Save more, spend smarter, and make your money go further
It’s “National Splurge Day!” People who normally live modestly are encouraged to relax their boundaries and indulge in things they normally forgo. Yes, it’s one of those arbitrary holidays that someone just made up, but it’s actually a good excuse to address the topic of splurging.
I know what you’re thinking. “What the heck, Mint? You’re the place I come to for help with saving money.”
Hear me out. During the last few years I have learned that building money into my budget for little (and occasionally big) indulgences is a healthy way of keeping myself on track with my saving. It’s one good way to battle “frugal fatigue” and prevent myself from making foolish purchases on the days I’m sick of worrying about every penny all the time.
The occasional splurge approach works not only with money, but with other things we deny ourselves. My favorite splurge is taking a couple extra hours in my day for a spa pedicure, and ending with a donut. That’s indulging in time, money, and calories all in one! But a splurge might look very different to you.
Maybe there is really no room in your budget for a splurge today, but you can start preparing by putting some money aside for one in the future. If you do have some wiggle room, here are some suggestions for responsible splurging.
Fix what’s broken
Do you hate your clanky, energy-inefficient refrigerator/washing machine/dishwasher? Do you keep saying to your spouse “We really need to replace our pathetic window screens/beat-up mailbox/chipped paint job?” Are you putting off that car repair that will eventually make the difference between having a working car and taking the bus? Pick even one of these and take care of it. You’ll feel a whole lot better.
Invest in yourself
Check out local deal offers like Groupon or Living Social for discounts on gyms, art studio events, or tuition for extended learning centers. While the cost might be a splurge, the new physical fitness, artistic ability, or knowledge you gain from these classes will stay with you and increase your quality of life.
Buy some time
A very busy friend of mine likes to say that “throwing money at a problem” isn’t always a bad idea. Have a TaskRabbit or virtual assistant take care of your errands or data entry and use the saved time to do something for yourself. Pay a babysitter and go out with friends or significant other, whom you never see because you’re working and taking care of other people. Save time on meal planning by paying someone else to do the thinking for you.
Start the process
Take a bite out of a bigger splurge by setting some money aside toward the vacation that will satisfy your wanderlust or recharge you. Or finally pursue that elective medical procedure that could make your life easier: laser eye surgery, physical therapy for your aching back, even braces. Do you have a health savings account sitting around with a balance because everyone in your family is healthy? First, count your lucky stars, and then look into using your balance toward a procedure. If it’s a Flexible Spending Account, you have to spend the money by year end or you lose it, so you might as well use it for good, right?
Buy some happiness
I know that going to the movies with my kids makes all of us happy, but I almost never do it because the cost can be $40 for three tickets alone! We only go to the movies a few times a year, but when we do, the experience is fun and special. I go all out: the kids can choose any snack and drink, and we try to get to the theater early so they get their pick of seats.
What makes you happy? I hope you find a way to splurge on yourself, if not today, then when it works for your finances. It’ll make budgeting that much more rewarding.
Kim Tracy Prince is a Los Angeles-based writer who has a husband and two little boys. She often dreams of splurging on a nap and a margarita, not necessarily in that order.
Save more, spend smarter, and make your money go further
Starting from the premise that the words used in home listings can have a significant impact on how much the home sells for — and how fast it sells — Zillow took a closer look at exact keywords used in listing descriptions across the country, and correlated the findings with actual sales.
They took 4.6 million listing descriptions of homes sold throughout the country in both 2017 and 2018 to identify useful patterns and insight we can use to better market our homes.
What they found was quite surprising: while having professional appliances is still in the top 3 most sought-after features, people nowadays seem to really have a thing for steam ovens, pizza ovens, and wine cellars.
If you want to learn more about the findings but this article is too damn long and boring, check out Zillow’s fun quiz here.
Keywords that sell a home for more $$$
Surprisingly, listings mentioning ‘steam ovens’ saw the highest sale premium of all the keywords Zillow looked at, selling for 34% more than expected, with ‘professional appliances’ coming in on second place, selling for 32% more, and ‘wine cellars’ landing the third spot, selling for 31% more.
Pictured here: Mark Cuban’s wine cellar. Photo: Andrew Bramasco
“Having a steam oven, a heated floor or other luxury features in the home is a signal that there are more than the home’s basic features at play. These homes are special. They likely come with an elevated design sense and the extra touches valued by home shoppers who are willing to pay,” says Skylar Olsen, director of economic research at Zillow. “If you have these features, flaunt them.”
