Last Updated: May 27, 2023 BY Michelle Schroeder-Gardner – 55 Comments
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Personal finance comes up a lot in my life.
Once someone finds out that I write about personal finance for a living, the conversations about a person’s financial situation never seem to stop coming.
That’s no problem, though, as I love talking about financial topics and helping others.
However, one thing that comes up often is that many are somewhat clueless about their financial situation.
There have been many times when someone has told me that they had no idea what their monthly mortgage or rent payment is, they don’t know how much they are putting towards retirement, they are unaware about how much debt they have, and so on.
More shockingly, some can’t even give me an estimate and have no clue whatsoever about what the amount would be. Or, when they do give me a number, their significant other chimes in about how they are extremely wrong.
This is a problem.
Everyone should be aware of their financial situation. I believe a person should know what their:
Mortgage or rent payment is;
How much debt they have;
How much savings and retirement they have;
What their financial goals are; and more!
I understand that sometimes a person is not aware because they are not the person who manages their family’s finances. However, I believe there are many benefits of understanding your family’s financial situation.
Below are some of the many reasons for why you should be aware of your financial situation.
Knowing your financial situation will help you keep a budget.
It would be very hard to create and keep a realistic budget if you had no clue about your financial situation. By being aware, you will understand what you are working towards with your budget.
Knowing your financial situation can help you when it comes to creating a budget, keeping track of expenses, lowering costs, saving more, and so on. It would be very hard to do any of this if you had no clue what was going on.
Being aware may prevent everything from falling on one person.
What problems would arise if something happened to the person who is in charge of your family’s finances?
By not taking part in the finances of your family, you may be in for a rude awakening. You would already have enough on your plate if something happens to a loved one so it is much better to stay aware now than having to worry about the little things later.
Plus, what if the person who is in charge of your financial situation wants YOU to be aware as well? Maybe they want some help every now and then so that the family’s finances are not always weighing them down.
It is not a healthy situation for one person to have to deal with all of the stress from an unwanted financial situation.
Related: Do You Have A Financial Emergency List?
Knowing may stop financial infidelity.
No one wants to be a victim of financial infidelity. However, if a person is unaware of their financial situation then the other person may be able to keep big financial secrets quite easily.
It’s best to always know your financial situation so that you have open communication.
Being aware can help you with your goals.
If someone in your family has no clue what the family’s financial situation is, how would they really know and understand what the family’s financial goals are?
They most likely wouldn’t have the same financial motivation as someone who is aware, which may be holding you back from completing your goals.
Are you aware of your financial situation? Do you think others should be aware?
Today we’ll check out “Rate Rabbit Home Loans,” a direct mortgage lender that says it uses a “new, Internet-based method to obtain a home loan.”
This includes the ability to apply in minutes via a digital mortgage application, along with the option to price a loan with live mortgage rates 24/7.
Their advanced technology should make it both quicker and easier to get a mortgage, and ideally cheaper as well thanks to a simplified online experience.
Let’s learn more about them.
Rate Rabbit Fast Facts
Direct mortgage lender that offers home purchase loans and refinances
Founded in 2011, headquartered in San Diego, CA
Offers a One Fee Guarantee including all lender and third-party fees
Currently licensed to do business in 11 states nationwide
Has funded over $5 billion in home loans since inception
Rate Rabbit Home Loans is a direct-to-consumer mortgage lender based in San Diego, CA that operates entirely online.
They offer both home purchase financing to prospective buyers and mortgage refinances for existing homeowners.
And they rely upon non-commissioned loan consultants, which should translate to a less pushy and perhaps cheaper home loan experience.
With regard to customer satisfaction, over 80% of their clients are either repeat customers or referred by one of their customers.
At the moment, the company is licensed in 11 states nationally, including Arizona, California, Colorado, Florida, Idaho, Iowa, Kentucky, Massachusetts, Michigan, Tennessee, and Wisconsin.
How to Apply for a Home Loan with Rate Rabbit
They offer a mostly self-serve loan process, though humans are standing by to help
To get started search mortgage rates on their website and select a price/program you like
Then simply click on “Apply” or request a call from one of their loan consultants to walk you through it
Most tasks can be completed electronically from the comfort of your home
Rate Rabbit is big on technology and makes it super easy to get the ball rolling on your home loan.
First, navigate to their website and search their live mortgage rates to see if their pricing is to your liking.
In about 10 seconds, you’ll be able to price a loan and see dozens of options side-by-side with varying lender costs.
Once you find something you like, simply click on Apply and you can begin filling out their digital mortgage application.
Alternatively, you’ll be given the option to talk to one of their loan consultants if you select that option and fill out a short contact form.
It’s also possible to just call them up on the phone if you’d prefer to speak to a human right away.
After you submit your application, you’ll be able to manage it via an online borrower portal 24/7. This includes the ability to lock your loan at any time, day or night.
Loan Programs Offered by Rate Rabbit
Home purchase loans
Refinance loans: rate and term and cash out
Conforming loans backed by Fannie Mae and Freddie Mac
Jumbo home loans
Interest-only loans
Fixed-rate mortgages: 10, 15, 20, and 30-year terms available
Adjustable-rate mortgages: 3, 5, 7, and 10- year terms available
Rate Rabbit offers both home purchase loans and mortgage refinances, including cash out refinances.
They lend on primary residences, second homes, and investment properties, including 1-4 unit properties and condominiums/townhomes.
You can get a conforming home loan backed by Fannie Mae or Freddie Mac, or a jumbo loan that exceeds the conforming limit.
The only real question mark is if they offer government-backed home loans, such as FHA loans, VA loans, and USDA loans.
In terms of specific loan programs, you can get a fixed-rate mortgage, with terms from 10 years to 30 years available.
Or an adjustable-rate mortgage, including a 3/1, 5/1, 7/1, and 10/1 ARM. Their ARMs also come with an interest-only option if you’re looking for a cheaper monthly payment.
In summary, they should have a loan program to suit most homeowners, though you may want to get in touch if you have a unique scenario.
Rate Rabbit Mortgage Rates
One perk to using Rate Rabbit is the ability to search live rates without having to reveal any of your personal information.
In fact, just answer a few basic questions and you’ll see a huge list of mortgage rates in seconds.
Their advanced rate search tool fully discloses the interest rate, APR, lender fees, and third party fees so you get a complete picture, not just a promotional number.
Rate Rabbit says it offers its customers “the most competitive rates available,” and I can confirm that I’ve seen them listed on the Zillow Mortgage Marketplace with the lowest rate and lowest APR for a 30-year fixed.
In terms of fees, Rate Rabbit has created what it refers to as a “One Fee Guarantee.”
