Mortgage rates are holding steady today as financial market participants await some key inflation data on Wednesday and Thursday. If you’re looking to buy a home or refinance, let’s talk today about what your custom rate would be. Read on for more details.
Where are mortgage rates going?
Rates move sideways once again
Ever since mortgage rates moved higher at the end of February we’ve seen them stay in a relatively tight range.
Yes, there have been dips and jumps, but for the most part the national average on the 30-year fixed rate has stayed between 4.50%-4.55%.
The latter mark is where the 30-year sat in the most recent Freddie Mac Primary Mortgage Market Survey from last week.
Trying to think through where mortgage rates will go from here is somewhat of a futile task, as rates are extremely fickle and unforeseen events almost always poke their ugly head into the arena, ruining even the most well thought out projections.
However, all we can ever do is work with what we’re given and adjust along the way. It does seem as though the Fed is positioning themselves towards a more cautious rate hike path during the remainder of 2018.
Historically, we’re looking at a push out until the September meeting. That means another two Federal Open Market Committee meetings (June and August) before we see the nation’s benchmark interest rate, the federal funds rate, move up a quarter point to the new target range of 2.00%-2.25%.
Mortgage rates aren’t directly tied to the federal funds rate but the word out from the Fed certainly has an impact on the direction of the market. There will be numerous opportunities for the Fed over the coming months to either play up or walk back their next adjustment.
Those moments are when mortgage rates will be the most susceptible to a dip or spike.
Fedspeak from yesterday:
Richmond Fed President Tom Barkin
The emphasis for Barkin was on the minimal threat that raising interest rates has to the U.S. economy right now. He didn’t make any clear cut statements on how many hikes he wants to happen this year, but it’s likely he’s aiming for two or three.
Dallas Fed President Robert Kaplan
Taking a slightly different approach was Robert Kaplan, who said that there was no need to change the current path that the Fed is on. He’s still holding out for inflation data to pick up before altering the course.
Chicago Fed President Charles Evans
No news has broken yet about what Charles Evans said yesterday.
Rate/Float Recommendation
Locking now is likely the smart move
Mortgage rates are staying relatively flat today. It’s a slow day as far as economic data so this isn’t surprising. Right now, we still believe that locking in a rate sooner rather than later is the smart play. Given the current market environment, it seems more likely that rates will rise than fall.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
NFIB Small Business Optimism Index
The NFIB hit a 104.8 in April.
JOLTS
The Job Openings and Labor Turnover Survey showed 6.550 million jobs added in March.
Notable events this week:
Monday:
Tuesday:
NFIB Small Business Optimism Index
JOLTS
Wednesday:
PPI-FD
10-Yr Note Auction
Fedspeak
Thursday:
Consumer Price Index
Jobless Claims
Bloomberg Consumer Comfort Index
Friday:
Fedspeak
Consumer Sentiment
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Another week has come and gone. It was a fairly uneventful five days for the mortgage market with rates staying in a very tight range. If you’re looking to buy a home or refinance, we still believe you’re most likely going to be better off by locking in a rate soon. Read on for more details.
Where are mortgage rates going?
Rates continue to move sideways as we head into the weekend
There have been several weeks in 2018 where mortgage rates have bounced around all over the place. This has not been one of those weeks.
With no major economic reports getting released and relatively little happening on the political front, financial market participants were for the most part stuck in a holding pattern.
The yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, did briefly touch 3.00% on Wednesday but quickly retreated back down on Thursday after the Consumer Price Index reading came in below expectations.
It now sits close to where it started the week, at 2.96%. Mortgage rates typically move in the same direction as the 10-year yield, so rates remained mostly unchanged this week.
Looking ahead to next week we still have a fairly light economic calendar, but there are a few reports that investors will have their eye on. We’ll also continue to hear different takes from Fed officials on the path forward for the U.S. economy.
Rate/Float Recommendation
Locking now is likely the smart move
Mortgage rates barely moved this week. Any time they don’t rise is good news for anyone looking to buy or refinance.
Where do we go from here? It still seems as though rates are far more likely to rise in the coming weeks and months than fall.
Given this expectation, it stands to reason that most borrowers are going to get a better deal by taking action sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Fedspeak
St. Louis Fed President James Bullard spoke this morning, commenting that the nation’s labor market is in an “appropriate situation that the Fed should not disturb.” He’s been championing a cautious rate hike approach in 2018 for a while now and the current data, he says, only reaffirms his position. Bullard is not a voting member of the FOMC this year.
Consumer Sentiment
Consumer sentiment hit 98.8 in May. That’s unchanged from the prior month’s final reading.
Notable events this week:
Monday:
Tuesday:
NFIB Small Business Optimism Index
JOLTS
Wednesday:
PPI-FD
10-Yr Note Auction
Fedspeak
Thursday:
Consumer Price Index
Jobless Claims
Bloomberg Consumer Comfort Index
Friday:
Fedspeak
Consumer Sentiment
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Filed Under: general, homeowner-tips, how-to-2, real-estate
Today we’ll take a look at FBC Mortgage, which is a Florida-based mortgage lender that does a ton of business in its home state.
In fact, they originated nearly $2 billion in home loans in the Sunshine State last year, which accounted for roughly 60% of their overall loan volume.
They also recently struck a deal with the University of Central Florida (UCF) to be the field sponsor at the “Bounce House.”
So it’s safe to say that if you live in Florida, there’s a good chance you’ve heard of FBC Mortgage. Either way, read on to learn more.
FBC Mortgage Fast Facts
Direct-to-consumer retail mortgage lender
Founded in 2005 in Orlando, Florida
Licensed in 48 states nationwide (excluding Hawaii and New York)
Funded over $3 billion in home loans during 2019
Refer to themselves as a top-20 national mortgage lender
Also operate correspondent and wholesale lending divisions
FBC Mortgage is somewhat middle-aged for a mortgage company, having been around for about 15 years.
The name is related to their past affiliation with the Florida Bank of Commerce, hence the initials FBC.
During their relatively short time in existence, the company changed hands twice but came full circle.
First, it was sold to privately-owned investment bank Sterne Agee Group, Inc. in 2012, then three years later it reacquired itself.
That excitement aside, today the independent nonbank lender has roughly 1,000 employees nationwide and funds billions in home loans annually.
Last year, nearly 80% of their total loan volume consisted of home purchase lending. So it’s clear they are partnered with lots of real estate agents and home builders.
But they also offer mortgage refinances, including rate and term refis and cash out refis, which accounted for the remainder of their lending.
As noted, a good chunk of their business is done in Florida, but they’re also very active in nearby Georgia and Texas, and as far away as Arizona and California.
How to Apply with FBC Mortgage
You can call them directly or simply apply online via their digital mortgage process
Their online app known as SimpleLoan.com allows you to get pre-approved in just 8 minutes
Applicants can import and upload key financial documents and generate a pre-approval letter after completion
Your designated mortgage professional (or loan officer) will contact you within 24 hours of loan submission
To get started, you head over to the FBC Mortgage website and click on Apply Now. It will ask if you’re working with a loan officer.
If yes, enter their name to be directed to their personal webpage, at which point you can apply for a mortgage immediately without any human interaction.
If no, you’ll simply be ported over to the same loan application and be connected with a loan officer after you begin.
It’s possible to search for a nearby branch or loan officer using the directory on their website as well.
