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Nantucket has long been a playground for the rich.

With its pristine beaches, upscale boutiques, acclaimed restaurants, and opulent mansions, Nantucket has become a popular vacation spot and second home destination for the extremely wealthy.

Known as the “Little Grey Lady of the Sea,” the picturesque island attracts celebrities, high-powered executives, and the East Coast elite, who are drawn to the island’s natural beauty, sophisticated culture, and air of exclusivity.

And now, their choices for upscale homes in the area include an impeccably renovated compound — with interiors redone by lauded interior designer and TV personality Tanya McQueen Forman (whom you might remember from Extreme Makeover: Home Edition).

Newly listed at $14,495,000, the property at 14 Nonantum Avenue in Nantucket also comes with a guest house, cabana, and studio apartment, and is located mere minutes from Surfside Beach. Ready for a quick tour?

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What $14.5 million buys you in Nantucket

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

Sitting on a generous 1.19-acre lot, the Nantucket compound — listed with Douglas Elliman’s Michael Passaro, Carl Lindvall, and Holly Parker — has a total of 6 bedrooms and 9 bathrooms (6 full, 3 half-baths), split between its several inviting structures:

  •  a 3-bedroom, 4.5-bathroom, meticulously renovated main house
  • a 3-bedroom, 3.5-bathroom guest house
  • a pool cabana with a half bathroom
  • and a two-car garage with a studio apartment

Upscale vacation home vibes

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

With its shingle-style splendor and vacation vibes, the newly listed compound offers the quintessential Nantucket experience — with plenty of space to accommodate (and entertain) discerning guests.

TV star Tanya McQueen Forman redid the interiors

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

Originally built in 2015 and envisioned by Nantucket-based architect Luke Thornewill, the 3-bedroom home saw its interiors completely overhauled by designer Tanya McQueen Forman, to incorporate nautical accents and cool, beachy tones, and an overall contemporary aesthetic.

If Tanya’s name sounds familiar, that’s because you might remember her from her stint on ABC’s Extreme Makeover: Home Edition, where she made her TV debut as a designer. She’s also graced the pages of several interior design magazines and mainstream media, including for work she’s done on her own Nantucket home.

And it shows

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

The newly renovated residence wows with its wide-plank wood floors and lofty vaulted ceilings, beautifully complemented by the contemporary finishes McQueen Forman added.

Going for a nautical-inspired, beachy vibe, the designer fitted the 3-bedroom residence with modern yet playful pieces that enhance the bright, light-filled interiors.

The living room has a floor-to-ceiling fireplace

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

Set in its own wing, the inviting living room features a floor-to-ceiling fireplace plastered with beach shells and extra-generous windows that flood the space with natural light.

See also: Jackie O turned a sheep farm into her dream retreat on Martha’s Vineyard; It’s now worth $65M

The kitchen conjures boat lanterns with its light fixtures

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

With its soaring ceilings, tiled wall, massive island, and modern finishes, the kitchen is a beauty. But what caught our eye were the perfectly picked light fixtures, reminiscent of boat lanterns, that tie in nicely with the theme of the home.

Plenty of areas for the family to gather

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

According to Robb Report, off the kitchen is a large dining room with a built-in banquette and spacious eating area, as well as a separate media room/sitting area.

A guest house offers more accommodation

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

The 3-bedroom guest house is just as inviting as the main structure. With its 3 bedrooms, 3.5 bathrooms, and an open-concept living area with kitchen and dining, it’s a fully livable residence in its own right.

And it’s just as beautifully renovated as the main house

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

Not only is the guest house spacious, but its interiors are so charming that we could write an entire article talking about this lovely residence alone — and we wouldn’t run out of nice things to say.

There’s also a studio apartment above the garage

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

Other accommodation options on the 1.19-acre compound include a studio apartment above the 2-car garage and a cute little pool cabana with a half-bathroom.

Outdoor amenities include an oval swimming pool

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

Outside, we find a rather unique, oval-shaped swimming pool with an integrated hot tub. Other outdoor amenities for future residents to enjoy include a specialty pizza oven and a lovely patio, with probably the biggest perk being the property’s proximity to the beach.

There’s also a “widow’s walk” overlooking the ocean

Photo credit: Matt Giachetti of Luxury Vision for Douglas Elliman

Staying true to its roots, the Nantucket house also has a widow’s walk — an architectural term for a rooftop terrace area enclosed with railings that became popular during the height of the whaling industry in New England.

More stories

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The most noteworthy luxury homes in and around Boston: Tour some of the city’s finest listings

Taylor Swift’s Rhode Island house — Home to “the Last Great American Dynasty”

Source: fancypantshomes.com

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If you’ve heard it once, you’ve heard it a thousand times: older Americans overwhelmingly support aging in place in their own homes, with some recent survey data indicating at or over 90% of seniors supporting retirement living in their own homes.

But sometimes the cost of renovations can exceed the amount of cash that a retiree has access to, particularly for the majority of older Americans living on fixed incomes and relying on benefit programs like Social Security.

To that end, a recent column published in U.S. News & World Report asked a number of seniors aging in place and experts about the best and most effective renovations they can make to meet their goals for remaining in their own homes.