They essentially took the many fees you’d find on a Loan Estimate and turned it into a “guaranteed and protected fixed-fee package.” Both lender and third-party costs are included.
Instead of an estimate, you are provided with a fee guarantee that won’t change once when the loan is locked.
For refinances, they provide a guarantee of the total costs of your loan, including all lender and third party fees.
On purchase loans, they guarantee the lender fees, but not other third party fees such as title insurance, inspection fees, recording fees, and so on.
When comparing rates on their website, you’ll see varying one fee guarantees, along with a no cost loan option that charges you nothing out of pocket in exchange for a slightly higher mortgage rate.
If you see something you like, you can click on Apply or request a call from a loan consultant.
All in all, I was impressed with their mortgage rates and their limited lender fees, which collectively result in some of the lowest mortgage APRs around.
As always, put in the time to shop around to ensure there aren’t other lenders offering even better deals.
Rate Rabbit Reviews
While Rate Rabbit doesn’t have a ton of reviews, the ones they do have seem to excellent.
For example, on Zillow the company has a very favorable 4.75-star rating out of a possible 5 from 124 reviews, with many indicating that the interest rate was lower than expected.
They’ve also got a perfect 5-star rating on Google from about 20 customer reviews.
The same goes for their 4.8-rating on LendingTree from about 20 reviews as well, and their 94% recommended score.
On Yelp, it’s a similar story, a perfect 5-star rating from just over a dozen reviews. While not a ton, at least they’re pretty much all positive.
They aren’t an accredited business with the Better Business Bureau and currently do not have a rating, which is due to a lack of sufficient information (maybe not enough feedback from customers).
To summarize, Rate Rabbit Home Loans could be a good choice for an existing homeowner looking for a low-cost mortgage as they seem to offer some of the best rates in the industry.
They could also serve your home buying needs, though first-timers may want more guidance from a brick-and-mortar shop.
Either way, their mortgage rates appear low and their customer satisfaction seems stellar.
Rate Rabbit Home Loans Pros and Cons
The Good
Openly display their mortgage rates and lender fees 24/7
Mortgage rates appear to be very low
Offer no cost loan options and a fee guarantee
Can apply for a mortgage directly online in minutes
They use non-commissioned loan consultants
Lots of loan programs to choose from including interest-only mortgages
Looking to learn how to become a sleep consultant? Here’s how you can find pediatric sleep consultant jobs and work from home.
Sleep is important for a baby’s growth and well-being. And, for the parents too!
But many times, parents struggle to help their child get the sleep that they need.
That’s where pediatric sleep consultants come in. They are experts who specialize in helping families with children’s sleep problems so that everyone can get a good night’s sleep. If you enjoy working with kids and want to make a difference in their lives, becoming a sleep coach could be a great new career choice.
Today, I have a helpful interview about how to become a sleep consultant with Jayne Havens. Jayne is a pediatric sleep consultant and founder of the Center for Pediatric Sleep Management (a baby sleep training program that can help you get started with this rewarding career).
Today’s interview on how to become a baby sleep consultant answers questions such as:
What is a sleep consultant?
What does a sleep consultant do?
Why do families need child sleep consultants?
How much does a sleep consultant earn?
How long does it take to be a sleep consultant?
Is there enough room for new sleep consultants?
Today’s in-depth interview will help you get started with learning how to become a certified pediatric sleep consultant and perhaps even introduce you to a new way to make money from home.
You can learn more about how to become a pediatric sleep consultant by downloading a free ebook from Jayne by clicking here.
How To Become a Sleep Consultant
1. Please give us a little background on yourself and how you got started as a sleep consultant.
My journey to becoming a sleep consultant began when my first child was born. He was a really good sleeper as a newborn, but then he hit that classic four month sleep regression that so many babies experience and as a new mother I had no idea what was going on! He went from sleeping through the night to waking every hour on the dot. He wasn’t hungry, a quick pop of the pacifier put him right back to sleep but I was exhausted.
I remember heading to the book store and sitting on the floor surrounded by books about infant sleep. I read everything I could get my hands on as I was motivated to get my baby sleeping again.
After much research, I figured it out. With guidance from books, and support from friends, I sleep trained my son. The experience was life changing.
Teaching my son to fall asleep and back to sleep independently was the best thing I could have done for him and our entire family. He was rested, and I was rested too.
I found it to be such an empowering experience that I decided to help friends. For years it was just a hobby. I would support friends and even friends of friends through the sleep training process. I was good at it, and it felt so nice to help other moms.
Four years later, my daughter was born and thankfully I knew so much more the second time around. I was able to establish healthy sleep habits for her early which was such a relief.
That being said, after four years of staying home with my children, I was itching to get back to work. My husband travels a lot for his job and it felt really impossible to head back to an office job with two young kids at home, so I decided to turn my passion into a career.
I went online, took a sleep consultant certification course and within a few months I got my business up and running. My intention was to have a bit of a side hustle or passion project but my business grew rapidly and within two years I was earning six figures in my business. It was such a blessing because I really was able to grow my business while being the primary caregiver for my children at the same time.
I love that my children are watching me grow a business. We have extra income to take more vacations, make updates to our home, and do all the things that we as a family like to do together.
2. What is a sleep consultant? What does a sleep consultant do?
A sleep consultant supports parents through the process of establishing healthy and independent sleep hygiene for their children.
Depending on the child’s age and the family’s unique circumstances, sometimes this just involves helping the family get into a good routine with naps and feedings during the day, sometimes it’s coaching parents through sleep training, and sometimes it’s supporting parents as they set what I like to call “loving limits” around bedtime with their older children.
A good sleep consultant will meet their clients where they are, and support them to reach their unique goals in a way that feels safe and comfortable for them.
Some sleep consultants will physically go to their clients’ homes and support the family in person, but most sleep consultants support their clients virtually.
At Center for Pediatric Sleep Management, we specifically teach the virtual model of the business. Our students learn how to get onto a discovery call and speak to a prospective client in a way that would make them want to hire you. You will learn how to write a written sleep plan, and coach your clients to achieve their personal goals. The beautiful thing about working as a sleep consultant is that this work can largely be done from your phone or tablet. You can set up FaceTime or Zoom meetings, or phone calls if you prefer. Our day to day support is largely provided via email and text!
3. Why do families need sleep consultants?
Families don’t necessarily need sleep consultants, but the service and support we provide is invaluable.
So many families are struggling to navigate their baby or toddler’s sleep. Their children are up sometimes a dozen times overnight and they lack both the information and support that is necessary to resolve this struggle. There is so much information online, and every single mom-friend is giving different advice.
Sometimes it’s so hard to figure out what to do!
