Average mortgage rates fell just a little last Friday. But last Thursday’s massive jump means they finished that week — and last month — higher than when they started them.
First thing, it was looking as if mortgage rates today might again barely budge. But that could change as the hours pass.
Markets will be closed tomorrow for the Independence Day holiday. And we’ll be back on Wednesday morning. Enjoy your celebrations!
Current mortgage and refinance rates
Program
Mortgage Rate
APR*
Change
Conventional 30-year fixed
7.129%
7.158%
Unchanged
Conventional 15-year fixed
6.638%
6.651%
Unchanged
Conventional 20-year fixed
7.506%
7.558%
Unchanged
Conventional 10-year fixed
6.997%
7.115%
Unchanged
30-year fixed FHA
6.672%
7.303%
Unchanged
15-year fixed FHA
6.763%
7.237%
Unchanged
30-year fixed VA
6.729%
6.937%
Unchanged
15-year fixed VA
6.625%
6.965%
Unchanged
5/1 ARM Conventional
6.75%
7.266%
Unchanged
5/1 ARM FHA
6.75%
7.532%
+0.11
5/1 ARM VA
6.75%
7.532%
+0.11
Rates are provided by our partner network, and may not reflect the market. Your rate might be different. Click here for a personalized rate quote. See our rate assumptions See our rate assumptions here.
Should you lock a mortgage rate today?
Recent reporting in the financial media makes me think mortgage rates are unlikely to see any significant and sustained falls until at least the fourth (Oct.-Dec.) quarter of 2023 and probably not until 2024.
And that’s why my personal rate lock recommendations remain:
LOCK if closing in 7 days
LOCK if closing in 15 days
LOCK if closing in 30 days
LOCK if closing in 45 days
LOCK if closing in 60days
However, with so much uncertainty at the moment, your instincts could easily turn out to be as good as mine — or better. So let your gut and your own tolerance for risk help guide you.
>Related: 7 Tips to get the best refinance rate
Market data affecting today’s mortgage rates
Here’s a snapshot of the state of play this morning at about 9:50 a.m. (ET). The data, compared with roughly the same time last Friday, were:
The yield on 10-year Treasury notes edged down to 3.82% from 3.85%. (Good for mortgage rates.) More than any other market, mortgage rates typically tend to follow these particular Treasury bond yields
Major stock indexes were mostly lower. (Good for mortgage rates.) When investors buy shares, they’re often selling bonds, which pushes those prices down and increases yields and mortgage rates. The opposite may happen when indexes are lower. But this is an imperfect relationship
Oil prices inched up to $70.61 from $70.25 a barrel. (Neutral for mortgage rates*.) Energy prices play a prominent role in creating inflation and also point to future economic activity
Goldprices rose to $1,930 from $1,919 an ounce. (Neutral for mortgage rates*.) It is generally better for rates when gold prices rise and worse when they fall. Gold tends to rise when investors worry about the economy.
CNN Business Fear & Greed index — climbed to 84 from 80 out of 100. (Bad for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) as they leave the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are often better than higher ones
*A movement of less than $20 on gold prices or 40 cents on oil ones is a change of 1% or less. So we only count meaningful differences as good or bad for mortgage rates.
Caveats about markets and rates
Before the pandemic and the Federal Reserve’s interventions in the mortgage market, you could look at the above figures and make a pretty good guess about what would happen to mortgage rates that day. But that’s no longer the case. We still make daily calls. And are usually right. But our record for accuracy won’t achieve its former high levels until things settle down.
So, use markets only as a rough guide. Because they have to be exceptionally strong or weak to rely on them. But, with that caveat, mortgage rates today might again hold steady or close to steady. However, be aware that “intraday swings” (when rates change speed or direction during the day) are a common feature right now.
Important notes on today’s mortgage rates
Here are some things you need to know:
Typically, mortgage rates go up when the economy’s doing well and down when it’s in trouble. But there are exceptions. Read ‘How mortgage rates are determined and why you should care’
Only “top-tier” borrowers (with stellar credit scores, big down payments, and very healthy finances) get the ultralow mortgage rates you’ll see advertised
Lenders vary. Yours may or may not follow the crowd when it comes to daily rate movements — though they all usually follow the broader trend over time
When daily rate changes are small, some lenders will adjust closing costs and leave their rate cards the same
Refinance rates are typically close to those for purchases.
A lot is going on at the moment. And nobody can claim to know with certainty what will happen to mortgage rates in the coming hours, days, weeks or months.
What’s driving mortgage rates today?
Currently
To see sustained lower mortgage rates we need to see the inflation rate halving, the economy weakening, and the Federal Reserve stopping hiking general interest rates. And none of those looks likely anytime soon.
Some progress is being made on inflation. But not enough.
And the economy is showing extraordinary resilience. Last week’s gross domestic product (GDP) headline figure was 50% higher than many expected.
Meanwhile, the Fed seems highly likely to hike general interest rates by 25 basis points (0.25%) on Jul. 26. And there may well be at least one more increase after that in 2023.
Recession
As I’ve written before, our best hope for lower mortgage rates is a recession. That should weaken the economy, reduce inflation and perhaps cause the Fed to at least hold general rates steady.
Economists have been predicting an imminent recession for ages. And, not so long ago, I bought that line and was expecting one at any moment.
But, now, many big hitters aren’t expecting a recession until 2024. Yesterday, CNN Business listed a few of those making that prediction:
Bank of America CEO Brian Moynihan
Vanguard economists
JPMorgan Chase economists
Of course, others disagree, as economists always do. Some think a recession will still land later this year. And others believe there will be no recession at all.
This week
There are a few reports this week that could send mortgage rates up or down a bit. But Friday’s jobs report is the one most likely to have a decisive impact.
The consensus among economists is that the report will show 240,000 new jobs created in June compared with 339,000 in May. Anything lower than 240,000 might see mortgage rates tumble, which would be great.
However, we’ve witnessed economists making similar predictions for employment several times over recent months. And, nearly every time, their forecasts have greatly underestimated the resilience of the American labor market and therefore the American economy.
Of course, they might be right this time. Let’s hope so. But I shouldn’t hold my breath if I were you.
Please read the weekend edition of this daily report for more background on what’s happening to mortgage rates.
Recent trends
According to Freddie Mac’s archives, the weekly all-time low for mortgage rates was set on Jan. 7, 2021, when it stood at 2.65% for conventional, 30-year, fixed-rate mortgages.
Freddie’s Jun. 29 report put that same weekly average at 6.71%, up from the previous week’s 6.67%. But Freddie is almost always out of date by the time it announces its weekly figures.
In November, Freddie stopped including discount points in its forecasts. It has also delayed until later in the day the time at which it publishes its Thursday reports. Andwe now update this section on Fridays.
Expert mortgage rate forecasts
Looking further ahead, Fannie Mae and the Mortgage Bankers Association (MBA) each has a team of economists dedicated to monitoring and forecasting what will happen to the economy, the housing sector and mortgage rates.
And here are their rate forecasts for the current quarter (Q2/23) and the following three quarters (Q3/23, Q4/23 and Q1/24).
The numbers in the table below are for 30-year, fixed-rate mortgages. Fannie’s were published on May 23 and the MBA’s on Jun. 21.
In the past, we included Freddie Mac’s forecasts. But it seems to have given up on publishing those.
Forecaster
Q2/23
Q3/23
Q4/23
Q1/24
Fannie Mae
6.4%
6.2%
6.0%
5.8%
MBA
6.5%
6.2%
5.8%
5.6%
Of course, given so many unknowables, the whole current crop of forecasts might be even more speculative than usual. And their past record for accuracy hasn’t been wildly impressive.
Find your lowest rate today
You should comparison shop widely, no matter what sort of mortgage you want. Federal regulator the Consumer Financial Protection Bureau found in May 2023:
“Mortgage borrowers are paying around $100 a month more depending on which lender they choose, for the same type of loan and the same consumer characteristics (such as credit score and down payment).”