Dak Kopec, a professor at the University of Nevada, Las Vegas explained that the age of the property itself is a big determinant of the costs associated with aging in place renovations.

“Widening doorways, enlarging bathrooms and installing stair lifts in an older home can quickly become expensive,” the column said based on his input, but there are still less expensive options that can go a long way. Some of the least expensive additions to support aging in place include grab bars and support railings that are available from major home improvement stores.

While some may be turned off by cheaper additions since they can draw attention to the concept that the occupant of a home is getting older, making targeted changes can help, and it’s not always a given that certain things must be changed in a home. Stairs are often targets of scrutiny, but it also depends on the person, Kopec said.

“Don’t automatically think you have to do away with stairs,” the column said based on Kopec’s input. “In his experience, older adults who continue to use stairs maintain their knee and leg strength longer.”

Home remodeling site Fixr told the outlet that the national average cost of aging-in-place renovations can run the gamut between $3,000 and $15,000, depending on the work performed. More drastic renovations can double or even triple that figure. But a group of retirees were consistent in targeting one room of the home in particular: the bathroom.

Those with limited mobility face challenges to their safety and physical well-being when adding water on slick surfaces into the mix, and investing in accessibility fixes there can have a big impact on both safety and mental outlook.

“It was terrifying to get into the shower by myself,” said a 67-year old retiree interviewed for the piece.

Another senior, interior designer Nancy Bean, described the challenges for her older husband — afflicted with Parkinson’s disease — who is afraid of falling in or out of the bathtub due to issues with his balance.

“Low-entry or curbless showers are game-changers for those with limited mobility. But it’s also crucial to have the proper tiling or mats on the floor to avoid slips and falls,” according to input from Bean.

Earlier this year, a story published by the Associated Press (AP) detailed the pivot that some major home improvement retailers were making toward aging-in-place. Some of the chains reporting increased renovation and modification activity include The Home Depot and Lowe’s, two of the largest home improvement retailers in the U.S.

The Home Depot is refreshing an in-house brand with accessibility in mind for things like grab bars and easier-to-use faucets. Meanwhile, in 2021, Lowe’s established a single stop for items including wheelchair ramps and shower benches, the story explained.

Source: housingwire.com

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Achieving financial independence (FI) might seem like a distant dream, but it’s closer than you think. By following some tried-and-true strategies, you can take control of your finances and work towards a future where money is no longer a worry. In this post, you’ll discover 10 secrets that can help you reach FI, from smart investing to mindful spending. Get ready to learn practical tips that can pave the way to a financially free life.

How does this sound?

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Reaching financial independence is about having choices and freedom. It means you can decide how to spend your time without money worries.

What is FI? Or Financial Independence?

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Financial Independence (FI) means having enough money to cover your living expenses without working. It’s about having freedom and control over your time.

To learn more: What is Financial Freedom? 12 Steps to Achieve It

Why does FI matter?

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FI matters because it gives you the ability to choose how you live your life. You can retire on your terms and spend time doing what you love.

To learn more: Discover Time Freedom & Design a Happy Life You Enjoy

1. Save Money Today

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Saving money today helps you build wealth for the future. It’s the first step towards financial independence and having more choices later on.

To learn more: Top 20 Epic Money Saving Challenges Unveiled to Save Money

2. Spend Less Than You Make

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Spending less than you make is key to growing your wealth. By managing your expenses, you can save more and reach financial independence faster.

To learn more: 12 Straightforward Ideas to Cut Spending and Budget Better

3. Learn How to Invest

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Learning how to invest is essential for growing your wealth. Investing wisely helps your money work for you, leading to financial independence.

To learn more: How To Invest In Stocks For Beginners: Investing Made Easy

4. Set Financial Goals

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Setting financial goals keeps you focused on your path to financial independence. Clear goals help you track progress and stay motivated.

To learn more: 10 Smart Financial Goals That You Need

5. Prefer a Debt Free Lifestyle

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Living a debt-free lifestyle means more financial freedom. Without debt, you can save more and invest in your future.

To learn more: 7 Simplistic Habits Needed for Debt Free Living

6. Choose to Live Frugally or Not

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Choosing to live frugally can speed up your journey to financial independence. It’s about making smart spending choices that align with your goals.

To learn more: The Ultimate Guide to a Frugal Lifestyle

7. Make Your Finances a Priority

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Making your finances a priority helps you stay on track to reach financial independence. It’s about regularly reviewing and managing your money.

8. Be a Constant Learner

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Being a constant learner helps you make better financial decisions. The more you know, the better you can grow your wealth and achieve financial independence.

To learn more: 35 Life-Changing Books That Will Change The Way You Think And Feel

9. Know your FI Number

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Knowing your FI number gives you a clear target for financial independence. It helps you understand how much you need to save and invest to retire on your terms.

To learn more: How to FI and Know Your FI Number Calculator

10. Become a Millionaire from No Money

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Becoming a millionaire from no money is possible with the right strategies. By saving, investing, and staying focused, you can grow wealth and reach financial independence.

