Real estate leaders have spoken out in the wake of the murder of George Floyd and the resulting protests against police brutality, vowing change in the industry.
National Association of Realtors President Vince Malta led the way, calling the death of Floyd “senseless and tragic”. He expressed sympathy for the family of Floyd, as well as others who’ve experienced similar grief and pain.
“Our neighbors in the communities where we work and live across America should feel safe and free from discrimination,” Malta said in a statement. “As longtime champions of fair housing, equality and inclusion are among NAR’s most cherished values. NAR is committed to leading the way on policies that address racial injustice and that build safe and inclusive communities. Building the future begins with equal access to housing and opportunity for all.”
Keller Williams CEO Gary Keller wrote in a letter to agents Monday that he believes racism is wrong, and that his company stands with the black community in support of equality. He said the company plans to create a task force within its International Associate Leadership Council that will come up with recommendations on how to eliminate racial disparity in the real estate industry.
“I will be reaching out to your regions immediately to ask for a nomination from each to join us in this critical effort,” Keller wrote. “I believe we can also set an example within the industry by committing more of ourselves to a better, and equitable future.”
Keller further asked his staff to “self-reflect, listen, learn and speak up to bring about change.”
“I believe that the real estate community has a unique opportunity to promote healing and reform,” Keller’s letter read.
Meanwhile, Redfin CEO Glenn Kelman said that he too was planning to do more within his own company.
“The most obvious thing is hiring and developing more people of color to positions of power,” Kelman wrote on Redfin’s blog on Sunday. “We say that we believe talent is equally distributed between people of different races, but most businesses, including Redfin, are run mostly by white people.”
Redfin plans to publish its annual report on employee diversity later this month, and will go into more detail about which of its diversity initiatives are working and which aren’t, as well as what the company plans next. He also said he plans to provide more education to his workforce on race and real estate.
“Let’s commit as businesses and business people to serve blacks and other people of color better,” he wrote. “Companies that employ hundreds or thousands may feel it’s beyond our control to stop one grocer or bank teller or broker from jumping to the wrong conclusion about a customer, and doing something racist that hurts that customer, and stains our reputation for years.”
Another executive, Compass CEO and co-founder Robert Reffkin, said he saw himself as a “black man who has felt out of place his entire life.”
In a company-wide email, he said he was heartbroken that the pain everyone is feeling now might still not be enough to bring about real change.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
New research conducted by the Federal Reserve revealed that the median borrower doesn’t strategically default until home equity falls to -62 percent of their home’s value.
In other words, only half of borrowers who are severely underwater actually make the decision to walk away.
The Fed researchers believe “borrowers face high default and transaction costs because purely financial motives would likely lead borrowers to default at a much higher level of equity.”
They also concluded that default is much more common at significantly lower negative equity levels when combined with a negative life event, such as a loss of income.
In fact, roughly 80 percent of defaults in their sample were the result of income shocks combined with negative equity.
“Our results therefore lend support to both the “double-trigger” theory of default and the view that mortgage borrowers exercise the implicit put option when it is in their interest,” the paper said.
The Fed noted that many borrowers continue to “pay a substantial premium over market rents to keep their homes,” partially because they refuse to believe their homes depreciated substantially, while also overvaluing the prospect of future capital gains.
However, when equity falls below -50 percent, half of defaults appear to be strategic and driven purely by negative equity.
The study focused on borrowers from hard-hit states like Arizona, California, Florida, and Nevada who purchased homes in 2006 using non-prime mortgages with no money down.
Nearly 80 percent of the borrowers defaulted by the end of the observation period in September 2009.
Of all the defaults in their sample, only about 20 percent were deemed “strategic.”
This week, we interviewed Andrew Sidhu from Foyer.
Without further ado…
Who are you and what do you do?
My name is Andrew Sidhu, and I am the Founder and Chief Executive Officer of Foyer, Inc., a PropTech development company. We just introduced Foyer Insight, the most advanced computer vision Artificial Intelligence (AI) suite which is focused solely on the real estate industry. It uses multi-label image classification and image segmentations to give real estate agents and platforms the tools to be more responsive to client needs by automatically ensuring the highest quality images and building an image-first experience at the fingertips of a new generation of home buyers. It is my belief that by doing so, we can elevate and streamline the home buying process.
Our company is headquartered in Trumbull, CT and we have an excellent team of developers who are working to push both our machine learning tools to a new level through breakthrough unsupervised learning techniques, and our image validation suite to ensure the highest quality of listings. I personally head the research and development of our ML team, as well as running the company as its CEO.
What problem does your product/service solve?
During my own house hunt a few years ago, I began to feel that finding your perfect home should be a more intuitive and streamlined process. I wanted to be able to search for my new home by its Kitchen, but ended up having to click for 30 seconds or more just to get to the kitchen pictures of each listing. Until now, property search sites usually relied on simple preferences such as location and price to display properties for sale.
That’s because the most important part of any real estate listing, the photos, were both completely disconnected from the rest of the listing and each other. In order to be able to jump to the kitchen pictures, Listings need to have the context of what is in the photos, nothing like that was available.
Foyer Inc was created to solve that problem and provide linked, detailed context to each photo and feature of the home. We have taken it a step further by cataloging the features of each room, stainless steel appliances, fireplaces, vaulted ceilings, and contextualizing it to searchable parameters. We can find your perfect home, like the one that has a view of the fireplace in your living room from the kitchen island, and allow you to get as specific in your search as you want. Not just limited to bedrooms, price, and a couple checkboxes which provide arbitrary results.
We give real estate companies the drop-in tools to enhance their own services and platforms the tools to evolve the buying process into something new. Whether it be an image first search experience, a better recommendation engine, and ensuring that each listing is of the highest quality.
By combining big data and our AI, Foyer Insight allows real estate agents to provide interfaces that allow clients to search photos and information based on room type, lighting, specific features (hardwood floors, stainless steel appliances), and more. Foyer also allows realty search sites to evaluate pricing trends by home features which are not usually available by just the listing details, such as the color of kitchen cabinets and countertop combinations.
In the past, the industry seemed reluctant to embrace technology for fear of eliminating the personal connection between broker and buyer. I wanted to help real estate professionals turn to solutions that can help them enhance that relationship. In fact, the human connection between the agent or broker and the home buyer is still one of the most important elements of the real estate transaction. This is why I believe it is so important to put the most advanced technology into the agents’ hands. Companies like Zillow have been using advanced tools to bridge the moat that a personal connection has in order to compete with local agents. I want to empower those agents with the same tools and democratize real estate information to make a better experience for every home buyer.
