Inflated home prices and elevated mortgage rates have made affordability a challenge for many homebuyers. Fortunately, joint home loans combine financial resources and can make qualifying for a home loan significantly easier.
If you’re thinking about buying a home with someone else, you’ll want to understand how joint mortgages work. While joint mortgages have many benefits they have some potential downsides to consider, as well.
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What is a joint loan?
A joint mortgage is when two or more individuals apply for a home loan with the purpose of buying a house. Each applicant’s income, credit history, and financial situation and factored into determining the eligibility for the mortgage and the loan amount.
This type of mortgage loan is commonly used by couples, family members, friends, or even business partners who want to purchase a home together.
An important distinction is that a joint mortgage does not equate to joint ownership.
Check your home loan options. Start here
Joint mortgage borrowers share the responsibility for repaying the loan with the other applicants. However, unless there is joint tenancy or full joint ownership – meaning all parties are on the loan and the title – only one party may truly own the property.
On a joint mortgage, both you and the other mortgage borrower’s credit scores will come into play. Your lender will review each of your credit scores from all three of the major credit bureaus and see which one is the “lower middle” score.
If you decide on a joint mortgage, the best idea is to check your credit scores early. Taking steps to improve your credit scores can result in a better mortgage rate and lower payment.
If you find that your co-borrower has bad credit, you may want to consider finding a different co-borrower, or seeing if you can qualify on your own.
Who qualifies for joint mortgage loans?
Most lenders accept joint mortgage applications. Rarely do lenders have specific requirements as to who is allowed on a joint mortgage.
Verify your home buyer eligibility. Start here
Commonly, joint mortgages are obtained by married couples. When two people enter a marriage, or similar commitment, finances are often shared. So, it may make sense to share the obligation of home ownership, including the mortgage.
Qualifying criteria for a joint mortgage application is like those for individual mortgage applications. For conventional loans, while lender guidelines may vary slightly, most require the following:
Credit score of 620 or higher
Minimum down payment of 3% – 5%
Debt-to-income ratio of 40% – 50%
Employment history and verifiable income
Loan amount that is at or below the conforming loan limits (currently $726,200 in most areas)
Some lenders are more flexible than others so it’s wise to shop around and compare.
Pros of joint mortgages
Joint mortgages can have many advantages. They bestow homeownership on individuals who may otherwise not qualify for a loan due to insufficient credit or income.
Check your home loan options. Start here
Because the financial burden of monthly mortgage payments is shared, it can make it more affordable and manageable for all parties. Joint mortgages can also offer tax advantages, such as shared deductions for mortgage interest and property taxes.
Business partners or friends may pursue a joint mortgage as a way to get into real estate investing. Pooling your resources could potentially generate rental income or profit from the home’s appreciation.
Another advantage to a joint home loan is that you may be able to borrow more than you’d be able to if borrowing individually. Lenders combine all incomes on joint mortgage applications to determine how much you may qualify for.
Cons of joint mortgages
Joint mortgage can also come with potential challenges. These disadvantages should be carefully considered prior to entering into a joint mortgage agreement.
Even if you do everything right, make your portion of the shared payments on time, etc. there’s no guarantee that your co-borrower will do the same. If there’s a breakdown in communication or unexpected changes in circumstances, such as divorce or unemployment, all parties could be affected.
See what mortgage rate you qualify for. Start here
It’s important to remember that all borrowers are on the hook in the event of default. If one borrower fails to make their share of the payment, the remaining borrowers must cover the shortage.
Not only can defaulting negatively impact everyone’s credit and potentially lead to legal consequences, professional and/or personal relationships can be impacted should either person fail to hold up their end of the bargain.
Moreover, important decisions regarding the property need to be agreed upon by all parties. These shared decisions include putting an addition on the home, when to sell and for how much. Coming to a mutual agreement on such big issues could be tough.
How to know if a joint mortgage is right for you
One of the main benefits of getting a joint mortgage is it means you may be able to purchase or own more home than you could on your own.
But it’s important that each party is in full agreement when it comes to the decisions about the home, as well as the shared responsibilities.
Check your home buying options. Start here
Bear in mind that being a co-borrower on a joint mortgage could impact your ability to obtain other loans. Typically, when applying for other forms of credit, the entire mortgage payment is considered your obligation. This is regardless of how the monthly mortgage payments are shared.
Ideal candidates for joint mortgages include those who already share financial responsibilities. Spouses or life partners — or people who currently cohabitate and share financial interests — tend to be “safer” co-borrowers.
If you can afford to purchase a home with great loan terms, it may make more sense to eliminate the potential risks of adding co-borrowers and just go at it alone. Your lender could assist you and answer any questions you may have.
The bottom line on joint mortgage loans
Joint mortgages come with the advantage of combining the income and assets of multiple borrowers, potentially increasing your borrowing power and affordability.
See what mortgage rate you qualify for. Start here
A joint mortgage also involves shared liability, however. Prior to entering a joint mortgage agreement, all parties should carefully consider all the advantages and potential disadvantages. Open communication and trust are key.
Don’t forget to speak with your lender about whether you qualify on your own, or if a joint mortgage is your best option.
Time to make a move? Let us find the right mortgage for you
Rate lock volume fell 1.5% in August, the third consecutive decline as mortgage rates climbed to the highest level in more than 20 years.
Overall lock volumes were down 9.5% over the last three months and were 55% below that of August 2022, according to Black Knight’s August originations market monitor report.
“Interestingly, we saw very slight upticks in both cash-out and rate/term refinance locks in August,” Andy Walden, VP of enterprise research for Black Knight, said in a statement. “From what the data is showing us, much of this still very scarce activity is occurring among first-lien holders with older mortgages, or with particularly low balances, for whom today’s rates become less of an issue.”
Rate/term refis decreased 13.5% over the three-month period and 18.6% from the same period last year.
Purchase locks — which were down 1.9% from July and nearly 20% year over year — continued to make up 88% of all lock activity.
August was another rough month for mortgage borrowers from an interest rate perspective.
The 30-year mortgage rate climbed to nearly 7.3% to hit their highest level in more than 20 years before ending the month at 7.07%.
Demand for adjustable-rate mortgage (ARM) loans slipped to 6.56% of total locks as jumbo rates finished the month at 7.46%.
“Current housing market dynamics continue to put a damper on mortgage demand. Rates did edge down toward the end of August, but prospective homebuyers still face the least affordable housing market in nearly 40 years,” Walden said.
The average loan amount fell $6,000 to $352,000 in August, while the average purchase price on locked loans was down to $450,000.
The average credit score among primary residence purchase locks dropped slightly for the first time since November 2022, but remains close to an all-time high
Credit quality of conforming and FHA borrowers remains strong, but scores appear to have plateaued.
The average score for a conforming loan edged lower by 1 point to 753, while FHA increased 2 points to 671 and VA remained steady at 712.
Are you frustrated by the small selection of homes in your price range on real estate sites? Do most fall short of the “must haves” that you need?
The vast majority of the listings you see come from multiple listing services run by local Realtors. Only members of the MLS can place their properties on it, and that means it’s not a complete listing. There are other sources of affordable homes for sale if you are willing to look.