To learn more: 15 Genius Strategies to Become a Millionaire with No Money

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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Investing in stocks can seem overwhelming, but it doesn’t have to be. With a few simple steps, you can start your journey toward building wealth and securing your financial future. This guide will walk you through the basics of stock investing, from understanding what stocks are to choosing the right investments for your goals. Whether you’re a complete beginner or just looking to brush up on the fundamentals, these easy-to-follow steps will help you confidently enter the stock market and begin growing your money. Let’s dive into the simple steps to start investing in stocks.

What are stocks?

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Stocks represent shares of ownership in a company. By buying stocks, you can own a part of a business and potentially grow your wealth as the company grows. They are a popular way to make money and increase your net worth over time.

Learning stock market basics

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Understanding the stock market is key to successful investing. Learn the basic concepts like how stocks work, what affects their prices, and how you can start investing to grow your wealth and secure your financial future.

Investing in stocks for beginners

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Investing in stocks can be a great way to make money, but you need a solid strategy. This guide offers simple tips for beginners to help you start investing, grow your wealth, and work towards financial independence.

To learn more: How To Invest In Stocks For Beginners: Investing Made Easy

Is Now a Good Time to Buy Stocks? The Real Answer

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The stock market is on the rise. Is now the right time to buy stocks? If you want to make money, learn the proper steps to start investing today and take advantage of market opportunities to grow your wealth.

To learn more: Is Now a Good Time to Buy Stocks? The Real Answer

Waiting to Invest?

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Why wait to invest in the stock market? Delaying your investments means missing out on passive income. Consistently investing, rather than trying to time the market, will lead to long-term, stable returns and increase your net worth.

The power of compounding

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Compounding can significantly boost your investment returns. By reinvesting your earnings, you allow your money to grow faster, leading to greater wealth over time. It’s a powerful strategy for anyone looking to increase their net worth and secure a comfortable retirement.

Can you Make Fast Money in the Stock Market?

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Can you make money quickly with stocks? As a day trader and long-term investor, I know how fast I can see returns. Learn how day trading or swing trading can increase your financial freedom and help you grow wealth.

To learn more: How Fast Can you Make Money in Stocks? The Real Answer

Know Your Risk

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Understanding the risks involved in stock investing is crucial. Know your risk tolerance and make informed decisions to protect your investments and achieve financial success.

Avoid These Trading Mistakes

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Avoid common trading mistakes that can cost you money. Learn how to improve your trades, minimize losses, and increase your profitability in the stock market.

To learn more: Day Trading Mistakes: How To Avoid Trade Errors And Win More

Dive into an Investing Education

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Education is key to successful investing. Trade and Travel is a course that teaches you how to make money in the stock market. Read my personal review as a profitable student and see how an investing education can help you grow wealth and achieve financial goals.

To learn more: Trade and Travel Reviews – Join the $1000 in a Day Club

Start Your Investing Journey

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Ready to start investing? Learn the basic steps to begin your investing journey, grow your wealth, and secure a comfortable future. It’s never too late to take control of your finances and work towards financial independence through smart investments.

To learn more: https://moneybliss.org/investing/

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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Student loans are often the go-to choice for families who need help paying for a child’s college education. But as you put together your financing plan, you may find there are other options worth considering — including using a home equity line of credit, or HELOC, to cover some college costs.

Both types of borrowing have advantages and disadvantages that may influence your decision to use one or both to pay for school. Read on for a look at student loans vs. HELOCs, and how each can be used to help with your family’s educational and financial goals.

What Is a HELOC?

A home equity line of credit, or HELOC, is a revolving line of credit provided by a private lender and secured with the equity you have in your home.

HELOCs are sometimes confused with home equity loans, but they are not the same thing. Because a HELOC is a line of credit, you pay interest only on the amount of money you’ve actually borrowed. Payments can vary from month to month, and as you replenish the account by making payments, you can borrow from it again. With a lump-sum home equity loan, a borrower receives all the money upfront and pays interest on the entire loan amount from day one.

A HELOC can be used to pay for just about anything — including tuition, books and supplies, housing, transportation, and other college expenses. But because the line of credit is secured with your home, if you fall behind on your payments, you could risk foreclosure. And should you decide to sell your home, you may be required to repay what you currently owe.

Recommended: Different Types of Home Equity Loans

What Are Student Loans?

Student loans allow students and, in some cases, their parents, to borrow money to pay for a college education. Here’s how the two main types of student loans work:

Federal Student Loans

There are a few different types of federal student loans, and each has its own rules when it comes to how much you can borrow and how the money is repaid. But generally, they offer lower interest rates than many other types of loans and include more protections for borrowers, including temporary relief programs in case of financial hardship, and even the potential for loan forgiveness.

To apply for federal student aid, you must submit the Free Application for Federal Student Aid (FAFSA®) form. If you qualify for assistance and accept what’s offered, the school will apply your federal loan funds to your outstanding account charges (tuition, fees, etc.). Whatever is left after that will then be turned over to you to use for other educational costs.

Private Student Loans

Private student loans are issued by nongovernment lenders, such as banks, credit unions, and other financial service companies. Because they aren’t backed by the federal government, these loans do not offer the same repayment options or safety-net protections as federal loans. So, if your family (student and/or parents) qualifies for federal student loans, you’ll probably want to tap those first. However, if you’ve exhausted your federal financial aid and require additional funds, you may find you can get the help you need by borrowing through a private lender.