FBC Mortgage has a digital mortgage process known as SimpleLoan, which lets users apply from a computer, smartphone, or tablet.
Once you create an account, you can import your pay stubs, W-2s, bank statements, and other key financial documents.
You can also scan and upload documents necessary to meet any conditions on your loan. And review any pending mortgage tasks required to close your loan.
Once your loan in submitted, you can review your loan details at any time, lock your loan, get real-time status, or contact your loan officer if you have any questions.
They say you can get pre-approved for a home loan in as little as eight minutes, which I believe is the same amount of time as Rocket Mortgage.
All in all, they appear to be using the latest technology to make applying for a mortgage quick and easy.
Loan Programs Offered by FBC Mortgage
Home purchase loans
Refinance loans: rate and term, cash out, streamline
Renovation loans (FHA 203k) and construction loans
Foreign national loans
Conventional conforming home loans
Jumbo home loans
Government-backed loans: FHA, USDA, and VA
Reverse mortgages
Portfolio loans
Fixed-rate and adjustable-rate options with various loan terms available
FBC Mortgage Rates
FBC Mortgage does not publicize its mortgage rates on its website or elsewhere as far as I know.
While slightly unfortunate, it doesn’t mean their rates are higher than the competition. We really don’t know unless you contact them for a quote.
The same goes for their lender fees, which don’t seem to appear on their website.
As such, it is recommended to get pricing before you apply to see how competitive they are relative to other mortgage lenders you’re considering.
You should have a good idea of pricing before you proceed to ensure you don’t leave money on the table.
Of course, pricing is just one of many factors when deciding on a mortgage company to work with.
One must also consider things like customer satisfaction, and a lender’s ability to close, and close on time.
FBC Mortgage Reviews
On Rate Your Lender, they have a 4.8-star rating out of 5 based on roughly 12,000 customer reviews. And 95% of customers say they would recommend FBC Mortgage.
On Birdeye, they’ve got a 4.1-star rating out of 5 based on 200 reviews.
On LendingTree, they have a perfect 5-star rating, but it’s only based on a small handful reviews. All 100% of customers on that review site recommend FBC.
There are also individual loan officer ratings on Zillow if you want to research specific people to work with, given the fact that they employ hundreds of loan originators.
They are an accredited business with the Better Business Bureau, and have been since 2011. They currently hold an A+ rating with the ratings company.
Their customer reviews on the BBB aren’t great, but that’s typical of the BBB website.
FBC Mortgage Pros and Cons
The Pros
Offer a digital mortgage application
Can apply directly from their website without human interaction
Lots of different loan programs to choose from
Free mortgage calculators on site
Mostly excellent customer reviews
A+ BBB rating
The Cons
Not licensed to lend in Hawaii or New York
Do not publicize their mortgage rates or lender fees
Inside: Are you looking for a remote job? This guide will help you find the best remote jobs for college students, with information on industries, pay, hours, and more.
The internet has made it possible to work from anywhere in the world.
This is great news for college students who want to earn some money while they study.
Back when I was in college, working remotely wasn’t even considered a possibility. But, now, there are a number of online jobs available that are perfect for college students.
In addition, remote jobs are one of the best ways for college students to make money and gain experience.
With a remote job, you can work from anywhere in the world, which is perfect for students who want to travel or live at home with their parents while transitioning to and from a college campus.
There are many different types of remote jobs available, so there is sure to be something that suits your skillset and interests.
In this article, we will explore the best remote jobs for college students.
How can a college student make money remotely?
Remote work has become increasingly popular among college students and for good reason.
Many students today have grown up with technology and possess the skills necessary to excel in remote jobs.
Not only does remote work provide a flexible schedule that can be easily adjusted to accommodate class schedules, but it also offers numerous benefits such as the ability to work from anywhere, reduced transportation costs, and the opportunity to contribute to environmental sustainability by reducing carbon emissions.
Additionally, remote work allows students to earn extra income, potentially reducing their reliance on student loans and minimizing post-graduation debt.
Can I work remotely in college?
Yes! Working remotely in college can be a great way to earn some extra money and gain some work experience.
Remote work has gained immense popularity across the globe, with its adoption nearly doubling since the pandemic.
As college students, you often possess the necessary tools for remote work, such as a laptop, making it a convenient option for them.
This is a great idea if you are looking at how to pay for college without loans.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
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The 15 best remote jobs for college students
Working remotely is a great way for college students to earn money and gain experience in their chosen field.
Whether you are looking for a way to make some extra money, or maybe you need a flexible job that will fit around your studies. Whatever the reason, there are plenty of remote jobs out there that could be perfect for you.
Also, you can review these non phone work from home jobs for more ideas.
Here are 15 of the best remote jobs for college students.
1. Virtual Assistant
A virtual assistant is one of the best remote jobs for college students due to its versatility and learning opportunities. Plus there are plenty of virtual assistant jobs with no experience out there.
As the demand for remote administrative support services continues to grow, virtual assistants play a crucial role in helping companies and individuals with various tasks. Working from a remote location, virtual assistants provide administrative assistance by handling phone calls, scheduling appointments, managing emails, and more.
By finding a position as a virtual assistant in their desired industry or with a respected professional, students can make their side hustle more beneficial to their future.
Benefits:
Provides an opportunity to gain professional experience and develop essential skills such as communication, time management, and resourcefulness.
Requires quick thinking and the ability to switch between diverse tasks, which enhances cognitive flexibility and adaptability.
Allows students to learn about different industries and gain insights into their chosen career paths.
Pay: Most virtual assistants average about $20 an hour.
2. Online Tutor
Online tutoring is widely regarded as one of the best remote jobs for college students. With its flexibility and convenience, it offers students the opportunity to work from anywhere at their own pace.
Whether they excel in a specific subject or want to gain teaching experience, online tutoring provides a platform for college students to share their knowledge and help others succeed academically.
Benefits:
A high degree of flexibility it offers.
Freedom to choose their own hours, instruction topics, and the number of students they want to work with.
Balance their tutoring responsibilities with their academic commitments, ensuring they can effectively manage their time.
Pay: Although the reported median hourly wage for tutors was $17 an hour. The actual pay can vary depending on factors such as the subject being taught, the level of expertise required, and the platform through which tutoring is conducted.
3. Proofreader
Proofreading is a crucial role in the final stages of the written content production process, making it one of the best remote jobs for college students. A proofreader possesses a keen eye for detail and a strong command of the language, allowing them to identify and rectify errors that may have eluded the writer or editor.
They play a vital role in ensuring the accuracy, clarity, and coherence of written materials across various industries.
Benefits:
Offer the flexibility to work from anywhere, making it ideal for college students who need to balance their studies with work.
Enhances skill development such as language skills, attention to detail, and critical thinking abilities, which are valuable in various fields.
Networking opportunities to build professional connections and expand one’s network.
Pay: The average pay for proofreading jobs is $22 per hour, providing college students with a valuable source of income.
4. Social Media Manager
In today’s digital world, social media has become an essential tool for businesses to connect with their target audience, build brand awareness, and drive engagement. With the increasing importance of social media, businesses are in need of skilled professionals who can effectively manage their social media presence.
This makes the role of a social media manager one of the best remote jobs for college students, providing them with the opportunity to earn money while gaining practical experience in online promotion.
Benefits:
Enjoy being paid to be on your favorite social media apps.
Ideal remote job for college students due to its flexibility.