Many of these properties are in “as is” condition and may require some elbow grease and the services of professional contractors to get them in shape. These are costs you should figure into the purchase price before making an offer.
As a general rule, the hotter and more competitive the local market, the fewer affordable homes you will find, either on or off the MLS. Here are some sources that will help you find more affordable homes to consider:
Fannie Mae’s HomePath Program.
Fannie Mae created this program to offer foreclosed homes directly to home buyers who wish to make the home their primary residence. If you wish to put 3%-20% down, you must have a 660 or greater credit score needed for a mortgage.
The program is limited to first-time buyers who have not owned a home in the past three years, and buyers are required to graduate from Fannie’s home buyer education course, which is online. After graduation, you are eligible for closing cost assistance worth up to 3 percent of the purchase price. If you wish to put more than 20% down, standard guidelines may allow a lower credit score.
Fannie’s “First Look” policy makes newly listed properties available to individual home buyers for a 20-day period before investors can buy them. For more information, go to https://www.homepath.com/
Freddie Mac’s HomeSteps Program.
Freddie’s program is very similar to Fannie’s, with a few exceptions. Freddie Mac also features a first look program to give home buyers an advantage over investors and a mandatory online homeownership education program, without the assistance on closing costs. Freddie’s program, however, is not limited to first-time buyers. For more information, go to https://www.homesteps.com/
For Sale By Owner (FSBO) Sites.
When home prices rise steadily, as they have been lately, more owners choose to sell their homes without the help of a real estate agent who charges a commission. Some will use an agent who simply lists their homes on the MLS for a flat fee. They can also list their properties on a site dedicated to FSBO properties.
Last year, the median FSBO home sold for $35,000 less than the median home represented by a real estate professional.[1] Note that if you buy a FSBO, and you are working with a real estate agent, you will be asked to pay his or her fee. In transactions involving a seller’s agent, the brokerages on each side of the transaction typically divide the commission paid by the seller.
Some of the better know FSBO sites are Owners.com, FSBO.com, ForSalebyOwners.com, Byownermls.com. Zillow also lists FSBOs.
Cash-for-Homes Sites.
Companies like HomeVestors, which has more than 600 franchises, buy homes quickly for cash and rehabilitate them to sell to investors or homeowners. They sell homes on local MLSs through real estate brokers. However, it could be worth a call to local cash-for-homes companies to see if they have any properties or to find out names of brokers they use.
Short Sales and Foreclosure Resource (SFR).
The National Association of Realtors certifies Realtors who specialize in selling foreclosures and short sales. To qualify, they must obtain specialized training. To find an SFR-certified Realtor in your market, search the web for that designation. Have your real estate agent contact SFR Realtors to find out what they are listing and properties they are preparing to list. Ask they to notify you in advance on new listings that you might be interested in.
The Next Steps
When you find a home you’re interested in, be ready to move fast with a pre-approval letter from your lender, the name of a good home inspector you trust who’s readily available, and an offer that is attractive as you are willing to make it.
Investors scour these markets using expensive databases of foreclosures to find properties they can flip or convert to rentals. You may find you have to increase the geography of your search to increase the odds you will find a property that will work for you.
[1] National Association of Realtors Profile of Home Buyers and Sellers, 2015.
Revive has released a new tool named “Revive Vision AI” designed to assist real estate professionals in property valuation. This AI-driven tool uses computer vision technology to evaluate the current condition of a property and provide a detailed assessment of its current market value and potential value post-renovation.
“Revive Vision AI” aims to provide a more precise value assessment than traditional automated valuation models (AVM) by analyzing property photos. It also uses Revive’s recommendation engine to offer renovation estimates supported by local contractors.
Some of the key features of this tool include:
Current condition home value: An estimate of the market value of the property in its present state.
Future ARV (after-remodeled value): The projected market value post-renovations.
Potential score: A rating indicating the property’s potential for increased value.
Renovation scope & budget: Recommendations for renovations, including tasks and estimated costs.
Renovation investment plan: An outline of potential profits for homeowners if they undertake the suggested renovations before selling.
The tool requires real estate agents to upload a minimum of 10 photos of the property. “Revive Vision AI” then compares these photos with similar properties in the area using images from MLS records. The tool applies advanced machine learning algorithms to the gathered data to produce renovation cost estimates, potential market values, and expected returns on investment.
CEO and Co-Founder at Revive, Michael Alladawi, emphasized that while “Revive Vision AI” provides comprehensive information, it should complement and not replace expert advice. Homeowners are still advised to seek guidance from industry professionals tailored to their unique situations.
Access to “Revive Vision AI” will initially be exclusive to agents affiliated with Revive, with details on subscription pricing to be announced soon.
This content was generated using AI and was edited by HousingWire’s editors.
Waiting for the impending federal student loan bubble to burst has homebuyers anxious. Who wants to think about balancing mortgage payments with monthly deposits toward a student loan?
In 2015, the National Association of Realtors published a report that unpacked some of the fears of homebuyers, chief among them student debt. According to the report, a massive 68% of buyers in 2015 were millennials (those born between 1980 to 2000). In that age group, a staggering 54% claimed that student loans were a main factor preventing them from buying a home.
Learning How to Manage Your Debt-to-Income Ratio.
A common fear about student loans is that they will bring down an applicant’s debt-to-income ratio (DTI), which lenders review to see if you qualify for a mortgage. The DTI is comprised of two factors:
–Front-end ratio: The percentage of yearly income consumed by would-be mortgage payments. (Lenders want a number lower than 28%)
–Back-end ratio: The percentage of yearly income eaten up by all debt burdens. (This number can be as high as 43% in some cases, but it is generally better to keep your number lower than 30%.)
For potential buyers with large student loans, the DTI can look like an obstacle, even with a perfect FICO Score. There are, however, ways to move around your debt and restructure loans so that your DTI number is not so significantly affected. The quickest way to lower your DTI is to lower the monthly amount you spend on student loans. Additionally, federal student loans allow you to choose an income-driven payment plan that generally takes 10% of your discretionary income. Refinancing student loans will also help net you a more competitive interest rate that will lower your long-term debt.
When looking to refinance your student loans, it is important to look at the greater financial picture, to look into savings, planning, and family support.
Affording a Down Payment.
Another huge worry, especially for first-time homebuyers, is not having enough money for a down payment. Here, savings are key and most professionals recommend saving around 20% of a home’s price. There are (like always) a few exceptions to this rule. An FHA Loan can help first-time buyers and senior citizens alike to lower down payments to as low as 3.5% of the purchase price. And if you are a veteran, the federal government offers a VA loan that can essentially extinguish the cost of a down payment to 0% of the purchase price.
The Big Picture.
When it’s all said and done, no one wants to be house poor, funneling the majority of earned wages into a home without any money to spend elsewhere. Many first-time homebuyers receive monetary gifts from family members to afford their first homes, which can help improve your chances at a purchase. Ultimately, though, student loan interest rates are relatively low and less threatening than other type of loans.
In case you’re still thinking about whether or not to refinance your student loan, here is a quick list of decision making points:
Does your DTI look good?
Are you able to save up for a down payment or get it reduced?
Can you handle the additional costs of home ownership such as utilities and repair?
Do you know where you want to be for the next 5 to 10 years?
