first

Apache is functioning normally

Apache is functioning normally

Imagine receiving a cell phone in your mailbox, that once powered on, dialed your mortgage lender – and once connected, offered lower mortgage payments. Sounds like a dream right?

Well, First Guaranty Mortgage customers have reportedly received cell phones in the mail, programmed to dial the company’s loss mitigation department.

The move was employed to offer at-risk customers, those it was unable to contact through traditional means, money-saving loan modifications.

A similar tactic, utilized by SunTrust Bank, cut their non-response rate in half – it had been as high as 50 percent two years ago.

But why aren’t customers getting in contact with their banks and mortgage lenders, especially with all the media attention regarding loan modifications?

You’d think struggling borrowers would jump at the opportunity to secure a lower mortgage rate, extended amortization, or if they’re lucky, a principal balance reduction.

Perhaps some borrowers fear making contact, or are simply looking to fly under the radar for as long as possible before actually being evicted.

After all, it takes 417 days for a lender to simply send a foreclosure notice, and even longer to get booted. And hey, free rent beats a free phone any day of the week.

Then there are the many, many severely underwater borrowers who are probably strategically planning their exits.

Interestingly, a similar initiative to get customers to contact SunTrust using prepaid gift cards that required a call to the bank for activation saw less success.

At the same time, more traditional measures like hand-addressed letters to borrowers, a campaign led by Fifth Third Bank, seemed to see success.

Go figure.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Apache is functioning normally

One of the most common reasons why a mortgage doesn’t actually close has do with the appraised value, and more specifically, a low appraisal.

One of the three C’s of underwriting is collateral, which in the case of real estate is the value of the subject property and the corresponding down payment.

Banks and lenders need to know a property’s worth to determine how much they are willing to lend to the borrower.

Unfortunately, what someone is willing to pay for a property doesn’t always line up with what the appraiser thinks the property is worth. In most cases, the appraised value falls short of the purchase price because buyers often “overpay” to land the home of their dreams.

Whether it’s really overpaying when someone is willing to pay for it is a question for another day. Anyway, let’s consider a common scenario.

Say a buyer agrees to pay $525,000 for a home and seeks out mortgage financing for 80% of the value. They’d need a loan for $420,000 to stay at 80% LTV, which incidentally allows them to avoid PMI and perhaps obtain a more favorable interest rate.

A 20% down payment means less risk to the lender issuing the mortgage because the borrower has skin in the game. This means they can forego PMI and obtain a more competitive mortgage rate.

Now let’s assume the appraiser comes back with some bad news. The home is only worth $500,000, and the bank is sticking to that valuation.

The buyer either has to come up with more down payment money, get financing at a higher LTV (now 84%), or renegotiate the deal with the seller. Or walk away from the deal.

Apparently, in many of these low-appraisal situations the buyers do just that, walk away. It might be by choice, it might be out of necessity. After all, not everyone has another several thousand dollars to put down if things don’t line up perfectly.

Low Appraisals Are Most Common in Michigan and Florida

The frequency of low appraisals depends a lot of where it is you’re buying, as there appears to be quite a range geographically.

In 2015, 11.3% of appraisals on single-family homes across the nation came in below the sale contract price (only purchases, not refis), this based on data from CoreLogic and FNC Solutions, a collateral information company.

But some states had much higher instances of low appraisals, including Michigan and Florida, with rates of 19.5% and 19.4%, respectively.

Other hot spots included Hawaii (17.6%), Nevada (16.6%), and Texas (15.6%).

Meanwhile, low appraisals were only tied in 4.4% of home sales in South Dakota, 5.9% in Iowa, and 6.1% in Washington state. They were also uncommon in Nebraska (6.2%) and Alaska (6.5%).

Why the Big Range?

CoreLogic pointed to sales volume, market distress, and home price growth.

It might also have something to do with the crisis and subsequent recovery. In many of the hot spots, home prices surged, came crashing down, and then recovered pretty strongly in a short period of time.

While many states haven’t fully recovered, home prices have shot up tremendously since 2012, which often makes it more difficult to appraise the associated properties.

Appraisers are at the mercy of the comparable sales in a subject property’s given area, and if the market is moving super-fast, it’s difficult to assign an accurate value that reflects the rising market, without being too generous.

One could also argue that appraising homes has become a bit more conservative in light of the crisis, which was partially blamed on overinflated appraisals.

In states where home prices haven’t seen massive price movements, it’s perhaps easier to assign values that match up with asking prices. This is especially true when there isn’t a bidding war that drives the price well above asking.

The takeaway, for a buyer, is to understand the risk of a low appraisal when relying upon mortgage financing, and taking proactive steps so you can resolve it if it happens to you. Also knowing where it’s likely to be more common, especially when overpaying for a property.

The seller might want to know the buyer has excess reserves in case it doesn’t come in at value, so the sale doesn’t fall apart.

While low appraisals are certainly a common problem, they pale in comparison to loan denials for things like credit history and income issues (DTI), which are much more likely to sink a loan application.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Apache is functioning normally

Couches are some of the biggest, most awkwardly shaped and heaviest pieces of furniture in your apartment, which makes them a real pain come packing and moving time. Even if you can break it down and disassemble it into separate pieces, those individual sections can still be unwieldy and heavy. To avoid injury or damage to yourself or the couch, moving it requires patience, preparation, the right equipment and some willing helpers.

How to move a couch while moving apartments

Follow these steps on how to transport your couch safely to your new apartment. If you don’t want the hassle, you can always donate it.

1. Get the right supplies like furniture sliders and a flat furniture dolly

Transporting couches requires specialized equipment to protect yourself, the couch and any other people helping you move it. Not only does it help prevent serious injury or damage, but your back will thank you.

In lieu of a hand truck, a flat furniture dolly is best for handling and maneuvering bulky furniture like couches. Comprised of a flat, square platform on four wheels, furniture dollies can handle up to 1,000 pounds, allowing you to roll or slide bulky items across rooms or down hallways with ease.

You can also affix cushioned furniture sliders to the bottom of the couch’s legs, allowing you to push or pull it without damaging it or the floor. Sliders are especially handy if you’re moving out of an apartment that doesn’t have stairs or difficult sections requiring lots of lifting. If you can’t find the right size, you can buy oversized sliders and trim them down.

