California is in the midst of a building boom for accessory dwelling units, which accounted for almost one-fifth of the housing units permitted and built in 2022.
The number of unpermitted ADUs already in existence is jaw-dropping too.
Studies done between 2010 and 2020 found that 11% to 66% of the single-family homes in selected parts of Los Angeles, Oakland and Berkeley had unpermitted units. In fact, one researcher who examined the communities between Long Beach and downtown Los Angeles found that more than 75% of the housing units added between 1991 and 2010 were unpermitted. A UCLA professor estimated in 2018 that Los Angeles had at least 50,000 unpermitted secondary units on single-family lots.
Unauthorized ADUs proliferated in large part because many California cities made it well-nigh impossible to get permits for them. Those barriers did nothing to reduce the demand for living spaces, particularly from lower-income households whose members spanned multiple generations. “If people don’t have housing, they will create housing for themselves and their families,” said Renée Schomp, former director of the Napa Sonoma ADU Center.
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But owning an unpermitted ADU carries risks, especially if you rent it out. You’ll face fines, insurance problems and, potentially, lawsuits from tenants.
The incentives for complying may not be enough, though, to persuade you to get the necessary permits. It can take almost as long to get them as it would for a new ADU, and the cost of bringing your unit into compliance can be quite high.
That’s because unpermitted ADUs can have hidden problems in their foundation, framing, wiring and plumbing that can be expensive to fix. “If it’s a gorgeous unit, that doesn’t mean anything,” said Avi Levi of Levi Design Build, a developer who does most of his work these days on ADUs.
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Common compliance issues
One reason people build dwelling units without permits is that the time-consuming process of getting approvals can raise a project’s price tag by thousands of dollars. But with no inspectors to ensure that the work complies with city codes, nothing stops a contractor from falling short of the local standards — inadvertently or not.
“People don’t get it,” Levi said. “When they’re doing work without a permit, they’re basically letting the person that did the job get away with whatever they wanted to get away with.”
Steven Frasher, spokesman for L.A. County Public Works, offered a list by email when asked what problems the county’s inspectors observed most often. “Improper exiting, improper venting of heating devices, undersized wiring, or improper electrical grounding, to name a few, can lead to life safety issues that are both long-term [chronic] or short-term [acute] exposure risks,” Frasher said. “Most people are aware of acute risks such as fire, but they tend to not pay enough attention to the chronic risks such as headaches, nausea, and breathing problems can be caused by unpermitted building materials, poor ventilation, and mold caused by improper construction methods.”
And even if the contractor did everything by the book, that may not be enough to bring your unit into compliance years later. Although a state law passed in 2018 allows local officials to judge your ADU by the building codes that were in place when it was built, they have the discretion to insist that you upgrade to newer, more stringent standards.
a free, comprehensive guidebook for bringing an ADU into compliance, including descriptions of common problems, cost estimates, and the programs certain cities offer to make the process easier.
City of Los Angeles
The city of Los Angeles, for example, requires unpermitted ADUs to comply with the 2022 state building codes and at least two mandates that probably didn’t exist when your ADU was built: the state’s energy efficiency standards and the city’s Green Building codes.
Builders and the Casita Coalition, a housing advocacy group that backs ADUs, outlined eight compliance issues frequently encountered by homeowners seeking permits for existing units:
Foundation: Most ADUs are converted garages that have a concrete slab foundation that is not stable enough for dwellings — and if the garage was built before 1940, they may have no foundation. In addition to a foundation supported by a sufficient number of footings, these units may need a layer of vapor retarder — a feature not required in garages.
Framing: Unpermitted ADUs often are missing some of the structural safety features that dwelling spaces require, such as the full complement of ceiling joists and braced wall panels. Converted garages may also have kept the garage door as an exterior wall, which is a no-no, said Danny Shuster of Los Angeles-based Construction & Consulting Services.
Wiring and plumbing: In 90% of the unpermitted ADUs he’s seen, Levi said, the wiring and plumbing aren’t up to building-code standards. And in Los Angeles, ADUs must have a separate electrical panel and their own water shut-off valve, along with a source of heat that’s not a portable space heater.
Utility connections and meters: Depending on your city’s requirements, you may need to have separate meters for your ADU’s utilities (which you might want anyway for a rental unit). More significantly, jurisdictions have standards for how and where the ADU’s sewer line connects to the main sewer in the street, and unpermitted ADUs rarely comply, Shuster said.
Energy efficiency: The state’s standards for energy efficient buildings, known as Title 24, are designed to cut electricity and gas use by sealing buildings off better from the elements. But they could force you to replace old windows that leak heat.
Emergency egress: Every bedroom must have an alternate way out in case the door is blocked by fire. As a result, you may have to install a bedroom window large enough for an adult to climb out of.
Water heater: If your ADU’s gas water heater is in a bedroom, it will need to be enclosed in a closet that meets state rules. It will also need to be at least five feet from the property line, as will any heating or cooling appliances, Shuster said.
Firewall: Any exterior wall of an ADU that’s less than 5 feet from the property line must be built to suppress fire for at least 1 hour. Unless your ADU was built fairly recently, you’ll probably have to retrofit it with fire-resistant boards on the inside of the wall.
It’s conceivable that your ADU may not even be permittable, thanks to a noncompliant feature that would be prohibitively expensive to fix — for example, a ceiling that’s too low or the lack of a separate entrance. Another issue for converted garages, Shuster said, is that the exterior walls may have been extended to allow for a larger ADU. If the ADU is closer to the property line than current zoning rules allow, he said, only the portion representing the original garage’s footprint will be grandfathered — the walls and roofline for the additional space will have to be moved back. Ouch.
The path to permits
Not too long ago, there was no way to bring an unpermitted ADU into compliance if it violated setback requirements, limits on lot coverage or other zoning rules. If code enforcers cited your unit, you’d probably have to decide whether to return the space to its original use (e.g., a garage) or dismantle it.
Senate Bill 1069, which lawmakers passed in 2016 to make it easier to build ADUs, forced cities to issue permits “for any existing structure that had been or could be converted to an ADU, so that informal units had a path to safety,” Denise Pinkston, president of the Casita Coalition and a key proponent of the bill, said in an email. Now, Pinkston said, the main impediments are the cost of upgrades, the shortage of financing options, and a general mistrust of government, including fear of rent control among ADU owners, she said.
Nevertheless, contractors say they’re being approached more and more frequently by owners of unpermitted ADUs who are thinking about applying for permits. Levi said he gets at least two such calls a week — sometimes from people who were buying or had bought a lot with an unpermitted ADU, but mainly from property owners who had deliberately built units without getting permits.
About 80% of the time, he said, the ADU is a converted garage. And most of the calls are coming from people who’ve already gotten a citation from local authorities or who know they’re about to get one, Levi said.
How to get started
If you own an unpermitted ADU, chances are good that you’re well aware of the problem. Either you decided to forgo permits when you built it; or, if the ADU was on the property when you bought it, the seller’s agent and the reports you received from the inspector and the title insurance company told you that the space wasn’t legal. But if you have any doubt, your local government’s planning and building-and-safety departments will have records of any permits or certificates of occupancy obtained for your ADU. Many cities, including Los Angeles, enable you to do this online.
Seeking permits retroactively for an ADU will put you in an uncomfortable spot, Levi said: Once you reveal to the city that you have a potentially unsafe dwelling, you’ll have to either bring it into compliance or stop using it as a living space — and maybe even demolish it, depending on how severe the safety problems are.
So the first step is to find out as much as you can from your city before outing your noncompliant unit. Some jurisdictions, including San Francisco and Milpitas, will try to help you figure out how much work you’ll have to do to meet current codes before you seek the necessary permits. And a few, such as Santa Cruz County, will allow you to keep renting out the unit without meeting all of today’s building codes, as long as your unit meets health and safety standards.
Pasadena has even offered local homeowners financial assistance to bring existing ADUs up to code through its Second Unit ADU Program, but it’s not taking new applications at the moment. According to the Pasadena Department of Housing’s website, “The application window is tentatively scheduled to open back up in summer 2023.”
The city of Los Angeles offers a preliminary plan check service (for a fee of at least $227) that can identify building and zoning issues in your plans up front, as well as a call center to answer your questions about local codes, Frank Lara of the L.A. Department of Building & Safety said via email. He also said that merely seeking permits won’t cause an ADU owner to be cited for code violations — the city issues citations in response to complaints, not permit applications.
(To ease the path to permits, the L.A. City Council approved a motion in April to allow owners of unpermitted ADUs to get city approvals without first having to return the unit to its original use — for example, turning a converted garage ADU back into a fully permitted garage. The motion also called for the development of an amnesty program for legalizing unpermitted ADUs, although it set no deadline.)
Looking behind the walls
Next, you’ll want to get some professional help (for your project, not for you personally — at least not at this juncture). You’ll need a licensed architect or structural engineer to sign off on your plans and a licensed contractor to do the work, but first you may want to consult with a pro who can give you a rough idea of what your ADU might require. That way you’ll at least know the scale of what you’re getting yourself into.
The process of obtaining permits starts with you submitting for review an “as built” ADU plan that hews closely to the current structure. “The city’s going to give their own comments about what they want us to comply with — what they will allow and what they will not allow,” Levi said, adding that the plans will go through several revisions and reviews before they’re approved.
How long that process takes will depend on whether you’re in a historic preservation overlay zone, an environmentally sensitive area or other locale that requires extra layers of scrutiny, Shuster said, adding, “It could take a few short weeks; it could take months.”
Once the plans are approved — and remember, this hurdle is significantly lower than it used to be — building and safety inspectors will come out to see how much work needs to be done to bring your unit into compliance. This preconstruction inspection is also a deconstruction inspection, as inspectors will want to tear up walls to check the condition of the wiring and plumbing behind them, as well as looking at the footings under the foundation and other important and potentially inadequate features.