A sleep consultant will look at the family’s unique set of circumstances and provide a plan that is tailored to their needs. Then once a strategy is in place, they will provide a high level of support as parents work to make changes in their home.
This combination of information and support is the perfect recipe for success!
4. How much does a sleep consultant earn?
Some sleep consultants do this work part time and others work full time.
When you work for yourself, the possibilities are endless.
Some graduates of Center for Pediatric Sleep Management make $500-$1,000 each month while doing this on the side of their full-time jobs while others make $15,000 each month or more doing this work full time.
We even have a graduate who earns $40,000 each month from selling online courses to parents who do not want to work 1:1 with a coach. Really anything is possible!
The key to growing a successful sleep consulting business is to take it one day at a time. Set micro-goals for yourself and allow yourself to grow at a pace that is realistic for you. If you keep working on your business and you are committed to your own success, you will achieve your own goals!
5. How long does it take to be a sleep consultant?
Center for Pediatric Sleep Management is a self-paced program and our students have lifetime access to the course curriculum and our Facebook group for students and grads.
The information is delivered via an online platform and the curriculum is a combination of reading and video content.
Everyone finishes their studies on a timeline that works for them, but we estimate the course to be about 50 hours of coursework.
Many of our students complete their training in 4-6 weeks. If you have a busy life and a hectic schedule, no problem. If it takes you longer to complete the course that is entirely ok.
6. How do you qualify as a sleep consultant?
You need no prior education to become a certified sleep consultant. The course curriculum is robust so you must be willing to work hard and learn.
7. Is there a demand for sleep consultants? Is there enough room for new sleep consultants?
Sleep consulting is an up-and-coming field.
Most new parents have never even heard of a sleep consultant so there is lots of room for growth in this field. There will always be way more tired parents than there are sleep consultants, so it’s up to us as sleep consultants to normalize this type of support and show parents why it’s life changing for them to hire a sleep consultant.
Just like with any profession, I don’t believe in an over-saturation of the market. Sure, there may be tons of lawyers, real estate agents, dentists, occupational therapists etc. but if you are good at your job, you can grow a clientele and a successful business.
There is not a finite number of seats at the table of success!
8. How does a sleep consultant find customers?
The secret to growing a successful consulting business is making sure that as many people as possible know that you have a business and how you can serve your target audience.
Some sleep consultants grow an audience on social media, connecting with prospective clients online.
Other sleep consultants really avoid social media and prefer to connect in real life. Pediatricians, occupational therapists, feeding specialists, preschool teachers, daycare directors, family photographers, little gym owners etc. are all great referral sources for sleep consultants.
If you are willing to network with professionals that already support parents in other capacities, you will have no trouble building a client base for your own business!
Once you have supported a handful of families, chances are they will have such a life-changing experience that they will scream your name from the rooftops! Client referrals are the best kind because these new families have already heard first hand how helpful you have been to someone they trust.
9. Do you need a college degree to become a sleep consultant?
No degree necessary!
10. Can you list the steps needed to get started as a sleep consultant?
The first step is to enroll in a sleep consultant certification course. Once you have enrolled, commit to finishing your course. Once you have completed your training and all assignments, the next step will be to get your business up and running.
This can feel daunting and overwhelming, but not to worry as it’s all outlined in the business section of the program. You will take care of some logistical tasks such as forming an LLC, setting up your business bank account and perhaps a website and social media accounts.
More importantly you will start making some connections. Announce to friends and family that you have launched your own sleep consulting business and don’t be afraid to ask people you know to share your business with their circle. Word of mouth is so powerful.
When you land that first client, make sure to take great care of them as you will want them to have a positive experience and share your name with their friends who may also benefit from your support.
11. What other tips do you have to share?
I always like to say, the secret to getting ahead is GETTING STARTED!
There is no sense waiting around as that will only delay your success. When you commit to starting something new, even if it feels a bit scary and outside of your comfort zone, that’s the first step that will be one of many that ultimately leads you in the direction you wish to go.
As entrepreneurs we all fear the unknown. We also fear failure. In order to succeed, you have to be willing to try!
12. Can you tell me more about the sleep consultant business training that you offer? Why did you decide to start a course?
I decided to create my own sleep consultant certification course because I noticed that there were some major gaps in other programs offered at the time.
Some courses only teach one approach, which is an approach that they deem to be the best. The problem with this is that there really is no one size fits all approach to sleep training. The key to success with this process really is meeting families where they are and coaching them through methods that align with their parenting style.
Forcing parents to implement sleep training techniques that don’t feel comfortable for them is the fast track to failure! At CPSM we are fully committed to teaching all sleep training methods and techniques. This best prepares our students for success!
I also noticed upon graduation from a sleep consultant certification course that many students were craving a higher level of mentorship and support than what was being provided through these programs. Students and graduates had questions that were being answered by others who didn’t necessarily have the experience or the qualifications to be giving sound advice. It felt like the blind leading the blind. When I launched my own program I knew I wanted to do it better. I am committed to making sure that my students always feel supported and that they always have answers to their questions.
Lastly CPSM places a very heavy emphasis on business building and entrepreneurship. I recognize that most who decide to become sleep consultants have no prior experience with launching or growing their own small business. This feels very overwhelming and scary to them. We address this head on inside our curriculum by teaching sales, marketing, business growth strategy and mindset work inside the course. Our students come to us as apprehensive and nervous beginners and we turn them into confident experts. It’s the greatest feeling in the world seeing their transformation before my eyes. I hope you will join us!
You can learn more about the course at Center for Pediatric Sleep Management.
Do you want to learn how to become a sleep consultant?
First off, here are my 2018 predictions in case you want to see how they panned out.
Overall, I think I did alright, though my call for the 30-year fixed to end 2018 at 4.5% didn’t quite materialize.
There’s actually still time for that to happen thanks to a late rally, but it’s doubtful. Anyway, let’s get to those 2019 predictions…
1. Mortgage rates will only rise moderately, if at all
Sure, mortgage interest rates will probably increase somewhat in 2019, but it’s doubtful we’ll see anything close to the carnage we saw in 2018.
The silver lining to all the movement this year is less next year, or at least that’s the hope.
We’ve already seen some pullbacks in late 2018 thanks to the ongoing trade war and concerns of an impending recession, which could force the Fed to pump the brakes on future rate hikes.
Similarly, traders may ditch stocks and head for safe haven bonds, which would push down yields and ideally trickle down to lender rate sheets too.
Regardless, mortgage rates remain attractive when you look at historical levels, especially since home prices are still below peaks in many metros seen during the last boom.
I personally don’t see higher mortgage rates being a roadblock for most folks, though it’s obvious they can reduce overall home purchasing power.