Gain practical experience in online promotion, which can be valuable for those studying marketing, journalism, or communications. Benefits:
Pay: The pay for social media management can vary significantly, but you can expect $15 an hour to $25 an hour.
5. Freelance Writer
Remote writing jobs are an excellent option for college students looking to earn extra income while honing their writing skills.
As writers, college students have the opportunity to create a wide range of written materials that can be distributed through various channels, such as articles, blogs, website copy, and more.
The demand for remote freelance writers is high, making it a popular choice among college students seeking flexible work options.
Benefits:
Freelancers can work on short and long-term projects.
As long as you have a computer and internet connection, you can work from anywhere.
Showcase writing skills and earn income.
Pay: The pay for freelance writers is by the word (.01-$1.50 per word). With most freelance writers averaging about $29 an hour.
6. Social media influencer
Social media influencers have become a prominent and lucrative career option in today’s digital age.
For college students, becoming a social media influencer can be an excellent remote job opportunity that allows them to leverage their online presence and pursue their passions while earning money.
To stand out as a social media influencer, it’s essential to create content that is visually appealing and captures the attention of your audience. Experiment with different types of content, such as photos, videos, stories, and live streams, to keep your followers engaged.
Benefits:
Be creative, and authentic, and share valuable information or entertainment that aligns with your niche.
Foster a sense of community.
Monetize your social media presence with sponsored posts, brand partnerships, and affiliate marketing.
Offers flexible working hours, allowing you to manage your studies and other commitments effectively.
Provides opportunities for personal branding and networking, which can open doors to other remote job opportunities in the future.
Pay: Potential for high earnings. This is more passive income than an hourly job.
7. Website or App Tester
Website and app testing is a highly sought-after remote job option for college students due to its flexibility and the opportunity to gain valuable experience in the tech industry.
As designers and developers strive to create the best user experience possible, they often hire individuals to find bugs and issues in their websites and apps. The role of a website or app tester is crucial in ensuring the functionality and usability of these digital platforms.
This feedback is invaluable for designers and developers as it allows them to make necessary improvements and optimize the performance of their websites and apps.
Benefits:
Excellent opportunity for college students to develop and showcase their skills in a professional setting.
Gain practical experience in the tech industry while balancing their academic commitments.
The flexible hours offered by these remote positions allow students to work at their own pace and manage their time effectively.
Pay: Platforms like UserTesting offer a payment of $10 per website tested. You can also find remote hourly wages ranging from $12 an hour to $16 an hour, with potential bonuses based on quality and productivity goals.
8. Video Editing
With the increasing demand for video content across various platforms, video editors play a crucial role in creating engaging and impactful visuals. This profession offers the opportunity to work from anywhere, making it ideal for college students who may have limited availability or prefer a flexible work schedule.
By adhering to the overall video brand messaging strategy, you can shape the final product and captivate the audience. This creative aspect of video editing allows college students to explore their artistic talents and develop their skills in storytelling and visual communication.
Benefits:
One of the key advantages of video editing as a remote job is the ability to work from any location.
Provides a platform for creative expression.
Video editing is a profession that is in high demand.
This high demand translates to a wide range of job opportunities and the potential for steady work, even for college students.
Pay: When it comes to money, beginner video editors can typically charge up to $45 an hour. However, it’s worth noting that rates can vary depending on factors such as experience, the complexity of the project, and client’s budget.
As college students gain more experience and build a strong portfolio, they can potentially increase their rates and earn a higher income from video editing projects.
9. Remote Research Assistant:
Many professors and researchers hire remote research assistants to help with data collection, literature reviews, and other research tasks. This type of job requires strong research and analytical skills, as well as the ability to work independently.
As a research assistant, you will have the opportunity to delve deeper into a specific subject or area of interest.
This can be particularly beneficial if you are considering pursuing further education or a career in that field. By immersing yourself in research projects, you will gain a comprehensive understanding of the topic and develop expertise that can set you apart from others.
Benefits:
Opportunity to work closely with experienced researchers and professionals in your field of interest.
Gain valuable insights, knowledge, and skills that can enhance your academic and professional development.
Learn research methodologies, data analysis techniques, and critical thinking skills that are highly transferable to future career opportunities.
Hands-on experience in conducting research projects.
Build a network of professional contacts in your field.
Depending on the nature of the research projects you are involved in, there may be opportunities to contribute to academic publications or presentations. This can be a significant achievement that adds to your academic portfolio and demonstrates your research skills to potential employers or graduate school admissions committees.
Pay: Compensation for remote research assistant positions varies depending on the project and the level of responsibility. This is a great way to be paid to go to school.
10. Audio Transcription
Audio transcription is a popular remote job for college students that involves listening to audio files and accurately transcribing the spoken content into written form. Additionally, it provides an opportunity to develop valuable skills such as speed and accuracy in typing, excellent listening skills, and efficient time management.
Determine the type of transcription work you want to specialize in, such as technical legal transcription or educational podcast transcription. This will help you target specific clients and tailor your skills accordingly.
Benefits:
Offers flexibility in terms of scheduling, allowing students to work around their classes and other commitments.
Opportunity to develop valuable skills such as listening, typing, and time management, which can be beneficial in various professional settings.
Create a portfolio showcasing your transcription skills and experiences.
Pay: Transcription can be a well-paying job, with freelancing gigs offering up to $0.36 per minute of transcribed audio.
11. Data Entry
Data entry is a popular remote job option for college students due to its flexibility and convenience.
This role involves managing electronic data by entering and updating information in computer systems. It is a job that can easily be done remotely, allowing students to work from the comfort of their own homes or dorm rooms.
However, it is important to be cautious when seeking data entry jobs online to avoid scams.
Benefits:
Minimal specialized skills are required.
Data entry skills can also be beneficial for future career opportunities.
Employers often value individuals with data entry skills, as it showcases their ability to handle and organize large amounts of information accurately and efficiently.
Valuable experience in working with digital documents and databases.
Pay: The average pay for data entry is $18 an hour.
12. Virtual Recruiter
A virtual recruiter is a professional who is responsible for posting online job advertisements and searching for potential candidates to fill various positions.
This remote job opportunity can be particularly beneficial for college students as it offers flexibility in terms of working hours and allows them to gain valuable experience in the field of recruitment while still pursuing their education.
Benefits:
Collaborating with hiring managers and clients to understand their specific requirements and preferences for potential candidates.
This role provides hands-on experience in recruitment, which can be beneficial for your future career in HR or related fields.
Building relationships with candidates, hiring managers, and clients can expand your professional network and open doors for future opportunities.
Pay: The average pay for virtual recruiters is around $20 to $30 per hour, providing the potential for a lucrative income.
13. Blogger
College students can create their own blogs and build an audience by regularly posting content in a unique niche.
While this may not be the easiest route to make money fast, it provides an opportunity to showcase writing skills and develop a cohesive writing style. Once a blog gains a solid stream of visitors, it can be monetized through ads and affiliate links.
However, you will be starting a small online business which has its perks.
Benefits:
This is 100% passive income.
Works as much as you want or as little as you want on your site.
A simple way to help your readers while making money.
Your site can grow as you graduate college until you decide to sell it.
Pay: Various based on traffic and monetization. But it is an easy way to invest $100 to make $1000.
14. Course Creator
As a course creator, you have the chance to teach others about a topic or course that you are passionate about while earning a steady passive income. This job allows you to create online tutorials or how-to videos to educate and engage students from all over the world.
