Rules are inherently restrictive, but if there’s one thing the mortgage industry does well, it’s circumvention.
For example, taking what appears to be a pretty small box and searching for openings to create a new niche product.
That’s exactly what Banc of California has done via their Banc Home Loans correspondent line, despite the many rules that define a QM loan.
Get a Mortgage One Day After Foreclosure or Short Sale
While the concept of getting a mortgage one day out of foreclosure isn’t necessarily new, Banc Home Loans is offering some pretty aggressive terms while staying within the QM realm.
For instance, they allow loan amounts of up to $1 million at 80% LTV for both purchases and rate and term refinances (owner-occupied only), even if you were foreclosed on yesterday.
You can even get a mortgage if your bankruptcy was discharged just two years.
In the $1 million to $2 million tier you can borrow up to 75% LTV, or as high as 70% between $2-$3 million. Not enough? Borrow $3-$4 million up to 65% LTV.
The only restriction is that you can only have one foreclosure or short sale on your credit report. So if you walked away from two properties, you’re out of luck.
Now you might be thinking there’s a high credit score requirement for this program, given the generous LTV thresholds and the lack of foreclosure/short sale seasoning.
But you’d be wrong – you can get this loan with a credit score as low as 660, which while not as low as what the FHA considers acceptable, is still on the lower end.
So you’ll have to hope your previous missteps didn’t derail your score too much. Assuming you started with a pretty healthy score, there’s a good chance you’ll be able to stay in this range and qualify.
At the same time, mortgage lates are perfectly acceptable, as are installment/revolving lates on other credit lines with an explanation. In fact, you’re allowed up to four 30-day late payments on other loans in the past 12 months.
However, collections that appear on your credit report will only be approved on a case-by-case basis.
All This and Still QM?
Yep. It’s simple really. The QM rules, while fairly extensive, only have a few key requirements beyond ensuring the borrower has the ability to repay the loan.
And this program does require full verification of income and assets, including pay stubs and tax returns, along with six months of PITIA.
Additionally, the max DTI ratio is 43% and there is no interest-only option offered via the program, or any negative amortization or balloon payments. The loan term is also the standard 30 years.
You can only take out an ARM with this program, either the 5/1 or 7/1, and you must qualify at anywhere from 2-6% above the start rate. In other words, you’ll need some decent income to stay under the crucial 43% DTI limit.
So there you have it. You can do some pretty aggressive stuff while staying firmly under the QM umbrella, though you can bet the underwriting will be pretty intensive.
For the record, first-time home buyers are not eligible for this program, which I suppose goes without saying, given it’s geared toward those who’ve previously lost their homes to the bank.
Read more: Get an FHA loan just one year after foreclosure, short sale, or BK!
Living in Oklahoma is more than just OK. This warm, welcoming South Central state has everything from booming industries like agriculture and aviation to vibrant cities full of country music, sports and delicious barbecue. Outside the cities, prairies, forests and lakes offer spots for outdoor recreation and learning about the state’s deep and rich history. So, yes, Oklahoma is more than just an OK place to call home.
On top of all that, the cost of living in Oklahoma remains low and affordable. Nearly all cost of living categories, from housing to groceries, falls below the national average. But some cities and towns are more affordable than others. This cost of living guide breaks down what it costs to live in different places around Oklahoma so you can find the best place for your lifestyle and budget.
Oklahoma housing prices
Housing is one of Oklahoma’s most affordable cost of living areas. Housing prices in all major cities and towns are well below the national average. In some areas like Muskogee, it’s as low as 47 percent below the national average. But rental rates and the cost of buying a house can vary widely throughout the state. Luckily, Oklahoma has plenty of cheap places to live. Let’s look at the average rents and housing costs in cities and towns around Oklahoma.
Broken Arrow
Located in the northeastern part of the state, Broken Arrow is a popular suburb of Tulsa. The area is full of family-friendly things to do like exploring the Ray Harral Nature Park and spending time shopping and dining in the historic Rose District.
Another reason Broken Arrow is such a popular place to live in the Tulsa area is because of its affordable housing. The cost of housing here is 21.1 percent below the national average. Its attractively low housing costs appeal to everyone from families to young professionals working in Tulsa.
The average rent for a one-bedroom apartment is $1,096 per month, up 10 percent from last year. The cost for a two-bedroom apartment is up 13 percent to $1,284. However, three-bedroom units are down 57 percent to $900. At those prices, it’s better to rent the larger space and use the spare bedrooms as a home office or get roommates.
Compared to the national median home price of $430,982, buying a house in Broken Arrow is also very affordable. The housing market here is up 20.4 percent from the previous year. If you’re looking to become a homeowner in Broken Arrow, the median sale price here is $277,000.
Edmond
Edmond forms part of the larger Oklahoma City metro area. Located along the northern part of the metro area, an abundance of parks, low crime and safe neighborhoods endear this city to families. While all the big-city attractions of O.K.C. are close at hand, Edmond has its own active social scene, with dining, art and nightlife.
Overall, Edmond’s housing costs are 20.1 percent below the national average. If you’re looking for affordable housing within the O.K.C. metro area, Edmond is a great option. One-bedroom apartments are available for $852 a month and two-bedroom units for $1,037. There hasn’t been a lot of growth in the local rental market. These rates have only climbed 7 percent and 1 percent, respectively, since last year.
The housing market in Edmond has seen a bit more growth, climbing 16.1 percent from the previous year. With the median sales price of $358,750, Edmond is the most expensive city to buy a house in our highlighted Oklahoma cities.
Enid
With just over 50,000 residents, Enid is Oklahoma’s ninth-largest city. Located in the north-central part of the state, the city is well-known for its long-running symphony. Full of parks and family-oriented activities like children’s museums, it’s heralded as a great place to raise kids in a safe, friendly community.
Housing prices here are also 25.1 percent below the national average. Your friends in major coastal cities won’t believe what you pay for an apartment. One-bedroom apartments go for an average of $525 per month. Two-bedroom apartments are around $625. Both these numbers have held steady since last year, with no growth or decrease.
Enid is also an extremely affordable place to purchase a house. The housing market here has dropped significantly over the past year, decreasing an astonishing 82.7 percent. The median sale price for a house in Enid is only $39,900. If you have dreams of owning a home in Oklahoma, Enid is the place to set down roots.
Oklahoma City
Oklahoma’s capital city is a hub for eclectic art ranging from galleries to street art murals, culture, dining, history and entertainment. It’s also the largest city in the state. Locals living here have access to everything from world-class museums to cheering on their hometown sports teams. The city is affectionately referred to as O.K.C. and its overall cost of living is one of the most affordable in the state.
Housing costs here are 30.4 percent below the national average. You can find a one-bedroom apartment for $997 and a two-bedroom unit for $1,327. These numbers are up 7 and 24 percent, respectively, from the previous year.
O.K.C.’s housing market is also experiencing growth, rising 15.2 percent from last year. If you want to buy a house in the state capital, $265,000 is the median sale price.
Tulsa
Known for its dazzling Art Deco architecture, sports and arts and culture scene, Tulsa is Oklahoma’s second-biggest city. When not learning about the city’s history at venerated institutions like Greenwood Rising, which documents the 1921 Tulsa Race Massacre, or partaking in the multicultural food scene, locals spend time hiking, fishing and boating outside the city in the lush “Green Country” region.
The cost of housing here is 36.5 percent below the national average. But rates here have been climbing over the past year for both rent and home ownership. The cost of a one-bedroom apartment has risen 34 percent to $929. A two-bedroom apartment comes with a price tag of $1,109 per month, which is 24 percent higher than last year.
Compared to other major OK cities like Oklahoma City, buying a house in Tulsa is the most affordable in a big Oklahoma metro area. Rates have risen 18.4 percent from last year, making the median sales price $225,000.
Oklahoma food prices
From fried okra to barbecue to Indian tacos, Oklahoma is famous for its homegrown cuisine and dishes. Oklahoma also has a booming agriculture and farming industry. Overall, food costs in Oklahoma fall 5.4 percent below the national average. With Okies spending between $200 and $233 per month per person on food, that puts Oklahoma among the lowest states for food costs.
This is how food costs in these different Oklahoma cities compare to the national average:
Edmond is 11.5 percent below the national average
Oklahoma City is 7.8 percent below the national average
Enid is 7.3 percent below the national average
Tulsa is 5.6 percent below the national average
Broken Arrow is 4.5 percent below the national average
Food costs here are closer to the national average than in other areas like housing. Edmond is the least expensive city for groceries in the state. Broken Arrow is the most expensive. Buying a dozen eggs in Edmond costs $1.38 compared to $1.85 in Broken Arrow. But lower or higher averages may not always be reflected in prices for specific items. A half-gallon of milk actually costs less in Broken Arrow at $2.18. In Edmond, it costs $2.28. A half-gallon of milk is most expensive in Enid, costing $2.48.
With so many different and delicious kinds of food available around the state, Oklahomans have plenty of opportunities to dine out. Going out for a three-course meal for two will cost more in a big city compared to a small one. You’ll pay the most for a nice date night meal out in Tulsa at $46.50, followed by Oklahoma City at $45. But in Edmond, it will only set you back $25.