In other words, over the lifetime of a 30-year loan, homebuyers who don’t bother to get quotes from multiple lenders risk losing an average of $36,000. What could you do with that sort of money?
Mortgage rate methodology
The Mortgage Reports receives rates based on selected criteria from multiple lending partners each day. We arrive at an average rate and APR for each loan type to display in our chart. Because we average an array of rates, it gives you a better idea of what you might find in the marketplace. Furthermore, we average rates for the same loan types. For example, FHA fixed with FHA fixed. The end result is a good snapshot of daily rates and how they change over time.
How your mortgage interest rate is determined
Mortgage and refinance rates vary a lot depending on each borrower’s unique situation.
Factors that determine your mortgage interest rate include:
Overall strength of the economy — A strong economy usually means higher rates, while a weaker one can push current mortgage rates down to promote borrowing
Lender capacity — When a lender is very busy, it will increase rates to deter new business and give its loan officers some breathing room
Property type (condo, single-family, town house, etc.) — A primary residence, meaning a home you plan to live in full time, will have a lower interest rate. Investment properties, second homes, and vacation homes have higher mortgage rates
Loan-to-value ratio (determined by your down payment) — Your loan-to-value ratio (LTV) compares your loan amount to the value of the home. A lower LTV, meaning a bigger down payment, gets you a lower mortgage rate
Debt-To-Income ratio — This number compares your total monthly debts to your pretax income. The more debt you currently have, the less room you’ll have in your budget for a mortgage payment
Loan term — Loans with a shorter term (like a 15-year mortgage) typically have lower rates than a 30-year loan term
Borrower’s credit score — Typically the higher your credit score is, the lower your mortgage rate, and vice versa
Mortgage discount points — Borrowers have the option to buy discount points or ‘mortgage points’ at closing. These let you pay money upfront to lower your interest rate
Remember, every mortgage lender weighs these factors a little differently.
To find the best rate for your situation, you’ll want to get personalized estimates from a few different lenders.
Are refinance rates the same as mortgage rates?
Rates for a home purchase and mortgage refinance are often similar.
However, some lenders will charge more for a refinance under certain circumstances.
Typically when rates fall, homeowners rush to refinance. They see an opportunity to lock in a lower rate and payment for the rest of their loan.
This creates a tidal wave of new work for mortgage lenders.
Unfortunately, some lenders don’t have the capacity or crew to process a large number of refinance loan applications.
In this case, a lender might raise its rates to deter new business and give loan officers time to process loans currently in the pipeline.
Also, cashing out equity can result in a higher rate when refinancing.
Cash-out refinances pose a greater risk for mortgage lenders, so they’re often priced higher than new home purchases and rate-term refinances.
How to get the lowest mortgage or refinance rate
Since rates can vary, always shop around when buying a house or refinancing a mortgage.
Comparison shopping can potentially save thousands, even tens of thousands of dollars over the life of your loan.
Here are a few tips to keep in mind:
1. Get multiple quotes
Many borrowers make the mistake of accepting the first mortgage or refinance offer they receive.
Some simply go with the bank they use for checking and savings since that can seem easiest.
However, your bank might not offer the best mortgage deal for you. And if you’re refinancing, your financial situation may have changed enough that your current lender is no longer your best bet.
So get multiple quotes from at least three different lenders to find the right one for you.
2. Compare Loan Estimates
When shopping for a mortgage or refinance, lenders will provide a Loan Estimate that breaks down important costs associated with the loan.
You’ll want to read these Loan Estimates carefully and compare costs and fees line-by-line, including:
Interest rate
Annual percentage rate (APR)
Monthly mortgage payment
Loan origination fees
Rate lock fees
Closing costs
Remember, the lowest interest rate isn’t always the best deal.
Annual percentage rate (APR) can help you compare the ‘real’ cost of two loans. It estimates your total yearly cost including interest and fees.
Also pay close attention to your closing costs.
Some lenders may bring their rates down by charging more upfront via discount points. These can add thousands to your out-of-pocket costs.
3. Negotiate your mortgage rate
You can also negotiate your mortgage rate to get a better deal.
Let’s say you get loan estimates from two lenders. Lender A offers the better rate, but you prefer your loan terms from Lender B. Talk to Lender B and see if they can beat the former’s pricing.
You might be surprised to find that a lender is willing to give you a lower interest rate in order to keep your business.
And if they’re not, keep shopping — there’s a good chance someone will.
Fixed-rate mortgage vs. adjustable-rate mortgage: Which is right for you?
Mortgage borrowers can choose between a fixed-rate mortgage and an adjustable-rate mortgage (ARM).
Fixed-rate mortgages (FRMs) have interest rates that never change, unless you decide to refinance. This results in predictable monthly payments and stability over the life of your loan.
Adjustable-rate loans have a low interest rate that’s fixed for a set number of years (typically five or seven). After the initial fixed-rate period, the interest rate adjusts every year based on market conditions.
With each rate adjustment, a borrower’s mortgage rate can either increase, decrease, or stay the same. These loans are unpredictable since monthly payments can change each year.
Adjustable-rate mortgages are fitting for borrowers who expect to move before their first rate adjustment, or who can afford a higher future payment.
In most other cases, a fixed-rate mortgage is typically the safer and better choice.
Remember, if rates drop sharply, you are free to refinance and lock in a lower rate and payment later on.
How your credit score affects your mortgage rate
You don’t need a high credit score to qualify for a home purchase or refinance, but your credit score will affect your rate.
This is because credit history determines risk level.
Historically speaking, borrowers with higher credit scores are less likely to default on their mortgages, so they qualify for lower rates.
For the best rate, aim for a credit score of 720 or higher.
Mortgage programs that don’t require a high score include:
Conventional home loans — minimum 620 credit score
FHA loans — minimum 500 credit score (with a 10% down payment) or 580 (with a 3.5% down payment)
VA loans — no minimum credit score, but 620 is common
USDA loans — minimum 640 credit score
Ideally, you want to check your credit report and score at least 6 months before applying for a mortgage. This gives you time to sort out any errors and make sure your score is as high as possible.
If you’re ready to apply now, it’s still worth checking so you have a good idea of what loan programs you might qualify for and how your score will affect your rate.
You can get your credit report from AnnualCreditReport.com and your score from MyFico.com.
How big of a down payment do I need?
Nowadays, mortgage programs don’t require the conventional 20 percent down.
In fact, first-time home buyers put only 6 percent down on average.
Down payment minimums vary depending on the loan program. For example:
Conventional home loans require a down payment between 3% and 5%
FHA loans require 3.5% down
VA and USDA loans allow zero down payment
Jumbo loans typically require at least 5% to 10% down
Keep in mind, a higher down payment reduces your risk as a borrower and helps you negotiate a better mortgage rate.
If you are able to make a 20 percent down payment, you can avoid paying for mortgage insurance.
This is an added cost paid by the borrower, which protects their lender in case of default or foreclosure.
But a big down payment is not required.
For many people, it makes sense to make a smaller down payment in order to buy a house sooner and start building home equity.
Choosing the right type of home loan
No two mortgage loans are alike, so it’s important to know your options and choose the right type of mortgage.
The five main types of mortgages include:
Fixed-rate mortgage (FRM)
Your interest rate remains the same over the life of the loan. This is a good option for borrowers who expect to live in their homes long-term.
The most popular loan option is the 30-year mortgage, but 15- and 20-year terms are also commonly available.
Adjustable-rate mortgage (ARM)
Adjustable-rate loans have a fixed interest rate for the first few years. Then, your mortgage rate resets every year.
Your rate and payment can rise or fall annually depending on how the broader interest rate trends.
ARMs are ideal for borrowers who expect to move prior to their first rate adjustment (usually in 5 or 7 years).
For those who plan to stay in their home long-term, a fixed-rate mortgage is typically recommended.
Jumbo mortgage
A jumbo loan is a mortgage that exceeds the conforming loan limit set by Fannie Mae and Freddie Mac.
In 2023, the conforming loan limit is $726,200 in most areas.
Jumbo loans are perfect for borrowers who need a larger loan to purchase a high-priced property, especially in big cities with high real estate values.