Now, if you find it extra surprising that ‘steam ovens’ are the listing feature that sell homes for more, there’s a decent explanation for that. Zillow also took into account the metro area where that feature was most often mentioned in listing descriptions; and the metro area where prices were higher for ‘steam oven’ homes was Los Angeles, California, where it’s not at all surprising that people would much rather use steam to cook rather than turn on their ovens.
For starter homes (bought primarily by first-time homebuyers), listings mentioning ‘free-standing tub,’ ‘pizza oven’ or ‘wine cellar’ stood out, having sold for more than expected.
A fun finding of the study was that homes featuring ‘steam ovens’ were also the slowest to sell, staying on the market 22 days longer than other similar homes in the same metro and price tier. So then which listing features speed up the sale of a home?
Keywords that sell a home faster
In Zillow’s analysis, fast sales were often associated with trendy design features made popular by home improvement TV shows, such as ‘open shelving’ (homes with this feature sold 11 days faster than expected) and ‘subway tile’ (10 days faster).
Photo by Jason Leung on Unsplash
Are there any home features that seem to be selling homes both faster and for more money? Apparently, there might be a few:
homes with a mention of a ‘shed/garage studio’ (26% more than expected, 8 days faster than expected)
homes with mentions of ‘exposed brick’ (22% more, 9 days faster)
homes featuring a ‘mid-century’ design style (17% more, 11 days faster.)
But that doesn’t mean you should start revamping your home to fit a more billable profile. In fact, here’s what Zillow Design Expert and founder of Kerrie Kelly Design Lab, Kerrie Kelly, pointed out when the study was released:
“While it’s important to understand what’s popular with buyers, ultimately your home is a reflection of your personal style and how you want to live,” Kerrie Kelly said, adding that “You should design a home that makes you happy every day with features you love, knowing that future buyers may want to adapt it to create their own dream home.”
Now, if you’re wondering what to do if you house doesn’t come with a wine cellar, here’s a handy article by one of our contributors on how to increase the value of your home. Maybe we should also add buying a steam oven to that one.
The Federal Trade Commission filed a single response to both Black Knight and Intercontinental Exchange, asking a judge to strike the constitutionality and separation of powers claims they raised in their respective April 25 filings.
Those claims are “impertinent” and “immaterial” to the matter at hand, the FTC filing made on May 16 argued. The case is being heard in the Federal District Court for the Northern District of California and was assigned to Judge Araceli Martinez-Olguin.
In those responses, both Black Knight and ICE raised eight common defenses to the FTC’s claims seeking to halt the merger. Those are the arguments the FTC is seeking to have an immediate ruling on. Additional defenses have been raised that were not addressed in this newest filing.
The FTC filed for an administrative proceeding in March seeking to halt the merger, based on alleged dominance in the loan origination system and product and pricing engine areas, but only went to federal court to get an injunction one month later. Prior to the March filing, Black Knight agreed to sell its Empower LOS to Constellation Software and has argued that would address any concerns the FTC raised.
ICE and Black Knight in their respective April answers filed a single count counterclaim that also raises the constitutionality arguments.
“First, [ICE and Black Knight] concede that the constitutional issues they have raised as counterclaims are not required to decide the FTC’s request for a preliminary injunction,” the motion stated. Under the Federal Rule of Civil Procedure, that alone meets the standards for impertinence and immateriality.
“Second, even putting aside Defendants’ counterclaims and concession, the constitutional defenses are ‘impertinent’ and ‘immaterial’ to the issues the Ninth Circuit has held that a court needs to resolve in deciding whether to grant an FTC claim to preliminarily enjoin a merger.”
The Ninth Circuit Court of Appeals is the higher court for the Northern District of California and its rulings apply in this matter. That prior case involved the FTC and Meta Platforms.
Black Knight and ICE also raised “bare statements of legal conclusions that fail to meet the required pleading standards,” the FTC said as a third consideration for the court for it to throw out their defenses.
ICE and Black Knight did not respond to a request for comment by press time.
Rates reversed a two-week decline, edging a bit higher from last week’s 6.35%, though 30-year, fixed-rate mortgages haven’t fluctuated much in the past 7 weeks.
LOS ANGELES (AP) – The average long-term U.S. mortgage rate edged higher this week after a two-week drop, a modest move in line with a mostly moderate shift in home loan rates in recent weeks.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 6.39% from 6.35% last week. The average rate a year ago was 5.25%.
The average benchmark rate has moved lower in seven of the last 10 weeks since reaching a high for this year of 6.73% in early March. Still, it remains elevated relative to 2020 and 2021, when the average rate fell below 3%.