Oklahoma utility prices
When paying for the cost of living in Oklahoma for utilities like water and electricity, Okies pay less than the national average throughout the state. Oklahoma gets the majority of its electricity and energy from natural gas and coal. But renewable energy like wind power and hydroelectricity are starting to account for more of its energy production. As the song goes, “when the wind goes sweeping down the plain” also makes for a significant renewable energy resource.
Here’s what you can expect to pay for utilities compared to the national average in these Oklahoma cities:
Broken Arrow is 6.9 percent below the national average
Tulsa is 6.9 percent below the national average
Oklahoma City is 6.5 percent below the national average
Edmond is 3.8 percent below the national average
Enid is 2.6 percent below the national average
Residents of metro areas like Tulsa and Oklahoma City pay less for utilities than more remote, isolated cities like Enid. In Broken Arrow, the monthly total energy bill comes out to around $150.78. As one of the priciest cities for utilities, total energy bills in Enid are around $163.59. The average water bill around Oklahoma is $33.
Internet is also another important modern utility. Internet is less expensive in big cities like Tulsa, where a 60 megabits-per-second package costs $66.22. But in Edmond, the same level of spend and access costs $77.
Oklahoma transportation prices
Using public transportation is a great way to reduce commuting time and save money on gas and other vehicle costs. It’s also more environmentally friendly. Most Oklahoma cities and towns offer some form of mass transit to their citizens. For the most part, the cost of using public transit in Oklahoma cities is below the national average. Here’s how these different cities stack up to the national average:
Enid is 12.8 percent below the national average
Broken Arrow is 12.2 percent below the national average
Oklahoma City is 10.1 percent below the national average
Tulsa is 7.4 percent below the national average
Edmond is 6 percent below the national average
Public transportation costs are lowest in Enid, where the city operates an on-demand rideshare service costing $2 per ride. Edmond’s Citylink bus service is free to the public, with five different bus routes through the city and connecting to Oklahoma City. Let’s dive further into the more extensive mass transit systems in Tulsa, Oklahoma City and Broken Arrow.
Tulsa Transit in Tulsa and Broken Arrow
Tulsa Transit offers bus-based public transit to Tulsa and nearby Broken Arrow. It has 21 different routes throughout the area. Service is limited within Broken Arrow, but residents have access to a Park & Ride express that connects Broken Arrow to downtown Tulsa. Starting fares are $1.75 for a two-hour pass. A full-day pass costs $3.75 and a monthly pass is $45.
If you prefer to use your car to get around Tulsa and Broken Arrow, you may have to pay tolls on the Creek Turnpike. This 33-mile toll road forms a beltway around the eastern and southern parts of the city. Traveling the full length of the turnpike in a standard 2-axle passenger vehicle costs $3.00 with a PikePass and $3.75 without.
However, having a car may still be a necessity in Tulsa and Broken Arrow. Tulsa’s transit score is only 25. This means that most locals don’t live close to public transit or say that it’s necessary to have a car here. Broken Arrow scores even lower at 17. Tulsa fares slightly better for walk and bike scores. Although not the most walk- and bike-friendly cities overall with scores of 44 and 49, respectively, there are still pockets of town you can navigate by foot or bike. Broken Arrow’s walk and bike scores are even lower at 20 and 33. So, while you can definitely get around the Tulsa metro area by bike, you should have a car, as well.
EMBARK in Oklahoma City
Consisting of buses and streetcars, EMBARK provides public transit throughout Oklahoma City and its metro area. Riders have a choice of 22 different fixed bus routes and two different streetcar routes around the city center. A single trip costs $1.75 for a bus ride and $1 for the street car. You can use both buses and street cars with an unlimited pass, which cost $4 for a day, $14 for a week and $50 for a month.
Ferries and water taxis also travel along the Oklahoma River in the heart of town. The public transit ferry travels between five different landings along the river. Using this service costs $12 a day. The Bricktown Water Taxis travel along the river through the popular Bricktown District, costing $13. However, both these services are primarily aimed at tourists and are not the most economical or efficient means of commuting or getting around town.
While there are no toll roads within Oklahoma City, there is one outside of town. The Turner Turnpike connects Oklahoma City to Tulsa. Using the full toll road costs $4.50 with PikePass and $5 without.
Most likely, it’s necessary to have a car in Oklahoma City, as well. The transit score is a low 22. Some districts and neighborhoods, especially in the city center, are good for walking and cycling. But Oklahoma City’s walk and bike scores are still low, with the walk score is 43 and its bike score is 48.
Oklahoma healthcare prices
Healthcare is one of the few cost of living areas where some Oklahoma cities exceed the national average. Overall, Oklahoma ranks among the bottom states for quality of healthcare, access and public health in general. It’s important to note that determining an accurate healthcare average is difficult due to how variable healthcare costs are per person. Due to factors like pre-existing conditions or insurance plans, some people within a certain city may pay far more for healthcare than other locals.
Although personal circumstances vary, it’s recommended to see your doctor, dentist and optometrist on an annual basis. This allows you to stay on top of your health. Here’s what it costs to go to the doctor’s office in these different Oklahoma cities:
Enid: $150
Tulsa: $128.67
Oklahoma City: $104.67
Broken Arrow: $98.83
Edmond: $96.41
Enid soars above the other cities with the priciest doctor visits while Edmond takes the lowest spot. You’ll also be paying a lot to visit the doctor in different metro areas. Considering Enid’s high healthcare prices, it’s no surprise that its healthcare average tops the national average. Here’s how the other cities fare compared to the national average:
Broken Arrow is 11.4 percent below the national average
Edmond is 7.4 percent below the national average
Tulsa is 1.4 percent below the national average
Oklahoma City is 1.1 percent above the national average
Enid is 2.5 percent above the national average
Healthcare costs in Broken Arrow are the lowest below the national average. Right in its own metro area, though, Oklahoma City’s healthcare costs peek over the national average. But the cost of specific types of care does vary by city, as well. For example, Enid has the lowest price for a dental check-up. Going for a cleaning and check-up in Enid costs $85. But in Oklahoma City, it’s $118.
Oklahoma goods and services prices
The final cost of living category to consider is miscellaneous goods and services. This category covers important but non-essential activities and goods. Some relate to leisure and lifestyle, like going out to the movies. Others are for buying goods like toothpaste.
Since Oklahoma is overall an inexpensive state, for the most part, these goods and services fall below the national average in terms of cost:
Oklahoma City is 13.5 percent below the national average
Enid is 11.6 percent below the national average
Edmond is 7.9 percent below the national average
Broken Arrow is 6.4 percent below the national average
Tulsa is 3.3 percent below the national average
But it’s not completely black and white. Individual costs do vary by city, though. The most expensive place to get a haircut is Broken Arrow at $21.75. Edmond offers the cheapest price at $16.17. Going to the movies costs $6.09 in Enid compared to $9.84 in Tulsa.
With its wide-open landscapes, friendly cities and low cost of living, Oklahoma is a popular place to raise kids and have a family. If that’s the case for you, you also need to consider childcare costs as part of a monthly budget. You’ll find the most affordable childcare in bigger cities. A month of private preschool or kindergarten for one child costs $795.86 in Tulsa and $500 in Oklahoma City. But in a smaller city like Edmond, you’re looking at a big price jump to $1,000.
Taxes in Oklahoma
Oklahoma’s state sales tax is 4.5 percent. To put that into real-life figures, for every $1,000 you spend on delicious Oklahoma barbecue, you’re paying an extra $45 in tax.
Some cities and counties add their own local taxes to the statewide rate. In some areas, the number jumps significantly.
Enid has a combined tax of 9.1 percent
Broken Arrow has a combined tax of 8.42 percent
Oklahoma City has a combined tax of 8.63 percent
Tulsa has a combined tax of 8.517 percent
Edmond has a combined tax of 8.5 percent
As you can see, you’ll be paying the most sales tax living in Enid. Instead of $45 in tax for every $1,000 spent, you’d be spending $91. That’s a big jump.
How much do I need to earn to live in Oklahoma?
Oklahoma’s cost of living is low and likely within the budget of a lot of people. But there’s one way to determine if living in Oklahoma fits your budget. Experts recommend that you only spend 30 percent of your gross monthly income on housing. This is because housing is usually your biggest monthly expenditure. By only paying 30 percent, you leave plenty left over for other necessities like groceries, taxes and fun activities.
Since the average rent in Oklahoma is $797, you’d need to make $2,656 monthly or $31,872 annually to fit the 30 percent rule. Oklahoma’s median household income is $53,840, so most residents should comfortably afford housing and all other cost-of-living essentials here.
To figure out what city in Oklahoma best fits your budget, use our rent calculator.
Living in Oklahoma
With low prices for everything from housing to groceries, the cost of living in Oklahoma is just one of the benefits of living here. In addition to saving more on essentials, you also get to live in a state that offers equal-parts exciting cities full of history and culture and vast landscapes. As the song goes, the land we belong to in Oklahoma is grand and affordable to boot. You’re doing fine, Oklahoma!
Related articles
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022. Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
While federal or state tax debt doesn’t show up on your credit report, it can have an impact on your credit down the line. Find out more about how tax debt impacts your credit, including your ability to pay debts and get loans, below.
