report

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The holidays are fast approaching, and the time to book holiday flights is even closer. But as travelers securing end-of-year trip reservations begin to reach for their wallets, another payment option is on the table.

A growing list of airlines offers travelers the chance to buy expensive flights now and get an interest-free loan to pay off the purchase in smaller monthly installments. These “buy now, pay later” financing options are available through third-party providers, like Affirm, Uplift, Klarna or PayPal Credit, directly on the airline’s checkout page.

Almost 1 in 5 holiday travelers (about 18%) plan to use a buy now, pay later service to pay for their holiday travel expenses, according to a NerdWallet survey conducted by The Harris Poll in September among over 2,000 U.S. adults. For the purposes of the survey, holiday travelers were defined as people who plan to spend money on flights/hotels for 2023 holiday travel.

Buy now, pay later is a way for holiday travelers to finance the $1,947 they plan to spend on holiday flights and hotels this season, according to NerdWallet’s findings. This is an increase of more than 23% from last year’s holiday travel spending ($1,582 on average). That’s despite a decline in airfare prices since last year, according to the consumer price index data released in October.

The question is whether using these programs is a good idea.

The rise of buy now, pay later services

The agency also noted the dollar value of loans doled out by those companies rose from $2 billion before the pandemic to a whopping $24.2 billion in 2021. Buy now, pay later usage included everything from beauty products to groceries, gas, pet care and travel.

Experts say the jury is still out on whether buy now, pay later programs benefit consumers. A big reason for the uncertainty is the rapid rise of these financing options.

“There’s a lot we still don’t know about consumer uses of these,” says Michael Collins, an expert in consumer and personal finance at the University of Wisconsin.

According to the CFPB, these loans, paid down monthly by consumers, range in size from $50 to $1,000.

Benefits of using buy now, pay later for travel

There are some benefits to using buy now, pay later for travel.

For one, buy now, pay later can keep travelers from immediately paying for a sizable airfare expense when holiday gifts and other year-end costs can quickly add up.

Plus, there’s a convenience factor to making a buy now, pay later purchase, Collins says.

“You can instantly finance it even if you don’t have cash in the bank and you don’t want to use your credit card,” he says, noting its appeal to those who might not have stellar credit or who don’t have a credit card.

Unlike a credit card, though, many of these programs don’t charge interest if you make the minimum monthly payment.

Drawbacks of using buy now, pay later for travel

Buy now, pay later programs do carry risks, especially if you miss your monthly payment.

In the CFPB’s report on Buy Now, Pay Later trends, the explosion in popularity of these financing options last year is discussed, and users are cautioned about the risks of data harvesting, inconsistent consumer protections, minimal dispute resolution options and the potential to accumulate debt and late fees.

“We will be working to ensure that borrowers have similar protections, regardless of whether they use a credit card or a Buy Now, Pay Later loan,” the bureau’s director, Rohit Chopra, said in the report.

The agency also found that 10.5% of buy now, pay later borrowers were charged at least one late fee in 2021.

Use credit responsibly

Ultimately, Collins says, consumers considering taking advantage of one of these programs — or incurring any other debt, for that matter, should consider the basic principles of responsible credit.

“You should be your own best judge of what you can handle,” he says. “You have to take out these loans with the intent to pay them back in a timely way, or else they will get very expensive very fast.”

Survey Method:

The 2023 survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from September 5-7, 2023, among 2,057 U.S. adults ages 18 and older, among whom 967 plan to spend money on flights/hotel stays this upcoming holiday season. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com

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Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) — The “Online Home Decor – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.

The global online home decor market is poised for remarkable growth, expected to reach a substantial $612.5 billion by 2030, according to a recent market research report. Titled “Global Online Home Decor Market,” this comprehensive report provides deep insights into the dynamic landscape of the online home decor industry.

Key Insights:

  • The global market for online home decor is predicted to grow at a CAGR of 23.1%, starting from an estimated $116.5 billion in 2022.
  • The report delves into various segments of the industry, with online home furnishing expected to achieve a robust CAGR of 21.2%, reaching a value of $565 billion by the end of the forecast period.
  • Geographic markets analyzed in the report include the U.S., China, Japan, Canada, and Germany, with each region showing substantial growth rates. For instance, China, the world’s second-largest economy, is projected to reach a market size of $102.6 billion by 2030, driven by a CAGR of 22%.
  • A detailed competitive analysis showcases leading companies in the sector, such as Amazon.com Inc. and Bed Bath & Beyond Inc., among others, offering valuable insights for business strategies.
  • The report includes a year-long complimentary update service, ensuring that businesses stay informed about significant changes in the industry.

This comprehensive report on the global online home decor market is an essential resource for industry stakeholders, offering valuable insights that can drive informed decisions and strategic positioning.

Market Scope

These tables offer a comprehensive analysis of the online home decor market, covering the years 2020 through 2027 and providing a historical review from 2012 through 2019. They focus on different geographic regions, including the USA, Canada, Japan, China, Europe, Asia-Pacific, and the Rest of the World. The data includes annual sales figures in US$ million and the Compound Annual Growth Rate (CAGR) percentages for various segments, such as Online Home Furniture, Online Home Furnishing, and Other Segments. Furthermore, these tables provide a 15-year perspective on the online home decor market, offering insights into the percentage breakdown of value sales for the specified regions. Overall, these tables enable a detailed examination of the past, present, and future trends within the online home decor industry.

