baltimore. And what I did before I started was I would watch the DoorDash app, the map section of the app and just kind of see where the hotspots were.

And of course areas closer to Baltimore where it’s more densely populated, more restaurants within close proximity of each other, they were regularly busy during the peak times and they were shaded in pink on the maps. That’s how you know you can go out. When the map is like pink or red, you can Dash on a whim. When it’s gray, which it was sometimes in my town, you have to wait or schedule a Dash for later. But luckily where I live during the busier lunch hour, the option to Dash now was available during the weekday when I tried this. So I was able to stay closer to home, which I think was more realistic, because if I did this, I don’t think I’d want to drive that far. I’d want to stay closer to home, so.

Sean Pyles:

You don’t want to have to commute for your side gig.

Tommy Tindall:

Exactly. You want to get out there and do it maybe on the lunch hour during work, which I was thinking, which we’ll talk about. Probably kind of hard to do because I did find myself going from one end of my town to another because it’s not that populated, so it cost me some time.

Sean Pyles:

Well, that also makes me think about wear and tear on your vehicle and other related expenses like gas. Was that a worry of yours as you were doing the side hustle?

Tommy Tindall:

Yeah, this was a big worry for me because I am somebody who loves cars and I can be a little obsessive about keeping our vehicles maintained. So just all the stop and go driving, it was just kind of giving me a nervous tick. That was on my mind the whole time. I think I kind of make that clear in the video a little bit, and I should also mention that I drive a full size Ram pickup truck, which I thought would be fun to test for this, but not the ideal gig economy vehicle. It’s inefficient, hard to maneuver.

Sean Pyles:

Yeah, lots of storage space, but maybe more than you need for a Starbucks run or something like that.

Tommy Tindall:

Oh, yeah. And the maneuverability. I think at one point I pulled off a busy road into the wrong driveway and I had to sort of Austin Powers my way out. You remember that 20 point turn he had to do in the first movie and all while the customer, the next house over was watching me. So when I finally got over there, we had a little laugh about it and I think she did tip me. I don’t know if she tipped me after the fact or not, which you can do in the app.

Sean Pyles:

You were providing some entertainment along with the delivery?

Tommy Tindall:

Oh, yeah. When I did get to interact with customers like that, I made it kind of fun. I’d be like, “Yeah, you don’t see people driving a truck very often, do you?” But yeah, I was a little anxious about my own vehicle and the wear and tear.

Sean Pyles:

Okay, so Tommy, after three days of Dashing, tell us how much time you spent driving, how far you drove, and how much you earned.

Tommy Tindall:

All right, well here are the stats. I went on three Dashes for this test and drove about six and a half hours on deliveries altogether. I put 90 miles on my personal vehicle, which was my big dump truck as I mentioned. Earned a total of $86, but factor in the 17 MPG that I was getting. And gas was I think around $3.60 a gallon when I was doing this. So less than $19 in fuel costs. True earnings are more like $67 or $10.31 cents an hour. So I mean, not a lot of money.

Sean Pyles:

So I’m going to wager that’s less than you’re making at NerdWallet on an hourly basis.

Tommy Tindall:

Yeah, yeah, yeah. Not giving up the main hustle.

Sean Pyles:

Yeah. Do you think this was worth it?

Tommy Tindall:

So yes and no, and I’ll start by saying I’m glad gigs like this exist because I was really blown away by the accessibility of this gig. I mean, I was signed up and through the background check in literal minutes, and if you, the listener, meets the basic qualifications, I mean you can probably start working and start earning, and I like that. It’s not like saying side hustle options, go be an influencer and wait a couple years to build a following before you make your first dollar. I mean, you sign up and you can make money, which I think is great. And flexibility of course is the selling point of a delivery driving job like this. But at the expense of what? I felt like I was really hustling. I didn’t make a lot of money and thinking back, I mean this would be a real grind for me to do on the side.

It’s really about where I’m in my life. I mean, I have a main job, I have a family, I have young kids in school and sports, a home that continues to break that I have to maintain, I serve in my church and I really covet kind of that little free time that I have left. So I guess all that to say, not quitting my day job. And I think doing this made me more grateful of my main hustle and reminded me that I think there’s merit in what’s become kind of an older way of thinking where you find a good company, work hard, build your skills, grow your confidence, gain expertise, and hopefully increase your salary over time. So whether it’s worth it I think depends on personal situation, because you do make money.

Sara Rathner:

So who do you think a side hustle like this is good for?