In This Piece:
Does the IRS Report to the Credit Bureaus?
The IRS doesn’t report tax debt or payments to the credit bureaus. So, your credit won’t take a direct hit if you’re late on a tax payment. At the same time, you won’t get any sort of positive credit impact for making payments on tax bills on time.
Credit bureaus only report items that are reported to them. Creditors, such as banks and credit card companies, report account information to one, two or three of the credit bureaus. They aren’t required to report to any or all of them, which is why your credit report can be different with each major bureau. The IRS doesn’t report at all, even if you sign an agreement with them to pay off your tax debt in installment payments over time.
Tax liens, which are public records, used to show up on credit reports and seriously impact credit scores. However, in April 2018, the three major credit bureaus agreed to remove tax liens and some other types of public records from credit reports, so they no longer show up.
Consequences of Not Paying Your Taxes or Paying Them Late
If you don’t pay your taxes on time, you can incur interest, fees, and penalties. These amounts substantially drive up how much you owe in taxes, leaving you struggling financially to manage your budget. You might miss payments on other types of debt as you try to pay taxes, and those other missed payments may be reported to the credit bureaus. That can reduce your credit score.
Another tactic for paying off rising tax debt involves taking out a personal loan or using credit cards. This can increase your credit utilization ratio, which can also drive down your credit score.
Tax Liens
If you go for a period of time without paying your taxes or making arrangements with the IRS to do so, the federal government may issue a tax lien. This is true for state tax debt too.
Tax liens are assessed on property you own, such as a home or car. A lien puts the IRS or other tax agency in line to receive profits from the sale of the property in the future. For example:
Levies
Another consequence of not paying your taxes can be a levy. A levy occurs when your property is seized to cover a tax debt. Types of properties that might be levied include homes, cars, certain types of personal property and even cash in bank accounts.
Wage Garnishments
The IRS may also be able to get an order for a wage garnishment. This means a certain amount of every paycheck is paid to the IRS by your employer, reducing how much you take home.
Problems Getting a Loan
While tax debt doesn’t get reported to the credit bureaus, liens are public record. Lenders can look up public records to find out if you have any tax liens, and this can inhibit your ability to get a loan. This is especially true if you’re trying to get a mortgage. Lenders usually require that you make good on any existing tax liens before you can qualify for a mortgage.
What to Do When You Can’t Pay Your Taxes on Time and in Full
None of these consequences occur just because you can’t pay your taxes in full on April 15 of the year. The IRS has programs in place to help people pay their tax debt over time. It’s important to communicate with the IRS as soon as you know you can’t pay your tax debt so you can get an installment plan. If you’ve never had an installment plan and your tax debt is under a certain threshold, you can usually qualify automatically for a payment plan.
Do What’s Best for Your Finances
It’s important to consider your entire financial picture when making decisions about your taxes. If you owe a lot of money to the IRS, consider reaching out to a tax attorney or professional to find out if there are any relief programs you might qualify for. And keep an eye on your credit so you understand what’s impacting it and how you might improve it. Get started with ExtraCredit to see your credit reports and 28 of your FICO scores.
In recent years, many colleges have changed their college admissions testing policies, making standardized tests like the SAT optional, and placing more emphasis on other factors, such as GPA and essays. One reason for the shift is a growing concern that these tests tend to unfairly reward students with more wealth and access to test prep courses and tutors.
The SAT might be dropping as a requirement for admissions to some colleges, but the number has an impact beyond just getting into a school. Read on to learn how SAT requirements are changing, but why taking the SAT and submitting your score can still be helpful.
How SAT Requirements Are Changing
The number of colleges dropping SAT scores as a requirement for admission is growing. However, policies vary from school to school and from admission year to admission year, so students might want to double- and triple-check before assuming that their dream school doesn’t want to see their standardized test score.
A “test-optional” policy allows applicants to decide whether or not they want to submit their SAT or ACT scores to a college. This means that you can take the SAT (or ACT) and, based on how you do and how those scores compare to the average SAT score of admitted students, can decide whether or not you want to submit the score with your application.
Less commonly, colleges will have a “test-blind” or “test-free” policy. This means that even if a student submits SAT or ACT scores, the school will not consider them during the application process.
While some schools no longer require or consider their applicants’ SAT scores, others are making it easier to put your best foot forward with scores. Many colleges and universities, including the common application, now allow applicants to submit their SAT superscore.
An SAT superscore allows you to mix and match individual section scores from different test dates to come up with a “superscore” that is higher than the SAT score from a single sitting.
For some, this takes off some of the pressure of standardized testing. It means if a student feels off on one section, they can use a higher score from a previous test to get their best score possible.
Two other major recent changes to the SAT come from the College Board (which creates the test) itself: The SAT no longer contains the essay or subject tests. This means you no longer have the option to take — or submit — these tests. 💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.
How SAT Scores Still Matter
Colleges and universities might be changing their guidelines about requiring SAT scores, but standardized tests still matter not only in the admissions process but beyond.
Here are some reasons why the SAT and a student’s score still matter:
• Avoiding the SAT could limit options. A student’s target school might not require an SAT score, but what about their safety or reach options? Bypassing the SAT test altogether could end up limiting a student in where they can apply to schools. With no test score at all, they may be limited to schools that don’t require an SAT score, potentially missing out on another great option for them. Forgoing the SAT test completely could mean dramatically cutting off a student’s options before the application process even begins.
• Considered, but not required. Some schools no longer require SAT scores for applicants, but will still consider them if submitted. Sharing SAT scores can help give admissions officers a more comprehensive picture of the applicant. In addition, if the school is particularly competitive, a strong standardized test score could help a student stand out.
• Scholarship eligibility. Some universities and nonprofits require an SAT score when applying for merit scholarships. Without an SAT score, applicants might be ineligible, losing out on an opportunity to get funding for education.
• They’re just a piece of the puzzle. SAT scores aren’t the only thing college admission boards consider. They’ll also look at a student’s GPA, extracurriculars, essays, recommendations, and more. No applicant is just a number, and the SAT score is only one small part of a student’s profile. Oftentimes, the score serves only as a screening tool in the beginning and is considered less and less the further a student progresses in the admissions process.
• Testing out of college courses. Applicants might not need SAT scores to apply to a school, but providing them might make them eligible to test out of core classes. In some schools, SAT scores might determine placement into, or out of 101 classes all students are required to take. Testing out of these courses could lead to graduating faster or spending less on higher education.
While students might not need an SAT score to get into their dream school, preparing for and taking a standardized test could help them secure admission, scholarships, and entry into higher-level courses. 💡 Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.
Another Number that Matters: Financing Your Tuition
A student’s SAT score isn’t the only number they’ll have to consider during the admissions process. Another important figure is the cost of tuition, and students will have to start thinking of how they can pay for their education.
On top of federal student loans and scholarships, students might consider private student loans. These are educational loans available through banks, credit unions, and online lenders. Unlike federal student loans, private loans typically don’t come with benefits like income-driven repayment plans and loan forgiveness options — which is why it’s best to apply for federal student loans first.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
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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.
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.
If you’re looking for the archetypal New England lifestyle, Vermont is a dream come true. This idyllic New England state has lush forests, rolling mountains and scenic lakes. Covered bridges and charming towns dot the landscapes, giving locals near-instant access to hiking, boating and skiing in the winter. Every fall, Vermont cities are also treated to the spectacular display of the changing foliage. All those tree-filled forests also help produce Vermont’s famous maple syrup.
Unfortunately, living in the Green Mountain State will also cost you a fair amount of green. The overall cost of living in Vermont is 16.9 percent higher than the national average. But don’t despair. Understanding how the cost of living breaks down around the state will help you find the right place in Vermont to call home. Let’s dive into the cost of living in different cities around Vermont and what you can expect to pay for various necessities like housing or groceries.
Vermont housing prices
Housing costs in Vermont are the most expensive cost of living category in the state. Considering that Vermont exclusively has small cities and towns, the cost of housing is discouraging. Everyone wants a taste of that charming small-town life, but such towns also have limited housing and space to grow. However, there are still ways you can find affordable housing even in the biggest city. Let’s take a look at what rents are like in Vermont’s largest city.
Burlington
Located on the shores of Lake Champlain, Burlington is Vermont’s most populous city with 44,781 residents. Together with nearby South Burlington, it makes up the greater Burlington-South Burlington metro area. This vibrant college town is home to the University of Vermont and Champlain College. As such, the town has a lively urban center and is a regional hub for art, culture, dining and shopping. It’s considered one of the best places to live in the state.
The cost of housing in this college town is 37.1 percent higher than the national average. Usually, housing in college towns is more on the affordable side. But if you want a unit larger than a one-bedroom for a reasonable price, you may need to find roommates. One-bedroom apartments in Burlington go for an average of $1,100 per month. This amount is down 29 percent from last year.
But two-bedroom units are truly expensive at $1,975 a month. That number is also down 18 percent from the previous year. Three-bedrooms are slightly cheaper at $1,725 with no change from last year. Although pricey, both one-bedroom and two-bedroom units in Burlington go for less than the national average.
