You’ve heard it time and time again, that a solid credit score is vital to securing a good mortgage rate, or any mortgage at all.
And it appears that this sage advice is becoming even more relevant today.
Average Credit Scores for Home Buyers Are Rising
The average credit score for a home buyer jumped to 745
Which used to be considered an excellent credit score
With it now being “average”
You might have to do better to get the lowest interest rate
Per the latest Housing Credit Index (HCI) from CoreLogic, the average credit score for a home buyer increased nine points year-over-year between the second quarter of 2016 and the second quarter of 2017.
It now stands at a very high 745, which is quite close to the top of FICO’s credit score range of 300-850.
Put simply, it means most of today’s home buyers are very well-qualified, at least in terms of credit history.
It may also signal a seller’s desire to go with a buyer they know will qualify for a mortgage, instead of rolling the dice on someone with subprime credit, or even just average credit.
At last glance, the average FICO score for all Americans was right around 700, so if the average score for home buyers is 745, you might have a problem if you’re batting below that number.
Aside from having a problem, you might also wind up with a higher mortgage rate, and spend more money every single month until you sell or refinance to a lower mortgage rate.
Hawaii led the nation in terms of credit scoring, with an average score of 756, followed by California (751), Colorado (751), DC (751), New York, Oregon, and Virginia (all 750).
Mississippi was the worst, at 728, which is still a respectable credit score and close to the top tier (740) in terms of mortgage pricing adjustments.
Just 2% of Home Buyers Had Credit Scores Under 640
There are also fewer home buyers with low credit scores
Just 2% had credit scores below 640
A sign that only the most well-qualified are winning bidding wars
And a wake up call to do better if you want to purchase real estate
Perhaps more startling is the fact that just two percent of these home buyers had credit scores below 640.
Basically almost everyone has at least a near-prime or prime credit score, with very few in the subprime mortgage category (below 620).
Back in 2001, some 25% of home buyers had credit scores under 640. And the market seemed to be in good shape at that time.
If you look at the chart above, you’ll see that even the very worst borrowers have credit scores that are 100 or so points higher than they were about a decade ago.
And the top mortgage borrowers are sporting 800 FICO scores, not that there’s any additional benefit for a score that high.
The Competition Is Getting Stronger
Your peers’ credit scores are rising
If you don’t keep up with them
You might be penalized in terms of a higher mortgage rate
Or a lost bid if the home seller chooses another applicant over you thanks to credit score alone
The takeaway is that your peers are getting stronger in the credit score department, and if you want to win that bidding war, you better have excellent credit.
Sure, lenders may accept lower credit scores, but the sellers might tell you to take a hike. And as noted, even if you can get the mortgage, why settle for less attractive terms?
The thing I repeat over and over is that credit is something you can control. You might not be able to make a larger down payment magically appear, or get a raise at work, but you have full power over your credit scores. Make the most of it.
For the record, DTI ratios are also dropping, as are loan-to-value ratios (LTVs), meaning today’s home buyers are putting more money down and making more dough. This is happening even as home prices surge.
With inventory severely limited, there are increased expectations for borrowers to be the best that they can be.
Despite these amazing numbers, CoreLogic’s HCI has been on the rise, meaning the mortgage market is getting riskier. They attributed that to a higher share of condo loans and investment properties, and a slight uptick in low doc loans.
But as you can see from the chart below, it’s still a long, long way from the uber high-risk 2006-2007 period. Ideally, it never gets back to that level or we’ll be in big trouble.
As the mortgage industry struggles with profitability in the current rate environment, diversification can help, but the going could get tougher regardless at this point in the cycle, according to an industry outlook report by consultancy Berkeley Research Group.
Even business lines like servicing and nontraditional products that can offset decline in demand for traditional mortgages will have their challenges, the report noted.
Servicing can bring in revenue after a runup in rates like that seen in 2022, but since periods like this have historically tended to end in recessions that increase defaults and expenses, those who engage in it will still need to run a tight ship.
That said, with some exceptions, lenders with effective servicing operations might fare better in this environment than others.
“If you’re not retaining servicing, you don’t have a business hedge if the origination volume dries up,” said Michael Canale, managing director, at Berkeley Research Group.
There are things pure lenders can do to diversify when rates rise, like add nontraditional loan products, but those strategies have their challenges.
“Non-qualified mortgages, governed by strict regulations, may strain the liquidity of companies forced to buy out underperforming loans at a loss,” the BRG report noted.
Meanwhile, there is a mix of challenge and opportunity in servicing in that it generally hasn’t been fully modernized.
“One thing about servicing, it’s still a pretty manual process,” said Canale.
Technology has improved over the last 10 years or so but it’s not always used, and the current ascendancy of servicing in the wake of the first steep and prolonged runup in rates has brought more attention to it.
The challenge now may be to get servicing technology efficiencies in place before a cyclical turn intensifies cost pressures for this part of the business.
“We worked with a top servicer to automate their bankruptcy check posting process,” he said, citing one example. “They had a team of six people that were handling that process. We were able to drop it down to one and a half or two full-time roles.”
Technologies applied to the process of handling and checking the amounts on checks from distressed borrowers in bankruptcy, which get distributed by their trustees, included optical character recognition used for document data extraction.
The company also applied robotic process automation to the process involved in ensuring amounts on the checks, which get determined in the bankruptcy process, were accurate.
When asked about whether artificial intelligence has become a game changer in servicing, Canale said, “I don’t think we’ve seen the truly ‘going to revolutionize’ stuff that everyone is starting to get excited about.
But, “with all the news about ChatGPT and other tools that have been released, I do think that the artificial intelligence tools that are out there are starting to get pretty interesting,” he said.
“I don’t think we’ve seen the truly ‘going to revolutionize’ stuff that everyone is starting to get excited about yet,” he added.
The gig economy was just beginning to blossom pre-pandemic. Between 2010 and 2020, the number of gig workers or side hustlers increased by 15%. Unlike many aspects of life, which stagnated during the pandemic, freelancing only grew. Statista reported that 73.3 million people work as freelancers in the U.S. right now, an increase from 57.3 million pre-pandemic.
Freelancing has tremendous benefits for many people. Freelancing or gig work can provide:
Flexibility
A better work-life balance
Increased income potential
But it can come with some financial complications, too.
As a freelancer, you’ll need to manage cash flow so that you’ll have money in your account to pay your bills. You’ll be responsible for paying your own taxes. And, with that in mind, you’ll want to track expenses carefully so that you can deduct the costs of running your freelance business from your bottom line.
That’s where having a business bank account can come in handy.