The use of AI and unsupervised machine learning allows us to produce actionable data which has been hiding in plain sight within every photo, and using that to help agents enhance and improve their clients’ experiences during the home buying process.
What are you most excited about right now?
I’m most excited about the potential impact that unsupervised learning will have on image classification because it cannot be underestimated, especially in the real estate industry. Real estate imagery is subjective in general, and can vary greatly by cultures, regions, or even neighborhoods. The only way to be consistent in all cases is to eliminate human biases by the people building the model. Removing the bias and combining it with Foyer’s ability to work off millions of images, means it isn’t overfitted to a certain décor. This allows it to be easily scalable to other markets and to perform at an equivalent level anywhere its deployed.
The adaptable nature of unsupervised learning means it can be used for many kinds of A.I. models, but it is especially good for real estate because the classifications are not cut and dry, or mutually exclusive in nature. In the past, it has been difficult to deal with edge cases with a supervised training dataset, even between developers we would have arguments about how much of an image has to be in the kitchen, or where the kitchen starts and ends. But now using unsupervised learning, the model grows on its own and develops its own consensus. Additionally, with unsupervised learning, new features can be scaled into production much more efficiently, without the need to hand feed large amounts of data. The models are able to accurately develop new classifications on their own with far fewer validation examples, rather than requiring our developers and client partners to walk it through every step.
What’s next for you?
My focus now is on working with top real estate company development teams across the U.S. to implement our technology into their stack and adapt it to each company’s own unique brand and specifications. We are also continuing to develop our visual suite that can be used by any agent in the United States on their own to provide an image first search solution to their clients today, and help them build and validate their own high-quality listings.
What’s a cause you’re passionate about and why?
I’m extremely passionate about right-to-repair and technology in the automotive space. Maintaining a fork of OpenPilot, an open-source aftermarket self-driving system, for Pre-Autopilot Tesla cars produced before 2015 is currently my primary hobby. Working with the community, I help maintain a fleet of over 100 cars which are all running our fork and hardware.
Many of these cars are out of warranty or salvage cars, and are usually only able to be repaired by Tesla themselves, and there’s even a question if Tesla will even repair the car at all. I have personally helped hundreds of people diagnose, repair, and get their cars running again after Tesla has refused. I don’t accept payments for this or any of the work I do on OpenPilot and redirect anyone who insists to donate to Planned Parenthood instead – My spreadsheet of donations currently has a total of $12,850.00 donated since 2017, I’m pretty proud about that.
I have recently taken an interest in 3D printing as well, but that is honestly just an extension of my OpenPilot hobby as our latest hardware requires us to build custom parts.
Thanks to Andrew for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop us a line (Community @ geekestate dot com).
While they might be better known for credit cards at this point, Chase also offers mortgages. And now they want to offer digital mortgages, or at least a digital mortgage experience.
In other words, they don’t want to be your boring old brick-and-mortar grownup bank anymore. Let’s explore what exactly that means.
Self-Serve Mortgages from Chase
Today, the NYC-based megabank unveiled its grand plan to launch a so-called “digital, self-serve mortgage platform” that will ideally make it quicker, easier, and more transparent to get a mortgage from Chase.
Once launched later this year, customers will be able to track loan progress online or via a mobile device…how novel!
Okay, I’ll stop mocking and provide some specifics to this new rollout. The technology platform relies on some help from Roostify, a company whose sole purpose is to make loan closings faster (and better).
They provide software that allows consumers to apply for mortgages online (or on their smartphone), while letting them easily connect financial accounts for document verification, and track progress all within an app or webpage. See the screenshots above and below for more on that.
The presence of this technology basically streamlines a once cumbersome process and reduces mistakes and hiccups that can often slow down the loan process. It also keeps the whole team in the loop the entire time.
The technology should also minimize the need for human interaction, something people seem to be pretty fond of these days, even when it involves major decisions and large sums of money.
Chase notes that it already has 43 million active “digital users,” ostensibly their existing mortgage, banking, and credit card customers.
Soon they’ll be able to take advantage of a completely redesigned Chase Mortgage website and the following technology upgrades:
• Improved loan comparison interface to aid in loan choice • Upload and tracking tools to submit documents and keep up-to-date on application status • Real-time messaging to ask questions and share updates with Chase loan officers and processors • Real estate agent connection to keep them informed and easily share loan progress • Secure eSign solutions to speed up loan closings
Chase Is Getting Up to Speed
It appears Chase is taking its new competition seriously. With so many fintech companies now entering the mortgage space, such as Clara, Lenda, Sindeo, and SoFi, to just name a handful, it was obvious they needed to completely revamp their platform.
This is especially true with younger home buyers and refi’rs, who demand a simpler, cleaner product with which to work with. If you can’t access loan status from an iPhone, or send a text or a snap, they might be forced to go elsewhere.
That’s why Quicken got ahead of the game with its Rocket Mortgage, which basically does what it sounds like Chase is about to do. They just don’t have a catchy name for it, yet.
Still, Chase is no slouch when it comes to mortgages, even though I alluded to the fact that they’re probably more recognizable for their credit cards these days.
The company was the second largest mortgage lender in the fourth quarter of 2016, originating a healthy $30 billion or so in home loans during those three months, trailing only Wells Fargo (which happens to be facing some problems at the moment).
They also service 5.4 million home loans, and claim to have prevented 1.2 million foreclosures since 2009. Maybe they can prevent some headaches too with their new digital mortgage experience.
Chase $595 Mortgage Promotion
If none of that sounded exciting, also note that Chase is currently offering $595 cash back when you take out a residential purchase mortgage with them after March 26th, 2017. It must be a first mortgage, not a second.
The promo also says “loans submitted directly to Chase,” so it’s unclear if a brokered or correspondent loan that winds up at Chase will work. It’s worth a shot I suppose, but doubtful.
You must enroll in the $595 Cash Back promotion within 60 days of closing using the E-coupon code provided in your Welcome brochure.
The only catch, if you want to call it that, is the requirement to enroll in automatic mortgage payments using either a new or existing Chase personal checking account.
Additionally, you have to opt-in to electronic (paperless) mortgage statements, which most of us do anyways.