In addition, you’ll need lifting straps, tie-down straps, tape measure, shrink wrap and a moving blanket.

2. Pack the couch for moving

You can’t just throw your couch onto a furniture dolly, roll it onto a moving truck and call it a day. The smaller and more compact you can make your couch, the easier it’ll be to move.

If it’s possible, disassemble bigger couches like L-shaped sectionals into smaller sections to make them more manageable. If you can’t disassemble the couch or sofa into smaller pieces, follow these packing tips.

Detach couch legs and arms

If you can, remove any parts of the couch that stick out or aren’t part of the main body of the couch. Usually, these are the legs and arms of the couch. In some cases, you can simply twist the legs off. Otherwise, you’ll likely need a screwdriver.

Be sure to keep all the loose screws and other hardware in a labeled Ziplock bag so you don’t lose track of them during the move.

Remove cushions, pillows and blankets

Take any cushions, loose pillows and blankets and store them in giant plastic bags or trash bags. That way, the cushions won’t get dirty or lost. Be sure to label the bags so they don’t accidentally get thrown out!

Wrap the couch in plastic wrap

Once you’ve stripped the couch of everything not permanently attached to the body of the couch, completely wrap it in plastic wrap. As you’re moving the couch, it might bang against walls, door frames, staircase and other parts of the apartment. Wrapping it up protects the house from damage and will keep the couch from getting scratched or dirty. If you can’t find plastic wrap, you can use moving blankets or old sheets in the same way.

3. Measure the couch and the spaces it will need to fit through

This is arguably the most important step in moving a couch. All your preparations will be for naught if the couch won’t actually fit through your apartment’s narrow door or hallway.

Measure both the height and length of the couch, as well as the depth and width. Make sure that you measure all sides, corners and padded areas so you have a complete picture of the couch’s dimensions.

Then measure all the spaces it will need to fit through, like doorways, hallways, staircases and elevators. You’ll likely need to tip, tilt, pivot, shift or swivel the couch to fit through narrower openings and spaces, which is why you should measure the complete dimensions of the couch so you know if it will fit or not. This will also help you strategize the best way to orient the couch for moving. Should it be vertical or horizontal? When will you need to tilt it to fit through a narrow door versus when can you use a furniture dolly to push it across the room?

By taking measurements in advance, you’re saving yourself the trouble of getting the couch stuck in a too-small doorway or being halfway through moving it only to realize it’s too big for your apartment elevator.

4. Take down doors

If your couch will fit through all the openings in the path to the moving truck, now it’s time to remove any obstacles from that path like doors. When moving couches, every inch counts, and removing doors from their hinges will help you gain precious inches of space. Luckily, doors are pretty easy to remove and you can reinstall them once you’re done.

Along with doors, remove other obstacles that could trip you up like hallway carpets and moving boxes so you have a free and clear path.

5. Figure out a game plan

Come moving day, you should have a plan of action ready in advance so you’re not left scrambling at the last minute. That means knowing the exact route you’ll be taking and having enough helpers to safely lift and maneuver.

6. Have enough people to safely lift the couch

If you’re not hiring movers to help, you’ll likely need to enlist some pals to help. If the couch is small and not too heavy, you probably only need one extra person, with at least one person on one end and another on the other end. But for heavier, bigger couches, your task may require at least four people.

7. Take your time while moving the couch

Whether you’re moving the couch a short distance from living room to truck or bringing it down multiple floors from your top-floor apartment, take your time and be patient. Communicate with your helpers in case someone needs to adjust positions or take a break. Slowly maneuver at all times, taking particular care around tight corners, narrow openings and points of access. If you hit a problem spot, don’t force it. Take a beat to analyze the situation and search for a solution. If possible, have someone walk ahead of the group to give feedback about upcoming obstacles. Slow and steady is the best bet.

8. Carefully load onto the moving truck

If you’re using a moving truck, odds are it’ll have a loading ramp. Using the dolly, roll the couch carefully up the ramp onto the truck. Then, remove the dolly and position the couch for moving. Use tie-down straps to secure it in place so it won’t move around during transit.

How do I move a couch up and down stairs?

As much as we all love that one scene from Friends (PIVOT!), it’s much less fun to recreate in person. Taking a couch up and down stairs is particularly tricky, especially if you live in an older apartment building with narrow staircases. You can’t use dollies and sliders on staircases, so you’ll be relying solely on your helpers.

You should never move a couch up or down stairs by yourself. Always have help, whether by hiring moving services or asking friends. Position someone at each end, make sure everyone has a solid grip and lift from the bottom of the couch. Maneuver slowly and go step by step, communicating with each other. Having someone act as a navigator, informing you when you need to pivot or shift, works well too.

Can I move a couch by myself with a dolly?

If it’s small enough, not too heavy and you don’t need to navigate any stairs, it is possible to move a couch by yourself. For safety’s sake, make full use of your tools so you don’t have to lift too much, relying on the dolly and sliders to push the sofa between rooms. We also recommend disassembling the couch into manageable pieces you can handle on your own. You can also put some pieces in storage if need be.

What is the cheapest way to move a couch?

Since you’ll only need to pay for supplies and the moving truck, it’s more affordable to move couches and sofas on your own. But because of their size, weight and awkward shape, for your own safety and peace of mind, sometimes it’s best to turn to the pros.

Hire a moving company to do the heavy lifting

While the cost will be higher, you’ll find hiring professional movers worth the extra expense. They’ll know exactly how to handle and maneuver your heavy furniture, and you can spare your back the strain.

If you’re on the fence about hiring movers, most moving companies will give you a free moving quote that you can use to see if it fits your budget.

Whether with a moving company or on your own for free, moving a couch requires special preparation

Even if you’ve hired professionals to help, prepping your couch for the moving process makes it easier and safer for everyone.

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

Source: rent.com

Apache is functioning normally

Apache is functioning normally

You might not put Ohio at the top of your list when thinking about ideal places to live, but don’t discount Columbus. It’s an accommodating and friendly city full of food, culture and fun. All the amenities are there for any seasoned city dweller, but it’s also a perfect spot for families and those just heading out into the world.