That just means looking for cheaper homes, such as those in the suburbs instead of the big city. Or hoping for a raise at work. Or a larger down payment.
Here is the 2019 mortgage rate forecast for more on that.
2. ARMs will grab a 10%+ market share
That being said, I do expect a more meaningful shift to adjustable-rate mortgages in 2019. I’m talking 10%+ share as opposed to the current 5-7%.
This could be existing homeowners tapping equity and going with an ARM to avoid a big payment shock as their loan amounts rise.
And also new home buyers opting for cheaper financing in the face of the big, scary 5% 30-year fixed mortgage rate.
If they’re able to snag a 5/1 or 7/1 ARM in the 3% range, it might feel like the better move, especially if it’s not a forever home.
Remember, homeowners move a lot more frequently than every 30 years, so alternative loan programs may be a more ideal fit.
3. Home prices will keep going up (no bubble)
We’ve seen a lot of pessimism in 2018 and talks of a market top or near-market top, but I disagree.
Is real estate in a bubble? Nope. If anything, I’d call it growing pains as buyers and sellers recalibrate.
Sure, it’s not going to be a bidding war every time, but home prices should continue to rise in 2019 and beyond. We’ll just see smaller percentage gains, but still gains.
In other words, instead of prices rising 10% year-over-year, they might only rise 4-5%, depending on the metro in question.
Of course, not all markets will continue to see gains in 2019, and the seller’s market may tip toward a buyer’s one in some areas, or at least level out.
But with today’s crop of homeowners in great equity positions and boring old fixed-rate mortgages, there’s no real catalyst to cause a bubble burst.
A decade ago, the real estate environment was completely different. Most homeowners had the worst ARMs you could dream up, zero home equity, and many shouldn’t have even owned properties to begin with (had proper underwriting actually existed at the time).
4. We will see a strong spring home buying season
If you’re in the market to buy a home in 2019, expect another tough go at it. As noted, home prices will probably keep chugging higher.
And competition, while perhaps not as fierce, will remain, especially in the more popular areas of the country.
Even if inventory creeps up slightly, I don’t expect sellers to flood the market thanks to issues like a lack of move-up inventory and the mortgage rate lock-in effect, whereby they don’t want to forego their low fixed rate.
At the same time, plenty of Millennials are coming of age and looking to buy, despite the higher rates and prices. And if anything, these apparent headwinds can serve as motivation (urgency) to buy sooner than later.
The difference in 2019 might be that the seller trying to unload a property for top dollar that hasn’t been renovated in 30 years might be in for a rude awakening.
But sellers with nice homes in desirable areas should continue to see lots of demand.
5. Millennials will buy, old-timers will cash in
I expect Millennials to account for the lion’s share of home purchases in 2019. Many individuals in this beloved generation are at that prime buying age of 30 or so.
And a lot of them are looking to buy real estate, even if they’re not married or having kids. This demand will ultimately be good for the market, but perhaps not great for them.
For one, inventory will still be a problem next year, especially in the starter-home category, and it’s no secret home prices aren’t all that attractive at the moment.
While they might not get the best price on their first home, they’ll at least get a relatively good mortgage rate.
Those who are looking to sell a home will increasingly need to cater to the Millennial buyer – that means smart design, loads of technology inside the home, cool outdoor spaces, and close proximity to independent restaurants, bars, and coffee shops.
If you want to sell your house for top dollar, you’ll need to get rid of the doilies and the oversized curtains, oh, and also the granite countertops. Quartz please.
I expect long-time homeowners to continue to cash in and downsize/move elsewhere to realize the massive gains seen over the past several years.
Lenders and real estate agents who want their business will need to approach it differently as well, with more of a focus on technology and convenience.
If you’re using a phone to make contact, it’s probably wise to text as opposed to call.
6. Cash out refis, HELOCs, and similar home equity offerings will gain in popularity
The narrative continues to be “no one wants to lose their low mortgage rate,” but life happens.
And so I expect plenty of homeowners to start tapping into all that equity they’ve accrued over the past five or so years.
We’re going to see rate and term refis plummet, but cash out refis get a lot more popular with existing homeowners.
Same goes for HELOCs, home equity loans, and new alternative products where homeowners share in future appreciation for payment-free equity access.
I also expect more companies to pitch their home equity products a lot harder, and for others to introduce them in 2019.
If rates come down we might see a real surge in cash outs…
7. More non-QM and outside-the-box originations, looser underwriting
At the same time, I expect mortgage underwriting standards to loosen a bit more as the pool of eligible buyers and refinancers wanes.
Whenever there’s a lull in new business, lenders will begin digging a bit deeper to find the prospects they may have ignored when the sun was shining.
The non-QM space seems to be buzzing as more originators migrate to companies that can do more than the run-of-the-mill banks and lenders.
Perhaps they’ll pick up the slack, or force conventional lenders to widen their credit box to include more nonconforming stuff.
That could eventually be a bad thing if we slip back into the wild west days of a decade ago.
8. More disruptors in the mortgage and real estate space
We’ve seen a ton of companies disrupt the mortgage and real estate industries, and they will probably be even more prevalent in 2019.
I anticipate more new startups will emerge with clever ways to do things faster and easier, perhaps at the expense of human beings.
The digital mortgage will get more real and commonplace, and just about everyone will be using technology like real-time income and asset verification.
This should shorten the lengthy loan process and reduce fraud, with less ability to game the system when data is being pulled directly from the source.
I also expect more home sellers to use discount real estate brokerages like Redfin, or sell to iBuyers like Opendoor and Offerpad.
9. Mortgage layoffs will increase
Sadly, with lower loan volumes expected in 2019, mortgage lenders will be forced to adjust staffing levels accordingly. This may be seen in both sales and operations, with less need for all positions.
We’ve already seen a wave of layoffs in 2018, and there’s a good chance we’ll see the same thing next year too.
Part of this will have to do with volume, and part of it will have to do with those new technologies mentioned.
If lenders are forced to work more efficiently in light of lower profits, there’s a greater chance they’ll embrace tech.
10. Mortgage lenders will either merge or close their doors
While it’s not going to be 2007 or 2008 all over again, I do expect a greater number of mortgage lenders to close their doors in 2019, especially those that rely mostly on refinances.
Over the past several years, lenders have scurried to forge partnerships with real estate companies and agents, knowing home purchase applications will be king for the foreseeable future.
Sure, cash out refis will make up some of the lost ground given up by the lack of rate and term transactions, but it won’t be enough for companies focused solely on the refinance market.
This should also lead to consolidation in the industry with bigger lenders scooping up the smaller ones, which could result in a more concentrated market share at the top, as per usual.