High rates can add hundreds of dollars a month in costs for homebuyers, limiting how much buyers can afford at a time when the housing market has slowed.
Sales of previously occupied U.S. homes fell 23.2% in the 12 months ended in April, marking nine straight months of annual sales declines of 20% or more, according to the National Association of Realtors. The national median home price fell to $388,800 last month – down 1.7% from a year earlier and the biggest year-over-year drop since January 2012, the NAR said Thursday.
Despite the pullback in home prices, a dearth of properties for sale is fueling bidding wars in many markets. One reason for the limited number of homes for sale: Many homeowners who locked in an ultra-low mortgage rate in recent years are reluctant to sell now that rates have since doubled.
Low mortgage rates helped juice the housing market for much of the past decade, easing the way for borrowers to finance ever-higher home prices. That trend began to reverse a little over a year ago, when the Federal Reserve started to hike its key short-term rate in a bid to slow the economy and cool the highest inflation in four decades.
Rates for 30-year mortgages usually track the moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates can also influence rates on home loans.
The Fed has raised its benchmark interest rate 10 times in 14 months. At its meeting of policymakers two weeks ago, the central bank signaled that it could finally pause its yearlong campaign of rate hikes, though a pause would likely only nudge mortgage rates slightly lower.
Yet recent warnings from several of Fed officials about the continuing threat from high inflation suggest it’s far from certain that the central bank will forgo another increase in their benchmark rate when they next meet in mid-June.
The average rate on 15-year fixed-rate mortgages, popular with those refinancing their homes, held steady this week at 5.75%. A year ago, it averaged 4.43%, Freddie Mac said.
Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
Leaving Las Vegas? Kerry King, at least, appears to be heading out.
The co-founder and co-lead guitarist for heavy-metal band Slayer has listed his ultramodern, boxy mansion in Sin City.
King picked up the primo property brand-new in 2020 for $3,819,000, and now he’s asking $4,299,000 for the place.
This 6,000-square-foot, five-bedroom, seven-bath, contemporary dwelling is certainly unusual to behold.
Built in 2020
(Realtor.com)
Living room
(Realtor.com)
Dining room
(Realtor.com)
Kitchen
(Realtor.com)
Australian photographer Peter Lik, who has ventured into real estate, oversaw the incredible details of this custom-built manse. There’s a beautiful floating staircase, floor-to-ceiling glass walls, gorgeous wood floors, and clean lines at every turn. Each room offers access to the sunny backyard and pool, via glass pocket doors.
Exterior shutters welcome fresh breezes into the house, which is especially delightful in the hot, Southwestern climate. But it gets chilly in the desert sometimes, so the fireplace in the primary bedroom suite comes in handy. And the adjacent bathroom is nearly unbelievable, with its massive vanity and a sculptural tub that sits in a window overlooking the pool.
There’s also a soaking tub outside the main bedroom, on the deck, and a sauna to nudge the luxury quotient upward. Speaking of, a wine room, pool house, and an outdoor kitchen with a bar are ready for top-tier leisure. And eco-aware buyers will appreciate the smart-home automation and solar technology, too.
Main bedroom
(Realtor.com)
Primary bathroom
(Realtor.com)
Tub in the window
(Realtor.com)
Wine room
(Realtor.com)
Pool
(Realtor.com)
Pool house and outdoor kitchen
(Realtor.com)
Slayer seems to have disbanded, having played its last show in November of 2019 in Los Angeles. But King is still jamming with a new iteration of his former group. This band includes ex-Slayer drummer, Paul Bostaph, and is slated to start performing this year.
If you love the finer things in life, dahling, naturally you want the poshest apartment you can find to match your luxurious lifestyle. Granite countertops, a doorman, tons of closet space, gorgeous views – these are all things you want in your life, and you won’t settle for anything less in your home.
If this sounds like you, then you definitely belong in one of these top 10 metros with the most luxury apartments on ApartmentGuide.com. Read on to find out where you can live in the lap of luxury.
Metro Area
Number of Luxury Communities
Number of Visits on AG
Los Angeles / Long Beach / Anaheim, CA
92
1807
Dallas / Fort Worth / Arlington, TX
90
1766
Washington, DC / Arlington, VA / Alexandria, VA
85
703
Philadelphia, PA / Camden, NJ / Wilmington, DE
83
604
New York, NY / Newark, NJ / Jersey City, NJ
75
132
Atlanta / Sandy Springs / Marietta, GA
70
661
Chicago / Naperville / Joliet, IL
66
1249
Houston / Sugar Land / Baytown, TX
62
90
Detroit / Warren / Livonia, MI
56
8
Baltimore / Towson, MD
52
727
Untapped Luxury
Along with identifying the metros with the most luxury apartments listed on the site, Apartment Guide also determined the number of web visits the luxury community listings in those metros received between April 14 and July 14, 2014.