Tommy Tindall:

People who do have some extra time or need extra cash and can take advantage of the flexibility to work whenever, because again, that is the selling point of a job like this. Also people who can work the system to their advantage. And you see a lot of YouTube videos of people sort of gaming this and chasing something called peak pay, which is an incentive where you can add plus one, two, three, or more dollars to a delivery if it’s really busy. So the competitive types, which is not me, admittedly, but I do wonder if I would’ve tried this at a different time in my life, like back in college or in my first years working a job when I lived in Washington, DC, had it been available.

Sean Pyles:

Well, Tommy Tindall, thanks so much for talking with us.

Tommy Tindall:

Absolutely. Thanks for having me.

Sean Pyles:

So listener, you just heard Tommy describe an interesting way that he earned some money. Ahead of this month’s series about increasing your income, we have our new Nerdy question of the month for July, which is: what is the most creative thing that you’ve done to earn more money? Maybe you negotiated a significant raise or you’re one of those job hoppers that has a new gig every couple of years. Tell us what is the most interesting thing that you’ve done to increase your income?

Sara Rathner:

I mean, I’ve rented out my basement for a commercial shoot, so there’s that.

Sean Pyles:

Okay. Interesting.

Sara Rathner:

Made 1,400 bucks and bought new storm doors. What a day. Anyway, if you’ve done something like that or something else, call or text us on the Nerd Hotline at (901) 730-6373. That’s (901) 730-NERD, or email us at [email protected]. We might just share your story on a future episode. Maybe inspire some of our other listeners to take up an interesting side hustle.

Sean Pyles:

And while you’re at it, send us your money questions, too. It is our job as Nerds to answer whatever your money question is. So send it our way on the Nerd Hotline, (901) 730-6373 or email it to us at [email protected]. Well now let’s get into this episode’s money question segment after a quick break. Stay with us. We’re back and answering your money questions to help you make smarter financial decisions. This episode’s question comes from Adrian, who left us a voicemail. Here it is.

I’m a recent college graduate. I graduated college in June of 2023 and I am six months into my new corporate world job. I’m trying to save 25% of my income per month and I’m trying to start investing. I don’t really know what my savings goals should be. I’m down for some high risk investments, but I don’t know, I’m trying to just learn the basics of investing, how to plan for life. What would you do if you were in my shoes, if you could go back in time and be 23 and not have kids or a mortgage or anything?

Sara Rathner:

To help us answer Adrian’s question on this episode of the podcast, Sean and I are joined by our co-host, Elizabeth Ayoola. Hey Elizabeth.

Elizabethy Ayoola:

Hey, my favorite dynamic duo.

Sean Pyles:

I love getting a question from a listener who is so young because even though they’re only 10 years younger than me, it does feel like a lifetime ago that I was 23 and making these financial decisions for the very first time. One thing that I find really interesting about Adrian’s question is that while they are so early in their financial journey, their questions really can apply to anyone, because as I’m sure we all know well, plenty of people in their 30s and 40s and beyond are still trying to figure out their budgets and their financial goals. So with that in mind, I think that our listener and all listeners really could benefit from a little bit of budgeting 101. So Elizabeth, where do you think they should start?

Elizabethy Ayoola:

Basically, I think they need to start with a budget. That’s going to tell you how to slice and dice your money. You should probably maybe start with the 50/30/20 budget, which we are advocates for at NerdWallet, or it might be the 60/30/10 budget depending on your cost of living and where you are. Now, for those who don’t know what the 50/30/20 budget is, 50% go to your needs, 30% to your wants and 20% to debt, paying down debt and also saving money. I do think it’s important to know, however, these numbers are not set in stone. It really just depends on your finances and you can adjust the numbers to fit where you are in your financial life right now. I myself currently save above that 20 bucket, but luckily I don’t have that much debt, so that’s why I’m able to save more money and save more than the 20.

Sean Pyles:

Yeah. And our listener wants to save 25% of their income, which is really ambitious, especially for someone who is so young. I think when I was 23, I was saving maybe 2% of my budget, and it wasn’t even intentionally, it was just by chance, because that’s what I had left over at the end of the month.

Elizabethy Ayoola:

You were doing great, Sean, because let me tell you, I was saving 0% of my budget at 20 something. So that is ambitious. I think it’s possible, but it just again depends on where your finances are.