Burlington’s housing market isn’t much better, either. Prices have jumped 27.2 percent from last year, making the median sales price for a home in Burlington around $605,000. That’s quite a jump from the national median sale price of $430,695.
Vermont food prices
Going to the grocery store or dining out is also going to cost you big in Vermont. Many locals complain that they pay a lot more for food here. The data backs it up. Grocery costs in Burlington are 3.7 percent above the national average. Vermonters are also among the top states for annual food spending. In a year, the average Vermonter will spend over $4,001 annually on food per person. That’s over $333 per month.
To illustrate how these high averages look in real-time when browsing the aisles of a Burlington grocery store, let’s look at the costs for some basic food items. A dozen eggs cost $2.23. For comparison, these dozen eggs would cost $2.07 in the neighboring state of New Hampshire. Picking up a half-gallon of milk in Burlington will set you back $3.25. Grabbing some steak? It comes out to $13.20. Add rising inflation to these costs and grocery bills around Vermont are skyrocketing.
It’s not just grocery costs that are high. Higher food costs overall also impact prices at local restaurants. If you want to go out on a fancy date night for a three-course meal, it will cost around $60. In the state capital of Montpelier, the cost jumps 27.27 percent to $82.50.
Vermont utility prices
One thing about the cost of living in Vermont is that you can feel good about paying for utilities like electricity. The vast majority of its electricity comes from renewable resources like hydropower. In fact, Vermont has been one of the forerunners in leading the renewable energy charge. If knowing your power is coming from a more sustainable source is important to know, Vermont is one of the best states to live in.
Living in Burlington, your utility costs are about 22.2 percent above the national average. That means your total energy bill for the month will come out to around $249.93. But it’s for a good cause. In 2015, Burlington became the first city to run completely on renewable energy in the U.S. On both the state and local levels, Vermont is a pioneering force for renewable energy in modern cities.
Another important utility to consider is the internet. Lots of smaller towns and rural areas around the state still lack high-speed internet. Luckily, Burlington boasts high-speed connections for about $81.43 a month for a 60 megabits-per-second package. In a college town, having good internet is a necessity. If you plan to live in Burlington or in major towns like Montpelier or Stowe, having access to the internet isn’t a problem. But other places throughout the state aren’t as well-connected. Luckily, plans are in the works to bring high-speed internet to other parts of the state. The average internet bill in Vermont is $30, compared to the national average of $56. So, internet cost and access vary widely throughout Vermont. If internet access is a necessity for you, that’s something to consider when deciding where to live.
Vermont transportation prices
Similar to other costs of living categories in Vermont, the price of transportation in Vermont is higher than the national average. In Burlington, transportation is 19.3 percent above the national average. Not every town in Vermont has public transportation. But, most of the bigger cities and towns like Rutland and Montpelier do operate bus routes. Inter-city and regional bus routes exist, as well.
Green Mountain Transit Authority in Burlington
Consisting of a fleet of buses, Green Mountain Transit Authority provides mass transit services to Burlington, Chittenden County and neighboring cities like Montpelier. Fares vary by local routes in different counties. In Chittenden County where Burlington is, a single adult fare costs $1.50. A monthly pass is $40. However, Green Mountain Transit Authority buses are all currently fare-free through June 30, 2023. So, if you use the bus to get around Burlington, you’ll already be saving money on things like gas and parking.
As a close-knit college town, it’s also easy to get around Burlington on foot or by bike. The town boasts a high walk score of 69 and an even higher bike score of 81.
Vermont healthcare prices
Vermont is often heralded as being one of the healthiest states in America. Healthcare costs here are higher than the national average. But Vermonters are clearly receiving top-notch care for such high prices toward the cost of living in Vermont. However, it’s important to note that healthcare costs vary widely by person. Based on factors like pre-existing conditions or higher-priced prescription drugs, two people living in the same town may pay wildly different rates for healthcare. That’s why it’s so difficult to determine accurate healthcare averages. But to give you a rough baseline, Burlington is 11.7 percent above the national average. A doctor’s visit will cost about $126 on average.
Going to the dentist in Burlington is even more expensive at $137. For those prices, though, you’re being seen at some of the state’s premier medical facilities.
Vermont goods and services prices
Since most of Vermont’s other cost of living categories exceed the national average, naturally, the cost of miscellaneous goods and services is also higher than the national average. This category covers all assorted spending for non-essential but still important items and services like getting a haircut or going to the dry cleaners. In Burlington, these costs are 1.8 higher than the national average.
If you spill some sticky Vermont maple syrup on your shirt, taking it to the dry cleaners will run you a bill of around $22.95. Going to get a haircut will cost about $24. If you want to see a movie, tickets are around $11.75.
There’s another important subcategory of miscellaneous goods and services you need to consider. That is the cost of childcare. Sadly for parents in the Burlington area, you’ll be paying the most to have someone keep an eye on your kids. A month of private preschool or kindergarten comes with a hefty price tag of $1,138.67. But in the state capital of Montpelier, it’s only $300. That’s a price difference of 279.56 percent.
Taxes in Vermont
Vermont’s statewide sales tax is 6 percent. If you go out and buy $1,000 worth of premium Vermont maple syrup, you’ll be paying $60 on top of that for tax.
Burlington adds a 1 percent city tax onto the state sales tax, making the combined tax rate 7 percent in the city.
A $10 difference is rarely a big deal. But with prices being what they are in Vermont, $10 is the difference between picking up some extra grocery items and not.
How much do I need to earn to live in Vermont?
The cost of living in Vermont is clearly up there. So, does it fit with your budget? When considering if you can afford to live somewhere, the most important category to consider is housing. This is because housing costs usually take the biggest chunk out of your monthly budget. The general rule of thumb is that you should only spend around 30 percent of your gross monthly income on housing.
Considering that the average monthly rent in Burlington is $1,100, you’d need to make $3,666 a month to adhere to the 30 percent rule. Annually, that comes out to an income of $43,992. Vermont’s median household income is $63,477. So, even though housing costs are higher here, higher household incomes offset it.
To figure out what part of Vermont fits your budget, use our rent calculator.
Living in Vermont
Vermont is definitely not the cheapest state to live in. Everything from food prices to housing costs is higher than the national average. But you get a lot of bang for your buck here, too. From friendly communities to beautiful landscapes, it’s a wonderful place to call home if you want to connect with nature and live a more relaxed lifestyle. That is if your budget can accommodate the cost of living in Vermont.
The Cost of Living Index comes from coli.org.
The rent information included in this summary is based on a calculation of multifamily rental property inventory on Rent. as of June 2022.
Rent prices are for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Zoe Baillargeon is an award-winning writer and journalist based in Portland, Oregon, where she covers a variety of beats including travel, food and drink, lifestyle and culture for outlets like Apartment Guide, Rent., AFAR.com, Fodor’s, The Manual, Matador Network and more. In her free time, she enjoys traveling, hiking, reading and spoiling her cat.
The Federal Housing Finance Agency’s move toward advanced credit scores represents a big change for two mortgage-related government-sponsored enterprises and home finance. While many in the mortgage industry fear that the planned timeline for implementation isn’t sufficient, those who have worked with those measures in other industries share the FHFA’s more optimistic view.
“They’re going to have two years to do this, it’s not like they were given a week,” said John Ulzheimer, a professional witness who previously worked in the credit reporting and scoring industry. “It’s a matter of prioritizing programming and risk management resources.”
That said, it’s a bigger deal for the mortgage industry than others to shift to FICO 10T and VantageScore 4.0, those outside of it acknowledge.
“It’s a pretty considerable change,” Ulzheimer said. “The entire industry is going to catch up on basically two decades of technology when they flip the switch.”
The move to advanced scores is more complex for the FHFA because it is less a lender-by-lender decision but involves a large player that serves as a central hub for many stakeholders, said Joanne Gaskin, vice president of scores and data analytics at FICO.
“There’s a difference in how the mortgage industry is interconnected, versus the credit card lenders, where there’s one party that has to make the decision,” she said. “With mortgage lending, you’ve got the originator, GSEs, investors, and maybe there’s a broker, rating agency or private mortgage insurer. It’s just much more complex.”
But this isn’t the first time the mortgage industry has had to deal with a change in the broader credit reporting system and some of that past experience is somewhat heartening because it boosted leads for home loans.
Consumer Financial Protection Bureau found increases in first-lien mortgage inquiries during the first quarter after medical collections records were removed from the credit reports from the three main bureaus. Inquiries also went up during the last quarter in which a medical collection tradeline gets reported.
With the change estimated to remove one medical collections tradeline from 22.8 million people and remove all such records for 15.6 million, it appears it likely has or is creating a group of more mortgage-ready customers in cases where that’s enough to raise their scores sufficiently.
That suggests VantageScore’s claims that it could bring in at least 10 million mortgage customers in line with FHFA use of the model and FICO’s estimate for a 5% increase also could materialize, depending on the execution.
Granted the medical collections change was much different than the larger transition underway at the FHFA, the former being a largely a matter for the credit bureaus rather than the mortgage industry, for one. And mortgage professionals interviewed for this series had mixed opinions about whether it made a difference as far as borrower interest.
But it does show how moving some ad-hoc practices used in mortgage underwriting into credit reporting and scoring can be a natural progression.