FHA mortgage
A government loan backed by the Federal Housing Administration for low- to moderate-income borrowers. FHA loans feature low credit score and down payment requirements.
VA mortgage
A government loan backed by the Department of Veterans Affairs. To be eligible, you must be active-duty military, a veteran, a Reservist or National Guard service member, or an eligible spouse.
VA loans allow no down payment and have exceptionally low mortgage rates.
USDA mortgage
USDA loans are a government program backed by the U.S. Department of Agriculture. They offer a no-down-payment solution for borrowers who purchase real estate in an eligible rural area. To qualify, your income must be at or below the local median.
Bank statement loan
Borrowers can qualify for a mortgage without tax returns, using their personal or business bank account. This is an option for self-employed or seasonally-employed borrowers.
Portfolio/Non-QM loan
These are mortgages that lenders don’t sell on the secondary mortgage market. This gives lenders the flexibility to set their own guidelines.
Non-QM loans may have lower credit score requirements, or offer low-down-payment options without mortgage insurance.
Choosing the right mortgage lender
The lender or loan program that’s right for one person might not be right for another.
Explore your options and then pick a loan based on your credit score, down payment, and financial goals, as well as local home prices.
Whether you’re getting a mortgage for a home purchase or a refinance, always shop around and compare rates and terms.
Typically, it only takes a few hours to get quotes from multiple lenders — and it could save you thousands in the long run.
Current mortgage rates methodology
We receive current mortgage rates each day from a network of mortgage lenders that offer home purchase and refinance loans. Mortgage rates shown here are based on sample borrower profiles that vary by loan type. See our full loan assumptions here.
If you`re looking for an easy and stylish way to organize your keys, then you`re in the right place! We`ve researched and tested several key hooks to bring you the best ones on the market. With so many options available, it can be overwhelming to choose the right one. That`s why we`ve analyzed essential criteria such as durability, design, and capacity to help you make an informed decision.
Key hooks may seem like a small detail, but they can make a big difference in your daily routine. No more wasting time searching for your keys in the morning rush or misplacing them throughout the day. However, choosing the right key hook can be a challenge. You need one that can withstand daily use and complement your home decor. That`s why we`ve done the research and testing for you.
We understand that everyone has different needs and preferences, which is why we`ve analyzed a variety of key hooks. From traditional wall-mounted hooks to modern magnetic options, we`ve got you covered. We`ve also taken into consideration customer reviews to ensure that we`re recommending reliable and popular products. So, sit back, relax, and let us guide you through the best key hooks for 2023.
Our Top Picks
Lwenki Wall Key Holder with Shelf and Hooks.
The Lwenki Key Holder for Wall is a stylish and functional addition to any home. Made from beautiful Paulownia wood, it features a large shelf and multiple key hooks, making it perfect for holding mail, keys, bags, and coats. Measuring 9.8”W x 6.7”H x 4.2”D, it is the perfect size for any space.
This decorative key and mail holder comes with all the necessary mounting hardware, making it easy to install on any wall. Its clean white design will complement any decor and help keep your home organized. Whether you use it in your entryway, kitchen, or office, the Lwenki Key Holder for Wall is a practical and stylish solution for all your cluttered spaces.
Stylish and decorative
Large key hooks
Has a shelf
Comes with mounting hardware
May not fit all keys
Limited shelf space
Only available in white
The Lwenki Key Holder for Wall is a stylish and functional addition to any home, with large key hooks, a mail holder, and a shelf for bags and coats.
Zlierop Black Small Key Hooks
The 58 Pieces Black Small Key Hooks are a versatile and stylish addition to any home. These steel wall-mounted hooks are perfect for hanging hats, jewelry, coffee cups, and even kitchen towels. The hooks come with black screws, making them easy to install and perfect for farmhouse or retro crafting projects.
With their sleek black finish, these hooks are a great addition to any decor style. Measuring just the right size, these hooks are small enough to be unobtrusive while still providing ample hanging space. Made from high-quality materials, these hooks are durable and long-lasting. Whether you’re looking to organize your space or add a touch of style, the 58 Pieces Black Small Key Hooks are a great choice.
58 pieces included
Versatile use
Sturdy steel construction
Easy to install
Screws may strip easily
Not suitable for heavy items
Only available in black
A versatile set of small hooks for organizing small items.
VIRFIN Key Holder for Wall with 3 Hooks
The VIRFIN Key Holder for Wall is a convenient and practical addition to any home. With 2 self-adhesive tapes, this key holder rack can be easily installed on any wall without causing any damage. Featuring 3 key hooks, it is perfect for keeping your keys organized and easily accessible. The sleek black design will complement any decor and is ideal for use in the entryway, door, bathroom, or kitchen. This key holder is a must-have for anyone looking to keep their keys in one place and avoid the hassle of misplacing them.
Easy installation with tapes
No damage to walls
Keeps keys organized
Suitable for various places
May not hold heavy keys
Tapes may lose stickiness
Only 3 hooks available
The VIRFIN Key Holder is a convenient and damage-free solution for organizing your keys. It comes with 2 self-adhesive tapes for easy installation and has 3 key hooks.
Myartte Key Holder Key Hooks Wall Decorative
The Myartte Key Holder is a stylish and functional addition to any home. Made of durable zinc alloy, it comes with screws and a sticker for easy installation in your entryway, kitchen, or bedroom. This organizer can hold all your keys, small accessories, and even jewelry. The black color adds a touch of elegance to your decor, while the compact size ensures it doesn’t take up too much space.
With this key holder, you’ll never have to worry about losing your keys again. It keeps everything in one place and makes it easy to grab on your way out the door. Plus, the sleek design adds a modern touch to your home. Whether you’re looking for an organizer for your house keys, car keys, or small accessories, the Myartte Key Holder is a must-have.
Stylish design
Durable material
Multiple hooks
Easy to install
May scratch easily
Limited color options
Not suitable for heavy items
A stylish and functional key holder for organizing keys and small accessories.
ChasBete Octopus Coat Hooks Wall Mounted.
The ChasBete Key Holder for Wall is a unique and eye-catching addition to any home. With six arms in the shape of octopus tentacles, this heavy-duty wall hook can hold anything from keys to towels. Made from sturdy materials and finished in a sleek black color, this decorative hook is both stylish and functional. Easy to mount on any wall, it is perfect for use in the entryway, bathroom, or bedroom. Its rustic design is sure to impress guests and add a touch of personality to your home decor.
Sturdy and durable
Unique and decorative design
Multiple arms for hanging
Easy to install
May not fit all decor styles
Only available in black
Limited weight capacity
A whimsical and sturdy key holder with octopus arms to hang multiple items. Great for coastal or nautical themed decor.
Rebee Vision Key Holder with Shelf – Retro Brown
The Rebee Vision Decorative Key Holder for Wall with Shelf in Retro Brown is a stylish and functional addition to any home. Made from high-quality materials, this farmhouse-inspired key holder features key hooks and a shelf to keep your entryway or hallway organized. The retro brown finish adds a touch of vintage charm to your decor. Use it to hang your keys, sunglasses, or small accessories. This key holder is perfect for those who want to keep their space tidy and stylish.
Stylish design
Space-saving shelf
Multiple key hooks
Easy to install
Limited shelf space
May not fit all keys
Only one color option
A stylish key holder with a shelf for organizing your entryway.
Lwenki Key Holder with 4 Hooks
The Lwenki Key Holder for Wall is a must-have for anyone who wants to keep their keys and other small items organized. This key rack comes with 4 hooks that can hold keyrings, dog leashes, umbrellas, and sunglasses. The mounting hardware allows you to attach the key hanger to glass, tile, or wood surfaces. The key holder measures 10.9” x 1.4” x 1.0” and is available in black.
This key holder is perfect for those who are always on the go and need a convenient spot to store their keys and other small items. The hooks are sturdy and can hold multiple items at once. The mounting hardware is easy to install and ensures that the key holder stays securely in place. The sleek black design is both stylish and practical, making it a great addition to any home or office. Overall, the Lwenki Key Holder for Wall is a great investment for anyone who wants to stay organized and keep their small items within easy reach.