What a long, strange couple of months it’s been for me. On the blog, things have been quiet. Behind the scenes, I’ve been as busy as I’ve ever been.
The good news is that this busy-ness will (eventually) lead to a number of interesting articles. I’ve been reading Cal Newport’s Deep Work, for instance, and have some thoughts on it. I’ve been thinking about the concept of “no speed limits”. Shocking but true: I’m going to write an article about my primary credit card. And I’ve been reading and writing a lot about “doing nothing”.
Today, though, I want to clear my head (and my inbox) by sharing five short financial anecdotes.
In the past month, I’ve had probably twenty deep discussions about personal finance and personal values. While some of these conversations lead to bigger things (like the three articles I mentioned above), most don’t. But they still produce intertesting concepts and ideas. They sometimes lead me to make changes.
Here are a five money-related topics that don’t (yet) warrant articles of their own, but which I still find interesting (and worth sharing).
Going With Google
During my ten days in Portugal for the FI chautauqua, cell phone service was a common topic of conversation. Some folks didn’t have any. Others were paying a small fortune just to get a tiny bit of data from their provider.
There were two types of people who didn’t have any trouble with their cell service in Portugal: those who use T-Mobile and those who use Google FI.
“What’s Google FI?” I asked. I’d never heard of it.
“It’s Google’s cell service,” Owen said. “It’s cheap and has lots of features, but you can’t use it with Apple phones.”
“Actually, you can,” Bill said.
“But the website says it doesn’t work with iPhones,” said Owen.
“The website is wrong,” said Bill. “I’ve been using it with my iPhone for months with no problems — even here in Portugal.” He showed us his phone and explained how much he liked Google FI.
“I’ll look into,” I said. And I did. Here’s what I learned:
Kim and I currently spend $117 (plus taxes and fees) for our shared T-Mobile plan. This gives us a limited amount of high-speed data (although plenty for normal needs), plus service for my Apple Watch. (When the watch dies, I don’t plan to replace it, so eventually that’ll save us ten bucks per month.)
If we were to move to Google FI, it’d cost us $120 per month (plus taxes and fees). That’s roughly the same price, obviously, with no real advantages. (We’d have access to more high-speed data, although we rarely need that. Plus, we’d get Google One, whatever that is.) And it doesn’t include service for my watch.
My conclusion? For T-Mobile customers like us, moving to Google FI doesn’t make much sense. But I suspect many people ought to consider their service.
Meanwhile, we’ve been struggling with our wireless network here at home. Although Apple no longer makes wireless networking equipment, our network is built with routers from when they did sell the stuff. Some of these routers are now a decade old (or possibly older). We have four of them.
For whatever reason, our network is constantly going down. It’s frustrating. It’s quite common that three of the routers will be up while a fourth will arbitrarily decide to stop working for a few days. (And when we changed the network name last spring? Nightmare!)
While visiting MMM HQ last weekend, I noticed that Pete uses the Google Mesh system to provide service in his co-working space. “Do you like it?” I asked. “I’ve heard other people rave about Google Mesh, but I don’t know anything about it.”
“It’s awesome,” he said. “Totally trouble-free.” So, I’ve ordered a starter set of Google Mesh devices. They’ll arrive tomorrow. I have high hopes that this will cure our wifi headaches.
Taming the Email Beast
After returning from my nineteen-day trip to Portugal, Wisconsin, and southern California, my email inboxes were swamped. (I have five separate gmail accounts. Crazy, right?)
Naturally, I complained about the situation on Facebook. My friend Charlotte sent me a private message: “Do you have time to hop on a video call?” she asked. “I’ll show you a way to tame your email.”
Charlotte spent twenty minutes walking me through an email system she recently adopted. It effectively divides your gmail inbox — and yes, you have to be using gmail — into five different inboxes, each of which is themed. Once a day, you tackle your main inbox, routing messages to sub-inboxes. Then, when you have time, you work through the other inboxes.
This is a minor change to the way I do things (and admittedly it mostly delays messages to later), but it’s effective.
I send myself email twenty times each week. It’s my note-taking system. It’s how I offload things from my brain. This is great…except that my inboxes tend to get flooded with book recommendations, article ideas, and reminders of upcoming events. It’s a mess. Using this system, I can still send myself messages, but I’m now able to flag these messages so they’re routed to the appropriate sub-inbox.
I’ve been following Charlotte’s advice for two weeks now, and I like it. It hasn’t solved my email woe, but it’s mitigated the problem substantially.
Dozens of Credit Cards
Last weekend, Kim and I flew to Colorado to celebrate the birthday of a certain mustachioed friend. While there, I had several memorable conversations.
For instance, I chatted with Amy from Go With Less about how she and her husband play the credit-card game. They have an insane number of cards — 34? 43? I can’t remember the exact count — and over three million credit-card points.
While our conversation touched on topics like manufactured spending (a concept that blows my mind and angers card issuers), I was more interested in how and why Tim and Amy juggle dozens of credit cards. Doesn’t this hurt their credit score? Turns out: No. Because they pay bills on time and never cancel cards, they have nearly perfect credit.
Here’s a video in which they address this topic:
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I wanted to ask Tim and Amy more about their crazy credit-card fueled lifestyle, but I didn’t have the chance. I look forward to picking their brains more in the future, though.
Health Shares for the Non-Religious
Last weekend, I also had a conversation with Ben, who famously gets his cars for free. Ben is super smart and doesn’t accept the status quo. He’s always looking for ways to challenge the system in order to make the most of his money.
Lately, he’s been doing this with healthcare.
For many people who have retired early, health insurance is thorny issue. It’s expensive. Take my case, for example. I pay $403 per month for shitty coverage. This year, I’ve met my $7900 out-of-pocket max, which means I’ll have spent $12,736 (plus co-pays and prescriptions) when the dust settles. I hate the U.S. healthcare system. It’s insane.
Well, Ben too thinks it’s insane. Rather than complain about it, though, he’s been seeking creating solutions.
“Have you looked at health-sharing ministries?” Ben asked me on Sunday morning. “They can be a great way to cut costs.”
“I have,” I said. “But they all require a statement of faith, which I’m not able to give.”
“I had the same problem,” Ben said, “so I searched for alternatives. I found Sedera. It’s basically the same as a health-share ministry. You still have to agree to abide by certain principles, but they’re not based on a religion.”
“Is it affordable?” I asked.
“Yes,” he said. “I’m paying $200 per month per person for my wife, my daughter, and myself.”
“That’s not bad,” I said.
“But here’s the thing,” Ben said. “Sedera is designed to work with a direct primary care physician.”
“A what?” I said.
“A direct primary care physician is just what it sounds like. It’s a doctor that you work with directly without a third-party intermediary. That means the doctor bills you directly, not an insurance company. When you combine this with a health-sharing program like Sedera, it’s a cost-effective alternative to traditional insurance.”
“Kim and I have an appointment to talk with an insurance broker next week,” I said. “I’ll have to look into this as an alternative.”
“Do it,” Ben said. “You won’t regret it.”
Downgrading My Motorcycle
Lastly, here’s a topic that comes from several different conversations and a lot of soul-searching on my part.
When Kim and I started dating, I was surprised to learn that she was a motorcycle enthusiast. After she bought her father’s bike from him, I decided to learn to ride myself.
