Portland, an East Coast city and the largest city in Maine, offers a blend of old-world charm and modern sophistication.
Nestled amidst a beautiful coastline and lush greenery, this city has seen an uptick in popularity over recent years, drawing people from all walks of life.
But, is Portland Maine a good place to live? This comprehensive look aims to explore the facets of living in Portland from its food scene to housing costs, aiming to provide a holistic view of life in this quaint New England city.
Historical and cultural richness
Portland is steeped in history with its cobbled streets in the Old Port, Victorian architecture in the West End, and a thriving arts district along Congress Street. The city boasts an inclusive community that celebrates local artists during events like First Fridays. The Portland Symphony Orchestra further enhances the rich cultural tapestry of the city.
Nature and outdoor activities
With its proximity to both the Atlantic Ocean and white mountains of New Hampshire, Portland offers a plethora of outdoor activities. Casco Bay invites sailing and kayaking enthusiasts, while the nearby forests and trails are perfect for hiking, cross-country skiing or leisurely walks. Eastern Promenade and Back Cove offer stunning locales for outdoor relaxation and exercise, promoting a healthy lifestyle among Portland residents.
Gastronomic adventure
Dubbed as a ‘Restaurant City’, Portland prides itself on its thriving food scene. The city is synonymous with fresh seafood, especially its famed lobster rolls. Coffee shops, breweries and restaurants line the streets, serving everything from traditional New England fare to international delicacies.
Education
Portland Public Schools provide a solid educational foundation, serving a diverse student population. The city is also close to several reputed colleges and universities, providing a wide range of educational opportunities.
Employment and economic opportunities
Portland has a burgeoning job market, particularly in healthcare, education and the maritime industry. Small businesses also thrive here, supported by both locals and tourists.
Housing and cost of living
The real estate market in Portland can be quite competitive with housing costs being above the national average. While there are affordable housing options in nearby communities, the high demand in Portland has driven up real estate prices within the city limits. However, compared to other larger cities on the East Coast, Portland’s cost of living remains relatively moderate, making it an attractive option for many middle-income earners.
Public transportation
Portland offers a reliable bus system, making it easy to commute within the city and to nearby areas. However, the city’s compact size also makes it highly walkable, especially during the warmer months.
Social aspects
Young professionals, families and retirees find a welcoming community in Portland. The city’s population density allows for a small-city feel, yet it is bustling with activities and social events that provide a sense of a larger city vibrancy.
Pros and cons of living in Portland
Learn what’s most desirable and undesirable about living in this quaint coastal city.
Pros:
Rich Cultural Scene: Portland is a haven for art enthusiasts and those interested in historical architecture.
Outdoor Activities: Easy access to a variety of outdoor activities makes Portland a nature lover’s paradise.
Food Scene: The city is a hotspot for foodies, offering a vast array of culinary delights.
Community Feel: Portland residents enjoy a strong sense of community and friendly neighborhoods.
Educational Opportunities: Quality public schools and nearby higher education institutions are a plus.
Cons:
Cost of Living: The cost of living, particularly housing costs, can be a hurdle for some.
Winter Weather: The long, cold winters might not appeal to everyone.
Sizable Homeless Population: Like many urban areas, Portland faces challenges with homelessness.
Traffic: While not comparable to bigger cities, traffic, especially during rush hour, can be frustrating.
Conclusion: Moving to Portland, Maine?
Portland, Maine, offers a unique living experience with its rich history, cultural activities and beautiful surroundings. While the cost of living and winter weather may deter some, many find the community atmosphere, educational opportunities and the food scene well worth it. Its increasing popularity reflects the city’s appeal, making Portland Maine a very enticing place to consider as a home.
The array of experiences, from strolling down the cobblestone streets of Old Port to enjoying a fresh lobster roll by the bay, encapsulates the essence of living in Portland. For those who value a blend of nature, culture, and culinary delights, alongside a laid-back yet vibrant city life, Portland, Maine, might just be the perfect place to call home.
If you want to make your new home port in Portland, ME, take a look at our available apartments for rent.
Whether you’re selling your home to begin a new adventure or refinancing your existing home, getting an appraisal with the value you want is an important hurdle to clear. You may feel that the appraisal process is out of your control, but there are many easy and inexpensive ways to get both yourself and your home ready.
We put together a checklist of our top tips below. But first, let’s quickly cover the basics of home appraisals.
What Is a Home Appraisal and Why Is It Important?
A home appraisal is an unbiased report on the value of your home performed by a trained and state-licensed individual. Appraisals are an essential part of the home financing process, ensuring the homebuyer, seller and mortgage lender each have an impartial, consistent and accurate assessment of the value of the property under consideration.