Key Differences Between a HELOC and Student Loans

While you may decide to use federal or private student loans, a HELOC, or all three types of financing to help pay for a college education, it’s important to be aware of some key differences in how they work.

Interest Rates

•   Federal student loans are usually the way to go for borrowers who are looking for the lowest interest rates available. These loans come with a fixed interest rate that is set by the government, so once you sign on the dotted line, you can expect to pay the same rate for the life of the loan. But different types of federal student loans have different interest rates, and the way interest starts accruing on these loans also varies. If you have a subsidized loan, for example, you won’t accrue any interest while you’re in school, for six months after you leave school, or during any deferment. The U.S. Department of Education pays the interest during these periods. The interest on an unsubsidized loan starts accruing immediately, however, and it is the borrower’s responsibility.

•   Private student loans are generally available with a choice of a fixed or variable interest rate, but these rates, which are set by the individual lenders, can vary quite a bit — so it can be a good idea to shop for the most competitive offer based on your creditworthiness and other qualifications.

•   HELOCs have a variable interest rate, which means the rate can fluctuate over time. This could be good or bad, depending on which way interest rates are going. If rates drop, the borrower could benefit; but if they rise, it may make it harder to keep up with the payments. Still, because a HELOC is secured with your home, the interest rate may be lower than with other types of unsecured borrowing, such as personal loan or credit card. And because it’s a line of credit and not a lump-sum loan, you’ll only be charged interest on the amount you’ve actually borrowed.

Recommended: Student Loan Interest Rates Guide

Fees

•   Federal student loan borrowers are often surprised to learn they’ll be expected to pay an origination fee on each loan they receive. Origination fees are currently 1.057% for federal subsidized and unsubsidized loans for undergraduate and graduate students, and 4.228% for federal PLUS loans for parents and graduate students. The lender who is servicing the loan also may charge a fee if a payment is more than 30 days late.

•   Private student loan fees also can vary based on the lender you choose. Some may charge an origination fee or fees for late payments, while others, including SoFi, have zero fees on student loans.

•   HELOC fees can vary depending on the lender, but they often include an application/origination fee, notary fee, title search, appraisal fee, credit report fee, document prep fee, and recording fee. There also may be an annual maintenance fee, and charges for early termination or account inactivity.

Repayment Terms

•   Federal student loans offer the most repayment options for borrowers, including a fixed payment plan that ensures loans are paid off within 10 years and income-driven plans that base your monthly payment on your earnings and your family size. Some borrowers also may be able to have a portion of their loans forgiven. And those who have multiple federal student loans may choose to consolidate them into a single Direct Consolidation Loan. Another plus: Student and parent borrowers may be eligible for a deferment period if they become unemployed, experience an economic hardship, or serve in the military.

•   Private student loans have different repayment terms depending on the lender, and can often be repaid over a period of 10 to 15 years or longer, usually starting six months after graduation. There is no loan forgiveness with a private student loan, but some lenders, including SoFi, may offer borrowers a student loan deferment period that’s similar to what some federal loans offer. However, you can expect your loan to continue accruing interest during this time.

•   HELOC borrowers usually are required to make at least a minimum monthly payment during their account’s “draw” period. When the draw period ends — typically after 10 years — access to the line of credit ends and the lender sets up a repayment schedule based on the balance owed.

Credit Requirements

•   Federal student loan borrowers who are undergraduates don’t have to worry about passing a credit check as part of their application process — and they don’t need a cosigner to get a loan. Though parents and graduate students do have to pass a credit check to get a federal loan, there’s no required minimum credit score.

•   Private student loan lenders may have different credit requirements, but all borrowers (including undergraduates) should expect to go through a credit check. Lenders generally will be looking for a solid credit history, a good-to-excellent credit score, and other factors that show the borrower — alone or with the help of an eligible student loan cosigner — has the ability to repay the loan.

•   HELOC credit requirements can vary, but typically lenders require that you have at least 15% to 20% equity in your home, a healthy debt-to-income ratio that shows you can afford to take on the added debt load, and a credit score that indicates you can reliably repay the money you owe.

Tax Deductibility

•   Federal student loan interest payments can qualify for a tax deduction of up to $2,500, as long as you used the loan to pay eligible higher education expenses for yourself, your spouse, or a dependent. And you don’t have to itemize deductions on your return to get the tax break: The interest you pay is considered an income adjustment, so there’s no separate form to fill out.

•   Private student loan interest payments qualify for the same tax deduction as federal student loans, with the same requirements.

•   HELOC borrowers can only claim their interest payments as a deduction if they used the borrowed funds to “buy, build, or substantially improve your home.” Interest paid on money used for college doesn’t qualify for a tax break.

Borrowing Limits

•   Federal student loans have different borrowing limits based on the loan type and your student status (undergraduate or graduate) or if you’re a parent.

•   Private student loan limits can vary by lender; there is no set borrowing limit as with most federal loans. However, the maximum amount you can borrow may be based on your school’s estimated cost of attendance minus any other forms of financial aid you receive, your creditworthiness, and other factors.

