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Mortgage watchers expect rates to trend down by the end of the year. Will that long-awaited decline begin this month?

May mortgage rate predictions

Mortgage rates are likely to remain volatile this month. While most forecasters call for them to ease below 6 percent later this year, that prediction assumes the Federal Reserve’s war on inflation will continue to bear fruit.

“It’s hard to know exactly where rates will go because there are a lot of mixed signals in the economy,” says Lisa Sturtevant, chief economist at Bright MLS, a multiple listing service operating in the Mid-Atlantic.

The first market-moving event on the calendar comes May 3, when the Fed unveils its latest position on interest rates. Many expect a 0.25 percentage point increase, following an identical boost at the central bank’s March 22 meeting.

While the Fed doesn’t dictate mortgage rates, the central bank’s policies ripple through the mortgage market. Since early 2022, mortgage rates have been driven by inflation — and by how aggressively the Fed has responded to rein it in.

If the Fed looks to be moving to the sidelines after an early May rate hike and we continue to see moderating inflation pressures, mortgage rates could slide back to the low 6s.
— Greg McBride, Bankrate Chief Financial Analyst

Many view the central bank’s actions as the clearest indicator of the direction of mortgage rates.

“It all depends on the Fed,” says Doug Duncan, chief economist at mortgage giant Fannie Mae.

“If the Fed looks to be moving to the sidelines after an early May rate hike and we continue to see moderating inflation pressures, mortgage rates could slide back to the low 6s, a level not seen since September,” says Greg McBride, chief financial analyst for Bankrate.

The Mortgage Bankers Association predicts rates will fall to 5.5 percent by the end of 2023 as the economy weakens. The group revised its forecast upward a bit — it previously expected rates to fall to 5.3 percent.

Meanwhile, Fannie Mae’s Duncan expects rates to be in the “high 5s” by the end of 2023. He bases that forecast on the assumption the central bank won’t cut rates in 2023.

What’s driving mortgage rates this month

Mortgage rates bounced around in April, frustrating homebuyers who hoped to make a deal during the spring selling season.

The 30-year fixed rate climbed from 6.32 percent the week of April 5 to 6.61 percent the week of April 19, according to Bankrate’s national survey of lenders. Then they retreated to 6.48 percent in Bankrate’s April 26 survey.

Rates fell in part because the banking industry’s woes were back in the headlines. In late April, fresh concerns about the financial sector spurred a flight to safety by investors. As a result, 10-year Treasury yields dipped. The 10-year Treasury is the benchmark most closely tied to 30-year mortgage rates.

The new worries echoed the March banking crisis, although not as loudly. Mortgage rates fell sharply after Silicon Valley Bank and Signature Bank failed, March 10 and March 12, respectively.

Inflation, too, has been a hallmark of the U.S. economy’s strong rebound from the pandemic recession of 2020. Nearly everyone expected the economy to fall into a recession in late 2022 or early 2023, but that hasn’t happened, at least not yet.

“With first-quarter GDP numbers showing a slowing economy, recession fears have been boosted, which could mean that we will see mortgage rates edge lower in the months ahead,” says Sturtevant. “Mortgage rates typically fall during recessionary periods.”

Political bickering — in the form of a partisan standoff over the federal budget — could also affect mortgage rates.

“The debt ceiling is the ultimate wild card, and markets will get very nervous very fast as the deadline approaches,” says McBride.

Another factor to consider is the “the spread,” the gap between 10-year Treasury yields and 30-year mortgage rates. That margin has been unusually high for the past year or so.

“If that gap were to narrow, mortgage rates could decline,” says Sturtevant.

Mortgage rates and homebuying season

The spring homebuying season is officially underway, and these are nervous times for buyers. Home prices remain elevated, and mortgage rates have fluctuated day to day.

“Even if rates do come down, we’re not going to see the sub-3 percent rates we had during the pandemic,” says Sturtevant, “and the decline in rates is not going to solve the housing affordability challenge which has gotten persistently worse, particularly for first-time homebuyers. In markets with extremely low inventory, lower rates could actually exacerbate the housing affordability crunch if they bring more prospective buyers into an already competitive market.”

Source: bankrate.com

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Today we’ll check out SWBC Mortgage, short for Southwest Business Corporation.

They’re a Texas-based direct-to-consumer mortgage lender, which is part of a larger diversified financial services company called, you guessed it, SWBC.

Their claim to fame is being a top company to work for, and they boast that many of their loan officers have made the list of top 1% of mortgage originators in America.

They currently offer home loans in 40 states and the District of Columbia. Let’s learn more about them.

SWBC Mortgage Quick Facts

  • Direct-to-consumer retail mortgage lender founded in 1988
  • Headquartered in San Antonio, Texas
  • Funded nearly $4 billion in home loans during 2019
  • More than a quarter of total loan volume came from home state of Texas
  • Have branch locations in many states across the country
  • Licensed in 40 states and D.C.
  • All loan processing, underwriting, and closing is done in-house

Last year, SWBC Mortgage originated roughly $4 billion home loans via the retail channel.

They allow prospective home buyers and existing homeowners to apply via their website or a brick-and-mortar branch.

A good chunk of their total loan volume comes from their home state of Texas, and they also do quite a bit of lending in Colorado, Tennessee, and many Southern states.

About two-thirds of total production came from home purchase lending, with about a quarter refinance business and the remainder powered by home equity lending (HELOCs).

At the moment, they don’t appear to provide mortgage lending services in the states of Hawaii, Maine, Massachusetts, Missouri, New York, North Dakota, Rhode Island, South Dakota, Vermont, or Wyoming.

Getting a Home Loan with SWBC Mortgage

  • You can apply directly from their website in minutes
  • Digital mortgage application known as TurnKey powered by Blend
  • Can link financial accounts and/or scan and upload documents securely
  • They say they’re generally able to close loans in less than 3 weeks

When it comes time to apply for a mortgage, you can do so directly from the SWBC website. They have a digital mortgage application called “TurnKey” powered by fintech company Blend.

As the name suggests, you can quickly get through the application thanks to technology like income and asset validation, which lets you link financial accounts instead of inputting that information manually.

At the same time, you can expect one-on-one customer service from a dedicated loan officer if you need any help along the way.