I started with a low-power Honda Rebel, which was perfect for my needs. Then, a couple of years ago, I made an impulse purchase: I upgraded to a Harley-Davidson Street 750. The new bike gave me the power to keep up with Kim on long trips. (The little Rebel was always falling behind on the highway.)
Turns out, though, that for day-to-day riding, I wish I had my Rebel. Kim and I don’t make many long trips — about one per year. And when we do, I’m fine falling behind. I’d rather have a quick and easy bike for running errands or zipping downtown. My Street 750 is not the right bike for this. It takes a long time to gear up and get the Harley ready to go.
I’ve spent the past year trying to figure out my best move. I’ve talked with a lot of friends and considered several options. Do I just stick it out with the motorcycle I have? Do I buy a new Rebel? Do I do something else?
After much thought and contemplation, I’ve decided that my best plan for the motorcycle situation is three-fold:
Sell the Street 750. Use the proceeds to purchase two replacements.
Buy a (used?) scooter to use for errands and running downtown. Kim plans to sell her motorcycle, so long trips are no longer an issue. I want something quick and easy to ride. I want to be able to get on the bike and go.
Buy an electric bike for use around home. I already own a bike, but as I’ve mentioned before, I don’t ride it. For one, I am fat. For another, we are surrounded by hills. MMM has urged me to look into Rad Power electric bikes.
Making this move — which likely won’t happen until the spring, when people are looking for motorcycles — is much more aligned with my values and lifestyle. Currently, my motorcycle mostly gathers dust. I ride it maybe 1000 miles per year. I’d ride the scooter more often, and the electric bike would get me out slicing through these hills for exercise!
What about you? What financial conversations have you been having with your friends? What minor money moves are you making in your life?
If there’s a city that perfectly encapsulates history, hustle and heart, it’s Philadelphia.
Moving to Philadelphia isn’t just about changing addresses; it’s about joining a community bursting with pride, culture and sports super-fandom. For apartment renters seeking a slice of the City of Brotherly Love, there’s much to uncover about moving to Philadelphia. From its scenic neighborhoods to its thriving arts scene, Philly promises more than just a place to call home; it offers a unique experience around every cobblestone corner.
Philadelphia by the numbers
Population: 1.576 million
Average age: 34.6
Median household income: $52,650
Average commute time: 34 minutes
Walk score: 75
Studio average rent: $1,365
One-bedroom average rent: $1,839
Two-bedroom average rent: $2,031
Living in Philadelphia, Pennsylvania
As the birthplace of freedom and cheesesteak, you’re in for a treat if you’re moving to Philadelphia. But before you make a pitstop at the Wawa or start arguing about the best cheesesteak in the city, here’s a little primer to get you settled.
First things first, Philly is rich in history. The Liberty Bell, Independence Hall and the Museum of the American Revolution are just a taste of the past you can delve into. But it’s not all about the Founding Fathers here.
When it comes to public transportation, SEPTA is your go-to. The subway, buses and regional rail can get you just about anywhere in and around the city. But Philly’s also a super walkable city, especially if you’re exploring Center City.
Whether it’s the die-hard Eagles fans, the 76ers hype, the Flyers’ dedication or the Phillies’ baseball spirit, Philly bleeds its team colors. If you’re moving to Philadelphia, get ready for some passionate sports talk at every corner deli, bar and backyard barbeque.
Moving to Philadelphia is like diving into a deep pool of history, culture and good old-fashioned grit. It’s a city that wears its heart on its sleeve, from its passionate sports fans to its tight-knit communities. So, lace up your sneakers, grab a cheesesteak and dive right in. Welcome to the City of Brotherly Love!
Best neighborhoods in Philadelphia to find your Philly home
Philadelphia is not just packed with history, it’s also one of the most densely populated cities brimming with diverse neighborhoods that reflect the city’s modern pathos. Whether it’s a quiet slice of suburbia or the hustle and bustle of urban living, Philly’s got it. Let’s break down a few of the top spots in Philadelphia to call home:
Fishtown
You know when a place has a buzz that just can’t be denied? That’s Fishtown. Filled with indie music venues, quirky boutiques and some elevated yet casual eateries, it’s where the cool kids hang. Think artisans, musicians and an always rotating revolving door of of young professionals.
Rittenhouse Square
Elegance? Check. History? Double check. Rittenhouse Square is the upscale heart of Philly. This area boasts luxury apartments, tree-lined streets and a park that is nothing short of picturesque. Plus, if culinary adventures are your jam, this spot has some of the city’s best restaurants.
Northern Liberties (NoLibs)
Once an industrial hub, NoLibs has transformed into a hipster’s dream. Picture art galleries, edgy coffee shops and an array of bars and restaurants that scream innovation. It’s urban living with a dash of the avant-garde.
South Philly
Deeply rooted in tradition, South Philly is the kind of place where neighbors still chat on stoops and annual block parties are a big deal. Oh, and let’s not forget the Italian Market, a must-visit for food lovers. And yes, there’s an ongoing debate about which joint serves the city center the best cheesesteak – Pat’s or Geno’s. Choose wisely.
University City
With Penn and Drexel in its midst, University City is lively, young and vibrant. There’s an academic energy that’s hard to ignore in this city center, mixed with a touch of bohemian flair thanks to its diverse resident mix.
West Philly
Beyond the campuses of University City lies the broader West Philly. It’s a patchwork of communities with tree-lined streets, green gardens and globally inspired eateries. The Baltimore Avenue strip is a particularly eclectic stretch worth exploring.
Old City
For those with a penchant for cobblestone streets, brick buildings and historical landmarks, Old City is where it’s at. Today, Old City is known for its lively nightlife, upscale art galleries and eclectic boutiques.
Three pros of living in Philadelphia
American history all around: Moving to Philadelphia is like stepping into a living history book. This isn’t just any city; it’s the birthplace of American democracy. From the echoing bell chimes of the Liberty Bell to the solemn halls of Independence Hall, history buffs can revel in the city’s past and its role in shaping the nation.
Great liveability at a relatively low cost: Compared to its East Coast siblings like New York and D.C., Philadelphia offers a more affordable living experience without compromising on urban charm. The city’s unique neighborhoods, from the edgy Fishtown to the leafy streets of Chestnut Hill, offer diverse and affordable housing options to fit varied budgets and lifestyles. It’s urban living with all the Philadelphia soul and none of the exorbitant price tag.
Strong sense of community: Philly might be a big city, but its heart lies in its communities. Each neighborhood has its own distinct flavor, and residents are fiercely loyal and passionate – whether it’s cheering for the Eagles or supporting local businesses. Moving to this vibrant city entails becoming part of a tight-knit community where traditions are cherished without compromise.
Food and drinks in Philadelphia
If there’s one thing Philly knows, it’s food. From scrumptious cheesesteaks and hoagies to more refined dishes in Rittenhouse Square, there’s something for every palate.
Also, grab a soft pretzel from a street vendor – you’ll thank us later. And if you fancy a pint? Head to one of the many local breweries. Yards, Victory and Philadelphia Brewing Co. are just the tip of the hoppy iceberg.