The cost of living in Columbus is 11.1 percent below the national average and also significantly below the state average, making it one of the least expensive cities in the state.

If you’re ready to investigate Columbus’ potential for your next place of residence, check out how the cost of living really breaks down and what your estimated monthly costs might look like.

Housing costs in Columbus

Although prices are rising, housing costs in Columbus are pretty accessible. Overall, housing is 20.5 percent below the national average. This aligns with other Ohio cities, which, even with a higher overall cost of living, still keep housing prices on the lower end. Columbus is almost even with Cincinnati in this area, and it’s less than a percentage point below Dayton.

This percentage puts Columbus rent and housing prices in a good place for those seeking a new apartment. The average one-bedroom is up 9 percent since last year but is only about $1,300 per month. For a two-bedroom apartment, prices are up 3 percent, with the average monthly rent being $1,470. These prices are relatively similar to Columbus’ housing cost partner, Cincinnati, where a one-bed apartment has an average price of $1,390.

If home ownership is on your to-do list, the median sale price in Columbus is $253,000 up about 6 percent over last year.

Apartment hunting in Columbus

Even with median rent prices leaning toward the more reasonable side of one’s budget, you’ll find a lot of variety in cost when looking at different neighborhoods. What’s nice though is that there are popular Columbus communities at almost every price point.

Toward the higher end, you’ll find Short North. Far from the most expensive spot (that honor goes to Victorian Village), Short North has an average one-bedroom rent of $1,530. Considered the city’s arts district, and sitting beside Downtown, you’ll find a lot of art galleries, boutiques and lively restaurants.

For rents that stick closer to the average, check out the Arena District and the University District. Also close to Downtown, one-bedroom apartments in the Arena District average out at $1,350. Another vibrant neighborhood, full of bars and restaurants, the Arena District gets its name because Nationwide Arena, home of the local NHL team, is here.

By comparison, one-bedroom apartments in the University District average out to $1,545 per month in monthly rent. This community includes the Ohio State campus and a ton of places that cater to a college population. It’s a busy spot to live in, but with a lot of potential for fun.

Food costs in Columbus

Food is pretty important to Columbus locals, and serving up dishes associated with the area means great food is coming your way. Of course, the area is all about its buckeye candy, but it also has other signature items such as the Ohioana. This hot dog comes with spicy corn relish, sweet corn, pickle relish, jalapeño and celery salt. Yum.

The cost of living in Columbus when it comes to food, is 4.1 percent below the national average. This puts the city in a pretty good place when it comes to your grocery bill. For comparison, Cleveland is almost 10 percent higher with a rate that’s 5.4 percent over the national average.

What this means, when you need to go shopping to stock your fridge and pantry, is that a dozen eggs will cost you $2, while a bunch of bananas will go for $0.58. A loaf of bread will ring up around $4.14, and a box of cereal will cost $4.49.

Utility costs in Columbus

Columbus weather is a bit of a lesson in the extremes. Summers can be long and humid, and very warm, while winters are cold and snowy. Temperatures can vary from the mid-to-high 80s in the summer, down to the low 20s in winter.

What this impacts, besides your need to own a snow shovel, is your gas and electric bills. Overall, the utility costs in Columbus are 6.3 percent below the national average. This is about five percent less than the cost of living index in Cleveland and Dayton. Even with this more affordable rate overall, you’ll still pay an estimated electricity bill of $163.96.

Transportation costs in Columbus

Another perk of living in Columbus is its high bike and walk scores. This means, at least in certain parts, you can rely on your own two feet (or two wheels) to get around town in your new city, reducing your transportation expenses. Columbus’ bike score is 63 and walk score is 61.

The city also has a decent public transportation system. The Central Ohio Transportation Authority, or COTA, operates almost 80 bus lines throughout the area. The single-trip fare is $2, but you can buy a day pass for $4.50 or a 31-day pass for $62.

If you can’t part with your car, Columbus recently got rid of its parking meters in favor of mobile payments. You now pay by plate either through an app or using a kiosk. Expect to pay about $1 per hour.

All combined, the cost of living in Columbus when it comes to transportation is 13.1 percent below the national average. This is exceptionally affordable considering the percentage dropped by 3.8 points over last year.

Healthcare costs in Columbus

In Columbus, one of the most affordable pieces to your cost of living is healthcare. Here, it’s 16.5 percent below the national average, with a 2.9 percent dip over last year. This puts healthcare expenses in Columbus at some of the most affordable in the state. Dayton, for example, has healthcare costs that are 18.2 percent higher.

You can expect to pay an average cost of $117.90, without insurance, to see a doctor in Columbus. For a teeth cleaning, the average cost is $87.63, and an optometrist visit is $60.27. If you have prescription medication, the average monthly cost, without insurance, is $399.60.

Of course, every person’s specific healthcare costs will vary based on personal health, pre-existing conditions and insurance coverage, but understanding what the averages are can help make it easier to estimate an individual budget.

Goods and services costs in Columbus

So many items fit into the goods and services category of the cost of living in Columbus. The easiest way to sum this category up is to think of all the things you budget for that you enjoy doing, but aren’t absolutely necessary. Many goods and services are what you pause doing when money gets tight.

Thankfully, at 5.8 percent below the national average, and at the lower end of costs for Ohio, you should still be able to enjoy most of your extras. This could include your regular trip to the salon ($42.50), a weekly yoga class ($18.60), a ticket to see the latest action flick in theaters ($11.56) or even that six-pack of beer ($10.49) that you’re taking with you to a friend’s house.

Taxes in Columbus

While sales tax varies in Ohio by county, each area starts off paying 5.75 percent, the state rate. In Columbus, there’s an added county tax and a small special tax, bringing the total up to 7.5 percent. This isn’t the highest sales tax in Ohio, as Cleveland wins that award at 8 percent, but it comes close.

What this means for you while you’re shopping is that for every $1,000 you spend, $75 of it goes straight to taxes.

How much do I need to earn to live in Columbus?

If you look at what the experts tell you about crafting a budget, your biggest expense will always be rent. In fact, around 30 percent of your income should go to this one expense each year.