Easy to install
Stylish design
Holds multiple items
Fits various surfaces
Not very sturdy
May not hold heavy items
Hooks may be too small
Organize your keys, leashes, and more with this sleek key holder. Works on glass, tile, and wood surfaces with included hardware.
Mkono Key Holder for Wall with 6 Hooks
The Mkono Key Holder for Wall is a small rustic wood floating shelf with 6 hooks, perfect for organizing keys or small items. Measuring 9.5″ x 3.5″ x 2.5″, it fits perfectly in any living room, entryway, bedroom, bathroom, or office. The decorative display key hanger is made of high-quality wood and has a small brown finish that adds a touch of elegance to any room. The hooks are sturdy and can easily hold multiple keys or small items. The shelf is easy to install and comes with all the necessary hardware. This product is perfect for anyone who wants to keep their keys organized and easily accessible.
In addition to its practical use, the Mkono Key Holder for Wall also serves as a beautiful decorative piece. Its rustic design adds charm and character to any room, making it the perfect addition to any home decor. Whether you’re looking for a functional key holder or a decorative piece to add to your home, the Mkono Key Holder for Wall is a great choice. It’s affordable, durable, and stylish, making it a must-have for anyone who wants to keep their keys organized and add a touch of elegance to their home.
Rustic and stylish design
Multiple hooks for keys
Can be used in multiple rooms
Easy to install
Hooks may not hold heavy items
Wood may scratch easily
Limited shelf space
A stylish and functional key holder with 6 hooks and a small floating shelf, perfect for organizing your entryway or living space.
Rebee Vision Key Holder with Shelf and Hooks
The Rebee Vision Key Holder for Wall with Shelf is a stylish and functional addition to any home. This farmhouse-inspired key rack features a retro brown and white design with 5 rustic key hooks and a primitive wood mail organizer. The shelf provides extra storage space for small items like sunglasses or wallets. The key holder is perfect for organizing keys and keeping them in one place, while the mail organizer helps keep clutter off your countertops. The sturdy construction ensures that it will last for years to come. This key holder is ideal for use in entryways, hallways, or mudrooms.
Farmhouse design
Functional with shelf
Rustic key hooks
Easy wall mount
Limited color options
Mail organizer small
Hooks not adjustable
Organize your keys and mail while adding rustic charm to your entryway with this farmhouse-style key holder and mail organizer.
FAQ
Q: How do I choose the right key hooks for my home?
A: First, consider the number of keys you need to store. If you have multiple sets of keys, look for a key hook with multiple hooks or tiers. Next, think about the style and aesthetics of your home. Choose a key hook that complements your decor and fits the overall look of your space. Finally, consider the durability and strength of the hook. Look for a sturdy material such as metal or wood that can support the weight of your keys.
Q: Can key hooks be used for other items besides keys?
A: Yes, key hooks can be used for a variety of items such as hats, scarves, and even dog leashes. Look for key hooks with larger hooks or multiple tiers to accommodate these items. Key hooks can also be used to organize small items like jewelry or sunglasses.
Q: Where should I place my key hooks in my home?
A: Key hooks should be placed near the entrance or exit of your home for easy access when coming and going. Look for a spot that is easily visible and accessible, such as a hallway or mudroom. If you have multiple entrances, consider placing key hooks near each entrance to keep your keys organized and easily accessible.
Conclusions
After reviewing multiple key hooks, we recommend the Lwenki Key Holder for Wall and the VIRFIN Key Holder for Wall. The Lwenki key holder is a decorative piece that also has a shelf for added functionality. Its large key hooks can hold bags and coats, making it perfect for a family’s entryway. On the other hand, the VIRFIN key holder is a simple and efficient solution with its self-adhesive tapes that don’t damage walls. Its three key hooks are perfect for small spaces like bathrooms or kitchens. No matter which one you choose, having a designated spot for your keys will save you time and stress. Keep your home organized and your mind at ease with one of these key hooks. Thank you for reading, and we are confident that you will find the perfect product for your needs.
If you’re a small business owner, one of your top priorities is surely to save money on unavoidable expenses. Purchasing business supplies online at Amazon.com is one of the ways many small business owners also save time.
With the Amazon Business Prime Card from American Express, you can do both while earning up to 5% back on your Amazon purchases. Or you can forgo the hefty cash-back rate and receive 90 days of interest-free financing on your Amazon charges instead. And for purchases made anywhere else American Express is accepted, you can earn unlimited 2% back, regardless of your Prime membership status.
But this isn’t a premium rewards credit card, and it doesn’t offer you any travel rewards or benefits. It’s a simple card designed to save you the most money on your Amazon charges and other business expenses, and not much else.
What Is the Amazon Business Prime Card?
The Amazon Business Prime Card is a co-branded small-business credit card that’s accepted anywhere American Express cards are. When you use it to shop at Amazon.com, Amazon Web Services (AWS), Amazon Business, or at Whole Foods Market, you can earn 5% back on your purchases with a valid Amazon Prime Business membership or 3% without one.
Alternatively, you can choose to receive 90 days of interest free financing on those purchases. Either way, there’s no annual fee or foreign transaction fee.
This card also offers 2% back at restaurants, gas stations and wireless phone services purchased directly from service providers. You earn 1% back on all other purchases.
Additional benefits are limited but include extended warranty coverage and a purchase protection plan that covers losses from theft or accidental damage. The card’s online dashboard features enhanced data views that show purchases listed by item and are easy to download.
What Sets the Amazon Business Prime Card Apart?
This card has several positive features that distinguish it from its competitors.
5%/3% back or 90 days of financing. It’s great to have this choice. With it, you can maximize your rewards or minimize your interest charges, whichever is more important to you at the time.
Additional cash back outside of Amazon. It’s competitive to earn 2% back at restaurants, gas stations and for wireless phone services expenses.
Amazon Business Enhanced Data Views offer more insights into your expenses. The tight integration between Amazon and American Express allows you to get a better look at your expenses and where you might be able to tighten up.
Key Features of the Amazon Business Prime Card
This small-business credit card offers a simple rewards program and a few key benefits beyond that.
Sign-Up Bonus
You earn a $125 Amazon.com gift card upon approval. There’s no minimum spending requirement, so this is basically a lock to earn.
Earning Rewards
If you have a valid Amazon Prime Business membership, you earn your choice of 5% back or 90 days of interest-free financing on purchases from the following vendors:
Amazon.com
Amazon Web Services (AWS)
Amazon Business
Whole Foods Market
You only earn 5% rewards on your first $120,000 of spending each calendar year, which adds up to $6,000 in potential annual rewards at this tier. If you exceed the $120,000 spending cap in a given year, you can still take advantage of 90-day interest-free financing on eligible purchases.
If you don’t have a valid Amazon Prime Business membership, you earn 3% back on the first $120,000 in eligible spending. The 90 days’ interest-free financing option still applies.
Beyond the 5%/3% tier, this card earns 2% back at restaurants, gas stations, and on eligible wireless phone service purchases. It earns 1% back on all other purchases.
Redeeming Rewards
You can redeem your rewards points to save on items at checkout on Amazon.com and Amazon Business (U.S.). You can also apply them as statement credits toward prior purchases. Either way, they’re worth one cent each at redemption.
Important Fees
There’s no annual fee or foreign transaction fee. Other fees may apply.
Credit Required
This card requires good or better credit to qualify. If your FICO score is much below 700, or your personal credit history is limited, then you’ll likely have trouble being approved.
Pros & Cons
This card has several key advantages and disadvantages to understand before you take the time to apply.
Generous, easy-to-earn sign-up bonus
Choose between up to 5% cash back or 90 days’ interest-free financing on eligible purchases
Earn unlimited 2% back in several spending categories
No recurring card fees
Annual spending cap on 3%/5% rewards tier
Few perks beyond the rewards program
Pros
The Amazon Business Prime Card has a generous, flexible rewards program without an annual fee.