The lender is responsible for ensuring that your home provides adequate collateral for the mortgage. For most loans, the lender obtains a signed and completed appraisal report that accurately reflects the market value, condition and marketability of the property.
It’s the appraiser’s job to provide a factual, unbiased and detailed description of the property and the neighborhood. They must take into account all factors that influence a home’s value when developing the market value opinion in the appraisal report.
Home Appraisal Cost
While home appraisal costs can vary by state and property size, the fee can range between $300 and $1,200. Most fall somewhere around $600-$1,000, with costs based primarily on the geographical area of the home.
How Long Does a Home Appraisal Take?
From start to finish, the home appraisal process usually takes approximately 7-10 days to complete.
The required in-person visit by a home appraiser can take over an hour, depending on the size of your home. However, several other steps are involved in making an unbiased and professional assessment of your home’s value. Your appraiser will research trends, local county records and recently closed comparable homes in your area, known in the industry as “comps.”
Once your appraiser compiles and analyzes all the information and data, they will present a final report of your home’s value.
What Do Home Appraisers Look For?
A home appraiser uses several sources of information to determine a property’s value. As part of the assessment, the appraiser will visit the property in person and review recently completed sales of comparable homes. Common factors examined during home appraisals include:
Property size. In real estate appraisals, size significantly affects the final number. In general, the higher the square footage of a home, the higher its value. An appraiser will also look at the kitchen, number of bedrooms, bathrooms and closets.
Exterior condition. When assigning a value to your property, the appraiser will consider not only the exterior appearance of your home but also its condition. They will check the following:
The condition of the roof, foundation, siding, gutters, chimney and walls, looking for signs of leaks, mold and other safety hazards
Lot size, including front and backyard square footage
Pool, outdoor kitchen, deck, porch and other amenities
Interior condition. Again, this refers not only to the appearance of the interior but also to the working condition of standard household assets such as:
Plumbing
Electrical and HVAC systems
Doors and windows
Light fixtures
Any kitchen appliances to be included in the sale
Attic, basement and foundation. A finished basement or attic may impact a home’s value, but these areas must meet specific requirements to be considered part of the Gross Living Area (GLA). An appraiser will also evaluate your home’s foundation and its condition.
Home improvements and renovations. Tell your appraiser about any work or upgrades you have done to spruce up your home. This can include anything from the central air system you installed 10 years ago to the kitchen flooring and countertops you just renovated (along with the new oven and fridge to match, of course).
What Hurts a Home Appraisal?
If an appraisal is in your future, it’s essential to understand the factors that could negatively impact it, such as the following:
Low-value comps and decreasing neighborhood property values
Poorly maintained interior or exterior
Age of the home
Location, such as a flood zone or busy road
Signs of mold, insect infestation, leaks or other safety concerns
Issues with the home’s systems, such as plumbing, electric or HVAC
Lack of parking
Hazardous construction materials like lead paint or asbestos tile
Outdated or faulty plumbing, electrical and heating systems
Some issues are in your control and some may not be. Whether you choose to address the correctable concerns or not, being aware of crucial appraisal criteria can help you avoid the potential unwelcome surprise of a lower-than-expected home value.
Top 7 Tips Home Appraisal Checklist
How does one best prepare for a home appraisal? We put together a checklist of common (and not-so-common) tips to help you get a high valuation from your appraiser.
1. Do Your Own Appraisal
Imagine that you are the appraiser. Walk around your home’s interior and exterior and really scrutinize it as if you were going to complete the appraisal report yourself. Take note of any obvious damage or deferred maintenance that needs your attention. Leaks, broken systems and damaged surfaces should all go on your list of things to repair.
Thoroughly inspect safety equipment like smoke alarms, carbon monoxide alarms and home security systems. Are they all functioning, or do parts or entire systems need to be replaced? Make a plan to repair these issues and clean up any cosmetic issues that may have occurred as a result.
2. Investigate Comps
Check out recent home sales in your neighborhood. What has the price range been for homes with features and updates similar to yours? The values of these comparable homes should be similar to what your home will appraise for. This information can help you know where to focus your time, efforts and funds.
If you know a neighbor (or real estate agent) who recently sold a home in your area, contact them to find out if there were any appraisal issues or insights that they can share.
If you’re working with a real estate agent, you can request that they collect some comps for you and your appraiser to review. Particularly if your home has unique or uncommon features, your agent may need to get creative while staying within the guidelines for selecting comps.
A quick way to get a rough idea of how much your home is worth is to use a home value estimator calculator. Add some basic information to gauge your home’s current value and view recent home sales in your area.