To calculate what that means for someone living in Columbus, let’s assume you’re a single person renting an average one-bedroom apartment at about $1,315 per month. With that number as our starting point, you’d need to make an average salary of $52,600 a year.

This is most certainly doable given that the median household income in Columbus is $54,902. However, if you want more specific numbers for crafting your own budget, make sure to use our rent calculator.

Free things to do in Columbus

Another great thing about Columbus is the city’s ability to offer up unique and fun experiences without costing you a penny. If you do crunch those numbers and realize your budget may be tight for a while, enjoy some free fun in the city, and maybe learn a little something new.

  • For some free outdoor fun (and a little exercise) visit Goodale Park in the Victorian Village neighborhood. This 32-acre park is the oldest in the city.
  • If you love cartoons, you can get into the Billy Ireland Cartoon Library and Museum for free. This special place is home to the largest comic and cartoon collection in the world.
  • Tour the Ohio Statehouse and get a taste of some local history. The building is beautiful both inside and out.
  • Stop and smell the roses at the Park of Roses. This public park has around 12,000 roses landscaped into three gardens. You’ll also find perennials and herb gardens within the park’s 13 acres.

There are also a variety of museums with free admission or free admission days on the Ohio State University campus. The Billy Ireland Museum is one, but you can also get free access any time to the Orton Geological Museum and the Wexner Center for the Arts. The downtown area of Columbus also offers a variety of free places to visit including those that explore the arts, local history and culture.

Living in Columbus

So, are you surprised at how much Columbus has to offer at such an affordable cost of living? These aren’t all the city’s important secrets either, and the best way to get to know somewhere like Columbus is to go. Are you ready?

The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of November 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.

Source: rent.com

Apache is functioning normally

Apache is functioning normally

The loft is currently undergoing a MAJ nesting overhaul. We’ve flipped floors around quite literally, our bedroom is now on the ground floor!, repainted, reorganized and sadly, had to get rid of our team Apartment 34 office in the process.

While the room was a great for an office space, now our bedroom occupies the only room in the loft with uncarpeted cement floors and things are feeling more than a little cold! And needing to get up a million times a night to care for a newborn eek!!, we need a solution to this situation asap! A rug is the answer – it instantly warms up a space, adding texture and dimension, but finding a well made, timeless option isn’t always so easy. So we’re on an intense hunt for the perfect rug!

But what to do? We could go graphic with a bold print. Or be uber “now” and go Moroccan. I love the way some rugs instantly bring color or pattern to play into the space! I’m slowly turning the corner on the idea of injecting color into the loft, but per usual I’m leaning towards something in a neutral color palette at the moment. The great thing about a neutral rug is that it could quite literally more from one room to the next. From the bedroom to the living room, play room or dining room, investing in something that can be a utility player around the house and in my case, from one house to the next! is so important. I’m really loving the options that Loloi Rugs has to offer. The sophisticated prints will stand the test of trending times and they have quite the selection from tribal to contemporary!

Now, just to pick one! Which rug do you vote? I’m leaning towards #5. I’d love something really graphic with a hint of black, but they’re all so gorgeous it makes it hard to decide. I would so appreciate your help on this one. I can’t wait to get something soft over that concrete.

Our feet thank you for your advice in advance!

image 1+ 3 via Home Adore // 2 via Artek

This post is in partnership with Loloi Rugs. All thoughts and opinions are 100% our own. Thank you for supporting posts that keep Apartment 34’s doors open.

%%youtubomatic_0_0%%

Source: apartment34.com

Apache is functioning normally

Apache is functioning normally

In Buddhism, they call a wandering mind “monkey mind.” I have more of a “gorilla mind”, stampeding out of control, acting on every impulse, and laughing off my attempts to tame it. 

That’s why I found the CEO Schedule so effective. It’s not a regimen; it doesn’t require you to get up at 4:45 am, pound 40 grams of organic protein, and perform yoga poses during conference calls. 

Rather, the CEO “Schedule” is merely a list of habits. Extracted during a 12-year Harvard Business School study of 27 CEOs, the CEO Schedule highlights ways high-level executives can more effectively manage their time. 

While I’m neither high-level nor an executive, certain elements of the CEO Schedule have massively helped me manage my time better without disrupting my existing regimen (i.e. upsetting my gorilla).  

In this article, I’m going to highlight certain habits within the CEO Schedule that I think would help anyone manage their time better and make work more enjoyable. Even if you can implement just one habit from the CEO Schedule, it can be a huge help.

What’s Ahead:

Bundle together similar tasks

Ever feel like you’re “shifting gears” too much during a workday, between emails, personal stuff, and the primary task at hand? 

The problem with “shifting gears” too often is twofold. First, it wears out your clutch, aka your brain. Second, when your brain has to constantly start over and refocus, productivity is lost. 

While minute-to-minute focus can be achieved through meditation and mindfulness, a quick fix you can perform on your calendar is to bundle together similar tasks. The study found that highly effective CEOs all made an effort to stack admin/meeting/problem-solving tasks together so that they could preserve mental energy and momentum.

Try this:

Head over to your calendar and try to create as many large blocks of tasks as possible. Instead of peppering meetings throughout the week, try to stack all of your meetings on, say, Wednesday and Thursday, and keep Monday and Tuesday sacred for hunkering down and writing. 

Put downtime on your calendar

Time spent away from work is just as, if not more important, than the work itself. For that reason, it deserves a spot on your calendar! (Note, I’m keen on calendars -see my piece on keeping your finances on track with a financial calendar!)

The study found that even the busiest CEOs spend at least three hours socializing with friends and family, two hours on hobbies or TV, and one hour in the gym. The precision timing is no coincidence; the 27 CEOs treat their mental and physical health like clients – they’re never late to a meeting and they give them full attention. 

Try this:

A simple checkbox in my Gmail settings provided a nice boost to my mental health. 

  1. First, set your default view from five-day to seven-day, so that each time you visit your calendar you can see your weekend activities and not just your work. 
  2. Next, bake your personal time into your calendar. Color code your gym time, your quality time with family and friends, and your solo downtime, whether it’s spent gaming, browsing Netflix, or figuring out your next investment.