To that end, you can choose a loan officer to work with before you apply by using the directory on the SWBC Mortgage website.

Simply click on “Find a Pro,” then search by city, state or zip code, or by loan officer name. Once you find a branch, you can see who works in that office.

And once you’ve got your loan officer picked out, you can contact them directly or apply from their own dedicated webpage.

All in all, SWBC Mortgage makes it super easy to apply for a home loan without needless steps and wasted time. But you also get the human touch if and when you want/need it.

Loan Types Offered by SWBC Mortgage

  • Home purchase and refinance loans
  • Conforming mortgages backed by Fannie/Freddie
  • Government-backed loans: FHA, USDA, and VA
  • Jumbo loans up to $3 million loan amounts
  • Home renovation loans: Fannie Mae HomeStyle and FHA 203k (Standard and Limited)
  • Texas Vet Mortgage Loans

SWBC Mortgage offers both home purchase financing and refinance loans, including rate and term and cash out refinances, along with home renovation loans.

You can finance a primary residence, second home, or multi-unit investment property.

They’ve got all the typical loan types, such as conforming loans backed by Fannie Mae and Freddie Mac, as well as government loans like FHA loans, USDA loans, and VA loans, the latter two allowing zero down financing.

They also offer home equity loans by way of HELOCs, so if you want to tap your home equity while leaving your first mortgage intact, you can do so.

It may also be possible to take out a piggyback second mortgage if you want to extend your home purchase financing while avoiding PMI.

If you have a particularly expensive property, they offer jumbo home loan financing as high as $3 million, with some of their jumbos coming with down payment options of just 10%.

They also have options for self-employed borrowers, and low down payment options (3% down) for those with little set aside in the way of assets.

Lastly, because SWBC Mortgage participates in the Veterans Housing Assistance Program (VHAP), they’re able to offer Texas Vet mortgage loans that come with special interest rate discounts.

In terms of loan program, you can get a fixed-rate mortgage, such as a 30-year or 15-year fixed, or an adjustable-rate mortgage, like a 5/1 ARM or 7/1 ARM.

SWBC Mortgage Rates

SBMC does not advertise or disclose its mortgage rates online or elsewhere to my knowledge. If you want to get pricing, you’ll need to apply and/or speak with a loan officer.

As such, it’s unclear how competitive they are relative to other mortgage lenders. The same goes for lender fees, which don’t appear to be posted on their website.

This isn’t necessarily a bad sign, it just means you’ll need to speak to someone to find those things out.

Once you have that important pricing information, you can compare their interest rates and closing costs to other lenders while comparison shopping.

Yes, you should take the time to gather more than one mortgage quote, otherwise you’re doing yourself a disservice.

SWBC Mortgage Reviews

SWBC says it has over 1,000 Google reviews, with an average customer rating of 4.9 out of 5 stars. Those reviews may be spread across their many branch locations, so be sure to filter by location.

Some of their locations are very highly-rated, such as the Oklahoma City branch, which has a 5-star rating out of 5 on Birdeye based on nearly 250 reviews.

You can also see individual SWBC Mortgage loan officers’ reviews on Zillow – some have more than others, but this is perhaps the best way to drill down and see how one person performs as opposed to just looking at the entire company.

Since they’re large and located across the United States, it may be best to look at individual reviews for an indication of future performance.

SWBC Mortgage is an accredited company with the Better Business Bureau, and currently enjoys an A+ rating.

SWBC Mortgage Pros and Cons

The Good

  • Can apply for a home loan directly from their website in minutes
  • Offer a digital mortgage application powered by Blend
  • Plenty of loan options to choose from including home equity products
  • Great reviews from past customers
  • Free mortgage calculators on site
  • A+ BBB rating

The Maybe Not Great

  • Not licensed in all 50 states
  • Do not advertise their mortgage rates
  • Do not list lender fees on their website

(photo: Nicolas Henderson)

Source: thetruthaboutmortgage.com

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Americans believe they will need $1.27 million to retire comfortably, according to the latest set of findings from Northwestern Mutual’s 2023 Planning & Progress Study. That number continues to increase, up from $1.25 million reported last year. High-net-worth individuals – those with more than $1 million in investable assets – believe they’ll need $3 million to retire comfortably.

Consider working with a financial advisor as you plan your retirement.

Most workers have got a ways to go with their savings, the report finds. On average, Americans have set aside $89,300 of the $1.27 million they think they’ll need. That average ranges from slightly less than $36,000 in retirement savings for those in their 20s, to nearly $114,000 for people in their 70s – leaving them far off from their required savings goals.

A Positive Development

However, even in the face of a 20% loss in stocks during 2022 and soaring inflation, workers still managed to increase the average retirement savings balance by 3% from the 2022 average of $86,869.

“The good news is that they are saving and investing more for tomorrow, even in this time of high inflation and market volatility,” said Aditi Javeri Gokhale, chief strategy officer, president of retail investments and head of institutional investments at Northwestern Mutual. “That is a step in the right direction and a reverse of what we saw last year when the gap widened rather than narrowed. The challenging news is that there continues to be a big disparity between what they think they’ll need to retire and what they’ve saved to date.”

The study found that people in their 20s had saved an average of $35,800 for retirement. To hit the $1.27 million goal, someone 25 years old with that starting balance would need to invest about $306 per month for the next 40 years at an annual return of 7%. Someone 35, with the average current balance of $67,400 would need to save about $668 a month for the 30 years until they near retirement.

A 45-year-old with the average $77,400 in savings, with just 20 years to save, requires monthly savings of $1,973 per month. At 55, with a current retirement asset balance of $110,900 and 10 years until they near retirement, a worker would need to sock away the unlikely total of $6,344 per month.

Expectations as Retirement Nears

On average, the study found that 52% of people say they expect to be financially prepared for retirement when the time comes, with Gen Z coming in the most optimistic, at 65%. Gen Xers are the least optimistic, with just 45% saying they expect to be ready. Millennials are right in the middle at 54%, while 52% of Baby Boomers who have yet to retire think they’ll be financially set to retire.

The study also found that, on average, Americans expect to work a bit longer before they can call it quits than they did in previous surveys. Currently, they expect to work until age 65, up from 64 last year and 62.6 in 2021. The full retirement age for Social Security benefits is 67 years old for anyone born in or after 1960.