•   HELOC lenders typically will allow you to tap into your home equity for 85% or more of your home’s current appraised value minus the amount you currently owe, So, for example, if your home is valued at $350,000 and you owe $250,000, you might qualify for a HELOC that’s $47,500 ($350,000 x 85% = $297,500 – $250,000 = $47,500).

Alternative Options

Although a HELOC can be used to pay for college — especially if you find you need more money than you can get in student loans — there are other options that could help your family manage education costs.

Scholarships and Grants

A wide range of scholarships and grants are available to students who are willing to take the time to do some research and apply. And this type of financial aid, which can come from private organizations, colleges, and other sources, doesn’t have to be repaid.

Work Study or a Part-Time Job

A work-study program or part-time job can also help pay some college costs. A student can check with the financial aid office at his or her school to learn more about participating in federal or state work-study programs. And local businesses like coffee shops, restaurants, retail stores, and markets often hire college workers to help out at night and on the weekends.

529 Plans

If your student is still a few years away from attending college, you may want to look into a state-sponsored 529 college savings plan, also known as a qualified tuition program. These tax-advantaged plans offer parents and others an opportunity to save ahead for a family member’s college expenses.

The Takeaway

Using a HELOC vs. student loans to pay for college has advantages and disadvantages. Because you only have to pay interest on the amount you actually borrow, a HELOC can be an affordable alternative, or addition, to lump-sum student loans. And since your home is used as collateral with a HELOC, the interest rate may be lower than with some other borrowing options. Of course, this also means you could lose your home if you can’t make your HELOC payments.

You may want to exhaust any federal financial aid for which your family is eligible — and check out potential private student loan offers — before turning to a HELOC for help. Federal student loans offer borrower protections you can’t expect with a HELOC, and you won’t be putting your home at risk.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.

FAQ

Can I use both a HELOC and student loans?

Yes, if the federal financial aid for which you are eligible doesn’t cover all your college costs, you may choose to combine a HELOC with both federal and private student loans. You may want to compare all your options before moving forward, however, and it may be helpful to make a plan for how you expect to use and repay the money you borrow.

Does the interest rate on a HELOC vary?

Yes, a HELOC comes with a variable interest rate, which means the interest rate you pay could fluctuate based on movements in the underlying benchmark interest rate or index.

Are student loan interest rates fixed?

Federal student loans have fixed interest rates, so you’ll pay the same rate for the life of the loan. Private student loans may be offered with a choice of a fixed or variable interest rate.

Can you use a HELOC to pay off student loans?

If you can qualify for a lower interest rate, you might consider using a HELOC to pay off your student loans. But it’s important to keep in mind the upfront and ongoing costs that come with a HELOC — and you’ll lose the tax deduction you receive for the interest paid on your student loans. You’ll also lose the protections that student loans offer borrowers, and you could put your home at risk if it turns out you can’t make your HELOC payments.

Photo credit: iStock/andresr

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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Source: sofi.com

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Creating a vision board can be a powerful tool to help you achieve your dreams and goals. Whether you’re aiming for personal growth, career success, or better health, a vision board serves as a visual reminder of what you want to accomplish. This ultimate guide will walk you through everything you need to know about vision boards, from gathering materials to choosing images and arranging them in a way that inspires you. Get ready to turn your aspirations into reality with a vision board that keeps you motivated and focused on your journey.

What is a Vision Board?

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A vision board is a collage of images, words, and other visual elements that represent your goals, dreams, and aspirations. It’s a creative and personal tool that helps you visualize what you want to achieve in life. By putting your intentions on a board, you can keep your focus on them and stay motivated. The idea is to place your vision board where you can see it daily, reminding you of your goals and encouraging you to take steps toward achieving them.

Start with Your Dreams and Goals

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Take some time to think about your dreams and goals. What do you truly want to achieve? Consider all areas of your life—career, relationships, health, personal growth, and hobbies. Write down your goals and be as specific as possible. This clarity will help you choose images and words that accurately represent your aspirations. Starting with a clear vision of your dreams and goals ensures that your vision board will be a powerful tool to keep you motivated and focused on what truly matters to you.

To learn more: 10 Smart Financial Goals That You Need

Use Vision Board Pictures

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Find the perfect pictures for your vision board to reflect your financial dreams. This guide will help you choose and find the right images to visualize your goals.

To learn more: Vision Board Pictures to Help You Achieve Your Life Dreams this year

Find Vision Board Quotes to Inspire You

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Use quotes on your vision board to stay inspired and focused on your goals. This guide offers quotes and tips to help you achieve financial success.

To learn more: The Ultimate Collection of Vision Board Quotes to Inspire You

Uncover Powerful Millionaire Quotes

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Use these millionaire quotes to stay motivated on your path to wealth. These statements will help you keep your goals in sight and achieve financial independence.

To learn more: Millionaire Quotes: Motivate Yourself to Achieve Success

This is How to Become a Millionaire with No Money

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Discover the steps to financial independence even with no money. Overcome debt, adopt millionaire habits, and invest wisely to start your path to wealth.

To learn more: 15 Genius Strategies to Become a Millionaire with No Money

Repeat These Money Mantras

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Use these money mantras to encourage financial growth. Develop a wealth mindset, affirm your success, and transform your finances to reach financial freedom.