All of these restful activities are just as important at work, so they deserve space on your calendar.  

Pick up the phone more often

Despite most of their jobs revolving around communication, the 27 CEOs spent just 24% of their time on email, and 76% of their time face-to-face or on the phone. 

While that might sound inefficient and a little old-fashioned, communicating in-person or at the very least on the phone is actually a huge time saver. Emails are disruptive, prone to misinterpretation, and are no faster than a telegraph for communicating with a single individual. 

Plus, CEOs value meetings and Zoom calls because they build trust and relationships. Tone, emotion, and subtlety are lost in plaintext format. 

Try this:

If an email upsets, annoys, or confuses you, or if your email might elicit such emotions in the other party, pick up the phone instead. By communicating more directly via voice, you’re less likely to have a miscommunication and end up saving time in the long run. 

Shorten your meetings

During the study, one of the most common “confessions” among CEOs is that many of their one-hour meetings could and should have been 30- or even 15-minute meetings. However, they generally refrained from suggesting shorter meetings because they didn’t want to appear too busy or self-important (49% of their meetings were scheduled by the other party). 

I’m sure you’ve been in a meeting that went on way too long because someone was arbitrarily trying to fill the hour they asked for, or the conversation was caught in a “swirl” where attendees began repeating themselves and somebody says “what we need to find is a balance.” 

When meetings are shorter and end early, you’ll find that the first casualty is that time-wasting fluff and swirl. Tighter time windows push for expediency and let everyone return to their days sooner. 

Try this:

Reset your default meeting duration from one-hour to 30-minutes. You’ll end up saving yourself and all in attendance a lot of time. To fit everything in, stick to a strict agenda, take notes, and establish clear owners/due dates for all follow-ups. 

If you end even earlier and want to wrap things up politely, simply say “if there’s nothing left to cover, I’ll give you 15 minutes of your day back.”

Always have an agenda

Perhaps unsurprisingly, the word “agenda” appeared 27 times in the HBR report. Most of the time it wasn’t in the context of a meeting, but rather in reference to a greater set of personal goals. 

At one point during the study, the researchers asked the CEOs to describe their goals for the quarter and the hours devoted to achieving them. All 27 CEOs provided this data on the spot. 

As someone who’s battled feelings of depression, I’ve learned that one of the secret killers of mental health is a feeling that you’re lacking momentum. You have things that you want to accomplish, but you’re not moving towards them. Consciously or subconsciously, that feeling of stagnation really sucks. 

Thankfully, by contrast, any feeling of progress, or that you’ve pushed the ball forward just a little bit, can be a huge source of reprieve. 

Try this:

Right now, make a list of three goals. They can be a mix of personal or professional, like “lose 10 pounds” or “get my personal finances in order”. 

Next, look at the last two weeks of your calendar and ask yourself: how many hours did I devote to those goals? Which might need more attention next week?

By keeping an agenda of any kind, and chipping away at it each day, you can ensure that you’re always moving towards your goals. 

Summary

As you can see, there’s a reason CEOs can pack so much into their days. And you too can take some of the most common CEO strategies and apply them to your own life.

No matter if you take all of these and run with them, or you find just one way to improve your productivity, you’ll certainly be happy you did.

Read more:

Source: moneyunder30.com

Apache is functioning normally

Apache is functioning normally

Mortgage rates are experiencing some upward pressure this week thanks to some positive economic reports.

We’ve been projecting this trend all year, and anticipate that it will continue throughout the rest of 2018.

That’s why we recommend anyone looking to buy or refinance to lock in a rate soon. Read on for more details.

[embedded content]

Market Outlook 5.14.18 from Total Mortgage on Vimeo.

Where are mortgage rates going?   

Treasury yields continue to hold near 7-year high

After an uneventful couple of week we’re finally seeing some notable market adjustments. Yesterday, long-term government bonds had one of their biggest daily sell-offs of the year, pushing yields higher.

The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, jumped all the way up to 3.06%. Today, it’s climbed up a couple basis points higher to just under 3.09%.

That’s the highest reading in nearly seven years. Mortgage rates typically move in the same direction as the 10-year yield, so we’re seeing some upward pressure on rates this week.

The impetus for the surge higher was some positive readings in the retail sales report, followed by more healthy readings out of the manufacturing sector. We have made it past the most significant economic reports of the week, making it likely that rates will hold at these levels until next week.

Rate/Float Recommendation   

Lock before rates move even higher    

Mortgage rates have jumped higher. That’s something we’ve been warning about for quite some time.

Given that rates are expected to continue their gradual ascent throughout 2018, it makes sense for anyone looking to purchase a new home or refinance their current mortgage to take action sooner rather than later.

The longer you wait, the more likely it is that you’ll get a higher rate when you finally lock.

Learn what you can do to get the best interest rate possible.  

Today’s economic data:               

Housing Starts  

Housing starts for April came in at an annualized rate of 1.287 M. Permits came in at an annualized rate of 1.352.

Fedspeak  

  • Atlanta Fed President Raphael Bostic at 8:30am
  • St. Louis Fed President James Bullard at 6:30pm

Industrial Production 

The industrial production report for April got released this morning and it showed that production is up 0.7%, manufacturing is up 0.5%, and the capacity utilization rate is at 78.0%.

Atlanta Fed Business Inflation Expectations

The business inflation expectation fell back three tenths in May to 2.0%.

EIA Petroleum Status Report

For the week of 5/16/18:

  • Crude oil: -2.2 M barrels
  • Gasoline: -2.2 M barrels
  • Distillates: -3.8 M barrels

Notable events this week:  

Monday:  

Tuesday:   

  • Retail Sales
  • Empire State Mfg Survey
  • Business Inventories
  • Housing Market Index

Wednesday:        

  • Housing Starts
  • Fedspeak
  • Industrial Production
  • Atlanta Fed Business Inflation Expectations
  • EIA Petroleum Status Report

Thursday:     

  • Jobless Claims
  • Philadelphia Fed Business Outlook Survey
  • Bloomberg Consumer Comfort Index
  • Fedspeak

Friday:          

*Terms and conditions apply.

Carter Wessman

Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.