When it comes to feeling ready for retirement, the study found that creating a well thought-out financial plan brought a real boost of confidence. Survey respondents who described themselves as disciplined financial planners knocked two years off their retirement age, expecting to quit at 63, while people who described their planning as informal or having no plan figured they’d be retiring at age 67.

Bottom Line

Finding the answer to the question, “What’s your number?” is an essential piece of financial planning, so that investors can understand the amount of appropriate risk necessary to meet their investment and retirement goals. Typically, experts recommend saving 10% or 15% of salary for the bulk of your working years. Workers also can consult their own Social Security estimate to get a full picture of their potential retirement income.

Tips on Retirement

  • While many investors obsess about trying to “beat the market,” smart investors understand that they simply need to meet their own periodic goals to “make their number” – their desired total retirement assets before they leave work. One way to get help figuring out your number is to work with a financial advisor who can help you answer all your questions about retirement options. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have free introductory calls with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
  • Fidelity recommends that you have 10 times your annual income saved for retirement by age 67. To find out if you’re on track, try SmartAsset’s retirement calculator. This free tool will estimate how much you’ll have when the time comes to retire.

Photo credit: ©iStock.com/adamkaz, ©iStock.com/, ©iStock.com/Tom Merton

Source: smartasset.com

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PrimeLending, a Texas-based retail mortgage bank, aims to expand its market share by growing within its existing footprint in a margin-thinning environment.

The lender brought on 100 loan officers in June, bringing the total number of LOs to about 800. Licensed in 23 states across the country, PrimeLending has 150 branches including satellite and primary retail locations.

“We are dialing down data, metrics and information that allow us to target communities and markets where we again think we have a competitive advantage and we’re using that strategy across the country,” Gene Lugat, executive vice president of strategic support at PrimeLending, said in an interview.

“Companies may be struggling in one way or another. We’ll reach out to those loan officers in markets where we have existing retail branch locations. We’re certainly putting out in both the social media and through our local retail offices that we want the right loan officers,” Lugat added.

While mergers and acquisitions (M&A) is an option for PrimeLending, it’s a challenging market to execute such deals. Instead, tapping high-volume loan officers in targeted locations has worked for PrimeLending.

“We would prefer to be picking up the loan officers without the branches, without physical locations,” Lugat noted. “Because we’re trying to backfill into where we have existing retail opportunities and we have space.”

PrimeLending sees an opportunity to grow in the entire Southwest region and Texas in particular, where the lender is headquartered. The goal is to expand its overall market share to 1% this year from 0.6%.

PrimeLending, led by president and CEO Steve Thompson, ranked as the 34th largest mortgage lender in the first quarter of 2023, with an estimated origination volume of $1.73 billion, a 54% decline from $3.76 billion in Q1 2022 (which was roughly in line with industry peers). Production dropped about 15.2% from the fourth quarter of 2022’s $2.04 billion, according to data from Inside Mortgage Finance.

The target client base for PrimeLending is first-time homebuyers, as the entire industry is struggling to overcome the lock-in effect. Nearly 92% of U.S. homeowners with mortgages have an interest rate below 6%, according to Redfin. 

While the 30-year fixed-rate mortgages are the bread-and-butter products for PrimeLending (accounting for about 95% of origination volume), down payment assistance programs, renovation loans and temporary rate-buydowns have become popular options for buyers, Lugat noted.

Competition in the industry is even more fierce with the number of mortgage transactions expected to drop to 5 million in 2023 from 16 million in 2019, Lugat said, citing data from the Mortgage Bankers Association (MBA).

A combination of higher loan amounts, cash buyers and a radical drop of refi volume add to the difficulty of today’s environment. 

“This is a battle for a very finite amount of buyers that are entering into this space. (…) You have to be presenting your borrowers in the best possible light just to get their contracts accepted, pre-qualifying borrowers and trying to get them in an approved subject to appraisal and any other condition so they can be in a position to win,” Lugat said. 

Source: housingwire.com

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For many individuals and families, owning a home is a lifelong dream. However, with rising real estate prices, some may find themselves seeking financing beyond the conforming loan limit. In this instance, you’d need to apply for a jumbo loan.

What is a jumbo loan?

So, what exactly is a jumbo loan in Rhode Island? It’s a mortgage loan that allows homebuyers to finance a property that exceeds the conforming loan limit set by the FHFA. In simpler terms, a jumbo loan is a specialized mortgage that enables you to borrow more money than you would be able to with a conventional loan. These loans are typically used to finance high-end or luxury properties in areas with high home prices, like Newport.

If you’re considering purchasing a home that requires financing beyond the conforming loan limit (CLL), then you’ll need to apply for a jumbo loan. Because of the larger loan amounts, jumbo loans typically carry stricter requirements and higher interest rates than conforming loans. Lenders may require a higher down payment, a lower debt-to-income ratio, and a stronger credit score to qualify for a jumbo loan in Rhode Island.

What is the jumbo loan limit in Rhode Island?

In Rhode Island, the conforming loan limit is $726,200 across all counties. For example, the conforming loan limit in Providence County is $726,200, so if the loan amount needed is even one dollar more than this amount, it’s considered a jumbo loan.

Keep in mind that the loan amount is what determines whether or not you’ll need a jumbo loan, not the home price. So, if you were to put $100,000 down on a $780,000 home in Providence County, the loan would be $680,000, which is under the conforming loan limit for this area. In this case, your loan wouldn’t be considered a jumbo loan.

To identify the conforming loan limits where you’re considering buying a home in Rhode Island, check out this FHFA map.

What are the requirements for a jumbo loan in Rhode Island?

As previously mentioned, the requirements for a jumbo loan are much more stringent than a conforming loan. Each lender may have different requirements or processes, but below are the typical requirements for borrowers seeking a jumbo loan.

Higher credit score: In order to qualify for a jumbo loan, most lenders will require a credit score of 720 or higher. While some lenders may be more lenient and accept a score as low as 660, a score below this threshold is generally not accepted. In contrast, a credit score as low as 620 could suffice for a conforming loan with some lenders.

Larger down payment: Jumbo loans typically require larger down payments than conventional loans. While the exact amount varies depending on the lender and the borrower’s financial situation, down payment requirements for jumbo loans can be as high as 20% or more. That said, some lenders may offer jumbo loans with down payments as low as 10%, provided the borrower meets certain credit and income requirements.