You will be responsible for creating and managing the content on your website and other online platforms. This includes developing blog posts, videos, podcasts, and other educational materials to enhance the learning experience for your students.
Make use of hosting platforms like Thinkific, Teachable, or Kajabi to facilitate easy access to course-related information for your students. These platforms offer features such as course management, student progress tracking, and payment processing, making it convenient for both you and your students.
Benefits:
Opportunity to earn a steady income while pursuing your passion and sharing your knowledge with others.
Working remotely offers flexibility in terms of working hours, allowing students to manage their time effectively and balance their studies with their job.
Gain valuable experience in content creation, marketing, and online teaching, which can greatly enhance their resume for future career opportunities.
Pay: This is a passive income job where you will put the work in upfront and have less ongoing maintenance to run your course.
15. Stock Trader
Stock trading is a lucrative and dynamic field that offers college students the opportunity to work remotely and earn a substantial income. With the rise of online trading platforms and the increasing popularity of investing, stock trading has become a highly sought-after skill in today’s market.
Honestly, I know more and more high school students waiting to turn 18, so they can start life as a stock traders.
As a stock trader, you will be responsible for buying and selling stocks, bonds, and other financial instruments for your own portfolio. This role requires a combination of analytical skills, market knowledge, and the ability to make quick decisions under pressure.
Continuous learning and staying updated on market trends and strategies are crucial to staying competitive in this field. I highly recommend taking the Trade and Travel course to learn the basics of stock market investing.
Successful traders can earn substantial profits, but it is important to note that trading also involves the risk of financial losses.
Benefits:
Stock traders have the potential to earn significant income through their trading activities. Learn how fast you can make money in stocks.
Flexibility to trade before class and work from anywhere with an internet connection.
Opportunity to work independently and be your own boss, setting your own schedule and goals.
However, it is important to acknowledge the challenges that come with being a stock trader. The stock market is highly volatile and unpredictable, requiring constant monitoring and adaptation to changing market conditions.
Pay: Various significantly with your profit /loss ratio. But, a great way to make $1000 a day.
16. Customer Service Agents
Customer service agent remote jobs are a great option for college students looking to gain work experience while studying. These jobs allow students to provide excellent customer service from the comfort of their own homes, offering flexibility and convenience.
Remote customer service agents interact with customers through various communication methods such as phone, chat, and email. They answer customer questions, solve problems, and direct customers to the appropriate resources when needed. These jobs can be done part-time, making them ideal for students with busy schedules.
Benefits:
Require little experience or education.
Develop valuable skills such as communication, problem-solving, and time management.
Showcase their communication skills to future employers, which is a highly desirable quality in any job.
Pay: Earnings can range from $10 to $25 per hour, depending on the role and experience.
17. Photography
Photography is a form of artistic expression that allows college students to showcase their creativity.
You can experiment with different styles, compositions, and subjects to capture unique and visually appealing images. This creative aspect of photography can be fulfilling and enjoyable for college students who have a passion for visual arts.
Benefits:
Choose when and where to take photos, giving them the freedom to balance their academic and personal lives effectively.
Build a portfolio of their best work. A strong portfolio can open doors to more significant opportunities in the future, such as exhibitions, collaborations, or even full-time photography careers.
Earn income while honing their skills in product, stock, or event photography.
When stock images are licensed, earn passive income from the sales.
Pay: When it comes to pay, the average rate for a photographer is $24 per hour. However, it’s important to note that pay can vary depending on factors such as experience, location, and the type of photography gig.
18. Virtual Internships
Virtual internships provide valuable work experience and allow you to gain industry-specific skills while working remotely. Many companies offer virtual internships in fields like marketing, finance, and technology.
Having an internship in the field you want to pursue is an invaluable opportunity to gain practical experience and enhance your career prospects.
Additionally, virtual internships can provide you with a unique perspective on the field you want to pursue (and if you still want to pursue it).
Benefits:
Gain relevant work experience in your desired career field.
Practical experience will not only enhance your understanding of the industry but also demonstrate your competence and dedication to potential employers.
Greatly strengthen your resume.
Build a network of contacts in your desired field.
Pay: These internships may be paid or unpaid, but the experience and connections you gain can be invaluable for your future career.
Looking for Online Summer Job?
There are a plethora of online summer temporary jobs available for college students. You just have to decide what is interesting for you to do.
Also, think about ways you can build your resume for future employment after graduation.
If I could go back to college, I would focus on learning how to make your money work for you. That is one of the best life skills you can truly understand.
This list above has plenty of options for you to consider.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
FAQ
Many colleges and universities have career centers or job boards that specifically cater to remote job opportunities for college students.
Networking is crucial for college students when it comes to finding remote job opportunities. Reach out to your professors, classmates, and alumni who may have connections or knowledge of job opportunities.
This is smart if you want to know how to move out at 18.
Remote work requires a unique set of skills that allow individuals to effectively perform their job duties from a distance. In order to succeed in a remote job, college students should possess the following skills:
Time management: Remote work often provides flexibility in terms of scheduling, but it also requires individuals to manage their time effectively. College students need to be able to prioritize tasks, set deadlines, and stay organized to ensure they meet their work obligations.
Communication skills: Since remote work involves limited face-to-face interaction, strong communication skills are essential. College students should be able to effectively communicate through various channels such as email, instant messaging, and video conferencing.
Self-motivation: Working remotely requires a high level of self-discipline and motivation. College students need to be able to stay focused and productive without direct supervision. They should have the ability to set goals, stay on track, and meet deadlines without constant oversight.
Adaptability: Remote work often involves working with different tools, technologies, and platforms. College students should be adaptable and willing to learn new software or applications that are necessary for their role.
Problem-solving: Remote work may present unique challenges and obstacles that require critical thinking and problem-solving skills. College students should be able to analyze situations, identify potential issues, and come up with innovative solutions. This skill is particularly important when faced with technical difficulties or communication issues.
By honing these skills, college students can position themselves as valuable assets to remote employers and increase their chances of securing remote job opportunities.
When you’re applying for remote jobs, most of the time your potential employer will want to see some kind of portfolio that showcases your skills and experience.
You can create a portfolio by using a free online portfolio builder or by creating your own website.
With a visually appealing and user-friendly portfolio, you can make a lasting impression and increase your chances of landing your dream remote job.
Which Online Jobs for College Students Are Interesting To You?
There are a lot of great remote jobs for college students out there!
With a little bit of research, you can find the perfect job for your skills and interests.
Be sure to consider the pay, hours, and industry when you are looking for a remote job as well as career advancement.
For many students, working in college is a must! Because you know how to pay for college without parents is hard.
So, use these ideas to find the right job for you whether it is part-time or full-time.
And if all else fails, check out this list of low-stress jobs that pay well without a degree.
Know someone else that needs this, too? Then, please share!!
Prepare for a fiery odyssey that will ignite your taste buds and test your spice tolerance to the limit. Fueled by unique varieties and the surge of the internet shows celebrating fiery hot sauces, the popularity of super spicy peppers has skyrocketed. Join us on a thrilling exploration as we uncover the secrets of the world’s hottest peppers, from the tongue-tingling jalapeño to the tear-inducing habanero.