Whether Amazon Mortgage materializes is another question…here are your top purchase lenders by the way.
Bonus: More home buyers will migrate out of state
Thanks to swelling affordability woes, we’ll see more buyers pack their bags for cheaper pastures. This was common back in 2006 and 2007 during the height of the last housing boom.
And if prices and rates keep going up, some will find it easier just to relocate as opposed to paying through the nose for a property that isn’t even ideal.
For example, Southern California renters may head east to Arizona or Texas, while Bay Area residents may find life more affordable in Portland.
Smaller cities may also see bigger home price percentage gains as home buyers flock inland or away from large metros in search of better opportunities.
It’s that time again when we fret about the viability of the 30-year fixed mortgage.
This last occurred in 2014 when Dick Bove warned that the Fed’s tapering of mortgage purchases would mean curtains for the popular loan program.
Say Goodbye to the 30-Year Fixed?
It seems to happen every few years as folks start speculating about the future of Fannie Mae and Freddie Mac.
The pair have been under government control since 2008 after the mortgage crisis basically tore them to shreds.
Today, the Senate Banking Committee is going to hear from Mark Calabria, who has been nominated to become the next Federal Housing Finance Agency (FHFA) director.
Assuming he replaces current director Mel Watt, some worry the very well-liked and widely used 30-year fixed mortgage may cease to exist.
The basis for that argument is he might unwind Fannie and Freddie, which back the majority of 30-year mortgages out there.
They’re able to play “middleman” as the WSJ puts it, by linking the loans with outside investors who are willing to take on the risks associated with a three-decade long fixed-rate loan.
But if Calabria gets elected and decides that he doesn’t want the government to purchase 30-year fixed mortgages anymore, he could direct Fannie and Freddie to stop buying or backing such loans.
This could make the mortgage market a lot less liquid for home loans with 30-year fixed terms, thereby pushing them to extinction or greatly increasing their price.
If fewer investors are willing to buy them from originating lenders, they might only be offered by portfolio lenders that hold onto them until payoff or maturity.
A Shift to ARMs?
As a result, these few lenders could demand a higher interest rate in return, which could make 30-year fixed mortgages a lot less competitive.
It could also lower home prices in the process if financing got more expensive across the board.
The spread between the 30-year fixed and 5/1 ARM has ranged from just 0.27% to as much as 1.30% since Freddie Mac began tracking it in 2005.
In other words, there was a time when you could lock in an interest rate for a full three decades that was a mere quarter-percent higher than a loan with an interest rate fixed for just five years.
This really illustrates the investor appetite for long-term fixed-rate mortgages thanks to that government backing.
Nowadays, the spread is closer to a half-percent, per Freddie, though it’s possible to get a larger discount with certain lenders.
But if confirmed, and Calabria decided that the government should curtail support for the 30-year fixed, it could send associated interest rates markedly higher.
At the same time, alternative loan products like the 5/1 ARM or 7/1 ARM would probably become comparatively attractive.
The spread could really widen if lenders were no longer able to find a home for their 30-year fixed products.
At worst, individual banks and lenders could decide to throw in the towel on them entirely, really driving up the price for the few willing to still deal in such products.
The fear is kind of real because during Calabria’s stint at think tank Cato Institute he indicated a willingness to lessen government support for the 30-year fixed.
For the record, long-term fixed mortgages accounted for just 1% of home loans in Spain, 2% in Korea, 10% in Canada, 19% in the Netherlands, and 22% in Japan per a 2013 study. ARMs were also dominant in the UK and Ireland.
But Calabria Has a 30-Year Fixed on His Own House
Now for the best part. Per that WSJ article, Calabria apparently has a 30-year fixed on his own residence that was purchased back in 2010.
At the time, 30-year mortgage rates ranged anywhere from 4.23% to 5.10%, per average monthly data from Freddie Mac.
Mortgage rates dropped about a full percentage point in subsequent years, and it’s unclear if he took advantage with a rate and term refinance.
Anyway, as former Obama administration housing adviser Jim Parrott aptly points out in the article, “the fact that Mr. Calabria has such a loan demonstrates its value.”
You can already read Calabria’s testimony here and there’s no mention of the word “30” or “fixed” throughout his prepared remarks.
What he does say is “that if confirmed, my role as Director of FHFA is to carry out the clear intent of Congress, not to impose my own vision.”
He mentions this after citing his “extensive record of writings in the area of mortgage finance” where at times he has “expressed strong opinions.”
It’s All Probably Just Noise
In other words, he’ll likely make it a point not to ruffle any feathers, as is the modus operandi these days for one looking to get confirmed.
So it’s probably all just another case of mindless fear mongering to think that a loan program that commands something like 90% of the home purchase market and nearly 80% of all mortgages including refinances could just disappear overnight.
Chances are that wouldn’t please a lot of people, even if the product isn’t in their best interest.
I’ve made the argument before that an adjustable-rate mortgage could save a homeowner a ton of money, especially given the relatively short tenures we see these days.
Many homeowners only stick around for 5-10 years before moving onto to another property, so why pay more for an interest rate you may not keep for anywhere close to 30 years?
Real estate brokerage Compass has launched a unique new offering known as “Compass Bridge Loan Services” that solves the buy before you sell conundrum.
Many existing homeowners buy replacement properties when selling their current ones, but it can be tricky to time a sale and purchase concurrently.
Aside from mortgage lending issues, like coming up with a down payment and balancing two monthly mortgage payments, there’s also the other buyer/seller to worry about.
This can be especially challenging in a hot market where all-cash offers are the norm, or if competition makes things like contingencies hard to draw into the contract.
To alleviate these pressures, Compass has joined forced with two large mortgage lenders, Freedom Mortgage and Better, to help their home sellers get a bridge loan.
How Compass Bridge Loan Services Works
Sign listing agreement with a Compass real estate agent
Apply for a bridge loan with any bank, including their preferred lenders
Use funds to purchase replacement property and move in when you want
Sell old property and use proceeds to pay off the bridge loan
First, the home seller signs an exclusive contract with a Compass real estate agent to sell their existing home.
Next, they apply for a bridge loan with the bank of their choice, including Compass’ vetted lenders Freedom Mortgage and Better.
Those two lenders can apparently get the job done fast, as time is often of the essence in situations like these.
For the record, Better isn’t available to customers in MA, NH, VA, and VT, but Freedom Mortgage is available nationwide.
Anyway, once approved for the bridge loan, the home seller can move into their new home using the proceeds for down payment or to simply make monthly housing payments.
To sweeten the deal, Compass agents can “front” the first six months of bridge loan payments to keep liquidity a non-issue for the cash-constrained homeowner.