Source: totalmortgage.com

Apache is functioning normally

Apache is functioning normally

For years, the unquestionable leaders of the premium card market were The Platinum Card® from American Express and the Chase Sapphire Reserve.

That all changed when Capital One shook up the industry with its debut of the Capital One Venture X Rewards Credit Card (see rates and fees) in late 2021 — undercutting both of its rivals by offering competitive perks at a lower $395 annual fee.

JOHN GRIBBEN/THE POINTS GUY

Perhaps you’re one of the many Sapphire Reserve cardmembers who’ve questioned your loyalty to Chase with the launch of the Venture X. Or, maybe you’re on the hunt for your first premium travel rewards card.

Today, we’ll help you decide whether the Capital One Venture X or the Chase Sapphire Reserve is the better card for you.

Comparing the Capital One Venture X and the Chase Sapphire Reserve

Feature Capital One Venture X Chase Sapphire Reserve
Annual fee $395. $550.
Welcome bonus Earn 75,000 bonus miles after you spend $4,000 in the first three months of account opening. Earn 60,000 bonus points after you spend $4,000 in the first three months of account opening.
Earning rate
  • 10 miles per dollar on hotels and car rentals booked through Capital One Travel.
  • 5 miles per dollar on flights booked through Capital One Travel.
  • 2 miles per dollar on all other eligible purchases.
  • 10 points per dollar on hotels and car rentals through Chase Ultimate Rewards.
  • 5 points per dollar on flights through Chase Ultimate Rewards.
  • 3 points per dollar on all other travel and dining.
  • 1 point per dollar on all other eligible purchases.
Statement credits
  • Up to $300 in annual statement credit toward travel booked through Capital One Travel.
  • Up to $100 Global Entry/TSA PreCheck credit, every four years.
  • Up to $300 in annual statement credit toward travel purchases.
  • Up to $100 Global Entry/TSA PreCheck/Nexus credit, every four years.
Other card benefits
  • Priority Pass lounge access for the primary cardholder and complimentary access for  two guests.
  • Capital One lounge access for the primary cardholder and up to two guests.
  • 10,000 bonus miles received every card anniversary.
  • Complimentary Hertz President’s Circle status*.
  • Travel and purchase protections.
  • No foreign transaction fees.
  • Priority Pass lounge access for the primary cardholder and up to two guests.
  • Chase lounge access for the primary cardholder and up to two guests.
  • Complimentary car rental elite status with National Car Rental, Avis and Silvercar.
  • Partner benefits like a DoorDash DashPass membership (through 2024).
  • Travel and purchase protections.
  • No foreign transaction fees.

*Upon enrollment, accessible through the Capital One website or mobile app, eligible cardholders will remain at upgraded status level through December 31, 2024. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at Hertz.com) will not automatically detect a cardholder as being eligible for the program and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply.

Annual fee

The annual fee on the the Sapphire Reserve is $550. Note that it costs an additional $75 to add an authorized user.

At $395 per year, the Capital One Venture X is one of the most affordable premium cards. Best of all, you can add up to four authorized users for no additional cost.

Winner: The Capital One Venture X for its lower annual fee for the primary cardholder and no additional cost for up to four authorized users.

Welcome bonus

Both cards require the same amount of spend in a given time frame ($4,000 in the first three months of account opening) to unlock their introductory offers.

Sign up for our daily newsletter

TPG values Chase Ultimate Rewards points slightly higher than Capital One miles due to its superior transfer partners — we estimate that Ultimate Rewards points are worth 2 cents apiece while Capital One miles are worth 1.85 cents apiece.

WYATT SMITH/THE POINTS GUY

The Capital One Venture X’s welcome bonus of 75,000 miles is worth about $1,388, while the Sapphire Reserve’s bonus of 60,000 points is worth $1,200.

Winner: Capital One Venture X.

Earning

Which premium card will offer better returns in the long run? For this analysis, we factored in the value of each currency to their rewards rates:

Capital One Venture X Chase Sapphire Reserve
Earning rate
  • 10 miles per dollar on hotels and car rentals booked through Capital One Travel (18.5% return).
  • 5 miles per dollar on flights booked through Capital One Travel (9.25% return).
  • 2 miles per dollar on all other eligible purchases (3.7% return).
  • 10 points per dollar on hotels and car rentals booked through Ultimate Rewards (20% return).
  • 5 points per dollar on flights booked through Ultimate Rewards (10% return).
  • 3 points per dollar on all other travel and dining purchases (6% return).
  • 1 point per dollar on all other eligible purchases (2% return).

Both the Venture X and the Sapphire Reserve offer fantastic returns for travel purchased through their respective portals.

While the Venture X offers simplicity, with 2 miles per dollar on all other purchases, the Chase Sapphire Reserve offers higher returns for two lucrative bonus categories — travel (booked outside of Ultimate Rewards) and dining purchases.

Chase defines travel as a broad category, including everything from rental homes and buses to rideshares and parking fees. Similarly, dining purchases include takeout and delivery services, widening the spectrum for what falls under this category.

Winner: Chase Sapphire Reserve, as it offers bonus categories beyond travel portal bookings. However, non-bonus purchases only garner 1 point per dollar. If you’re the type of consumer who has a ton of varied spend outside of travel and dining, then the Venture X may be a better card for you for its simple earning rate.

Redeeming

With both of these programs, transferring your points to travel partners is the most rewarding way to redeem your points and miles.

CHRIS DONG/THE POINTS GUY

The Chase Ultimate Rewards program is a long-time crowd favorite. You can transfer your Ultimate Rewards points at a simple, 1:1 ratio (so every 1,000 Chase points equates to 1,000 points or miles in a Chase transfer partner program).

On the other hand, the Capital One miles program has partners that transfer at a 1:1 ratio for the most part, but there are a few exceptions that transfer at a less favorable ratio.

Let’s compare the partners side-by-side (all transfer at a 1:1 ratio unless otherwise stated).