Market Overview

  • Influencer Market Insights
  • World Market Trajectories
  • Online Home Decor – Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Impact of Covid-19 and a Looming Global Recession

Select Competitors (Total 14 Featured) –

  • Amazon.com, Inc.
  • Ashley Furniture Industries, Inc.
  • Bed Bath & Beyond, Inc.
  • Cabela’s Inc.
  • Carrefour Group
  • Costco Wholesale Corporation
  • Herman Miller Furniture (India) Pvt. Ltd.
  • Home24 SE
  • Inter IKEA Systems BV
  • jcp Media Inc.
  • Otto (GmbH & Co KG)
  • Sears Brands LLC
  • Target Brands, Inc.
  • Tesco PLC
  • Wal-Mart Stores, Inc.
  • Wayfair LLC

What’s New for 2023?

  • Special coverage on Russia-Ukraine war; global inflation; easing of zero-Covid policy in China and its `bumpy` reopening; supply chain disruptions, global trade tensions; and risk of recession.
  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies – Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to digital archives and Research Platform
  • Complimentary updates for one year

Key Attributes:

Report Attribute Details
No. of Pages 232
Forecast Period 2022 – 2030
Estimated Market Value (USD) in 2022 $116.5 Billion
Forecasted Market Value (USD) by 2030 $612.5 Billion
Compound Annual Growth Rate 23.1%
Regions Covered Global

For more information about this report visit https://www.researchandmarkets.com/r/hedqq7

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Attachment

  • Global Market for Online Home Decor 




Source: globenewswire.com

	
	

		
				
			

			
	
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The earnings included, among other things, a $67 million gain from the collapse of a securitization trust and a $96 million preliminary bargain purchase gain related to the Home Point Capital acquisition. The firm also had a $39 million loss associated with equity investments primarily related to the sale of its title business in 2021.  


Mr. Cooper’s chairman and CEO, Jay Bray, said the company’s earnings reflect the strength of its balanced business model, which propelled the company to be the “nation’s leading servicer” and “one step closer to achieving our $1 trillion target” in unpaid principal balance (UPB). 


“Given the attractive yields available in the market, as well as new subservicing agreements in place, we will exceed our $1 trillion strategic target in the first quarter of next year,” Bray told analysts. 


Mr. Cooper had 4.3 million customers and $937 billion in UPB at the end of September, compared to $882 billion at the end of June. Executives said the company has over $100 billion in deals scheduled to close and onboard in the first quarter of 2024, as well as $80 billion in subservicing related to a contract signed recently. 


The company’s servicing portfolio ended the third quarter with a pretax operating income of $301 million, compared to $182 million in the previous quarter and $81 million in the same period of 2022. 


Kurt Johnson, CFO at Mr. Cooper, told analysts that the company’s 2% delinquency rate at the end of the quarter was “the lowest we’ve ever seen in our portfolio.” He expects the delinquency rate to “tick up slightly,” but it “won’t be a material adverse environment for us in 2024.” 


Mortgage originations 


Through its origination business — which focuses on acquiring loans from correspondent originators and refinancing existing loans in the direct-to-consumer channel — Mr. Cooper delivered $29 million in pretax operating income in Q3 2023, compared to $38 million in the previous quarter and $45 million in the same period of 2022. 


Chris Marshall, vice chairman and president who informed the company of his plans to retire at the end of 2024, said that Mr. Cooper had solid earnings in originations despite headwinds from rising rates, with refinance recapture reaching 83%, nearly four times the industry average.  


However, Marshall said the fourth quarter is the weakest of the year, with distractions of the holidays and rates well above 7%. That’s when customers are more likely to take advantage of second-lien products, which have smaller margins. 


“Also, we are seeing pricing pressure returning to the correspondent channel due to higher mortgage rates and pressuring origination volumes. So, as such, we got a range of $10 million to $20 million for the fourth quarter [for earnings in origination],” Marshall said. 


Mr. Cooper’s funded volume declined to $3.3 billion in the third quarter of 2023 from $3.8 billion in the previous quarter and $5.7 billion in the third quarter of last year. The correspondent channel fell to $1.7 billion in Q3 2023 from $2.2 billion in Q2 2023. Meanwhile, direct-to-consumer rose to $1.7 billion, compared to $1.6 billion in the previous quarter. 


A team of equity analysts at Jefferies said the third-quarter earnings show the core fundamentals at Mr. Cooper are “solid and improving.”  


“The performance continued to demonstrate the earnings potential of the servicing segment in a higher-rate environment; the portfolio continues to show the benefits of operating leverage,” the Jefferies analysts wrote in a report. “Despite a challenging originations environment, COOP has achieved profitability through its direct-to-consumer platform throughout [2023].” 


Looking ahead, analysts said bank capital requirements may provide the company “with a meaningful supply of bulk MSR deals to bid on in the medium/long term.”  


To support its acquisition mode, Mr. Cooper said it has strong liquidity. The company had $2.7 billion in liquidity at the end of September, including $553 million in unrestricted cash.


Mr. Cooper’s share was trading at $56.76 on Wednesday around noon, up 5.81% from the previous closing. 




Source: housingwire.com

	
	

		
				
			

			
	
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A 680 credit score is in the “good” range based on the most common scoring model, FICO®. With a 680 credit score, you can get approved for credit cards as well as personal, auto, and home loans.







Having a low credit score not only makes it difficult to secure lines of credit and loans, but it can also cost you quite a bit of money. Low credit scores mean you need to put down larger deposits on rental homes and services, and you also get charged higher interest rates. 


According to the recent credit score statistics, the national credit score average is 716. While a score in the 700s is good, having a 680 credit score may be all you need to improve your financial well-being. 


Today, you’ll learn what a 680 credit score means and how to achieve one. Most importantly, you will learn how to maintain a good score and continue improving your credit with helpful tips.


What Does a 680 Credit Score Mean?