Sell with Compass Concierge to Fetch a Higher Price
The company also offers a no upfront cost renovation service known as Compass Concierge
Property is prepped and renovated before being listed to get top dollar
And to ensure a quick sale without languishing on the market
Seller only pays for renovations at closing once home sells
In the meantime, a Compass real estate will work to sell the homeowner’s former property.
This may also include Compass Concierge, which is very similar to Curbio in that you can renovate your home before listing and pay the repair costs at closing.
Like Curbio, they’ll recommend what should be done to get the property up to snuff, including new floors, deep cleaning, roof repairs, bathroom and kitchen improvements, painting, and more.
The changes are aimed at improving the property value and making it sell quicker, which could reduce the time you’ve got that bridge loan open.
Speaking of, interest rates on bridge loans are notoriously higher than traditional loans because they’re only intended to be kept for a short period of time.
As such, you won’t want to keep it very long in order to protect your hard-earned money, so this type of service only works for someone looking to make a quick transaction.
The question you need to ask is if the cost outweighs the benefit – it may turn out to be cheaper to sell contingently without the bridge loan.
So be sure to do the math and run some scenarios to ensure you’re going down the right path.
Of course, there are intangibles to consider as well, like missing out on your dream house if the sellers aren’t interested in waiting around for your old home to sell.
From Compass’ perspective, it appears they’re looking to compete with all the disruptors entering the real estate space, including iBuyers like Opendoor, RedfinNow, and Zillow Offers.
These companies will buy your house and even let you trade it in for a new one, completely removing the typical obstacles associated with buying and selling homes at the same time.
Compass has already rolled out the bridge loan service in select markets nationwide and early feedback has apparently been “overwhelmingly positive.”
It’s common knowledge that the pilot episode of any given TV show is just a warm-up round. To know what you’re getting into, and decide if you really want to watch it, you have to give most shows 2-3 episodes. But some shows just have a really strong pilot, and you know from the beginning that the show is going to be good. Today, let’s talk about the top 20 TV shows with the strongest first episodes. Do you have one in mind? Check out this list and see if it’s here!
1. Chernobyl
Chernobyl is a 2019 series based on the historical 1986 Chernobyl tragedy and the subsequent cleanup activities. Some people say the drama series had one of the strongest first episodes.
One person said, “Still watch that series a couple of times a year, it’s amazing.”
Another person replied, “It was brilliant but scarred for life after it. Couldn’t do that to myself again.”
One commenter added, “Same team made The Last of Us pilot, which is also quite good.”
2. Six Feet Under
The HBO television series Six Feet Under was highly praised by critics for its writing and acting, and was consistently popular among viewers, resulting in high ratings. It is widely considered to be one of the greatest television shows ever made. Also, the last episode of the series has been called one of the best endings to a TV show ever.
One person said, “I love this show. Still recommend it for anyone asking for a solid series to watch.”
Another added, “I recommend it to people all the time too. I’ll Have to watch it again someday. So good.”
3. Fargo
Fargo is a 2014 black comedy crime series with four seasons and 41 episodes. The series is incredibly well-curated, with each episode just getting better.
One person commented, “Yeah! I came to say this one, it has the best first episode I’ve ever seen.”
Another commenter replied, “First and second season both had excellent opening episodes.”
Another user added, “Came here to say this too! I was immediately hooked.”
4. Attack on Titan
Attack on Titan (AOT) is a Japanese manga series illustrated by Hajime Isayama. The apocalyptic series follows the story of Eren Yeager, along with his other friends to exterminate the man-eating giants in the post-apocalyptic world.
One person shared, “Yes. Immediately sets the tone and gives you the first wave of questions you want answered.”
“I remember watching it and being immediately hooked,” someone replied.
“The first two episodes triggered my depression really hard and I had to stop. Then I couldn’t get it out of my head and went back to it like a week later. Now it’s one of my favorite shows ever,” another Redditor added.
5. Lost
Lost is a 2004 science fiction drama that follows a group of survivors who manage to survive a plane crash on a deserted island in the tropical Pacific while aboard Oceanic Airlines Flight 815.
One person stated, “My answer too—ridiculously strong opening. Hard to imagine now but it was one of the first ‘mystery box’ series’ and still maintained strong character focus. That whole first season was incredibly good.”
Another commenter added, “As someone who quit watching Lost half way through, the pilot was one of the most riveting things I’ve ever seen.”
6. Hannibal
Hannibal is a psychological horror-thriller television series that aired from 2013 to 2015, starring Mads Mikkelsen as the titular character, Dr. Hannibal Lecter. The series is based on the characters and elements from the classic novels ‘Red Dragon’ and ‘Hannibal’ by Thomas Harris.
One user said, “Hannibal sets up the tone for the whole show quite well.”
Another Redditor replied, “The first season of Hannibal is one of my favorite TV seasons ever and that first episode is flawless.”
One commenter added, “Love the show so much! Mads Mikkelson and Hugh Dancy are fantastic! I never would’ve thought I’d like another Hannibal Lecter after Anthony Hopkins, but I dare say that Mads is right up there with him. If not better.”
7. The West Wing
“Came here to say this. The entire show was a masterpiece for me, even after Sorkin left. Easily my most rewatched series,” One Redditor shared.
“26 Emmy awards. It’s a comical number when you consider how many legendary TV shows only got 1 or 2 awards. I remember when John Spencer, Bradley Whitford and Richard Schiff were all nominees for best-supporting actor against each other, and you just had to laugh at how much better it was than other shows,” another added.
“My favorite of all time. Have viewed S1-S7 at least three times, maybe four. I never get sick of it. Glad to know others are obsessed with it. Succession is the only other show that has come close to me wanting to absorb eps multiple times,” one commenter replied.
8. Westworld
One user commented, “I watched the first episode of Westworld and then immediately made a group of friends watch it. It hooked me hard. It is a shame the later seasons couldn’t (to me) hold on to the same magic as that first season.”
Another person replied, “The performances in Westworld were incredible. Especially when they were troubleshooting Peter Abernathy, that scene was masterful.”
A third commenter added, “Westworld S1 was absolute perfection. One of the best first seasons of a show ever. So sad its trajectory went the way it did.”
9. Ozark
Ozark is a crime drama television series that premiered on Netflix in 2017. The series stars Jason Bateman as Marty Byrde, a financial planner who relocates his family from the Chicago suburbs to the Ozarks in Missouri to launder money for a drug cartel.
“Ozark’s first episode was pretty chill and then whoa,” one user stated.
“This is my answer too. It’s a good show, but far and away the best episode of the series was the pilot. One of my favorite hours of television,” the second person replied.