The arts in Philadelphia
Moving to Philadelphia is an immersion into a major city with a vibrant arts scene as rich as its history. From the iconic Philadelphia Museum of Art to the many street murals that transform urban facades into canvases, the city thrives on artistic expression.
The Kimmel Center hosts world-class performances, while intimate venues in neighborhoods like Fishtown and Northern Liberties pulse with indie music and contemporary galleries. In Philly, art isn’t just appreciated; it’s woven throughout the fabric of the city.
Things to do outside in Philadelphia
Moving to Philadelphia opens a gateway to outdoor adventures that marry urban charm with natural beauty. Along the Schuylkill River, the scenic Kelly Drive offers a haven for joggers and bikers. Meanwhile, Fairmount Park, one of the country’s largest urban park systems, beckons with hiking trails, picnics and the famed Boathouse Row.
For those looking for a very walkable city with a blend of history and leisure, Independence Mall provides green spaces amidst historic landmarks and nothing beats the view from the Rocky Steps at the Philadelphia Museum of Art. In Philly, every outdoor moment becomes an experience.
Three cons of moving to Philadelphia
Brutal winters: There’s a lot to love about the seasons in Philly, but winters? They can be a challenge. Moving to Philadelphia means bracing and preparing oneself for the cold, snow and the occasional ice storm every year. Shoveling out cars and navigating slippery sidewalks become seasonal rituals. If tropical climates are more your speed, Philly’s winter might test your resolve.
Traffic and potholes: Ah, the infamous Philly potholes. They’re almost as legendary as the cheesesteak. The roads here can get a little… let’s call them worn. Plus, while Philly might not rival L.A. traffic, rush hour can still be a test of patience, especially on the Schuylkill Expressway.
Figuring out the Philly attitude: Philadelphia is full of heart and soul, but it’s also got a bit of grit. There’s a certain no-nonsense attitude that runs deep. Some call it brashness; others say it’s just straightforwardness. But it might take newcomers a moment to acclimate to the city’s unique blend of directness and pride.
Make the move to Philadelphia today
Moving to Philadelphia might come with its own set of challenges. But, for apartment renters ready to embrace its eclectic charm, Philly offers a dynamic blend of the past and the present.
Whether it’s the whisper of history in its streets, the rhythm of music in its parks or the sense of community in its neighborhoods, Philadelphia beckons newcomers with a promise of authenticity and adventure. Welcome to the city that’s as real as it gets! Ready to find the right place? Start your search right here.
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments. Data was pulled in May 2023 and goes back for one year.
We use a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets. Population and income numbers are from the U.S. Census Bureau. Cost of living data comes from the Council for Community and Economic Research.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Fans of Jordan Peele, part of the duo behind Comedy Central’s popular “Key and Peele” series, are likely familiar with his impersonations of former President Barack Obama, including a video Peele made with BuzzFeed in 2018 — the one where Obama appears to use an expletive to describe then-President Donald Trump.
The video employs a technology known as a deepfake — doctored media employing artificial intelligence to achieve realism. The technology has gained traction across the internet as a comedic gag. In the world of fraud, it is increasingly helping criminals trick companies into parting with their money.
As the development of AI tools advances, the threat is being extended to banks. One company, Pindrop, has reviewed more than 5 billion calls to financial firms’ call centers and says that it has started detecting AI-generated voices in the last year.
Pindrop CEO Vijay Balasubramaniyan said that while the threat to call centers of fraudsters’ using deepfakes is real, it has not been very severe so far; scammers by and large prefer to use their own voices rather than that of a computer to try to steal money from companies, according to Balasubramaniyan.
But that could change as AI tools become more sophisticated and accessible. Machine-learning techniques such as generative adversarial networks have yielded faster and more accurate voice simulations, making it easier to, for example, generate convincing fakes in real time while on the phone with a call center.
“We anticipate that deepfake attacks will become more sophisticated and abundant in the near future because of the recent increase in good-quality commercial TTS (text to speech) tools,” Balasubramaniyan said.
These tools work by taking samples of people talking to create a model of their voice that captures the various characteristics that make them sound how they do. The user can then provide the software with text that gets turned into an audio file of the voice saying whatever the user wants.
Fraudsters deploy voice deepfakes alongside many of the same methods used in other fraud schemes, according to Baptiste Collot, co-founder and CEO of the payment-fraud-prevention platform Trustpair. He described the calls fraudsters make to banks’ call centers.
“The scam hinges on putting pressure on the target with time-sensitive language to create urgency and offering specific, legitimate company or employee information to gain trust,” Collot said. “Often, the fraudster will impersonate a bank representative — someone with authority over the target or someone a bank regularly works with. By appearing as a reputable banking representative, the fraudsters pressure to initiate seemingly real payments.”
Pindrop and companies that offer related services, including Nuance, IngenID, and Veridas have methods of detecting when a voice is fake or real, even in cases where they are hearing a voice for the first time. This is because text-to-speech software often leaves artifacts in the audio — traces of data that clue in the astute observer to that the voice is computer-generated.
In a video earlier this year, Pindrop demonstrated this capability using remarks that Sen. Richard Blumenthal, a Democrat representing Connecticut, made and synthesized during a hearing on regulating artificial intelligence. The senator used text-to-speech software to replicate his own voice making a statement about the risks of AI. Pindrop’s video shows its software ranking Blumenthal’s real voice as real and the computer-generated voice as fake.
A potent tool that companies can use to fight back against voice deepfakes is the voiceprint — a fingerprint for the voice. Like deepfake technology itself, voiceprints quantify characteristics of voices that can be hard for the human ear to discriminate. Artificial intelligence models that are trained on human speech can compare a sample of speech to a voiceprint to give a score of how similar the two are — in other words, how authentic the voice sounds.
Voiceprints are the same technology that allows Apple, Amazon, Google and other devices to differentiate who is speaking. On newer iPhones, the only voice that can activate Siri is the owner’s, and certain Alexa devices can differentiate the voices of household members to enable personalized commands (such as “Call mom” or “Play my favorite music”).
These voiceprints are also a tool for fraudsters, though, who can take clips of audio from videos of a potential victim, turn that audio into a voiceprint, then train voice generation AI to mimic that voiceprint, mixing in unique cadences and intonations to give a sense of life or reality to the voice.
Despite the eroding trust that companies may have in voice authentication with the advent of deepfakes, biometrics still offer a layer of security from which many banks can benefit, according to Eduardo Azanza, CEO at the identity-verification company Veridas.
“The convenience of biometrics outweighs the risk — customers no longer want to remember and manage dozens of passwords,” Azanza said. “Because biometrics are so unique to an individual, they are less likely to be forgotten, stolen or replicated, ultimately making them the more secure option.”
When a bank takes a call in its call center, it is well advised to rely on multiple layers of authentication, Azanza said. Fraudsters can spoof voices, steal passwords and answer security questions, but it’s harder to do all of these at once than to do just one.
Looking for an app that does it all – automate savings, track spending, investing, and get a free $250 cash advance?
Welcome to my Albert App Review.
Looking for an all-in-one personal finance app that will help you manage your money, save for your future, or even get a free cash advance when you need it?
In that case, you’ve come to the right spot!
In this Albert App Review, I’ll go over everything you need to know about the popular Albert app, and I will discuss its features, benefits, how the app can help you, and more.