Why You Need a Bank Account If You Have a Side Hustle
According to tax laws, you don’t have to have a business bank account to run a side hustle or a freelance business. You can file your taxes using your Social Security number and receive a 1099 form as a sole proprietor.
But as your business grows, you may want to incorporate under a tax ID number. You may choose to register as a corporation like an S-Corp or, more commonly, a limited liability corporation or LLC. This can get confusing, so it’s important to speak to a tax account before you take this step.
If you incorporate your business, you’ll need a business checking account to keep your personal finances separate from your business expenses. You would pay yourself a salary out of your business account and use your personal bank account to pay for your daily living expenses, entertainment, and anything that isn’t considered a business expense.
Benefits of Business Accounts
Most small business owners, freelancers and side hustlers prefer to open a business account even if they aren’t incorporated. Having a dedicated business checking account makes it easier to track your business income and expenses, which makes filing taxes – and making quarterly estimated tax payments – easier. If you ever get audited, you’ll have a clear record of your personal and business finances.
Plus, if you do any sales and marketing for your freelance business, your business debit card can often pique people’s interest. You’d be surprised how having a debit card with your business name on it can help you generate leads in odd places, whether you’re at your favorite bar or paying for groceries.
If you’re ready to open a separate business account, it’s important to find one that will meet your needs.
Freelancer vs. Side Hustler vs. Entrepreneur
Before you choose a business account, you may be wondering about the differences between entrepreneurs, freelancers, and side hustlers. Which category do you fit in?
These are all loose terms to describe anyone who owns their own business or is self-employed. Self-employed is a tax designation, which means you are a 1099 contractor for other companies. This term would apply to most freelancers and side hustlers.
On the other hand, if you start your own business, you might consider yourself an entrepreneur. The dictionary defines an entrepreneur as someone who starts a business and is willing to take a financial risk in hopes of great success.
A freelancer may also take financial risks, including leaving a steady paying job. In a lot of cases, whether you describe yourself as an entrepreneur, small business owner, freelancer or side hustler is up to you.
Compare the Best Freelancer Checking Accounts
In most cases, business owners, freelancers and side hustlers can all benefit from a good business bank account. Read on as we compare the best business checking accounts for freelancers, gig workers, and entrepreneurs.
1. Lili Bank: Overall Best Bank for Freelancers
Lili calls itself “the one-stop shop for all your small business financial needs.” An online financial services company that provides business banking, accounting for freelancers, invoicing, and tax support, Lili is backed by Choice Financial Group Inc.
As a US-based bank, Choice is a member FDIC, which means your funds deposited in Lili are protected by the federal government up to $250,000 per account.
What sets Lili apart as one of the best bank accounts for freelancers?
In addition to all the other services it offers to business owners, Lili has no minimum balance requirements, no monthly fees for basic checking, and a network of 38,000+ fee-free ATMs nationwide. You can also open a business savings account and earn 1.50% APY at Lili.
Lili’s basic business checking account has no monthly fee, expense categorization for your purchases, and the ability to generate quarterly expense reports.
Alternatively, for $9 per month, you can earn 1.5% on savings, get a Visa business debit card with cashback rewards, overdraft protection up to $200 and tax, invoicing software, and accounting support.
Lili integrates with third-party services that gig workers may use, including Etsy, Shopify, Venmo, QuickBooks, and your PayPal business account.
When you compare the prices of other invoicing and online accounting services, you may find that Lili offers tremendous value for the money as one of the overall best banks for gig workers you can find.
Bluevine: Best for Business Interest Checking Account
Like Lili, Bluevine is a financial technology company. It is backed by Coastal Community Bank, Member FDIC to protect your deposits. The Bluevine business checking account offers 2.0% interest, which sets it apart from competitors.
To take advantage of the interest, you’ll need to either spend $500 per month with your Bluevine Business Debit Mastercard or receive $2,500 per month in customer payments to your Bluevine business checking account.
There are no monthly fees or minimum balance requirements and you can make unlimited transactions with no fees. Like Lili, Bluevine also offers other services for business owners.
If you are looking for a business interest checking account with value-added services, consider Bluevine. Your account integrates easily with QuickBooks, with no fees involved. Plus, you can set up sub-accounts to easily manage your money, add authorized users, and pay bills via ACH or wire transfer from your Bluevine account.
While many credit providers offer business credit cards, Bluevine is one of only a few business checking accounts that offers a business line of credit. You may qualify for a credit line of up to $250,000, with a rate as low as 6.2% interest. This interest rate is much lower than the national average of 20.46% for business credit cards right now, as reported by The Balance. Plus, you could get approved in as fast as five minutes, according to the Bluevine website.
For entrepreneurs seeking to purchase tools or resources, or freelancers in need of business equipment, Bluevine’s line of credit could provide you with the financial security you need to grow. Take note that you’ll need a credit score of 625 or more to qualify and $40,000 in monthly revenue. This is probably not a service for a gig worker, but for a seasoned entrepreneur.
Even so, it’s never too early to get started with a business checking account, especially one with no monthly fees.
Amex: Best for Debit Card Rewards and Bonus Offer
American Express is a renowned name in business and consumer rewards credit cards. But you might not be aware that the company also offers a business checking account with 1.30% APY on balances up to $500,000.
American Express also has no monthly maintenance fees, no fees on domestic ACH payments, and no fees at MoneyPass ATMs. The American Express Business Blueprint app makes it easy to manage your account.
Amex stays true to its credit card rewards roots with a rewards business debit card. Earn 1 Membership Reward point for every $2 on eligible purchases. You can combine points earned with Membership Rewards points accrued with other Amex cards, and use those points for travel, gift cards, or cash back. You can also convert those points into cash deposits directly into your new business checking account.
Amex’s bonus offer stands out to us. Earn 30,000 Membership Rewards points after you deposit $5,000 or more within the first 30 days of account opening, maintain that balance for the next 60 days, and make five or more qualifying transactions within those first 60 days.
NBKC Business Checking: Best for No Fees
If finding a business bank account with no fees is most important to you, a nbkc Business Checking account might fit the bill. The bank offers unlimited transactions with no fee, no minimum balance requirements, no monthly fees, and no opening deposit requirements either. You can also have out-of-network atm fees reimbursed for up to $12 per month.
If you are a freelancer just getting started or just looking to supplement your full-time income with a side hustle, you’ll find nbkc bank a low-cost and convenient option among free business checking accounts.
NBKC lacks some of the bells and whistles of the top choices on our list. You won’t get integrations with common business software or invoicing and accounting support. But a nbkc business checking account is free with your personal account and provides an easy way to keep your business and personal funds separate.