1. Carolina Reaper
The Carolina Reaper, bred by South Carolina farmer Ed Currie, holds the title of the world’s spiciest chili pepper. With its vibrant appearance and deceptive fruity sweetness, it quickly reveals its fiery nature, delivering a scorching heat that lingers. Only the brave dare to experience its intensity, using it sparingly to add a thrilling kick to various dishes. The Carolina Reaper stands as a legendary pepper, pushing the boundaries of spiciness and leaving a lasting impression on the culinary realm.
2. Komodo Dragon
The Komodo Dragon pepper, created by Italian producer Salvatore Genovese, is a fiercely hot variety inspired by the mighty reptile. Released in 2015, it boasts a Scoville rating ranging from 1.4 million to 2.2 million. With its vibrant colors, wrinkled skin, and deceptive sweet and fruity flavor, this pepper gradually builds up to an intense heat. It is recommended for experienced spice enthusiasts and can be used sparingly to add a fiery kick to various dishes. The Komodo Dragon pepper is a thrilling culinary adventure for those seeking an extraordinary heat experience.
3. Chocolate Bhutlah Pepper
The Chocolate Bhutlah pepper is an exceptionally hot and rare chili variety. Created by Chad Soleski by crossing the Bhut Jolokia and Douglah peppers, it possesses distinctive chocolate-colored, wrinkled skin. Despite its Scoville rating of two million units, it delivers an intense and gradually building heat. Caution should be exercised when handling and using this pepper, but it can add a fiery kick to various dishes, especially meats. The Chocolate Bhutlah pepper is a coveted choice for those seeking an unforgettable and extraordinary spicy experience.
4. Trinidad Moruga Scorpion Pepper
The Trinidad Moruga Scorpion is a renowned chili pepper with intense heat. Originally discovered in Trinidad and Tobago, it features wrinkled, red, or orange skin. With a Scoville rating of two million units, it ranks among the world’s hottest peppers. Known for its slow-building burn and long-lasting heat, it offers a sweet and fruity flavor that enhances hot sauces and recipes. While newer peppers have claimed the hottest title, the Trinidad Moruga Scorpion remains highly regarded by spicy food enthusiasts.
5. Seven Pot Doughlah Pepper
Prepare for a thrilling culinary adventure with the Seven Pot Douglah pepper—a chili renowned for its intense heat and irresistible flavor. Originating from Trinidad and Tobago, this pepper boasts distinctive dark or chocolate-colored skin. With a Scoville rating of nearly 1.8 million units, it ranks among the world’s hottest peppers. Its slow-building burn gradually intensifies, delivering a powerful and long-lasting heat. Despite its fiery nature, the Seven Pot Douglah surprises with a sweet and nutty flavor that enhances various dishes. This pepper has become a favorite in Caribbean cuisine and among chili enthusiasts.
6. Dorset Naga Pepper
Experience the fiery enchantment of the Dorset Naga chili pepper. Crafted by innovative farmers Joy and Michael Michaud in Dorset, England, this chili delivers an intense heat and captivating fruit-like flavor. With its vibrant candy-apple red or orange-red skin, it’s a visual feast. Ranked among the hottest peppers worldwide, the Dorset Naga boasts a precise Scoville rating of 1,598,227 units. Brace yourself for its swift and surprising heat, complemented by a delightful fruity sweetness. Whether you’re a spice enthusiast or an adventurous food lover, the Dorset Naga promises a thrilling culinary adventure.
7. Seven Pot Primo Pepper
Embark on a fiery adventure with the Seven Pot Primo pepper, a remarkable hybrid of the Trinidadian Seven Pot and the legendary Naga Morich. Created by farmer Troy Primeaux, this pepper boasts mesmerizing deep red or rusty orange skin with intriguing textures. With a scorching Scoville rating of 1,473,480 SHU, it ranks among the hottest peppers worldwide. Its slow-building burn delivers a relentless and long-lasting heat, balanced by a surprising blend of fruity and lemony flavors. The Seven Pot Primo is a favorite in hot sauces and spice blends, offering a tantalizing kick to any dish.
8. Trinidad Scorpion Butch T Pepper
Experience the scorching sensation of the Trinidad Scorpion Butch T pepper, a legendary “Capsicum chinense” variety from Trinidad and Tobago. Named after Butch Taylor of Zydeco Farms, this pepper boasts a fearsome appearance with its fiery red or orange skin and wrinkled ridges. It once held the title of the world’s hottest pepper. Though surpassed in recent years, its potent kick still demands caution. Brace yourself for an unforgettable encounter with this fiery legend that continues to captivate spice enthusiasts worldwide.
9. Naga Viper
Discover the sensational Naga Viper pepper, a British chili that reigns among the hottest of the hot. Bred by Gerald Fowler, this hybrid marvel blends the powers of the Trinidad Scorpion, Bhut Jolokia, and Naga Morich peppers. With its fiery appearance, featuring wrinkled red or orange skin, this pepper delivers a powerful punch. However, it also surprises with its fruity and floral flavors, making it a beloved ingredient in hot sauces.
10. Seven Pot Brain Strain Pepper
Prepare to be caught off guard by the remarkable Seven Pot Brain Strain pepper, renowned for its unexpected, sneak attack of heat. This extraordinary chili is a cultivar of the Trinidadian Seven Pot pepper, boasting a vibrant orange or red hue and a heavily wrinkled appearance, characteristic of its fiery counterparts. Embraced by spice enthusiasts and celebrated in Caribbean cuisine, the Seven Pot Brain Strain pepper is a favored choice for those seeking a thrilling culinary experience. Get ready to embark on a spicy adventure as you delve into the world of this captivating pepper variety.
We’ve explored a range of peppers, from the legendary Carolina Reaper to the fiery Naga Viper, each with its own unique characteristics and heat levels. These peppers have captivated spice enthusiasts and added a fiery kick to various dishes. Whether you’re a seasoned spice lover or an adventurous foodie, these peppers offer an exhilarating exploration of flavor and intensity.
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Bitcoin has practically become synonymous with cryptocurrency, but it’s hardly the only coin option out there. If you’re thinking about investing in crypto (or are already doing it), there are several others worth considering.
Let’s look at eight alternatives to Bitcoin for those seeking out the best cryptocurrencies.
But a note before we dive in: cryptocurrencies are extremely volatile and not recommended over other forms of investments like stocks and bonds. But if you do have the appetite for this kind of high-risk investment, let’s first look at what’s happening in the cryptocurrency space at the moment, before we get into the best cryptocurrencies.
What’s Ahead:
What’s Happening in the World of Cryptocurrency?
As you may have noticed, the prices of cryptocurrency tokens have drastically decreased in recent months — with many investors calling it a crypto crash. Even those coins that are considered the “best” cryptocurrencies have dropped in value.
With recent moves by the U.S Federal Reserve to combat high inflation by raising interest rates, on top of global instability, there has been a knock-on effect that’s played out as decreased valuations and even bankruptcies in crypto. More than a few collapses have shaken the crypto market in the past year.
In May 2022, the collapse of TerraUSD (a stable coin) along with its sister token, Luna, wiped out billions in the cryptocurrency market — about $40 billion, to be exact. As a result, some people lost their life savings and othersbit debated exiting the cryptocurrency space altogether.
Later, with the collapse of massive crypto exchange FTX in November 2022 and a number of firms filing for bankruptcy soon after (including BlockFi and Genesis), the losses continued to pile on.