You can sign up for the Albert app here.
The Albert app is becoming more and more popular as a money tool that can simplify your life. Instead of needing a bunch of different financial apps, Albert can help you consolidate your phone and need less. The app is a one-stop shop for your monthly financial needs – it automates savings, helps you manage your budget, and has spending, borrowing, and investing tools. With this easy app and the wide range of tools that you can use, Albert has many benefits.
This app reduces the need for multiple apps since it offers a wide range of tools and features.
If you’re looking for a money saving app, Albert can be a great option to start with. There’s a reason why it’s one of the top money apps in the App Store!
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Albert is one of the most popular personal finance apps, and it is designed to make it easier to save and invest all in one place. This app has features for saving, investing, and budgeting.
Quick Summary – Albert App Review
Albert app is a financial management tool that helps you to save, spend, and invest right in the app
The Genius feature allows you to ask any money question and get a real response from a real person
Albert app’s cash advance feature can get you up to $250
The app is free, but some features do require a monthly subscription
Albert App Review
What Is The Albert App?
The Albert app is a personal finance app that will help you manage your money better by making it easier to save and invest all in one place. This app has features for saving, investing, budgeting, and more.
It has many different features, such as budgeting tools, real-time alerts, and a helpful service where you can ask an expert money questions and get real answers catered to your situation. The app strives to make financial management easier and more organized for everyone.
Albert makes it easy to manage your finances, eliminating the need for visits to physical bank branches or formal phone calls with a financial expert. With the ease of using an app, you can easily track your financial well-being, helping you stay organized, reach goals, and find smart ways to save, spend, and invest. Albert stands out by simplifying your personal finances, all while keeping things very easy to use.
Albert also has a feature where you can get a small cash advance of up to $250 with no late fees, interest, or credit check. This advance is repaid from your next paycheck, giving you the option to avoid high-interest personal loan lenders for those in need of quick cash.
There are no hidden fees, and it is free to sign up. They do have a paid subscription plan that you can sign up for which will give you access to different features such as financial advice from experts. I talk about the paid part further below.
Does The Albert App Give You Money?
Albert provides instant cash advances to users who need small amounts of money before their payday. They do not charge late fees, interest, or run a credit check for this feature.
This can be a great way to not pay high rates on payday loans for when you just need a little bit of cash.
How it works is that the Albert app will send you up to $250 from your next paycheck straight to your bank account. Then, you simply repay them when you get paid. You can pay a small fee to get your money instantly, or you can wait 2-3 days and get the cash advance for free.
Albert Instant is available to all members of the Albert app who qualify, whether they are a paid subscriber or not. Now, not everyone will qualify. To determine your eligibility for a cash advance, they look at things such as if your income is direct deposited into your connected bank account, if your bank account has been open for at least 2 months and has a balance greater than $0, and if you’ve received consistent income in the past 2 months from the same employer.
Albert App Features
The Albert App has many other features, such as:
Banking with Albert
Albert has a user-friendly banking service through its partnership with FDIC-insured Sutton Bank. This includes features like no minimum balance requirement and access to your paycheck up to two days early.
With an Albert account, you can also earn cash back rewards, such as getting a cash back bonus on gas, groceries, and more when you purchase items with your Albert debit card. You can earn an average of $2.00 per gas tank fill-up. You do need to be a Genius subscriber to take advantage of this benefit.
The app also has fee-free ATMs for their paid subscribers at over 55,000 ATMs (when using the Albert Mastercard debit card).
Albert Savings
Albert Savings is the app’s automatic savings tool that is available to Genius subscribers. It saves money from your linked bank account to your Albert Savings account.
This automated savings tool helps you build up your funds without the stress of manual transfers. It analyzes your income and expenses to calculate the amount you can save comfortably. Or, you can manually set your own savings schedule.
The Albert saving feature can help you to save more money and reach your goals.
The money in your Albert Savings account is yours, and you can withdraw it at any time.
Albert Budgeting
The Albert Budgeting feature is super handy and packed with a bunch of useful tools to help you manage your money with ease.
The Albert app has budgeting tools to help you track your income and expenses, find fees that you shouldn’t be paying, and watch your financial progress. The app will send real-time alerts and notifications to help you stay on track with your budget. But, that’s not all.
Other features of Albert Budgeting include:
The Albert app can negotiate your bills so that you can save money. The app will help you lower your bills such as for cable TV, internet, cell phone, and more.
The Albert app also makes it easy to see all of your budgeting info in one quick place, such as tracking your recent bills, seeing how much you’re spending in different categories, and more.
The app will categorize your spending so that you can see where your money is going (this can help you to realize where you may need to cut back)
Also, the app will help you find hidden charges and subscriptions that you may not be using.
These are all very helpful features that can help you save a lot of money in the long run.
Albert Investing
If you’re new to investing or you’re looking for an easier way to invest, the Albert Investing side of the app can make getting started much, much easier.
With Albert Investing, you can start an investment portfolio that matches the amount of investment risk you want to take on and your financial goals. The app even provides investment guidance and lets you start investing without any minimum investment amount needed.
So, that means that you can start investing with Albert Investing with just $1.
You can get started investing in the app by answering some questions (the app wants to learn more about you so that it can make selections based on your personal situation). The app will then choose individual stocks or funds for you to invest in (or, you can choose these yourself if you know what you want to invest in). You can even ask the app to only invest in themes as well, such as companies that are interested in sustainability and the environment. You can then continue to invest automatically or on a recurring schedule. The auto-investing feature can be a great tool if you are looking to save time and invest regularly without really thinking about it.
Albert Genius
This is one of my favorite parts in the app.
The Albert Genius service gives you financial advice from a team of expert financial advisors (this is a team of real human experts that you are able to talk to – not a robot), available through a paid monthly subscription in the app.
You can ask their experts any money question that you have, whether it’s a big or small question, a general question, or something more specific to your personal situation. Your questions can be about anything from credit cards, budgeting, student loans, investing, credit card rewards, life insurance, your personal financial life, and more. These experts will help you answer your questions 7 days a week too. And, there’s no limit to the amount of questions you can ask.
This is a very nice feature to have access to.
Some of the questions you can ask include:
How do I start a budget?
How do I lower my car insurance? Am I paying too much?
How much can I personally afford to spend on a house?
How can I improve my credit score?
How much money should I have in my emergency fund?
Should I use extra cash to pay off debt or invest?
Can you help me to better under travel miles and credit cards?
There are so many different questions that you can ask the team at Albert!
Albert Protect
Albert Protect is a feature for paid subscribers on the app.
The Albert Protect feature monitors your money around the clock. The app will alert you if something suspicious comes up for any of your connected financial accounts or your identity. The app continuously watches for suspicious activity on your credit report, the dark web, data breaches, and unusual charges.
How Does The Albert App Work?
Signing up for Albert is easy!
Simply click here to get started.
Or, you can head to the Google Play or App Store, depending on your device (Android or iOS), and download the app. Once installed, the app will walk you through the setup process. There’s no need to worry about a credit check as Albert doesn’t require one for signing up.
Next, you’ll be asked some questions about yourself such as your name and age. The app is trying to learn more about you. Here’s what Albert says specifically about the questions that they ask: “We do this in order to best serve your needs: a 19-year-old single student has different financial objectives and priorities than a 37-year-old professional with two kids who will be starting college soon.”