More assets: To qualify for a jumbo loan, lenders require borrowers to demonstrate that they have sufficient liquid assets or savings to cover at least one year of loan payments. The exact amount of assets needed can vary depending on the lender and the size of the loan, but having more assets can increase the chances of approval and potentially lead to better terms and interest rates.

Lower debt-to-income ratio (DTI): Mortgage lenders typically require a debt-to-income ratio (DTI) of under 43% for jumbo loan borrowers, although a DTI closer to 36% is preferred. This ratio is calculated by dividing the sum of all monthly debt payments by the borrower’s gross monthly income. A lower DTI indicates a stronger ability to repay the loan and can help applicants secure more favorable terms and rates. It’s important for Rhode Island borrowers seeking a jumbo mortgage to have a clear understanding of their DTI and take steps to improve it if necessary.

Additional home appraisals: A home appraisal is required whenever a homebuyer receives financing for their home purchase. However, for jumbo loans, lenders may require an additional appraisal. In areas with limited comparable property sales, this appraisal can be more expensive than in places with higher sales rates.

Source: redfin.com

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The Supreme Court has blocked President Joe Biden’s student loan debt relief plan, saying his administration lacked authorization under the HEROES Act to forgive up to $20,000 in student debt per borrower.

Some 43 million borrowers won’t see a cent of the debt cancellation promised by the White House last year. Under current guidance from the Education Department, borrowers must get ready to resume student loan payments starting in October on their full student loan balance.

On Friday afternoon, Biden announced that his administration was pursuing a student debt cancellation plan B. This route leans on a different legal avenue than the one struck down by the Supreme Court, and the process could take a year or longer. But a plan B remains far from guaranteed, and there is no timeline yet. Take steps to prepare for repayment now.

“Now that we have the decision, we can move forward,” says Betsy Mayotte, president and founder of The Institute of Student Loan Advisors. “There are a lot of borrowers who have been in limbo waiting to see what was going to happen.”

What did the Supreme Court decide?

The court ruled in two cases, and struck down the cancellation through the second case. All nine justices unanimously dismissed the first case, Department of Education v. Brown, because they found the plaintiffs had no standing to sue since they “fail to establish that any injury they suffer from not having their loans forgiven is fairly traceable to the Plan.” The two plaintiffs — individuals who claim they weren’t eligible for part or all of the relief — said they were harmed by not having the opportunity to participate in a notice-and-comment period for the program.

In the second case, Biden v. Nebraska, the court found that at least one plaintiff, the state of Missouri, had the right to sue. Six states sued jointly — Arkansas, Iowa, Kansas, Missouri, Nebraska and South Carolina — alleging the relief would harm tax revenue in those states in addition to the finances of certain state-based loan agencies.

With standing established, a 6-3 majority of justices declared that Biden’s student debt cancellation plan, enacted under the 2003 HEROES Act, was unconstitutional. Chief Justice John Roberts delivered the opinion of the court, joined by Justices Clarence Thomas, Samuel Alito, Brett Kavanaugh and Amy Coney Barrett.

“The Secretary asserts that the HEROES Act grants him the authority to cancel $430 billion of student loan principal. It does not,” wrote Chief Justice John Roberts in the majority opinion. “We hold today that the Act allows the Secretary to ‘waive or modify’ existing statutory or regulatory provisions applicable to financial assistance programs under the Education Act, not to rewrite that statute from the ground up.”

Justice Elena Kagan penned the dissent, joined by fellow liberal justices Sonia Sotomayor and Ketanji Brown Jackson.

How did we get here and what’s next?

President Joe Biden’s student debt cancellation plan, first unveiled in August 2022, promised to erase up to $10,000 per individual borrower earning less than $125,000 annually or per married couple earning less than $250,000, and up to $20,000 for those who received a need-based Pell Grant while in college. The White House said that 90% of the relief would go to borrowers earning less than $75,000 per year.

Roughly 26 million borrowers applied or were automatically eligible for relief — and 16 million of them were approved by the Education Department and subsequently sent to loan servicers. The White House opened debt relief applications in October but closed them a month later as lawsuits swirled. The Supreme Court soon agreed to take on two of the lawsuits and held oral arguments for student debt cancellation on Feb. 28.

If you were among the millions of borrowers counting on this relief, you still have options to lower your monthly payments and even get some of your debt forgiven. Here’s what else borrowers need to know, and how to prepare for the impending end of forbearance.

What should I do now?

Get ready to make payments

Federal student loan payments are set to resume soon, with no possibility of further forbearance extensions. Interest will start accruing again on Sept. 1, and borrowers will have to resume monthly payments on their full student loan balance starting in October.

“Take your time, get very organized, identify where your loans are, what your repayment expectations are, sit down and actually create your own budget or spending plan,” says Stacey MacPhetres, senior director of education finance at EdAssist by Bright Horizons, an education and child care company. “And then take the time to figure out what you need to do.”

If you set money aside during the payment pause, consider making a lump sum student loan payment toward your balance before Sept. 1 to avoid racking up interest.

Find your servicer and set up payments

Check to see who your servicer is. Roughly 44% of borrowers now have a different federal student loan servicer than before the pandemic, according to the Consumer Financial Protection Bureau. You can identify your servicer by logging into your studentaid.gov account with your FSA ID or calling the Federal Student Aid Information Center at 800-433-3243.

Your servicer can help you do the following:

  • Check that your contact information is up to date.

  • Determine the amount you owe, the size of your monthly payments and when your first bill will be due.

  • Set up auto-pay. If you had this set up before forbearance, you’ll need to sign up again.

Expect long wait times when calling your servicer, cautions Scott Buchanan, executive director of the Student Loan Servicing Alliance. You may also be able to check some of this information on your servicer’s self-service online portal to avoid the customer service bottleneck.

Ask about income-driven repayment plans

If you anticipate not being able to make your student loan payment, your servicer can set you up with different payment plans and relief options. Consider asking about income-driven repayment (IDR) plans, which cap monthly bills at a set percentage of your income and erase remaining student debt after you make payments for a set number of years. If you earn below a certain income threshold or have lost your job entirely, you could pay as little as $0 per month under an IDR plan.