Sara Rathner:

I like an ambitious savings goal, especially when you’re young. Some of the best advice I was given by a CFP that I used to work with was save as aggressively as you can for as long as you can because life only gets more complicated and more expensive. So if aggressive for you is 3%, that’s great. If aggressive for you is 25%, that’s great, and if you have to change it up from month to month, that’s fine too.

Elizabethy Ayoola:

So our listener is dedicated to being a hardcore saver, and I love that for you, listener. So Sean, I know you’re also big on saving and you have some tricks for effectively saving money. What do you think?

Sean Pyles:

So I would start by encouraging Adrian to have something to save for. Again, I’m thinking a lot about myself in my early 20s, I didn’t really have any sort of short, medium, or long-term goals or priorities of any sort because I was just focusing on paying my rent and having fun. So I understand how it can be hard to understand what your priorities might be, and this is where I think something that’s very woo woo but effective can come into play. And that is a visualization exercise. Now, if you’re rolling your eyes, just bear with me because I swear it can be super helpful. So when you are 23, 33, 43, think about where you see yourself in the future in five years, in one year, in 20 years. So maybe that means do you want to move to a new city in the next year? Do you want to buy a house in five years? Do you want to retire in 40 years? Imagine where you will be at these different points in your life and think about how you can save money to get there.

Elizabethy Ayoola:

I would not even say that’s woo woo, Sean. I mean, so I definitely started doing that in my late 20s and honestly, the life I have today was a lot of the woo woo stuff. So it worked for me.

Sean Pyles:

The manifesting is real.

Elizabethy Ayoola:

It’s a real thing.

Sara Rathner:

And if you’re not really into the whole idea of manifesting as a term, that’s fine too. You could also think about it in terms of just naming your goals. Instead of just being like, I’m going to save 25% of my salary. For what? So say what the “what” is. So maybe online savings accounts like high yield savings accounts, you could actually name the account. So you could have, this is the account because I need to replace my car, or this is the account because I need to buy a new computer. Or this is the account that I’m saving up for a down payment on a home for. And then beginning to say, okay, I’m going to put this amount of money in this month for this goal and this goal. Makes it so much easier to stay organized and there’s some science behind it, making it so that you actually are more successful in terms of reaching your savings goals by just naming the goal. So if you don’t want to do the woo woo thing, you could do the practical thing and just put some names on stuff.

Sean Pyles:

Yeah. And what you’re talking about there is really the marriage of the woo woo and the super practical and tactical, where you can start with knowing what you want and then getting the accounts that can help you save the money for that. So for a lot of people, that’s going to mean starting out with an emergency fund, building up over time three to six months of the needs budget that you have. That’s like rent and medicine and groceries, things like that. And then building out the other savings buckets for things like a vacation fund, a house fund, a wedding fund. I have 10 savings accounts across all of the banks that I partner with. And they are all specifically allocated for my different goals. I know 10 is kind of a ridiculous amount, but it works for me.

And what makes it easy is that I automate my deposits into these accounts. So I don’t even have to think about it. One of my accounts is only getting $40 a month, and that’s enough for me to save, to build on that goal over time. But I don’t have to be worried about, oh, okay, am I going to have enough for when I need a new rug for my house eventually. I just know it’s already going in the background.

Sara Rathner:

Yeah, I love this. It’s that concept of reverse budgeting where you automate transfers into your various accounts for different goals every month.

Sean Pyles:

And whenever we talk about savings accounts, it can be easy for we Nerds who are steep in this to maybe even take for granted the fact that high yield savings accounts are such an amazing thing for people to have. People can be getting even around 5% back for what they have sitting in their savings. And if you think about some average returns from the stock market some years are around 7%, and that can be much riskier than just having a savings account. I really do recommend people shop around, look at some of our roundups on NerdWallet and see what sort of high yield savings account might help you meet your goals, because you’ll be getting a much greater return on your money than you would get from a traditional brick and mortar bank.

Sara Rathner:

So our listener, Adrian, is a spring chicken in the world of finance and in the world of investing, which they also mention, having a long time horizon can be one of your best assets. And if you’re in your 30s and listening to this, you still have a long time horizon. So don’t think it’s all over if you didn’t invest in your 30s. Now let’s talk about investing at a younger age. Elizabeth, what are your thoughts there?