Then, you’ll be asked to connect your financial accounts to the app. So, you may connect your bank account that your bills come out of, your credit card accounts, student loans, mortgage, investments accounts, and more. You can connect as many or as little as you want. This information helps the app better serve you so that it can give you recommendations, track your spending, give you alerts, and more.
After you sign up, you’ll have access to the many features mentioned above to help you manage your finances. As you learned above, there are a lot of tools in this app, so I recommend just playing around in the app at first to better familiarize yourself with it and see how it can help you. Maybe sit down for a few minutes at a time until you understand how to use the app in the best way for your financial situation. That’s exactly what I did when I first downloaded the app because it was a little intimidating at first trying to see all of the different things that the app can do. But, it’s so nice that everything can be done right from one app!
To sign up for the app, they do require that you be a U.S. citizen or resident, be at least 18 years old, and have a bank account with a U.S. financial institution. Unfortunately, at this time, the app is not available to those outside the U.S.
How Much Does Albert App Cost?
The Albert app has a lot of different features, so you may be wondering what the cost is or if there are any monthly fees.
The great thing is that many of the tools and features on the Albert app are free.
For example, the Albert App has a fee-free cash advance feature to help you cover unexpected expenses. If you need some extra cash until your next paycheck, you can get up to $250 as a cash advance, with no cost. There are no late fees, overdraft fees, or maintenance fees associated with this service.
You can also start investing with as little as $1 and use the free cash advances feature (as long as you meet eligibility requirements) without the need for a subscription.
Now, the Genius subscription does have a cost.
If you’re looking to unlock all of Albert’s helpful budgeting, saving, and investing tools, you might want to consider their Genius subscription. This subscription starts at just $14.99 per month and gives you access to some helpful benefits like cash bonuses and personalized financial advice. Keep in mind that the true value of the Genius subscription depends on how often you use the app and all its features. So, if you’re a frequent user of the app, it could be a great investment in your financial well-being.
Is Albert App Safe to Use?
Yes, Albert is safe to use.
Let’s start with the basics – the Albert app isn’t a bank, but it teams up with FDIC-insured Sutton Bank to offer you banking services. That means that the money in your Albert Cash account is safe because it’s protected by the Federal Deposit Insurance Corporation (also known as FDIC). That’s a fancy way of saying your funds are insured for up to $250,000.
Your Albert Savings accounts are held at FDIC-insured banks, including Coastal Community Bank, Axos Bank, and Wells Fargo.
When it comes to data security and privacy, Albert takes that seriously too. The app has security measures to protect your sensitive personal and financial information.
As for customer service, if you ever face any issues with the Albert app, you can easily reach out to their support team for assistance. Many Albert app reviews have mentioned their responsive customer service.
Pros and Cons of Albert
Like with any personal finance app, there are pros and cons. I can’t write an Albert app Review and not talk about the pros and cons, so that you can make the best decision for yourself.
Some of the benefits of using Albert include:
The app aggregates all of your accounts – Albert gives you an overview of your financial life by combining all your accounts in one place.
Savings and investments – The app offers customizable savings goals and can create a custom portfolio for your investment needs. It will also keep track of your transactions and help you identify potential savings opportunities as well as avoid late fees.
The Albert app is safe – Your information is kept safe with the same level of security used by major banks, as well as FDIC insurance.
Albert Genius – This feature provides personalized money advice from financial experts (real people, not a robot!) to help you make smarter financial decisions. You can ask any money question and will get personalized advice.
Free cash advance – Get a cash advance on your next paycheck without any late fees using Albert Instant, or access your paycheck up to two days early with direct deposit.
Free ATM withdrawals – This is a feature paid monthly members get to have.
While Albert has many helpful tools and features, there are some potential downsides to using the app such as:
App-only functionality – All features of Albert are limited to the app, which may be inconvenient for some people who prefer to be on their computer instead of their cell phone.
Fees – While many features in Albert are free to use, some, such as the Albert Genius service, require a subscription fee. The fee is quite affordable for the services you receive, though.
No phone calls – If you need to talk to customer support, there is no phone number to call. Instead, it’s all done through the app, text message, or email.
Frequently Asked Questions
Here are answers to commonly asked questions about the Albert app.
Is Albert a trustworthy app?
Yes, Albert is a trustworthy app. Your banking money is FDIC-insured, with coverage up to $250,000, and your investments are SIPC-insured. The app has many financial tools and you can even get personalized advice from experts.
How much can you borrow with Albert?
The maximum for a cash advance is $250.
How do you get $250 from Albert app?
Albert offers a cash advance feature called Albert Instant. After you enable this feature and meet the requirements, you can access funds quickly, sometimes up to $250.
Does Albert give you money right away?
In some cases, Albert can provide instant cash advances or help you get your paycheck up to two days early via direct deposit, depending on your employer and banking situation.
How long does it take to get money from Albert?
Getting your hands on the cash you need from Albert is all about the service you’re using. If you’re in a hurry, instant cash advances could have those funds in your pocket right away. But for paycheck advances and other features, it might take a couple of days before you see the money.
What are the requirements to get a cash advance on Albert?
Requirements for a cash advance with Albert include a history of consistent income, using the Albert app for a certain period, and having a bank account linked.
Does Albert hurt your credit?
Albert does not directly impact your credit score as it is not a lender. However, using the app’s guidance to improve financial management can help you work towards building or maintaining a higher credit score.
Does Albert need your social security number?
Yes, when signing up for the Albert app, it will ask you for your SSN. This is because it is an investment app and they need to verify that it is actually you signing up.
Is Albert or Chime better?
Albert and Chime are different financial apps with different features. Albert focuses on money management, investing, and advice, while Chime is a mobile banking app offering checking and savings account services. Your choice should depend on your financial goals and preferences.
Why is Albert taking money from my account?
If you’re already an Albert user, this may be a troubleshooting question that you have (and perhaps you searched Google and found this blog post). Albert takes money from your account (such as your bank checking account) to fund the services you’ve opted into, such as investments or automatic savings. You can check the app’s settings or contact Albert to learn more,
Is Albert app affiliated with a specific local bank?
Albert is backed by Sutton Bank.
Is the Albert app reliable and secure for banking?
Yes, Albert is a reliable and secure app for managing your finances. It is FDIC and SIPC-insured and has a variety of financial tools and resources to help you improve your financial situation.
How is Albert app customer service?
I did some research and I found great Albert app reviews on their customer service. The Albert app has customer service options within the app and online. They do not have an option to call their customer service and speak on the phone. But, if you’re like me, you probably prefer to get your questions answered via text message or email anyways.
Is Albert app legit?
Yes, the Albert app is a legitimate personal finance app that can help you manage and improve your finances. Millions of people (last I checked, over 10,000,000 people use this app) use the app’s many helpful tools. The app is available for people on Apple or Android devices and it has great reviews.
Who is Albert app best for? Who should not use it?