Novo: Best for Payment and P2P Money Transfer App Integration
Novo is another choice with no monthly maintenance fee, no monthly fee, free ACH transfers, and no minimum balance needed. Like many of the business bank accounts on this list, Novo is a financial technology company. It’s backed by Middlesex Savings bank, a Member FDIC, which means your money is protected up to $250,000 per account.
Novo is the best for business owners looking for an easy way to process payments or transfer funds. You’ll get free ACH transfers from another checking or savings account and refunds on all out-of-network ATM fees.
Novo integrates with many P2P payment apps, including Square, Shopify, and Stripe, as well as Etsy, eBay, Amazon and more.
When you use Novo Boost, you can get paid 95% faster through Stripe, or two business days before the funds would ordinarily appear in your account.
Plus, it’s quick and easy to open an account online, with approval as fast as 10 minutes – rather than days with some other online bank accounts.
Axos Bank: Best for New or Scaling Businesses
Many freelancers don’t think about opening a business account until they have incorporated their company to make that transition from self-employed to entrepreneur. If this sounds like you, Axos Bank could have the best bank accounts for you. The online bank is offering business owners who incorporated after June 2020 an extra $200 in their new business bank account.
If you aren’t newly incorporated, you can earn a $100 bonus.
Like many of the best business accounts on this list, Axos has no monthly fee, no minimum monthly average balance to hold, ATM fee reimbursements for all domestic transactions, and no minimum opening deposit. The bank accepts cash deposits or you can transfer money from other checking accounts via ACH.
Unlike many online banks, Axos offers business owners a dedicated relationship manager to help point you to the products and services that are best for your growing business.
Chase Business Complete Banking: Best for Credit Card Processing
As the largest U.S. bank, with assets of $3.31 trillion, Chase is a traditional bank that offers all the convenience of online banks. This includes personalized service, stellar fraud protection, and a host of other features and benefits we’ve come to expect from any financial institution.
The Chase Business Complete Banking account is ideal for entrepreneurs, offering unlimited transactions and no monthly fee (if you meet certain requirements). These requirements are relatively easy to meet with a $2,000 minimum balance, $2,000 in purchases on your Chase Ink Business credit card, a link to a Chase Private Client Checking account, or $2,000 in deposits from QuickAccept or Chase eligible merchant services.
The best aspect of Chase Business Complete Banking is the ability to process credit card transactions and receive funds the same day through Chase QuickAccept. (Additional fees apply.)
You can open an account with no minimum deposit to get started.
Wave Money Business Banking: Best for Free Business Banking
Wave Money integrates a free checking account with easy bookkeeping for freelancers and solopreneurs. Wave is best for those who want to improve cash flow with instant pay and want bookkeeping tools to make tax prep easier.
Wave has no monthly fee or transaction fees, so you keep more of what you earn. You can use the mobile check deposit feature for convenience, and make ACH transfers easily. There are no transaction limits with Wave, and you can also connect third party payment processors.
Wave is another fintech company, with banking provided by Community Federal Savings Bank, Member FDIC. That means your funds are insured for up to $250,000 per account.
TIAA Bank: Best for Business Investments
Besides checking accounts, TIAA Bank offers a variety of banking products for entrepreneurs and gig workers that sets it apart.
If you’re considering business savings accounts, TIAA offers CDs and money market accounts to earn interest at a rate higher than you may get with another account. Currently, TIAA’s one-year business CD offers an APY of 3.75%.
TIAA’s checking accounts offer easy online banking and mobile check deposit, along with personalized service from a business solutions specialist.
LendingClub Bank Tailored Checking: Best for Earning Checking Account Rewards
The LendingClub Bank tailored checking account for freelancers is one of the few banks on our list where you can earn interest on your checking balance, plus 1% cash back rewards when you use your debit card.
Account holders earn 1.5% APY on balances up to $100,000 and 0.10% APY on the portion of your balance that exceeds $100,000.
LendingClub Bank reimburses fees if you use an out-of-network ATM. The bank also supports QuickBooks, Quicken and Mint for budgeting and bookkeeping. You can also send digital invoices and get paid directly to your LendingClub account, making LendingClub Bank Tailored Checking one of the more robust and affordable online banks for freelancers.
Just make sure to maintain an average daily balance of at least $500 to have the monthly fee waived.
How to Choose the Best Bank Account for Your Business
When you’re evaluating business bank accounts, you’ll want to consider your needs and the features that are most important to you.
It should go without saying that you want an account with no monthly fees or no monthly fees. Unless you’re an established business owner, you may also want no minimum balance requirements. You don’t want to get saddled with fees if your business runs into cash flow problems or you have a down month.
If you run a high-volume business, look for a bank account with no transaction limits, no in-network ATM fees, and unlimited ATM fee rebates.
Need a way to manage contracts, collect invoices, and help with taxes?
Your business bank can represent much more than just a place to deposit cash and a means to pay your bills. Many of the best bank accounts on this list also offer freelancer invoicing, tax assistance, and ways to manage contracts.
Budgeting and Savings Features to Look For
When you’re a freelancer, it’s convenient to have an easy way to track your expenses and budget for not just expected costs, but surprise opportunities or financial emergencies.
Just as you should have a personal bank account established with emergency savings, you want a business savings account. In fact, you may want multiple business savings accounts or the ability to divide money into various buckets for known costs – like taxes – and unexpected expenses, such as car repairs or a new phone.
Some budgeting and savings features are nice to have, such as an interest-earning checking account and cash back on debit card purchases.
Why We Chose Lili as the Best Business Bank Account
Lili graces the top of our list because the fintech company offers so many value-added services for entrepreneurs that it’s virtually a one-stop shop for freelancers. However, the other banks on our list for best business accounts have their own benefits you might want to consider.
Should You Use Different Banks for Personal and Business Finance?
If you already have a separate bank account for your personal finance, there is something to be said for opening a business account through the same bank. You may get extra perks and benefits or waived fees. Best of all, it’s easier to use one app to manage all your personal and business banking.
But if you opt for an online financial services company, instead, it is typically easy to transfer funds between accounts. Also, companies like Lili and Bluevine specialize exclusive in business accounts, which means they have services tailored specifically to your needs.
Bottom Line
A lot of factors go into choosing the best bank account for your business checking needs. Knowing your must-haves, nice-t0-haves, and those features that don’t really matter to you can help make the decision easier.
FAQs
What is a business bank account?
A business bank account is a dedicated account separate from your personal accounts that you use to deposit cash, checks, or other customer payments earned through your business. You should also use your business checking account to pay for business expenses.
Do You Need a Business Bank Account if You’re a Freelancer?
Freelancers are not required by law to have a separate business banking account. But if your business is incorporated as an S-corp, C-corp, or LLC, you are required to keep your business and personal accounts separate.