Elizabethy Ayoola:

Oh my gosh. I totally get the feeling of being overwhelmed and not understanding where to start. But it’s really important I think, not to let that paralyze you and to just start as soon as you can. And the first step in doing that is creating a strategy. And what the strategy is going to do is it’s going to tell you what your goals are and how much you need to save to achieve them and by what timeline. Now, it doesn’t have to be over complicated because I think that’s where people get tripped up, especially because there’s so many retirement and saving calculators online to help with this. And yes, I’m going to shamelessly plug NerdWallet. We have lots of those, go check them out. But yeah, knowing what age that you want to retire and how much you need will help guide your investing strategy. It’s also going to help you decide what to invest in, the best vehicles to use, and how much to put in each. What do you think, Sara, about time horizons in that sense?

Sara Rathner:

Oh, it’s probably one of the best things you have working for you because the way compound interest works mathematically is the longer of a time horizon you have, the less you can save per month or per year and still come out with a higher amount of money in the end versus waiting an extra 10 years, an extra 15 years, then you have to invest so much more per month just to catch up and still end up with less money overall.

Sean Pyles:

And I would recommend Adrian or anyone else who’s getting started in investing or just taking it seriously for the first time, is to get a lay of the land and understand all of the different investment accounts that are out there. Because there are all these different ones, like a 401k and a Roth and a Roth IRA that people have probably heard about, but really understanding what they are and when one is more beneficial than another for your circumstances can help you make the most of your investments. And something to think about too, since Adrian is so young, is that your younger years are often the best time to take advantage of an IRA because you are getting taxed at a lower rate when you’re earning less money than you will be taxed at later on in your career. So really use these early years to your advantage.

Elizabethy Ayoola:

Yeah, I’m with you Sean. You guys also should decide for those people listening whether you want to do active or passive investing. If you are like me and you ain’t got time for that, and when I say that, I mean checking the stock market every day, then you may want to consider passive investing and some passive investing options include ETFs or robo-advisors and kind of securities like that. But yeah, once you do all those things, the most fun part is automating your investments and knowing that you’re probably growing both while you’re sleeping.

Sean Pyles:

Yeah, I think for a lot of people, sometimes the best strategy to start can be the strategy of “I want my money to make me more money.” And that’s where I started out in my mid 20s when I first started taking investing seriously. I didn’t want to spend a lot of time actively managing investments. And guess what? Actively managed investments often perform worse than passively managed investments. So passive is probably going to be the easiest thing for most people to do. And I just set up an account with a robo-advisor that was trusted and well-reviewed on nerdwallet.com, and I just have automated deposits and it makes it super simple. I’ve been doing it for years and I’m already receiving literal and metaphorical dividends from that.

Elizabethy Ayoola:

Also, you want to think about fees when you’re looking at things like that and what has low fees and performance and other things, but don’t let that stop or overwhelm you as well. Just check out some resources on how to pick an ETF also.

Sara Rathner:

Yeah, I will also add that whenever I hear somebody in their early 20s say that they are, “Down for some high risk investments,” I think somebody’s been talking to their friends about crypto and I don’t know. I mean, for all I know Adrian just means, oh, I really want to dabble in a more stock forward portfolio. Sure. Honestly, you’re probably talking about crypto, aren’t you? Before you dabble in speculative investments, things like cryptocurrency, things like, I don’t know, precious metals and real estate and all sorts of stuff like that, you want to set aside a solid foundation. Just the things that we’ve been talking about, automating transfers of money into retirement accounts, either through your employer or on your own, diversifying those investments. And then, only then, if you have money left over, then you can dabble a little bit, sprinkle a little spice onto your investments, maybe 10% of your portfolio at the most into the higher risk, like crazy stuff. But set a good foundation first. Don’t put all of your money into speculative investments and then wonder why you don’t have any money left because you probably won’t.

Sean Pyles:

And I will just quickly add for the sake of our compliance department, that we are not financial or investment advisors. If you want specific individualized investment advice, speak with a financial advisor, hopefully a fiduciary financial advisor. Okay. Now, I know we’ve been kind of talking around this question for this conversation, but I would love to hear what you two would have done differently if you could go back to when you were 23 and maybe improve your finances, knowing all that you know now?

Elizabethy Ayoola:

That’s a deep, deep, deep sigh. So honestly speaking, the first thing I thought is like, oh my God, I would’ve stopped partying and buying alcohol and save more money. But then I remembered that I was living in Nigeria earning like $400 a month, which was seen as a good salary. So I barely had any money to live, quite frankly. And I think that’s a reminder that sometimes you just ain’t got really barely enough money to save and you just need to earn more. But I definitely would have educated myself more on personal finance and I would’ve at least stashed away something into an investing account. So that’s what I would’ve done. But then again, if I started investing too early, I might be in Turks and Caicos right now instead of chatting to you all. So I guess it worked out how it was supposed to.