Shuster said these inspections play out in one of three ways, the first being that the unit has to be gutted to expose the framing and foundation because the inspector thinks everything’s out of compliance. He’s seen this happen to maybe 10% of the units he’s worked on, and it came as no surprise because they were in such bad shape. The second possibility is that the inspector says the unit appears to be largely in compliance and pokes the minimum number of holes in the walls. That happens less than 10% of the time, Shuster said.
The most common scenario, he said, is that inspectors will say the unit looks OK but still want to look at the foundation and the framing, measure the insulation, inspect the plumbing and piping, check the wiring and the electrical panel. They may start by pointing out four or five locations where they want the frame or foundation exposed, then ask for more based on what they see.
How much is this going to cost?
Shuster said that bringing a converted garage into compliance would cost $20,000 to $30,000 under the best-case scenario, and possibly more than $100,000. Levi pegged the cost of legalizing a garage ADU at $50,000 to $130,000.
The least expensive job is still pretty costly because of the up-front expense of developing plans and getting them approved. The Casita Coalition estimated that the price tag for plans and permits started at $10,000 and went up from there.
In addition, once your ADU is officially on the city’s books, its value will be added to your property tax assessment, increasing your property taxes.
On the other hand, an unpermitted ADU can prove costly too.
It’s not just the prospect of getting hit with one or more citations for code violations if someone reports you to the city. It’s also what happens after the citation is issued.
If you have tenants, the Casita Coalition says, you may have to cover their relocation costs and reimburse them for the rent they’d paid. And even if you aren’t cited by the city, your tenant may sue you for providing seriously substandard housing, potentially collecting extra damages in addition to recovering their rent payments.
Another issue is that your insurer could exclude unpermitted structures from your coverage, said Janet Ruiz, a spokesperson for the Insurance Information Institute. If there’s a fire or some other kind of damage to that property, you could be on the hook for the entire loss.
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Life insurance can provide value for anyone, regardless of their age. Don’t think that even though you’ve retired, or are about to retire, that you no longer need life insurance. Although it is more difficult to obtain life insurance at age sixty seven, it is still very possible.
The goals of someone at this age are likely very different though so it is likely that they will want to steer towards certain types of insurance and away from others. Regardless, there are multiple factors that must be considered before settling on any one type of insurance.
What do you need?
As a sixty seven year old retirement has early come or is rapidly approaching. You are most likely an empty nester and your family is largely independent of you. If nobody relies on your annual salary, do you still need life insurance? There are several reasons that people well into their 60’s shop for life insurance every day.
Even at this age, you could leave a lot of debt to your children. All of this debt would be given to your loved ones. If your old life insurance policy has expired, but your debts haven’t, it’s a great idea to apply for a new plan that would cover all of the final expenses.
However, caring for your family is probably still a high priority regardless of how dependent they are on you. Knowing that your family will be well taken care of in your absence is a feeling that cannot be replaced by any amount of money.
Many people want to leave behind a wonderful legacy. In most cases this is a large sum of money that they have been working on building for years, but after you pass away, that heritage could get eaten alive by taxes and fees. Life insurance will counteract those taxes and ensure that your family gets the full legacy that you wanted to leave them.
What are the going rates for a 67 year old?
Insurance companies have a complex algorithm that they use in order to determine what your rates will be. Your health today is not the only factor, and just because you consider yourself healthy does not necessarily mean that a life insurance company will do the same.
However, if you are indeed healthy, you will want to go for the Preferred Plus policy. This not only provides quality coverage but it will do so at an affordable rate.
Here are some sample quotes for a $250,000 policy at the Preferred rating:
Sex
10 Year
20 Year
30 Year
Male
$160.16/month
$224.66/month
$336.66/month
Female
$93.19/month
$129.14/month
$222.25
At age sixty seven you hopefully have no medical ailments, but age this can change very quickly. It is always better to be safe than sorry and secure life insurance now while you are in good health and mind. .
What Type of Insurance Does a 67 Year Old Need?
There are several kinds of life insurance, but for a 67-year-old, most of them aren’t good options. Although it is certainly true that your rates will increase with age, people over 60 can still find affordable rates despite having waited so long.
When you’re deciding which type, you need to look at your debts, your life span, and much more. If you need help making this decision, you should get advice from an insurance expert. If you have any questions, don’t hesitate to give us a call.
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What is Term Life Insurance?
Term life insurance is appealing for many ages whether that be in your 50’s or 60’s, but particularly for someone at age sixty seven. Not only is it one of the most affordable type of insurance, but it is best suited for someone of the age because a sixty seven year old most likely does not need insurance for much longer than the shortest term that is available.
Term life insurance is offered for several different spans of time that could very well cover a 67 year old until death. If you have special conditions, or you just need someone who can help you navigate through the different types of policies, an experienced life insurance agent can help you do so. A knowledgeable agent can guide you to the perfect policy to fit your needs.
Term life insurance comes in a variety of lengths. Deciding how long of a term you want to buy depends on your health and how long you expect to live (hopefully, another 30 years), but the length has a significant impact on premiums. With term policies, it’s a good idea to buy a little longer than you think, because if you have to purchase another policy after this one expires you’ll have to reapply for coverage, at that point your insurance premiums are going to be MUCH more expensive.
Many applicants are surprised by their premiums, even at age 67. The best way to get the lowest rates available is to receive quotes from some of the best insurance companies before you decide which plan works best for you. Getting all of these quotes can take hours on the phone calling companies and answering the same questions over and over.
Even if you have high risk health conditions, there are still several life insurance options. Many people with any pre-existing conditions assume that they can’t get approved for a life insurance policy. This isn’t true, there are several insurance agencies that work with high-risk patients or types of policies.
Regardless of your age, one of the best investments to make for your family. Don’t want any longer to get the coverage and peace of mind that you and your family deserve.
A couple of important mortgage rates sank over the last seven days. 15-year fixed and 30-year fixed mortgage rates both trended lower. At the same time, average rates for 5/1 adjustable-rate mortgages increased.
After hiking interest rates 10 times since March 2022, the Federal Reserve pumped the brakes during its June meeting. The central bank’s benchmark federal funds rate will remain at a range of 5.00% to 5.25% for the time being, although the Fed hasn’t ruled out the possibility of further increases if inflation doesn’t continue to moderate.
As long as inflation continues to trend downward, experts say a pause in rate hikes from the Fed could bring some stability to today’s volatile mortgage rate market.
Mortgage rates change every day. Experts recommend shopping around to make sure you’re getting the lowest rate. By entering your information below, you can get a custom quote from one of CNET’s partner lenders.
About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.
Mortgages hit a 20-year high in late 2022, but now the macroeconomic environment is changing again. Rates dipped significantly in January before climbing back up in February. Aside from a brief surge towards the end of May, rates continue to fluctuate in the 6% to 7% range.
Even though the Fed hit pause on rate hikes, mortgage interest rates will continue to fluctuate on a daily basis. That’s because mortgage rates aren’t tied to the federal funds rate in the same way other products are, such as home equity loans and home equity lines of credit, or HELOCs. Mortgage rates respond to a variety of economic factors, including inflation, employment and the broader outlook for the economy.
“Mortgage rates will continue to ebb and flow week to week, but ultimately, I think rates will stick to that 6% to 7% range we’re seeing now,” said Jacob Channel, senior economist at loan marketplace LendingTree. “I don’t anticipate them to spike or even show a sustained spike following this meeting,” Channel said.
Overall, inflation remains high but has been slowly, but consistently, falling every month since it peaked in June 2022.
After raising rates dramatically in 2022, the Fed opted for smaller, 25-basis-point increases in its first three meetings of 2023. The decision to hold rates steady on June 14 suggests that inflation is cooling and ongoing rate hikes may no longer be necessary to bring inflation down to the Fed’s 2% target. The central bank is unlikely to cut rates any time soon, but positive signaling from the Fed and cooling inflation may ease some of the upward pressure on mortgage rates.
“Rates are getting to a point of being steady. So, it’s more a question of how long it will take for rates to start ticking back down and when inflation will return to a place where your dollar starts buying a little bit more each month,” said Kevin Williams, founder of Full Life Financial Planning.
However, mortgage rates remain well above where they were a year ago. Fewer buyers are willing to jump into the housing market, driving demand down and causing home prices in some regions to ease, but that’s only part of the home affordability equation.
“Interest rates have been much higher in the past and people bought homes and financed homes at those rates. But it’s been hard for people to react to such a rapid increase in just a short amount of time,” said Daniel Oney, research director at the Texas Real Estate Research Center at Texas A&M University. “Everybody had a target for how much they needed to save in order to go into the housing market, but when interest rates increased, those goal posts moved too,” he added.
What does this mean for homebuyers this year? Mortgage rates are likely to decrease slightly in 2023, although they’re highly unlikely to return to the rock-bottom levels of 2020 and 2021. However, rate volatility may continue for some time. “Expect mortgage rates to yo-yo up and down in the first half of the year, at least until there is a consensus about when the Fed will conclude raising interest rates,” said Greg McBride, CFA and chief financial analyst at Bankrate. McBride expects rates to fall more consistently as the year progresses. “Thirty-year fixed mortgage rates will end the year near 5.25%,” he predicts.
Rather than worrying about market mortgage rates, homebuyers should focus on what they can control: getting the best rate they can for their situation.
“The most important thing is that they find the right home. The second most important thing is obviously to find the most efficient way to finance it,” said Melissa Cohn, regional vice president of William Raveis Mortgage.