$125 gift card upon approval. This is a relatively generous sign-up bonus for a no-annual-fee credit card, and it’s extremely easy to earn. There’s no early spend requirement.
Up to 5% cash back on eligible purchases. With an eligible Amazon Prime Business membership, you can earn 5% back on eligible spending with Amazon companies, including Amazon Business, AWS, Amazon.com and Whole Foods Market. Otherwise, you earn 3% — still a nice return.
Option for 90 days’ interest-free financing. If you prefer, you can receive 90-day terms on your purchases instead of 5% cash back.
Broad 2% cash-back categories. Outside the Amazon ecosystem, you can earn 2% rewards on purchases at restaurants, gas stations and wireless phone services purchased directly from service providers.
No recurring card fees. This card has no annual fee or foreign transaction fees, so it has no carrying costs and no penalties for international business travelers.
Cons
Unlike some popular business credit cards, the Amazon Business Prime Card is light on nonrewards perks and has a spending cap on its top rewards tier.
Spending cap on 5%/3% rewards tier. Your 5%/3% rewards earning potential is limited to $120,000 worth of purchases in a year, or $6,000 in rewards earned in this tier. Fortunately, you can take advantage of 90-day interest-free financing at any time.
Few value-added perks. This card has no real travel perks or travel insurance coverage, so it’s not ideal for users seeking truly generous benefits.
How the Amazon Business Prime Card Stacks Up
This card’s closest competitor may be the The Costco Anywhere Visa® Business Card by Citi. While Costco offers online sales, it doesn’t have nearly the selection that Amazon.com does. On the other hand, Costco has hundreds of warehouse stores around the country, a physical footprint that Amazon can’t match.
Amazon Business Prime
Costco Anywhere Business
Annual Fee
$0
$0 (with your paid Costco membership)
Sign-Up Bonus
$125 Amazon Gift Card
None
Rewards Rate
Up to 5%
Up to 4% on gas and EV charging
0% Intro APR
90 day terms on Amazon purchases, in lieu of 3%/5% rewards
None
Foreign Transaction Fee
None
None
Credit Needed
Good or better
Good or better
Final Word
The Amazon Business Prime Card is a great way for small business owners to earn rewards worth 5% on their purchases. By far, that’s the biggest strength this card has. It offers few other perks and benefits.
Still, if your business spends a lot with Amazon companies like Amazon.com, AWS, and Whole Foods, this card makes perfect sense. Especially with no annual fee.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Amazon Business Prime Card
This small business card is ideal for companies that spend heavily at Amazon.com, Amazon Web Services (AWS), Amazon Business and at Whole Foods Market. It offers your choice of up to 5% back or 90 days of interest free financing on those purchases, both of which are very hard to beat. It even offers a competitive 2% back on other common business services.
Just don’t expect all the perks and benefits of a premium small-business credit card. This is not a luxury product.
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Jason Steele is one of the nation’s leading experts in credit cards and travel rewards since 2008. Jason is also the founder and producer of CardCon, which is The Conference for Credit Card Media. Jason lives in Denver, Colorado where he enjoys bicycling, snowboarding and piloting small airplanes.
Unless you come by a huge influx of cash either by winning the lottery or through an inheritance; a mortgage remains the most affordable way to own a home. Among the tools that lenders use to determine your eligibility for a home loan is debt-to-income ratio, or DTI.
The ratio is used to determine how much of your income can go towards monthly mortgage payments as compared to other monthly debts that your income settles. Read on to find out how to calculate DTI and what ranges are desirable according to the industry standards.
What is a Debt-to-income Ratio & How is it Calculated?
A debt-to-income ratio is a number used to measure a person’s ability to manage their debt. This number is calculated using two key pieces of financial information: your debt and your income. By taking your total monthly debt and your total monthly income, which includes any money earned prior to taxes and deductions, you can determine your debt-to-income ratio.
In another example where the total debts are higher than $1,500 and income is still $4,000, you see an increase in the DTI. If you have monthly debt payments equal to $2,000, and your gross monthly income equals $4,000, your debt-to-income ratio will be 50%.
STEP 1. Determine your monthly liabilities. These include:
Monthly Home-related costs – If it is your first mortgage this will be sum of all monthly expenses that go towards paying your rent. It has to be expressed as a monthly amount i.e. if you pay an annual sum then divide it by 12. Similarly if you pay it quarterly, divide by 4. Add in the proposed or expected monthly payment for the mortgage you are considering.
Also included in this will be other housing costs such mortgage insurance, real estate taxes and homeowner’s association payments. In case you are a homeowner in the market for a second mortgage, the monthly payments you make towards your first mortgage will constitute the cost.
Although you could be paying monthly for utilities like power and gas, they are not taken into account in this summation. Same goes for food, health and car insurances, phone bill, your taxes and cable bill.
Monthly loan payments – A sum of all monthly loans that are deducted from your pay and show on your credit report. These include monthly remittances towards car loan, student loan, credit union and personal bank loans.
Monthly credit card payments – This is the sum of minimum payments that you make for each credit card. It excludes credit card debt that you settle monthly in full.
Other monthly obligations – This could be any other line of credit that involves financing. Monthly child support or alimony payments fall under these obligations.
This refers to your total pay before any deductions are made or simply pre-tax pay. This comprises of;
Basic wages or salary.
Bonuses and commissions
Alimony and or child support.
Income from investments (must be verifiable via your tax returns)
Tip: If you draw a salary, bonus or commission annually then divide it by 12 to arrive at its monthly value.
How to Calculate the Front-end Ratio
This is the home-related costs divided by your monthly gross income. It shows the amount of monthly income that can be freed to service the house loan you propose to get. To put this into context, suppose your monthly gross income is $6,000 and total monthly home-related costs are $1,500.
Front-end DTI = ($1500/ $6000) * 100 = 25%
How to Calculate the Back-end ratio
When lenders speak of DTI, this is mostly what they have in mind. It’s a ratio that shows the amount of your income that goes towards settling all your debts. It’s the sum of all monthly debts divided by your monthly gross income. Suppose your total monthly liabilities (including home related costs) in the above example is $2500 then,
Back-end DTI= ($2500/ $6000) *100 = 41%
Standards for Debt-to-income Ratio
A low DTI means that you have more of your income left after paying bills. Back-end ratio of 36% and front-end ratio of 28% or below is considered favorable by most lenders.
Back-end ratios of between 36%-49% translate to less amount left to spend. Lenders will view you as a potential defaulter. You may have to contend with higher interest rates and huge down payments for your loan.
Anything higher than 50% puts you on the red. It means half of your pay is going toward debt payments leaving you with little to spend or even take up a new financial obligation. This greatly reduces your chances of landing a mortgage.
What is the Ideal Debt-to-income Ratio?
If you aren’t thinking about applying for an auto or home loan, opening a credit card account, moving into a new apartment, or doing anything else that requires someone to review your credit and finances, you may not care too much about your DTI. But when you are seeking credit, part of the application process may include a thorough review of your finances. Even though it will vary, every creditor and lender has certain criteria that applicants must meet in order to approve an application, so they might be interested in examining your DTI to determine if you should be approved.
Since this number gives insight into how you manage your debt, specifically your ability to repay your debt, the higher your DTI, the more likely you are to be denied. Creditors will look for borrowers who have a debt-to-income ratio no higher than 43%. This means that if your monthly income is $4,000, your total monthly debt payments should be equal to no more than $1,720. Although 43% is acceptable to most creditors, a lower DTI is even better.
Improving Your Debt-to-income Ratio
If your DTI is above 43%, you have the power to change it. Since your monthly debts and income are the two important factors used to determine your DTI, there are a number of ways you can lower your DTI and get in a better position financially.
If you want to improve your debt-to-income ratio, one thing you can do is reduce the total amount of debt you owe. If you have taken out a loan for $5,000, your monthly loan payment will be included in your debts used to calculate your DTI. By making extra payments on your loan, you will be able to pay off the loan faster and reduce the amount of debt owed.