Sean Pyles:

I’m glad you’re here with us, but also I would be happy for you if you were traveling the world instead of doing this. Sara, what about you?

Sara Rathner:

So I think a lot of people in their early 20s are, there’s just a lot of fear and uncertainty at that point in your life, and I definitely felt that at that time where there are all these big life milestones that are coming up for you eventually and you just don’t know when they’re going to happen. And so I was so worried about whether or not I’d be able to get to that point. But you’re 23.

Knowing how fast the next 10 to 20 years will go for you, just savor it because everything else is going to pile on really, really fast. And the way you spend your weekends is going to look really different. Do take a couple of steps to improve your position in life later on and use that gift of time. But then, yeah, you should have the wants budget, you should go travel with your friends, go out with your friends. Once you all get partnered up, you’re not going to see your friends as often, so enjoy it.

Sean Pyles:

Well, as someone who definitely enjoyed themselves a lot in their early 20s, I don’t regret any of it, really, shockingly, but it did come at the expense of my financial health in some senses. I really didn’t invest until my mid 20s. I barely had a budget until around the same time. So I would go back and encourage myself to be a little bit more balanced in the having fun and the forward planning aspect of life. But you’ve got to learn your lessons as you learn them. And that’s where I was at the time.

And one thing I think is important to realize and think about as you are trying to map out what having an adult financial life looks like is that the beginning of this financial journey is always going to be the hardest because you simply don’t know what you don’t know. There’s so much to learn. When you’re 23, you’re paying rent on your own for the first time. You’re figuring out how to make meals for yourself for the first time and building these good habits does take time. So don’t feel like you have to do everything all at once, but do make that concerted goodwill effort to try to better your relationship with money and use it to build the life that you want. Well, Elizabeth, thanks so much for coming on and talking with us.

Elizabethy Ayoola:

Thanks for having me.

Sara Rathner:

And that’s all we have for this episode. Remember, we’re here for you, whatever life phase you’re in, and we want to hear your real world questions because we’re here to make you smarter about your money decisions. So turn to the Nerds and call or text us your questions at (901) 730-6373. That’s (901) 730-NERD. You could also email us at [email protected]. Also visit nerdwallet.com/podcast for more info on this episode.

Sean Pyles:

And remember, you can follow the show on your favorite podcast app, including Spotify, Apple Podcasts and iHeartRadio, to automatically download new episodes. This episode was produced by me. Tess Vigeland helped with editing. Sara Brink mixed our audio. And a big thank you to NerdWallet’s editors for all their help. And here’s our brief disclaimer again. We are not financial or investment advisors. This nerdy info is provided for general educational and entertainment purposes and may not apply to your specific circumstances.

Sara Rathner:

And with that said, until next time, turn to Nerds.

Source: nerdwallet.com

Apache is functioning normally

July 8, 2024 by Brett Tams

Warehouse, Fee Collection, Broker AVM Tools; Violation Tracker; Lender and Investor Changes

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Warehouse, Fee Collection, Broker AVM Tools; Violation Tracker; Lender and Investor Changes

By:
Rob Chrisman

Wed, Jul 3 2024, 11:43 AM

Did you know that there were 2.5 million estimated people living in the newly independent nation of the United States in July 1776? Per the Census Bureau, that figure has now risen to around 335 million. 56 individuals of those 2.5 million people were signers of the Declaration of Independence, with John Hancock, a merchant by trade, being the first signer. Benjamin Franklin, who represented Pennsylvania, was the oldest signer at age 70; Edward Rutledge of South Carolina was the youngest signer at age 26. Speaking of numbers, if you like them, although the FHFA and the CFPB would like you to believe that they are part of the fabric of the United States, they aren’t. But the FHFA and the CFPB Release Updated Data from the National Survey of Mortgage Originations for Public Use. Hey, I only know what I read in the newspapers. But there is some interesting real-time information out there, and if you want to see who’s paying what in violations, here you go. (Today’s podcast is found here and this week’s is sponsored by Bundle, the attorney-prepared legal documents company that is dedicated to the real estate, mortgage, and title industries. Fuel your operations and execution of documents from deeds to subordinations to assignments, and everything you need for any order, in one bundled price; receive 20 percent off using the code “Chrisman” at checkout. Hear an interview with Atlas Real Estate’s Tony Julianelle on the recent single family rental market transformation and why individuals in the mortgage industry should care about property management.)