As student loan debt increases, it’s likely that so will the number of borrowers defaulting on their student loans. Student debt in the U.S. has reached crisis levels at $1.76 trillion. The average borrower owes $37,338 in federal student loan debt.
More than one million student loans go into default every year, according to EducationData.org. Of the borrowers who are in default, 42.8% owe between $20,000 and $40,000 on their student loans.
Failure to make payments on your student loans can result in serious consequences. If you’re struggling with your student loans and are in danger of defaulting, there are options. The sooner you take action to remedy your student loan troubles, the better.
If your loans are already in default, there are steps you can take to recover. Read on to learn how to get student loans out of default.
What is Considered Student Loan Default?
At its most basic, student loan default happens when you have failed to make payments on your student loans.
If you have a federal student loan, the U.S. Department of Education considers your loan delinquent the day after you miss your first payment. After 90 days, your failure to pay will be reported to all three big credit bureaus, which may negatively impact your credit score.
deferment or forbearance, especially if you’re facing a temporary financial hardship.
If you’re having long-term difficulty paying your monthly student loan payments, an option is to see if you can change your payment terms to reduce your monthly bill. This process will extend the life of the loan (lowering your monthly loan payments usually involves lengthening your loan term) and you’ll most likely pay more in interest over the life of the loan. However, making payments on time can help you avoid defaulting and the consequences that come with it.
After 270 days of nonpayment, the loan is considered in default, triggering a series of potential problems for the borrower. The consequences of defaulting can be quite severe. The default and history of missed payments can stay on your credit report for years to come.
If you default on your student loan, you are no longer eligible for payment assistance such as forbearance, deferment, and student loan forgiveness. Any costs associated with collecting the loan are added to your balance due, and the government has the ability to garnish your wages or seize your tax refund.
Tips for How to Get Student Loans Out of Default
If you’re wondering how to get student loans out of default, there are options. These include: loan rehabilitation, consolidation, refinancing, or paying off the loan in full—including any additional interest accrued. Oftentimes, borrowers in default are unable to repay their loans in full, so the following alternatives may be more practical.
1. Loan Rehabilitation
You may be able to remove a default from your credit report through student loan rehabilitation. The specifics on how to remove your default via student loan rehabilitation depend on the type of loan you have. Here’s roughly what the process looks like if you have federal loans in default:
First, you contact your lender’s customer service office to request a rehabilitation plan for your loan. Second, you want to be sure you can commit to the program since you can’t rehabilitate a loan a second time.
Third, you follow your lender’s plan. That means making nine payments on time, usually at a lower payment rate (your lender determines the monthly payment amount, usually equal to 15% of your annual discretionary income, divided by 12).
Once you’ve successfully made all payments on rehabilitated student loans, the default can be removed from your credit report, but sometimes it takes about 90 days. Note that missed payments prior to the default on your loan will remain on your credit report, and your loan holder may still take involuntary payments (like wage garnishment) until your loan is no longer in default and/or you begin making rehabilitation payments.
Once you have rehabilitated student loans and you’ve again become a borrower in good standing with your lender, you now have the opportunity to get further relief through forbearance or deferment, especially if you’re still struggling.
2. Loan Consolidation
If you have federal student loans, you may be able to consolidate your student loans into one Direct Consolidation Loan. By consolidating, you’re paying off the other loans and replacing them with one new loan, usually at a weighted average of the interest rates on your old loans (rounded up to the nearest one-eighth of a percent).
If you qualify to consolidate your student loans, you have the ability to choose a different payment plan, including income-driven repayment plans. These plans let you choose a lower monthly payment based on your income and household situation. However, one caveat to accepting a lower payment is that the loan term is extended up to 20 or 25 years, and that means that you’ll pay more in interest over the life of the loan.
You can also consolidate and refinance your federal and private student loans with a private lender, reaping some of the same benefits as consolidating your federal student loans: paying off several loans with one new loan and potentially lowering your payments.
But unlike federal student loan consolidation, a private loan consolidation doesn’t limit you to a weighted average of your previous loan rates, so you may be able to get a better rate depending on your personal financial history and current financial situation. When you consolidate student loans with a private lender, you are essentially refinancing them.
3. Refinancing Your Loans
If you have a solid personal financial picture (which includes things like your income and credit score), you may be able to refinance your loans with a private lender instead of consolidating them with the government. You may get a lower interest rate, which can allow you to trim the amount of interest you’ll pay over time, unless you extend the loan to lower your monthly payments instead.
However, if you’re wondering how to get student loans out of default, your credit has likely already suffered. An option for those who want to refinance, but have a less-than-great credit score, is finding a cosigner for the loan. With a cosigner, you may be better able to qualify for refinancing. However, your cosigner would be equally responsible for the loan.
student loan refinancing, you may be able to also adjust the loan term, extending it to get a more manageable monthly payment or shortening the term to pay off your loan sooner. If you lengthen the loan term you may pay more in interest over the life of the loan, and a shorter-term usually means higher monthly payments.
But when you refinance a federal student loan with a private lender, you’ll no longer be eligible for federal protections, such as income-driven repayment plans or Public Service Loan Forgiveness.
Recommended: Student Loan Refinancing Guide
How Refinancing Can Help Keep You From Defaulting
If you are at risk of defaulting on your student loans, there’s no better time than now to take action. It’s scary to not be able to pay your student loans. But there are ways to lower your monthly payments before you go into default.
First, if you have federal loans, you may want to look into income-based repayment plans, as mentioned above, which can lower your payments in accordance with your discretionary income.
If you’d like to consider refinancing your student loans, this could also potentially lower your payments. If you qualify for refinancing, you can opt to extend your loan term, and potentially secure a more manageable monthly payment. Using a student loan refinance calculator can help you see how your payments might change.
While a refinanced loan with a longer term could mean paying more in interest over the life of your loan, it could also help you get your payments under control.
Should you refinance your student loans? You’ll need to weigh the pros and cons. Again, keep in mind that if you refinance with a private lender, you will lose access to federal loan benefits like income-based repayment plans, forbearance, and deferment.
If you decide to move ahead, SoFi has several options available for student loan refinancing, including a low fixed or variable rate and customized term lengths. Plus, there are no fees.