Additionally, if you want to improve your DTI, you can also avoid adding to your current amount of debt or increase your monthly income by taking on a hiring paying full-time job, part-time job, or gig.
I meant to address this earlier, but was held up with the holidays.
AP business writer Rachel Beck wrote a good piece (link expired) on the lack of permanent loan modifications extended via the Home Affordable Modification Program (HAMP) back on Christmas day.
In order for loan modifications to become permanent, borrowers must provide various paperwork, including income documentation, and demonstrate the ability to make the new mortgage payments for three months.
But as of last month, only 31,382 loan modifications had been made permanent, while 697,026 were in trial mode. Bank of America only completed 98!
That prompted the government to ease the process by extending the trial period for loan modifications, minimize paperwork requirements, and impose monetary penalties and sanctions for loan servicers who failed to do their part.
Most interestingly, however, was a subsequent waiver announced on December 16, which allows those who understated their income by more than 25 percent to continue along in the trial period instead of being rejected immediately.
Yep, those who “fudged the numbers,” either by mistake or perhaps because of other discrepancies, will be given another chance instead of having to start the process over again.
Beck thinks it sends the wrong message, and mirrors the problems that got us here in the first place.
The difference a few years ago is borrowers were overstating income to qualify for the lowest mortgage rate (or qualify to begin with), whereas now they’re understating income to take advantage of the lowest monthly payment they can “afford.”
Government mortgage financier Fannie Mae is offering 3.5 percent in seller assistance if you purchase one of their previously foreclosed HomePath properties.
The offer is good for any owner-occupant who purchases an REO (Real estate owned) home listed on Homepath.com by May 1, 2010.
The 3.5 percent of the final sales price may be used toward either closing costs and/or choice of appliances; finally, you can get that shiny metallic Sub-Zero fridge you always wanted.
“Attracting qualified buyers to the market and reducing the inventory of vacant homes is critical to stabilizing neighborhoods and helping the market recover” said Terry Edwards, Executive Vice President of Credit Portfolio Management, in a press release.
“Many families are taking advantage of the federal homebuyer tax credit to buy a new home so this is a great time for Fannie Mae to offer some additional help.”
Many of the Fannie Mae-owned properties also offer special financing, allowing borrowers to purchase a home with as little as three percent down.
The down payment can be funded by your own savings, or via a gift, grant, or loan from a nonprofit organization, state or local government, or employer, so let’s hope this whole thing doesn’t get exploited (mortgages with no money down).
I did a quick search and found 757 eligible properties in Los Angeles County, with listing prices ranging from $41,000 in Lancaster, CA to $634,900 in Glendale, CA.
If you didn’t hear the news, LeBron James and his Cleveland Cavaliers won the NBA championship. It’s pretty amazing because they did so after being down 3-1 in the series, meaning they had to win three straight.
It’s even more amazing because they had to beat the Golden State Warriors three times in a row, a particularly difficult feat seeing that the Warriors had an all-time best 73 wins during the regular season.
And two of those three wins had to come in the Bay Area (they went 39-2 there during the regular season).
Anyway, the Cavs did it and now an unlikely benefit has presented itself to homeowners.
The 52 Year Drought in Cleveland Ends
The historic win ended a 52-year drought in the city of Cleveland when it comes to a major sports championship. And what better to way to celebrate than lower mortgage rates?
Well, there are probably many, many better ways to celebrate, but for the sake of this blog, lowering mortgage rates is a pretty good way to savor the victory.
And that’s exactly what Cleveland, Ohio based mortgage lender Third Federal Savings & Loan is doing.
From June 23rd through June 27th, 2016, the bank is reducing all its home mortgages rates in the states of Ohio and Florida by a quarter percent. Not sure why Florida gets to take advantage, but LeBron did play in Miami before heading back to his old digs in Ohio.
The rates are being slashed by 0.25%, which translates to 3.19% on a 30-year fixed and 2.74% on a 5/1 ARM.
Third Federal chairman and CEO Marc Stefanski said in the release it’s the “lowest rate ever” offered by the bank on its 30-year fixed purchase loan product.
With fixed and adjustable rates that close, you’d probably be better off going with the fixed option.
Although their 5/1 ARM comes with just $295 in closing costs, which could make it more economical for someone looking to refinance and eventually move on to a different property.
Still Take the Time to Look Elsewhere
As with all other promotions, it’s always recommended to explore your options instead of just going with a bank offering a special rate or some sort of guarantee.
There might be a dozen other banks offering similar rates with lower closing costs. So you should always do your homework and take the time to find the best deal.
It’s not to say these aren’t good rates, they sound pretty low, but there might be better offers depending on the loan product you’re interested in.
What’s funny about this promotion is that it didn’t come from Cleveland Cavaliers majority owner Dan Gilbert, who incidentally also owns Quicken Loans.
The team behind Rocket Mortgage doesn’t appear to have anything similar offered at the moment, but maybe something will eventually surface as a result of the Cavs big win.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
Even the most aggressive stock market investors keep some cash on the sidelines. That balance helps offset market volatility and cover end-of-year tax payments on capital gains. It’s there when you’re ready to put more money in the market too.
Many brokerages hold cash in basic, boring accounts that pay little or no interest and have no real features of their own. Others, like Fidelity, offer more appealing cash management accounts with much higher yields and checking-like features.
There’s no contest. True cash management accounts are better. And the Fidelity Cash Management account is among the best of the bunch. Even if you’re not a current Fidelity brokerage customer, it’s worth checking out. Just make sure you understand how it works — and its limitations — before you apply.
What Is the Fidelity Cash Management Account?
The Fidelity Cash Management account is an FDIC-insured cash management account with no maintenance fees and competitive interest rates on eligible balances.
You can open a Fidelity cash management account without an existing Fidelity brokerage account. Once open, you can keep the entire balance in cash or use a portion of it to purchase stocks, ETFs, or mutual funds. You don’t need to apply for a separate brokerage account.
Fidelity cash management account balances up to $5 million earn 2.60% APY. Interest is variable above that threshold. Other notable features include a secure debit card compatible with major digital wallets, global ATM fee reimbursement, mobile check deposit, and online bill payments.
Unlike a traditional bank account, funds deposited into the Fidelity cash management account may be distributed among a network of partner banks rather than held with Fidelity. This enables much higher FDIC insurance coverage because more than one FDIC-insured bank is involved. It also offers the possibility (though not the guarantee) of higher yields because each bank sets their own interest rates.
What Sets the Fidelity Cash Management Account Apart?
The Fidelity cash management account stands out for several reasons:
Comes with a Visa debit card that works worldwide. This account comes with a Visa debit card accepted by millions of merchants worldwide. As a payment method, it’s as good as any other Visa debit card or credit card.
No limits or geographical restrictions on ATM reimbursements. Fidelity reimburses ATM fees worldwide. There’s no monetary limit to this privilege either.
FDIC insurance many times the standard limit. Although the exact limit is subject to change based on how Fidelity allocates the funds in your cash management account, Fidelity advertises up to $5 million in FDIC coverage. That’s 20 times the standard limit of $250,000.
Impressive mobile features. This account holds its own against any mobile-friendly checking account. It has a full lineup of mobile features in an easy-to-use app.
Key Features of the Fidelity Cash Management Account
Before you open a Fidelity cash management account, take some time to understand its core features and capabilities.
Account Yield & Requirements
This account yields 2.60% APY on the first $5 million. Fidelity allocates this portion of your balance among its FDIC-insured partner banks, but for all practical purposes, it’s held with Fidelity.
Any portion of your balance above $5 million goes into a Fidelity money market fund, which holds a mix of government securities. The interest rate on this portion is variable but generally lower than the rate on the partner bank portion. Importantly, there’s no FDIC coverage on balances held in money market funds.
Account Fees & Minimums
This account has no monthly or annual maintenance fee. There’s no minimum or ongoing balance requirement either.
Secure Debit Card
This account comes with a secure Visa debit card accepted by millions of merchants worldwide. The card itself has no additional maintenance fee, though fees may apply for foreign transactions or overdrafts.