And a new IDR plan is in the pipeline that could cut monthly payments in half for most borrowers with undergraduate loans, and fast-track some with lower balances to forgiveness.

“I don’t know whether that plan will be ready to go in the fall,” Mayotte says. “But I know that there is a strong desire by the administration to get that plan, whatever it looks like, up and running sooner rather than later.”

If your student loans are in default

A temporary government program called Fresh Start could help if you had student loans in default before the payment pause. The program gives these borrowers the opportunity to re-enter repayment in good standing and access IDR plans and other relief.

Though borrowers will have one year to enroll in the Fresh Start program once forbearance officially ends this fall, they should apply as soon as possible, advises Michele Shepard, senior director of college affordability at The Institute for College Access & Success. The application is already open. You can sign up for the Fresh Start program today by going to myeddebt.ed.gov and logging in to your account, or calling the Federal Student Aid Office at 1-800-621-3115.

What if I can’t repay my student loans?

Shortly after the Supreme Court announcement on June 30, Biden announced a 12-month “on-ramp” repayment program. Borrowers who can’t make payments won’t fall into default until a year of missed payments, but interest will still accrue, so you should pay if you can.

Contact your servicer before you miss a payment. Ask about your options to lower or temporarily suspend payments through student loan deferment or forbearance. Start with an IDR plan, which sets payments at a portion of your income and extends your repayment term. These options can help keep you out of student loan delinquency (when a payment is late by as little as one day) and default (when a payment is at least 270 days late).

Don’t skip student loan payments. Defaulting on your loans can set off a devastating cascade of financial consequences, says Kristen Ahlenius, director of education at workplace financial wellness company Your Money Line. This can include credit score hits, seized paychecks and more.

Other ways to get help

Some nonprofit and legal organizations can offer student loan help as you navigate a return to payments. But be aware of scams, and avoid debt relief companies and anyone offering loan forgiveness. Only the government can forgive your student loans.

Here are some vetted student loan help resources to consider for information, advice or both; they are established organizations with verified histories:

“It feels like there’s a lot of fervor and panic right now,” MacPhetres says. “But there’s time, there’s opportunity, lots of repayment options and the servicers are there to help.”

Source: nerdwallet.com

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We do not write a lot of business with AXA, but the company has always performed well when we have worked with them.

This AXA life insurance company review was one of our more interesting because, though they were an honorable mention for our best life insurance company ratings, I really had not learned that much about them until now.

When people go to purchase a life insurance policy, there could be any number of different reasons why. For example, it could be for either personal or business purposes, meaning that the beneficiary of the policy may be a family member, a loved one, or even a charitable organization.

But regardless of what the coverage is for, there are still certain factors that you will need to keep in mind as you go through the life insurance purchasing process.

One of these criteria is the amount of protection that you are obtaining. This is because you will want to ensure that those who receive the life insurance proceeds will have enough funds to do what the coverage was intended for.

Yet another key item that people may not be aware of when buying a life insurance policy – but should be – is the importance of the insurance company that they are obtaining the coverage through.

This is because the insurer should ideally be stable and strong financially, and it should also have a good and positive reputation for paying out claims to its policyholders. That way, you will have more assurance that if and when a claim may need to be filed, your policy beneficiary (or beneficiaries) will be receiving their promised funds.

One company that has great respect in this area is AXA Equitable Life Insurance Company.

The History of AXA Equitable Life Insurance Company

AXA Equitable has been in the business of insuring its customers ever since the year 1859. This is when its founder, Henry Hyde – who was already in the insurance industry – left his current position at the Mutual Life Insurance Company of New York in order to begin his company. He initially named the firm Equitable Life Assurance Society of America. By the tenth year of its operation, Equitable Life Assurance Society of America had more new business than any other company worldwide.

As Equitable continued to grow, it built a new headquarters in 1870 – a skyscraper that included steam elevators. And, after an expansion just nine years later, the company’s building became the tallest building in the world at that time.

In the late 1800’s, Equitable marketed the very first joint and survivor annuity. The company also began the practice of paying out life insurance death claims immediately. In addition, the insurer appointed its very first female agency manager.

Throughout the years, the company continued to grow substantially. In 1992, it converted over from a mutual to a stock company. It also became a member of the Global AXA Group – and, by 2015, it had celebrated its 7th consecutive year as the best insurance name around the globe (as measured by the Interbrand annual report).

AXA Equitable Life Insurance Company Review

AXA Equitable offers a wide range of products and services to its customers. These include insurance and investments to help with both growing and protecting wealth. The company also offers employee benefit plans and other financial services for businesses.

Overall, AXA employees approximately 166,000 people in 64 countries, and worldwide the company has 103 million total customers. This large institution is extremely active in the communities through which it works, as well as in providing scholarships for college students.

For example, via the AXA Achievement program, the company assists both students and parents to take the next step towards college, as well as helps educators to take steps towards success.

Also, through the AXA Foundation, the company directs philanthropic and volunteer activities. The company also has a strong commitment to Corporate Responsibility. AXA Equitable is also known for being one of the world’s Top 10 insurers, according to the Insurance Journal. This ranking is based on the company’s non-banking assets.

Financial Strength and Ratings

AXA Equitable is considered to be an extremely strong company from a financial standpoint. It also pays out its insurance claims quickly and consistently to its policyholders. For these reasons and more, the insurer has been provided with high ratings from different agencies. These include the following (as of mid- and late 2015):

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  • A+ from A.M. Best Company (Superior). This is the second highest out of a total of 16 possible ratings.
  • AA- from Fitch. (Very Strong). This is the fourth highest out of a total of 21 possible ratings.
  • Aa3 from Moody’s. (Excellent). This is the fourth highest out of a total of 21 possible ratings.
  • A+ from Standard & Poor’s. (Strong). this is the fifth highest out of a total of 21 possible ratings.

Also, AXA Financial has been an approved business of the Better Business Bureau (BBB) since 1937. The company has been provided with a grade of A+ from the BBB (on a grade scale of A+ to F).

Throughout the previous 3 years, AXA has closed a total of 37 objections through the Better Business Bureau (13 of these were closed during the preceding twelve months). Of these 37 complaints, 20 had to do with the company’s products/services, four had to do with the company’s advertising/sales, and 3 had to do with the company’s billing/collection issues.