While the medical reporting removal does have its skeptics who think its longtime inclusion in reporting and scoring may mean it has been predictive of credit concerns, mortgage lenders say they had some comfort with it because there have been some exceptions for it in underwriting.
“The Federal Housing Administration in particular and conforming markets as well have stated some conditions where medical collections don’t apply in their credit risk factoring,” said Dustin Martin, a mortgage underwriting training manager at Embrace Home Loans.
Fannie Mae, the larger of the two major government-sponsored enterprises buying U.S. mortgages and one the FHFA’s charges, has used the kind of trended data and rental payment information and on a one-off basis in underwriting.
That could give the industry some comfort in the FHFA transition. Those two types of data primarily distinguish the advanced credit scores the FHFA will be adopting and other consumer finance industries like credit cards have been using them to good effect, Gaskin said.
“We know that rental data, assuming the consumer is paying as agreed, can be a real positive,” Gaskin said, noting that the same is true for trended data, which involves tracking the payment histories in credit accounts over time rather than based on snapshots of activity.
Updating the scores is much more powerful than just using certain new data elements within them separately in underwriting, said Rikard Bandebo, chief product officer at VantageScore.
“The first thing [lenders] check is a person’s credit score, then they go through the underwriting process. So if all these people that have rental data, but it wasn’t included in the credit score yet, they can’t get past whatever the threshold is. Let’s say it’s a 620 and they had a 605. They can’t get past the point, right? That’s why so many millions of consumers are being excluded today from this system,” he said.
There are generally certain trends seen when credit measures get updated in consumer finance, according to Ulzheimer. While mortgages usually have a higher payment priority than other loan types that could cause them to differ, they’re likely to follow the same pattern.
“Normally, the way it works, when you compare score distributions from newer versions relative to older versions is there’s this flattening of the curve, where you have more people scoring in the tails and fewer people scoring in the meaty part,” said Ulzheimer.
Inside: Dreaming of ways to make money fast as a woman? Stop dreaming and take action. These are genius ways of making money online and at home.
Making money fast is crucial for maintaining a comfortable lifestyle, especially in the face of rising living costs. It can be the key to financial stability, providing additional funds to support and enjoy your lifestyle.
As a woman, you need to know how to make money fast.
This isn’t just about getting rich quickly. It’s about women gaining the freedom to live independently without financial constraints.
The feeling of financial security lessens stress; not having to worry over unexpected expenses plays a big role in your overall well-being.
This is what you want to do – make money fast!
Good news! You are in the right spot and I’ll show you my favorite ways to make money online.
Get into the right mindset, ladies! Making money fast isn’t just possible, but also liberating.
How can I make easy money ASAP?
Making easy money quickly can be achieved in various ways that utilize your skills and knowledge.
First and foremost, consider your own skills and expertise, and determine whether they could apply to jobs like cake baking, childcare, bookkeeping, house cleaning, or freelance writing.
This will tell you the easiest way for you to make money quickly. For me, I prefer to trade options in the stock market. Whereas someone else may choose babysitting or dog walking.
You need to find how to make money fast and we will help you with that decision.
Why Making Money Fast is Important
1. Makes it possible to live comfortably 2. Enables you to afford the best quality of life 3. Gives you the freedom to pursue your dreams 4. Gives you the freedom to live without financial constraints 5. Provides you with security and safety 6. Freedom to give back to your community 7. Freedom to choose how you spend your time 8. Opportunity to take risks and start a business 9. Provides you with a sense of power and control 10. Live without financial worry
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Are you passionate about words and reading?
If so, proofreading could be a perfect fit for you, just like it’s been for countless of readers! Learn how you can create a freelance business as a proofreader.
Check out this free workshop!
Bookkeeping is the most stable, reliable & simple business to own. This is how to make a realistic income -either part-time or full-time.
Find out TODAY if this is THE business you’ve been looking for.
How can I make a lot of money in hours?
Making income in a matter of hours for a woman is entirely feasible with a blend of freelancing, leveraging gig economy platforms, and capitalizing on your skills or assets. Here’s a quick guide for you:
Consider freelancing: Establish your writing, graphic design, or programming services on platforms like Fiverr or Upwork.
Dive into the gig economy: Sign up for TaskRabbit, Airbnb, or Turo to start earning.
Try online tutoring or content selling: Proficient in any subject or have strong graphic design skills? Go for tutoring or sell your content.
Indulge in buying & selling: If you’re good at purchasing low and selling high, then swap clothes or furniture, or even stocks.
Take online surveys or join market research groups on sites like Swagbucks for a rapid source of income.
Remember, time management is crucial for balancing multiple streams at once. Don’t forget to schedule wisely!
How to Make Money Fast as a Woman
No matter who you are, making money can be tough. But if you’re a woman, it can feel impossible.
From getting paid less than men for the same job to having a harder time getting promoted, the deck is often stacked against us.
Just so you know that making quick money in one day won’t happen overnight.
So, I’m going to tell you the best ways to make money fast as a woman.
1. Sell Services
Selling your skills or expertise is a fast, viable way to earn money. It’s all about utilizing what you already know to provide value to others.
Identify your marketable skills, such as cake baking, freelance writing, bookkeeping or even organizing spaces.
Brainstorm which of these services people could pay for.
Remember, you can tap into both physical tasks, like house cleaning or pet-sitting, and digital ones, like creating digital printables or offering consulting in your field of expertise.
Expert Tip: Launch your service with a few testimonials, helping to build trust with potential customers from the get-go.
2. Freelance
Freelancing is a savvy way for women to stack up earnings fast, offering flexibility and complete control over the workload. It’s a ticket to dodge conventional office politics and punch above your earning potential.
Start by identifying your freelance niche. You can be a writer, graphic designer, or anything you’re skilled at. Many people use their transferable 9-5 skills to side hustle.
Then, create your profile on platforms like Fiverr, Upwork or Guru – be sure to showcase your accolades.
Set your rates, then start connecting with clients looking for your talent.
Remember, success in freelancing is driven by quality and consistency. So, sharpen your skills and always exceed your client’s expectations.
Freelancing may start as a side gig, but with dedication, it can grow into a full-time job.
3. Become a Product Reviewer
Being a product reviewer is an intriguing job opportunity for those who enjoy sharing candid feedback about their experiences with various products.
As a product reviewer, you are required to assess products often sent to you from diverse companies.
Your role involves providing a comprehensive review that could range from making an unboxing video to writing a detailed article about the product’s features and performance.
This kind of job requires an unbiased perspective and the capacity to articulate your thoughts and experience in a detailed, user-friendly manner.
Companies value this form of direct feedback as it provides them with significant data about their product’s strengths and weaknesses as perceived by an end-user.
4. Virtual Assistants
As a woman, becoming a virtual assistant could be your fast lane to earning a substantial income.
This is especially a great option if you’re excellent in organization and time management along with the need for flexibility.
For many becoming a virtual assistant with no experience is possible. And very lucrative.
Finally, for your best shot at success in this field, taking a course to improve your learning curve is extremely helpful.
Potential to earn up to $43,000 per year.
5. Sell Your Crafts
Ladies, have you thought of turning your love for crafts into a profitable venture?
Find out what crafts are in demand. The higher the demand, the more profitable it would be to make and sell these crafts.
Remember, profitability hinges on what you sell and how much you sell. Happy crafting!
While you are limited on what you can earn by what you can make, it is possible to make money doing something you absolutely enjoy.
6. Stock Trading
Stock trading may seem daunting but it can be a quick route to financial independence, especially for women.
With the right tools, information, and mindset, you can swiftly navigate the market and amplify your earnings. In fact, this is something Teri Ijeoma did herself.
Educate yourself on the basics before you invest. This is exactly what I did and my investment has paid off.
Always be aware of the risks involved in stock trading and proceed cautiously. However, building up an investing education is a wise decision.
Learn how fast can you make money in stocks.
7. Babysit
Babysitting is a versatile side hustle offering flexible hours and good earning potential.
It’s an ideal opportunity if you’re seeking quick, extra income and enjoy children.
Obtain optional certifications like CPR and first aid to enhance your appeal. Visit platforms like Care.com, Sittercity, or Urbansitter to create your profile and connect with clients.
8. Transcriber
One field that remains highly overlooked is transcription.
A transcriptionist listens to audio files and converts them into written documents.
Gain a thorough understanding of the industry. Check out this free webinar to get the basics right.
Consider specializing in legal or medical transcription. These niches often fetch higher wages.
You could easily make $3000-$4000 monthly, working on your own schedule.
Remember, practice and precision can help you achieve a lucrative transcription rate.
9. House Cleaning
Cleaning can be a rewarding gig, especially if you like tidying spaces.
Despite recognizing the need for a clean home, many people often struggle to find the time or energy to routinely clean their homes. This is where the prospect of a housecleaning business arises.
Busy homeowners, parents juggling work and childcare, elderly individuals needing assistance, and even businesses needing regular cleaning services are all potential clients for a housecleaning business. This demand provides a consistent income flow for those offering cleaning services.
In fact, individuals transitioning into this field of work can negotiate their wages with clients, potentially earning more than $15 an hour based on the complexity and demands of the job.