Surprisingly, over this three-month period, the 56 luxury communities in the Detroit metro area only received eight visits on Apartment Guide. Renters in the Houston metro area also are passing up the luxury options – luxury communities that area only received 90 visits on the site in the time period studied. Think of all those fabulous amenities that are going unused!
On the other hand, renters in the Northeast really have their pick of luxury places — the Washington, DC, Baltimore, Philadelphia and New York metro areas all made the list for having the most number of luxury apartments. But East Coasters are far surpassed by the Los Angeles and Dallas / Fort Worth metro areas for the number of renters interested in these homes. Carry on, you fabulous people.
Read more on the Apartment Guide Blog:
Methodology
Apartment Guide identified which CBSAs (core-based statistical areas, also known as a metro area) have the most apartment communities that have classified themselves as luxury communities on the site. Visits to these communities reflect the total number of website visits received by these luxury communities between April 14 and July 14, 2014.
The SEC has sued three top executives from former mortgage lender Indymac, claiming the trio defrauded investors by misrepresenting the company’s finances leading up to the mortgage crisis.
Federal complaints allege that the Pasadena, California-based lender sold $100 million in new stock while masking it’s inevitable decline from investors.
“These corporate executives made false and misleading disclosures about IndyMac at a time when the company’s financial condition was rapidly deteriorating,” said Lorin L. Reisner, Deputy Director of the SEC’s Division of Enforcement, in a release on the SEC’s website.
“Truthful and accurate disclosure to investors is particularly critical during a time of crisis, and the federal securities laws do not become optional when the news is negative.”
Specifically, the three execs failed to tell investors that the company had begun raising capital to protect its capital and liquidity positions, or that many of the loans it sold sold as mortgage-backed securities contained borrower misrepresentations (stated income loans).
One suit involves former Indymac CEO Michael Perry and CFO A. Scott Keys, while another complaint targets former CFO S. Blair Abernathy.
Abernathy settled without admission or denial of the claims, agreeing to pay roughly $125,000 in penalties.
Perry and Keys face similar penalties, along with permanent injunctive relief, an officer and director bar.
The Office of Thrift Supervision closed Indymac on July 11, 2008 and placed it under FDIC receivership, renaming it Indymac Federal, before it was eventually sold to investors and re-branded as OneWest Bank.
OneWest Bank looks like an Indymac in the making, with advertisements for jumbo mortgages sprouting up all around Los Angeles.
Kind of like PennyMac, whose team consists of 10 former Countrywide employees, which began originating mortgages recently as well.
SoFi is a nationally chartered, online-only bank that offers customers a high 4.20% on savings, an interest-earning checking account, and a host of other benefits for being a member. The bank currently has more than 5.5 million customers, which it calls members, and has an extensive rewards system in place to help your money go further and grow faster.
Find out why SoFi is a top-rated bank, as well as one of the fastest growing financial technology companies offering loans, an investment platform, and a rewards credit card.
SoFi at a Glance
SoFi became a nationally chartered online bank in early 2022, following the fintech’s acquisition of Golden Pacific Bancorp. SoFi started as a company that provided student loan refinancing, and evolved to provide personal loans and other services.
Its status as a national bank enables the fintech to help even more people. “This incredible milestone elevates our ability to help even more people get their money right and realize their ambitions,” said SoFi CEO Anthony Noto in a press release following the acquisition.
SoFi Products
Today, the online bank offers a variety of products to help American consumers meet their financial goals. The parent company, SoFi Technologies, is the parent company of SoFi Bank, Member FDIC. Products and services include:
SoFi checking and savings
SoFi personal loans
Credit card
Student loans and student loan refinancing
Mortgages
Investment and Retirement Products
Find out how these products compare to competitors in the industry in our SoFi reviews below.
SoFi Checking and Savings Account
SoFi offers a combined checking and savings account to customers. You cannot open one without the other, but this provides tremendous benefits and an incentive to save. Currently, when you open a SoFi checking and savings account, you can earn up to $250 when you set up direct deposit within the first month.
That’s in addition to all the other perks, including an account with no monthly maintenance fees, no overdraft fees (for qualifying customers), and no minimum balance requirement. Plus, deposits are FDIC-insured up to $2 million through SoFi’s network of partner banks, which exceeds the federal limit of $250,000 per account holder, per account type.