To learn more: Top 50 Money Mantras to Boost Your Financial Freedom

Focus on These Millionaire Habits

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Anyone can adopt these millionaire habits to achieve financial success. Apply these basic principles to your life and start reaching your financial goals.

To learn more: Powerful Millionaire Habits that will Change Your Life

Essential Vision Board Supplies You Need

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Manifest your financial dreams with the right vision board supplies. Use this checklist to ensure you have everything you need to create a powerful vision board.

To learn more: 10 Essential Vision Board Supplies You Need for Making an [Epic] Vision Board

Host a Vision Board Party

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Plan a vision board party to focus on your financial dreams. This guide offers ideas for creating an inspiring event to help you and your friends set and achieve your goals.

To learn more: Host a Vision Board Party: Plenty of Ideas for Success

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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Looking for a simple and effective way to save money? The envelope challenge might be just what you need. This popular saving method helps you set aside cash in an organized and manageable way. By using envelopes to allocate funds for different expenses, you can easily track your spending and boost your savings. Start one of these envelope challenges today and take control of your finances.

Why Use a Saving Challenge?

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Saving money can be tough, but using a saving challenge can make it easier and even fun. These challenges give you a clear plan and simple steps to follow, helping you stay motivated and reach your financial goals. Whether you’re saving for a big purchase, building an emergency fund, or just wanting to improve your money habits, a saving challenge can be a great tool. Learn how to start, stay on track, and see real results with a saving challenge that fits your lifestyle.

Various Money Saving Challenge to Try

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Get empowered with these popular money saving challenges. From the envelope challenge to monthly savings, become savvy with your finances.

To learn more: Top 20 Epic Money Saving Challenges Unveiled to Save Money

The 100 Envelope Challenge

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The 100 Envelope Challenge is a fun and creative way to save money. This popular challenge can be adjusted to fit different budgets and financial goals, making saving money easier and more enjoyable.

To learn more: The 100 Envelope Challenge: Easy and Fun Way to Change Your Life!

50 Envelope Challenge to Start Saving

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Looking for a simple way to save? Try the 50 Envelope Challenge and save $1275 using just 50 envelopes. This challenge helps you build savings step by step.

To learn more: 50 Envelope Challenge to Save $1275 and Follow Through!

Build Habits with 200 Envelope Challenge

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Challenge yourself with the 200 Envelope Challenge and see how much you can save in 200 days. It’s a great way to grow your wealth and build strong saving habits.

To learn more: 200 Envelope Challenge – A Spin to Save at Least $5K

Challenge to Save 10k in 100 Days

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The 10k in 100 Days Envelope Challenge is perfect for those looking to save big in a short time. Follow this guide and save $10,000 in just 100 days, setting yourself up for a better financial future.

To learn more: The 10k in 100 Days Envelope Challenge – Save to [Make it Work] for You

Alternative is 52 Week Money Saving Challenge

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Choose from different 52 Week Money Saving Challenges and save $1000, $2000, $5000, or even $10,000. Join the email list for your free printable and start saving today.

To learn more: Your 52 Week Money Saving Challenge + Free Printable

Tight on Funds? Try These Mini Saving Challenges

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Tight on time or money? These mini savings challenges are perfect for you. Use these free printables to include a simple money saving challenge in your budgeting tools and save more money easily.

To learn more: 15 Mini Savings Challenge Printables To Save More Money

Download Your Free Printables

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Download this free printable for the 100 Envelope Challenge and start saving money now. In 100 days, you’ll have saved a total of $5000, making it a great tool for building your savings.

To learn more: [Free Printable] 100 Envelope Challenge: The Best Money Saving Challenge

Most Popular: 100 Envelope Money Challenge

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The 100 Envelope Money Challenge is a favorite way to save money. It’s fun, easy, and can be tailored to your budget. Join many others in reaching your financial goals with this creative and effective challenge.

To learn more: The 100 Envelope Challenge: Easy and Fun Way to Change Your Life!

Know someone else that needs this, too? Then, please share!!

Did the post resonate with you?

More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!

Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.

Source: moneybliss.org

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It’s tough to afford a home these days. If you’re looking at a $275,000 mortgage, you’ll have a monthly payment of around $2,400 with today’s interest rates at 7% on a 30-year loan. You’ll need an income of about $80,000 per year to afford this mortgage.

This can change if you have a significant amount of debt, a low down payment amount, or a less-than-perfect credit history. We’ll run through a few scenarios to show you how much income is needed for a $275K mortgage.

Income Needed for a $275,000 Mortgage

The income needed for a $275K mortgage is around $80,000. If you have more debt, the lender will need to factor that in before calculating how much income you’ll need to afford the $275,000 mortgage. For example, if you have $400 in debt payments each month, you’ll need to earn more money each month to be able to afford the $275K mortgage and still stay within the 36% debt-to-income ceiling most lenders prefer. A closer look:

$2,402 (mortgage) + $400 (other debt payments) = $2,802 total debt payments per month

For $2,802 to be 36% of your monthly income, you would need to make $7,783 each month, or $93,400 per year to qualify for the $275,000 mortgage. This estimate is based on a mortgage calculator with taxes and insurance. If you would like to see what a lender can do for you, explore getting prequalified for a home mortgage loan.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

How Much Do You Need to Make to Get a $275K Mortgage?