The Albert app is a helpful all-around financial app that can help many different people. If you’re looking for an all-in-one app to help you save, spend, borrow, and invest, Albert might be a good fit for you. The app is helpful for people who:
Want fee-free cash advances up to $250 (this is a feature that many people like because they don’t have to sign up for high-interest rate loans when they just need something for a short amount of time)
Need an app that gives you an overview of all your accounts in one place
Are interested in automatic savings and easy investing tools
Albert takes the work out of managing your finances and may be helpful for people who are trying to stay on top of their personal budget without having to juggle multiple apps.
However, Albert may not be the best fit for everyone and not everyone needs to have it. So, if you fall into any of the below, then this may not be the app for you
If you’re an experienced investor looking for more advanced trading tools, then this may not be the best investing app for you (the Albert app is basic in this area because I think it caters more to those who are new investors or are looking for something easier to manage)
If you’re someone who doesn’t feel comfortable linking their bank accounts to a third-party app (you will need to link accounts in order to get full use of the app – I understand that some people may not want to do this)
Albert App Review – Summary
I hope you enjoyed my Albert App Review.
I think this is a very helpful app, and I can see why it’s one of the most popular money apps today.
Albert is an app designed to help manage your saving, budgeting, investing, and more, all in one easy app. The app has all of the different money tools that you would want, plus some extras that you may have not realized you needed yet.
Albert is an app that helps you to manage many different parts of your financial life right from your cell phone (it’s not available on computers).
They even have the Genius feature (one of my favorite parts of the app), which is an in-app chat where you can ask one of their experts anything related to money, from credit cards, buying a car, student loans, and more. This is very helpful if you ever have questions about money.
And, if you need cash now, Albert may be able to give you a small advance of up to $250. There are no late fees, interest, or a credit check. If you want to avoid personal loan lenders who have high-interest rates, and only need a small cash advance, then Albert may be a place to start with. How this works is that they send you $250 from your next paycheck. You simply repay them when you receive your next paycheck.
You should keep in mind that investment options don’t include retirement plans and customer service can only be reached via email and text. Though the app’s budgeting tools are more basic compared to budgeting-focused apps, the Albert app still has many, many benefits to help you manage your finances effectively and it’s all from one easy-to-use app.
You can learn more about Albert here.
What’s your favorite personal finance app? Do you use the Albert app?
Does your dream home have a $700,000 price tag? That’s well above the National Association of Realtors’ median price for a home, which in July 2023 was $406,700. Whether you can afford such a pricey purchase will depend on a variety of factors, including your salary and the interest rate of your mortgage.
Use Bankrate’s mortgage calculator to figure out how much you need to make to afford a $700,000 home:
Assuming a 30-year fixed mortgage and a 20 percent down payment of $140,000, at an interest rate of 6.5 percent, your monthly principal and interest payment would be $3,539. That’s more than $42,000 per year on principal and interest alone.
Round that monthly figure up to around $4,200 to account for property taxes, homeowners insurance and potential HOA fees, all of which vary widely. That makes your total annual housing bill $50,400.
Now apply the common rule of thumb that you shouldn’t spend more than about a third of your income on housing. The $50,400 figure, multiplied by three, comes to $151,200 — that is the minimum salary you’d need in order to afford this home purchase.
To reiterate, these numbers will vary drastically depending on variable factors like your homeowners insurance premium and local property taxes. Your monthly payment will be lower if you snag a lower mortgage rate, higher if it’s higher; and your payment will be higher if you make a down payment of less than 20 percent as well. Here’s a deeper dive into how much income you’d need to afford a $700,000 home.
Income to afford a $700K house
The 28/36 rule is a good starting point when determining what salary you need for a $700,000 home purchase. This real estate rule of thumb recommends that no more than 28 percent of your total monthly income should go toward your monthly housing costs, and that no more than 36 percent go toward overall debt payments (including housing).
Here’s how the rule works for the annual income of $151,200, as determined above. Dividing by 12 for a monthly amount comes to $12,600, and 28 percent of $12,600 is $3,528 — almost exactly equal to the monthly principal and interest figure roughly determined above. But don’t forget that you’ll need to factor in the variable monthly fees that get rolled into your housing payment, such as property taxes and insurance premiums.
As you run the numbers, keep the 36 part of the equation in mind as well. Other monthly debt, like car payments, credit card balances or student loans, can add up, and you don’t want to stretch your budget too thin by exceeding that 36 percent guideline. There are also the ongoing costs of homeownership to stay on top of, such as maintenance and upkeep.
In addition, remember that a $700,000 budget can take you quite far in most areas of the country. According to Redfin data from July 2023, the median sale prices in many major cities are much less — including Washington D.C. ($617,000), Denver ($587,000), Miami ($580,000), Phoenix ($436,824) and Atlanta ($385,000). Just because you can afford to spend $700K doesn’t mean you need t0 (or should).
What factors determine how much you can afford?
As you evaluate how much home you can afford, there are many factors to consider besides the property’s sticker price. Some of the most important include:
Down payment: The larger your down payment on a house, the less you need to borrow — and so, the smaller your monthly mortgage payments will be. This is especially true with higher-priced homes: A 20 percent down payment on a $700,000 home means $140,000 that you won’t have to pay back, with interest.
Loan-to-value ratio: Your down payment will also determine your loan-to-value ratio, or LTV. This figure represents how much of the home’s total value you are borrowing.
Mortgage rate: Higher rates mean more interest to pay. Even one percentage point makes a big difference: The $3,539 monthly payment outlined above for a 6.5 percent interest rate becomes $3,915 at 7.5 percent. That’s $4,512 per year — or more than $135,000 over the life of a 30-year loan.
Credit score: A higher credit score will boost your chances of snagging a lower mortgage rate.
Debt-to-income ratio: DTI is calculated by considering your gross monthly income against your debt obligations each month. The higher your DTI, the more of a risk lenders will likely consider you.
Financing: Before committing to a mortgage loan, do your research and shop around for the various types of financing that you may be eligible for. Many state and local governments also offer down payment assistance and other programs designed to make homeownership more achievable, especially for first-time buyers. Your high salary means you may not qualify, but it’s well worth looking into just in case.
Stay the course until you close
Once you go into contract on a home purchase, it can take weeks or even months before you actually sit down at the closing table. In the interim, don’t stop monitoring the factors listed above. For example, don’t apply for new credit cards or make purchases that require financing, like a car, because those things impact your credit score. And if possible, don’t make any big life changes that could affect your financial status either, such as starting a new job.
For most buyers, working with a knowledgeable local real estate agent is invaluable. Interview a few people to find a good fit for you. An agent will be able to guide you through the entire homebuying process with professional expertise.
FAQs
Most likely yes. Assuming a 20 percent down payment on a 30-year fixed-rate mortgage with a 6.5 percent interest rate, you’ll pay about $4,200 per month in housing costs on a $700,000 home purchase. According to the 28/36 rule, you should spend a maximum of 28 percent of your income on housing. For a $200,000 salary, 28 percent equates to $4,666 per month, which is more than enough to cover the monthly $4,200 cost. Just be careful to factor in your other debts and expenditures, to ensure you don’t stretch yourself too thin.
How expensive of a house you can afford will depend largely on your income, your credit score and the prevailing mortgage interest rates. Location matters a lot too, as the same housing budget can go much further in some places than others. You should also evaluate the cost of living in your desired area, as well as the ongoing maintenance costs associated with homeownership.