10. Sell Printables on Etsy
Selling printables is an effective and lucrative method to generate passive income.
Once printables such as planners, calendars, and journals are designed, created, and listed for sale on platforms like Shopify or Etsy, they can consistently produce income without requiring continual input or maintenance.
According to several experts, one of the keys to making substantial profits from printables is to differentiate your products.
Building upon this idea of making money from printables, the free Printables Workshop by Gold City Ventures offers comprehensive insights into the process of creating and selling aesthetically pleasing printable products online. This accessible course can be an excellent starting point for beginners looking to navigate the printables market.
Selling printables on Etsy might be the perfect venture for you!
11. Dog Walking
Looking for a fun-filled way to make some quick bucks?
Dog walking could be the right side hustle for you, especially if you’re an animal lover.
Easy to find jobs for dog walking.
Suitable for people with flexible schedules.
Offers an active way to earn money.
Option to select your rates with platforms like Rover.
High demand especially due to increasing pet adoptions and busy pet owners.
You can work when you need to and not take clients when you don’t want too.
12. Make Money Blogging
Blogging is a popular and prevalent way to earn money. Many blog owners are women who want the flexibility to earn significant money at their own pace and schedule.
Earning money through blogging allows you to focus on something you’re passionate about. Any topic that can provide value to an audience can be blogged about. Targeting a niche that has been overlooked by existing blogs can increase your blog’s potential earnings.
Starting a blog doesn’t require formal training, but it does require a willingness and ability to write effectively for an audience.
By employing monetizing avenues, like affiliate marketing and advertising, a blogger can boost their earning significantly.
Despite the vast number of existing blogs, the industry is very accommodating toward new voices, especially female voices. Thus, knowing how to monetize a blog can offer women many opportunities.
Remember, blogging is not just about earning fast bucks, it also needs consistent efforts. It’s rewarding but can start slow.
13. Ride-Sharing
Ridesharing is an excellent opportunity for women looking to make fast money. With apps like Uber and Lyft, you can earn an income simply by offering transportation services.
Here are a few tips to increase your earnings:
Consider driving during peak hours, weekends, or during special events to cash in on higher demand.
Choose busy locations such as city centers and nightlife spots to increase your chances of getting rides.
Maintain good customer service and ensure safe driving to uphold your rating and receive more ride requests.
14. Office Cleaning
Considering the hustle and bustle of the daily grind, office cleaning can be an untapped treasure trove for women seeking quick cash. Given the high demand and flexible hours, it’s an ideal source of extra income.
You must identify office premises needing cleaning services. Reach out to the owners or management, and propose your services.
Think about offering your services to offices in your local area. It’s a fast way to make extra money while managing your other commitments.
15. eBay Arbitrage
Looking to earn some quick money? eBay Arbitrage could be the game-changer you need.
Aimed mostly at women who love shopping, it’s about buying products cheaply and selling them on eBay for a profit.
First, hunt for bargains in thrift stores, sales, or online markets.
Go with high-demand items; electronics, collectibles, or brand sneakers are a good start.
Then, create your eBay store and list your finds at a competitive but profitable price.
Track each item’s demand through keyword research and buyers’ reviews.
Remember to calculate potential profits inclusive of shipping costs and eBay fees.
Armed with the right strategies, you can start earning with eBay in no time!
16. Freelance Writing
Did you know your writing passion can become a quick buck-making engine? That’s right, freelance writing is a gold mine you ought to tap.
First, identify a writing niche you love. It’s easier to excel when you’re passionate about your work.
Continually hone your writing skills. The more you practice, the better you become and the more valuable your skills. Finally, don’t be shy to market your skills. Reach out to small businesses and startups—they often need freelance writers.
Remember, quality over quantity will earn you a solid reputation in the long run. Now, go turn those wordy wonders into wealth!
17. Online Surveys
Curious about making a quick buck? Engaging in online surveys can be a fast money-making method just for you!
You don’t earn a huge amount per survey but when taking multiple surveys, it will add up fast.
Here are the top legit survey platforms:
Use your free time wisely. Take surveys during work breaks or leisure hours.
Redeem points for PayPal cash or gift cards.
18. YouTube Channel Building
Building a YouTube channel can be an interesting and rewarding venture.
It provides an incredible platform to share your content, express your creativity, and engage with a global audience. Whether you want to showcase your talents, teach something unique or simply entertain, having a YouTube channel opens up many opportunities.
Effective engagement with your audience is vital.
Last but not least, patience is something you will need in abundance. Building a successful YouTube channel takes time, so don’t lose hope if you’re not seeing immediate results.
Remember, there’s no limit to what you can achieve with your YouTube channel. It all comes down to how creatively you can use this platform to engage with your audience and grow your presence.
19. Bookkeeper
In our increasingly digital age, online bookkeepers are in high demand, with more businesses choosing to move their financial operations to the online platform. This shift in business operations has created a robust opportunity for those trained in bookkeeping to tap into the market and earn income while working from the comfort of their homes.
To be successful as web-based bookkeeper, you need to be well-organized and have previous experience dealing with numbers. However, even without a formal accounting education, individuals can take advantage of online learning platforms like Bookkeepers.com to learn and sharpen their bookkeeping skills for free.
Becoming a virtual bookkeeper is not just a fantastic full-time job opportunity; it’s also an excellent side hustle for women and mothers proficient with numbers. It provides flexible hours and allows the freedom to work from anywhere, making it ideal for those juggling multiple responsibilities.
The financial compensation for an online virtual bookkeeper is quite significant. On average, bookkeepers can earn at least $50000 a year helping business owners manage their finance and bookkeeping online.
20. Start a Dropshipping Store
Dropshipping is a viable option with low startup costs that lets you run an online store without handling any physical products.
There is still plenty of time to get into the dropshipping business.
Start by deciding what products to sell. Find a niche you’re passionate about for a higher chance of success.
Remember, a successful dropshipping venture involves effective marketing as well. So invest time and effort into perfecting your advertising tactics.
21. Do Clerical Work
Clerical work offers flexible, remote opportunities for women to make quick money.
With adequate admin experience and internet access, you can explore roles like Virtual Assistant, Online Data Entry Professional, or Court Transcriptionist.
This is one of the best non phone work from home jobs.
Experts tip: Perfection and punctuality are key. Attention to detail and meeting deadlines can make you stand out.
22. Resell Clothes
Reselling clothes online is a savvy way to turn your clutter into cash, especially if you love digging for hidden gems.
It’s a popular method for fast cash flow, with Poshmark and Facebook Marketplace being perfect platforms. One of my friends is very successful with this!
Begin with your own closet, and sell kids clothes they have outgrown too.
Reinvest your earnings, by buying second-hand clothing to resell can boost your profits.
Don’t forget quality. Run a quick check for authenticity and brand labels.
Visuals sell. Stage items and capture high-res photographs.
Providing a great customer experience is key, ensuring prompt shipping and maintaining politeness.
Play your cards right, you could earn anywhere between $100 to $1,000 a month or even reach a six-figure yearly income.
23. Do Home-Based Child Care
Home-based child care is a viable option to earn money, leveraging the natural maternal instincts and caregiving skills of many women. It can be a lucrative side hustle and a means to financial independence.
This is especially a great avenue to pursue when you are already at home raising your own children.
Make sure to follow any state regulations about running a daycare out of your home.
Begin by determining the number of children you can handle at a time, taking care not to overbook.
24. Podcasting
Podcasting is a wonderful opportunity for delivering narratives. It enables you to weave compelling stories while inspiring, instructing, or simply entertaining your listeners.
The unique format of podcasting lets you connect with your audience on a personal level. They listen to your voice, engage with your thoughts, and feel a stronger connection to you.
By starting a podcast, you are joining an increasingly popular trend, with the global number of podcast listeners has grown to 464.7 million listeners in 2022 (source).
Podcasting also opens up doors for networking and collaboration. You can invite experts, artists, or like-minded individuals as guests on your show, thus expanding your network.
There’s a potential to earn from podcasting. With affiliate marketing, sponsorships, and advertising, the commercial possibilities of podcasting are extensive.
25. Merch by Amazon
“Merch by Amazon” is a print-on-demand service that allows you to design and sell your merchandise.
It’s a great money-making alternative as it offers massive exposure and doesn’t require any upfront costs.
One of the significant advantages of using Merch by Amazon for passive income is that you are not required to maintain inventory or deal with shipping. Amazon handles these aspects, allowing you to focus on the creation process and customer satisfaction.
Amazon’s royalty system ensures that you get paid instantly whenever your merchandise is purchased. This allows you to earn money passively with every sale.
When your designs meet the current market trends and the preferences of your customers, they are more likely to be popular, leading to an increase in sales, hence, higher passive income.
26. Become an Influencer
Becoming an influencer is a smart, quick way for women to make money. While most people just stumble upon becoming an influencer, you can decide to pursue this avenue.
With earning potential that is unlimited, this opportunity is flourishing, requiring no specific degree or job experience.
Remember, platforms like TikTok, Instagram and YouTube reward new, engaging creators.
Dedication and consistency could lead you to major earnings where you make thousands for each post.