Should You Have a Separate Bank Account If You’re a Freelancer?
Even though it’s not required by law, it’s a good idea to have an account separate from your personal checking account to help you keep track of business income and expenses.
What Makes a Business Bank Account Ideal for Freelancers?
Business bank accounts often have many of the same features as some of the best personal bank accounts. That would include low or no minimum balance requirements, no monthly maintenance fee, no transaction fees, and no hidden fees.
You may also look for features like mobile check deposit, unlimited electronic deposits, and low wire transfer fees if you have a lot of customers, clients, or vendors outside the U.S.
Methodology: How We Select the Best Bank Accounts for Freelancers and Side Hustlers
We evaluated the best bank accounts for freelancers based on the ability to earn interest, monthly maintenance fees, minimum balance requirements, the ease of making cash deposits, customer service, and more.
Some banks are better for freelancers who don’t maintain a high balance or only have a few transactions per month. Entrepreneurs with fast-growing businesses looking to scale may prefer a business checking account with unlimited transactions and the ability to accept credit card payments through the same bank.
Some business owners may want to be able to integrate their Quickbooks accounting system through their bank.
We have banks on this list designed for small business owners, freelancers and side hustlers at every stage of business growth.
Lenders offer borrowers to lock the mortgage rates for a period between the offer and the closing date, which vary according to their policies.
However, during periods of instability, locking the rate for a long period puts downward pressure on lenders’ margins, hurting earnings. That’s been playing out over the last few months due to massive rate increases. And more are expected to follow – the Federal Reserve signaled six additional rate hikes this year, with at least three more in 2023.
The latest weekly Freddie Mac PMMS survey, released Thursday, showed that the average purchase mortgage rate touched 4.67% early last week, up 25 basis points from the week prior and the highest reading since December 2018. Black Knight‘s Optimal Blue OBMMI pricing engine, which considers refis and data from the Mortgage Bankers Association (MBA), reported that rates on Monday averaged 4.86%, up around 80 basis points in one month.
“The sharp rise of the 2-year swap rate along with the rapid increase in credit spreads of the securitization market have led to an unusually fast increase in non-QM rates that the industry has not seen before,” Angel Oak’s spokesperson said.
Angel Oak Mortgage Solutions announced the change in its lock policy on March 31, which caused “confusion and stress” among brokers and borrowers, according to a company’s post on its LinkedIn page.
The company retracted the changes the following day, saying it was in the “process of making the appropriate system updates to reflect the original information of borrower’s loans.” After that, the spokesperson for the company told HousingWire on Tuesday that it will honor all current locks, with the new policy valid only for loans moving forward.
With mortgage rates now hovering around 5%, compared with 3% or lower for much of last year, lenders are investing more in non-QM products. UWM recently rolled out bank statement loans targeting the self-employed as well as investor loans. Likewise, Homepoint is unveiling bank-statement loans as well as non-QM cash-flow loans for real estate investors. (Several other big nonbanks have investor loan products as well.)
Investors’ appetite for non-QM loans also increases in a higher interest rate landscape, as they are seeking for more return on their investments. So far, this year, the non-QM volume numbers are impressive: year to date as of March 25, a total of 29 non-QM securitizations were completed or underway valued at $12 billion, compared to 17 deals valued at $4.8 billion over the first full three months of 2021, the most recent Kroll Bond Rating Agency’s data show.
‘Tis the season of cold weather, hot chocolate, carols and Christmas. The holidays are upon us, and it’s time to pick the best type of Christmas tree for you. Whether you’re a before-or-after-Thanksgiving holiday decorator, picking the right tree for your apartment can make the holiday season truly magical.
A few things to consider first: Do you have overactive cats? How often can you water it? Are you going out of town for the holidays? Do you like heavy ornaments or minimally decorated trees? How much will you spend on the perfect tree? How much space do you have?
Take this quiz to find out what Christmas tree you should pick up this holiday.
What’s your decorating style in your apartment?
What movie describes your holidays best?
What does your Christmas day look like?
What lifestyle best describes you right now?
When does the Christmas season really start?
What’s your favorite Christmas song?
What Is the Best Type of Christmas Tree for Me?
Artificial Christmas tree
Not everyone’s family is ready to take care of a real-life tree, and that’s OK! An artificial Christmas tree allows you to start earlier in the season without worrying about shedding or disposing of the tree. An artificial tree is excellent for those who travel out of state for the holidays and want to keep the house decorated. Splurge on one of the pre-lit ones: You won’t regret it.
Fraser fir tree
The ultimate Christmas tree! The fraser fir brings the fragrance and greenery we all connect back to the holidays. It’s bright and green yet soft enough for young kids and pets to be around it. The fraser fir is one of the sturdiest trees, perfect for the ornaments you hold so dearly. The shape is classic, a triangle with enough branch gaps for lights and big ornaments. If you follow many Christmas traditions but are looking for durability through the season, this quintessential tree is for you.
Colorado blue spruce
If you’re looking for the most stunning Christmas tree, look no further than the Colorado blue spruce. The tree’s foliage changes from a blueish-gray to a silver blue depending on the light. It’s almost as if they are covered in snow. Hang white and gold ornaments from its very strong branches to let the tree’s color sing. It’s also a favorite because of its light shedding. However, make sure the tree is out of reach of children, pets and clumsy folks. The needles are very sharp, so it’s best to wear gloves while decorating them.
Balsam fir
The balsam fir is another classic pick. You’ll often see this one as part of garlands, wreaths and other holiday decorations that incorporate greenery. That’s thanks to its soft, flat needles and branches that work great at staying flat. Balsam fir trees are native to the north of the U.S. Also, if tree fragrance is a must on your list, the balsam fir won’t disappoint.This one requires a bit more care than other varieties as it needs to be kept away from any heating source or drying environment (hard in the winter!), as it will dry out quickly and not make it to Christmas. They can retain their needles for up to four weeks if cared for correctly.
White fir
The gorgeous white fir tree is adorned with white and blue-green needles. Since you’re headed out into the travel craziness of the holidays, this Christmas tree is the best fit for you. White fir trees tolerate neglect, so don’t fret if you cannot water them. This tree has the prettiest pyramid shape, great needle retention and a strong fragrance. As opposed to other pines, this tree has a lovely lemon smell when you crush its needles in your hand — it would go great with a garland of dried oranges and light ornaments as its needles grow upwards on the branch. Get to the tree lot early in the season, as these are the first ones to go.