Check your rate for student loan refinancing in just two minutes with SoFi.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement. Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website on credit. Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SoFi Student Loan Refinance If you are looking to refinance federal student loans, please be aware that the White House has announced up to $20,000 of student loan forgiveness for Pell Grant recipients and $10,000 for qualifying borrowers whose student loans are federally held. Additionally, the federal student loan payment pause and interest holiday has been extended beyond December 31, 2022. Please carefully consider these changes before refinancing federally held loans with SoFi, since the amount or portion of your federal student debt that you refinance will no longer qualify for the federal loan payment suspension, interest waiver, or any other current or future benefits applicable to federal loans. If you qualify for federal student loan forgiveness and still wish to refinance, leave unrefinanced the amount you expect to be forgiven to receive your federal benefit.
CLICK HERE for more information.
Notice: SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income-Driven Repayment plans, including Income-Contingent Repayment or PAYE. SoFi always recommends that you consult a qualified financial advisor to discuss what is best for your unique situation.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
If you rent an apartment with an in-unit washer and dryer, you’ve hit the jackpot. Even if the machines aren’t provided, living in an apartment that has washer and dryer hook-ups is a huge win and convenience, eliminating the need to go to the laundromat or use communal units. But that does mean that when you move apartments, your washer and dryer have to make the move with you (unless you’re renting them). While this sounds difficult, we’ll prove that it’s actually pretty simple and straightforward.
How hard is it to move a washer-dryer?
Because they have delicate components but a heavy build, you’ll find washers and dryers among the trickier appliances to transport and move to a new location. Moving them requires advance preparation and necessary equipment like an appliance dolly, as well as patience and some strong, willing helpers.
What’s the easiest way to move a washing machine?
The easiest way to move washers and dryers would be to hire a professional moving company. But you can do it on your own as long as you have some help and follow these steps.
Preparing your washer and dryer for moving
In the weeks and days before moving day, you’ll need to prepare your washer and dryer for the moving process. Moving apartments is an excellent opportunity to give your washer and dryer a proper clean. This prevents bad smells or mold from developing during the transition. It also keeps both units in good condition.
For the washer, run a rinse or cleaning cycle using a washing machine cleaner to break down residue build-up and remove grime and gunk. Then leave the washer door or lid open for at least a day so it completely airs out and dries.
For the dryer, empty and vacuum the lint trap. It’s crucial that you clean the trap after each use anyway. The accumulating lint and other debris could cause your dryer to overheat and spark a fire.
How to move your washer and dryer
Now that your washer and dryer have been properly cleaned, it’s time to get them prepped for moving from their current laundry room to their new location.
Make sure there is no laundry inside either unit
This should go without saying. But after cleaning both units, don’t run any more loads of laundry before the move. You also shouldn’t move the appliance with clothes inside, clean or otherwise.
Find the appliance instruction manuals
Locate the owner’s manuals, manufacturer’s instructions and installation instructions for your washer and dryer units. You should keep these in your laundry room so you never lose track of them. These booklets will have vital information about how to correctly and safely de-install and re-install each unit, so give these a thorough read before diving in.
If it still applies, you should also make sure you have the warranty information on hand in case the appliances sustain damage during transport.
Disconnect the water supply hoses
Pull each unit back from the wall so you have enough space to work.
Turn off the hot and cold water valves to the washing machine and disconnect the water supply hoses. You can usually find these located at the back of the machine. Depending on the model, you may need tools like a wrench.
Then drain the water hoses into a bucket or sink and leave them to dry before packing them in a plastic bag for moving. For all the detachable components and equipment, keep them in sealed, labeled bags so they don’t get lost during the move.
Drain the washer by detaching the drain hose
Make sure to turn the washer’s water supply off and disconnect the drain hose from its outlet location while keeping it attached to the machine. Putting a bucket beneath the drain hose, you can either run a spin cycle or carefully tilt the unit to drain any remaining water.
Making sure the washer gets thoroughly drained of leftover water not only reduces the risk of mold forming during the move but also makes it weigh less.
The drain hose stays connected to the washer, but you can secure it to the machine with bungee cords, tape or rope.
Disconnect the dryer from electrical outlet or gas
Whether you have a gas dryer or electric dryer unit, make sure the gas line or electricity is off as you disconnect the power source. Double-check that either the gas valve or electric breaker is fully off before proceeding.
Since the electrical cords are permanently attached to the machine, you can secure them for the move by putting them in a plastic bag and taping or securing them to the outside of the machine with bungee cords.
Detach ventilation hose
Disconnect the ventilation hose from the dryer unit and give it a good clean before packing it up. These hoses are usually secured with easy-to-use clamps that should be simple to open.
You can also vacuum or clean the dryer’s vents for some extra cleaning and prep.
Use shipping bolts to secure the drum
The washer’s drum is one of the most delicate parts of the machine, and too much jostling during the move could damage it. Using shipping bolts or washer locks, secure the washer drum in place following the instructions in your manufacturer’s manual.
Wrap in moving blankets or other protective material
Once all the external hoses, cords and other components are either disconnected or wrapped up for moving, wrap each unit in moving blankets to prevent scratches or other damage. You can either use packing tape or plastic wrap to keep the blankets in place.
Tip the washer or dryer onto an appliance dolly
With the aid of a second helper, tip the unit at a slight angle and slide the appliance dolly beneath.
For moving appliances, using an appliance dolly is better than a hand truck. Not only does it have a higher weight capacity, but it has built-in straps and belts to keep the appliance in place. Most importantly, it has stair climbers so you can navigate staircases if your apartment building doesn’t have an elevator.
Load onto moving truck and strap in place
Once the unit is strapped into place on the dolly, slowly and carefully start moving it to the moving truck. Along with the person pushing the dolly, have at least one other helper to guide the dolly and keep the unit in place.
Using the ramp, carefully load the unit into the moving truck. Washers and dryers should be transported in the upright position. Even if you have a stackable washer and dryer, you shouldn’t transport them in the truck as a stacked unit because the unit on top could shift and fall. So if your stacked washer and dryer can be disconnected, transport each unit side by side and use moving straps to fasten them in place.
Once you arrive at your new house or apartment, unload each unit from the moving truck, use the dolly to take them to their new position and reconnect according to the manual.
Can you lay a stacked washer-dryer combo down to move it?
If you have a stacked washer and dryer that connects in the middle, you should never move it on its side. This risks jostling and damaging fragile components. But moving a stacked unit proves a bit trickier than moving two units that are separate.
You do not want to disconnect the two components because of the complex wiring. Prepare the stacked washer and dryer for moving following the same instructions as above and move it as you would each separate unit. But use extreme caution and at least one other helper when moving a stacked washer and dryer because of its height and bulk.