Capital One miles Chase Ultimate Rewards
  • Aeromexico Club Premier.
  • Air Canada Aeroplan.
  • Air France-KLM Flying Blue.
  • ALL Accor Live Limitless (2:1).
  • Avianca LifeMiles.
  • British Airways Executive Club.
  • Cathay Pacific Asia Miles.
  • Choice Privileges.
  • Emirates Skywards.
  • Etihad Guest.
  • EVA Infinity MileageLands (2:1.5).
  • Finnair Plus.
  • Qantas Frequent Flyer.
  • Singapore Airlines KrisFlyer.
  • TAP Portugal Miles&Go.
  • Turkish Airlines Miles&Smiles.
  • Virgin Red.
  • Wyndham Rewards.
  • Aer Lingus AerClub.
  • Air Canada Aeroplan.
  • Air France-KLM Flying Blue.
  • British Airways Executive Club.
  • Emirates Skywards.
  • Iberia Plus.
  • IHG Rewards.
  • JetBlue TrueBlue.
  • Marriott Bonvoy.
  • Singapore Airlines KrisFlyer.
  • Southwest Rapid Rewards.
  • United MileagePlus.
  • Virgin Atlantic Flying Club.
  • World of Hyatt.

As you can see, there are quite a few overlaps. While Capital One offers more loyalty partners, there are no domestic airlines (after it lost JetBlue TrueBlue as a partner).

Meanwhile, Chase offers three domestic airlines — JetBlue, Southwest and United — as well as one particularly lucrative hotel program, World of Hyatt.

Of course, both the Venture X and Sapphire Reserve offer other (less lucrative) redemption options, such as gift cards and cash back.

However, with the Sapphire Reserve, your points are worth 50% more toward any travel booked through the Ultimate Rewards portal, making your points worth 1.5 cents apiece. While this isn’t as rewarding as transferring your points to Chase’s transfer partners, this redemption option is useful if you are having trouble finding award space.

Meanwhile, the Venture X offers fixed-rate travel redemptions at just 1 cent per mile — and while this can be applied to any travel purchase you charge to the card, it’s still notably lower.

Winner: Chase Sapphire Reserve. More partners doesn’t necessarily equate to more value, which is why we peg Ultimate Rewards points at a higher value than Capital One miles. And even the fixed-value redemption option is 50% more lucrative.

Other benefits

Let’s talk about what makes these cards truly premium.

For starters, there’s an up to $300 annual travel statement credit on both cards. However, the Venture X’s travel credit is less flexible since you’ll have to book all travel on the Capital One portal in order to receive reimbursement. Meanwhile, the Sapphire Reserve will automatically reimburse for any purchases under the “travel” umbrella up to the $300 limit — and they don’t necessarily have to be booked directly with Chase.

SUMMER HULL/THE POINTS GUY

As for lounge access, both cards offer Priority Pass membership, giving you access to 1,300-plus lounges worldwide.

On the one hand, the Venture X gets you Unlimited complimentary access for you and two guests, whereas the Sapphire Reserve limits to you to two free guests (and then $27 each for additional guests.) Where the Sapphire Reserve fights back is that you can visit Priority Pass restaurants and spas, whereas you’re limited to lounges with the Venture X.

Both issuers are getting into the lounge game themselves, with Capital One’s first lounge open at Dallas-Fort Worth International Airport (DFW) and more to come. The Venture X gets you access.

SUMMER HULL/THE POINTS GUY

Chase has its first U.S. lounge open in Boston and the Sapphire Reserve card will get you access.

DAVID SLOTNICK/THE POINTS GUY

Finally, both are Visa Infinite cards, giving you high-level travel and purchase protections. Both also come with ancillary benefits that won’t necessarily move the needle for prospective applicants (such as the 10,000-mile anniversary bonus on the Venture X and partner benefits with the Sapphire Reserve), but these perks are all worth taking advantage of if you decide to apply for either card.

Winner: Tie. While the Chase Sapphire Reserve’s $300 travel credit is much more flexible, the Capital One Venture X comes with 10,000 bonus anniversary miles. They’re very similar on lounges.

Bottom line

Both the Venture X and the Sapphire Reserve have their own strengths and weaknesses, so it’s impossible to generalize which card comes out on top.

However, for a much more manageable annual fee, the Venture X is a fantastic offering — if you don’t mind using the travel portal to unlock many of the benefits on the card.

For those who prefer to book directly with travel providers, the Sapphire Reserve is likely the better option for you — but at the cost of a higher $550 annual fee.

Official application link: Capital One Venture X Rewards Credit Card
Official application link: Chase Sapphire Reserve

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

Additional reporting by Ryan Wilcox.

Source: thepointsguy.com

Apache is functioning normally

Apache is functioning normally

Today we’ll examine a growing Bay Area mortgage lender located in Corte Madera, which is just north of San Francisco, known as “Bay Equity Home Loans.”

They’re quite literally located on the San Francisco Bay, so it appears they named themselves appropriately.

Despite being around for just over a decade, and launching their business right around the time the housing bubble burst, they’ve managed to become a top-50 mortgage lender nationally.

That says a lot about their determination and perseverance, to not only survive that difficult period, but also emerge as one of the largest independent mortgage bankers in the country.

On top of that, they’re one of the highest-ranked mortgage companies out there in terms of customer satisfaction, landing in the top-5 on LendingTree. Let’s discover more about them.

Bay Equity Home Loans Fast Facts

  • Retail direct-to-consumer mortgage lender
  • Founded in 2007 by three brothers and close friends
  • Headquartered in Corte Madera, California
  • Offers home purchase financing, refinance loans, and reverse mortgages
  • Licensed in 42 states (retail branches in 27 states)
  • Funded nearly $5 billion in home loans last year
  • Did more than 20% of total volume in state of California
  • Also very active in Arizona, Colorado, Florida, Minnesota, and Washington
  • Agreed to be acquired by Redfin in early 2022 for estimated $135 million in cash/stock

Bay Equity Home Loans is a retail, direct-to-consumer mortgage lender that was launched in 2007 by three brothers and a handful of their close friends.

As noted, they picked a terrible time to launch a mortgage company, but they somehow managed to navigate a massive housing crisis and come out stronger.

Today, they are one of the largest nonbank, independent mortgage lenders in the country, having funded nearly $5 billion in home loans last year.

And there’s a very good chance their 2020 numbers will be even more impressive given the record low mortgage rates that have been available for most of the year.