Eastern white pine
Eastern white pine trees are very tall, with long, thin needles that grow up to five inches in length. This is one of the largest pine trees in the market, so make sure you have space for it. Get a wreath or two to pair up with the tree. They aren’t the sturdiest trees, so keep your decor to a minimum or use garlands or felt ornaments. Let the beautiful, feathery branches take the stage! If you aim for a minimal yet captivating look with your Christmas tree, the eastern white pine is it.
Scotch pine
Whenever you see a Christmas tree farm, most likely it’s a field of bright green Scotch pine trees. These trees are often harvested by permit, so you can cut them down yourself. You’re a DIY-er, and what better feeling than cutting your own Christmas joy. Just make sure to wear gloves when handling it, as this tree’s needles are as sharp as actual needles. But the good news is that even when the Scotch pine is drying, it won’t drop any needles, so you can keep your space clean. They are very sturdy, so they will safely hold your heirloom ornaments in their branches. Make sure you pick the best ones, as you won’t have much room between branches.
Noble fir
The noble fir makes a statement. This is the tree for your tall ceilings — think cathedral, office lobby or foyer of your home. Noble firs come with blue-green needles, sturdy branches and even cones. Think a 12-foot, full-bodied Christmas tree for the season. In nature, these giants can reach almost 300 feet tall. Due to its stature, the noble fir doesn’t need many ornaments to stand out. Pair it with some fresh noble fir wreaths and simple twinkle lights.
Outdoor living is our favorite thing this time of year. With these lovely long days, it’s all about drinks on the patio, dinners on the lawn and morning coffees on the deck. The following beautiful backyards are what our summer dreams are made of!
Too often outdoor spaces are left to the weeds, literally, and it’s probably because home owners, myself included, forget that they can look like this. But if you put your back into it, even just a little bit, your outdoor space just might become one of the best seats in the house!
We’re loving these modern backyards and patios so much. The monochrome color palettes are serene and the perfect way to seamlessly extend your floor plan into the great outdoors.
Looking to update your backyard space? As you can see, a few modern touches are all you need to create a minimally inspired monochrome oasis! Let the summer spent outdoors begin!
GET YOUR SHOP ON:
> 1. Linear Stem Watering Can > 2. Glass Ceramic Lantern > 3. Ferns > 4. Iris Planter + Chevron Stand > 5. Haven White Bird House > 6. Garden Gnome > 7. Outdoor Grid Stripe Pillow > 8. Gray Garden Hose > 9. Charcoal Grill > 10. Walter Lamb Lounge Chair
What do you think of these modern outdoor designs? Don’t you just love the way these minimal pieces don’t take away from the beautiful greenery and surrounding landscape?
Who’s ready for sunshine, warm evenings and dining al fresco?!
image 1 via Est Magazine // 2 via Arch Daily // 3 via Garden Drum // 4 via Est Magazine // 5 via Hecker Guthrie, photography Eve Wilson
Which movie is boring but still regarded as a cult classic or masterpiece? I’ll go first and say, No Country for Old Men. After writing several of these movie posts, I’d better see what was so great about this film on every internet list. I don’t get the hype. After someone asked a film forum for other examples, these films were discussed the most.
1. Citizen Kane (1941)
Citizen Kane. One explains they realize it’s important and, for some, the most excellent film ever made. Furthermore, it touches on societal issues we are still experiencing today. However, it was called out as the most boring film of all time, more than any other in the thread. “I watch movies to escape from the evils of society, not sit and stew over them.”
2. 2001: A Space Odyssey (1968)
Surprisingly, numerous filmgoers confess that 2001: A Space Odyssey is dull and their favorite movie ever made. Interesting. One man admits he attempted to watch the film multiple times but always fell asleep before making it through.
3. Forrest Gump (1994)
Forrest Gump was referenced as “boomer nostalgia” and “badgeringly sentimental, simplistic and really has no point.” Nevertheless, everyone agreed the soundtrack is killer. I love both.
4. The Godfather (1972)
Not they did not. The Godfather? How is this labeled as boring? Many others argue in favor of the masterpiece, with some calling out people who can’t watch a movie unless it’s filled with unrealistic action and CGI. Others suggest that it’s too long and “insists upon itself.” Lies!
5. Blade Runner (1982)
The cult classic Blade Runner was noted as a masterpiece, but seriously long and tedious. One explains that the story “isn’t even that great, and it is straightforward without any twists or surprises.” Another argues they love the ending and call it “spooky and entertaining.”
6. Joker (2019)
Someone says Joker was a “man laughing throughout the movie without any real content.” Before suggesting, those were wasted hours that they could never get back. Another admits that they liked the film. However, they feel it is overrated and that the most praised parts of the film are the wrong parts to glorify. I love Joker, and I’m afraid I have to disagree with these assertions.
7. Stalker (1979)
A moviegoer suggests that Tarkovky’s Stalker intentionally bores you to convince you that it would take too long for any help to come to the characters from the outside world. A second film buff agrees, adding, “Tarkovsky’s films are mind-numbingly boring but also profoundly beautiful.”
8. Scott Pilgrim vs. The World (2010)
Scott Pilgrim vs. The World has been called a cult classic. However, one filmgoer disagrees, stating they found it SO dull. Furthermore, they say the first two video game fight sequences were fun, but they got old fast and were the entire movie.
9. A Clockwork Orange (1971)
A Clockwork Orange. A critic explains that it’s not an easy movie or book to get through. Further noting that it is such an odd movie that you must watch it multiple times to grasp what the dialogue means.
10. Planet of the Apes (1968)
Planet of the Apes is “very long and boring.” Nonetheless, they add that by watching it with the right people; you will have the best time saying “monkey” repeatedly and saying, “wait till my father hears about his” when Draco Malfoy shows up. Watching it on your own is terrible, but very funny with others.
Source Reddit.
Image Credit: Shutterstock – Denis Makarenko
Who is one actress you can never stand watching, no matter their role? After polling the internet, these were the top-voted actresses that people couldn’t stand watching.
10 Actresses People Despise Watching Regardless of Their Role
These 7 Celebrities are Genuinely Good People
Photo Credit: Shutterstock.
We’ve all heard the famous adage that “no publicity is bad publicity,” and while it tends to be accurate, there are certainly exceptions. But what about those few stars who stay out of the limelight and get along without a hint of trouble?
These 7 Celebrities are Genuinely Good People
Photo Credit: Shutterstock
Have you ever known someone and thought you liked them—until you learned about their hobbies? Then you get to know them and then you’re like, “Wow, red flag.” Well, you’re not alone.
These 10 Activities Are an Immediate Red Flag
Photo Credit: Shutterstock.
Some celebrities definitely seem to enjoy the limelight and keep working to stay in the public eye. While others quickly move out of the spotlight. Many of these actors and actresses stepped out of the spotlight to live a more private life without constant media pressures.
