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If you have ever applied for life insurance, then you know that there are several important criteria that you need to keep in mind.
One of these is the amount of insurance protection that you will need to have. This is because you will want to ensure that those whom you care about will have enough in benefits to pay certain debts or have enough funds in order to pay their ongoing living expenses to go on and not have to drastically alter their lifestyle.
But there is also another extremely important factor that you must also include in your purchase decision. This is the actual company in which you purchase the coverage through.
This is because you will want to make sure that the insurance carrier is strong and stable financially and that it is known for paying out its claims to its policyholders. One such insurer that has fit into this mold for many years is SBLI Life Insurance Company.

The History of SBLI Life Insurance Company

SBLI has been known for many years as being “The No Nonsense Life Insurance Company.” This insurer has been in the business of providing coverage to its customers for nearly 110 years. The company’s founder, Louis D. Brandeis, started the insurance carrier during one of the worst stock market crashes in United States history, as well as at a time when the insurance industry in the U.S. was thought to be corrupt and very expensive.
Because of this, Brandeis – who was an advocate for trustworthy and affordable life insurance for the American working family – decided to start the company. He did so by working to pass Chapter 561 of the Acts of 1907 – and act that essentially allowed savings banks that were incorporated under Massachusetts laws to establish departments to issue annuities and life insurance. Today, the company’s headquarters are still located in Woburn, Massachusetts.
Throughout the years, the company grew quite a bit – and by 1930, it already had $100 million of life insurance in force. By 1964, it had reached the mark of $1 billion of life insurance in force. Just 34 years later, in 1998, it was at $20 billion in force, and by 2003, the company had surpassed the $50 billion mark. As of 2012, SBLI had more than $125 billion of life insurance in force.

SBLI Life Insurance Company Review

SBLI is known for being a strong contender in the insurance industry. It is also extremely involved in the communities that it serves. It contributes and/or is a sponsor of numerous charitable organizations, including the:

  • American Heart Association (AHA)
  • Massachusetts General Hospital Home Base Program
  • Boston Marathon Jimmy Fund Walk
  • New England Center and Home for Veterans
  • The Massachusetts Affordable Housing Alliance (MAHA)
  • The Rodman Ride for Kids
  • Woburn Memorial High School
  • The New England Center for Children

The company has also earned endorsements from organizations such as the:

  • Massachusetts Bankers Association
  • AAA Southern New England
  • AAA Merrimack Valley

For those who are interested in a policy, or who are current policyholders and who need assistance, the company’s customer services representatives are easy to get in touch with. They can be reached via toll-free phone line during business hours. There is also an email form or a fax that can be sent into the company. Business hours are between the hours of 8:00 a.m. and 9:00 p.m. Eastern time Monday through Friday.

Financial Strength and BBB Grade of SBLI Life Insurance Company

Over the years, SBLI Life Insurance Company has consistently earned high ratings from the insurer ratings agencies. This shows the company’s ongoing financial strength and stability. These ratings include the following:

  • A+ (Superior) from A.M. Best
  • A- from Standard & Poor’s
  • Good from Weiss Ratings

Since 2007, SBLI Life Insurance Company (The Savings Bank Life Insurance Company of Massachusetts) has been an accredited member of the Better Business Bureau (BBB). It has received a grade of A+ from the BBB, on an overall grading scale of A+ to F.
Throughout the past three years, SBLI has closed two complaints through the Better Business Bureau, and no complaints over the past 12 months. Of these two complaints, one centered on issues with the company’s products/services, and one had to do with billing/collections.

Life Insurance Products Offered Through SBLI

SBLI offers many different types of life insurance products so that customers can essentially customize coverage to fit their specific needs, as well as to provide what is needed throughout every stage of a customer’s life. This also helps to provide coverage, no matter what a person’s budget.
Life insurance products that are offered through SBLI Life Insurance Company include the following:

Term Life Insurance Coverage

Term life insurance coverage, provides death benefit protection only, without any cash value or investment build up. Because of this “basic” approach, term life insurance can be quite affordable – primarily if the applicant is younger and in good health.
This type of coverage is oftentimes referred to as “temporary” life insurance. This is because it is purchased for specific amounts of time such as ten years, 20 years, or 30 years. With that in mind, it will be important to have a good idea of how long you will need coverage if this is the type of life insurance policy that you choose.
SBLI offers three different types of term life insurance protection. These are:

Guaranteed Level Premium Term Life Insurance

With the Guaranteed Level Premium Term Life Insurance coverage, premiums are guaranteed to remain the same throughout the entire period of the policy. This particular plan will cover the insured until he or she reaches age 85. Once the guaranteed level premium period has ended, the premium will go up each year until the insured reaches age 85.
The level premium periods that can be chosen include durations of 10 years, 15 years, 20 years, 25 years, and 30 years, and coverage amounts can range between $100,000 to $30 million for those who are under age 70. For those who are age 70 and over, coverage may go up to $10 million.