3. Get Superficial
Clean your house from top to bottom and remove extra clutter. Once you’ve scrubbed and straightened up everything possible, consider making some easy, low-cost cosmetic updates that can have a big impact, like the following:
Paint or touch up existing paint
Hang updated window treatments
Replace worn faucets, doorknobs and cabinet hardware
If you’ve been planning to update your decor after you move, consider bringing in a few of the newer pieces to make the old house look fresh and modern. Downsizing or packing for a long-distance move? Ask your real estate agent if they have staging furnishings you can borrow or recommendations for a service you can use.
4. Make Your Outdoor Areas Truly Great
Now that your home’s interior looks fantastic, it’s time to pay attention to the exterior. Make sure that your landscaping is looking its best by doing the following:
Mow your lawn, trim your trees and bushes
Remove weeds and dead vegetation
Add color with inexpensive, seasonal flowers in the spring, summer or fall, and ensure that snow removal is neat and tidy in the winter
You’ll also want to:
Remove outdoor clutter, like yard tools and stray toys, from everywhere on the property
Consider staging any outdoor living spaces with new furniture or accessories
Power wash your home’s exterior, as well as your driveway and any deck or patio surfaces
Ensure your pool is well-maintained and in safe operating condition
Most of this can be accomplished in a weekend, and the increased curb appeal will be worth it.
Check out expert tips for outdoor home renovations — you may find just the right improvement to increase your value!
5. Be Sure To Share Your Upgrades
Tell your home appraiser about the improvements you’ve made to your home. Inform them of upgrades like the following that will positively impact your appraisal value:
New features that you have added, like a security system
Updated HVAC units
Exterior improvements like siding, gutters or a new roof
High-value room remodels like kitchens and bathrooms
An easy way to make sure that your appraiser remembers all of these improvements is to create and share a short, one-page list detailing each. You should have this list ready in advance and include any applicable permit information.
6. Know Your Neighborhood
Make your appraiser aware of any recent improvements in your overall neighborhood. It’s worth mentioning things like:
New or highly rated schools
Parks
Transportation enhancements
Shopping
Other beneficial amenities
These kinds of changes can add significant value to your home, and if your appraiser is not a local resident, they may not be aware of them. Appraisers are often familiar with the general area, but you probably know your specific neighborhood better than they do.
7. Stay Focused
While you are working your way through the tasks and updates listed above, it’s important to remember not to go overboard and take on too many projects. Invest your time, money and effort only on issues that clearly need attention. If you’re getting an appraisal for a home you’re selling, you most likely already have a buyer who liked your home enough in its current state to make an offer on it. Making unnecessary major changes could end up being a waste of your time and resources.
Your home’s selling price is affected by much more than just the appraisal! Find out how the time of year can increase your sale price.
Although it’s not possible to change your bungalow into a country estate overnight, taking the time to tackle a few strategic projects before your appraisal can help put you in a better position to get the outcome you want. If you’re ready to move or refinance the home you love living in, get a custom mortgage rate quote from Pennymac today. Our Loan Experts can answer your questions and help guide you through the mortgage loan process.
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Inside: Do you want to know the legit ways on how to make 200 dollars fast? This guide will show you how to start working on fast money ideas. With tips on side hustles, online trading, and more, you’ll be able to build up a healthy bank account in no time.
Do you want to know the different ways to make 200 dollars in your leisure time? I bet you do! We all would like extra money in our pockets.
In an era of digitization, earning an extra $200 in your spare time has become more accessible.
Various online platforms offer numerous possibilities to gain this amount swiftly without any major investments or specialized skills. Utilizing these platforms can not only help you reach your financial goal but also provide you with an enjoyable experience.
Let’s delve into the uncomplicated and quick ways to make 200 dollars fast.
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.
Best Ways to Make Money 200 Dollars Fast
Discover the best ways to earn 200 dollars quickly by enlisting and acquiring the necessary skills.
You don’t even need to start a business or learn new skills virtually if you need the following legit ways to make $200 fast.
Just to note, you will find many of these ideas to be similar to how to make 300 dollars fast.
1. Sell Things You No Longer Need
Want to declutter and make some quick cash, to the tune of 200 dollars?
Start selling your no-longer-needed items and hit your goal. This method perfectly fits for minimalists looking to clear out space, or parents whose kids frequently outgrow their clothes and toys.
For instance, selling gently used toys or clothes could net you $200 in no time. Who knew making money could be as easy as cleaning up?
Even better turn this into a money-making business by flipping items for a living.
2. Sell gift cards
Struggling to add cash to your wallet? Turn those neglected gift cards lounging in your drawers into quick money.
Convert idle (Gift Cards) money to tangible cash by listing and selling on sites like CardCash at a discounted rate.