The meaning of a 680 credit score depends on what credit scoring model is being used. FICO® has the most commonly used scoring model, and it ranges from 300 to 850. If you have a 680 FICO score, you have a “good” credit score. According to the FICO scoring model, the following are the typical ranges:


    

  • Exceptional: 800–850
    • 

  • Very Good: 740–799
    • 

  • Good: 670–739
    • 

  • Fair: 580–669
    • 

  • Poor: 300–579
    • 



Your credit score is a simple way for financial institutions to gauge risk. Lower credit scores are often a red flag and signal to lenders that a person may not pay back a loan. Typically, low credit scores are due to late payments, a short credit history, and overspending. In some cases, low credit scores are due to errors on your credit report that you may need to dispute.




Can You Get a Credit Card With a 680 Credit Score?


Whether or not you get approval for a credit card depends on the type of card and the company, but in many cases, a 680 credit score should get you approved for a credit card. You can get a credit card with bad credit, but these cards often come with high fees and interest rates. Having a 680 credit score can get you a good credit card with typical fees, and it may even have additional perks like cashback rewards.


Note that your credit score is only one aspect of the credit approval process. When you apply for a credit card, lenders look at your credit report. The report shows additional details like other debts you have as well as your payment history. When you apply, there will also be questions about your current income and expenses.


Can You Get a Car With a 680 Credit Score?


Much like with credit cards, a car loan approval may vary by lender, but a 680 is often good enough to qualify for a car loan. When it comes to car loans, in addition to the price, one of the most important factors is the car loan interest rate. Paying off a car loan takes years, which means an interest rate can potentially add thousands of dollars to the loan.


According to recent data, the average car loan interest rate with a 680 credit score for new cars is 5.82% and 7.83% for a used car. By improving your credit score, you can get average interest rates as low as 4.75% for a new car or 5.99% for a used car. It may also be beneficial to use a loan calculator to see how much a loan will cost you over time.


Can You Get a Mortgage With a 680 Credit Score?


It shouldn’t be a problem to qualify for a mortgage loan with a 680 credit score. Like other loans, there’s much more that goes into the mortgage than just your credit score. When applying for a home loan, the mortgage lender takes a much more detailed look into your finances. They’ll want to see your debt-to-income ratio, employment status, assets, bank statements, and more. 


It’s also helpful to remember that a major aspect of purchasing a home is the down payment. Knowing how much you should put down on a house can help you plan for the future and discover how much you need to buy a home in addition to having a good credit score.


Can You Get a Personal Loan With a 680 Credit Score?


Yes, you should be able to get a personal loan from many lenders with a 680 credit score. Some lenders may require a higher score in the 700s, and these lenders may also give you a better interest rate. Having a 680 credit score may get you a loan with a higher interest rate, so it’s always helpful to improve your credit score before taking out a personal loan.




5 Tips to Improve Your 680 Credit Score


As you now know, a 680 credit score is good, but improving your credit score to 740 or higher can help you get even lower interest rates and more lines of credit. Here, we go over five ways you can improve your credit.


    

  • Make your payments on time: Your payment history makes up 35% of your FICO score, so making all of your payments on time can help boost your credit score.
    • 

  • Keep your spending low: After payment history, credit utilization is the most significant factor in determining your credit score. This is how much you owe compared to your total credit limit. It’s recommended to keep this ratio below 30%.
    • 

  • Don’t close old credit cards: It’s common for people to close credit cards they don’t use, but it’s better to keep them open. In addition to helping with your credit age, keeping a credit card open can help you keep your credit utilization ratio low, which is good for your score.
    • 

  • Check your score regularly: Checking your credit score regularly can motivate you to stay on the right track as well as let you know if you need to make changes. There are services to get your credit score for free as well.
    • 

  • Dispute any errors: Sometimes, there are errors on your credit report, and you can dispute them on your own with the credit bureaus or work with a credit professional.
    • 



Not only are these good habits to help improve your credit, but they’ll help you maintain a high score as well.




Get Help With Your Credit Score


If you have a 680 credit score, you’re off to a good start, but improving your credit score can help save you money and get approved for better loans. For those who have bad credit, striving for a 680 credit score is a good goal to have. To see where you stand with your credit, sign up for Credit.com’s free credit report card for a full picture of your credit situation.




Source: credit.com

	
	

		
				
			

			
	
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Everyone was calling a housing bottom about a month ago, and there’s finally some data to back up the claims.


A new report from Zillow revealed that national U.S. home prices increased year-over-year for the first time since 2007.


Of course, the rise wasn’t all that mind-blowing at a paltry 0.2%, but the housing market wasn’t able to pull off such a seemingly small feat for five years.


So it means something, maybe.


Is It a Blip or Meaningful?


The data is based on home values from the second quarter of 2011 to the second quarter of 2012, and if the recent surge in home buying is any indication, the third quarter numbers should be even better.


[Housing Market Update: Floodgates Officially Open]


In a press release, Zillow Chief Economist Dr. Stan Humphries said, “it seems clear that the country has hit a bottom in home values,” thanks to four months of solid gains.


During the second quarter, national home prices jumped 2.1%, with Phoenix leading the country with an impressive, if not troubling, 6% gain.


In fact, home prices are up 12.1% in Phoenix since the second quarter of 2011!


Other winners include the Miami-Ft. Lauderdale metro, which saw a 4.7% gain, and San Jose, where home prices increased 3.7%.


So it looks as if a lot of the hardest hit regions of the country are finally bouncing back to some degree. Even Las Vegas saw prices rise 2.5%, though they are still down 2% year-over-year.


However, one major metro, Philadelphia, still hasn’t bottomed, though it is expected to by year-end.


Aside from Zillow, a lot of big pundits and investment bankers are getting on the housing train as well, so could it be for real this time?


Still Lots of Risk to Housing Market


Humphries warned that there is lingering risk, thanks to foreclosures picking up steam and increasing inventory, which currently remains very tight in highly-sought after regions of the country.