Take steps to improve your credit score and save for a down payment to increase your odds of qualifying for the lowest rate available. Also, be sure to compare the rates and fees from multiple lenders to get the best deal. Looking at the annual percentage rate, or APR, will show you the total cost of borrowing and help you compare apples to apples.
30-year fixed-rate mortgages
The average 30-year fixed mortgage interest rate is 7.00%, which is a decline of 6 basis points from seven days ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most common loan term. A 30-year fixed rate mortgage will usually have a lower monthly payment than a 15-year one — but typically a higher interest rate. Although you’ll pay more interest over time — you’re paying off your loan over a longer timeframe — if you’re looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.
15-year fixed-rate mortgages
The average rate for a 15-year, fixed mortgage is 6.41%, which is a decrease of 4 basis points from seven days ago. Compared to a 30-year fixed mortgage, a 15-year fixed mortgage with the same loan value and interest rate will have a larger monthly payment. But a 15-year loan will usually be the better deal, if you can afford the monthly payments. You’ll usually get a lower interest rate, and you’ll pay less interest in total because you’re paying off your mortgage much quicker.
5/1 adjustable-rate mortgages
A 5/1 adjustable-rate mortgage has an average rate of 6.13%, an increase of 5 basis points compared to a week ago. For the first five years, you’ll typically get a lower interest rate with a 5/1 adjustable-rate mortgage compared to a 30-year fixed mortgage. However, you might end up paying more after that time, depending on the terms of your loan and how the rate shifts with the market rate. Because of this, an adjustable-rate mortgage could be a good option if you plan to sell or refinance your house before the rate changes. If not, changes in the market could significantly increase your interest rate.
Mortgage rate trends
Mortgage rates were historically low throughout most of 2020 and 2021 but increased steadily throughout 2022. Now, mortgage rates are roughly twice what they were a year ago, pushed up by persistently high inflation. That high inflation prompted the Fed to raise its target federal funds rate seven times in 2022. By raising rates, the Fed makes it more expensive to borrow money and more appealing to keep money in savings, suppressing demand for goods and services.
Mortgage interest rates don’t move in lockstep with the Fed’s actions in the same way that, say, rates for a home equity line of credit do. But they do respond to inflation. As a result, cooling inflation data and positive signals from the Fed will influence mortgage rate movement more than the most recent 25-basis-point rate hike.
We use information collected by Bankrate to track rate changes over time. This table summarizes the average rates offered by lenders across the country:
Current average mortgage interest rates
Loan type
Interest rate
A week ago
Change
30-year fixed rate
7.00%
7.06%
-0.06
15-year fixed rate
6.41%
6.45%
-0.04
30-year jumbo mortgage rate
7.03%
7.06%
-0.03
30-year mortgage refinance rate
7.13%
7.16%
-0.03
Rates as of June 19, 2023.
How to find personalized mortgage rates
To find a personalized mortgage rate, meet with your local mortgage broker or use an online mortgage service. When looking into home mortgage rates, consider your goals and current finances.
A range of factors — including your down payment, credit score, loan-to-value ratio and debt-to-income ratio — will all affect your mortgage rate. Generally, you want a higher credit score, a higher down payment, a lower DTI and a lower LTV to get a lower interest rate.
Apart from the mortgage interest rate, other factors including closing costs, fees, discount points and taxes might also impact the cost of your house. Make sure to shop around with multiple lenders — such as credit unions and online lenders in addition to local and national banks — in order to get a mortgage loan that’s best for you.
What’s the best loan term?
One important thing to consider when choosing a mortgage is the loan term, or payment schedule. The mortgage terms most commonly offered are 15 years and 30 years, although you can also find 10-, 20- and 40-year mortgages. Mortgages are further divided into fixed-rate and adjustable-rate mortgages. For fixed-rate mortgages, interest rates are the same for the life of the loan. For adjustable-rate mortgages, interest rates are the same for a certain number of years (most frequently five, seven or 10 years), then the rate adjusts annually based on the market rate.
One factor to think about when deciding between a fixed-rate and adjustable-rate mortgage is the length of time you plan on living in your house. For people who plan on staying long-term in a new house, fixed-rate mortgages may be the better option. Fixed-rate mortgages offer greater stability over time compared to adjustable-rate mortgages, but adjustable-rate mortgages might offer lower interest rates upfront. If you aren’t planning to keep your new home for more than three to 10 years, though, an adjustable-rate mortgage might give you a better deal. The best loan term is entirely dependent on your specific situation and goals, so make sure to think about what’s important to you when choosing a mortgage.
Searching for the perfect planter for your small space can be a daunting task, but fear not! We’ve done the research and put several products to the test to bring you the best planters for small spaces. Whether you’re living in a tiny apartment or just looking to add some greenery to your office, these compact and stylish planters will fit seamlessly into any space.
Having plants in your small space not only adds a touch of nature but also has health benefits such as improving air quality and reducing stress levels. However, finding the right planter that fits your space and style can be a challenge. We’ve analyzed essential criteria such as size, materials, and design to bring you the top contenders in the market.
One of the main considerations for small spaces is finding a planter that is compact yet has enough space for your plant to grow. Another factor is the material, which can affect durability, weight, and overall aesthetics. With so many options available, it can be overwhelming to make a decision, but fear not! We’ve got the expert insights and tips to help you make an informed choice.
Stay tuned for our top-ranking products that offer the perfect balance of style and functionality. Whether you’re a plant enthusiast or just starting your green journey, we’ve got you covered with the best planters for small spaces.
The Thirteen Chefs Villa Acacia Wooden Planter Box is a must-have for any gardening enthusiast. Measuring 24 inches in length, this rectangular wood planter is perfect for gardens, patios, windows, and even home decor. Made of high-quality acacia wood, this plant stand is versatile enough for indoor or outdoor gardening. Its sturdy construction ensures durability and stability, making it perfect for plants of all sizes. Whether you’re planting flowers, herbs, or vegetables, this wooden planter box is the perfect addition to your gardening arsenal.
With its sleek design and natural wood finish, the Thirteen Chefs Villa Acacia Wooden Planter Box is not only functional but also aesthetically pleasing. Its versatile design allows it to blend seamlessly into any decor style, whether rustic or modern. Its size is perfect for small spaces, making it ideal for balconies and apartment patios. Its durability ensures that it will withstand the test of time, making it a great investment for any gardener. Get the Thirteen Chefs Villa Acacia Wooden Planter Box and take your gardening game to the next level.
What we liked about it
The Thirteen Chefs Villa Acacia Wooden Planter Box is an excellent addition to any garden or patio. What we loved most about this rectangular wood planter is its versatility, as it can be used for indoor or outdoor gardening. Made from high-quality acacia wood, it is sturdy and durable, making it perfect for year-round use. We also appreciate the 24-inch size, which allows for ample planting space and room for growth. The design is sleek and modern, making it a great home decor piece as well. Overall, the Thirteen Chefs Villa Acacia Wooden Planter Box is a great investment for gardeners and plant enthusiasts alike.
What we didn’t like about it
When it comes to the Thirteen Chefs Villa Acacia Wooden Planter Box, we found a few aspects that could use some improvement. Firstly, we found that the wood used in the box was not very durable, and it started to show signs of wear and tear after just a few months of use. Additionally, the size of the planter box was a bit smaller than we expected, which limited the types of plants we could grow in it.
However, despite these drawbacks, we did appreciate the overall design and style of the planter box. The rectangular shape and natural wood finish made it a great addition to our patio decor, and we appreciated the versatility of being able to use it for both indoor and outdoor gardening. With a few improvements in the durability and size of the box, this could be an excellent choice for any home gardener.
The Thirteen Chefs Villa Acacia Wooden Planter Box is the perfect addition to any garden, patio, or home decor. Made of high-quality acacia wood, this planter box is durable and long-lasting. Measuring 16 inches long, it is the perfect size for any indoor or outdoor gardening project. Use it to plant herbs, flowers, or even vegetables. The rectangular shape allows for ample space to grow a variety of plants. The natural wood finish of the planter box adds a touch of elegance to any space. Use it as a stand-alone piece or pair it with other garden decor for a cohesive look.
What we liked about it
The Thirteen Chefs Villa Acacia Wooden Planter Box is a beautiful addition to any garden or home decor. What we loved most about this 16-inch rectangular wood planter is its versatile design, which makes it perfect for both indoor and outdoor gardening. The acacia wood plant stand is not only sturdy and durable but also adds a touch of natural elegance to any space. We were impressed by the quality of the materials and the attention to detail in the craftsmanship. The planter is easy to assemble and maintain, making it ideal for both novice and experienced gardeners. Overall, we highly recommend this product for anyone looking for a stylish and functional planter box.
What we didn’t like about it
The Thirteen Chefs Villa Acacia Wooden Planter Box is a beautiful addition to your garden or home décor. However, we found that the wood was not as durable as we had hoped. After a few months of use, we noticed some cracking and warping in the wood. We also found that the planter did not come with drainage holes, which could cause problems for your plants if not addressed. Overall, we think that the Thirteen Chefs Villa Acacia Wooden Planter Box has potential but could use some improvements to make it more durable and practical for gardening. We suggest adding drainage holes and using a more durable wood for future versions of this product.
The Veradek V-Resin Indoor/Outdoor Taper Planter is a versatile addition to any space. Made from durable resin, this planter is suitable for both indoor and outdoor use. With a sleek and modern design, it adds a touch of elegance to any decor. The set of two planters in black color, each 30 inches tall, allows for multiple planting options and arrangements. The tapered shape adds visual interest and allows for easy planting and maintenance. Whether used for plants, flowers, or herbs, this planter is a perfect choice for any green thumb.