ATM Access
This account’s debit card works at tens of thousands of machines worldwide: any with the Visa, Plus, or Star logos. Fidelity charges no ATM fees of its own and reimburses any fees charged by third parties, like other banks or ATM owners.
Mobile Features
This account has a user-friendly mobile app and a responsive web interface that works well on small screens. It has a full feature lineup:
Mobile check deposit
Digital bill payments
Digital wallet integration
Real-time spending view
Fast internal and external funds transfers
Deposit Insurance
This account has FDIC insurance on balances up to $5 million. Balances above that amount are held in a money market fund that has no FDIC coverage and can lose value due to market volatility.
Access to Stocks & Other Asset Classes
True to its name, the Fidelity cash management account is first and foremost a cash account. You can use it as you would any other checking account.
But because it’s associated with a major investment company, it’s also easy to use some or all of the balance to fund your investing activities. You can buy stocks, ETFs, and mutual funds directly out of your cash management account balance. If you want to trade in riskier asset types, such as options contracts, you need to apply for those privileges separately.
Pros & Cons
The Fidelity cash management account has plenty of upsides and a few notable downsides too.
Visa debit card accepted worldwide
No limits on ATM fee reimbursements
Lots of checking-like features
Very high FDIC insurance limits
Brokerage account link could be too much temptation
Yield isn’t competitive with the best savings accounts
Some traditional checking features missing
Pros
The Fidelity cash management account is a well-rounded cash account with enough firepower for higher-asset users.
Visa debit card accepted worldwide. This account comes with a Visa debit card that’s accepted by millions of merchants worldwide. Functionally, it’s as good as any checking account debit card.
No limit on ATM fee reimbursements. Fidelity is unusually generous when it comes to ATM fee reimbursements. No matter how many withdrawals you make, Fidelity covers the associated fees.
Lots of checking-like features. This account isn’t quite as good as a checking account, but it’s pretty close, and you might not need a checking account if your financial life is otherwise simple.
Very high FDIC insurance limit. Your Fidelity cash management account balance has FDIC insurance up to $5 million, many times the standard limit and high enough not to be an issue for the vast majority of users.
Integrates seamlessly with Fidelity brokerage account. Your Fidelity cash management account integrates seamlessly with your Fidelity brokerage account. That is, if you want it to. It functions perfectly fine as a standalone cash-only account too.
Cons
The Fidelity cash management account is stingier than some other cash management accounts and could tempt less sophisticated users with potentially risky investments.
Yield can’t match top cash management or savings accounts. Though variable, the Fidelity cash management account’s yield tends lower than the leading high-yield savings accounts and interest checking accounts. If your top priority is to maximize your return on cash balances, this isn’t the best account for you.
Direct access to stocks and ETFs could threaten users’ emergency savings. Traditional checking and savings accounts aren’t linked to online brokerage accounts, which means they don’t carry the temptation to invest FDIC-insured emergency savings (or any other cash balances) in stocks and ETFs that can lose value.
Some missing checking features. This account has important checking features like online billpay and mobile check deposit, but it’s not quite a full-service checking account.
How the Fidelity Cash Management Account Stacks Up
The Fidelity cash management account shares the spotlight with several other high-yield accounts tied to brokerage platforms. One of its top competitors is the Wealthfront Cash Account. Before applying for either, compare them head to head.
Fidelity Cash Management
Wealthfront Cash
Maintenance Fee
$0
$0
Yield
2.60% APY
4.55% APY
ATM Reimbursements
Yes, unlimited
No
FDIC Insurance
Up to $5 million
Up to $5 million
The Fidelity cash management account is clearly better for folks planning to use it more like a checking account, thanks in particular to unlimited ATM fee reimbursements. But Wealthfront has a significantly higher yield, which is a key consideration for many investors.
Final Word
The Fidelity Cash Management account is a checking-like deposit account with a much higher yield than most checking accounts and direct access to a low-cost digital brokerage. It has sky-high FDIC insurance limits and unlimited ATM fee reimbursements too, making it appropriate for high rollers.
It’s not perfect though. Its yield is lower than many competing cash management accounts, not to mention high-yield savings accounts, and it’s not quite a full-service checking account. Before you apply, make sure it’s the best choice for your cash management needs.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Fidelity Cash Management Account
With a strong-but-not-industry-leading yield and very high FDIC insurance coverage, the Fidelity Cash Management account is an ideal place to park money you don’t need right away. It also has enough checking-like features to potentially replace your existing bank account. But it’s not the best option if all you care about is earning the most interest possible.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
When you’re buying a home, you probably have a million questions that need answering, especially when it comes to getting the proper insurance to protect your investment.
Soon-to-be homeowners may see both title and homeowners insurance on the lending documentation and wonder what the difference is between the two. While both types of insurance can provide vital coverage for homeowners, they differ vastly in their purpose and protection.
What Is Homeowners Insurance?
A homeowners insurance policy protects a home and personal property from loss or damage. It may also provide insurance in the event someone is injured while they are on the property.
Here are some common things homeowners insurance may cover:
• Damage that may occur in the home, garage, or other buildings on the property • Damaged, lost, or stolen personal property, such as furniture • Temporary housing expenses if the homeowner must live elsewhere during home repairs
Depending on the policy, homeowners insurance may also cover:
• Physical injury or property damage to others caused by the homeowner’s negligence • An accident that happens at home, or away from home, for which the homeowner is responsible • Injuries that take place in or around the home and involve any person who is not a family member of the homeowner • Damage or loss of personal property in storage
Some coverage may also apply to lost or stolen money, jewelry, gold, or stamp and coin collections.
Buying Homeowners Insurance
While someone can legally own a home without taking out homeowners insurance, the mortgage loan holder may require the homeowner to purchase an insurance policy. Typically, lenders do require this as a condition of the home loan.
It’s important to understand that homeowners need to insure the home but not the land underneath it. Some natural disasters — tornadoes and lightning, for example — are covered by typical homeowners policies. Floods and earthquakes, however, are not. If you live in an area where floods or earthquakes are common, you may want to consider purchasing extra insurance to cover damages from potential disasters.
Special coverage may also be worthwhile for those who own valuable art, jewelry, computers, or antiques. There are two policy options that can help homeowners replace insured property in the event of damage or a loss. Replacement cost coverage covers the cost to rebuild the home and replace any of its contents, while actual cash value simply pays the current value of the property at the time of experienced loss.
When it comes time to shop for and buy homeowners insurance, start by asking trusted friends, family, or financial advisors for their recommendations. Do some online research, too. Before you make a final decision, contact multiple companies and request quotes in writing to compare their offerings. That process can give you a good idea of who is offering the best coverage for the most affordable price.
Recommended: Is Homeowners Insurance Required to Buy a Home?
What Is Title Insurance?
Title insurance provides protection against losses and hidden costs that may occur if the title to a property has defects such as encumbrances, liens, or any defects unknown when the title policy was first issued.
The insurer is responsible for reimbursing either the homeowner or the lender for any losses the policy covers, as well as any related legal expenses.
Title insurance can protect both the homeowner and lender if the title of the property is challenged. If there is an alleged title defect, which the homeowner may be unaware of at the time of purchase, title insurance can provide protection to cover any losses resulting from a covered claim.
The policy will cover legal fees incurred if there is a claim against the property.
Recommended: How to Read a Preliminary Title Report
Buying Title Insurance
Both home buyers and lenders can purchase title insurance. If the home buyer is the purchaser, they may want to insure the full value of the property. (The value of the property will affect how much the policy costs). When the lender is the purchaser, they typically only cover the amount of the homeowner’s loan. When it comes time for a home buyer to purchase title insurance, they have full choice of the insurer.
According to the Real Estate Settlement Procedures Act (RESPA) of 1974, the seller cannot require the home buyer to purchase title insurance from one certain company.
Lenders are required to provide a list of local companies that provide closing services, of which title insurance is just one. But it may be worth doing independent research. Lenders may not select their recommendations based on the home buyer’s best interest, but instead because a service provider is an affiliate of the lender and provides a financial incentive in exchange for a recommendation.