Even Bitcoin has dropped in value, from its peak at $69,044.77 to hovering around $28,000 (specifically $28,349.25 on March 31st, 2023). And some smaller coins have had even sharper declines.
So, what does this mean for you if you’re considering investing in cryptocurrency?
Even a stable coin isn’t stable.
There’s volatility in the cryptocurrency space.
You shouldn’t risk money in cryptocurrency that you can’t afford to lose.
Read more: 5 Things You Should Know Before Investing in Crypto
8 Alternatives to Bitcoin
With that warning out of the way, let’s look at some alternatives to Bitcoin.
You’ve probably heard plenty of buzz over the years about “meme coins” and random success stories of ordinary folks becoming millionaires through cryptocurrency investing, just by seeking out Bitcoin alternatives.
If that’s your goal, this article isn’t for you. We’re not going to promise you any get-rich-quick coins. Rather, these are coins that have people talking and that may be worth considering if you’re looking to expand your crypto portfolio beyond Bitcoin.
Read more: How To Invest in Cryptocurrency: A Beginner’s Guide
Ethereum (ETH)
The second most popular form of cryptocurrency, Ethereum is an open-source network managed by users, much like Bitcoin.
However, there are also some significant differences. The network operates through “smart contracts” written in computer code that is uploaded to the blockchain which other cryptocurrencies operate through.
Ethereum currently doesn’t sell as high as Bitcoin, with its price (as of March 2023) at $1,641.82.
Why Invest in Ethereum (Or Not)?
Ethereum is one of the safer options to invest in, ranked in the top 10 regarding price and stability.
You can also use it at more places than you may think — and within the next few years, the number of places that accept cryptocurrencies is expected to grow. Ethereum has a large existing network, a wide array of functions, and there’s constant innovation.
It may also be the best alternative to Bitcoin, particularly if you want to diversify away from an all-Bitcoin cryptocurrency portfolio. Ethereum is second only to Bitcoin in market capitalization, at $220.2 billion, compared to $548.4 billion for Bitcoin.
Ripple (XRP)
Many people like the idea of cryptocurrencies but fear their money isn’t safe in an unregulated, online world. Ripple aims to offer some of that safety.
Ripple is a money transfer and currency exchange network that processes transactions globally. And unlike most other cryptocurrencies, Ripple doesn’t need to be “mined.”
Read more: How To Mine Cryptocurrency: An Interview With a Crypto Miner
Ripple also offers fast settlement and low fees and is being used by large financial institutions (unlike other Bitcoin alternatives).
Why Invest in Ripple (Or Not)?
Ripple has been involved in a lawsuit for over a year with the SEC and the price has dropped significantly. Ripple argues it shouldn’t be treated as a security in order to avoid much stricter regulatory scrutiny. The company plans on exploring an initial public offering when the lawsuit is settled at some point in 2023.
That said, Ripple is still one of the top 10 cryptocurrencies (currently at no. 6 based on market cap). But for investment purposes, Ripple should be thought of as a cryptocurrency equivalent to penny stock — which is exactly where it’s trading.
XRP is trading at $0.535524 (as of April 2023) with a drop of over 84% from the all-time high.
But if you believe that Ripple will be a successful payment system, then its low price right now could be a key benefit.
Litecoin (LTC)
Litecoin is often thought of as a close sibling of Bitcoin. Bitcoin and Litecoin work in the same way, but there are a few key features that make them different:
Founder Charlie Lee — The founder of Litecoin is well known, unlike the anonymous creator of Bitcoin.
Speed of transactions — Lee, an engineer, designed the Litecoin system to operate about four times faster than that of Bitcoin. This means that Litecoin can confirm the legitimacy of transactions much more quickly.
Number of coins — Bitcoin has a limit of 21 million coins once all are found, but Litecoin will have 84 million.
Why Invest in Litecoin (Or Not)?
Litecoin is nearly identical to Bitcoin, but transactions are faster — which is one of its biggest draws. However, there has been discussion as to whether this speed makes Litecoin less secure.
Litecoin’s current price is $89.26 (as of April 2023), which is down over 78% from its all-time high.
The potential upside of investing in LTC is that the coin has been around since 2015 and is seen as stable.
Cardano (ADA)
Cardano is a proof-of-stake blockchain platform. It’s intended to be the next generation of the Ethereum network with a flexible blockchain and scalable platform for running smart contracts.
Cardano was introduced as an “Ethereum killer” and a valuable alternative to Bitcoin.
Charles Hoskinson, one of the co-founders of Ethereum, founded Cardano with the intent of being energy-efficient and supporting fast transactions with minimal transaction fees.
Why Invest in Cardano (Or Not)?
It may not be the best time to get into Cardano as the token has seen better days. It’s trading at $0.406295 (as of April 2023), down over 86% from the all-time high.
The upside in investing in Cardano is that it’s more energy-efficient and superior when it comes to smart contracts.
Binance Coin (BNB)
Binance is one of the largest cryptocurrency exchanges and the Binance Coin is the medium of exchange for the entire network. You can use your Binance Coin to trade and pay fees on the Binance cryptocurrency exchange. You can also use BNB on the BNB Chain ecosystem.
Binance Coin is one of the bigger players in the space (top five), with a total market capitalization of about $50 billion — although it’s primarily used to pay fees on the Binance exchange itself.
Read more: Binance.US Review
Why Invest in Binance Coin (Or Not)?
There are two factors that make Binance Coin worth considering. The first is its market capitalization. At over $42 billion and growing, it’s one of the bigger cryptocurrencies available. That’s also an indication it’s gaining acceptance in the marketplace, especially when you consider that it has been around since 2017.
The second factor is that this is a medium of exchange on the largest cryptocurrency exchange (Binance). You can use your Binance Coin to invest in the Binance Smart Chain network through Metamask if you want to get into the decentralized space.
BNB is currently trading at $316.82 (as of April 2023), down over 53% from its all-time high.
Polkadot (DOT)
Polkadot is a protocol that connects different blockchains with each other (like Ethereum and Bitcoin, for example) with the goal of weaving blockchains together. Polkadot is often referred to as a multi-chain network because it can join networks together (unlike Bitcoin).
However, Polkadot is similar to Bitcoin in the sense that it functions as both a token (DOT) and a decentralized exchange.
Polkadot wants to create an even playing field to improve innovation through the different blockchain networks. Polkadot operates by using two blockchains — a main “relay” network for permanent transactions and “para chains” for user-created blockchains.
Why Invest in Polkadot (Or Not)?
Polkadot aims to offer scalability improvements (the number of transactions per second a network can handle) and governance for protocol upgrades or changes.
What makes Polkadot a good investment is that it’s different in the sense that the network can interact with other blockchains.
With a current price of $6.32 (as of April 2023), DOT is down over 88% from its all-time high. On the flip side, the coin is up 134.37% since it started in August of 2020.
Solana (SOL)
Solana is a public and open-source blockchain. Solana is both a form of cryptocurrency and a flexible platform for running decentralized applications. The cryptocurrency SOL is used for staking and paying transaction fees on the Solana network. Solana is focused on making cryptocurrency quicker and more scalable.
Solana has become popular in the DeFi (decentralized finance) and NFT spaces among users looking for alternatives to Ethereum. NFT projects are minted and traded using smart contracts and since Solana supports smart contracts, NFT projects are popping up here.
Solana is a solution for those seeking low-cost and high-speed alternatives to Bitcoin.