What we liked about it
The Veradek V-Resin Indoor/Outdoor Taper Planter set is an excellent addition to any home or garden. What we loved most about this set is the modern and sleek design that adds a touch of elegance to any space. Made from high-quality resin, these planters are durable and weather-resistant, making them perfect for both indoor and outdoor use. The 30-inch height is perfect for tall plants and the tapered shape adds a unique touch to your decor. Plus, the set of two allows for versatility in placement and design. Overall, we highly recommend the Veradek V-Resin Indoor/Outdoor Taper Planter set for anyone looking to elevate their plant game.
What we didn’t like about it
When it comes to the Veradek V-Resin Indoor/Outdoor Taper Planter, there are a few things we didn’t love. Firstly, the size of the planter may be too big for smaller spaces, making it difficult to find the perfect spot for them. Additionally, while the tapered design is visually appealing, it can make it challenging to fit larger plants in the pot. Finally, the price point is a bit on the higher side, which may not be ideal for those on a budget. However, despite these drawbacks, the planters are still durable, lightweight, and weather-resistant, making them great for outdoor and indoor use.
The Plant Pots Set of 3 Pack 10 inch is a must-have for any indoor or outdoor gardener. These whiskey barrel planters come with drainage holes and a saucer, which makes them perfect for any type of plant. The plastic decoration flower pots have an imitation wine barrel design, making them a stylish addition to any home decor. These pots are 10 inches in size, making them perfect for small to medium-sized plants. They are made of high-quality materials and are built to last.
These plant pots are perfect for a variety of uses, including planting herbs, flowers, and small vegetables. They are also great for use as a centerpiece or as a decorative accent in any room. The drainage holes and saucer make it easy to water your plants without worrying about over-watering. These planters are also lightweight, making them easy to move around and rearrange as needed. Overall, the Plant Pots Set of 3 Pack 10 inch is a great investment for any gardener or plant enthusiast.
What we liked about it
The Plant Pots Set of 3 Pack 10 inch is an excellent choice for indoor and outdoor gardening enthusiasts. What we liked the most about these pots is their imitation wine barrel design, which adds a rustic charm to any garden or home decor. The pots are made of high-quality plastic and come with drainage holes and saucers, making them ideal for growing a wide range of plants. We found the 10-inch size to be perfect for small to medium-sized plants, and the set of three pots offers great value for money. Overall, these pots are durable, functional, and aesthetically pleasing, making them a must-have for any plant lover.
What we didn’t like about it
When using the Plant Pots Set of 3 Pack 10 inch, we noticed a few aspects that could be improved. Firstly, the imitation wine barrel design was a bit too artificial, making it look a bit cheap and not as realistic as we would have liked. Additionally, the plastic material was not as durable as we had hoped, and we noticed some cracking after just a few weeks of use. While the drainage holes and saucer were appreciated, we felt that the overall quality of the pots could be improved.
To make the Plant Pots Set of 3 Pack 10 inch even better, we suggest using a more realistic and natural-looking design that is more in line with the aesthetic of a real wine barrel. Additionally, using a more durable material would help to prevent cracking and ensure that the pots last for a longer period of time. Despite these issues, we did appreciate the versatility of the pots, which can be used both indoors and outdoors, and the convenience of the saucer for catching excess water.
The HC Companies 20 Inch Eclipse Round Planter with Saucer is a versatile plant pot suitable for both indoor and outdoor use. It comes in a rich chocolate color and has a diameter of 20 inches. This planter is perfect for growing various types of plants, including flowers, vegetables, and herbs. The planter’s saucer ensures that water is collected, keeping the surrounding area clean and mess-free.
Made from high-quality materials, this planter is sturdy and durable. It is also lightweight, making it easy to move around. With its sleek and modern design, this planter will complement any decor style. Whether you’re a seasoned gardener or a beginner, the HC Companies 20 Inch Eclipse Round Planter with Saucer is an excellent choice for all your planting needs.
What we liked about it
The HC Companies 20 Inch Eclipse Round Planter with Saucer is a versatile option for both indoor and outdoor gardening. What we loved the most about this product is its sturdy construction and stylish design. The chocolate-colored planter is made with high-quality materials that can withstand harsh weather conditions and resist fading. The round shape and saucer make it easy to water your plants without making a mess.
The key features that impressed us the most are the generous size and the drainage holes that prevent root rot. With a depth of 14 inches, this planter is perfect for growing a wide variety of flowers, vegetables, and herbs. We also appreciated the fact that it comes with a saucer that catches excess water, keeping your floors clean and dry.
In terms of performance, we found the HC Companies 20 Inch Eclipse Round Planter with Saucer to be exceptional. It provided excellent drainage and allowed our plants to thrive. Moreover, it was easy to move around thanks to its lightweight design. The user experience was top-notch, as the planter was easy to assemble and use.
Overall, we would highly recommend the HC Companies 20 Inch Eclipse Round Planter with Saucer to anyone looking for a durable and stylish option for their indoor or outdoor gardening needs. With its impressive features and performance, it is definitely worth the investment.
What we didn’t like about it
When it comes to the HC Companies 20 Inch Eclipse Round Planter with Saucer, we were disappointed by the lack of drainage holes. Without proper drainage, excess water can accumulate at the bottom of the pot, potentially drowning your plants or causing root rot. While the saucer is a nice addition, it doesn’t necessarily solve the drainage problem. Additionally, the plastic material of the pot can feel flimsy and cheap. We recommend looking for a planter with adequate drainage and a sturdier construction.
The Janska by Mueller M-Resin Heavy Duty Tall Planter is a 2-piece set perfect for indoor or outdoor use. Its modern design and dark gray color make it a stylish addition to any space. With built-in drainage, this planter is ideal for growing plants, trees, or flowers. The 24” height and 11.5” width provide ample space for plant growth, while the heavy-duty construction ensures durability. Whether you’re a seasoned gardener or just starting out, this planter is a great choice for adding some greenery to your home or outdoor area.
What we liked about it
The Janska by Mueller M-Resin Heavy Duty Tall Planter is a game-changer for anyone looking for a stylish and functional planter that can be used both indoors and outdoors. The modern design of this 2-piece set is sure to impress, but it’s the built-in drainage system that really sets it apart. The planter is 24 inches tall and 11.5 inches wide, making it the perfect size for larger plants, trees, or flowers. We love how sturdy and durable this planter is, thanks to its heavy-duty construction. Whether you’re a seasoned gardener or just starting out, the Janska by Mueller M-Resin Heavy Duty Tall Planter is a must-have for anyone who appreciates quality and style.
What we didn’t like about it
When it comes to the Janska by Mueller M-Resin Heavy Duty Tall Planter, there were a few aspects that we didn’t love. Firstly, the color options are limited to just dark gray, which may not suit everyone’s taste. Additionally, the 24″ size may be too large for some indoor spaces, making it difficult to find a suitable spot for the planter. Finally, while the built-in drainage is a great feature, the drainage holes are quite small and may become clogged easily, leading to potential water damage. Overall, while there are some downsides to this planter, it still offers a modern design and heavy-duty construction that will appeal to many plant enthusiasts.
The Classic Home and Garden 72 Whiskey Barrel is a perfect addition to any garden or patio. Made of durable, weather-resistant materials, this 15″ barrel has a distressed oak brown finish that adds rustic charm to any outdoor space. Whether you use it as a planter for flowers or herbs, or as a decorative piece on its own, it’s sure to impress. The barrel is lightweight and easy to move, yet sturdy enough to withstand the elements. Plus, its classic design never goes out of style.
This whiskey barrel is versatile and can be used for a variety of purposes. It’s perfect for planting flowers, herbs, or even small trees. The barrel is made of high-quality materials that are resistant to water, fading, and other outdoor elements. It’s also lightweight and easy to move, meaning you can change its location as needed. The distressed oak brown finish adds a touch of vintage charm that will enhance the look of any outdoor space. With its classic design and durable construction, the Classic Home and Garden 72 Whiskey Barrel is a must-have for any gardener or outdoor enthusiast.
What we liked about it
The Classic Home and Garden 72 Whiskey Barrel, 15″, Distressed Oak Oak Brown 15″ Whiskey Barrel Classic is the perfect addition to any outdoor space. What we love most about this product is its authentic design and rustic charm. The distressed oak finish gives it a vintage look that complements any garden or patio decor.
Aside from its aesthetic appeal, this whiskey barrel is also durable and functional. It is made of high-quality materials that can withstand harsh weather conditions and is perfect for planting flowers, herbs, and small trees. The size of the barrel is also just right, making it easy to move around and place in different areas of your outdoor space.
Overall, the Classic Home and Garden 72 Whiskey Barrel, 15″, Distressed Oak Oak Brown 15″ Whiskey Barrel Classic is a great investment for anyone looking to spruce up their garden or patio. Its unique design, durability, and functionality make it a must-have for outdoor enthusiasts.
What we didn’t like about it
Although the Classic Home and Garden 72 Whiskey Barrel is a great addition to any garden or patio, there were a few aspects that we didn’t like. First, the barrel is a bit smaller than expected. At 15 inches, it may not fit larger plants or flowers. Additionally, the distressed oak finish wasn’t as authentic as we had hoped. The coloring appeared a bit too uniform and lacked the natural variation of real oak wood.
To improve the product, we suggest offering larger size options for those who want to plant bigger flowers or plants. Additionally, the distressed oak finish could benefit from more individualized distressing to create a more genuine appearance. Despite these drawbacks, the Whiskey Barrel Classic does have its positives, such as its durability and unique design.