27. Work as a Translator
Having mastery in more than one language opens up a world of opportunities, particularly in the realm of translation services. The ability to translate language effectively and accurately is a skill that’s in high demand in the current globalized world.
A top benefit of being a freelance online translator is the flexible work environment. You have the freedom to choose when, where, and how much you want to work. This flexibility for work-life balance is more appealing now than ever, especially in the unsteady job market.
Freelance translators also have access to a wider client base. Unlike full-time translators who work for specific organizations or agencies, freelance translators can work with various clients from all over the world, widening their potential income streams.
The need for translators is projected to grow substantially. In the United States alone, the U.S. Bureau of Labor Statistics reports that employment for interpreters and translators will increase by 20% from 2021 through 2031, which is much faster than the average for all occupations.
Among other freelance professions, translation can often provide a more stable income.
As most sectors including education, legal, business, medical, and technological firms continue to globalize, they regularly need translators to bridge the language gap, making freelance translation services a steady income source.
31. Become a Flipper
Becoming a flipper is a high-return, low-investment way to make money fast. It involves buying low and selling high, perfect for those wanting a profitable side hustle.
Here are actionable steps to kickstart your flipping journey:
Identify items to flip: Popular options include toys, clothes, electronics, books, and furniture. Pro-tip: Sell things you have around your house to start risk free.
Choose a selling platform: Sell locally via Facebook groups or Craigslist, use reselling apps like Decluttr, or open an online store on eBay.
Price it right: Pricing items competitively garners buyer interest and maximizes profit.
Learn more: Free webinars, like Flipper University and the Flea Market Flipper, offer insights for a successful flipping business.
Remember, flipping can be more than just a side hustle; it’s a potential full-time career.
32. Micro-Tasking
Micro-tasking offers a quick way for you to earn money by completing short and simple tasks.
As its popularity grows, so does the list of platforms where you can find micro-jobs. Here are the popular platforms.
This allows your the flexibility to work whenever you want. Plus no special skills or degrees are needed.
Just note… This is not a stable income source
Tips for Finding the Best Way for You to Make Money
As you can see, there are many different ways to make money fast as a woman.
You can find the best way for you by considering your skills, interests, and the amount of time you have available.
Here are some helpful tips to make sure you are earning money quickly.
1. Identify Your Skills and Offerings
You’re already gifted, let’s transform those skills into fast cash.
Make a list of your skills, passions, and expertise; you can tap into anything from programming to knitting.
That is where you want to start.
From personal experience, I can tell you it is way easier to work on a side hustle or business when you are passionate about the topic.
Remember, the digital world is your playground, so play, innovate and cash-in.
2. Research the Best Ways to Make Money
Now, that you know the skills and experience, look at the list above and determine which ones match up.
You will need to spend time watching a free webinar to learn more.
Compare different money-making ideas. From part-time jobs to freelancing, there’s a plethora of options. You need to pick what works best for you.
Remember, generating a consistent income requires effective strategies and the right mindset. So choose wisely!
3. Try Different Ways to Make Money – Not Just 9-5 Jobs
It’s vital to explore different money-making strategies as a woman for financial stability and independence.
Just because one avenue didn’t work out doesn’t mean you should throw in the towel.
Remember, the key to success is perseverance, so pick something you’re passionate about and stick to it. Try not to jump from one idea to another out of impatience; success takes time.
Also, as your revenue increases, start building a lifestyle business for passive income.
4. Focus on the Things You Are Good at
Unlock your financial potential by recognizing and utilizing things you’re excellent at.
To cash in fast:
Identify your standout skills. These could range from writing, fine arts, math, e-commerce to digital marketing or even passions such as sports and hobbies.
Assess the viability of earning via your skills. Research shows that the digital economy is filled with opportunities.
Exploit platforms that cater to your expertise. For freelance gigs, you can try platforms like Upwork, Fiverr, or Guru.
There are so many ways to make money online as a beginner. So, indulge in the digital playground, embrace exploration and innovation, and let your skills earn for you.
5. Find Opportunities That Allow You to Work Flexibly
You can choose when to work and when not to, rather than being constrained by a 9 to 5 workday. The flexibility to create your schedule means you can operate at your most productive times, whether that’s early in the morning or late at night.
Working from home or any location across the globe enables a better work-life balance, reducing stress and improving productivity. This is particularly beneficial for those who have families or are committed to other obligations.
When working for yourself, you may have the potential to earn more than traditional salaried roles.
Lastly, making a living from your passion is huge!
You are being paid to do what you love anywhere, anytime which is rare and precious.
6. Consider Specializing in a Niche Subject
Specializing in a niche subject can elevate your earning potential quickly, owing to smaller competition and a personalized audience.
Being a subject matter expert in a specific area can provide you with an edge over your competitors.
Specializing in a niche can help you stand out and garner a dedicated audience, ultimately leading to faster earnings.
Remember, the key to making money faster in your specialized area is persistence and patience. It may take time to build a strong following, but once you do, the financial rewards can be substantial.
Stick to your chosen area, continuously learn and improve, and consistently deliver high-quality content to make your mark in your chosen niche.
7. Take Advantage of Trending Opportunities
Jumping on trending opportunities can be a gold mine, especially for women who want to make money fast from home. These ever-evolving trends tap into various skill sets, interests, and experiences, potentially translating into a lucrative gig.
For many, it may have been TikTok when the company first started.
Remember, the digital world holds limitless potential. Just needing to innovate and execute your ideas!
8. Invest in the Right Tools and Equipment
The key to making money, either online or offline, is making an informed investment of your time into the right tools, equipment, and learning resources.
While this can initially seem like an expenditure rather than a money-making step, it is, in fact, a cornerstone of your financial growth strategy.
Investing time in learning and increasing your knowledge base is vital. This could mean spending your time reading about new insights in your area of work, attending webinars, or enrolling in online courses. The ROI of this proactive learning is immense.
Consider this an opportunity or a catalyst that speeds up your journey toward substantial income generation and financial freedom.
9. Commit to Consistent Efforts
Commitment to consistent efforts is the cornerstone of any successful endeavor, more so when running your own side hustle.
One of the fundamental principles for making money is the dedication to keep improving your craft, always learning, and always evolving.
This continual effort involves a long-term commitment to staying updated with the latest writing trends, styles, and industry standards.
With persistence and patience, the fruition of your investments will lead you toward the fulfillment of your financial dreams.
10. Utilize Social Media Platforms to Promote Your Business
Social media platforms are powerful tools for business promotion, and when used strategically, they can lead to fast monetary gains.
Understanding how to effectively utilize these platforms can drastically enhance your chances of making quick bucks.
Start by creating a robust online presence for your business on various social media platforms. Remember, consistency is key to building your brand.
Engage with your audience frequently and respond to their comments. This boosts engagement on your posts.
Post content that is engaging, relevant, and aligns with your business values.
Always monitor your performance using social media analytics to understand what works best for your audience.
Which side hustles for women have you tried?
Personally, here are the side hustles I have done or currently do:
Stock Trading as a swing trader
Online Content Creation
Social Media Influencer
Online Consulting
Pet Sitting or House Sitting
Teaching Dance Lessons
Personal Organizer
However, I know many people that have tried the ones listed above.
So ladies, which of these enticing hustles appeals to your skills and schedule the most?
FAQ
Stay-at-home moms have numerous opportunities to earn money from the comfort of their homes. Plus being able to bump up your household income while juggling parenthood is the perfect combination.
Find the best jobs for moms specifically!
Any of these opportunities requires dedication and consistent effort, but with time they can all yield substantial returns.
Thankfully, there are many ways for women to make money online.
Above we covered all of the interesting ways and many are online.
Remember, opt for an avenue that suits your skills, interests, and time availability.
Well. the answer to this will depend on who you speak with.
Personally, I find ways to build passive income with your side hustle as the best option. Then you aren’t trading your time for money.
As a woman, many opportunities are right at your fingertips. The most popular and profitable include:
Start a blog: With consistent readership, you can make thousands from ad revenue and sponsored content.
Virtual assistant: Services can fetch around $10-30/hour.
Social Media Management: Businesses are willing to pay up to $1000-2000 per month for proficient managers.
Bookkeeping: On average, freelance bookkeepers earn around $34/hour.
Selling products online: Sites like Etsy, Amazon FBA, or your own platform can earn you a substantial income with a successful shop.
Trading Stocks or Options: by improving your investing knowledge, you can quickly increase your net worth.
Remember – it all starts with a step. Your side hustle could turn into a full-time passion!
This is How to Make Money from Home as a Woman
In conclusion, as a woman, there are plenty of genius and fast ways for you to make money.
The article underlines the significance of grabbing the reins of your financial future.
Through the strategies shared – including investing in stocks, working from home, or using budgeting hacks, you can boost your income significantly.
One of the concepts, I’m big on is making sure you know how to make your money work for you.
With wise decisions and being open to possibilities, your financial independence is within reach.
Remember – the ball is in your court, so make sure to take that shot and score your financial goals. It’s high time to cash in on your potential!
Know someone else that needs this, too? Then, please share!!
A couple of closely followed mortgage rates crept upward over the last seven days. The average 15-year fixed and 30-year fixed mortgage rates both climbed higher. For variable rates, the 5/1 adjustable-rate mortgage also advanced.