Yearly Renewable Term Life Insurance

With Yearly Renewable Term Life Insurance, the policy will renew each year. This means that the premium that is paid by the insured will be determined based upon his or her current age. This type of coverage can be extremely affordable in the beginning years, and then increase as the insured gets older. This particular policy will automatically renew every year until the insured turns age 90. There is no medical exam that is required each year to provide proof of insurability. Between the ages of 75 and 90, the amount of the insurance will decrease each year.
Up until the time that the insured reaches age 70, he or she will be allowed to convert the term insurance coverage over into a permanent life insurance policy. This can also be done without the need for a medical exam to prove insurability.

One Year Non-Renewable Term Insurance

An individual may also choose to purchase a one-year non-renewable term life insurance policy. This life insurance coverage will stay in force for only one year. Coverage amounts on this plan can range between $100,000 and $10 million, and applicants age ranges can be between 18 and 90.

Permanent Life Insurance Coverage

SBLI Life Insurance also offers permanent life insurance coverage. With this type of life insurance, there is death benefit protection, as well as a cash value component. The funds that are in the cash value portion of the policy are allowed to grow on a tax-deferred basis. This means that no tax is due on the growth unless or until the policyholder withdraws them.
Permanent policies that are offered via SBLI include:

Continuous Payment Whole Life

The Continuous Payment Whole Life insurance option covers an insured for his or her entire lifetime. This means that the death benefit is guaranteed, and the policy will remain in force – provided that the premium is paid. The cash value will also continue to build up. This particular policy has a maturity age of 121 years old.

Single Premium Payment Whole Life

The single premium payment whole life insurance policy will also remain in force for the entire lifetime of the insured. This policy, however, only required one lump sum premium in order for the policy to be considered paid up.
Because of this, the cash value will get a “jump start” and it will continue to grow at a guaranteed rate of interest over time. The cash can be borrowed or withdrawn for any reason that the policyholder wishes.

Limited Payment Whole Life Insurance

The limited payment whole life insurance policy will also cover the insured for their whole lifetime. With this policy, the premium payments are only for a limited period. In this case, the options are for ten years, 15 years, 20 years, or until the insured is age 65. This policy also has a maturity age of 65 years old.

Other Coverage Products That Are Offered

In addition to life insurance, there are other products that are offered through SBLI Life Insurance Company. These can help the company’s customers to build and / or to protect their wealth. Some of these products include the following:

Annuities

An annuity is essentially an insurance contract that is between an individual and an insurance company. These financial vehicles can offer a guaranteed income for the remainder of a person’s lifetime. This can help to alleviate the worry of outliving your retirement income – which is a major concern of many people today.
There are several different types of annuities. SBLI offers the:

  • Single Premium Immediate Annuity
  • Optimizer MVA Series Annuity

Both of them are great options for supplementing your retirement income. There are a few different advantages to these annuities that you should take note of if you’re looking for a way to invest your money.
With their SBLI Single Premium Immediate Annuity is the best option for anyone that is looking to get payouts immediately. As you can probably guess from the name, you’ll only make one single payment, and then you start getting checks from the annuity.
With the SBLI Optimizer MVA Series on the other hand, it’s not an immediate payout. You’ll make an investment, which will then start building tax-deferred interest with payouts that will start on a date that you’ll pick. With this annuity, you’ll be able to make some withdrawals without the penalties if you’re ever diagnosed with a terminal illness.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-leaderboard-2-0-asloadedmax-width:250px!important;max-height:250px!important

Elder Care Insurance

Because so many people are living so much longer today, long-term care has become a big concern as well. Unfortunately, that care can be very expensive. Therefore, many people are concerned about depleting their savings – primarily because Medicare does not typically pay for most kinds of long-term care needs.
SBLI offers SBLI Legacy Protection to help manage all of the necessary aspects of long-term care and estate planning – including legal overview, financial guidance, and nursing care management expertise.

How to Get the Best Premium Quotes on Life Insurance Coverage

When you are seeking the best premium quotes on life insurance coverage – either through SBLI Life Insurance Company or any insurance carrier – it is typically best to work with an independent agency or brokerage that has access to numerous different life insurance companies. That is because you will be better able to compare and contrast many different policies, benefits, and premium quotes, and then to determine which will be the best for you and your needs. This is not only true for when seeking the best life insurance policy, but when seeking other forms of covers as well, such as the best auto insurance companies and policies.
If you are ready to move forward with the purchase of a life insurance policy, then we can help. We work with many of the top life insurers in the industry today, and we can assist you with obtaining all of the pertinent details that you will require. All you have to do is fill out the form on this page, or you can jump over here and let Policy Genius guide you.
We understand that when it comes to life insurance coverage, there are a lot of options to choose from – even if you have been turned down in the past. But it sometimes takes having an ally on your side to help you narrow down what will be the best choices for you and your specific requirements. We will help to get you where you want to go. So, contact us today – we’re here to help.

Source: goodfinancialcents.com

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In between helping to raise a family, putting together a solo piano show, and publishing his media company’s first book, John Legend somehow also made time to collaborate with Etsy to amplify the work of creators on the platform. The award-winning musician and entrepreneur—Legend owns LVE, a wine company, and Lovedº1, a skin care brand—has partnered with Etsy on a limited edition home decor and lifestyle collection, which he codesigned with a group of 11 women-owned, Black, and underrepresented shops. 