The Costa Farms Bird’s Nest Fern is a beautiful addition to any indoor space. At 15-inches tall, this houseplant comes in a stylish white mid-century modern planter and plant stand, making it perfect for boho decor in bedrooms, offices, and farmhouse homes. This fern is 1-2 feet tall and is easy to care for, making it a great choice for both beginner and experienced plant parents. Its lush green leaves provide a pop of color and natural beauty to any room. The Bird’s Nest Fern is also known to purify the air, making it a functional and beautiful addition to any space.
What we liked about it
The Costa Farms Bird’s Nest Fern is a stunning addition to any indoor space. We love the 15-inch height, making it the perfect size for various rooms in your home or office. The white Mid-Century Modern planter and plant stand add a touch of boho-chic to your décor. The fern’s unique shape and texture make it stand out from other plants, adding a natural element to your space. We were impressed with the plant’s hardiness, making it easy to care for and maintain. Overall, the Bird’s Nest Fern is a beautiful and functional addition to any home or office space.
What we didn’t like about it
When it comes to the Costa Farms Bird’s Nest Fern Live Indoor Plant, there are a few aspects that we didn’t like. Firstly, the plant arrived with some yellowing leaves, which was disappointing considering the price point. Additionally, the mid-century modern planter and stand that come with the plant are not as sturdy as we would have liked. While they look nice, they wobble easily and don’t feel very secure.
To improve the product, we suggest that Costa Farms pays more attention to the quality of the plants they ship out. They should also consider improving the construction of the planter and stand to make them more stable. Overall, the Bird’s Nest Fern is still a lovely addition to any home, but some improvements could make it an even better value.
The Barnyard Designs Farmhouse Herb Garden Planter Set is a perfect addition to any indoor or outdoor space. The set comes with three white planters and a tray, making it easy to grow a variety of herbs or succulents. The planters are made of durable materials that can withstand the elements, making them perfect for an apartment window or balcony. They also make a great windowsill planter box for indoor use. The set is both functional and stylish, adding a touch of farmhouse charm to any space. It’s an excellent choice for anyone looking to start their own herb garden or add some greenery to their home.
What we liked about it
The Barnyard Designs Farmhouse Herb Garden Planter Set is an indoor/outdoor essential for any green thumb. The white, set of 3 pots come with a tray and can be used as a windowsill planter box or apartment window planter box. We love the versatility of this product and how it can be used to grow herbs, succulents, or any small plant. The rustic farmhouse style adds a charming touch to any space. The sturdy construction and drainage holes ensure proper plant growth. Overall, this planter set is a great addition to any home or garden.
What we didn’t like about it
When it comes to the Barnyard Designs Farmhouse Herb Garden Planter Set, there were a few aspects that we didn’t find ideal. Firstly, the set is not made from the most durable materials, which can make it susceptible to damage over time. Additionally, the planter tray isn’t waterproof, which can lead to water damage on surfaces it’s placed on. Lastly, the planters themselves are on the smaller side, which may not be sufficient for those who want to grow larger herbs or plants. However, an alternative would be to line the planters with plastic to prevent water damage. Despite these drawbacks, we still appreciate the stylish design and functionality of the set, making it a great choice for those looking to add some greenery to their home.
The Costa Farms Majesty Palm Live Plant is the perfect addition to any tropical-themed home decor. This 3-4 feet tall palm tree is potted in a modern decor planter, making it suitable for both indoor and outdoor use. Its lush green fronds and striking silhouette make it a statement piece, perfect for patios and balconies. This live plant is easy to care for and adds a touch of nature to any living space. It also makes a great housewarming gift for plant lovers. Bring the beauty of the tropics into your home with the Costa Farms Majesty Palm Live Plant.
What we liked about it
The Costa Farms Majesty Palm Live Plant is the perfect addition to any home, indoor or outdoor. Potted in a modern décor planter, this tropical palm tree stands at an impressive 3-4 feet tall, making it a stunning statement piece for any patio or balcony. We were impressed by the plant’s lush green foliage and the way it adds a touch of natural beauty to any room. The palm tree is easy to care for and thrives in bright, indirect light. We love how it instantly transforms any space into a tropical oasis and makes for a perfect housewarming gift. Overall, we highly recommend the Costa Farms Majesty Palm Live Plant as a must-have for any plant lover or décor enthusiast.
What we didn’t like about it
One area where the Costa Farms Majesty Palm Live Plant falls short is its durability. While it is advertised as both an indoor and outdoor plant, it is not well-suited for harsh outdoor conditions. Additionally, the palm may struggle in colder climates and may require additional care to thrive.
However, despite these issues, the Majesty Palm is still a beautiful and stylish addition to any home or patio. The modern decor planter adds a touch of sophistication to the overall aesthetic and the palm itself is easy to care for and maintain. Overall, while the Majesty Palm may have its limitations, it is still a great choice for anyone looking to add some tropical flair to their living space.
The Just Add Ice JA5002 Purple Orchid in White Evi Ceramic Pottery is a stunning addition to any home décor. This live indoor plant features long-lasting fresh flowers that are easy to grow, making it a perfect gift for wives, moms, and friends. The mini planter is 2.5″ in diameter and 9″ tall, making it a great size for small spaces. The white ceramic pot adds a touch of elegance to the overall appearance of the plant.
This purple orchid is known for its air-purifying properties, making it a great addition to any room in the house. It is easy to care for, requiring only three ice cubes per week to maintain its health. The plant is shipped in a secure box to ensure it arrives in perfect condition. Overall, the Just Add Ice JA5002 Purple Orchid in White Evi Ceramic Pottery is a beautiful and low-maintenance plant that adds a touch of elegance to any home.
What we liked about it
The Just Add Ice JA5002 Purple Orchid in White Evi Ceramic Pottery is an exceptional indoor plant that adds charm and elegance to any space. The vivid purple flowers that bloom for weeks on end are a sight to behold. The ceramic pot is beautifully crafted and complements the orchid’s stunning flowers, making it an ideal gift for a friend, mom, or wife. This orchid is easy to grow, and its long-lasting flowers make it a perfect addition to any mini home décor planter. With a 2.5″ diameter and a 9″ height, this purple orchid in white pottery is a must-have for plant lovers everywhere.
What we didn’t like about it
While the Just Add Ice JA5002 Purple Orchid in White Evi Ceramic Pottery is a beautiful addition to any home, we found that its size is quite small. The 2.5″ diameter and 9″ height may be disappointing for those expecting a larger plant to fill a space. Additionally, the instructions for care were not very detailed, which could be problematic for those who are new to caring for orchids. We recommend providing more detailed instructions or a care guide to ensure the longevity of the plant. Overall, while the plant itself is lovely, we suggest that those looking for a larger indoor plant explore other options.
Buyers Guide
When it comes to choosing the right planters, there are several key factors to consider. Whether you’re looking for a planter for indoor or outdoor use, here are five criteria to keep in mind:
1. Size: The size of your planter will depend on the size of the plant you want to grow and the space you have available. Make sure to measure both the plant and the area where you plan to place the planter to ensure a good fit.
2. Material: Planters come in a variety of materials, including ceramic, metal, plastic, and wood. Consider the aesthetic you’re going for, as well as the durability and maintenance requirements of each material.
3. Drainage: Proper drainage is essential for keeping your plants healthy. Look for planters with drainage holes or consider adding your own if the planter doesn’t come with them.
4. Style: Planters come in a wide range of styles, from modern and sleek to rustic and charming. Consider the overall aesthetic of your space and choose a planter that complements it.
5. Budget: Planters can range in price from a few dollars to several hundred, so it’s important to set a budget before you start shopping. Keep in mind that investing in a high-quality planter can save you money in the long run by ensuring the health and longevity of your plants.
Whether you’re an experienced gardener or just starting out, choosing the right planter is key to the success of your plants. By considering these five criteria, you can find a planter that meets your needs and helps your plants thrive.
FAQ
Q: How do I choose the right planter for my plants?
A: When choosing a planter, consider the following three criteria: size, material, and drainage. First, make sure the planter is the appropriate size for your plant, allowing enough room for it to grow. Second, choose a material that will suit your plant’s needs – for example, terracotta is great for plants that require a dry soil environment. Finally, ensure the planter has adequate drainage holes to prevent water buildup, which can harm your plants.
Q: Can I use any type of planter for indoor plants?
A: While many types of planters can be used for indoor plants, it’s important to choose one that’s appropriate for your plant’s specific needs. Consider the amount of light and humidity in the room, as well as your plant’s size and watering requirements.
Q: What are some benefits of using self-watering planters?
A: Self-watering planters can be a great option for those who don’t have the time or ability to water their plants regularly. These planters have a built-in reservoir that provides water to the plant as needed, allowing for longer periods between watering. Additionally, self-watering planters can help prevent overwatering, which can be damaging to your plants.
Q: Are there any eco-friendly options for planters?
A: Yes! There are many eco-friendly options for planters, such as those made from recycled materials or natural fibers. Additionally, you can consider repurposing items such as old teapots or mason jars to use as planters.
Q: How can I choose a planter that will complement my home decor?
A: When choosing a planter, consider the style of your home and the aesthetic you’re going for. If you have a modern, minimalist home, a simple white ceramic planter may be a good option. If you prefer a more bohemian look, a woven basket planter could be a great choice. Ultimately, choose a planter that you love and that will bring joy to your space.
Conclusions
In conclusion, the world of planters is vast, and finding the perfect one for your space can be overwhelming. However, after reviewing several options, we recommend the Thirteen Chefs Villa Acacia Wooden Planter Box in both the 16 and 24-inch sizes. The acacia wood is not only stylish but also durable for both indoor and outdoor use. Additionally, the Veradek V-Resin Indoor/Outdoor Taper Planter set of 2 in black offers a sleek and modern design perfect for a contemporary space.
When choosing a planter, it’s essential to consider the size, material, and drainage options. Each of the recommended options offers different features and advantages, making them suitable for various needs. We encourage you to do further research and choose the planter that best fits your style and needs.