SoFi Checking
Your SoFi checking account comes with a cash back debit card that pays up to 15% cash back on debit card purchases when you shop at local businesses. Your SoFi debit card also offers fee-free access to more than 55,000 AllPoint ATMs for cash withdrawals, cash deposits, and balance transfers. You can also check account balances at any ATM with no fees.
Your SoFi checking account also has many other benefits you may not find in a traditional bank account. You can get paid two days early with early direct deposit. Plus, your SoFi checking account earns interest at a rate of 1.20% APY.
If you enable overdraft protection, SoFi will pull from your savings account to cover checks, debit card purchases, and ACH withdrawals, including online bill payments, loans, and P2P payments. It will not pull from savings you have designated in vaults for specific purposes.
SoFi Savings Account
Your SoFi checking account offers a 4.20% APY, which is one of the highest available for online savings accounts. Be aware that to earn this high rate, you’ll need a qualifying direct deposit of any amount each month. Otherwise, you’ll earn 1.20% on all account balances.
The savings account also helps with cash management by offering automatic savings features and savings vaults. You can designate a specific amount of each ACH direct deposit or cash deposit to go directly into your SoFi savings account or into a specific savings vault. Unlike many traditional banks, there is no limit on savings withdrawals or transfers.
SoFi Pros and Cons
Your SoFi bank account has a number of desirable features that make it one of the best online savings and checking accounts for many people.
Pros
High 4.20% APY on savings
1.20% APY on checking account balances
Early direct deposit
No ATM fees
No bank fees
Overdraft protection for qualifying customers
Cons
No CDs
No money market accounts
No branches for in-person service
SoFi Membership Features and Additional Perks
SoFi members who open a fee-free combined checking and savings account also qualify for other benefits. There is no minimum opening balance or minimum balance requirements to be considered a SoFi member.
Some of the membership benefits include:
15% off estate planning
Free access to career coaching
Free financial planning services
Member events that can help with money management
SoFi Member Rewards
A few of the SoFi member benefits stand out, including the SoFi Member Rewards program. To join, download the SoFi app. You will earn points when you take actions like:
Using your debit card
Checking your credit store
Saving money
Investing
As you earn points, you can convert those points to cash deposited into your SoFi bank account. You can then redeem points to help may loan payments, convert points into fractional stock shares through SoFi Active Invest, or even cash in points for a statement credit.
SoFi Referral Program
SoFi’s Rewards don’t stop with actions you take within your account. If you share SoFi with friends using your unique link, you’ll earn additional points you can cash in.
Currently, SoFi offers 2,000 rewards points for every person you refer who opens a SoFi checking and savings account with at least $10. You will also earn 2,000 points for friends who open a credit card, SoFi Credit Score Monitoring Account, or fund a Lending Product within 90 days of registering for SoFi using your link. Your friend will also earn 2,000 points.
Note that you can only earn points for one account per friend, so your friend may open a bank account and a credit card, but you will each only earn 2,000 points.
SoFi Stadium Perks
You might not think of SoFi as a travel or entertainment rewards card, but SoFi’s Stadium Perks program does provide unique benefits for Los Angeles residents and tourists. SoFi members earn 25% cash back on purchases at SoFi Stadium, home of the Los Angeles Rams and Los Angeles Chargers, when you use your debit or credit card.
Plus, gain access to the exclusive SoFi Member Lounge and fast and easy entry to the stadium through the SoFi Member Express Entry line. If you need to check your bag, SoFi will reimburse the fees to your checking account or credit card.
SoFi Plus: Premium Membership
SoFi Premium members earn even more perks. Unlike many premier programs, SoFi Plus does not require an additional monthly purchase or subscription fee. To qualify, just set up direct deposit with your checking and savings account. When your first direct deposit clears, you’ll gain access to all the premium benefits.
Qualifying direct deposits for SoFi Plus must reach $1,000 per month or more to gain access to all the features of SoFi Plus. This includes no-fee overdraft coverage and rate discounts on SoFi loans. Other features, including the 4.20% APY, 2X rewards points, and preferred access to IPOs through SoFi Invest, apply to all SoFi Plus members.
How to Open a SoFi Account
Opening an account online is easy. You’ll need to provide some information, including your address and Social Security number. You must be a U.S. citizen or permanent resident to qualify.
There is no minimum opening deposit, but you’ll want to fund your account to take advantage of high interest rates and access all the benefits. You can deposit cash or checks to fund your account for the first time through:
ACH direct deposit
Mobile check deposit
a GreenDot debit card
Instant Funding
To take advantage of Instant Funding, link your existing Visa or Mastercard debit card to your SoFi account. Click “Transfer Instantly” and you can transfer up to $500 into your account in minutes. To use this method, you must be a new SoFi customer and deposit a minimum of $50.