The 23-piece collection, which debuts on June 6 (just in time for Father’s Day), is inspired by Legend’s own personal aesthetic, which he describes to Glamour as “a combination of craftsmanship, style, and functionality.” Color, texture, and comfort are guiding principles too. “Durability is also important because we have young kids running around,” Legend, who has three children with his wife, Chrissy Teigen, says. “We want it to look great, be great for entertaining, relaxing, and chilling around the house—and we want it to be great for our kids.” 

The featured pieces are a mix of earthy ceramics (think mugs, coasters, planters, woven baskets), striped robes and graphic button-down shirts, and incredibly chic pet accessories.

The process of working with Etsy and its network of sellers was very organic, Legend says. He gave Etsy a mood board and style references of the things he likes to surround himself with, and they then helped him find the creators on the platform. “I wanted to highlight and uplift underrepresented sellers,” he says, “so we focused on women, people of color, and people from underrepresented groups.”

Check out a few collection highlights, below—and see which items John Legend and Chrissy Teigen have incorporated into their own home already. 

Pet essentials 

UK-based artist Charlotte Manser from Charlottes Ceramic Art handmade a number of ceramic mugs, coasters, and pet bowls for the collection, ranging from $56 to $65 per piece. Gabriela Baiter from US-based Laylo Pets designed the geometric and striped dog beds, priced between $79 and $229, according to size.

“[Our dogs] love the striped dog bed and the water bowls,” Legend says. “We love them too, and they look good in our home—they match our aesthetic very well. They really fit the vibe at our house.”

Couples robes

This may come as no surprise to anyone, but Legend and Chrissy Teigen love a robe—and Sule Ozgoren, from the Atlanta-based shop Eastern Woven known for its striped Turkish towels and textiles, created two striped options (a long and short one) that are perfect for sharing. “Chrissy and I wear each other’s robes all the time,” he says, “so she’ll probably end up wearing mine.”

Statement decor (and the ideal Father’s Day gift)

Although many of the pieces in Legend’s collection can be considered accents, there are a few showstoppers—including this woven basket bowl from South Carolina creator CHSSweetgrass, and a minimalist vinyl storage unit from Polish studio Mo Woodwork that you’ll likely find in Legend and Teigen’s music-room-slash-piano-lounge. 

Source: glamour.com

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Comptroller of the Currency John C. Dugan today called on regulators around the world to adopt minimum mortgage standards to address the ongoing mortgage crisis.

He noted that each country has its own “unique credit culture” and “different approaches to mortgage financing,” but that every country should establish a set of standards and periodically report on their performance.

In the United States, he believes three underwriting standards should be mandated, including verification of income and assets, meaningful down payments, and qualifying borrowers on the fully indexed interest rates tied to the mortgages they choose, not just the initial teaser rates.

That means no more stated income loans, no doc loans, no-money down mortgages, and other non-traditional home loans.

With regard to stated loans, he said, “Regulators should consider prohibiting this practice except in very, very limited circumstances where it clearly can be justified.”

And added that homeowners were much more likely to walk away from their mortgages if they had no skin in the game (amen).

Oh, and option arms should have no place in the new mortgage framework.

“We also should generally prohibit the lowering of monthly payments through so-called ‘negative amortization‘ mortgages, which have performed terribly,” Dugan added.

“These mortgages lowered initial monthly payments by allowing borrowers not to pay the full amount of interest due, with the unpaid interest added to the principal balance of the loan. Borrowers should not be allowed to dig deeper into debt with each monthly payment.”

These types of loans worked great when home prices were appreciating, but once home prices shifted direction, negative equity piled up quick.

Finally, Dugan noted that any new mortgage regulations should be applied to all loan providers to prevent any inequity in the space, meaning one group like mortgage brokers wouldn’t bear the brunt of all the changes.

(photo: woodleywonderworks)

Source: thetruthaboutmortgage.com

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The “shadow inventory,” which is the pending supply of homes not included in the official numbers, increased to 1.7 million units as of September, according to a report from First American Core Logic.

That’s up from 1.1 million a year ago, thanks to rising numbers of real estate owned (REO) by banks and mortgage lenders, foreclosures, deeds in lieu of foreclosure, and mortgages at least 90 days delinquent.

The visible supply of housing inventory, or homes that are actually listed for sale on the market, decreased to 3.8 million units from 4.7 million a year earlier.

As a result, the total unsold inventory (shadow + visible inventory) decreased to 5.5 million units from 5.7 million units in September 2009.

The total months’ supply, which is the amount of time it would take to clear all the inventory, fell to 11.1 months from 12.7 a year earlier.

“This indicates that while the visible months’ supply has decreased and is beginning to approach more normal levels, adding in the pending supply reveals there is still quite a bit of inventory that will impact the housing market for the next few years, especially in the context of the current increase in home sales, which is in part due to artificially low interest rates and the homebuyer tax credit,” the report said.

In other words, recent home sales data is a bit skewed, so the inventory will probably take even longer to clear than predicted, once the homebuyer tax credit expires and mortgage rates climb higher.

Check out the nifty charts below to see just how much of an impact the shadow inventory (in yellow) can have on the real estate market.