How much income you need for a $275K mortgage also depends on your debt-to-income (DTI) ratio, down payment, loan type, lender, and credit score. Let’s take a look at these each in detail.

What Is a Good Debt-to-Income Ratio?

The gold standard for debt-to-income ratios is 36%. However, there are lenders who are able to originate loans for borrowers with a DTI ratio up to 45%. Lenders who fall outside the norm in DTI and credit score requirements will influence how much you need for a $275K mortgage.

What Determines How Much House You Can Afford?

Home affordability isn’t a simple equation. There are a number of factors that go into a lender’s decision about your loan.

Income

Reliable income is the largest determinant in loan approval. The more you make, the more you have to work with each month. However, your income and home affordability are affected by how much debt you have.

Debt

Your lender will take into account any monthly debt obligations you have. These will be added to the maximum DTI. If you have debt, your monthly mortgage will need to be lower.

Down Payment

A larger down payment can afford you a larger mortgage. If you’re able to put down 20%, you won’t need to pay for private mortgage insurance (PMI), which saves you money every month. However, 20% could be a big chunk of change to come up with, and most loans accept lower than a 20% down payment to start. See this mortgage calculator for examples.

Loan Type

Home affordability is also affected by the different types of mortgage loans. Fixed-rate loans will have a different monthly payment than adjustable-rate loans, for example. Likewise, the monthly payment on a 15-year mortgage is far different from the payment on a 30-year mortgage.

Lender and Interest Rate

Interest rates will vary from lender to lender. You may also see a different acceptable DTI ratio from lender to lender. When a lender is able to offer a lower interest rate, you’ll see your home affordability improve. When a lender has a higher acceptable DTI ratio, you may be able to qualify for a higher mortgage amount.

Recommended: Cost of Living by State

What Mortgage Lenders Look For

Worried about qualifying for a $275K mortgage? Here’s what your lender will look for during the mortgage preapproval process. These are right in line with home affordability requirements.

•   Income Your income needs to be reliable and sufficient to qualify for the loan you want.

•   Credit score A good credit score helps with approval and lower interest rates.

•   Debt-to-income ratio Too much debt could prevent you from securing the loan you want. Before you apply for a loan, work on paying off debt as best you can.

•   Down payment A higher down payment can help you qualify for a larger purchase price on a home. A down payment over 20% can help you avoid the monthly mortgage insurance payment as well.

•   Loan-to-value ratio Lenders also want to be sure the property you’re buying qualifies for a loan. They don’t want to loan more on the property than it’s worth.

$275,000 Mortgage Breakdown Examples

Your individual situation will influence the income needed for the mortgage you want. Here are a few examples created with a home affordability calculator to show you how this works. In each case, the interest rate is 7% on a 30-year mortgage.

With no debt

•   Principal and interest: $1,830

•   Taxes and insurance: $573

•   Total monthly payment: $2,403

Income needed to afford the monthly payment: $6,672 per month, or $80,064 per year.

Assumptions: 20% down payment. The original purchase price would be $343,750 to get a $275,000 mortgage with a 20% down payment.

With $1,000 per month in debt

•   Principal and interest: $1,830

•   Taxes and insurance: $573

•   Total monthly payment: $2,403

Add monthly debt obligations to the monthly mortgage payment. $2,402 + $1,000 = $3,402 monthly debts.

Income needed to afford the monthly payment: $9,450 per month, or $113,400 per year.

Assumptions: 20% down payment. The original purchase price would be $343,750 to get a $275,000 mortgage with a 20% down payment.

With no down payment and $600 in monthly debt payments

•   Principal and interest: $1,830

•   Taxes and insurance: $458

•   PMI: $252

•   Total monthly payment: $2,540

Add monthly debt obligations to the monthly mortgage payment. $2,540 + $600 = $3,140

Income needed to afford the monthly payment: $8,722 per month, or $104,664 per year.

Assumptions: No down payment. The original purchase price would be $275,000.

Pros and Cons of a $275,000 Mortgage

Pros

•   Lower mortgage payment than for the median home price in the U.S.

•   Lower income requirement than a higher-priced mortgage

Cons

•   Few homes can be found for $275,000

•   May still be unaffordable for many families

How Much Will You Need for a Down Payment?

If you’re deciding how much of your hard-earned money to put down for a down payment on a property that you plan to buy with a mortgage of $275,000, here’s how it breaks down by loan program.

Program Minimum down payment percentage Amount for $275,000
VA, USDA 0% $0
Conventional 3% or more $8,250 or more
FHA 3.5% or more $9,625 or more

Keep in mind, when you make a payment lower than 20%, you’ll need to pay PMI each month. For some loans, like the Federal Housing Administration (FHA) mortgage, you’ll need a mortgage refinance to get rid of PMI.

Can You Buy a $275K Home With No Money Down?

Yes, you can buy a $275K home for no money down. The two main programs that don’t require a down payment include:

•   VA (U.S. Department of Veterans Affairs) mortgages

•   USDA (U.S. Department of Agriculture) mortgages

Beyond these two programs, you may also find local housing programs that offer down payment assistance that may be able to help get you into a home with no money down (or close to it).