SoFi Credit Card
The SoFi credit card lets you maximize the points you can earn. The card delivers 2% cash back rewards on every purchase and has no annual fees. To qualify, you’ll need a “good” or “excellent” credit score.
The card has a standard variable Annual Percentage Rate (APR) of between 17.74% up to 29.74% based on your credit score and financial history. Cash advances carry an APR of 31.74%.
The card carries fees comparable to other top-tier rewards cards, including a late payment/returned payment fee of up to $39, and balance transfer or cash advance fees of $10 or 5% of the transaction amount, whichever is greater.
You can redeem your cash back as a statement credit, cash back into your checking or savings account, or as a deposit for investing through SoFi Invest.
SoFi Investing
SoFi is not just an online bank, but a full-fledged financial services firm that includes planning, management, and investing. The online stock trading app provides automated investing or hands-on options. You can trade:
Stocks
ETFs
Fractional stocks
Crypto
IPOs (for qualified SoFi Plus members only)
SoFi Investing at a Glance
SoFi offers active investing for stocks, ETFs and even IPOs. You can start investing in some of the highest market cap companies on the S&P 500 and other stock indexes with as a little as $5. SoFi does not charge commissions on trades. When you open an Active Investing account with at least $10, you could win a bonus of stocks valued at up to $1,000 by playing the “Claw Game” promotion.
If you prefer not to engage in active investing, you can set up an automated investing account with as little as $1. Invest a set amount one time or set up automated recurring payments to watch your investments grow.
You will need to answer some questions so that SoFi can determine your risk tolerance and choose the right portfolio for you. SoFi automatically rebalances your investments quarterly and keeps your portfolio diversified based on your goals and risk tolerance.
SoFi also gives investors access to Bitcoin, Ethereum, Cardano, Dogecoin, Solana, and 25 other popular cryptocurrencies. When you make your first crypto trade with a $10 minimum, you will earn a $100 bonus in Bitcoin within seven days. SoFi charges a mark-up of 1.25% on all crypto transactions.
SoFi Retirement Accounts
In addition to active and passive investment services through stocks, bonds, and ETFs, SoFi’s investments include Roth, SEP, and Traditional IRAs for retirement. You can choose active or automated investing. SoFi financial planners can help you create a retirement strategy that will work for you.
SoFi Investing Pros and Cons
As with all investment platforms, SoFi: Invest has many benefits and a few drawbacks.
SoFi Invest Pros
Active or automated investing
Investments in crypto, stocks, ETFs
Fractional shares permitted
Options investing
Intuitive app
SoFi Invest Cons
Options investing may require advanced knowledge
Not every investment will earn money
Odds of winning a $1,000 stock bonus are slim
SoFi Student Loans
Unlike many online banks, SoFi offers student loan refinancing with fixed interest rates as low as 4.99%. To qualify for the lowest interest rate, you will need to set up autopay for your loan payments.
SoFi can help you pay down your student loans faster with fixed APRs of 4.99% up to 9.99% or variable APRs of 5.74% to 9.99% APR. You may qualify for a SoFi student loan if you are gainfully employed, starting a job within 90 days of your loan application, or have sufficient income from various sources. You should also show a solid financial history and monthly cash flow indicating you can make the SoFi loan payments.
SoFi Mortgages
SoFi offers a broad range of mortgage products, including:
Conventional mortgages
Jumbo loans
Home equity loans
Cash-out refis
Short-term bridge financing for investment properties
With interest rates rising, SoFi’s “Lock and Look” feature lets you lock in today’s rates for up to 90 days while you shop for your dream home. Checking for your rate won’t affect your credit score.
First-time homebuyer loans may require as little as 3% down, while other home mortgages require just 5% down. Mortgages with a loan-to-value ratio greater than 80% will require private mortgage insurance.
SoFi offers conventional, fixed-rate mortgages with terms ranging from 10 to 30 years. If you take out a 30-year mortgage, you may qualify for a 0.25% pricing special or interest rate discount. To qualify for the lowest rates, you’ll want to have a strong credit history, an excellent credit score, and a low debt to income ratio.
SoFi Personal Loans at a Glance
SoFi may offer one of the top-rated online checking accounts today. But SoFi was founded as an online loan company in 2011, providing personal loans with no fees and loan amounts from $5,000 to $100,000. You can check your rates quickly with no impact to your credit score.