Lastly, we thank you for reading and hope this review has helped narrow down your search for the perfect planter. Whether you’re looking to add greenery to your indoor space or enhance your outdoor garden, we are confident that one of these options will suit your needs. Happy planting!
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U.S. Bank is one of the biggest banks in the United States, so it’s no surprise that it offers a dizzying array of CDs. The more important question — one you’re perhaps asking right now — is “are they any good?”
Without giving the game away entirely, U.S. Bank’s CD lineup is a mixed bag. Most of its CDs have yields too low to seriously consider, but it does have a few that pay competitive interest rates. Whether any of those fit your needs depends on how much money you can bring to the table, how long you want to keep your cash tied up, and what your plans are after the initial term ends.
U.S. Bank Certificates of Deposit
Three of the four U.S. Bank CDs have very low interest rates and aren’t worth considering. The special CD has far more competitive yields and is definitely worth checking out if you’re in the market for a new CD.
The minimum deposit is $1,000 for all but the standard CD, which you can open with just $500. All U.S. Bank CDs have FDIC insurance up to the statutory requirement of $250,000.
Special CD Terms & Yields
U.S. Bank has four short- to medium-term special CDs with competitive yields:
Term
Yield
Seven months
Up to 4.80% APY*
11 months
Up to 4.90% APY*
15 months
Up to 4.95% APY*
19 months
Up to 4.95% APY*
The minimum deposit is $1,000.
Note that the advertised rate varies by geographic location and is good for the initial term only. Unless you close the account and withdraw your funds, the CD automatically renews at maturity into a standard CD with the closest term length — and a much lower interest rate.
Other U.S. Bank CD Types
Their low yields take them out of contention unless you really don’t care about getting a return on your investment, but for posterity, these are U.S. Bank’s three other CD types:
Standard CD. Terms range from one month to five years. Yields range from 0.05% APY* on the shorter-term CDs to 0.25% APY* on the five-year CD.
Step-up CD. This is a 28-month CD that automatically steps up its interest rate every seven months. But that doesn’t get you very far. The starting yield is 0.05% APY* and the ending yield isn’t much better at 0.65% APY*.
Trade-up CD. This CD type offers 30-month or five-year terms. You can raise your interest rate once if U.S. Bank’s offered rate increases during your term, but there’s no guarantee of this. And again, the starting yields are frustratingly low: 0.10% APY* for the 30-month and 0.40% APY* for the five-year.
What Sets U.S. Bank CDs Apart?
U.S. Bank’s CDs stand out for a few reasons, not all of them positive:
Competitive yields on the special CDs. U.S. Bank’s four special CDs yield well above the average for big banks in the United States — up to 4.95% APY* on the 19-month CD.
Special CD yields only good for the initial term. The other side of the special CD coin is that their above-average yields are good only for the initial term, the longest of which lasts 19 months. After that, unless you close the account, the CD renews into a standard CD with a similar term length and a far, far lower yield.
Hefty early withdrawal penalties. U.S. Bank’s CD early withdrawal penalties involve some complicated math, but you pay a $25 penalty right off the bat and then forfeit some or all of the accrued interest. If you withdraw early in the term or cash out a shorter-term CD early, you could lose some of your initial investment.
Lots of junky options. Due to their low yields, the large majority of U.S. Bank’s CDs are barely worth discussing. Unless you don’t care about getting a competitive return on your cash, you can write off the standard CDs, Step Up CDs, and Trade Up CDs.
Key Features of U.S. Bank CDs
Before you apply for a U.S. Bank CD, understand how they work and how to make sure you get the most out of your account.
Opening & Funding a New CD
You can open your new U.S. Bank CD online in a few minutes. Once open, you can fund it with an inbound transfer from an external bank account or an instant transfer from an existing U.S. Bank checking or savings account.
If you’re funding your CD with external money, it might take one to three business days for the deposit to hit, and you’ll earn slightly less interest as a result.
Interest Calculation & Credit Schedule
U.S. Bank compounds interest daily and deposits it into your CD at the end of the year or the end of the term, whichever comes first. On CDs with terms under one year, you receive all accrued interest at once, when the CD matures.
Early Withdrawal Penalties
If you withdraw principal from your CD or close your account entirely before it matures, you must pay an early withdrawal penalty.
This penalty comes in two parts: a flat $25 fee that applies to all early withdrawals, and a variable penalty based on the CD’s term and size. U.S. Bank calculates the variable penalty as follows:
Terms of six months or less: The greater of all the interest you would have earned if you held to maturity or 1% of the amount withdrawn.
Terms greater than six months to one year: The greater of 50% of the interest you would have earned if you held to maturity or 1% of the amount withdrawn.
Terms greater than one year: The greater of 50% of the interest you would have earned if you held to maturity or 3% of the amount withdrawn.
Depending on how much cash you withdraw and how early in the term the withdrawal occurs, you could lose some of your principal (your initial investment) in addition to much or all of the interest you would have earned on the principal.
CD Maturity & Renewal
If you don’t do anything, your CD automatically renews at maturity into a fresh CD with an identical or similar term.
Importantly, special CDs don’t roll into new special CDs when they mature. Instead, they become standard CDs with much lower interest rates.
Closing or Making Changes to a Maturing CD
You have a grace period of 10 days from the maturity date to close your account or make changes, such as depositing more cash, withdrawing some but not all of your principal, or changing to a different term. You can do this online, by phone, or in a U.S. Bank branch.
Unless you’re not at all concerned about getting the best return on your money, it’s in your interest to cash out your special CD in full at maturity. If the special CD rates are still available and you have another source of cash, you can open a fresh special CD — an extra step, but well worth it.
Pros & Cons
U.S. Bank CDs have some upsides and some downsides. Here’s a summary of both.
Pros
U.S. Bank’s most notable CD advantages are that they have a few competitive CDs while still being relatively easy to interact with.
Yields well above average on the special CDs. U.S. Bank’s special CD yields are among the best on the market for the corresponding term lengths. Though they’re only good for one term, they’re worth pursuing.
Reasonable opening deposit. You need $500 to open a standard CD (which isn’t a good deal due to its low yield) and $1,000 to open other types of U.S. Bank CDs, including special CDs. That’s not as low as some banks, but it’s reasonable in comparison to many others.
Easy to open an account online. It takes just a few minutes to open a U.S. Bank CD online. There’s no need to visit a branch or pick up the phone.
Cons
U.S. Bank CDs have some important disadvantages. The common denominator is that most simply aren’t competitive with top competitors..
Below-average yields on most CDs. Other than the special CDs, U.S. Bank’s CDs have underwhelming yields. They’re just not worth it unless you really don’t care about getting a good return on your money.
Can only earn the special CD yield for one term. The special CD yield is good for only one term. When the CD matures, it rolls into a standard CD with a similar term length and a much lower yield. You can game the system by reopening a special CD with different funds, but there’s no guarantee the promotion will be available when the time comes.
High early withdrawal penalties. U.S. Bank CDs have high early withdrawal penalties. The math is complicated, but the bottom line is that there’s a good chance of losing all your accrued interest plus some principal.
No terms longer than five years. Five years is a relatively long time, but if you have a very long investment time horizon and don’t want to put your money in the stock market, it might not be long enough. Some other banks offer CDs with terms as long as 10 years.
How U.S. Bank CDs Stack Up
U.S. Bank has many competitors in the CD business. Some of them compare quite favorably, like Quontic Bank. Before you open a U.S. Bank CD, see how it stacks up against Quontic’s lineup.
U.S. Bank
Quontic Bank
Term Lengths
One month to five years
Six months to five years
Yields
Up to 4.95% APY*, but most are lower
Up to 5.15% APY
Minimum Deposit
$500 to $1,000, depending on type
$500
Penalties
$25 plus variable penalty
Up to 24 months’ interest
Renewal
Automatic
Automatic
Close or Change
Can do online
Must call in
Overall, U.S. Bank makes sense if you can live with a shorter-term special CD and don’t want to deal with a human at any point. Otherwise, Quontic Bank is the superior choice due to its high yields and no “special CD” funny business.
Final Word
U.S. Bank’s CD lineup has four different types spanning more than two dozen terms. Its four special CDs have legitimate appeal thanks to their high yields and reasonable opening deposit requirements. Unfortunately, the rest yield so little that they aren’t worth a second thought — not with so many other fantastic CD options on the market.
Even the special CDs come with frustrating strings attached, particularly the fact that the high promotional rate is only good for one term. If you already bank with U.S. Bank and you’re looking for a quick boost to your savings return, opening a special CD makes sense. Otherwise, look to an online bank with a better overall CD lineup.
*Rates vary by state and zip code. Please click “Open an Account” above to see your rate before applying.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
U.S. Bank CDs
U.S. Bank’s special CDs are worth gunning for, particularly if you already bank with U.S. Bank. However, its overall lineup is mediocre at best. There are better places to park your money for any length of time.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Let’s be honest, reading the fine print of your renters insurance policy isn’t exactly fun.
After all, your insurance company doesn’t exactly hire John Green to write it, and trying to wrap your head around a bunch of legalese can be, well, exhausting.
But if you are one of the lucky ones that do read the policy, you may find that your renters insurance policy covers (and doesn’t cover) more than you originally thought.
What’s Ahead:
Surprising things that are covered by renters insurance
Items stolen from your car
Source: Giphy.com
Many renters insurance policies include off-premises renters insurancecoverage. This typically covers belongings that are outside of your home and provides the same coverage as your inside possessions. For instance, if your car is broken into and your laptop is stolen, you’ll be covered.
However, it’s important to note that your renters insurance will not protect your car against damage or theft (that’s a car insurance thing), it only covers the stuff inside the vehicle.