Why Invest in Solana (Or Not)?
Popular NFT projects are being built on the Solana blockchain. If you’re someone who believes in NFTs, then you’re going to want to look into the Solana network.
Read more: The Complete Guide To Buying Your First NFT
Solana’s transaction speed and low costs also make it an attractive option for those looking for a Bitcoin alternative.
SOL is down over 92% at $20.73 (as of April 2023) from the all-time high, but it’s up over 4,037% since it was formed in May 2020.
Avalanche (AVAX)
Avalanche is a decentralized, open-source, proof-of-stake blockchain with smart contract functions. Avalanche touts that it’s the fastest smart contracts platform in the entire blockchain industry (from time-to-finality). Avalanche hopes to offer a highly scalable blockchain without compromising decentralization or security.
The Avalanche blockchain uses its own coin, AVAX, to cover transactions on the network.
Why Invest in Avalanche (Or Not)?
Avalanche is worth investing in if you’re looking for something new and different. The token hasn’t been around as long as some of the other forms of cryptocurrency, so it’s not as established yet, but it’s one of the fastest-growing projects.
AVAX is worth $17.60 (as of April 2023) and is down nearly 88% from the all-time high. This is up almost 528% from the day it was formed on December 31, 2020.
The Bottom Line
While Bitcoin may have once been king, there are now plenty of other cryptocurrencies on the market if you want to start investing in the space. Just remember that any coin, no matter how much buzz it’s getting, is susceptible to market fluctuations — both good and bad.
Major players in the household lending market are Bank of America Corporation, JPMorgan Chase and Co., Pentagon Federal Credit Union, Discover Bank, Member FDIC, LoanDepot, Spring EQ, A and A Dukaan Financial Services Private Limited, ABC Finance Limited, Australia and New Zealand Banking Group Limited, Barclays PLC.
New York, June 28, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Household Lending Global Market Report 2023” – https://www.reportlinker.com/p04590164/?utm_source=GNW , Citizens Commerce Bancshares Inc., Commonwealth Bank of Australia, Flagstar Bancorp Inc., HSBC Holdings PLC., Morgan Stanley, Navy Federal Credit Union, Roostify, and Royal Bank of Canada.
The global household lending market is expected to grow from $4,048.14 billion in 2022 to $4,520.83 billion in 2023 at a compound annual growth rate (CAGR) of 11.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The household lending market is expected to reach $6,798.66 billion in 2027 at a CAGR of 10.7%.
The household lending market includes revenues earned by entities by providing conventional loans, secured and unsecured loans, and open-end and closed-end loans to borrowers for household lending.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Household lending refers the act of loaning money to purchase a home or household.The debtor pays back the borrowed funds and interest according to the loan repayment plan.
Household lending can aid in raising the budget for a home purchase using the loan amount provided.
North America was the largest region in the household lending market in 2022. The regions covered in the household lending market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of household lending are fixed-rate loans and home equity lines of credit, which are provided by banks, online lenders, credit unions, and others.A fixed-rate loan is one in which the interest rate is fixed throughout the loan or only a portion of it.
Various sources included are mortgage and credit unions, commercial banks, and others. The main types of interest rate are fixed-rate mortgage loans and adjustable-rate mortgage loans.
The huge spike in housing costs is expected to propel the growth of the household lending market in the coming future.Housing costs is rent and mortgage costs (principal repayment and mortgage interest); or a measure that is more inclusive and takes into account the costs of obligatory services and charges, routine maintenance and repairs, taxes, and utility bills.
The increased housing costs limit an individual’s capacity to buy a house by full cash payment and motivate them to apply for a loan.So, the increasing housing costs is boosting the household lending market.
For instance, in November 2022, according to the Federal Housing Finance Agency, a US-based autonomous federal body established as the Federal Housing Finance Board’s regulatory substitute, in the United States between the third quarters of 2021 and 2022, the price of homes increased by 12.4%. In contrast to the second quarter of 2022, home prices increased by 0.1 percent. Therefore, the huge spike in housing costs is driving the household lending market.
Technological advancements are the key trends gaining popularity in the household lending market.Major companies operating in the household lending market are focused on developing innovative technologies to strengthen their position in the market.
For instance, in October 2021, Roostify, a US-based developer of a digital lending platform for home loans, launched the ’first of many’ APIs (application programming interface) on its existing lending platform developed to automate data extraction from documents and document validation in the financing process.Roostify Document Intelligence (RDI) Service, the company’s newest technology, will employ AI (artificial intelligence) to identify, validate, and extract data from documents connected to mortgages.
Users can receive automatic feedback from the technology when they upload documents that are wrong or ineligible, and errors can be flagged before it cause a data input problem. As an API, this one may be integrated into any step of the lending process and serve a wide range of use cases that can take advantage of the automated identification and extraction of data from the mortgage document collection.
In March 2023, Barclays PLC, a UK-based multinational bank, acquired Kensington Mortgage Company Limited for an undisclosed amount.Through the acquisition, Barclays enhanced its current mortgage product portfolio by integrating a better-specialized mortgage lender with a solid reputation in the UK market, further strengthening its product capabilities, and aligning with Barclays’ strategic aim of delivering next-generation, digital consumer financial services.
Kensington Mortgage Company Limited is a UK-based mortgage lender for first-time purchasers, self-employed people, contractors, and others.
The countries covered in the household lending market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The household lending market research report is one of a series of new reports that provides household lending market statistics, including household lending industry global market size, regional shares, competitors with a household lending market share, detailed household lending market segments, market trends and opportunities, and any further data you may need to thrive in the household lending industry. This household lending market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry. Read the full report: https://www.reportlinker.com/p04590164/?utm_source=GNW
About Reportlinker ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
I have owned rental properties for more than 13 years and being a landlord was one of the best choices I ever made but it is not easy. There are many aspects to owning rentals from finding good properties, to financing them, to managing them. Many people may think the hardest part of being a landlord is unclogging toilets at 2 am but I have never done that and never plan to. There is a lot that goes into owning rentals but you don’t have to do all of it yourself and owning good rentals will give you the income to pay for help. Good rentals can also build a tremendous amount of wealth!
How hard is it to become a landlord?
Being a landlord means many things and how hard it is depends on what tasks that landlord chooses to do. Sometimes landlords do all or most of the work on the properties they own, and sometimes they do very little if any work on them. The hardest part of becoming a landlord for most people is finding good properties and finding the money or financing to buy them. Not every property will make a good rental, in fact, many properties will lose money if you buy them at retail value and use an investment loan for the financing.
Here are the basic steps to becoming a successful landlord, not just owning rentals that may or may not make any money.
Find a market or type of rental property that makes money. Many single-family homes will not make any money as rentals. It is important to choose a market with good rent-to-value ratios. You may also consider multifamily or commercial rentals which can sometimes have better numbers but may take more work, have more risk, or need more management.
Get the money to buy a rental. Most landlords will use loans to buy properties but even with loans the down payments are usually at least 20 percent of the value of the property. A $200,000 property could require $50,000 or more in cash to buy with a loan after the down payment and closing costs.
Repair and maintain the property. Most properties are not ready to rent right away. You may need to make repairs and you will for sure have to maintain the property while you own it. You can do this work yourself or hire it out.
Find tenants for the rental property. Once the home is ready to rent you will need to find someone who wants to rent it. The home will have to be marketed, tenants screened, leases created, and money collected. The landlord can do this themselves or hire a property manager to do the work.