10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth
Image Credit: Troma Entertainment
We’ve all been there – sitting through a movie that we can’t help but cringe at, but somehow it still manages to hold a special place in our hearts.
These 10 Terrible Movies Are Still People’s Favorites
The American Pet Products Association reports that a majority of households in the US have at least one pet, but many of them do not have a pet insurance policy that could take care of their medical and grooming needs. As a renter, you may not need to invest in a separate pet insurance policy, though.
Out of all the pet owners in the US, 59.4% own a dog, 34.6% own cats, and the remaining own a range of exotic pets. Thankfully, pet insurance for renters may not only cater to cats and dogs but birds and a range of other exotic animals as well. If you have a pet, you should always consider going through the renter’s insurance policy before choosing a property to understand what your insurance covers and what you may have to pay on your own.
The idea is that the renter’s insurance should ideally cover almost every type of injury and property damage for your pet. In essence, this isn’t just insurance for your pet, but also for the property. In this article, we will take a closer look at what pet insurance is for renters and the potential benefits that you (and perhaps the landlord) can reap from it.
What’s Ahead:
What is Pet Insurance for Renters?
Essentially, renters’ insurance for pets will cover any damage to the property or those around that your pet may cause. This means that if your pet decides to rip up the drywall for some reason or accidentally hurts someone visiting the property, the pet insurance will cover it. But how does it benefit you?
Renters Insurance for pets also covers any health expenses for your pet to make sure that it is in good health and not a threat to the property or those around it. This may include vet checkups or emergency surgery for almost any type of pet. Of course, the more exotic your pet is, the higher your premiums will be.
This means that renters’ insurance not only covers you against any damage to your property but also covers any health implications and injuries that your pet and your stuff may suffer.
Understanding The Difference Between Renters Insurance & Pet Insurance
It is common to mistake pet insurance for renters’ insurance if you are not careful enough. Pet health insurance policy and renters’ insurance policy are two very different policies and therefore offer different types of liability coverage. These policies are both designed to cover different forms of damage. Let’s take a closer look at the two.
What is Pet Insurance?
The concept of pet health insurance policies is quite straightforward; it includes covering a wide range of pet health liabilities, including many elective and emergency procedures. The goal is to reduce the burden of expensive treatments when they become dire, and in turn, you pay a small premium every month.
Coverage options vary with respect to the policy you opt for. For example, many plans may not cover pre-, while others may not cover alternative care (acupuncture, chiropractic procedures, neutering or spaying, and more). There are also some all-inclusive plans that cover almost every type of service and therefore have higher premiums.
Pet insurance plans are much like human healthcare plans and have tiered coverage. Pet owners decide whether they want to invest in pet insurance or not and what the insurance covers.
What is Renters Insurance?
Renters insurance is, in essence, pet liability coverage. It includes pet liability coverage against personal property and damage to others’ property or health because of your pet. Insurance companies deal with your landlord directly and the cost of premiums is usually added up to the rent or maintenance charges pet owners have to pay.
The policy helps deal with the potential liability exposure that your pet introduces as a renter. For example, according to the American Veterinary Medical Association (AVMA), there are over 4.5 million dog bites every year. You may end up having to pay damages as well as for their medical treatment against the dog bites.
As a renter, if there is a dog bit instance, the chances are that, depending on your renter’s insurance policy, the medical payments and damage will be paid directly by the insurance provider. You will only need to continue making insurance premium payments.
What Sort of Pet Liability Coverage Does Renters Insurance Offer?
In most instances, renters’ insurance policies offer protection against property- and injury-related pet liability. If you have a pet, renters’ insurance is a straightforward way to cover your legal risk in case your pet ever causes injuries or property damage to other people.
Apart from dog bites, you may be protected against cat scratches, macaw injuries, snake bites, insect infestations, and a range of exotic pets’ damage as a tenant. Individual renters’ insurance policy can also be acquired directly by the tenant, hence improving the tenant-landlord relationship.
Renter’s Liability Insurance Coverage
You can expect your renters’ insurance policy to offer a wide range of pet liability insurance, depending on the insurance companies you choose to go with. Normally, these include:
Personal Property Insurance
This clause usually covers any home content and personal belonging liability coverage.
General Liability Insurance
Also known as general pet liability insurance clause, this liability coverage includes any damages you or your family members have to pay as a result of your pet’s activities.
Additional Liability Insurance
This pet liability coverage includes any expenses needed to create a livable environment in your home/apartment as a renter. Insurance covers these ‘additional living expenses’, including those associated with your temporary living space or motel. Of course, the deductible varies based on your premiums and between different insurance companies.
Coverage Limits of Your Renters Insurance Pet Liability
Your liability coverage limit will depend entirely on the insurance company you choose. It is important to note that renters’ insurance liability coverage is usually limited by different insurance coverage policies and insurance company rules (which vary from insurance company to company).
Usually, renters’ insurance policies allow you to choose your own limit. Pet liability insurance can range from anywhere between $50,000 to over $100,000. These costs include legal costs and/or damages. Once you have reached your limit, you will need to deal with the remaining liability yourself – perhaps out of your personal property.
Impact of Insurance Premiums
As mentioned above, the premiums, as well as the renter’s insurance coverage, will vary from pet owner to pet owner as well. Take dog breed, for example. Pit bulls and rottweilers are among the most dangerous breeds and may require more coverage. For this, you may have to pay higher renters’ insurance premiums as well.
Renters’ insurance companies usually consider the type of pet you have very carefully. When you purchase renters insurance, you should also consider the chances of a dog bite claim or risk of damage (and aggressiveness) your pet poses. Remember, a $100,000 renters’ insurance amount may seem too much, but it really isn’t for any major damage.
This is particularly true if a pet damages someone else’s property and still remains a threat to others. Normally, the average cost for damages and repair in a bite or minor injury is $35,258.14. However, if the incident is severe, your renters’ policy may not be enough to cover the damage.
Will My Renter’s Insurance Liability Policy Always Help Me?
Note that your liability policy may not always protect you. Your renters’ policy may only offer coverage in cases that relate to unforeseen damage only, i.e., damage that could not have been avoided, even with due care.
For example, assume there is a pre-existing condition that causes something as small as your pet tortoise to become overly aggressive. If you knew about it and yet did nothing to protect others or the property in general, renters’ insurance doesn’t cover the damage.
Exotic Pet Coverage
Furthermore, if your exotic pet has already damaged something and you did not try to reduce the extent of further damage (and your pet injures someone), there is a very good chance not only will there be no financial protection, but your typical premiums will also rise.