At the moment, Bay Equity Home Loans is licensed in 42 states and has physical retail branches in 27 states.

While they’re still growing, they aren’t licensed in the following states: Alaska, Delaware, Iowa, New Jersey, New York, Ohio, Pennsylvania, West Virginia, and Washington D.C. That could soon change, so stay tuned.

Last year, they did over $1 billion in lending in their home state of California, which accounted for about 25% of total volume, and another $900 billion or so in Colorado.

They were also quite active in Arizona, Georgia, Minnesota, and Washington.

Roughly two-thirds of total production was made up of home purchase loans, with the remainder mortgage refinances and reverse mortgages, so they appear to be well-liked by real estate agents as well.

The company also recently launched a California-only digital lender called Homenda Mortgage.

In early 2022, Bay Equity Home Loans announced that it would be acquired by Redfin for an estimated $135 million in cash and stock.

The move is intended to grow the Redfin Mortgage brand more quickly to serve Redfin real estate agents.

How to Apply for a Mortgage with Bay Equity Home Loans

  • First you need to get paired up with one of their local lending teams
  • Use their online directory to locate a loan officer near you
  • Once at their personal webpage you’ll see a link to apply for a mortgage directly online
  • They offer a digital mortgage application process powered by Floify that is mostly paperless

In order to get started, you’ll need to head over to the Bay Equity Home Loans website and search their loan officer directory.

Once you find someone to work with, you can view their contact information, including phone number, email address, and branch address.

There will also be an “Apply Now” button you can click on to start your loan application. So you don’t actually have to speak to anyone to begin the loan process.

But if you want to get a mortgage rate quote first, which is probably recommended, you may want to reach out to a human before you fill out the digital loan application.

Speaking of, their 1003 mortgage loan application appears to be powered by fintech company Floify, which lets borrowers complete much of the process digitally.

That means the ability to fill out the application from a desktop computer or smartphone, link financial accounts via asset verification, eSign documents, and check loan status at any time by visiting the loan portal.

The company features in-house underwriters to ensure loans can get decisioned quickly and make their way to the finish line without major delays.

Given their incredibly high customer satisfaction ratings, chances are they close loans quickly and efficiently.

Loan Programs Offered by Bay Equity Home Loans

  • Home purchase loans
  • Refinance loans (rate and term and cash out)
  • Home renovation loans (FHA 203k)
  • Conventional loans
  • Jumbo home loans
  • Government mortgages: FHA/USDA/VA
  • Reverse mortgages
  • Down payment assistance (DPA) programs
  • Fixed-rate mortgages: Terms between 10 and 30 years
  • Adjustable-rate mortgages: Fixed-start periods of 5, 7, or 10 years

Bay Equity Home Loans offers all the loan programs you would expect from a full-fledged mortgage lender, including home purchase loans, refinance loans, home renovation loans, and reverse mortgages.

It’s unclear if they also offer home construction loans, so inquire with your loan officer if you’re in need of such a loan.

They lend on all property types, including primary residences, vacation homes, investment properties, and condos/townhomes.

You can get a conventional loan backed by Fannie Mae and Freddie Mac, or a jumbo home loan that exceeds the conforming loan limit.

They’ve also got the full range of government-backed mortgage loans, including FHA, VA, and USDA loans.

With respect to loan types, you can get a fixed-rate mortgage in various loan terms, or an adjustable-rate mortgage with a fixed-start period of 5, 7, or 10 years.

Lastly, they’ve got access to down payment assistance programs (DPA) for first-time home buyers and reverse mortgages for existing homeowners aged 62 and older.

Bay Equity Home Loans Rates

Like a ton of other banks and mortgage lenders out there, Bay Equity Home Loans doesn’t post their mortgage rates online.

As such, it’s difficult to know how competitive their interest rates are compared to other mortgage companies.

If you do want a mortgage quote, you’ll need to find one of their loan officers via their website directory, then reach out via phone or email.

The one clue we have about their rates comes from their reviews – on Zillow, many former customers indicated that the rate they received was lower than expected.

Their interest rates have also been rated as “excellent” on LendingTree. But it would be nice to see some daily sample rates as well.

Bay Equity Home Loans also doesn’t seem to list their lender fees on their website, so it’s unclear if they charge a loan origination fee, application fee, processing/underwriting, and so on.

Definitely take the time to get those questions answered before you proceed to ensure they are competitive pricing-wise.

Bay Equity Home Loans Reviews

On Zillow, Bay Equity Home Loans has a near-perfect rating, a 4.98 out of 5, based on over 7,000 customer reviews.

That might be the highest score I’ve seen for any mortgage lender. And the fact that it’s from that many reviews is super impressive.

On LendingTree, they have an equally astounding 4.9-star rating out of 5 from more than 18,000 reviews. They also boast a 99% recommend rating and rank in the top five based on customer ratings.

They are only bested by New American Funding, Fairway Independent Mortgage, American Financial Network, and Royal United Mortgage.

In both the “interest rates” and “fees & closing costs” categories, they are ranked excellent.

Over at SocialSurvey, it’s the same story – a 4.93-star rating out of 5 from nearly 40,000 customer reviews.

That might be the most impressive of all considering the volume of reviews at that site.

Lastly, Bay Equity Home Loans is an accredited company with the Better Business Bureau and currently has an ‘A+’ rating.

In other words, while experiences can always vary, they seem to be firing on all cylinders when it comes to customer satisfaction.

So if their mortgage rates and lender fees are also solid, they could be a great choice for those looking to finance a home purchase or refinance an existing mortgage.

Bay Equity Home Loans Pros and Cons

The Good

  • Can apply for a mortgage directly online
  • Offer a digital mortgage application process
  • Lots of different loan programs to choose from including reverse mortgages
  • Incredible reviews from former customers (near-perfection)
  • A+ BBB rating, accredited since 2017
  • Free mortgage calculators and helpful guides on site
  • They may service your home loan as opposed to transferring it

The Maybe Not

  • Not licensed in all states
  • Do not publicize their mortgage rates
  • Do not list their lender fees
  • No smartphone app

(photo: Allie Caulfield)

Source: thetruthaboutmortgage.com