Lender and Broker Services, Products, and Software

“Leadership is crucial for organizational success and culture. Recognizing the differences between strong and weak leadership will directly impact your team’s success. Inspired by ‘Good to Great’ by Jim Collins, this upcoming webinar features Laura J. Brandao (Equity Prime Mortgage), Keith Canter (First Community Mortgage), and Richard Grieser (Truv) sharing insights from their many years of mortgage leadership experience. You’ll leave this July 10th session with strategies to effect change in your organization, attract and maintain the right talent, understand team needs to advance shared goals, maintain a disciplined yet happy culture, and leverage technology as an accelerator. Come join us!”

Rocket Pro TPO offers Home Equity Loans powered with AVM (Automated Valuation Model), providing faster and more cost-effective appraisals. With AVM, valuations are delivered in seconds, nearly five days faster than traditional methods, saving clients time and money. Interested? Price a loan today.

Lenders across the country are still looking for ways to cut costs without sacrificing revenue. Start off easy by collecting fees upfront. Fee Chaser by LenderLogix makes it as easy as clicking a button… literally. Book a 15-minute demo and get started in a few weeks.

PlainsCapital Bank National Warehouse Lending, a subsidiary of Hilltop Holdings (NYSE:HTH), offers funding for multiple mortgage products and programs with little to no additional requirements: FNMA HomeStyle, FHA 203K Full, Limited, and USDA Rural Housing renovation loans. Mortgage Revenue Bond and DPA loans with extended dwell times. Sub Limits for lower FICO scores, manufactured homes, renovation, construction and other unique mortgage products and programs. With over 30 years’ experience and a well-capitalized diversified financial holding company we provide our customers with confidence to meet their loan funding needs. If you are interested in learning more about PlainsCapital Bank National Warehouse Lending please contact Deric Barnett, (469)955-6786.

Agency, Lender, and Investor Changes

FHA posted to its Single Family Housing Draft ML proposing changes that would update FHA’s Defect Taxonomy to include fraud or material misrepresentation involving a Third-Party Originator (TPO) as a Tier 1 severity defect. FHA’s Defect Taxonomy is its quality assurance framework for all Title II loan reviews. It provides a consistent methodology for identifying defects at the loan level, useful data, feedback through structured categorization of defects, and balance between FHA’s risk management and quality assurance business processes. Interested stakeholders are encouraged to thoroughly review the Draft ML and provide feedback through June 24, 2024.

FHA published Mortgagee Letter (ML) 2024-12 implementing the provisions of the final rule, Revision of Investing Lenders and Investing Mortgagees Requirements and Expansion of Government-Sponsored Enterprises Definition, announced April 23, 2024, in FHA INFO 2024-21. The final rule revised and clarified requirements for investing lenders and mortgagees to gain or maintain status as an FHA-approved lender or mortgagee, separately defines Government-Sponsored Enterprises (GSE), including the Federal Home Loan Banks (FHLB), from other governmental entities and aligned general FHA approval standards with current industry business practices.

Ginnie Mae announced a term-sheet for its proposed Home Equity Conversion Mortgage (HECM) Mortgage-Backed Securities (HMBS) 2.0 program, initiating a comment period ending July 31st. The proposed program aims to enhance liquidity access for HMBS Issuers by allowing the re-pooling of active and non-active buyouts into new custom, single-Issuer pools. The new HMBS 2.0 program, described in more depth in our blog Ginnie Mae Announces New Pool Type to Improve HECM MBS Liquidity, seeks to address liquidity constraints in the reverse mortgage sector by providing a new capital markets execution for older vintage HECMs.

Ginnie Mae mortgage-backed securities (MBS) portfolio outstanding grew to $2.59 trillion in May, including $36.9 billion of total MBS issuance, leading to $14.3 billion of net growth. May’s new MBS issuance supports the financing of more than 116,000 households, including more than 58,000 first-time homebuyers. Approximately 74 percent of the May MBS issuance reflects new mortgages that support home purchases because refinance activity remained low due to higher interest rates. More information is available in Ginnie Mae’s Press Release.

USDA Rural Development posted a bulletin on June 21 announcing an interest rate increase for SFH programs.