To be sure that you have all of the auto insurance that you need, check out our guide: What Type Of Car Insurance Do You Need?
Items stolen while traveling
Your off-premise coverage may also cover you in the event that you are traveling and your personal possessions are stolen.
This means that if your laptop, or iPad, is stolen from your hotel room while you’re on vacation, it’s likely covered by your renters insurance. This is because the stolen item is considered “insured property” and it will be covered whether it’s in your rental or not.
To ensure that your personal belongings are covered, it’s a good idea to contact your insurance provider before you leave on your vacation. Your insurer can help you determine if the personal property that you plan is protected under your policy or better left at home.
Living expenses
If your home is destroyed by an insured disaster and you can no longer live there, temporary living expenses like a hotel room, rent, meals, and the costs associated with storing your stuff may be covered by your additional living expenses (ALE) coverage.
Basically, ALE (not the beer) covers all of the expenses that you wouldn’t have had to pay for if you were still able to live in your home. However, if your home is destroyed by an uninsured disaster, let’s say water damage due to a flood, then you will not receive ALE coverage.
Other people’s injuries
If someone has an accident in your home, your renters insurance can help to cover that person’s medical expenses.
For you, this means that your clumsy best friend can finally come over for a visit without the worry of becoming a liability. After all, if she trips over a rug (or let’s face it, thin air) and takes a nasty fall, your renters insurance will have your back when it comes to medical bills.
This perk alone, which is typically covered under bodily injuryinsurance, is a great reason to get renters insurance.
Other people’s property
Your renters insurance may also cover damage to other people’s property and prevent you from having to pay for broken items out of pocket.
Let’s say your child throws a baseball through your neighbor’s window. Your renters insurance, thanks to personal liabilitycoverage, may help to cover some of the costs associated with repairing or replacing the damaged property.
Your family
Source: Giphy.com
You may be surprised to learn that many of the top renters’ insurance companies can cover anyone living under your roof that is related to you by blood, marriage, or adoption.
This means that if your mom comes to live with you for a few months, she will be automatically covered by your policy, as long as you have enough coverage!
However, if your house gets broken into and your roommate’s things are stolen, your insurance won’t cover their personal property. That is unless your roommate is also your sister.
Your pets
If you go to your friend’s house and your dog destroys her beautiful new couch, your renters’ insurance will cover it.
However, if your cute little pup destroys your new couch, your rental insurance will not cover the expense of replacing it (more on this below).
Surprising things that aren’t covered by renters insurance
Certain disasters
Most renters insurance will not cover disasters like floods and earthquakes. You may be able to purchase additional flood insurance coverage from a private provider.
If you are thinking about buying flood insurance, make sure that you know what it covers by reading our guide: What Is Flood Insurance? (And What Does It Cover?)
Similarly, you may be able to add earthquake coverage to your policy.
If your personal property is destroyed due to a volcanic eruption, wildfire, or tornado, you are likely already covered under your renters insurance policy.
Replacement costs
If your rental was robbed and the expensive sound system you bought five years before was stolen, you may be surprised to learn that you won’t get back enough money to fully cover the replacement cost, even though personal propertycoverage comes standard in most renters insurance policies.
This is because unless you have purchased replacement costcoverage, regular renters insurance will cover your personal belongings at their actual cash value (ACV).
For example, if your sound system cost you $2,500 five years ago, the insurance company might only offer you $1,000 to cover what it is worth today.
Expensive jewelry, art, or antiques
Source: Giphy.com
If you have expensive valuables like jewelry, art, or antiques, be aware that your renters policy might not cover these items. You may be required to purchase a “floater” policy to provide additional coverage for expensive possessions.
Most insurance policies will come with maximum limits for each type of coverage. So, let’s say you have a ring that costs $5,000, but your policy has a maximum coverage limit of $2,500 for jewelry, then it would be up to you to cover the difference.
You could also consider engagement ring insurance. You can learn what it does and does not cover in our article: Engagement Ring Insurance – Everything You Need To Know.
Property damage from pests
In the unfortunate event that your personal belongings are damaged by rats, bed bugs, or other rodents, bugs, or vermin, most renters insurance policies won’t cover the damage. This is true even if your infestation is so bad that you are required to leave your rental and find temporary housing.
Some renters insurance policies may offer bed bug insurance, but it is not usually considered part of a standard renters insurance plan and would come at an additional cost.
Summary
If you rent and assume that your landlord’s insurance policy will cover you in every situation, you may want to think again.
Renters insurance is the best way to ensure that your finances aren’t set back by a clumsy friend or major damage to your rental. While it’s an additional living expense, it’s often well worth the (low) cost.
Last Updated: May 26, 2023 BY Michelle Schroeder-Gardner – 60 Comments
Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.
Hey everyone! I hope you all had a great weekend.
We didn’t do a whole lot, but it was a nice relaxing weekend.
Our good friends (W has been good friends with the guy since first grade) are getting married this Friday and decided to plan a quick wedding so we have a lot to do this week to get ready for that and it’ll be a lot of fun!
I booked our engagement photography last week. She takes great photos and I’ve been stalking her wedding website and Facebook for years now so I’m glad I was able to book with her! We are of course taking our engagement photos with our dogs too and I’m really looking forward to it. W is really not looking forward to taking photos. Anyone else had this problem? I feel like I can’t convince him to do this at all haha. I’ve already paid though and it’s $400 for the engagement photos so he will for sure be coming.
Lately I’ve been talking a lot about how we want a new house. We figured that until we actually find the house and are 100% about to buy, then we really need to be doing little things around our house until then to prepare and not be overwhelmed at one time. Also, why not make our house perfect for while we’re leaving here? So we have a long list of things that we need to do. This past weekend I cleaned out my closet and had 2 large trash bags full of garbage to throw away. And this was pure trash: receipts, plastic bags, tags, paper, etc.
This upcoming weekend I plan on de-cluttering everything and getting rid of clothes in my closet. Hopefully I can actually get rid of some clothes and possibly make some extra money too!
So, quick question for all of you:What thing around your house did you improve before you tried selling it? I’m looking for all tips as we want to sell our house for as much as we can and also as quickly as we can. I have a long post dedicated to this in the future but am wondering if there’s anything that I’m leaving out!
I paid off one of my student loans, and it was my only private student loan! Back in 2007 I took out the loan and it totaled $6,000. I paid off the rest the other day and it looks like I accidentally overpaid by $0.01! It’s a nice feeling and I never honestly thought that eliminating student loans would be this exhilarating haha.
Spending
I don’t think we bought anything in the past week, at least nothing that I can think of. We have been doing really good with this and I’m proud. I guess you could of course count for engagement photography that I paid for, but I did budget for that awhile ago.
Also, we have some major expenses coming up. We are paying for W’s parents to go on a vacation. It’s going to be a present to them for being such great people and we’re really hoping that they enjoy it. We’ve saved up for quite some time and are covering the airfare and all-inclusive hotel. I don’t think they’ve ever been to the Caribbean so I’m super excited for them!
Extra Income (does not include salary from our jobs)
I received $823 in payments in the past week. Still waiting on some more payments so I hope they come through soon.
Affiliate income is still my number 1 goal right now. I’m really working on that and hopefully it’ll be around 50% or more of my total extra income each month. Eventually though, my new side hustle will completely take over and hopefully become a larger part of my income. This side hustle will eventually take up a ton of time.
I wish I could tell you guys more! A couple of you asked me if it’s related to blogging, and it’s not at all. It is not related to writing, blogging, advertising, etc. Something completely new! If anyone wants to guess, I’ll take all guesses and confess if someone actually does come up with the right answer. And, if you already know what the new plan is, please don’t tell! I already told a couple of you. 🙂
Food
We haven’t had a meal plan in forever, but we have been doing great with eating at home. We made dinner 5 days last week. The two days that we did eat out were super cheap. Thankfully our 2 favorite restaurants are right next door to each other and just right down the street. They are both super cheap and we spent a total of $35 on going out to restaurants to eat. That’s pretty cheap to me, less than $20 for each night!
We want to continue to eat in as much as we can. We have really enjoyed it. We have more time to relax and hang out since we aren’t in a busy restaurant.
Wedding
As I said above, we booked our engagement photography to be done. We’re not taking them until May because we want everything to be blooming and colorful. Our photos will be a start park with lots of great hiking and pretty cliffs. Sounds like a disaster once you mix heels, dresses and 2 dogs but oh well 🙂
Being healthy
Having the treadmill in our basement has been great so far. I’ve run on it three times in the past week and it’s been great. I’m going to try and at least fit in a couple of miles here and there whenever I have 10 or 20 minutes to spare also.
How’s your spending, working out and extra income going?
Editor’s note: This is a recurring post, regularly updated with new information and offers.
When a credit card’s annual fee is over $600, many people raise an eyebrow and question whether its benefits make that fee worth paying.
That’s certainly the case with the Marriott Bonvoy Brilliant® American Express® Card — the premium card in the Marriott credit card family. Along with announcing several new and enhanced benefits in late 2022, we saw the annual fee jump from an already-pricey $450 to an eye-catching $650 (see rates and fees).
The truth is, cobranded hotel cards usually aren’t the best for maximizing your spending beyond purchases with a given hotel chain. But when a credit card offers a premium free night award each year and elite status that can provide suite upgrades and free breakfast, people pay attention.
The Hilton Honors American Express Aspire Card proves that it’s possible to get significant value from at least one premium hotel card by offering generous perks such as automatic top-tier elite status and weekend reward nights. After its recent changes, we’re breaking down whether the same holds true for the Marriott Bonvoy Brilliant below.