Still, he expects most of the new inventory to get absorbed, thanks to more positive sentiment from consumers regarding housing.


But the big question remains whether there are enough qualified buyers (those who can actually obtain financing) to scoop up the homes as they come on the market.


Clearly there are a ton of former homeowners who aren’t eligible, thanks to their newly damaged credit. And then there are the many unemployed, who also can’t qualify.


This should subdue any tremendous gains in the near future, pointing to a slow, if not choppy, housing recovery.


There’s also the economy at large, which took another turn for the worse this week as European fears grew stronger. There’s even talk of another recession. Yes, it’s ugly out there.


So don’t expect to make millions in housing overnight. In fact, you might even see your new home purchase fall in value if this recent rally doesn’t hold, which makes you wonder if the low mortgage rates are a home buyer trap. But if you buy and hold, and exercise patience, you should be rewarded.


Read more: Is a 30-year fixed in 2% range possible?


   




Source: thetruthaboutmortgage.com

	
	

		
				
			

			
	
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Published 3:34 a.m. ET Oct. 24, 2023










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Mortgage rates are trending high across the board. Here are today’s average mortgage rates:


    

  • 30-year fixed: 8.30%
    • 

  • 15-year fixed: 7.35%
    • 

  • 30-year jumbo: 8.09%
    • 



*Data accurate as of October 23, 2023, the latest data available.


30-year fixed mortgage rates


Today’s 30-year fixed mortgage rate is 8.30% which is higher than last week’s 8.06%, according to data from Curinos. This is a steep increase from last month’s 7.85%. Last year around the same time, 30-year fixed rates were 6.30%, which makes today’s rate much higher than it was a year ago.


At the current 30-year fixed rate, you’ll pay about $756 each month for every $100,000 you borrow — up from about $742 last week.




Ready to buy? Compare the best mortgage lenders




15-year fixed mortgage rates


Today’s 15-year fixed mortgage rate is 7.35%, slightly higher than last week’s 7.21%. This is an increase from last month’s 6.95%. Last year around the same time, 15-year fixed rates were 5.51%, which makes today’s rate much higher than it was a year ago.


At the current 15-year fixed rate, you’ll pay about $920 each month for every $100,000 you borrow, up from about $914 last week.


30-year jumbo mortgage rates


Today’s 30-year jumbo mortgage rate is 8.09% which is higher than last week’s 7.93%. This is an increase from last month’s 7.58%. Last year around the same time, 30-year jumbo rates were 5.81%, which makes today’s rate more than 2 percentage points higher than it was a year ago.


At the current 30-year jumbo rate, you’ll pay around $744 each month for every $100,000 you borrow, up from about $733 last week.


Methodology


To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $750,000. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.






Frequently asked questions (FAQs)




			




Mortgage rates are determined by a variety of factors, including the overall economy, inflation and the actions of the Federal Reserve. Mortgage lenders then set their loan rates based on these economic elements.


The rate you’re offered on a mortgage will also depend not only on the lender but also on your credit score, income, debt-to-income (DTI) ratio and other parts of your financial profile.








			




If you opt for a rate lock, you can typically do so for 30 to 60 days, depending on the lender. In some cases, you might be able to lock in your rate for up to 120 days.


Keep in mind that while some lenders allow you to lock in a mortgage rate for free, you’ll likely have to pay a fee for a longer lock period. This fee generally ranges from 0.25% to 0.5% of your loan amount. You could also be charged a fee if you want to extend the lock period — usually 0.375% of the loan amount.








			




There are several strategies that could help you qualify for the best mortgage rate, such as:


    

  • Checking your credit: When you apply for a mortgage, the lender will review your credit to determine your creditworthiness as well as your interest rate. In general, the higher your credit score, the lower your rate will be. So before you apply, it’s a good idea to check your credit to see where you stand. If you find any errors in your credit report, dispute them with the appropriate credit bureau to potentially boost your score.
    • 

  • Comparing lenders: Taking the time to shop around and compare your options from as many lenders as possible can help you find the best deal. In addition to rates, make sure to also consider each lender’s terms, fees and eligibility requirements.
    • 

  • Improving your credit score: If you have less-than-perfect credit and can wait to apply for a mortgage, it could be worth working to improve your credit beforehand to qualify for better rates in the future. Some possible ways to boost your credit include paying all of your bills on time and aiming to keep your credit utilization (the amount of credit you’ve used compared to your credit limits) on credit cards and lines of credit at 30% or less.
    • 

  • Reducing debt: Paying down debt could help lower your DTI ratio, which is how much you owe in monthly debt payments compared to your income. Having a lower DTI ratio can make you look like less of a risk in the eyes of a lender, which can result in a lower rate.
    • 

  • Choosing a shorter repayment term: Lenders typically offer lower rates to borrowers who opt for shorter terms. For example, you’ll likely get a lower rate on a 15-year mortgage compared to a 30-year loan.
    • 









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			Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
		



			Blueprint has an advertiser disclosure policy.  The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
		















                    









            Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.
        









                    









            Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.
        









                    









            Ashley is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, you can find her drawing, scaring herself with spooky stories, playing video games and chasing her black cat Salem.
        













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Source: usatoday.com

	
	

		
				
			

			
	
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There’s a lot to learn when you’re preparing to buy a home. 


First, you’ll need to understand market values to avoid paying too much for your house. In addition, home inspections are vital to uncover any hidden issues before finalizing a purchase.


Furthermore, potential buyers must pay attention to closing costs, ensuring they have sufficient funds for the transaction. Lastly, perhaps the most critical aspect to keep in mind is being aware of current mortgage rates.


For those in the market for a house, even a minor adjustment in the interest rate can substantially change your financial picture and affect how much house you can afford.