Don’t limit your borrower’s buying potential if they require a loan amount beyond conventional limits. Loan Stream Mortgage Jumbo ONE loan programs empower you to give your clients more options all while helping you close more loans. With four Jumbo ONE programs available for Purchase, Cash-Out, and Rate & Term Refinance.

Citi Correspondent Lending updated Trailing Outstanding Document requirements. Changes include updated timelines for submission of missing documents and remediation of deficient documents, additional impacts when missing/deficient document issues are not resolved in a timely manner, and reporting changes. View the complete Outstanding Document Updates Announcement, which provides effective dates and outlines details for all of the changes.

Sellers in Carrington’s Non-Delegated Correspondent channel are now able to select who they want to generate the closing docs during loan submission. The cost for Carrington to generate the closing docs is a low $350.

Newrez approved correspondent clients, don’t forget that loans containing an ACE + PDR appraisal method must submit a PDF report that uses the Uniform Property Dataset report (UPD) and includes the required certifications, floor plan and photographs to Freddie Mac using the Beyond ACE application programming interface (bACE API). Details are available in Newrez Bulletin 2024-040.

Eliminate mortgage headaches for your borrowers with Kind Lending’s Written VOE (Verification of Employment) program. This non-QM product uses a written VOE for qualification purposes versus traditional documentation such as W2s and paystubs.

National residential lender PrimeLending, a PlainsCapital Company, now offers a new home equity loan product giving homeowners the ability to convert home equity into cash. With a PrimeLending home equity loan, homeowners can access a portion of their home’s value without having to sell it. Simply put, homeowners can borrow money using their home equity as collateral and repay the loan at a fixed-rate over a 30-year term. Homeowners receive the cash as a lump sum upfront to use however they choose, such as consolidating debt, making home improvements, or covering tuition, medical or unplanned expenses.

Capital Markets

Fed Chair Powell knows Halloween is nearly four months away. The head of the Fed refrained from spooking markets yesterday at the European Central Bank’s annual forum, citing progress on inflation, which helped to bolster bets that the Fed will be able to cut rates this year. He added that the risks between price pressures and the labor market are coming into better balance, though predictably declined to foretell of a September reduction. In the wake of President Biden’s poor debate performance last week, many investors are preparing for higher-for-longer interest rates from the increased likelihood of a second Trump term and additional inflation-stoking tariffs. Conversely, Chicago Fed President Goolsbee said yesterday that the Fed should prepare for rate cuts.

The Job Openings and Labor Turnover Survey (JOLTS) is conducted by the Bureau of Labor Statistics of the U.S. Department of Labor. Looking for signs that the labor market is softening? May’s JOLTS report showed a labor market that in many ways looks like its pre-pandemic self. The number of job openings per unemployed worker remained unchanged, back at its 2019 average. Job openings unexpectedly rebounded in May from the three-year low hit in April, increasing to 8.140 million from 7.919 million in April, interrupting a downward trend. Fed Chair Powell yesterday described the job market as cooling off appropriately.

Due to the Independence Holiday tomorrow, some usual economic releases and supply are moved up to today’s calendar. The calendar kicked off with mortgage applications decreasing 2.6 percent from one week earlier, according to data from MBA’s Weekly Applications Survey. Keep in mind that we have had three straight weeks of gains, including during the prior holiday-adjusted week.

Markets have also received Challenger job cuts for June: 48,786 cuts, down 24 percent from the 63,816 cuts announced one month prior but 20 percent higher than the 40,709 cuts announced in the same month in 2023. We’ve had ADP employment for June (150k private-sector jobs were created, the lowest gain in five months but still a gain), and jobless claims (238k, as expected; continuing claims 1.858 million). Other releases today include the May trade deficit, Final S&P Global services PMI for June, ISM services PMI for June, factory orders for May, and Treasury releasing details of the mini-Refunding consisting of $58 billion new 3-year notes and $39 billion and $22 billion reopened 10-year notes and 30-year bonds.

The latest Fed Minutes (from the June 11-12 Federal Open Market Committee meeting) will be released today and should give us some further hints of the Fed’s thinking, though Fed messaging has been clear that inflation remains too high, and patience is needed to allow more time for the current rate target to bring it back down. Futures settlement close is at 1:00pm ET with SIFMA recommending a 2:00pm ET close for cash bonds.

Looming after tomorrow’s 4th of July Holiday is the June nonfarm payrolls report on Friday, where estimates anticipate the economy added nearly 200k jobs throughout the month, while they anticipate the unemployment rate will remain near historic lows at 4 percent. We begin the day before the holiday with Agency MBS prices a few 32nds better from Tuesday’s close, the 10-year yielding 4.41 after closing yesterday at 4.44 percent, and the 2-year is yielding 4.75.