Life Insurance Products Offered By AXA Equitable

AXA Equitable offers a wide variety of different life insurance coverage products to choose from. This can allow its customers to better “customize” their policies to more closely fit their coverage needs. Life insurance products that are offered include both term and permanent options.

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Term Life Insurance Coverage

With a term life insurance policy, a death benefit is offered for a specific period of time. In most cases, the premium will be level for that time frame, and after the time has expired, the insured will need to re-apply for coverage if he or she still requires protection – unless the policy provides the ability to convert over to a permanent policy.

Because term life is considered to be the most basic form of life insurance – and it does not provide cash value build up – it can often be purchased very affordably. This is especially the case if the applicant is younger and in relatively good health at the time of application.

AXA Equitable offers the BrightLife Term product. This offers affordable premiums, which are guaranteed to stay level for time periods of 1, 10, 15, or 20 years, depending on which policy is chosen. Once the time frame has elapsed, the premium amount will increase each year. In order to qualify for a BrightLife term insurance policy, an applicant will only need to answer just eight simply questions on the application for coverage.

The policies can be very large and are available for more than $1 million of life insurance.

Permanent Life Insurance Coverage

With a permanent life insurance policy, there will be both death benefit protection, and also cash value. As long as the premium is paid, a permanent life insurance policy will typically remain in force for the remainder of the insured’s lifetime. This is the case regardless of his or her increasing age, and whether he or she contracts an adverse health condition.

Permanent life insurance also includes a cash value or investment component in the policy. Here, the policyholder is permitted to accumulate a savings or investment fund on the side on a tax-deferred basis. This means that there is no tax due on the gain in the account unless or until the funds are withdrawn.

The funds in this account can be withdrawn for any reason. Likewise, they may be borrowed, usually at a very favorable interest rate. This can be done for any reason that the policyholder sees fit.

There are several types of permanent life insurance that are offered through AXA Equitable. These include:

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Whole Life Insurance

Whole life insurance is considered to be the simplest of all of the permanent life insurance options. This is because the death benefit is guaranteed, and the cash value will grow at a set rate of interest over time. The premium amount is also locked in, never to increase.

AXA offers Interest Sensitive Whole Life. This is a permanent policy with a guaranteed minimum cash value that increases every year and equals the policy’s face amount when the insured reaches age 100. (Although the policy account value may be enhanced by additional interest).

Universal Life Insurance

Another type of permanent life insurance policy is universal life. Here, too, the policy has both a death benefit and a cash value component. However, these policies are more flexible because the policyholder can – within various guidelines – choose how much of the premium will go towards the death benefit, and how much will go towards the cash value.

AXA Equitable offers the Bright Life Protect universal life insurance policy. This is a flexible premium policy that offers the opportunity for lifetime insurance protection, as well as the potential accumulation of cash value via the allocation to a select account and / or a fixed account within the policy.

Variable Universal Life Insurance

A variable universal life insurance policy is type of permanent life insurance that combines death benefit protection with an investment opportunity. Here, the policyholder will obtain the protection of a death benefit, and via the cash value component, they can choose various equity investments such as mutual funds. This can allow the funds to grow much more than those that are in a whole life insurance policy. There can, however, also be more risk due to the market exposure.

AXA Equitable offers the Incentive Life Optimizer lll variable universal life insurance policy. This offers death benefit protection, along with the potential for cash value accumulation via a customized and professionally managed investment portfolio.

There is also the Incentive Life Legacy lll variable universal life insurance policy. This policy was created more for those who are seeking affordable permanent life insurance, but who would also like to put their premium to work through market sensitive investment options.

Other Coverage Products Available

In addition to life insurance, AXA Equitable also provides a number of other coverage products, as well as investments and advisory services.

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Just some of the other offerings provided by AXA include the following:

How to Find the Best Life Insurance Premium Quotes on Coverage

When searching for the top life insurance premium quotes for coverage – whether it is on a policy via AXA Equitable Life Insurance Company, Banner Life, or through any other life insurer – it is typically the best course of action to work with an agency or brokerage that has access to multiple insurance carriers.

This is so that you can directly compare several different policies, benefits, and premium prices, and then you can determine which one will work the perfectly for you and your specific coverage needs.

This is not only true for your purchase of life insurance but for other forms of coverage as well, such as auto insurance and health insurance, make sure to obtain more than one or two quotes so that you are getting the best rate for your needs.

We know that the buying of insurance coverage can be an important decision. With all of the various things to be conscious of – as well as the many carriers – it can be difficult to choose. That is why it is important to have someone to walk you through the process of determining which will be the greatest for you. Reach out to us today.

Source: goodfinancialcents.com

Apache is functioning normally

True to its brand, Virgin Voyages does things a little differently than other cruise lines, and this ethos extends to its accommodations. Virgin Voyages’ cabins sport a minimalist look with futuristic touches, and its suites exude a rock-n-roll vibe with in-room turntables and peekaboo showers.

While these cruise rooms may be unique in the cruise industry, you won’t have trouble choosing your cabin or suite. Virgin offers a reasonable three styles of standard cabin and eight categories of suites, so your choice will be guided by your requirements around space, price and light.

Virgin also does not use standard cruise industry lingo to refer to its rooms. Inside cabins are Insider rooms, ocean views are Sea Views, and balconies are Sea Terrace cabins. Suites are RockStar Quarters. Many rooms can accommodate one to four guests, often in slightly unusual bed layouts, so pay attention if you’re traveling in a pack and looking to save a few bucks on your cruise fare.

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Whether this is your first cruise ever or your first with this cruise line, you’ll want to familiarize yourself with Virgin Voyages’ cabins and suites before you make that booking. Here’s everything you need to know.

A Virgin Voyages cabin primer

Sea Terrace on Scarlet Lady. ERICA SILVERSTEIN/THE POINTS GUY

Virgin Voyages sails three identical ships, with one more on the way by the end of 2023. Cabin categories and design are standard across the fleet, so if you’re familiar with one ship, you’re familiar with them all.