When moving appliances, don’t cut corners
Moving heavy but fragile appliances like a washer or dryer requires the right tools, patience and a helping hand or two. You never want to skip any preparation steps or hurry the process, as that risks damage to the machines or harm to yourself or others.
Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.
It’s good news for anyone looking to purchase a new home or refinance their current mortgage today as rates are improving. It was some comments from President Trump on China and North Korea that sent investors into a more risk-off scenario, pushing Treasury yields and mortgage rates lower. Read on for more details.
[embedded content]
Market Outlook 5.21.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
Rates move lower
It’s been a while since President Trump has been one of the main factors in where the market moves on a daily basis but that’s where we are today. First the President commented that he was not pleased with the way the trade talk between the U.S. and China has been unfolding.
He said that they have “a long way to go.” Then, more geo-politcal tensions were fanned when the President said that the summit between him and North Korea’s Kim Jong Un might not go ahead as planned.
These comments have caused the markets to adopt a more risk-off sentiment, sending investors into the safe-haven of long-term government bonds.
If we take a look at the yield on the 10-year Treasury note, which is the best market indicator of where mortgage rates are going, we can see that’s its down a little over five basis points today to 3.01%.
Mortgage rates typically move in the same direction as the 10-year yield, so rates are headed a little lower as we approach the midpoint of the week.
With geo-political concerns back in the spotlight, it’s important for potential home buyers to pay attention to the news and check in to see how the market is reacting.
Of course, we do have some significant economic reports out on Friday (Durable Goods Orders and Consumer Sentiment), and could definitely see a market reaction when those are released as well.
The takeaway here is that mortgage rates are incredibly fickle and can be influenced by a multitude of factors. That’s what makes it so difficult to predict where they will be at any given point of time.
What we can say right now, though, is that with the Federal Reserve on track to raise the nation’s benchmark interest rate at least two more times this year, it stands to reason that mortgage rates will continue to move higher and higher over the coming weeks and months.
How high will they go? Well, the average rate on the 30-year fixed rate mortgage (according to the most recent Freddie Mac Primary Mortgage Market Survey) is at 4.61%.
That’s up sixty-six basis points from the start of the year. If the Fed continues on the path that they’ve currently outlined, it’s not unfathomable to think that we’ll see the 30-year push above 5.00% in 2018.
Rate/Float Recommendation
Lock before rates move even higher
With a higher rate adjustment looming, we’ve been recommending that borrowers take action sooner rather than later in order to avoid the risk of locking in a higher rate.
There are always unique factors in each borrower’s scenario, but in general, we believe that those who are quick to act will be better off doing so. The best way to figure out your ideal course of action is to go over your situation with an experience mortgage expert.
Our mortgage bankers have seen countless scenarios and can quickly and easily identify what you need to do to best position yourself in the current market. It only takes a quick phone call or a few minutes with our online form to get started.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
PMI Composite Flash
We got some strong readings in the PMI Composite Flash today. The composite, manufacturing, and services readings all came in above what analysts had predicted.
New Home Sales
New Home Sales for April came in at an annualized rate of 662,000. That’s 10,000 below what analysts had expected.
EIA Petroleum Status Report
For the week of 5/18/18:
Crude oil: 5.8 M barrels
Gasoline: 1.9 M barrels
Distillates: -1.0 M barrels
FOMC Minutes
The minutes from the Federal Open Market Committee’s previous meeting will be released this afternoon at 2:00pm.
Fedspeak
Minneapolis Fed President Neel Kashkari at 2:15pm.
Notable events this week:
Monday:
Chicago Fed National Activity Index
Fedspeak
Tuesday:
Richmond Fed Manufacturing Index
Wednesday:
PMI Composite Flash
New Home Sales
EIA Petroleum Status Report
FOMC Minutes
Fedspeak
Thursday:
Jobless Claims
FHFA House Price Index
Existing Home Sales
Kansas City Fed Manufacturing Index
Fedspeak
Friday:
Durable Goods Orders
Consumer Sentiment
Fedspeak
*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.
I know, I know. “Movies are subjeeective. There is no such thing as good or bad.” Spare me. There ain’t no participation trophies in Hollywood. Some movies are great, others are trash, and most fall somewhere in the middle.
But some movies have been ranked improperly. Some movies have been labeled as outstanding by the majority, but are they merely (you might want to sit down for this) really good? Several widely-praised films have caught the eye of the take-yourself-down-a-notch brigade.
1. Interstellar (2014)
Even before it hits theaters, any movie directed by Christopher Nolan receives the “great” label. But some critical moviegoers feel that Interstellar is the Apollo 11 of movies—hailed as an outstanding American achievement by many, dismissed by others as a high-budget fraud filmed by a renowned Hollywood director.
2. Spider-Man: No Way Home (2021)
Now that you mention it, the recent spate of movies that appear targeted at 14 year old’s, but perform exceptionally well among adult critics, does seem odd. The odd case of a dark, gritty thriller cloaked in a superhero suit (The Dark Knight, Logan) makes sense—these are adult films with the serious cinematic cache.
2. Spider-Man: No Way Home (2021)
But why does the 68th Spider-Man film, more logic-defying than the first 67th, have the same Rotten Tomatoes score as Dunkirk? Is this real life or a deleted scene from Idiocracy?
3. Pulp Fiction (1994)
Pulp Fiction, Cult Classic. There is no doubt that the legendary film is a first-ballot Movie Hall of Famer. One critic complains that Tarantino’s voice penetrates the film too acutely. But, to be fair, have you ever seen a Tarantino interview? The dude is intense.
4. John Wick (2014)
Plot of John Wick: bang, pow!, blood squirts on the camera, punch, crunch (broken bones), pow pow! Repeat. Those who value optional movie elements like plot, dialogue, and fewer than four million gunshots fall asleep quickly after turning on John Wick.
5. Everything Everywhere All at Once (2022)
One of the most talked-about movies of 2022, Everything Everywhere All at Once garnered plenty of controversy, no matter what its IMDb score reads. One pretzel-minded viewer gave up on the movie during the scene where “the guy was trying to jump butt-first onto the butt plug.”
5. Everything Everywhere All at Once (2022)
That is as good a time as any to switch movies.
6. Midsommar (2019)
A film with a compelling trailer, and plenty of hype, Midsommar struck many as visually flashy but ultimately shallow, rife with unlikeable characters, and disappointing. While some retort that hate-able characters are essential in the movie’s plot, the haters say that Midsommar isn’t very good.