The information for the Hilton Aspire Amex card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Welcome bonus
Let’s start with the introductory bonus offer to examine whether the card is worth it.
With the Marriott Bonvoy Brilliant Amex, you can earn a welcome bonus of 150,000 Marriott Bonvoy bonus points after spending $6,000 on eligible purchases in the first six months; plus, earn 50,000 points after you stay six eligible paid nights at Marriott hotels through Jan. 31, 2024. This offer ends Aug. 9.
TPG values Marriott points at 0.84 cents apiece, meaning this bonus is worth $1,680.
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Al Maha, a Luxury Collection Desert Resort and Spa near Dubai. ETHAN STEINBERG/THE POINTS GUY
Some of the best uses of Marriott Bonvoy points include free nights at properties such as The Ritz-Carlton, Turks & Caicos, The St. Regis Bora Bora Resort, The West Hollywood Edition and the London Marriott Hotel Park Lane. Those who enjoy time on the powder may love ski-adjacent options at The St. Regis Aspen Resort, The St. Regis Deer Valley or The Ritz-Carlton, Bachelor Gulch.
Remember that American Express has restrictions that will limit your ability to collect a new-member bonus if you’ve had other Marriott products before. Fortunately, there’s a pop-up that will tell you if you are not eligible for the bonus when you apply before Amex runs your credit — and our chart can help clarify things as well.
Related: Marriott’s dynamic award pricing is live — here’s what that means for travelers
Annual free night award
Each year after your card renewal month, you’ll receive a free night award worth up to 85,000 points.
In case you need some inspiration for what that can get you, this can include the luxurious St. Regis New York and St. Regis Deer Valley in the U.S., The Ritz-Carlton, Turks & Caicos for a Caribbean getaway, The Ritz-Carlton, Kyoto in Japan or idyllic overwater bungalows at the St. Regis Bora Bora or The Ritz-Carlton Maldives, Fari Islands.
That said, due to Marriott’s dynamic pricing model, you’ll want to do a calendar search for flexible dates in order to find nights that cost 85,000 points or less.
The Ritz-Carlton Maldives, Fari Islands. CHRIS DONG/THE POINTS GUY
The annual free night award has significant value, but it’s also worth pointing out that you can only use this award to stay for a single night. This could be challenging if you have plans to stay two nights or longer. If you maximize this award night and stay at a property costing 85,000 points, you have three less-than-ideal options for subsequent nights:
Pay 85,000 points from your Marriott balance.
Pay the cash fee (which can be quite high).
Move to a different hotel.
For this reason, people have differing opinions on the value of free night awards that are worth a single night at a luxury property.
Related: 9 places to maximize the new 85,000-point Marriott award night certificate
Up to $300 in dining credits per year
In the past, Marriott Bonvoy Brilliant Amex cardholders had an easy-to-use annual credit for up to $300 to use on spending with Marriott-affiliated properties. But when the Brilliant underwent its changes in 2022, this changed to monthly dining credits. While the maximum value per year ($300) remains the same, the credits are now given as up to $25 per month.
The Miami Beach Edition. NICK ELLIS/THE POINTS GUY
This means that the credits are now more complicated to use, as you must remember to use them monthly rather than simply paying for hotel stays related to the hotel program affiliated with the credit card at any time during the year.
That said, just about everyone spends at least $25 per month at restaurants, so as long as you remember to use the credits each month, this can help to offset nearly half of the card’s $650 annual fee (see rates and fees).
Related: How to use Marriott Bonvoy Brilliant’s $25 monthly dining credit
Elite status and related perks
The card offers automatic Marriott Platinum Elite status. In terms of Marriott’s status tiers, this is the level where valuable perks start to kick in.
Platinum Elite members are eligible for late checkout and early check-in, when available, plus room upgrades based on availability at arrival — including eligibility for upgrades to suites. At the Platinum level, you also have access to welcome gifts at check-in and free breakfast at select properties.
Unfortunately, you are not entitled to a Choice Benefit (the most valuable of which are five Suite Night Awards) just by having this card. You can, however, earn a Choice benefit by spending $60,000 on your card in a calendar year or, alternatively, by reaching 50 elite night credits. You’ll automatically get 25 credits by having your card, so you’ll need to stay just 25 additional nights to qualify for the Choice benefit.
Note that you can only earn one set of elite night credits from personal Marriott cards, regardless of how many you have. However, this benefit can stack with the 15 elite night credits given to cardholders of a Marriott business card — like the Marriott Bonvoy Business® American Express® Card.
If you have both the Bonvoy Brilliant and the Bonvoy Business cards, you’ll have 40 elite night credits, so you’ll only need to stay 10 qualifying nights to get the Choice benefit.
Le Meridien Maldives. KATIE GENTER/THE POINTS GUY
And if you’re shooting for Titanium Elite status, you’ll need 75 qualifying credits. The 40 elite credits you’d get from holding both the Brilliant and the Business cards will get you over halfway there.
Related: Your complete guide to earning Marriott elite status with credit cards
Other perks
Other built-in perks of the Marriott Bonvoy Brilliant card include a Priority Pass Select membership, which gives you and two guests unlimited access to more than 1,300 airport lounges worldwide, as well as an up-to-$100 Global Entry or TSA PreCheck application fee credit.
The Priority Pass membership is not a massive value-add if you already receive the benefit through other cards. However, if you already have Global Entry or TSA PreCheck because you received it for free with another credit card, you can use this credit to cover a friend’s or family member’s application fee. Enrollment is required for select benefits.
AMERICAN EXPRESS
The Marriott Bonvoy Brilliant Amex’s earning structure is similar to the other Marriott cards but with two additional bonus categories: dining and airfare. Cardholders earn 6 points per dollar on eligible purchases at hotels participating in the Marriott Bonvoy program, 3 points per dollar at restaurants worldwide and on flights booked directly with airlines, and 2 points per dollar on other eligible purchases.
Based on TPG’s valuations, that’s essentially a return of 5% on Marriott purchases, 2.5% on restaurants and flights and 1.7% on everyday spending. Those rates aren’t earth-shattering but aren’t bad for a cobranded card.
Related: Earn bonus Marriott points on your Uber rides and food delivery orders
Bottom line
While it might not be the best card for everyday spending, there’s plenty of value in the Marriott Bonvoy Brilliant card if you frequently stay in Marriott properties and place value in the elite perks the card offers. In fact, it may be a no-brainer for the program’s most loyal guests.
Depending on how you value these benefits, you could love the status, dining credits and more valuable free night award. Still, you may also think the annual fee is too much because you don’t see yourself maximizing them. Be sure to calculate the value you’ll get from the card before deciding to add it to your wallet.
Official application link: Marriott Bonvoy Brilliant American Express Card with 150,000 Marriott Bonvoy bonus points after spending $6,000 on eligible purchases in the first six months; plus, earn 50,000 points after you stay six eligible nights at Marriott hotels through Jan. 31, 2024. Offer ends August 9.
For rates and fees of the Marriott Bonvoy Brilliant Amex, click here.
Additional reporting by Emily Thompson, Ryan Wilcox, Summer Hull, Jennifer Yellin and Benji Stawski.
One third of Americans are “highly unlikely” to qualify for mortgages thanks to their low credit scores, according to a report from Zillow.
The company, which based its findings on 25,000 loan quotes and purchase requests on Zillow Mortgage Marketplace during the first half of September, found that borrowers with credit scores below 620 were unlikely to receive a single quote, even if they offered to put 15 to 25 percent down.
Almost one-third of Americans, or 29.3 percent, have a credit score this low, according to data from Fico, whose credit score range goes from 300-850.
Credit scores below 620 are also considered “subprime” in the mortgage world, and as we all know, subprime kinda came and went as the mortgage crisis rolled in.
Lowest Mortgage Rates Go to Borrowers with Credit Scores Above 720
Conversely, the lowest mortgage rates went to borrowers with credit scores of 720 or above.
During the first half of September, these borrowers received quotes with an average annual percentage rate (APR) of 4.30 percent for conventional 30-year fixed mortgages.
Borrowers with mid-range credit scores, between 620 and 719, received APRs between 4.44 and 4.73 percent, with APRs rising as credit scores dropped.
And those with credit scores below 620 received too few loan quotes to even calculate the average APR.
For those with lower credit scores, each 20-point credit score increase pushed the APR down 0.12 percent, which for a $300,000 home, with 20 percent down, equates to $6,400 in savings over the life of a 30-year loan.
The takeaway: Stay on top of your credit score if you want to get a mortgage!
Read more: What credit score do I need to get a mortgage?
Rangebound Weakness With Fed Speakers Keeping Bonds Wary
By:
Matthew Graham
Fri, Jun 16 2023, 4:02 PM
Rangebound Weakness With Fed Speakers Keeping Bonds Wary
Bonds might have had a chance to hold steady today–and to be fair, they did hold steady in the bigger picture–but some combination of Fed speakers and position-squaring resulted in a morning sell-off. The afternoon was a dud with no major movement in either direction. Next week brings several Fed speakers that may help us figure out if the views expressed on Friday are widespread.
Consumer sentiment
63.9 vs 60.0 f’cast, 59.2 prev
1y inflation
3.3 vs 5.2 prev
5y inflation
3.0 vs 3.1 prev
09:45 AM
Flat overnight and now weaker in the first 90 minutes. 10yr up 5+ bps at 3.77+. MBS down 3/8ths.
10:49 AM
Rally/Sell-Off/Rally after Consumer Sentiment data and now back in line with pre-data levels (same as the last update).
02:04 PM
Leveling off now at the same old levels in Treasuries (10yr at 3.77), but slightly better MBS (down a bit less than a quarter point)
03:34 PM
Sideways at slightly weaker levels into the close. No major change from the last update.
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