Here is a breakdown of the cabin types on Scarlet Lady, which should be the same across all the sister ships:

  • Insider inside cabins: 105 (8%)
  • Sea view outside cabins: 96 (7%)
  • Sea Terrace balcony cabins: 1,051 (79%)
  • RockStar Quarters suites: 78 (6%)

The cruise line caters to adults only; all passengers must be 18 years old. That means you won’t find any family-focused accommodations. However, you will find Insider and Sea View cabins designed for solo passengers, with a 3/4 size bed (larger than a twin but smaller than a full.)

Solo Sea View cabin. VIRGIN VOYAGES

Other cabins and suites in all categories can sleep three or four guests. Groups who don’t want to squeeze four into a room (and we wouldn’t recommend it, given Virgin’s tiny bathrooms and limited storage) can take advantage of connecting rooms.

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Balcony cabins are designated either regular, extra-large, centrally located or limited-view, and your cruise fare will change depending on which you choose. Cheeky Corner and Suite Aft Suites are also divided into Pretty Big Terrace, Even Bigger Terrace and Biggest Terrace classes.

Related: The 5 most desirable cabin locations on any cruise ship

Accessible cabins are available in Insider, Sea View, Central Sea Terrace, Extra-Large Sea Terrace and Seriously Suite categories.

All Virgin Voyages cabins mix a hip yet minimalist design (think IKEA or micro hotel) with tech-forward accessories (such as an iPad that controls the A/C, curtains and mood lighting). The look is more spare than you’ll find on other cruise lines that feature thick mattresses, fluffy duvets and faux-wood cabinetry in their cabins.

Seabed in couch setup. MELANIE ACEVEDO/VIRGIN VOYAGES

In standard cabins, the bed is modular – not only transforming from a queen bed to twins but also turning from a bed into an L-shaped lounging couch. In some quad layouts, a queen bed and an extra twin share the same headboard with a bunk overhead. The mattresses are rearranged on a long platform to form various arrangements; any uncovered portion of the platform serves as a nightstand or low table.

A triangular-with-rounded-edges odd-shaped white table serves as a desk and vanity in most standard cabins, with a round vegan leather stool beneath. It partially overlaps the shelving unit beneath that houses a mini-fridge and small shelves. Above is a round mirror and a shelf holding the room-controlling tablet.

Sea View and Sea Terrace cabins trade out the typical cruise ship cabin couch or love seat for a spare director’s style chair with a faux leather partial back and a padded seat.

Virgin also skips a full wardrobe for a more minimalist closet area where a hanging rod and a two-shelf luggage rack with storage baskets are hidden behind a curtain. A narrow floor-to-ceiling wardrobe contains four slim drawers, shelves housing the safe, life jackets and extra linens and a full-length mirror.

Sea Terrace on Scarlet Lady. ERICA SILVERSTEIN/THE POINTS GUY

It’s not a lot of storage space — perfect for one, manageable for two and likely impossible for three or four.

Standard bathrooms are also tiny and lacking in storage space. The shower has one measly shelf and pump bottles of Red Flower shampoo, conditioner and body wash. It offers both a rain shower head and a wand. The rest of the tiny bathroom features a bowl sink and a small vanity where you can store toiletries if you move the hand towels somewhere else (possibly the shelf below with the garbage can).

The entire space is tight, even for average-sized people. If you need spacious loos, you will need to book a suite.

Virgin Voyages ships have eight types of suites, ranging from 352-square-foot Seriously Suites (which are essentially extra-spacious regular cabins with slightly nicer furnishings and a much larger bathroom) to the 2,147-square-foot Massive Suite with separate living and sleeping areas, a music room, and a gigantic terrace with a dining table (with steps up in case you want to pull a Richard Branson and dance on it) and hot tub.

Related: Why you should splurge for a suite on your next cruise

Suites are split into two categories — RockStar Quarters and Mega RockStar Quarters — which determine which additional perks come with your booking.

Virgin claims that 86% of its cabins feature private balconies, and if you can, you want to book one of these. Why? Because each Sea Terrace comes with a sustainably sourced hammock that is extremely comfortable and unusual in the cruise industry — and for us, was the best part of the entire Virgin accommodation experience.

Inside cabins on Virgin Voyages cruise ships

Social Insider cabin. VIRGIN VOYAGES

Insider cabins are Virgin’s name for windowless interior rooms. They measure 105 to 177 square feet and can sleep one (Solo Insiders) to four people (Social Insiders). As we mentioned above, the Solo Insiders have a 3/4-sized bed. The four-person arrangement is two twin beds arranged in an L shape head to head, with two bunkbeds also in L shape right above. The intent is for the lower beds to be made up as couches during the day and transformed into beds at night.

The room is laid out like a standard Scarlet Lady cabin, but on the far wall, where a window would be, there’s a red, round art piece evocative of a porthole.

Ocean-view cabins on Virgin Voyages cruise ships

Sea View cabin on Scarlet Lady. ERICA SILVERSTEIN/THE POINTS GUY

Sea View cabins are slightly bigger at 130 to 190 square feet and can sleep one to three people, with one pull-down bunk and beds that convert from a queen to two twins. They are arranged identically to the Insider cabins, except they have a large round porthole window with a window seat on the exterior wall.

Some Sea View cabins come in slightly different configurations, especially the rooms located where the ship’s superstructure juts out at an angle. We toured one of these practically V-shaped rooms, which had one rectangular window rather than a full porthole. The window was on the same wall as the bed and chair, and the opposite wall had the desk, mini-fridge and mirror. The converging angle of the two walls made it a tight squeeze between the bed and the desk.

Related: Inside vs. outside cabin: Which affordable cruise room is best for you?

The bottom of the V, if you will, had a tall wardrobe and full-length mirror. The top of the V was the wall with the entry door, the bathroom and the closet hidden away in a tight corner by the window.

Balcony cabins on Virgin Voyages cruise ships

Sea Terrace on Scarlet Lady. ERICA SILVERSTEIN/THE POINTS GUY

Virgin calls its balcony cabins Sea Terraces. They measure 185 to 225 square feet, including the 45-square-foot terrace. They can sleep two to four people, but there’s only one bunkbed. To sleep four, two people will need to share a bed, the third bed will be perpendicular in an L shape (so three heads in close proximity) and the fourth is a bunk flush with the cabin wall above.

Sea Terraces share the layout of the other standard cabins. Note that cabins numbers on the port or A side of the ship have the beds by the bathroom and the desk by the balcony, and cabin numbers on the starboard or Z side of the ship have the reverse layout, with beds by the balcony and desks by the bathroom.