Source: thetruthaboutmortgage.com

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Across the pond, a dangerous mortgage trend is emerging. In order to keep up with monthly housing payments, new homeowners are opting for 35-year mortgages at a higher and higher rate.

The obvious reason being that the 35-year mortgage is a more affordable option than the more traditional 30-year loan.

Interestingly, 20- and 25-year mortgages are actually the norm in Britain, so the fact that 35-year terms are growing in popularity is worrying, especially at a time when mortgage rates are still near record lows.

More Than a Quarter of First-Timers Took Out 35-Year Terms in 2015

New data from Halifax Bank, the largest residential mortgage provider in the UK, revealed that 26% of first-time home buyers went with 35-year mortgages last year.

This is up significantly from figures seen before the global financial crisis when just 15% of mortgages had terms of 35 years.

Back then, nearly half (48%) of mortgages had terms between 20 and 25 years. Last year, some 30% had the routine 20 to 25-year term.

The issue is rising home prices, which have increased roughly 10% in the past year alone. This has made it difficult for first-timers to manage affordability, despite those low interest rates.

As a result, more and more borrowers are opting to extend their mortgage amortization to push payments lower.

Lower Payment, Way More Interest

For example, a $200,000 mortgage set at 4% with a 25-year term has a monthly payment of $1,055.67.

If we increase the term to 35 years the interest rate will probably be higher, say 4.25%, but the payment drops to $915.79 per month.

This is great for the struggling homeowner looking for more affordable payments. But there are two huge negatives.

First, the 35-year term means many of today’s older first-time buyers are taking on a mortgage that will extend into their retirement, assuming it’s held to term.

Secondly, the amount of interest paid on a 35-year term is much higher than that on a 25-year loan.

The longer term results in nearly $185,000 in interest over the full term. Interest due on the 25-year loan is just short of $117,000 over those years. And you own your home free and clear a decade earlier.

While this trend applies to the UK, it’s important for American homeowners to understand the implications of choosing a certain mortgage term.

Fortunately, 40-year mortgage terms were mostly outlawed last year thanks to the Qualified Mortgage rule, which doesn’t allow a term beyond 30 years.

However, lots of loan modifications doled out to homeowners over the past several years include term extensions.

While the longer terms boost affordability, they also mean these homeowners won’t own their homes for a very long time. And if home prices dip again, these borrowers could fall back into underwater positions.

It’s not to say we should all select 15-year mortgages – for most individuals they wouldn’t qualify due to DTI issues and the like. But do recognize the fact that a longer term means less home equity now and a lot more interest paid over the years.

So if and when these types of products make it back stateside, proceed with caution.

(photo: Marcin Wichary)

Source: thetruthaboutmortgage.com

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The apartment hunt struggle is real these days, especially with ever-competitive rental markets. You have to know precisely what you’re looking for in an apartment, whether it be specifics like a walk-in closet or just the general location you want to live. You need to always think about things like the security deposit, the lease and the landlord.

It’s also a good tip when looking at the apartment you might rent to check everything from the bathroom to the bedroom. Make sure all the outlets and smoke detectors work and that the space is precisely what you want. Don’t forget to get good referrals because landlords often ask for them when you’re renting.

These are all important things to consider once you’re touring a new apartment but before you even get to the tour, there’s one thing you should also consider and that is what you should wear while apartment viewing.

Does it matter what you wear to an apartment tour?

While there are more important aspects to finding and securing a new apartment — such as your credit score, the security deposit and the application process — the truth is clothing does matter. Think of apartment viewing as a job interview and follow the same etiquette. Don’t arrive late — real estate agents and leasing managers are busy people who have many separate showings in a day, so don’t waste anyone’s time and dress for the future apartment you want.

What to wear to an apartment tour with a leasing agent

You might wonder if clothes really matter. Well, as they say, you should dress to impress. Most likely there are other people viewing the same apartment that you are with their leasing agent and you want to stick out. It also doesn’t hurt to impress the landlord of the apartment you want to rent in this competitive rental market

Remember, those first impressions are important and while it’s good to know what’s on the inside is what counts, it can’t hurt to make the outside match the inside. While clothes may vary depending on the situation, here are some tips on what to wear while apartment viewing.

1. Dress according to the weather

Since you can view an apartment in all types of weather, you should dress accordingly. It’s pretty basic knowledge — if it’s cold, wear a coat and good shoes. If it’s hot, wear something that you won’t sweat through. Consider these clothing tips for each season.

  • Winter: If you’re going on an apartment tour in the winter then you should obviously dress for the weather to stay nice and cozy. Consider wearing one of your nicer coats and boots to the tour. Wearing weather-appropriate shoes will make it so you don’t have wet feet or drip water throughout the place you’re touring with real estate agents.
  • Fall: Think about wearing something casual like a nice pair of jeans and a crisp shirt. Avoid clothing with tears, wrinkles and holes in it. Wear something that you’ll be comfortable but confident in.
  • Spring: Think about wearing a nice spring dress or skirt or khakis. Business casual attire is always a good go-to when house hunting.
  • Summer: During hot weather, it’s totally understandable to want to wear less clothing. However, when touring an apartment with your leasing agents, it’s best to avoid tight or short items. You want to wear something that you won’t sweat through but that still looks nice and presentable.