Similarly, not all pets are covered by base renters’ insurance plans. In some cases, you may need additional coverage for your rental property. Insurance companies may choose to pay part of the damage, legal fees, or legal expenses incurred without additional coverage or may make no payment at all (based on the policy’s limits).
How Much Does Renter’s Insurance Cost?
According to the Insurance Information Institute (III), renter’s insurance premiums have fallen by 0.6% recently. The cost of a pet insurance plan may vary between different companies and even an insurance agent. Depending on the pet covered, the average cost in the US is between $13 to $17 per month.
Different Plan Coverage
These basic plans may offer $30,000 to $100,000 against the renter’s insurance. Of course, as the amount and circumstances of insurance coverage you need increase, so will the typical insurance premiums. Take an umbrella policy, for instance. An umbrella policy may offer large deductibles against property damage liability, but will also cost between $35 to $100 per month.
While renters’ insurance is not required by law, it can immensely help when you are trying to protect yourself and your pet against liability or those around you.
Learn more about renter’s pet insurance by reading more!
While a majority (67%) of Americans own a pet, not even half of them own pet insurance. When considering what percentage of pet owners have pet insurance, it is important to note that we aren’t just talking about dogs, but cats, mice, hamsters, chickens, and a wide range of other animals as well.
According to a 2021 industry report by the North American Pet Health Insurance Association (NAPHIA), there were over 3.45 million pets in the US that have pet insurance. This might seem significant, but if you consider that there are somewhere over 144.6 million people with pets, it means that only about 0.26% actually own pet insurance.
What’s Ahead:
Why are there so few pet insurance owners?
This is not because of a lack of pet insurance companies, though. There are countless pet insurance policies that offer accident and illness coverage for dogs, cats, horses, birds, and more. However, what makes most people stop is that people often think that they don’t need pet insurance. While it isn’t an essential service to you, it may actually save your pet’s life when the time comes!
In this article, we will look at how many people in the US have invested in a pet insurance policy for veterinary care and why the issue is so prevalent.
Why go for pet health insurance?
Before understanding the statistics, it is important that we look at why simple pet industry expenditures can end up saving your pet’s life. Whether you are a dog owner or cat owner, these pet industry expenditures may seem wasteful, but if the terrifying situation of money shortage for health coverage arises, it may mark the difference between receiving medical care and the loss of an animal’s life.
Avoiding tough decisions
You may have to make the tough decision of having to put your dearly beloved down when it starts to suffer. To stop your loved one’s suffering, instead of spending thousands of dollars, you may then have to go for economic euthanasia. This is the worst-case scenario that pet owners may have to face without pet health insurance plans.
Keeping your pet safe
This isn’t the only reason why you should go for insurance coverage, though. According to the Insurance Information Institute (III) and American Veterinary Medical Association (AMVA), the primary reason people invest in an insurance policy is to avoid uncertainty about their pet’s medical expenses. You get to keep your pet expenditures in check with insured cats, dogs, and other pets.
Pet ownership & insurance
The concept of a pet health insurance policy is like buying health insurance for yourself. It has several restrictions to keep in mind. In fact, if you choose an insurance provider poorly, there is a very good chance that the average annual premium may be higher for your pet than for yourself or even your homeowner’s insurance (yet another reason I always recommend Lemonade).
Looking at the costs
On average, veterinary care may vary between $140 to well over $2,000 during the first year alone! In severe cases, most pet owners may have to pay over $20,000 during a dog’s lifetime, while horse care can go as high as $500,000, on average. Here is a representation of the estimated medical costs that you may have to bear throughout your pet’s life.
Average Pet Care Costs
Service
Estimated Costs
Grooming
$50-$700 per year
Flea/tick control
$40-$250 per year
Spaying
$100-$250
Neutering
$50-$100
Dental services
$50-$300
Vaccinations
$10-$1,000
Allergy tests
$200-$450
Heartworm tests
$50-$100
Infections
$40-$250
Digestive problems
$200-$1,200
Skin masses/shedding
$100-$2,000
These costs are steadily rising as the number of pet owners increases and inflation in general, pet care costs are rising significantly over the years. In fact, 47% of pet owners report being in some sort of debt because of their pets. In times like these, pet owner’s insurance can play a major role in helping you manage your finances better.
Pets as family & rising percentage of pet insurance
The cost of vet visits is steadily on the rise. Along with the pet ownership increase during COVID-19, this has fueled growth in the pet insurance market. Many people now think of their pets as family members. This is because of the rise in the number of pet adoptions following the coronavirus lockdowns. Furthermore, because of this adoption, 85% of dog-owners and 76% of cat-owners consider their animals to be members of their families.
Increase in insurance plans
As a result, a record-breaking 3.45 million pet owners signed insurance policies for their pets in Q1 of 2021. This is the fifth consecutive year that the insurance rates have grown, but so has the pet insurance industry as a whole. Every year, the average costs against accident and illness coverage rise by ~24%.
Looking at the numbers
NAPHIA reports that almost 99.9% of insurance policies for pets are in North America, with an estimated 3.101 million pets being insured by 2020 and 3.453 million by 2021. Out of these:
5 million include dog insurance policies
53 million include cat insurance
The remaining is for birds, horses, exotic animals, and even insects (yes, there are insurance policies for insects as well).
Dog vs. Cat insurance policy
This shows that dog insurance is much more common compared to any other animal insurance. From 2019 to 2022, the average number of people and cost of insurance has increased by 22.5% for dogs and 17.1% for insured cats. Combined, this reflects a 19.8% increase in the number of pet insurance holders.
The monthly insurance premiums for pet insurance vary with respect to the pet type as well. For example, the average premium for a German Shepherd stands at $34.42 per month in the US (lowest premium), while for rarer breeds, the premium may go higher than $100. This is why the adoption of insurance premiums is still not as common.
Pet insurance policy by plan type
According to a report by GM Insights, more than 80% of dog owners go for accident and illness insurance plans, while the remaining go for accident-only plans. The former is a comprehensive coverage plan that covers almost all of the out-of-pocket expenses that you may have to make for pet care. These may include:
Diagnostic tests
Major and minor surgeries
Emergency care
Digestive issues
Urinary tract infections
Broken bones
Fight or bit wounds
Burns
Fever care
Major health issues
Euthanasia, and more.
In most cases, insurance plans do not cover grooming or hygiene-related issues.
Accident-only coverage
Accident-only coverage, on the other hand, only includes pet injuries. Of course, these plans are relatively more cost-effective than extensive plans. However, they are more common as well. In 2021, for example, accident-only plans accounted for 92% of all policies purchased (a decrease from 97% in 2020).