7. Forrest Gump (1994)
While Forrest Gump was a popular choice among moviegoers, I’ve included it on this list for one reason. That reason is to report all the blasphemers who believe that Forrest Gump is anything but a delightful masterpiece.
8. The Big Lebowski (1998)
The Big Lebowski is another movie that doesn’t belong on this list. I don’t mean to pull a bait-and-switch by including films that aren’t overrated (like Forrest Gump), but someone has to come to The Big Lebowski’s defense.
9. Star Wars (1977)
The Stuff Nerds in Locker’s lobby has apparently found its way to social media. One can’t help but feel that the endless slew of cash magnets disguised as Star Wars spinoffs have also slightly soured the original films.
9. Star Wars (1977)
Time is not kind to many sci-fi films made before 2000, and some say that the original Star Wars films have gotten too big for their intergalactic britches.
10. American Psycho (2000)
Christian Bale kills it in every role, but those who aren’t fans of American Psycho say he took the killing way too literally in this gore-fest movie.
10. American Psycho (2000)
Then again, one American Psycho of a commenter said, “I mean kinda like not going to lie, I liked the character Patrick more than the movie itself.” Ok, dude.
Source: Reddit.
Some celebrities definitely seem to enjoy the limelight and keep working to stay in the public eye. While others quickly move out of the spotlight. Many of these actors and actresses stepped out of the spotlight to live a more private life without constant media pressures.
10 Celebrities That Made the Big Times Then Disappeared Off The Face of the Earth
We’ve all been there – sitting through a movie that we can’t help but cringe at, but somehow it still manages to hold a special place in our hearts.
These 10 Terrible Movies Are Still People’s Favorites
One of the biggest wealth transfers in history is about to unfold.
That is, it’s estimated that more than $68 trillion in wealth – involving 45 million households across the U.S. – will be transferred through inheritance in the next 25 years.
Will you be one of them?
If you’re a Millennial or a Gen Zer, chances are you may be in the group of Americans most likely to benefit from this massive transfer.
If so, you’ll need to know how to plan for an anticipated inheritance, even if you’re not sure of the details.
What’s Ahead:
1. Have a rough idea of the amount that you are set to inherit
Though this seems like a simple step, it often isn’t.
Not all parents or grandparents are open about their personal net worth (it’s a generational thing). And asking how much you can expect to inherit – or, if you’ll be inheriting anything at all – can seem presumptuous at best, and greedy at worst.
Some parents and grandparents will be open to this question. Some may even provide the information without you asking. But if that’s not your situation, you’ll need to proceed carefully and delicately.
How do I find out how much I will inherit?
You probably already have an idea of your parents’ approximate net worth, but if you don’t, don’t beat yourself up. After all, it isn’t always that obvious on the surface.
The best way to find out?
Just ask.
If your parents aren’t forthcoming about their finances, you’ll need to step back. That doesn’t mean giving up, however. You can let some time pass, then approach the subject later. Just be sure to frame it in such a way that you’re interested in protecting all they’ve worked so hard to accumulate.
2. Learn what makes up the inheritance
Some estates are very simple, while others can be incredibly complicated. The best scenario is a parent who rents his or her home (no house to sell) and has nearly all wealth sitting in financial assets, like bank and brokerage accounts.
Things get way more complicated when a large share of the estate is held in real estate, and especially investment real estate. More complicated still is business equity.
Collectibles, like jewelry and artwork, can also be problematic. You’ll first need to get a ballpark estimate of the value. But before they can be sold, they may need to be formally appraised.
Just as important, your parents may prefer to pass real estate, business interests, or collectibles to specific individuals. That may or may not include you, which is something you need to know before you plan to inherit them.
3. Know if there are other beneficiaries
This is as delicate an issue as requesting the value of your parents’ estate. If you are the sole beneficiary, it’s a non-problem. But if there are siblings, or others your parents may want to distribute assets to, the waters can get a bit muddy.
In a perfect world, your parents will set up an equal distribution for you and your siblings. But real life isn’t always so simple.
For reasons known or unknown to you, your parents may choose unequal distributions. This can be due to family politics, like one sibling being favored over the others, or one sibling being closer to your parents than others. In some situations, parents may choose to give a larger share to a child who provides for their direct care in their later years.
There may still be other situations where your parents want to make special provisions for one of your siblings or even a grandchild.
Yes, it can get worse!
But those aren’t even the most complicated beneficiary situations.
Given that divorce is common, and often involves a second set of children, there may be issues and limitations.
In some extreme situations, parents may disown one or more children, and exclude them from the inheritance. If that might be you, you’ll need to know.
Finally, complicated family situations can result in probate. That’s where the estate has to go before a judge prior to distribution. This can happen because of the nature of the family situation, or because one or more potential beneficiaries (or even an excluded party) challenge the distribution of the estate proceeds.
If that situation seems likely, it’s one that should be discussed with your parents. They may need to set up a trust to ensure each beneficiary gets the intended distribution so the estate can avoid probate.
4. Understand the intended distribution process
This primarily has to do with the timing of inheritance distributions. While the conventional distribution method is to distribute all beneficiary shares on a common date when the estate is settled, that’s not always the case.
Parents sometimes arrange to have estate assets distributed gradually.
For example: if one or more beneficiaries is considered to be irresponsible with money, the parents may set up a staggered distribution over a period of several years.
A staggered distribution is often accomplished through a trust. If your parents have set up a trust, either for part or all of the estate, you’ll need to know of its existence, as well as the intended distribution.
Some trusts are even more specific
For example, they may include provisions that will distribute funds based on certain milestones. Common examples include holding distributions until the beneficiary turns 30 (or some other age), or gets married (or divorced, if the marriage is shaky).
Trusts can be amazingly specific, which is why people set them up. That’s also why you’ll need to know any distribution method that will be used.
Some estates may also have provisions to make staggered distributions based on asset types.
For example: cash-type assets may be distributed early in the estate process. But real estate and business interests may not be distributed until they have been liquidated.
5. Estimate your personal finances at the anticipated time the inheritance happen
A big part of how you handle an inheritance will be determined by your own financial situation.
If you already have a sizable personal estate, you may be able to simply fold the inheritance into your existing plan. But if your finances are limited, you may need to be more intentional and figure out what you’re going to do with the inheritance when it arrives (ya know, so you don’t blow it all on a bright red Mustang).