SoFi Personal Loans Review: Members-only Perks and Competitive Rates
A SoFi personal loan offers low fixed rates based on your credit history. Repayment terms range from two to seven years, while loan amounts run from $5,000 up to $100,000. SoFi borrowers pay no origination fee. You won’t suffer a prepayment penalty if you want to pay off your loan early. You can receive loan funds as quickly as the same day you apply.
SoFi personal loan interest rates range start at 8.99% according to the SoFi website. Secure the lowest rates with automatic payments directly from your SoFi account. SoFi Plus borrowers with qualifying monthly direct deposits may receive a rate discount as well. The higher your credit score, the lower your interest rate.
SoFi offers unemployment protection for borrowers, which can help with cash flow if you lose your job. You can modify your SoFi personal loan payments while you look for a new job. SoFi’s career coaching can even help you find new work.
Best for Fee-Free Debt Consolidation Loans
As one of the top online lenders today, SoFi can help you save money by consolidating high interest credit card debt into one, low, monthly loan payment. SoFi personal loans have no origination fee. Credit card consolidation can help you get out of debt faster and make it easier to pay your bills with one monthly payment directly from your account.
If you are planning to consolidate credit card debt through a SoFi personal loan, you can choose Direct Pay. Loan proceeds will go to your credit card companies directly, saving you time and hassle. You’ll also earn an interest rate discount with Direct Pay, making SoFi a great choice for credit card debit consolidation.
SoFi Personal Loans: Pros and Cons
SoFi personal loans have a number of benefits compared to other online lenders. Let’s look at the pros and cons of your SoFi personal loan.
Pros
No origination fees
Unemployment protection
Receive funds the same day you are approved
No prepayment fees
Loan amounts up to $100,000
Cons
Must be a U.S. citizen-permanent resident
Risk of charging up credit cards again after debt consolidation loan
Excellent credit scores required to qualify for the lowest rates
Hard credit pull to obtain a loan may reduce your credit score temporarily
What You Can Use SoFi Loans For
You can use SoFi loan money for virtually anything, including home improvements, credit card debt consolidation, family planning and IVF, or even luxuries like weddings and travel. With competitive rates, easy automatic payments, and unemployment protection, a SoFi personal loan might make sense to pay for one-time events where you might normally use a credit card.
How to Apply for a SoFi Personal Loan
Applying for a personal loan is easy. You may want to check your credit report first to ensure that all the information is accurate. A solid financial history can help you secure the best loan rates and highest loan amounts.
You will first want to open your SoFi bank account and set up direct deposit as well. SoFi Plus members can get interest rate discounts and even earn reward points for their loan. Once you are ready, visit SoFi.com, select personal loans from the drop-down menu of products, and click “View your rate.”
You’ll need to submit some information, including your name, address, Social Security number, loan amount, and income.
Bottom Line
SoFi Money encompasses all the banking, lending and investing services SoFi bank offers. SoFi ranks as one of the top online financial service companies, with excellent customer service and a wide range of products.
You can reach SoFi customer service via email, using the online virtual assistant chatbot, or by phone. Hours vary depending on the service you need. A wide range of financial products, low rates, and FDIC insurance up to $2 million for deposits set SoFi apart from competitors.
While I love throwing a good party and pride myself on setting a great table, I also love to pick the brains of the style geniuses that abound these days. One such person who has jumped on my radar of late is Heather Taylor, a Los Angeles based style maven who has morphed from a gallerist to blogger, mother and now textile designer, with her Heather Taylor Home collection. Her collections – ranging from tea towels and table linens to scarves and baby blankets – are designed in Taylor’s Los Angeles studio and hand-woven in Chiapas, Mexico.
This summer, Heather added to the fun by launching Heather Taylor Home Events (HTH Events), a collection of handmade, vibrant and textured linens available for rent. They’re the perfect way to take any table to the next level. I recently sat down with Heather to pick her brain for her favorite tips for setting a festive summer table.
Tip 1: Mix and Match. Mixing patterns and color in unexpected ways instantly gives your table a feeling of depth and texture. Just be sure to create a balance. If you use a patterned napkin, take it easy with the plates. Too many different patterns can look chaotic.
Tip 2: Stay centered. Always have a focal point in the center of your table. Grab the prettiest flowers you can get your hands on and casually arrange them in a vessel. If it’s last minute and flowers aren’t an option, a beautiful bowl filled with citrus or fruit will always feel fresh.
Tip 3: Pare down. Less is definitely more. I like to scale down the size of my glasses (sometimes I use small water glasses for wine) and the amount of flatware on the table for a look that feels more casual.