Keep tabs on the property and tenants. After finding tenants the work is not done. Landlords will have to check on the property, handle maintenance requests, and possibly handle late rent, hostile tenants, or even evictions. Again, the landlord can do this or have a property manager handle these tasks.
Why spend all this money and do all this work to buy rentals?
A lot of people are probably thinking to themselves why do I want to do all of this to own a few rentals? A few rentals may not make you rich, but once you buy a few, it becomes easier to scale and buy more. If you can buy 10 or more rentals it can provide you with a healthy income and a sizeable net worth that will increase with time. My rentals have made me millions of dollars in less than ten years thanks to getting great deals, market appreciation, cash flow, and the tax advantages that come with them.
Why do some landlords work harder than others?
As you can see there is a lot of work that is needed to be done when you own rental properties. Some landlords will try to do almost all of the work themselves, even the repairs. Other landlords will hire out as much of the work as they can. However, there is still work to be done by landlords, and finding and financing properties is often the hardest part of being a landlord.
Doing the work yourself can save money but it also costs you time and often peace of mind. Working on houses is hard and dealing with stressful tenant situations is also hard. Many people underestimate just how much work is involved and get out of the business as fast as they can. However, owning rentals can be very rewarding financially and spiritually knowing you are providing housing or a place to do business.
How much work should the average landlord expect to do?
When I bought my first rentals I managed them myself with the help of my wife but I never did any repairs to them. I hired out all of the maintenance and remodeling work to my contractors since I also flipped houses. Obviously, I had a huge advantage over many new investors since I already had people who could do the work. If I were to start over again not knowing anyone in the business here is what I would do. This strategy would also apply to me buying properties out of state in an area I have no contacts in.
I would decide what kind of properties to buy and where to buy them. This can take a lot of time and work, especially if you are new to real estate. My book Build a Rental Property Empire goes over everything you need to know if you are brand new. It can take months before you have learned enough to pull the trigger. For some, it may take longer but that is okay as this is a big investment.
I would work to find the right financing which can also take a lot of time. Finding local banks where you want to buy is often the best option but there are many other ways to get the money for rentals. You also may need to be saving money or finding a partner if needed. A lot of the time landlords spend on the business is preparing to buy properties.
Once you know where to buy and have the financing lined up, I would have an agent help you find properties but I would not rely on them to do all the work. There are many ways to find deals and getting a great deal is the fastest way to build wealth in real estate. If you had to spend time doing anything, I would learn how to get great deals.
Before you buy a property you should have some idea of who will be managing it and repairing it. If you choose to use a property manager they may also have contacts or in-house people who can repair and maintain the property. If I were buying properties out of my area this is the route I would take. Take your time finding the right company and don’t pick the first one that says yes!
Once you own the property I would have someone else manage it but you will need to check on it once in a while to make sure the people you hire are doing their job. If the property is far away, hire a third party to check on it for you. You don’t need to be the one taking calls from tenants or renting the property, or collecting rent. The property will also need to have accounting set up and tax information collected which property managers can also handle.
You can scale with rentals by refinancing properties or selling them. I think the landlord should be actively looking at their loans, and returns every year on the properties they own. A lot of landlords have trouble scaling but a refinance or selling properties or using a 1031 exchange can increase the portfolio and ROI.
I think most of the work a landlord does should be in the beginning finding and buying deals. If you want to scale and make the most of your time, leave the management and maintenance to someone else. Focus on the most important tasks and remember to look at the big picture.
Why do I have my property management in-house?
I just told people I think they should hire a property manager but I don’t do that myself, why? I own a real estate brokerage (Blue Steel Real Estate) and my staff manage my properties. I am not the one showing properties (unless they are big commercial properties), and I am not collecting rent, or taking any calls from tenants. I have my own property management company in-house that can handle that for me and I focus on the big picture.
Conclusion
Buying rentals has made me many millions of dollars but it is not easy and it takes work. If landlords focus on the right work it can be a great business. Once you learn how to buy the first properties, the next purchases get much easier. If you are willing to put in the work to buy the right properties and hire the right people to take care of them it is a wonderful business/investment.
Bank of America announced a new strategy today to tackle the pesky underwater mortgages on its books, many acquired via its merger with Countrywide.
The so-called “earned principal forgiveness” initiative will target borrowers with subprime loans, option ARMs, and prime two-year hybrid ARMs.
For loans at least 60 days delinquent with current loan-to-value ratios of 120 percent or higher, the bank will offer an interest-free forbearance of principal that the homeowner can turn into reduced principal over five years if they stay current on mortgage payments.
“In our experience with Home Affordable Modification Program and National Homeownership Retention Program modifications, Bank of America has found that many homeowners who owe considerably more on their mortgages than their homes are worth are reluctant to accept a solution that addresses only the amount of the payment without an accompanying reduction in the balance due on the loan,” said Barbara Desoer, president of Bank of America Home Loans, in a press release.
Bank of America said it will make principal reduction the initial consideration toward reaching HAMP’s 31 percent debt-to-income ratio target when modifying the aforementioned loan types.
Certain holders of option arms may also receive a HAMP modification that eliminates the negative amortization feature and results in the forgiveness of all or part of the negative amortization amount to reduce principal to as low as 95 percent loan to value.
Of course that means the borrower will no longer have the ability to make ultra-low monthly mortgage payments, but BofA hopes the equity reward will be enough to avoid strategic default and foreclosure.
The bank and mortgage lender estimates it will be able to offer principal reduction solutions to 45,000 borrowers, representing $3 billion in total reduced principal.
Bank of America is also extending its National Homeownership Retention Program (its own loan modification program) for an additional six months to December 31, 2012.
An amendment introduced by Oregon Senator Jeff Merkley and Minnesota Senator Amy Klobuchar aimed at protecting homeowners from deceptive lending practices passed the Senate by a vote of 63-36 today.
As a result, mortgage lenders and loan originators will be banned from accepting payments based on the interest rate and other terms of the loan, which effectively wipes out loan steering.
The legislation also seemingly kills off yield spread premium, which was one of the main ways mortgage brokers were compensated (how mortgage brokers make money).
“Deceptive mortgage practices like hidden steering payments directly led to the Wall Street meltdown and resulted in millions of families losing their homes,” said Senator Merkley in a release.
“We took a huge stride forward today in the fight to restore fairness for homeowners and strengthen the financial foundations of our families. I look forward to seeing this amendment become law so that never again will hidden steering payments put millions of homeowners on the fast track to foreclosure.”
Current rules allow loan originators and mortgage lenders to place borrowers into higher-cost and riskier loans, even when they qualify for more affordable loans.
Merkley cited a WSJ study, which found that 61 percent of subprime loans originated in 2006 went to borrowers who qualified for prime loans.
The bill will also require lenders to document income and “other underwriting standards” to ensure borrowers can actually repay their loans, putting an end to no doc loans and so-called “liar loans,” otherwise known as stated income loans.
These are huge changes and the implications may be great for the mortgage industry.
The amendment was also co-sponsored by Senators Chuck Schumer (D-NY), Olympia Snowe (R-ME), Scott Brown (R-MA), Mark Begich (D-AK), Barbara Boxer (D-CA), Chris Dodd (D-CT), Carl Levin (D-MI), Al Franken (D-MN) and John Kerry (D-MA).