This guide will shine a light on the intricacies of securing the best mortgage rate, which could translate into significant savings throughout the life of the loan. A lower rate may even allow you to afford a nicer home for your money. 




Step 1: Boost Your Credit Score


A top-tier credit score be your VIP pass to securing the most enticing mortgage rates. But what factors make up your credit scores? And how can you boost yours in a hurry? 


    

  • Timely bill payments: The bedrock of a solid credit score, timely bill payments account for 35% of your FICO credit score. Paying your credit card bills and monthly debt payments on time, consistently, boosts your credit scores. On the other hand, missed or late payments reduce your score, and can remain on your credit report for up to seven years, making it harder to get a good interest rate. 
    • 

  • Credit card balances: Having credit cards helps you build credit, which can increase your FICO score. But maintaining a balance lowers it. Aim to keep your utilization ratio, which is the balance in relation to your credit limit, below 30%. An even better practice is paying off the balance in full every month.
    • 

  • Avoid excessive inquiries: Every time you apply for credit, a ‘hard inquiry‘ is placed on your report. Multiple hard inquiries in a short period can indicate risk to potential mortgage lenders, slightly dropping your score with each one. There’s one caveat here: Inquiries for the same loan type (such as a mortgage or car loan) within a few weeks of each other are counted as one inquiry. The credit bureaus understand you are shopping around for the lowest rates. 
    • 

  • Check your credit reports regularly: Make it a practice to review your credit report from all three bureaus annually. This can help you spot and rectify errors or discrepancies which, left unaddressed, could reduce your credit scores.
    • 



Remember, in the eyes of lenders, a higher credit score depicts financial responsibility. Achieving this can translate to potentially thousands saved in interest over the life of your mortgage loan.


Step 2: Increase Your Down Payment


The down payment is more than just the initial chunk of money you put toward your home; it’s a reflection of your commitment to the property. The amount you put down influences how mortgage lenders perceive your loan’s risk. 


Take a look at some of the advantages of putting 20% or more down. 


    

  • Less borrowing: The more you pay upfront, the less you’ll need to borrow. This reduces your loan-to-value ratio, which can make you a more attractive borrower to lenders.
    • 

  • Lower rates: Lenders often associate higher down payments with lower risk. A borrower who can afford a larger down payment is seen as more financially stable, thus possibly qualifying for a lower interest rate.
    • 

  • Avoid private mortgage insurance (PMI): Typically, if you put down less than 20% on a conventional loan, you’ll be required to pay PMI. This insurance protects the lender if you default on your loan. By increasing your down payment to 20% or more, you can bypass this additional cost.
    • 

  • Future financial flexibility: By paying more upfront, your monthly mortgage payments will be lower, offering you greater financial flexibility in the future. This can be particularly beneficial during unforeseen financial hardships.
    • 



While it may be tempting to jump into homeownership with a smaller down payment, putting at least 20% down can lead to substantial savings in the long run and a more favorable loan structure.


Step 3: Consider Buying Mortgage Points


The strategic purchase of mortgage points, also known as discount points, serves as an effective mechanism to lower your mortgage rate. Let’s explore how they work. 


What are mortgage points?


A discount point is a form of prepaid interest. One point typically equates to 1% of your loan amount and can decrease your interest rate by a certain percentage, usually around 0.25%.


Should you buy points? 


Points can be a costly upfront expense at closing time. It’s important to decide if the future benefits justify the investment. Ask yourself:


    

  • How long do you plan to live in the house? 
    • 

  • How much will you save on your monthly payment? 
    • 

  • How long will it take to break even on the cost of the points? 
    • 



Your mortgage lender can help you calculate whether buying points makes sense for you. They can provide a breakdown of the costs and savings associated with purchasing points, offering a clearer picture of the potential benefits.


Step 4: Choose the Right Loan Term


Your loan term is more than just a deadline for repaying your mortgage; it determines your interest rate and monthly mortgage payment. 


Generally, shorter-term loans, like a 15-year fixed rate mortgage, come with lower interest rates than longer-term ones, like a 30-year mortgage. The reason is simple: lenders face less risk when the borrowed amount is to be repaid over a shorter period.


However, with a shorter term, you’ll have higher monthly payments, since you’re dividing your total mortgage amount over fewer months. You’ll need to balance the allure of a lower rate against the practicality of larger monthly payments.


Before you choose a loan term, assess your current financial situation and your projected future income. Your comfort with the size of the monthly payment, your financial goals, and your age at the end of the term are all factors that should inform your decision.


By understanding these elements, you can select a loan term that best aligns with your financial plans, payment capability, and homeownership goals.


Step 5: Navigate Market Conditions


Understanding and responding to the broader economic landscape is pivotal in securing an affordable mortgage. The U.S. Federal Reserve sets the federal funds rate, which is the rate at which the central bank lends money. The funds rate determines the interest rate for credit cards, loans, and mortgages. 


A flourishing economy often triggers an increase in interest rates. The U.S. Federal Reserve has raised rates in recent months to try to stem inflation. However, an economic downturn could cause the Fed to keep rates steady or even reduce rates to stimulate borrowing and spending. 


Understanding these principles can offer insight into potential rate fluctuations as you decide whether you want to buy now or wait for rates to drop. 


It’s important to research these factors to have an understanding of the market. But you can also seek the guidance of a financial advisor or a mortgage broker. They have expertise in market trends and can provide advice tailored to your circumstances.


Step 6: Leverage First-Time Homebuyer Programs


If you’re navigating the housing market for the first time, there are a plethora of programs tailored to assist you in securing a favorable interest rate. These programs, often government-supported or backed by financial institutions, are designed to make homeownership more accessible. They offer a variety of incentives such as competitive mortgage rates, lower down payment requirements, or even assistance with down payments.