2. Wear business casual attire on an apartment tour to impress the property manager

You still might wonder exactly what you should wear when looking at apartments. Well, generally speaking, you can always rely on business casual attire. You really can’t go wrong with a nice pair of pants and a button-up shirt. You can dress up your street clothes by adding a few accessories here and there. Just be sure to take an iron to your clothes so they’re freshly pressed and this will make them look more professional.

3. Step it up a notch for your apartment viewing

You might have to choose different clothing depending on the apartment complex you’re touring. If you’re looking at a particular apartment that’s a bit more upscale, then business casual might not cut it and it might require formal attire. Check out the apartment community and see what the people are like and dress accordingly. Talk to the property managers and ask about what you can generally expect from the apartment complex.

If this is the case, then you can always go with a nicer pair of dress pants or dress or even consider a button-up and tie. When in doubt it’s always better to over-dress than to dress too casually.

4. Wear comfortable shoes

It’s easy for renters to forget the hard parts that go into apartment hunting, such as the amount of walking that goes into touring apartments and walking around the complexes. Touring apartment after apartment gets tiring easily and is hard on your feet. It’s a good idea to wear shoes that you can walk around in for the day and not get nasty blisters.

If you don’t want to walk around in heels for the day, then opt for some clean sneakers. There’s nothing worse than being uncomfortable, and you don’t want anything to distract you from the apartment you might rent.

5. Wear something that makes you feel confident and be yourself

While there are many tips that you can follow, there’s always room for exceptions. The bottom line is that you should always dress in something that makes you feel the most confident. Whether that’s jeans and a T-shirt or a suit, just be yourself. Nothing looks better on a person than confidence. Before you leave your bathroom or bedroom, take one last look at yourself and remind yourself that you’ve got this and that property is yours. If you have confidence, then you’ll have no problem finding the apartment of your dreams.

Sign the lease while looking your best

A landlord will consider things like your credit score and ability to pay rent on time over what you wear to an apartment tour, but it doesn’t hurt to dress up and look nice when touring apartments you’re considering renting. First impressions matter, whether we like it or not. So, put your best foot and fanciest shoe forward and you’re well on your way to signing a lease.

Ashley Singleton is a writer who loves following and writing about current lifestyle, DIY and home improvement trends. You can read some of her other work on the Lady Spike Media website. In her spare time, she performs stand-up comedy in Los Angeles.

Source: rent.com

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There’s nothing worse than finding your dream apartment only to discover that you don’t quite meet the income requirements to qualify. Maybe you have poor credit or maybe you don’t make enough money each month to cover the rent. Whatever the reason, you know that you’re not quite what the landlord is looking for in a tenant. If you still have your heart set on that unit, you can bring in a co-applicant.

But there are benefits and drawbacks to co-applicants that you should know and consider before going down that road.

What is a co-applicant?

A co-applicant is an additional person you add to the rental application and resulting lease agreement for an apartment. If you have poor credit or your finances are in shambles due to recent bankruptcies, they boost your application with their improved assets like income or a great credit score.

Along with you, they jointly sign and bear the financial responsibility for paying rent for the apartment for the entire lease term. You both sign the lease agreements and are equally responsible for the apartment’s costs, but there is typically a primary applicant and then a secondary co-applicant. Think of it as a co-borrower when taking out a loan. You’re both taking out a stake to live in this apartment complex, and you’ll both be on the hook for costs. They also have the same rights to live in the apartment as you.

Both you and the co-applicant will need approval from the landlord. You’ll both need to submit apartment applications with all your personal information, rental history and employment history. The landlord will also need to run a background check and credit check to retrieve information on both you and the co-applicant to make sure you both qualify.

What is the difference between a co-applicant, a co-signer and a guarantor?

Terms like co-applicant, co-signer or guarantor are sometimes used interchangeably during the process of applying for a rental property. But in fact, there are key differences that separate all three. It’s also important to know and understand the differences between the three types in case you still need a third party to sign your lease but don’t necessarily want to live with that person.

Co-signer

A co-signer is a third-party person who signs a lease agreement along with the applicant, but they generally won’t live on the property. Similar to a co-applicant, they do have the right to live in the apartment or have access to it. People usually ask family members or friends to act as their co-signer and help vouch for them as tenants.

A co-signer is an insurance policy of sorts. By co-signing the lease, they’re guaranteeing that they’ll cover the rent in the event that the tenant fails in their responsibilities or falls behind on regular payments. For younger applicants just starting out who don’t have a good credit score or a well-paying job, many landlords prefer the stability of having someone co-sign.

Guarantor

A guarantor is a person who also signs the lease as a third party, but they aren’t entitled to live on or have access to the unit. Their relationship to the agreement is strictly financial, guaranteeing that either you or they will pay rent each month.

What are the pros of getting an apartment with co-applicants?

There are all sorts of benefits to renting an apartment with a co-applicant, from companionship to having someone to help with monthly rent payments.

Improves the odds of having your application accepted

Do you know that saying that two heads are better than one? Well, if you have bad credit or your monthly income is too low, two applicants are far better than one.

When you apply to an apartment with a co-applicant, their credit history, income and other assets are jointly considered along with yours. If you’re adding someone with more financial stability and overall better financial standing than you, it can greatly improve your odds of being accepted for the apartment.