Balconies are outfitted with two upright not-that-comfortable metal chairs and a circular drinks table just big enough for two glasses. The real attraction here is the full-size red hammock hung from the ceiling. A grown adult can easily lay out or simply sit and swing in the hammock. Be prepared to come to blows with your cabinmate over who gets the hammock first and for how long.

Related: Why it pays to upgrade your cruise ship cabin

If you love your hammock so much you can’t live without it, you can buy one on board. The custom-designed hammocks are handwoven by women in rural Thailand and sold by Yellow Leaf, an organization focused on community transformation and female empowerment.

Suites on Virgin Voyages cruise ships

Suite with peekaboo shower. VIRGIN VOYAGES

Virgin Voyages’ 78 RockStar Quarters are broken down as follows (based on Scarlet Lady’s deck plans):

  • Two Massive Suites
  • Two Fab Suites
  • Two Posh Suites
  • nine Gorgeous Suites
  • 18 Brilliant Suites
  • 14 Cheeky Corner Suites (six Biggest Terrace, four Even Bigger Terrace and four Pretty Big Terrace suites)
  • 24 Seriously Suites
  • Seven Sweet Aft Suites (three Biggest Terrace, two Even Bigger Terrace and two Pretty Big Terrace suites)
Massive Suite. VIRGIN VOYAGES

The Sweet Aft, Seriously, Cheeky Corner and Brilliant suites are considered RockStar Quarters. They come with the following perks:

  • Access to Richard’s Rooftop sun deck with hot tubs and a bar
  • Complimentary in-room bar setup (no refills)
  • Priority access to dinner and event reservations, plus shore excursion signups
  • RockStar agents (i.e. concierges) who can help you 24/7
  • Priority embarkation

Gorgeous, Posh, Fab and Massive Suites are considered Mega RockStar Quarters. They come with all the RockStar perks plus additional benefits:

  • A daily bar tab for complimentary drinks and bottles of wine throughout the ship
  • Complimentary Thermal Suite access at the Redemption Spa
  • Private transfers to the ship or free parking (depending on the departure port)
  • A personal RockStar Agent
  • Limitless in-room bar
  • Premium Wi-Fi on Caribbean cruises, allowing streaming on up to two devices

The suite that’s right for you will depend on your budget, the perks you value and where on the ship you wish to stay.

Related: How to snag cruise ship suites for less

Among the RockStar Quarters, the Seriously Suite is the most common suite type on board. It measures 352 square feet, including the balcony. It features a European king bed facing the floor-to-ceiling glass balcony doors, tall closet wardrobes, a brass vanity, a shelving unit with a turntable and bar setup and a window behind the bed looking into the extra-large shower. The bathroom is spacious with a marble tile look, and the terrace is only slightly larger than a standard one, with the same furnishings.

The Sweet Aft Suite ranges in size from 416 to 661 square feet, depending on the deck and the size of the balcony. The higher the deck, the bigger the suite and terrace. There’s one Sweet Aft Suite on each deck between decks 8 and 14, and each is located smack in the center of the back of each deck.

These suites also have a bed facing the windows, but the bathroom is to the side with a shower porthole looking onto the oversized balcony. In addition to the standard hammock, the terrace features two padded lounge chairs, a couch and a round metal table (meant for Champagne) and chairs.

The Brilliant Suite measures 482 square feet and looks like an expanded version of the Seriously Suite. The extra space allows for a modular couch that can double as a bed; this suite can sleep up to four. Its balcony is slightly longer than the Seriously Suite’s, meaning it can offer the larger Champagne table of the Brilliant Suite.

The Cheeky Corner Suite also comes in a range of sizes, 615 to 857 square feet, based on deck and balcony size. The 14 suites are at the back corners of the ship on decks 8 – 14, on either side of the Sweet Aft Suites.

Balconies wrap around the back and sides of the ships, and offer the same furnishings as the Sweet Afts but with the hammock tucked away in the side corner. Inside, the room has a corner sofa area and a large wardrobe.

Related: What not to do on a cruise balcony

All of the Mega RockStar Quarters are on Deck 15, directly beneath Richard’s Rooftop, for easy access.

Massive Suite terrace. VIRGIN VOYAGES

The Gorgeous Suite is the smallest at 570 square feet, and can sleep up to four. Its interior is similar to the Brilliant Suite, but the difference is in the balcony. The suite has a double-depth balcony with an outdoor shower and lounge chairs.

The Posh Suite measures 833 square feet, with living and sleeping areas divided by a wall. It can sleep four (the living room sofa can convert to a bed) and has a bath and a half (the master with a peekaboo shower looking into the bedroom and out the balcony doors beyond). The balcony is similar to the other suite terraces with lounge chairs, a hammock, Champagne table and chairs and a small couch.

The Fab Suite, at 950 square feet, is essentially an oversized version of the Posh Suite. The extra space allows for additional seating areas in both the living room and bedroom. It can also sleep four.

All the way forward on Deck 15, each of the two Massive Suites lives up to its name, coming in at a whopping 2,147 square feet. You enter the main living area with a circular couch seating area and a full bar. To one side is the music room, which can double as an extra bedroom; the suite sleeps up to four — that is if you don’t stay up rocking out on the provided guitars all night. An adjacent guest bathroom is ideal for hosting parties.

On the other side, the master bedroom has privacy behind sliding doors and floor-to-ceiling windows. Just behind, the marble-tiled dressing area features two closets and a soaking tub; turn the corner to find the rest of the bathroom, complete with the signature windowed shower.

The also-massive terrace is your own private backyard with a hot tub, outdoor shower, dining table for six, two hammocks, circular couch seating and padded lounge chairs.

Bottom line

Virgin Voyages’ cabins get the job done. However, its standard rooms won’t keep you inside when the real fun is found in the ships’ public areas. Their best feature is the hammock on every balcony.

For more spacious bathrooms, tricked-out terraces, lounge and seating spaces, and extra perks, upgrade to the RockStar Quarters. While you might want to bring the after-party back to your social living quarters, you miss out if you hide out in your upper-deck digs rather than immerse yourself in the entertainment and cozy hangouts found around Virgin Voyages’ ships.

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Source: thepointsguy.com