To qualify, you usually need to meet certain criteria, including income limits, purchasing in a designated area, or completing a homebuyer education course. It’s crucial to investigate these opportunities, as eligibility can vary widely between programs and regions.


Tapping into these programs can significantly alleviate the financial strain of homeownership, reducing your mortgage rate, and making the dream of owning a home more achievable and affordable. Research and due diligence are key in identifying and securing these benefits.


Step 7: Compare Multiple Lenders


Actively seeking and comparing options from several lenders can help you secure the most favorable interest rate. Here are three steps to take in your search for the best mortgage rate. 


    

  • Know what to compare: Each lender may have unique offerings in terms of mortgage loan options, closing costs, and interest rates. By getting quotes from a minimum of three lenders, you ensure that you have a broad spectrum for comparison, helping you make an informed decision.
    • 

  • Utilize financial tools: A mortgage calculator is an excellent tool for to evaluate lenders. By inputting the variables of different interest rates, loan terms, and down payment amounts, you can get a clearer understanding of the monthly payment and total cost associated with each loan option.
    • 

  • Take your time: Don’t rush this step. It’s important to thoroughly review and understand each offer. Remember, a mortgage is a long-term commitment, and the details matter. Choosing the right lender can save you thousands of dollars over the life of your loan.
    • 



Step 8: Negotiate Your Mortgage Rate


While it might seem daunting, negotiating your mortgage rate is entirely possible and could result in substantial financial savings. Lenders and mortgage brokers often have some flexibility in the rates and fees they can offer. This is where thorough research and understanding of your own financial health, including your credit scores, debt-to-income ratio, and loan options, can be advantageous.


The more you understand these factors, the more leverage you have during negotiations. A well-prepared negotiation strategy can give you a significant advantage in securing a mortgage rate that suits your financial situation best.


Remember, even a slight decrease in your mortgage rate can result in significant savings over the life of your loan. It’s worth the effort to negotiate terms; it could save you a considerable amount of money in the long run.


Conclusion


Securing the best mortgage interest rate can make your dream home more affordable and save you thousands over the life of the loan. By understanding how different factors like your credit scores, down payment, and loan term affect your rate, you can take steps to secure the best mortgage deal. Remember, a home loan is likely to be one of the biggest financial commitments you’ll ever make, so take the time to get it right.


Frequently Asked Questions


What is the ideal credit score for getting the best mortgage rate?


While credit requirements can vary by lender, a credit score of 740 or higher generally qualifies borrowers for the best mortgage rates. However, it’s still possible to secure a mortgage with a lower credit score, but the rates might be higher.


What’s the difference between a fixed-rate and an adjustable rate mortgage (ARM)?


A fixed-rate mortgage has a constant interest rate and monthly payments that never change. This offers stability and predictability over the life of the loan.


Adjustable rate mortgages have an interest rate that may change periodically, affecting your monthly payments. The rate adjustments are tied to market conditions and specified in the mortgage agreement.


The main difference is that a fixed-rate mortgage offers long-term stability in payments, while an ARM carries the risk of the payments increasing or decreasing over time.


How much can I save by improving my credit score?


The difference in mortgage rates between different credit score ranges can be substantial. For instance, improving your credit score from ‘fair’ (580-669) to ‘very good’ (740-799) could potentially lower your interest rate by a full percentage point or more. Over the life of a 30-year mortgage, this could translate to tens of thousands of dollars in savings.


How much should I save for a down payment?


The amount you should save for a down payment can depend on the type of loan you’re getting and your financial situation. Traditionally, a 20% down payment is recommended for conventional loans, as this allows you to avoid paying for private mortgage insurance (PMI). However, some loan types, such as Federal Housing Administration (FHA) loans, allow for lower down payments.


How do I choose between a 15-year and a 30-year loan term?


The choice between a 15-year and a 30-year loan term depends on your financial circumstances and goals. A 15-year loan typically has a lower interest rate but a higher monthly payment, making it a good choice if you can comfortably afford the payments and want to pay off your mortgage faster. On the other hand, a 30-year loan has lower a monthly payment but a higher interest rate, making it a more affordable option for many buyers.


Is it worth buying discount points to lower my interest rate?


Whether it’s worth buying discount points depends on your particular situation. If you have the cash and plan to stay in your home a long time, buying points can be beneficial. The savings over time from a lower rate can exceed the points’ upfront cost.


What are some examples of first-time homebuyer programs?


First-time homebuyer programs can vary by state and by lender, but some examples include FHA loans, USDA loans, and VA loans, as well as specific state-sponsored programs that offer down payment assistance or tax credits. It’s worth checking with your local government and potential lenders to see what programs might be available to you.


How do market conditions impact mortgage rates?


Mortgage rates are influenced by a variety of market conditions, including inflation rates, economic growth indicators, and monetary policy decisions by central banks. Generally, when the economy is strong, mortgage rates tend to rise to keep inflation in check. Conversely, during economic downturns, rates often fall to stimulate borrowing and investment.






Source: crediful.com

	
	

		
				
			

			
	
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Age Group




Average Credit Score



                        

                        







18-25




679








26-41




687


                    






42-57




706








58-76




742








77+




760











Experian® Q3 2022


Average Credit Score by 20


The average credit score for those aged 18 to 25 is 679. This average credit score is the lowest on our list because this age group is just beginning to build their credit scores Lower earnings, student loans, and higher credit card usage can impact credit scores. 


Average Credit Score by 30


The average credit score for those aged 26 to 41 is 687. This age group is building their credit along with higher salaries. This age group may be paying off education loans or large investments like cars and homes. 