10. Derry Girls
The show is known for its witty and irreverent humor, as well as its poignant exploration of the impact of political conflict on everyday life in Northern Ireland. It has been praised for its diverse and relatable characters, as well as its portrayal of female friendship and adolescent angst.
“Most sitcom first episodes (seasons too?) have to do so much table setting that they’re not funny. This first episode established the settings, and characters, and was funny too,” one person stated.
“Yup, wife and I just started and we were in love with it from the first episode. It’s great when you find a new show that doesn’t require time to ‘get into it, it gets better’ etc.,” another commented.
11. Sherlock
One person stated, “It started well, but they tried to get too clever. The last series was unwatchable.”
Another user added, “Not fair as this show is on another level. Each episode is an entire cinematic experience. Masterpiece.”
One commenter said, “Yeah I liked the slow-mo matrix-style wedding photos, really added to the experience.”
12. The Americans
The Americans has been praised for its complex characters, compelling storytelling, and meticulous attention to detail in its portrayal of historical events and espionage tactics. It has won several awards, including Emmys for its lead actors and for Outstanding Writing for a Drama Series.
One person shared, “YES! Also has one of the saddest series finales ever. I cannot listen to With or Without you anymore.”
The second person replied, “It sets up everything perfectly. I remember finishing it the first time and being confused that I’d only watched a single episode. It felt longer, but in a good way. The finale is also amazing, along with pretty much every moment in between.”
13. Battlestar Galactica
Battlestar Galactica is a science fiction television series that initially aired from 2004 to 2009. The show is a reimagining of the original 1978 series and is set in a distant star system where humans and their robot creations, the Cylons, are in a state of war.
One user shared, “That opening scene had me soooooo hooked.”
Another Redditor replied, “Oh, so good. And the finale was great too. (And like most of the in-between bits).”
14. Designated Survivor
Designated Survivor was initially praised for its compelling premise and strong performances, particularly from Sutherland. However, the show received mixed reviews over the course of its three seasons, with some critics and fans feeling that it lost its way in later seasons.
“Also had the best episode of the series,” one person commented.
“I’m so hooked on this show right now!” another person replied.
15. The Good Place
“This is especially striking because sitcoms are notorious for having ‘meh’ pilots at best, even the ones that become classics. Sitcoms always seem to take time to get the characters well together and for the writing to align with their characters’ energy. But The Good Place was straight hysterical right out of the gate!” one person said.
“Can’t believe I had to scroll this far to find this. You watch the first episode, you’re probably going to watch all of them,” another user stated.
“Yup, I was about to comment this because I didn’t think anyone would. I don’t really like sitcoms, but this show is amazing,” a third commenter added.
16. The Walking Dead
One person commented, “[The] Walking Dead season 1 was so damn good.”
Another commenter replied, “I agree. That first episode hooked me. I was actually frightened and squirming in my seat as I got through the scene in/under the tank. What an adrenaline rush. After that, seeing NO progress in a resolution for years…other than to try to escape another disaster of their own making. I eventually gave up on the show.”
One user added, “This is actually the first to come to my mind as well. Such a great start.”
17. Dexter
The series explores Dexter’s personal struggle with his dark impulses and his attempts to balance his ‘normal’ life as a brother, friend, and father with his secret life as a killer. Over the course of the series, Dexter becomes involved in a number of complex and dangerous situations, including his interactions with other serial killers, the police department’s investigations into his activities, and his attempts to maintain his cover while pursuing his targets.
“Loved season 1 & 2,” one person commented.
“There is so much packed in to the first episode in the best way,” added another.
18. Jericho
Jericho is a post-apocalyptic drama television series that aired from 2006 to 2008. The show is set in the small town of Jericho, Kansas, after a nuclear attack on several major US cities. As the survivors struggle to rebuild their lives and society in the wake of the disaster, they face various challenges, including food and water shortages, disease outbreaks, and conflicts with neighboring towns and militias.
One person said, “That first episode was dynamite. Hands down. But unfortunately when they were forced to bring it back for season two, with a much reduced budget (just to pacify the fans), it showed. Was not the same quality show as season one.”
19. Mr. Robot
One person said, “That first episode legit dropped my jaw. It’s one of the all time greats.”
Another user commented, “I’m just watching Mr Robot for the first time now. About halfway through season 3. It’s really good, but they play a little too hard in the ‘unreliable narrator’ trope.”
One Redditor added, “Agreed! Haven’t been that immediately hooked by the opening 10 minutes in a while.”
20. Fringe
Fringe is a science-fiction television series that aired from 2008 to 2013. The show follows a team of FBI agents and scientists investigating mysterious and unexplained phenomena, including parallel universes, advanced technology, and supernatural events.
“I agree with you. Fringe was a terrific show,” one person stated.
“Very underrated and I rarely see it even mentioned anywhere,” the second person replied.
Source: Reddit.
10 Terrible Fads People Are Glad Died Out
Every fad has its time in the limelight, but some of them come and go faster than others; and some just need to die out right away. Check out this list of fads of which people were happy to see the last.
These are 10 Things That Completely Destroyed The Love in a Relationship
There’s no question that relationships can be confusing, but here are some of the top things to avoid if you want to keep your relationship healthy!
10 Actors and Actresses People Refuse to Watch Ever Again
We all have a favorite actor or actress, but most of us have a least-favorite as well. Check out this list of actors and actresses people never want to see performing again!
Top 10 Worst Human Inventions of All Time
Some inventions are world-changing, and some of them, well, they change the world in the wrong ways. Here are some of the worst inventions Redditors could think of.
10 Famous Celebrities Who Look Like They Smell Terrible
We’ve all had moments of hygiene faux pas—but these celebrities just look like they don’t take care of themselves at all.
Do you need to move to a new apartment, but find you have more stuff than will fit into the new space?
A storage unit could provide a way for you to fit into less floor space — without getting rid of your belongings.
When is a storage unit worth the extra cost, however? Read on to weigh your options and consider whether a storage unit — or a larger apartment — might be more suitable for you in the long run.
Storage unit pros
There are several scenarios where storing your extra stuff makes sense.
What if you have to make a temporary move for your job to a city where apartment rental prices are at a premium? A storage unit can allow you to rent a smaller, cheaper apartment and keep your non-essential belongings nearby, waiting for you.
If you have to move to a smaller apartment in a hurry, renting a storage unit is an easy way to stow your excess belongings. You can go through the storage unit later and decide what you want to get rid of.
If you are clearing space in your apartment, but aren’t quite ready to get rid of what you’re moving, a storage unit can be the place for the things you displace. You may want that stuff around again, someday.
More tips and advice on renting a storage unit:
Store-er, beware!
However, there are also many reasons to ditch the storage unit in favor of more space – or less clutter! Keep these points in mind.