As inflation surged in 2022, so too did mortgage rates. To rein in price growth, the Federal Reserve began bumping up its federal funds rate — a short term interest rate that determines what banks charge each other to borrow money. By making it more expensive to borrow, the central bank’s goal is to reduce prices by curtailing consumer spending.
During its July 26 meeting, the Fed initiated a 25-basis point (or 0.25%) hike to its federal funds rate, marking its 11th increase in the current rate hiking cycle. The most recent increase could have an impact on mortgage rates, but experts say the markets may have already factored it into rates.
Current Mortgage Rates for August 2023
Mortgage rates change every day. Experts recommend shopping around to make sure you’re getting the lowest rate. By entering your information below, you can get a custom quote from one of CNET’s partner lenders.
About these rates: Like CNET, Bankrate is owned by Red Ventures. This tool features partner rates from lenders that you can use when comparing multiple mortgage rates.
“Mortgage rates will continue to ebb and flow week to week, but ultimately, I think rates will stick to that 6% to 7% range we’re seeing now,” said Jacob Channel, senior economist at loan marketplace LendingTree.
The Fed doesn’t set mortgage rates directly, but it does play an influential role. Mortgage rates move around on a daily basis in response to a range of economic factors, including inflation, employment and the broader outlook for the economy. A lower inflation rate is good news for mortgage rates, but the potential for additional hikes from the central bank this year will keep upward pressure on already high rates.
Rather than worrying about mortgage rates, though, homebuyers should focus on what they can control: getting the best rate they can for their financial situation.
30-year fixed-rate mortgages
For a 30-year, fixed-rate mortgage, the average rate you’ll pay is 7.51%, which is an increase of 9 basis points from seven days ago. (A basis point is equivalent to 0.01%.) Thirty-year fixed mortgages are the most common loan term. A 30-year fixed rate mortgage will usually have a smaller monthly payment than a 15-year one — but often a higher interest rate. Although you’ll pay more interest over time — you’re paying off your loan over a longer timeframe — if you’re looking for a lower monthly payment, a 30-year fixed mortgage may be a good option.
15-year fixed-rate mortgages
The average rate for a 15-year, fixed mortgage is 6.72%, which is an increase of 9 basis points from seven days ago. You’ll definitely have a larger monthly payment with a 15-year fixed mortgage compared to a 30-year fixed mortgage, even if the interest rate and loan amount are the same. But a 15-year loan will usually be the better deal, if you’re able to afford the monthly payments. These include typically being able to get a lower interest rate, paying off your mortgage sooner, and paying less total interest in the long run.
“Mortgage rates have hovered in the 6% to 7% range for the past 10 months. Though home prices have softened slightly nationally, the still-high cost of borrowing means hopeful home buyers have felt little relief,” said Hannah Jones, economic research analyst at Realtor.com.
Right now, home equity levels are high for many homeowners across the nation. According to a recent Black Knight report, the average mortgage holder currently has about $199,000 in usable equity available to them.
There are numerous factors that have contributed to this — including a shortage in available home inventory and increased demand due to low mortgage rates during the pandemic. In turn, this is a great time to borrow against your home equity if you need to — and at a lower rate compared to credit cards or other loan products.
If you want to take advantage of your home equity, there are a few different options for doing so, including home equity loans, home equity lines of credit (HELOCs) and cash-out refinances. But if you’re a new homeowner, how quickly can you tap into your home’s equity — and what options do you have?
Learn more about your home equity options here now.
How quickly can you get a home equity loan after buying your home?
If you just bought your home and want to tap into your equity, here’s when you may be able to do so.
When can you take out a HELOC?
A home equity line of credit (HELOC) is one home equity loan option you have after you purchase a home. A HELOC works much like a revolving line of credit but it uses your home as collateral. This type of home equity loan allows you to borrow funds up to a pre-approved limit (typically up to 80% of the equity in your home) and pay the money back after a certain time.
HELOCs are popular because they provide the flexibility of accessing funds during the draw period. That makes them a good option for homeowners who will have varying financial needs over time or those who don’t want a lump sum loan.
So when can you borrow money with a HELOC? Well, it generally depends on the lender. While you can technically take out a HELOC as soon as you purchase your home, many lenders require you to own your home for at least a few months before you can qualify. And, you’ll also need to meet the lender requirements, including the minimum home equity requirement, to be approved — which is also likely to affect the timeline for when you can borrow against your home equity.
Find out the home equity loan terms you may qualify for here now.
When can you take out a home equity loan?
A home equity loan works like a second mortgage and provides you with a lump sum of money based on the equity you’ve built in your home. Unlike a HELOC, a home equity loan is a one-time borrowing arrangement with a fixed interest rate and fixed monthly payments. You can use a home equity loan for any number of purposes, but’s ideal for projects with a specific cost, like a kitchen remodel or debt consolidation.
In general, home equity loans can be pursued shortly after purchasing a home, often within the first year — but each lender has unique requirements for approval. Your credit score and equity in the home will still play a significant role in securing favorable terms, and most lenders will require you to have at least 15% to 20% equity in your home before you’re approved.
When can you take out a cash-out refinance?
A cash-out refinance differs from HELOCs and home equity loans. Rather than a second mortgage, a cash-out refinance replaces your existing mortgage with a new one that has a higher principal balance. The difference between the old and new mortgage amounts is taken as cash, which you can use for various purposes. This option allows you to take advantage of potentially lower interest rates on the new mortgage.
As with the other home equity options, the timeline for getting a cash-out refinance is highly dependent on the lender. However, a cash-out refinance is typically an option after you’ve gained substantial equity in your home, which generally happens after owning it for a few years.
It’s worth noting that cash-out refinances make the most sense to use if mortgage interest rates have dropped lower than when you first obtained your mortgage. Otherwise, you are trading in your low mortgage rate for a new loan with a higher rate, meaning you’re paying more overall for your loan.
Explore your refinancing options here now to learn more.
The bottom line
Home equity loans, HELOCs and cash-out refinances can all be viable solutions for harnessing the value of your home, and in certain cases, you may be able to access them just a few months after closing. But the decision to tap into your home’s equity should be made carefully — and at the right time. Be sure to weigh your financial goals, your home equity loan options and other factors before making any decisions.
Depending on the loan amount you need and where you’re buying a home in Louisiana, such as a home in Baton Rouge or in New Orleans, you may find it difficult to find financing beyond the conforming loan limits. If this is the case, you may need a jumbo loan.
What is a jumbo loan?
Jumbo loans in Louisiana are a specialized type of mortgage that allows borrowers to finance higher-priced properties that exceed the conforming loan limits set by the Federal Housing Finance Agency (FHFA). These loans are designed to meet the financing needs of luxury homes and properties located in high-cost areas.
If you need to borrow more than the conforming loan limit (CLL), you’ll need a jumbo loan. Louisiana jumbo loans allow you to borrow more money to buy a more expensive home, but they also come with higher interest rates and stricter requirements than conventional loans.
What is the jumbo loan limit in Louisiana?
In Louisiana, the conforming loan limit is $726,200 across all counties. For example, the conforming loan limit in New Orleans is $726,200, so any mortgage that surpasses the loan limit designated for your county by even one dollar is classified as a jumbo loan.
Keep in mind that the loan amount is what determines whether or not you’ll need a jumbo loan, not the price of the home. So, if you were to put $50,000 down on a $750,000 home in New Orleans, the mortgage would be $700,000, which is under the conforming loan limit for this area. In this case, your loan wouldn’t be considered a jumbo loan.
For more information on the conforming loan limit in your county, use the FHFA map.
What are the requirements for a jumbo loan in Louisiana?
As previously mentioned, the requirements for a jumbo loan are much more stringent than a conforming loan. The specific requirements may vary from lender to lender, but below are the typical requirements for borrowers seeking a jumbo loan in Louisiana.
Higher credit score: In order to be eligible for a jumbo loan, lenders generally expect applicants to have a credit score of at least 720. While some lenders may consider a score as low as 660, a credit score of less than that is typically not accepted.
Larger down payment: Obtaining a jumbo mortgage typically requires a larger down payment compared to a traditional mortgage. Lenders may require a down payment of 10% to 20% or more, depending on the specific loan program and the borrower’s financial situation. If you’re approved with a down payment less than 20%, keep in mind you’ll most likely be required to purchase private mortgage insurance (PMI).
More assets: During the asset review process, lenders typically request that jumbo loan borrowers provide evidence of sufficient liquid assets or savings to cover the equivalent of one year’s worth of loan payments.
Lower debt-to-income ratio (DTI): Lenders consider a borrower’s debt-to-income ratio (DTI) when evaluating their eligibility for a jumbo loan. To qualify for a jumbo mortgage in Louisiana, applicants typically need a DTI below 43%, though closer to 36% is preferred. The DTI represents the borrower’s monthly debt payments divided by their gross monthly income.
Additional home appraisals: Mortgage lenders may require a second home appraisal for a jumbo loan, in addition to the standard appraisal, to get another opinion on the property’s value. This is especially true in counties with limited comparable property sales. The second appraisal helps lenders ensure that they are providing funds for a property that is worth the loan amount or more.