Having someone to help pay rent

If you’re going to live with your co-applicants, odds are you’re both going to pay rent. With rental rates climbing ever higher, having someone to split the cost of the rent payment is a big money-saver.

Having an emergency fallback

Life happens and sometimes you come up short on rent on the first of the month. Knowing you have someone else you can turn to for help not only reduces stress but ensures you stay on good terms with the landlord and don’t have late payments added to your record.

Potentially lowers costs

Bringing on a co-applicant with excellent credit history can also help you save money. A good credit history shows that the co-applicant is financially responsible and more likely trustworthy. This can incentivize the landlord to reduce some fees like the security deposit.

Getting to live with someone else

Whether friend, partner or family member, living with someone you know and get along with has far more than financial benefits. It gives you the chance to create wonderful memories during a certain chapter in your life.

What are the cons of leasing an apartment with a co-applicant?

At the same time, you want to use care on who you sign a binding legal contract. People can reveal a whole different side of themselves when they move in. That’s true even individuals you’ve known for years like friends or partners.

That’s why it’s important to consider the ramifications of adding a co-applicant to the application process. It’s also why you shouldn’t simply sign a lease with someone you don’t know that well.

They have the same legal rights to the apartment

Co-applicants have the same rights to the apartment as you since both yours and their names are on the lease as co-signers.

If they don’t make sure that their share of the rent gets paid, you could be on the line for repayment.

Late or missed payments could damage the credit of both applicants

If you’re the primary applicant for the property and your co-applicant doesn’t pay their share of the rent, it could hurt your credit. Their credit will also be impacted.

Your relationship with the co-applicant could be impacted

If things go south between you and the co-applicant, it’s more than your finances that could be impacted. It could damage your relationship. That’s why one of the key takeaways in this debate is that you need to fully understand the ramifications of signing a legally binding document to live with someone.

Carefully consider who you want as your co-applicant

It’s all well and good to need someone to act as a fail-safe to help you get started as a renter. A co-applicant can bolster you. But, they can also become a hindrance if they’re not reliable since they have the same rights to the apartment.

Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.

Source: rent.com

Apache is functioning normally

Today we have a little holiday miracle to share with you – a pretty little package tied up with a perfect bow – no tape, cuts or twisted knots required. Ok – so I didn’t say it was a big miracle but I get such joy out of these little details.

Did you know you can tie a ribbon without having to use tape? Without it having to have a bump or twits on the back? Call me crazy, but that always drives me nuts when my gifts won’t lay flat. Thankfully, there is a secret ribbon tying technique that will leave discerning gift wrappers saying, how did you do that??

Step 1: Measure out your ribbon to make sure it’ll go around your box twice. Lay your cut piece of ribbon out on a flat surface

Step 2: Set your box on top of the ribbon. Make sure there’s plenty of ribbon sticking out on both ends. Make a loop on the left end no need to tie anything, just make a little circle – the end of the ribbon will be point back toward your body

Step 3: Slip your loop over the left corner of the box furtherest from your body. It’ll just rest there – don’t worry it might fall off – you might have to hold it in place

Step 4: The tail of your loop will stretch across the underside of the box back towards you, making a flat! cross

Step 5: Bring the ribbon from the right side and pull it under your corner loop

Step 6: Bring the second tail up from the underside

Step 7: Tie the two pieces in your first knot

Step 8: Tie your bow. Big, small or over-the-top huge – let your creativity be your guide!

Et voila!

Even if you’re the only one to appreciate the thoughtfulness that goes into your gift wrapping skills, there’s something so satisfying about tying your packages up in perfectly wrapped string!

original photography for apartment 34 by Emily Scott // custome 34 paper c/o Zazzle.com 

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Source: apartment34.com

Apache is functioning normally

Are you dreaming of owning a piece of the American Southwest? Arizona, with its vibrant desert landscapes, sunny weather, and diverse cultural attractions, offers an irresistible allure for those seeking a new place to call home. However, before embarking on this exciting journey, it’s essential to understand the homebuying process specific to the Grand Canyon State. From navigating local regulations and financial considerations to finding your perfect abode in a downtown Phoenix condo or a serene house in Gilbert, this Redfin article will serve as your comprehensive guide to buying a house in Arizona. 

So, fasten your seatbelts as we explore the steps, intricacies, and tips to make your Arizona homebuying experience smooth and successful.

What’s it like to live in Arizona?

With its year-round sunshine and warm climate, Arizonans enjoy an outdoor-centric lifestyle by hiking, golfing, and exploring the vast desert landscapes. The state is also home to several renowned national parks and monuments, including the breathtaking Grand Canyon and the stunning red rocks of Sedona, providing endless opportunities for adventure and exploration. Arizona is also known for its intense summer heat, and protecting yourself and your property when living there is essential. Check out this article to learn more about the pros and cons of living in Arizona.