Make sure that the belongings you are storing are things you actually want or need to keep, and are not just clutter. If you put something in storage for years and never use it, there is a possibility you just don’t need it.
When you rent a storage unit, you are taking on an additional bill every month. Make sure you can handle this new financial responsibility. If you miss too many payments, the storage company becomes the owner of your belongings.
Having things in storage can give you a false sense of organization. If keeping a storage unit gives you an excuse to acquire new things, you might ultimately need a larger apartment space.
To store or not to store?
In the end, it’s a strategic call. Carefully analyze your belongings and see if you really have stuff to store, or clutter you can get rid of. Ask yourself “do I really need to pay rent on these items?” before you place them into storage.
Today we’ll look into “LoFi Direct,” a mortgage lender based in New Jersey that considers itself one of the fastest growing lenders in the industry.
They’re dedicated to providing more, whether it’s more loan programs, support, or overall value to their clients, along with what they refer to as white-glove customer service.
While they offer the latest technology, such as a digital mortgage application and smartphone app, they believe in the need for live, human interaction when it involves a complex process like obtaining a mortgage.
Let’s learn more to determine if their hybrid approach is a good fit for your home loan needs.
LoFi Direct Fast Facts
A consumer direct lender that offers home purchase loans and refinances
Founded in 2010, headquartered in Mount Laurel, NJ
A division of parent company AnnieMac Home Mortgage
An approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae
Currently licensed to do business in 48 states and the District of Columbia
Funded more than $2 billion in home loans last year
LoFi Direct is a direct-to-consumer retail mortgage lender based in Mount Laurel, New Jersey that was founded just over a decade ago.
Despite being a relatively young company, they fund billions in home loans annually across the United States.
They offer both home purchase financing and refinance loans, with the former accounting for about two-thirds of their total annual production.
Their large share of home purchase lending can be attributed to the many real estate agent relationships they’ve forged over the years.
The company is actually a dba of American Neighborhood Mortgage Acceptance Company, or AnnieMac for short.
They are an approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae, meaning they can offer conforming loans and government-backed mortgages, as well as service them.
At the moment, they are licensed to do business in 48 states, with Alaska and Hawaii the only exceptions.
They appear to do the most business in their home state of New Jersey, which accounts for about 30% of total volume, along with neighboring Pennsylvania, which holds another 15% or so.
But they’re also growing out west and making a name for themselves in states like California and Arizona as well.
If you prefer to do business in person, they do have some physical branches in Florida, Maryland, and New Jersey.
How to Apply for a Mortgage with LoFi Direct
To get started simply visit their website and click on Apply (or call them directly)
You’ll be prompted to create an account for their online Loan Portal
A loan originator will get in touch to walk you through the digital application
All processing and underwriting is completed in-house for quick turnaround times
As noted, LoFi Direct believes in a hybrid approach that combines the latest technology with real human beings, seeing that getting a mortgage can be complicated.
But you can still get started on your own by visiting their website and clicking on “Apply.”
From there, you’ll be prompted to create an account, which will also serve as your Loan Portal once your application is submitted.
A loan officer will jump in to help once you’re signed up to discuss loan options, mortgage rates, and what to expect from their process.
Most tasks can be completed electronically, including the application itself, the signing of disclosures, and the scanning/uploading of paperwork.
The good news is they’re an approved seller with Fannie Mae, Freddie Mac and Ginnie Mae, and all processing and underwriting is handled in-house.
This means they can get things done quickly without having to send your file elsewhere, or seek permission from an outside investor.
You can also download the AnnieMac Home Mortgage smartphone app (which I believe works with LofiDirect) and track your loan progress on the fly, 24/7.
Home Loan Programs Offered by LoFi Direct
Home purchase loans
Refinance loans: rate and term, cash out, and streamline
Home renovation loans
Conforming loans
Jumbo loans
FHA loans
VA loans
USDA loans
Fixed-rate and adjustable-rate options available
LoFiDirect offers a ton of different loan options, whether you’re a first-time home buyer or a seasoned homeowner looking to purchase a vacation home or refinance an existing investment property.
If you already own a property, you can get a rate and term refinance or a cash out refinance. They also offer home renovation loans, such as Fannie Mae HomeStyle and the FHA 203k.
You can get a conforming loan backed by Fannie/Freddie, a jumbo loan that exceeds the conforming limit, or a government-backed loan, such as a VA loan.
Both fixed-rate and adjustable-rate options, with a variety of different loan terms to choose from like a 15-year fixed or 5/1 ARM.
LoFi Direct Mortgage Rates
For one reason or another, LoFi Direct doesn’t put its mortgage rates on its own website, so it’s not totally clear how competitive they are.
However, they do advertise their rates on third-party sites, including Zillow’s Mortgage Marketplace.
From what I saw, they were offering one of the lowest interest rates on the platform, with nearly the lowest mortgage APR (which factors in lender fees).
So there is hope that they can deliver some of the best rates out there, assuming your loan scenario fits their guidelines.
It’s also unclear what lender fees they charge, such as a loan origination fee or separate charges for things like underwriting and processing.
But the quotes I saw on Zillow were promising with regard to both rates and fees. Just be sure to speak with a loan officer to get a solid estimate and take the time to compare lenders as well.
LoFi Direct Reviews
On Zillow, LoFi Direct has a stellar 4.83-star rating out of a possible 5 from nearly 1,400 customer reviews, which is impressive given the volume of feedback.
Also be sure to check out their individual loan officer reviews, as quality can vary at a large company. Then if you find someone who stands out, you can request that person specifically.
Over at SocialSurvey, it’s a similar 4.51-star rating from about 200 reviews, with many of them perfect 5-star ratings.
Additionally, the company has a 4.4-star rating from 50 reviews on Google, and a 4.2/5 from about 25 reviews on LendingTree, with an 84% recommended score.
Lastly, while the company isn’t an accredited business with the Better Business Bureau, they do sport a perfect ‘A+’ rating based on complaint history.
In summary, LoFi Direct seems to offer low mortgage rates and fees, which their name might imply, and their self-described mission is to provide industry-leading customer service.
They also have plenty of loan programs to choose from, so they could be a good choice for both a prospective home buyer and a current homeowner looking to refi.
LoFi Direct Pros and Cons
The Pros
Can apply directly from their website in minutes
Offer a digital home loan process and online borrower portal
Appear to offer low rates
Free smartphone app
Lots of loan programs to choose from
Excellent customer reviews across all ratings sites
A+ Better Business Bureau rating
Helpful guides, mortgage calculators, and mortgage glossary on their website
Physical branches in several states
May service your loan as opposed to transferring it