Jobs

“After 50 remarkable years in mortgage lending, Planet Home Lending Senior Vice President, Correspondent Lending Jim Loving is retiring. Jim is an industry icon who’s built a remarkable culture focused on partnership since he joined Planet in 2014. Jim’s legacy at Planet and in the industry is a lasting one. From inventing Best-Efforts Delivery to building Planet Home Lending into a top-tier correspondent lender, he’s been a mentor and partner to many in our industry. As Jim moves on to the next chapter, our experienced Regional Managers will continue to serve as expert guides, helping you navigate today’s market challenges. We hope you’ll join us as Planet extends its deepest gratitude to Jim for his exceptional contributions.”

“Loan officers! Discover the radius advantage. Are you navigating a market that’s forgotten the value of loyalty? At radius financial group, we’re rewriting the script with our MLO Partnership-Proposition (MPP). We understand the industry’s pulse and the need for a genuine partnership—not just a platform to process loans. As lenders focus on consumers, we concentrate on you, the heartbeat of our business. You’re not just a number here; you’re the face of our brand, co-branded for success. We’re committed to investing in you, providing a stable home where your talents are nurtured and your book of business flourishes. For confidential inquires please contact Carla Herrera (781-742-6500).”

Retirements… Can our biz survive losing 123 years of experience in one fell swoop? Of course it can. How ‘bout 32-year vet Max Cocetti retiring after 19 years with MGIC? Or 41-year vet Donna Miller retiring from Truist? And after only 50 years in the biz, as noted above short-timer Jim Loving is calling it a career leaving his 10-year post as SVP of Correspondent Lending at Planet Home, with hopefully more Corvettes in his future. We wish them all the best!

Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

More expensive, fewer homes for sale

‘Alaska has a problem with keeping young people’

Getting back to average

Best Ways To Get Free Diapers

1. Ask in a Buy Nothing group on Facebook

2. Join rewards programs

3. Sign up for diaper coupons

4. Use cash back apps

5. Follow diaper brands on social media

6. Check online marketplaces

7. Visit local diaper banks

8. Join parenting forums

9. Apply for government assistance

10. National Diaper Bank Network

11. Reach out to nonprofit organized playgroups near you

12. Add diapers to your registry

13. Reach out to parenting nonprofits near you

14. Contact nonprofit organizations

15. Use cloth diapers

Frequently Asked Questions

What programs give free diapers to low-income families?

How can I get free diaper samples sent to my home?

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How To Get Free Diapers – Summary

Current Mortgage Rates

Mortgage Rates for Home Purchase

30-year fixed-rate mortgages are down, -0.02

15-year fixed-rate mortgages are down, -0.07

5/6 adjustable-rate mortgages are down, -0.05

Jumbo loan interest rates are up, +0.01

Factors That Affect Your Mortgage Rate

How To Shop for the Best Mortgage Rate

Expert Forecasts for Mortgage Rates

More Mortgage Resources

Methodology

What Is Margin Trading?

How Does Margin Trading Work?

Increase your buying power with a margin loan from SoFi.

Borrow against your current investments at just 12%* and start margin trading.

Example of Margin Trading (Buying on Margin)

Potential Benefits of Margin Trading

Potential Risks of Margin Trading

How to Get Started With Margin Trading

The Takeaway

FAQ

Is margin trading profitable?

What happens if you lose money on margin?

Should beginners trade on margin?

How do you pay off margin?

Current 30 year mortgage rate flat for the week

15-year fixed mortgage rate moves lower, -0.03%

5/1 ARM moves upward, +0.03%

Jumbo loan interest rate moves up, +0.08%

Refinance rates

30-year fixed-rate refinance eases, -0.03%

Where are mortgage rates going?

What today’s rates mean for you and your mortgage

More on current mortgage rates

Methodology

Is a Holland America cruise right for you?

Travelers ready for relaxation rather than partying

Cruisers who prefer a ship that’s not too big yet not too small

Holland America destinations

Holland America ships

Staterooms

Holland America food

All you can eat

What food costs extra?

Holland America drink packages

Is the food any good?

Holland America activities

Holland America Kids Club

Which Holland America ship is best?

Holland America: How much does it cost?

Other costs

Is the Have It All premium cruise package worth it?