Again, it’s a smart idea to seek the counsel of friends and family and do online research to uncover competitive prices and learn which service providers have a solid reputation.
Recommended: What Are the Different Types of Mortgage Lenders?
The Takeaway
Homeowners insurance is an ongoing cost (billed monthly, quarterly, or annually) that helps cover damage or loss of the home and possessions within the home. Title insurance, on the other hand, can help protect against losses caused by defects in the title and is a one-time fee payable during the closing process. The advantage to having both types of coverage is that each policy can protect homeowners against financial loss in very different circumstances.
Shopping for homeowners insurance often requires considering several options, from the amount of coverage to the kind of policy to the cost of the premium. To help simplify the process, SoFi has partnered with Lemonade to bring customizable and affordable homeowners insurance to our members.
Lemonade is a name you can trust. It has exceptional ratings, is fully licensed, and reinsured by some of the most trusted names on the planet. Plus, it donates any leftover money to nonprofit partners chosen by customers.
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During the apartment application process, landlords ask potential renters to provide a lot of information about themselves. Some are simple like your name and phone number, while others are more personal like your income. But before accepting you as a tenant, landlords need to ensure that all the things you said about yourself are accurate and truthful. That’s where background checks come in.
With your permission, landlords can run background checks on you to verify all the information you provided. After all, landlords want trustworthy and reliable tenants, so they need to do their due diligence. A housing provider’s substantial examination of your past with an apartment background check looks for any red flags or anything they need to worry about. But what are they looking for exactly?
What shows up on a background check?
In a nutshell, a background check shows some or all of the details of your personal, financial and professional background. Taken all together, they help paint a more detailed, complete picture of you for the landlord.
The top reasons why landlords run a background check for apartment applicants
Having a stranger look into your personal history can feel invasive. But if you know what information they’re looking at, it helps ease worries. Here’s everything that a future landlord looks at while running a background check.
1. Confirming personal information and identity
Landlords want to protect their rental properties, and that calls for accepting honest tenants. They need to know that you are who you say you are, so the background check validates your name, address, age and other identifying facts.
2. Confirming past and present addresses
On your application form, you’ll usually need to list your previous address history. During the background check process, landlords verify that you indeed lived at those previous addresses.
3. Criminal history and criminal record
No one wants someone who is potentially dangerous or involved in illegal activity living in their apartment rental. Not only does it put other tenants living in the same place at risk, but it could open the landlord up to litigation if something happens.
That’s why many landlords and property managers conduct a criminal background check to screen for a felony record or prior arrests. These types of checks look through police records across the country, uncovering pending criminal cases, prior arrests and criminal convictions.
Having a conviction on your record is more serious than having an arrest because you weren’t or haven’t been charged with any crimes. Arrests are usually scrubbed from your record after seven years, but convictions stay on your record permanently. That being said, having a ton of arrests credited to you wouldn’t look great either.
4. Sex offense registry
As part of the criminal background screening, landlords in some states may check if you pop up on any sex offender lists. If you are a convicted sex offender, you could be denied on these grounds in some states according to state laws. But others don’t allow landlords to discriminate against potential applicants based on this type of offense.
5. Employment history
Along with your personal information and criminal background, your employment history is one of the most important parts of your background check. On your rental application, you’ll be asked to list your current and at least one previous employer, as well as your position and how long you’ve been with the company.
Landlords verify and confirm all this information while running background checks, often by calling or contacting your employer directly.
6. Income
When submitting your application, you’ll need to include pay stubs or other proof of steady income so the landlord knows you can comfortably afford the monthly rent. As part of the employment history check, landlords confirm that you make as much money as you stated on the application by checking with your employer.
It’s also not enough to make roughly the same amount of money each month as the cost of the rent. Landlords know that you have other expenses like utilities and food, so they need to ensure you make enough to comfortably afford all essentials. Having a monthly income three times the cost of rent is the norm.
7. Renter history
Landlords want a stable renter with good rental history. When they check your rental background, the key areas they’ll look into are your payment history and if you’ve had any issues with previous landlords. They can see if you pay rent on time and if you have any previous evictions.
Late rental payments or being evicted by a previous landlord are big red flags that could result in your application being thrown out.
8. Contact information for previous landlords
As part of the rental history report, contact information for past landlords or property managers may come up. Former landlords serve as great references for you as a tenant. As an extra precaution, you could get asked to list the name, phone number or email of your former landlords so the property manager can get in touch.
If you have no renter history and this is your first time trying to rent an apartment, you can still be considered based on other criteria.
9. Credit report
A standard background check will not include your credit score and credit report, as that is information the landlord needs to specifically request from one of the main credit-reporting agencies. But some details of your financial history can show up on a general background check.
If a landlord wants to know more specifics about your financial history such as what your credit score is or if you have any outstanding debts, they’ll need to request a separate credit check for that information.
How far back does the background check go?
An apartment background check typically looks back at the last seven years of your life, but some landlords may go back as far as 10 years.
The reason for this is that under the Fair Credit Reporting Act, you can access a criminal record for up to seven years. However, you can search for convictions indefinitely and they are a part of your permanent criminal history.
What information do I need to provide for the background check?
Landlords use your Social Security number to access your background information as it’s the one piece of personal data that remains constant your entire life. Addresses can come and go, and you get new phone numbers. Even names get changed. But your Social Security number stays with you for life. That’s why it’s the most critical piece of personal information a potential landlord needs to run accurate and comprehensive apartment background checks.
Do I need to pay for my rental background check?
Nearly all landlords and property managers include an application fee as part of their apartment application process. The application fee covers the background check cost, as well as the cost of running a credit report.
These fees typically run between $25 to $50, but they can go higher and be upwards of $100.
Can I refuse to authorize a background check?
All rental applications should include a section where you can authorize having a background check performed on you during the tenant screening process. You are within your right to not sign and refuse to authorize a background check.
But that also means landlords are within their right to reject your application. Renters with a criminal history aren’t protected under the Fair Housing Act. This leaves the door open for landlords to discriminate or reject your application since they can’t legally look into your background. However, a growing number of cities like Seattle and San Francisco are banning landlords from running a criminal background check. Staying well-versed in the local laws for tenants and landlords in your area helps you know your rights.
Is there anything I can do to improve my rental background check?
All potential tenants want to look as good as possible on their background and rental application to stand out from the crowd. But at the same time, no one is perfect. Everyone makes mistakes and there are hiccups on your background check reflecting that. You may have bad credit. Maybe you’re temporarily out of work due to an unexpected event or sudden job loss.
But having one or two less-than-stellar components of your background check doesn’t necessarily disqualify you from being considered. If you have bad credit or a felony record, be upfront about it with the landlord or answer truthfully if the landlord asks. This reflects well on you, showing that you’re honest and direct about past mistakes. Even if you do have a bad credit history, criminal convictions or are looking for a new job, landlords can still consider you for the rental property if they understand the extenuating circumstances.
Other than that, improving your background check is all about playing the long game. You want to show a property manager good patterns over time, like holding down jobs or raising your credit score through thoughtful spending. Being a good tenant, paying rent on time and maintaining a good relationship with your landlord or property manager will elevate a subpar rental history. Being a responsible person in all areas of life can help you land a great apartment.
Landlords cannot reject your application based on these factors
During this process, it can feel like landlords get pretty personal based on all the sensitive information they collect from you. But there are limits to what information they can gather. They need to have a nondiscriminatory interest in all potential applicants, meaning they can’t reject someone simply because of prejudice. Under both federal and state laws like the Fair Housing Act, landlords can’t deny or exclude persons based on any of the following:
Race or ethnicity
Gender
Skin color
Religion
National origin/Ethnic background
Disability
Background checks help landlords find the best tenants for their properties
Background checks are sometimes a frustrating part of the rental process, especially if yours isn’t perfect. But landlords need to protect their property and create a safe living environment for all their tenants.
The information contained in this article is for educational purposes only and does not, and is not intended to, constitute legal or financial advice. Readers are encouraged to seek professional legal or financial advice as they may deem it necessary.
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.