The point is, only when you have a clear picture of your own finances can you make the best use of an inheritance. And to get the greatest benefit, it can help to improve your finances before you receive the money. The better positioned you will be when the inheritance comes in, the more flexibility you’ll have in choosing where to allocate the money.
If you’ve not been investing up to this point, you may want to begin before the inheritance comes in. It’s best to get investment experience with a small amount of money, so you don’t risk losing your windfall through poor investment choices.
Read more: Best Investment Accounts For Young Investors
6. Design a plan (aka what to do with the inheritance)
If you already have your own personal financial plan, planning for an inheritance will be much easier. But even if you do, you should have at least a loose plan for what to do with the new money. The worst choice is holding off until the inheritance is received. Without a solid plan, you may quickly draw down the new money, financing a series of wants.
Having a plan for the inheritance will ensure the money will provide for a better future. To learn how to set up a financial plan, check out our article: What Is A Financial Plan And Why Do You Need One?
Decide what your priorities are
The main purpose of a plan is to set up a series of priorities.
For example: if your retirement planning isn’t where you want to be, you can make it a priority to fix that with the inheritance. You can either use the new money to enable you to make larger retirement plan contributions or plan to set up an annuity specifically for retirement.
Take advantage of annuities
One of the advantages ofannuitiesis that they can be used to shore up an adequate retirement plan.
Read more: What Is An Annuity And Should You Consider One?
The investment earnings on annuities accumulate on a tax-deferred basis, like retirement plans. But the major advantage is that there are no limits to your contributions. You can make a single, large lump sum contribution to an annuity and let it grow tax-free until retirement. You can set a date that distributions will begin, which can even cover the rest of your life.
In addition, Dr. Guy Baker, CFP and founder of Wealth Teams Alliance, also points out:
“Annuities are a fixed-income alternative. The opportunity to get a market return with no downside risk can be dramatically better than the income from an investment-grade bond of comparable risk. The amount to put into an annuity should coordinate with the age of the beneficiary and the investment objectives. In general, an indexed annuity can provide significant benefits for no additional risk.”
However, since annuities are complicated instruments themselves, you’ll need time to do research and evaluate the best one to take. That’s best done in advance of receiving an inheritance.
Consider starting your own business
In a different direction, maybe you’ve been dreaming of starting your own business. If you lack the capital to do that up to this point, the inheritance can make it happen.
In the meantime, you can make preliminary plans for the business, andeven get it up and running as a side hustle. When the inheritance arrives, you’ll have an established business to grow, rather than starting a new one from the ground up.
Starting a business is always risky, though, so make sure you carefully consider such a big move if/when you do receive an inheritance.
Read more: How To Start Your Own Business – A Complete Step-By-Step Guide
7. Find out if there will be tax consequences
You’ve undoubtedly heard the saying,
“the only things certain in life are death and taxes.”
Well, guess what? Sometimes the two happen at the same time.
Officially, they’re called inheritance taxes. Because estates can contain a lot of money, governments view them as rich revenue sources. Just like they tax your income, your home, your utility bills, and even your purchases, there are taxes designed to snatch a part of an inheritance before you receive it.
There’s good news and bad news here.
Let’s start with the good news…
There is a federal inheritance tax, but the good news is that it only applies to very large estates.
Under current IRS regulations, estates that transfer from one spouse to another are generally tax exempt. But even when they pass to other beneficiaries, like children and grandchildren, there’s a federal estate tax exemption of $11.7 million, for 2021.
That means if the total value of the estate (before distribution) doesn’t exceed $11.7 million, there’ll be no federal tax on the inheritance.
Now for the bad news…
18 states impose some type of state-level inheritance tax. And while some of those states match the federal estate exemption, there are no fewer than 13 with lower exemptions.
On the low-end, Massachusetts and Oregon can tax estates as low as $1 million. Rhode Island sets the threshold at $1,595,156.
Not many Americans have a net worth of over $11.7 million. But there are many millions with estates of $1 million or more. Even if you’re not affected by the federal estate tax, you may be subject to it at the state level.
If any of the estate tax thresholds may apply in your situation, whether at the state or federal level, you’ll need to be prepared for this outcome.
So make sure you estimate for a lower inheritance
The best strategy is to estimate a lower inheritance, based on applicable estate tax rates. Fortunately, the estate will pay the inheritance tax before the money is distributed. But you still need to be prepared for a lower distribution amount.
If your parents are open about your inheritance, you may even be able to discuss the tax consequences with them. That way they’ll be in a position to take action to minimize them before the fact.
8. Decide if you’ll need a financial planner
If you believe your net worth is too small to justify a financial planner right now, you may change your mind when you receive a large inheritance. But you don’t have to wait until the inheritance arrives to at least consult a financial planner.
If you know the approximate size of your inheritance, paying for a meeting with a financial planner may be money well spent. The financial planner can help you to make decisions to both set up your current finances in anticipation of the inheritance, as well as to make intelligent decisions when it actually comes.
The financial planner may also provide ideas you may want to convey to your parents. They’re often unaware of strategies that will minimize inheritance taxes, or create a strategic plan for a more successful distribution of the estate.
In addition, if there may be questions surrounding the estate, perhaps involving the children of a previous or subsequent marriage, the financial planner may recommend consulting with an estate attorney.
The more you can do in advance, the less likely it is you’ll be blindsided when the inheritance arrives and the stakes are higher.
Read more: Are Certified Financial Planners Worth The Money?
9. Decide if you’ll need a trust
If you don’t have one now, receiving a large inheritance might make a trust advisable. It may even be completely necessary if the inheritance is particularly large, or if you yourself have children from a previous marriage.
A trust is a way to protect your assets, and to ensure the money is distributed as you wish upon your death.
Shawn Plummer, CEO of The Annuity Expert, explains further:
“You may need a trust if you want to specify how your assets will be distributed without a probate court getting involved. While a will can achieve a similar purpose, wills have to be authenticated by a probate court and can require more time and money.”
Just as important, a trust has the potential to protect your assets from seizure by creditors, or from litigation. With the larger personal estate the inheritance will create, you may need just that kind of protection.
And don’t worry, you won’t need to pay an arm and a leg to get these documents drawn up. Trust & Will offers estate planning help with plans starting at just $39. This can help you avoid racking up a high bill with an estate planner.