Global pet insurance market overview
In 2020, the pet insurance industry was valued at $4.5 billion. The market has grown considerably at a compounded annual growth rate (CAGR) of 14.3%. According to this forecast, the market is expected to reach $16.8 billion by the start of 2030 due to the rapid adoption of newer pet insurance plans for all sorts of animals.
Primary focus
While the primary focus of the industry still remains dogs, by volume, if we look at newer pet insurance policies being bought, you will find that the number of cat policies being issued is picking up pace. For cats, accident-only pet insurance is not as beneficial as accident and illness coverage.
This is because cats get into fewer accidents than dogs but tend to have an equal number, if not more, of health issues. By 2023, the percentage of pet owners having pet insurance is expected to be at least three times the number today.
Today we’ll take a look at “Legacy Home Loans,” a mortgage lender whose purpose is to increase homeownership rates for African American communities across America.
They recently noted that Black homeownership is at an all-time low of 46% (per U.S. Census Bureau data), so they’re trying to change that by positioning themselves in states where the Black population is 25% or higher.
The company is helmed by President & CEO Ben Slayton, a 54-year mortgage industry veteran who also happens to be the first Black REALTOR® in America.
To reach their goal, Slayton has strategically opened branch offices in select areas of the country, including Atlanta, GA, Chicago, IL, Dallas, TX, Las Vegas, NV, Oakland, CA, and Columbia, SC.
Legacy Home Loans Fast Facts
Direct-to-consumer retail mortgage lender
Offer home purchase loans, refinances, and multifamily financing
Licensed in 40 states and the District of Columbia
Founded in 2018, headquartered in Las Vegas, Nevada
Nation’s largest Black-owned mortgage company
A dba of Panorama Mortgage Group LLC
Parent company funded roughly $1.5 billion in home loans last year
Most active in California, Nevada, and the South
Legacy Home Loans is a direct-to-consumer retail mortgage lender that operates as a dba of Panorama Mortgage Group LLC.
They refer to themselves as the nation’s largest Black-owned mortgage company, and want to play a key role in the National Association of Real Estate Brokers (NAREB)’s initiative to have two million new African-American homeowners by 2022.
As noted, their plan is to open new offices in predominantly Black cities nationwide, including Baltimore, Birmingham, Charlotte, Jacksonville, and St. Louis.
Other locations include Tucker, GA, Houston, TX, Sacramento, CA, and most recently Florence and Greenville, South Carolina.
They appear to be most active in California, Georgia, Illinois, Louisiana, Nevada, and South Carolina, but are licensed in 40 states and the District of Columbia.
It seems they aren’t yet operating in Alaska, Arkansas, Hawaii, Idaho, Massachusetts, Montana, New York, Rhode Island, Vermont, or West Virginia.
Legacy Home Loans is big on home purchase lending (which is their goal), as their parent company does about 90% of total volume in purchase transactions, with the remainder refinance loans.
Interestingly, Panorama Mortgage also operates the 100% Hispanic-owned Alterra Home Loans, so it’s clear they’re working to increase homeownership rates for all minority groups.
How to Apply with Legacy Home Loans
You can call them up, visit a local branch, or apply online
Their easy-to-use digital loan application is powered by Ellie Mae
It allows you to link bank accounts and income/employment information
eSign important disclosures and check loan status from a secure online portal
Legacy Home Loans is big on technology, seeing that their goal is to become one of the top five independent mortgage lenders in the country that also happens to be 100% minority-owned.
To that end, they work with Ellie Mae to provide their borrowers with a seamless, and perhaps more importantly, paperless home loan process.
You can get started in a variety of ways – either visit their website and fill out a lead form from their homepage, at which point a loan officer will get in touch.
Or check out their branch directory, click on an office nearest you, then select a loan officer to work with. If you go this route, you can apply online all by yourself without getting in touch with anyone first.
Alternatively, you can simply call them up on the phone, or visit a local branch if one is located near you.
It might be in your best interest (literally) to call and get a mortgage rate quote first, then if you like what you hear, proceed with the online application.
Speaking of, it’s powered by Ellie Mae, and allows you to link financial accounts, scan/upload documents, eSign disclosures, and manage your loan via a secure online borrower portal.
You can also check loan status via their free smartphone app called Pronto, which lets you manage your financial information, invite co-borrowers, and chat with your lender/real estate agent in one place.
Loan Programs Offered by Legacy Home Loans
Home purchase loans
Refinance loans: rate and term, cash out, and streamline
Renovation loans: FHA 203k and Fannie Mae HomeStyle Conforming loans
Jumbo loans
FHA loans
USDA loans
VA loans
ITIN loans
Non-conventional loans: foreign nationals and non-warrantable condos
Multifamily loans (5+ unit properties)
Legacy Home Loans offers a wide array of home loan programs, including purchase, refinance, and renovation loans such as the FHA 203k.
So whether you’re a first-time home buyer or an existing one, they should have a product for you.
All different types of loans are available, including conforming loans backed by Fannie/Freddie, and government-backed ones like FHA loans, USDA loans, and VA loans.
Additionally, you can take out an ITIN loan if you lack a social security number, and they also work with foreign nationals.
Lastly, they’ve got a multifamily loan department for investors interested in financing 5+ unit properties.
Legacy Home Loans Mortgage Rates
You won’t find mortgage rates posted on the Legacy Home Loans website.
Instead, you’ll either need to fill out their online lead form by clicking “Apply Now!” and wait for a call back, or simply make a phone call to a loan officer to discuss pricing.
It’s unclear where they stand pricing-wise relative to other lenders out there, so take the time to gather multiple quotes to ensure you’re getting a good deal.
The same goes for lender fees – since they’re not listed online, you’ll need to know what they charge to compare their quoted mortgage APR with other banks, lenders, and brokers.
Legacy Home Loans Reviews
They don’t have a ton of online reviews since they’re a newer company, but I was still able to track down several hundred.
On SocialSurvey, they’ve got a 4.79-star rating out of 5 from over 600 customer reviews, which is an excellent score.
You can also search local branches and loan officers by name to find Google and Yelp reviews if you’re trying to determine which individual to work with.
While not an accredited business, they currently have an ‘A-’ rating with the Better Business Bureau rating based on customer complaint history.
All in all, they could be a good choice for a first-time home buyer looking to support the company’s mission of increasing African American homeownership.
Just take the time to ensure they are competitive and easy to work with compared to other mortgage companies.
Legacy Home Loans Pros and Cons
The Good
Can apply for a mortgage from any device without assistance
Digital mortgage application and loan portal powered by Ellie Mae
Lots of loan programs to choose from including multifamlly
Excellent customer reviews from past customers
A- BBB rating
Physical branches in many areas that they serve
Free smartphone app
Their goal is to increase African American homeownership