Tip 4: Go with your gut. To avoid looking like you copied a tabletop straight from a Pinterest board, try not to get too hung up on the current trends. Instead, make the table a reflection of you and your aesthetic in order to create something really beautiful, approachable and special.
Tip 5: Go naked. Especially in the summer months, a “naked” table feels seasonally appropriate. Do away with a table cloth in favor of runners and napkins
I want to thank Heather for sharing her awesome styling tips with us. Now I’m feeling extra inspired to throw my next dinner party!
The latest weekly survey data from Freddie Mac shows the 30-year fixed-rate mortgage jumped 40 basis points to an average of 6.70% this week, the highest level since 2007.
The survey also indicates a large dispersion in rates, meaning that homebuyers can save hundreds of dollars by shopping around with different lenders.
A year ago at this time, rates averaged 3.01%. “The uncertainty and volatility in financial markets is heavily impacting mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. The index compiles only purchase mortgage rates reported by lenders during the past three days.
Inflation rose more than expected in August as rising shelter and food costs offset a drop in gas prices. Consequently, the Federal Reserve increased the federal funds rate by 75 basis points at its Federal Open Market Committee (FOMC) meeting in September.
Another 125 basis points in hikes are still to come in 2022, with a federal funds rate topping out well above 4%.
Treasury yields show higher rates in the short term, signaling a recession on the horizon. The 2-year note, most closely tied to the Fed’s interest rate moves, increased five bps to 4.07% on Wednesday from the prior week. The 10-year note went from 3.51% to 3.72% in the same period.
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On HousingWire’s Mortgage Rates Center, Black Knight’s Optimal Blue OBMMI pricing engine measured the 30-year conforming mortgage rate at 6.643% on Wednesday, up from 6.124% the previous week. Meanwhile, the 30-year fixed-rate jumbo was at 6.294% Wednesday, up from 5.821% the week prior.
An LO in the Miami, Florida area told HousingWire that on a $400,000 home purchase, with 5% down, a 700 FICO score, his clients are being quoted 7% for conventional loans and 6.125% on FHA and VA mortgages.
“This will be a time of changes,” he said. “Many LOs will leave the industry (especially the ones that only do refis and only sell interest rates), others will move probably from retail to wholesale. Lenders will close and some others will need to merge because of the new liquidity regulations that are coming in 2023.”
Pressure on demand
Pressure on rates has sharply reduced demand for mortgage loans, according to the Mortgage Bankers Association (MBA).
The market composite index, a measure of mortgage loan application volume, declined 3.7% for the week ending Sep. 23. The refinance index had a 11% decline from the previous week, and the purchase index was marginally down 0.4%.
According to Freddie Mac, the 15-year fixed-rate purchase mortgage averaged 6.52%, up from last week’s 6.25%. Jumbo mortgage loans (greater than $647,200) increased to 6.01% from 5.79% in the same period.
“Our survey indicates that the range of weekly rate quotes for the 30-year fixed-rate mortgage has more than doubled over the last year,” Khater said. “This means that for the typical mortgage amount, a borrower who locked-in at the higher end of the range would pay several hundred dollars more than a borrower who locked-in at the lower end of the range.”
To convince borrowers to take out a mortgage loan, some loan officers and lenders are highlighting how home prices are more affordable now than last year – and the ability of a borrower to refinance the loan when rates decline again.
“There is more inventory relative to demand, and deals can be found. It’s transitioning to a buyers’ market, as 20% of sellers had a price reduction in August 2022, compared with 11% a year ago,” said Rich Weidel, CEO at Princeton Mortgage. “It’s now possible to buy a home for $400,000 that would have sold for $500,000 in 2021.”
According to Weidel, if a prospective borrower bought that house in 2021 for $500,000 and put 20% down, the principal and interest, with rates at 3%, would be $1,686. Today, if the house could be bought at $400,000 and the interest rate was 7%, the payment would be $2,129.
The homebuyer will pay more $5,316 per year due to the difference in rates, but would save $100,000 buying the house today compared to last year.
“Eventually, rates will come back down, and you can refinance the rate,” Weidell said. “If rates stay at 7%, it would take 18 years for the higher payment of $5,316 per year to chew up the $100,000 you saved buying the house.”
Still, home prices aren’t falling so dramatically in most markets. Not yet anyway.
“Some buyers are giving low ball offers in the hope of having their offers accepted,” one mortgage broker/owner in Southern California told HousingWire. “Still the seller’s motivation is the key factor for whether to drop the price or not. The other issue is that many Realtors are still dreaming about having buyers fight over the properties and use that as a point of sale – but whether they succeed or not, that’s another question.”