Summary
You’ve probably known of situations where someone came into a large windfall, only to be broke a few short years later. Unfortunately, it’s not an uncommon outcome.
The sudden arrival of a large amount of money can cause an unprepared recipient to blow what could be a life-changing opportunity. It could have the potential to dramatically improve your finances and your life.
You’ll need a plan to make that happen, and it’s never too early to start drawing one up.
Today we’ll take a hard look at First Internet Bank, which is a frequent advertiser on the Zillow Mortgage Marketplace.
Their full name is actually First Internet Bank of Indiana, but seeing that they’re licensed to do business nationwide, why focus only on the Hoosier State?
Interestingly, their name is in fact factual because they are apparently the first FDIC-insured institution to operate entirely online.
Aside from offering checking, savings, and money market accounts, they also originate lots of home loans. That segment of their business will be the focus for this review.
First Internet Bank Fast Facts
Publicly traded bank founded in 1999 by David Becker
Corporate headquarters located in Fishers, Indiana
First FDIC-insured institution to operate entirely online
Offer home loans, personal loans, student loans, credit cards, depository accounts, and more
Originated about $700 million in mortgages last year
Licensed nationally but most active in Indiana, California, and Texas
First Internet Bank of Indiana was founded in 1999 by current CEO David Becker, who had a vision to conduct banking exclusively online.
He’s seemed to be on to something, because here we are 20 years later applying for home loans on our smartphones.
Anyway, you can be pretty confident they’re up to speed on technology seeing that their humble beginnings were driven by innovation and technology.
But they’re also a pretty large publicly-traded bank, so despite not having physical branches, they’ve got the soundness and security of a large financial institution.
Last year, the online mortgage lender mustered about $700 million in home loans, and may be on track for a $1 billion+ origination year in 2020.
They’re licensed to conduct business nationwide, but did the most volume in their home state of Indiana. A good chunk of business also came from California and Texas.
How to Apply for a Home Loan with First Internet Bank
Since they’re an e-bank you can apply for a mortgage directly from their website
Their digital mortgage platform is powered by fintech company Blend
It’s also possible to call them directly or chat with any of their loan officers online
Borrowers can complete most of the loan process remotely and paperlessly
You’ve got a few options to get the ball rolling with First Internet Bank. If you head over to their website, it’s possible to apply for a mortgage without any human assistance.
Simply navigate to their mortgage page, then select either “apply now” or “get pre-approved.”
Both options lead to the same place, a digital mortgage application powered by Blend.
It allows you to complete most of the application electronically, including the ability to link financial accounts, pay stubs, and employment information.
You can also eSign documents for fast delivery and once approved, you’ll be able to use their loan portal to satisfy any required conditions and to check loan status.
Those who wish to generate a pre-approval letter can do so via the same online mortgage application.
Alternatively, you can navigate to the loan officers tab and check out all the folks who work at First Internet Bank.
You can view their profile, contact information, and even chat with them immediately online if it shows they’re available.
If you’re old school, you can also simply call them up on the phone to get started.
All in all, you’ve got plenty of options when it comes to applying for a home loan, which is a nice touch.
And the fact that they use fintech company Blend for their digital mortgage process is also a big plus.
Home Loan Programs Offered by First Internet Bank
Home purchase loans
Refinance loans
Conforming loans
Jumbo home loans
FHA loans and VA loans
Construction-to-perm loans
Home equity loans
Home equity lines of credit
Fixed-rate and adjustable-rate options are available
First Internet Bank has home loan programs to suit most borrowers, including home purchase loans, refinance loans (rate and term and cash out), and construction loans.
The only big loan category they’re missing is USDA home loans.
However, they still offer conventional loans backed by Fannie Mae and Freddie Mac, jumbo home loans with just 10% down, FHA loans, and VA loans.
Additionally, you can get a home equity line of credit (HELOC) or a home equity loan, something many of the nonbank lenders can’t offer.
So if you’re in need of a second mortgage, even a piggyback mortgage, they might have the edge there.
They lend on all types of properties, including primary residences, second homes, and investment properties.
You can get a fixed-rate mortgage, such as a 30-year or 15-year mortgage, or an adjustable-rate mortgage, such as a 5/1 ARM or 7/1 ARM.
First Internet Bank Mortgage Rates
While they don’t list mortgage rates on their own website, Zillow shoppers may come across them when shopping rates via the Zillow Mortgage Marketplace.
From what I saw on Zillow, they offered competitive rates relative to other lenders listed, and often advertised lender fees under $100, or even just $1 on certain loan products (basically a no cost refinance).
They may have been an eighth of a percent higher than the cheapest lender listed, but with lower fees. So potentially still the best combination of rate and fees.
The fact that they operate entirely online means they can cut down on typical overhead costs incurred by brick-and-mortar banks. Hopefully those savings are passed onto you.
Why they don’t list mortgage rates on their own website is another question, but that’s their choice and not necessarily a bad thing.
However, you can request a free rate quote on their website, though only after providing your contact info. So calling or chatting may be best if you wish to remain anonymous at first.
All in all, they appear to be very reasonable pricing-wise on both rates and fees, so that shouldn’t be a concern for most prospective customers, but always put in the time to shop and compare with other lenders.
First Internet Bank Mortgage Reviews
First Internet Bank has a stellar 4.87-star rating on SocialSurvey based on over 1,200 customer reviews specifically regarding their mortgage division.
They’ve also got a 4.9 out of 5 rating on LendingTree with a 97% recommend rating.
On Zillow, they have a 4.7-star rating out of 5 based on over 600 customer reviews, with many reviewers indicated that both closing costs and rates were lower than expected.
Additionally, they take the time to respond to all the reviews on Zillow, so if you want feedback from your feedback, you’ll probably be in luck.
The company is also Better Business Bureau accredited and has been since 2013. They currently sport an ‘A+’ BBB rating.
So it seems clear they are a well-liked bank and mortgage lender across all the major ratings companies.
In summary, First Internet Bank is certainly worth considering if shopping for a home loan, assuming you are comfortable working remotely.
But this may make them better suited for refinances as opposed to home purchase loans.
First Internet Bank Mortgage Pros and Cons
The Pros
Offer a digital home loan process powered by Blend
Can apply for a mortgage without human assistance
Ability to chat with loan officers via their website
Excellent customer reviews from past mortgage customers
A+ BBB rating and accredited company
Appear to offer low mortgage rates with limited lender fees
Lots of different loan programs to choose from including home equity loans and lines