Arizona housing market insights

The Arizona housing market is experiencing some notable trends and shifts. The median sale price currently stands at $436,100, showing a 6.2% decrease compared to the previous year. Several cities in Arizona have emerged as competitive real estate markets, including Pinetop, Flagstaff, and Cottonwood. Popular cities in the Phoenix area, such as Scottsdale, Chandler, and Gilbert, are also witnessing significant growth and attracting prospective homebuyers. However, the housing supply in Arizona has decreased by 4.7% year-over-year, indicating a tightening market. These data points suggest a dynamic and evolving housing market in Arizona, with fluctuating prices, competitive cities, and limited supply, all of which have implications for buyers.

Finding your perfect location in Arizona

For several reasons, selecting the perfect location for buying a house in Arizona is vital. First and foremost, Arizona offers diverse landscapes and communities, each with its unique charm and amenities. By carefully considering your desired location, you can align your lifestyle preferences with the area’s offerings. Additionally, the location of your home greatly impacts factors such as commuting time, access to essential services, quality of schools, proximity to recreational opportunities, and potential appreciation of property value over time. 

If you’re unsure where to start, using tools like a cost of living calculator can help you determine what cities are within your budget. We’ve put together a glimpse of the five popular cities, so you can get an idea.

#1: Tucson, AZ

Median home price: $330,000
Tucson, AZ homes for sale

Moving to Tucson offers a unique and vibrant experience that blends desert beauty, cultural richness, and a relaxed atmosphere. Outdoor enthusiasts can delve into the picturesque trails of Saguaro National Park, embark on invigorating hikes or bike rides in the nearby Catalina Mountains, or indulge in a round of golf on world-class courses. Embracing its rich cultural heritage, Tucson boasts a thriving arts scene featuring captivating museums, art galleries, and the renowned Tucson Gem and Mineral Show. While the cost of living in Tucson exceeds the national average by 4%, there are affordable Tucson suburbs, ensuring a balance between cost-effectiveness and access to the city’s attractions.

#2: Mesa, AZ

Median home price: $440,000
Mesa, AZ homes for sale

As the third-largest city in Arizona, Mesa is known for its suburban neighborhoods, well-maintained parks, and outdoor activities. Moving to Mesa, you’ll enjoy over 300 days of sunshine each year, making it ideal for outdoor enthusiasts. Explore the nearby Superstition Mountains, go hiking or biking in Usery Mountain Regional Park, or enjoy water sports at the nearby Saguaro Lake. Mesa also offers a rich cultural scene, with attractions such as the Mesa Arts Center, which hosts a variety of performances, exhibits, and festivals throughout the year. 

#3: Phoenix, AZ

Median home price: $439,950
Phoenix, AZ homes for sale

Known as the Valley of the Sun, Phoenix is a bustling metropolis with a thriving economy, vibrant culture, and many amenities. With a move to Phoenix, residents can enjoy an abundance of sunshine throughout the year, allowing for a wide range of outdoor activities such as hiking, golfing, and exploring the scenic desert landscapes. Phoenix is home to major sports teams, including the Phoenix Suns and the Arizona Diamondbacks, offering exciting opportunities for sports enthusiasts. Additionally, if you’re looking for affordable Phoenix suburbs, several options provide a more budget-friendly housing market while offering access to the city’s amenities.

#4: Flagstaff, AZ

Median home price: $645,000
Flagstaff, AZ homes for sale

Flagstaff enjoys all four seasons, attracting residents who revel in the mesmerizing hues of autumn, the snowy winters that offer thrilling skiing and snowboarding opportunities at Arizona Snowbowl, and the mild summers perfect for hiking and camping. If you’re a lover of stars, moving to Flagstaff will grant you the chance to experience the Lowell Observatory, where residents can delve into the wonders of the night sky. It’s worth noting that the cost of living in Flagstaff is 14% higher than the National Average. Still, the city’s unique offerings and natural beauty make it a worthwhile investment for those seeking an exceptional living experience.

#5: Scottsdale, AZ

Median home price: $830,000
Scottsdale, AZ homes for sale

Scottsdale is renowned for its world-class resorts, spas, and golf courses, attracting visitors and residents seeking relaxation and indulgence. Scottsdale’s Old Town showcases a charming blend of historic charm and modern sophistication with its trendy boutiques, art galleries, and renowned dining establishments. Moving to Scottsdale can be expensive, with the cost of living exceeding the national average by 13%. If you want to stay on a budget, there are affordable suburbs outside downtown.

The homebuying process in Arizona

If the allure of Arizona has swept you away, and you have your heart set on a specific city or neighborhood, it’s time to dive into the homebuying process.

1. Prioritize your finances

Getting your finances in order is crucial when buying a house in Arizona. You can position yourself for a smooth and successful homebuying journey with careful financial planning and preparation. Start by assessing your credit score and addressing any issues to ensure you qualify for favorable loan terms. Next, determine your budget and calculate how much you can comfortably afford, considering factors like down payment, closing costs, and monthly mortgage payments. Using tools like an affordability calculator can help you determine your budget.

Various programs are available for first-time homebuyers in Arizona, including the Pathway to Purchase, which can assist with up to $20,000 in down payment and closing cost assistance.

2. Get pre-approved from a lender

Securing a pre-approval when buying a home in Arizona can provide numerous advantages. By obtaining pre-approval from a reputable lender, you clearly understand your financial standing and borrowing capacity. This knowledge empowers you to set a realistic budget, ensuring you focus on homes within your price range. Pre-approval also enhances your credibility as a buyer, demonstrating to sellers that you are serious and financially qualified.