Average Credit Score by 40 – 50 


The average credit score for those aged 42 to 57 is 706. This age group is investing more in retirement finances and working to reduce debt and large investments like mortgages. 


Average Credit Score by 60 and Higher 


The average credit score for those aged 58 to 76 is 742. For those older than 77, the average credit score is 760. These groups are either stepping into retirement or enjoying the rewards of retirement life. These groups may be working off a debt to have minimal debt going into retirement or avoiding accumulating debt altogether. These groups have the highest credit scores due to their ability to pay off debts and build credit scores over the years. 


Average Credit Score by State


As of September 2022, Minnesota had the highest average credit score at 742, whereas Mississippi had the lowest average credit score at 680. Overall, the southern states produced lower credit scores than the northwestern and midwestern states.




How to Build Credit at 18 


Building credit sooner than later will provide you with more loan options and lower interest rates. There are many ways to start building credit and improving your credit. 




1. Improve Your Financial Literacy


Before building credit, it’s important to learn about credit management and personal finance. Spend some time researching how credit works and how to make the best financial decisions for your circumstances. Take a look at Credit.com’s extensive tips and guides for further help and information. 


2. Get a Starter Credit Card


Your first option to start building your credit is with a secured credit card. A secured credit card is much easier to apply for. However, it requires a security deposit. This security deposit acts as collateral in case you can’t make your credit card payments. Be sure the credit card company you choose reports to the three major credit reporting agencies. 


From here, begin using your starter credit to build your credit and submit your monthly payments on time. 


3. Become an Authorized User


If you have a family member or friend with a credit card and a good credit score, you can ask them to add you as an authorized user. Just double-check that their credit card company reports authorized user information to the credit bureaus, or this won’t work. 


As an authorized user, you don’t need to access the account owner’s credit card or even use the account to reap its credit benefits. When you’re an authorized user, the on-time credit payments made by the account owner are automatically reflected on your credit report. Becoming an authorized user is a great way to quickly start building your credit. However, if the account owner doesn’t submit payments on time, this can negatively impact you. 


4. Submit Payments on Time 


This may be the most important way to build credit, as payment history makes up 35% of your FICO® credit score. It’s crucial to make credit card payments on time, so it’s best to only take on debt if you can pay it off by the time it’s due. If your payment is 30 days past due, your credit card company can report it, which would likely hurt your credit score. 


5. Check Your Credit Report


Monitor your credit report regularly. Although uncommon, payment inaccuracies and misinformation found on your credit report can drop your credit score. You are legally entitled to one free credit report each year from the three major credit reporting agencies. If you see an error on your credit report, you can dispute it with the agency. 


FAQ


Below are frequently asked questions about your credit score and how to improve it. 


What Is the Average U.S. Credit Score?


In September 2022, the average U.S. credit score was 714, which is unchanged from 2021. 


When Does Your Credit Score Build the Most? 


Your credit score builds the most when you’re actively contributing to improving your credit score. Establishing initial credit in a good range (around 670 – 700 or higher) can take at least six months, but building your credit up to a good credit score can take several years. Practicing good credit management, like submitting payments on time, will make the biggest difference in how fast your credit builds up. 


How Do You Find Your Credit Score?


It’s important to check your credit score regularly. There are a few ways to get your credit score, such as:


    

  • Look at your credit card or loan statement: Most credit card, loan, and bank institutions provide credit scores for customers. You may be able to find an up-to-date credit score on your most recent bank statement. 
    • 

  • Use a credit score service: Use a free or subscription-based credit score service to see your credit score. Some credit scoring sites provide a free trial for new users to test out their site, during which you can check your credit score. 
    • 

  • Apply for a free credit report: The three major credit reporting agencies must legally provide you with a free credit report every year upon request. You may request your credit report from Experian®, Equifax®, or TransUnion®. 
    • 



You should also check your credit report regularly to verify your credit report is free of any inaccuracies or misinformation. 


Review Your Next Credit Report With Credit.com


Now that you know the average credit score by 18 (679), it’s time to start building your credit. Setting up financial goals and practicing good credit management will help you build credit. 


Curious about your financial health? Get graded with our free credit report card to see what is affecting your credit score.




Source: credit.com

	
	

		
				
			

			
	
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Your student loan statement gives you all the important information about your student loan. If you took out one or more student loans to help pay for college, knowing how to read your student loan statements can help you manage your student debt and repayment.


What Are Student Loan Statements?


Student loan statements are detailed summaries of your student loan. They provide information such as the last payment received, the current amount due, and where to send payments.


You’ll typically receive your student loan statement from your loan servicer three weeks before payment is due each month. If you have multiple student loans with more than one servicer, you’ll receive a student loan statement from each servicer every month.


Why Is It Important to Know How Much You Owe?


Keeping track of any debt is essential. You’re responsible for your student loan debt and making monthly payments on time until it’s paid off. Even missing one payment could cause you to fall behind.


A missed or late payment on your student loan debt could also hurt your credit. Your payment history makes up 35% of your FICO® credit score, so having late payments in your recent credit history could make it more difficult to be approved for credit cards or other loans.


Missed student loan payments may also incur late fees. Private lenders have their own rules when it comes to late fees and consequences, but they may start adding late fees after a grace period. Private student loans usually go into default as soon as you miss three monthly payments, but some go into default after one missed payment.


If you default on a federal student loan, usually after payment is 270 days past due, the government can collect your debt by withholding money from your wages and your income tax refund and other federal payments. But a temporary “on-ramp” protection will generally prevent most federal student loans from entering defaulted loan status from the 12-month period of October 2023 through September 2024.


Where Do I Find My Student Loan Statement?


Your student loan statement will typically come by mail from your student loan servicer unless you’ve opted to receive statements online.