Can You Buy a $275K Home With a Small Down Payment?

Since a $275K mortgage loan falls under the conforming loan limits, it qualifies for loan programs with lower down payment requirements. These include conventional financing with a minimum 3% down payment for qualified first-time buyers, FHA with a 3.5% minimum down payment, as well as VA and USDA loans which have no down payment requirement.

Recommended: Best Affordable Places to Live

Is a $275K Mortgage with No Down Payment a Good Idea

It’s possible to get a $275K mortgage with no down payment. It also may help you get into a home that you otherwise wouldn’t be able to.

If you’ve run your numbers through a mortgage calculator and have worked closely with a lender to determine if the monthly payment is affordable for you, you shouldn’t hesitate to get a mortgage with no down payment.

The major downside to getting a mortgage with no down payment is the amount of mortgage insurance you’ll pay every month. That will need to be factored in when the lender determines how much mortgage you’ll be able to afford.

Can’t Afford a $275K Mortgage With No Down Payment?

If you still have a little work to get qualified for a $275K mortgage, especially if the cost of living in your state is high, there are some smart moves you can make to help your odds of approval.

Pay Off Debt

You may qualify for more house by paying down debt. Let’s take a look at our previous examples:

With no debt, a $275K mortgage will cost $2,402 per month, and you’ll need to earn $6,672 per month, or $80,064 per year.

With $1,000 monthly debt obligations, a $275K mortgage will have a total of $3,402 monthly debts and you’ll need $9,450 per month, or $113,400 per year to afford a $275K mortgage.

With a reduced debt load of $600 instead of $1,000, and a $275K mortgage, you’ll have a total debt load of $3,002. You’ll need $8,339 in income per month, or $100,067 per year to afford your debt load. This is much less than the previous example where the debt load was $1,000 per month.

Look into First-Time Homebuyer Programs

Most states and local housing programs have some type of first-time homebuyer program. It may be a down payment assistance program or a forgivable second mortgage that helps cover closing costs.

Build Up Credit

There’s nothing you can do about the current interest rates, but you can work on your credit to get the best rate you can. A better credit score translates into a better interest rate almost every time, which helps immensely with affording a $275K mortgage.

Start Budgeting

Good old-fashioned budgeting can help you zero in on your goals and save a large enough down payment to afford a $275K home. It helps to think of budgeting as a tool for achieving goals, rather than a punishment or restrictive way of life.

Alternatives to Conventional Mortgage Loans

If you’re not able to qualify for one of the different types of mortgage loans just yet, you might want to look into the following alternative financing methods:

Seller financing Seller financing is where the seller agrees to carry the mortgage and acts as lender. Usually, it’s a short-term agreement and the seller may charge a higher interest rate than what a traditional lender would. The details of the arrangements are made between buyer and seller, and can be quite complex. But it also avoids many closing costs and can be a faster transaction than a traditional sale.

Private lending A private lender is any lender not associated with a bank or lending institution. They may be more flexible with qualification and offer a wider range of lending tools, such as bridge loans to help you get from one house to another.

Recommended: Home Loan Help Center

Mortgage Tips

Getting a mortgage is intimidating at first. Once you’re done reading tips to qualify for a mortgage, you’ll want to start talking to lenders. Here’s what you’ll do to find the best rate.

1.    Shop around for a loan. Shopping around for a loan within a 45-day window only counts as a single credit inquiry on your credit report, so you can check out as many mortgage lenders as you want. This can help you find one with a great deal and terms that work for you.

2.    Compare loan estimates. A loan estimate is a document that outlines the different loan costs the lender charges. You’ll be able to compare origination fees, underwriting fees, and other closing costs in determining which loan will work best for you.

3.    Don’t get caught up in analysis paralysis. After you’ve looked at a handful of lenders, it’s time to pick one. Make a decision and go forward with excitement about moving into your home.

The Takeaway

Affording a home in today’s economy seems hard, and the amount of income needed for a $275K mortgage may feel like a heavy lift. But it’s not impossible to qualify for the mortgage you want. Even after you’ve worked out all the numbers online, you’ll still want to talk to a lender. They may have more options than you’d expect, and it’s worthwhile to start the process sooner rather than later.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

Can I afford a $275K house on a $60K salary?

If you have a large enough down payment, you may be able to afford a $275,000 house on a $60,000 salary. For a $5,000 monthly income, you’ll need your mortgage amount to be around $1,800. To get to that payment, you’ll need a 20% down payment ($55,000) and a 6% interest rate (if rates don’t drop to that level, you can buy down your rate by paying mortgage points to your lender).

How much does a $275K mortgage cost over 10 years?

With an interest rate of 7%, a $275,000 mortgage will cost $383,158 over 10 years. So your total interest paid on this loan will top $108,000.

What credit score is needed to buy a $275K house?

Your credit score is only one factor in determining whether or not you can afford to buy a $275K house. FHA loans, for example, allow borrowers with credit scores as low as 500 (with a 10% down payment) and 580 (with a 3.5% down payment) to apply. Lenders also look at your debt-to-income ratio, income, employment history, and loan-to-value ratio.

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

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Source: sofi.com