3. Connect with a local agent in Arizona

Working with a local agent during the homebuying process in Arizona is of utmost importance. Local agents possess invaluable knowledge and expertise specific to the Arizona real estate market, which can significantly benefit buyers. They are well-versed in the intricacies of different neighborhoods, market trends, and pricing dynamics across the state. So whether you need a real estate agent in Tucson or an agent in Phoenix, they’re here to help. 

4. Start touring homes

When touring homes in Arizona, keep a discerning eye and consider key factors that can influence your decision. First, pay attention to the home’s location and neighborhood. Consider proximity to schools, amenities, and commute times to ensure it aligns with your lifestyle. Assess the property’s condition, checking for any signs of wear, structural issues, or potential maintenance needs. Look for natural lighting, functional layouts, and ample storage space that meet your requirements. 

5. Make the offer

The offer is a critical aspect of the homebuying process in Arizona, carrying significant weight in determining whether your dream home becomes a reality. Crafting a strong offer is essential to stand out in a competitive market. Consider the listing price, property condition, and local market trends to determine a fair and competitive offer. Your offer should include the purchase price, contingencies, and desired timelines for inspections, financing, and closing. 

6. Close on the house

The closing process is a pivotal moment in the homebuying process in Arizona, where all the necessary paperwork is finalized, and ownership of the property is transferred. It’s a critical step that requires careful attention to detail and a thorough review of the closing documents. During the closing, you will sign various legal documents, including the mortgage, deed, and other necessary paperwork. It’s essential to carefully review and understand these documents before signing to ensure you know the terms and obligations.

If you’re new to the process and still have questions, Redfin is here to help. The First-Time Homebuyer Guide goes into more detail about each step in the homebuying process.

Factors to consider when buying a house in Arizona

Due to Arizona’s geographical location, there are distinct factors to consider when buying a home.

Climate and weather

When buying a house in Arizona, it is crucial to consider the climate and weather, as well as the impact climate change is having in the state. Arizona offers a diverse range of climates, with hot summers exceeding 100 degrees Fahrenheit (38 degrees Celsius) in desert areas like Phoenix and Tucson. These cities are also known for their mild and pleasant winters, attracting snowbirds and retired individuals seeking warmer temperatures. On the other hand, the northern parts of the state, including Flagstaff and Sedona, provide a cooler and more moderate climate, with snowy winters and comfortable summers. Homebuyers must take into account their preferences and tolerance for extreme heat or cold when selecting a location within Arizona.

Additionally, the state’s unique desert climate presents both advantages and challenges. Efficient cooling systems and proper insulation are necessary to combat the intense summer heat, while the dry weather increases the risk of drought and wildfires, prompting homeowners to consider shade availability, outdoor living spaces, and landscaping options to mitigate the sun’s impact. 

Dual agency

Arizona allows for dual agency in real estate transactions, which refers to a real estate agent representing both the buyer and the seller in the same transaction. In dual agency, the agent acts as a neutral intermediary, facilitating the transaction and ensuring a fair process for both parties. However, it’s important to note that dual agency requires all parties’ informed consent. 

Buying a house in Arizona: Bottom line

Navigating the homebuying process in Arizona requires careful consideration and strategic decision-making. From understanding the importance of location to getting finances in order, securing pre-approval, and working with local agents, each step plays a vital role in achieving a successful and satisfying home purchase. By being well-informed, proactive, and adaptable, homebuyers can confidently navigate the Arizona real estate landscape and find their perfect place to call home in this beautiful southwestern state.

Buying a house in Arizona FAQ

What are the requirements for buying a home in Arizona?

To start it off, a down payment is necessary, although the specific amount can vary depending on factors such as the loan type and lender requirements. A good credit score is also crucial, with a minimum score of around 620 often preferred for conventional loans. Income and employment verification is required to demonstrate the ability to repay the mortgage. Lenders assess the debt-to-income ratio to ensure borrowers can manage their monthly payments. It is advisable to conduct a property appraisal and home inspection to determine the value and condition of the property. 

What is a typical down payment on a house in Arizona?

A typical down payment on a house in Arizona can vary depending on various factors. Generally, it ranges from 3% to 20% of the purchase price. The percentage often depends on the loan type, lender requirements, and the borrower’s financial situation. For conventional loans, a down payment of around 20% is ideal for avoiding private mortgage insurance (PMI). However, options are available for lower down payment percentages, such as 3% or 5%, particularly for first-time homebuyers or through government-backed loan programs like FHA loans.

What credit score do I need to buy a house in Arizona?

When buying a house in Arizona, the credit score requirement can vary depending on the type of loan and the lender’s criteria. Generally, a good credit score is preferred to qualify for favorable mortgage terms. A minimum credit score of around 620 or higher is typically required for conventional loans. However, loan programs, such as FHA loans, offer more flexibility and can accommodate borrowers with lower credit scores, sometimes as low as 580. It’s important to note that a higher credit score generally improves your chances of securing a mortgage with competitive interest rates and favorable terms. 

Source: redfin.com