Borrowers are generally expected to make required loan payments when due. The 2023 debt ceiling bill officially ended the three-year Covid-19 forbearance, requiring federal student loan interest accrual to resume on Sept. 1, 2023, and payments to resume in October 2023.


If you haven’t received any student loan statements or if you’re not sure, there are ways to find your student loan balance, such as requesting and reading your credit report.


Private Student Loans


If you have private student loans, you can contact your lender directly and ask them how to get your student loan statements. You can also try contacting your school’s financial aid office for information about your private student loan and the company that originated your loan.


Another option is to get a free credit report from each of the three credit bureaus, Equifax®, Experian®, and TransUnion®. This may give you basic information on any active student loan accounts you have opened in your name.


Recommended: Guide to Private Student Loans 


Federal Student Loans


If you have federal student loans, there are a few ways to find your student loan statement. One way is to go to studentaid.gov and log in with your Federal Student Aid (FSA) ID. You can find your student loan balances, loan servicers, and interest rates on the site.


As with private student loans, you can also contact your school’s financial aid office for more information on your federal student loans.


Recommended: FAFSA Guide


Student Loan Statements


Not all student loan statements look the same, but they generally provide the same key details about your student loan. Knowing how to read your student loan statement is an important step in helping you manage your student loan debt. 


Payment Summary


The payment summary shows the current amount due if payment is made by the due date. If you have other amounts due in addition to the current payment, like fees or a past due amount, those will also be shown in the payment summary. 


Monthly Payment


The monthly payment will tell you what you are expected to pay, which includes the principal and interest, by the due date. The principal is the amount you borrowed, and the interest is what you’re paying to borrow the money.


Your required payment will be the same each month for the life of your loan unless you’ve chosen a variable rate for a private student loan or you’re enrolled in a federal income-driven repayment (IDR) plan.


Recommended: 7 Tips to Lower Your Student Loan Payments


Amortization Schedule


Your student loan repayment follows a student loan amortization schedule. Amortization is the process of paying back an installment loan through regular payments. When a student loan is amortized, it means that your monthly payment is divided into principal and interest payments.


Current Balance


Your current balance is what you owe on the date of the student loan statement. This is the total amount, including principal, interest, and any fees.


Original Balance


Your original balance is the amount that you borrowed before you made any payments toward your student loan. 


Interest Rate


The interest rate on your student loan is how much you pay to borrow the funds. Federal loans issued since July 2006 have fixed interest rates, meaning they don’t change over the life of the loan.


The fixed rate for federal student loans depends on the type of loan. Federal student loans for graduate or professional school typically charge higher rates than federal loans for undergraduate study.


Private lenders determine rates for borrowers based on their creditworthiness. They offer undergraduate loans and graduate student loan options.


Negative amortization — having your loan balance grow over time if your monthly payment amount is less than the interest accruing — generally won’t occur if you make payments on the Saving on a Valuable Education (SAVE) Plan. That’s because the SAVE Plan offers a permanent interest subsidy that helps prevent your federal loan balance from growing if you qualify for a $0 (or very low) monthly payment.


Managing Your Student Loans


After you know your lender or loan servicer, you can easily manage your student loans. Student loan management may be different depending on whether you have a federal student loan or a student loan from a private lender.


Federal student loans allow you to select a repayment plan. Repayment plans are typically divided into traditional plans and IDR plans, such as the SAVE Plan. This allows you a choice: quickly paying off student loan debt to minimize interest charges or lower monthly payments for greater affordability.


You can also consolidate your federal student loans or refinance federal and private student loans, resulting in one monthly payment. You may pay more interest over the life of the loan if you refinance with an extended term. 


Private lenders may have their own flexible repayment plans. They may offer you the choice of deferring payments, paying interest only, paying your full monthly payment, or making a low fixed payment while you’re still in school.
💡 Quick Tip: Ready to refinance your student loan? You could save thousands.


Should You Refinance or Consolidate to Simplify Repayment?


Combining multiple student loans into a single loan with one monthly bill can simplify your student loan repayment. However, the choice to consolidate student loans vs. refinance depends on your personal situation and your end game.


Federal student loan consolidation combines multiple federal loans into a single loan through the U.S. Department of Education. Federal consolidation generally won’t lower your total interest costs but can lower your monthly payments by extending the repayment period. (A longer repayment period means more total interest paid over the life of the loan.)


Private lenders offer student loan refinancing — some refinance both federal and private student loans — which means paying off your current loans with one new private student loan, ideally with a lower interest rate.
💡 Quick Tip: When rates are low, refinancing student loans could make a lot of sense. How much could you save? Find out using our student loan refi calculator.


The Takeaway


Your student loan statements give all the details of your debt. Federal student loan borrowers can expect to receive billing statements now that the pandemic-related payment pause has ended.


Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.


With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.


FAQ


What is a student loan statement?


A student loan statement gives you a detailed breakdown of your loan, including the last payment received, the current amount due, and where to send your payments. 


How do I get to my student loan statement?


Federal student loan borrowers can get their student loan statements from their loan servicer. If you don’t know who your loan servicer is, visit your Federal Student Aid account dashboard.


Private student loan borrowers can contact their lender directly to ask for student loan statements. If you’re unsure who your lender is, you can get a free credit report from each of the three credit reporting agencies or contact your school’s financial aid office.


How do I read student loan statements?


Not all student loan statements look the same, but they generally provide the same information. Your student loan statement should give you a payment summary and tell you your monthly payment amount, due date, current and original balance, and interest rate. 




Student Loan Refinancing
If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. (You may pay more interest over the life of the loan if you refinance with an extended term.) Please note that once you refinance federal student loans, you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans, such as the SAVE Plan, or extended repayment plans.


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



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



SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.



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.




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Source: sofi.com