Another option is to trade your gift cards (you won’t use them) into something you want (like Apple or Amazon). So, weigh your options wisely.
In fact, you can read my CardCash review on my personal experience trading in gift cards.
3. Take on freelance jobs
Let’s start harnessing our skills and take on freelancing jobs online. Freelancing offers a flexible and income-generating platform, perfect for anyone looking to make a quick buck.
It is an effective income hustle, proven by data-driven facts. Best yet, it’s not exclusive to professionals alone. As a beginner, freelance gigs can offer an excellent starting point.
To get started, build a solid profile on a freelance platform that best suits your skills. Offer your virtual skills by getting jobs done in freelancing and experience good compensation for your comfort zone through this job.
4. Get Paid to Travel by Housesitting
Immerse yourself in a world of four-legged friends, greenery, and cozy, well-furnished homes while your wallet gets a welcomed cash addition.
Housesitting is not just about watching homes; it includes pet sitting and dog walking. All you need to do is join such platforms at no cost, set your rates and hours, and voila, you’re earning money while sleeping.
Essentially make money in your leisure time while enjoying the companionship of adorable pets. Who knew earning extra money could indeed entail wagging tails and furry hugs by signing up with Trusted Housesitters?
5. Rent Out Your Spare Space
Do you have spare space gathering dust? Turn it into a $200 goldmine!
Rent your unused closet, driveway, or extra room and have a quick injection of cash. Websites like Neighbor and VRBO are ideal platforms where you can list and rent out these spaces.
Start by exploring the listings in your area, identify the market range, and list your space accordingly. The extra income is just a few clicks away.
Best suited for property owners with underutilized spaces, this idea can serve as a consistent source of income and isn’t just a one-time fix.
6. Participate in Focus Groups
Get ready to voice your opinion and earn 200 dollars instantly!
Focus groups can be your golden ticket to making a quick $200. From my personal experience, they are organized discussions run by companies eager to pay for consumer insights.
Follow these steps and you could be cashing in:
Start by signing up and participating in a focus group that typically involves finding a suitable event in your area.
Involve yourself with popular websites like Bestmark.
Once you start searching for focus groups, you are likely to be targeted with sponsored ads on Facebook that match up to your opportunities.
By participating in discussions, I have earned a range from $50 to over $200.
7. Babysitting is Great Money
Looking for a quick way to pad your wallet? Babysitting is the golden ticket.
This gig is ideal for teenagers, college students, or anyone with some free evenings or weekends who enjoys hanging out with kids and can tolerate the occasional tantrum.
Start marketing your talent by creating a profile on care portals like Sittercity. Having a certificate in CPR can increase your profile and give assurance to the parent looking for a babysitter.
Remember to start with your personal network. Friends, family, and neighbors are a great way to kickstart your babysitting journey. With a bit of effort, you could be earning in less than 24 hours.
8. Make Videos
Are you passionate about making your own video or editing someone’s video to earn an incredible 200-dollar quickly? Jumpstart your day by hitting each click on your computer and adding sound effects on various kinds of videos on any social media.
You can also monetize your own videos by becoming a YouTube vlogger content creator and signing up for the YouTube Partner Program.
With an incredible shift to a remote life, you can now instantly earn from making your own videos through ad sponsorship, brand affiliation, and paid subscription on any application.
9. Get a Side Hustle
Engage yourself in a side gig, a savvy way to rake in cash promptly. Side hustles harmonize best with go-getters seeking financial flexibility or pursuing dreams outside the 9-to-5 grind.
Kickstart your hustle journey with free webinars or training. These platforms provide insights into key strategies and the nitty-gritty of the field.
Get cracking now to transform your monetizing dreams into reality!
Very popular are these side hustles for men. Or especially these side hustles for college students!
10. Online trading with Stocks and Options
Trading stocks and options emerge as a financial adrenaline rush, providing a swift track to earning money. You can convert spare moments into potential cash gains with just a few clicks.
Expert tips include starting with research, practicing with a simulation trading account, and diversifying your portfolio to mitigate risks.
The journey to online trading success begins with educating yourself. You must participate in a free investing webinar to undergo training to grasp trading basics, understand market trends, and form your strategy.
Check out how I learned to trade stocks and options with this Trade and Travel review.
Trade & Travel
Learn to trade stocks with confidence.
Whether you want to:
Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
11. Take Up a Part-Time Job
Eager to fill your pockets a bit more, huh? Part-time jobs are your key to fast cash without compromising your ‘me-time’.
A part-time job supplements your primary income, leaving your piggy bank a bit heavier. Where you get to choose the timing that fits around your primary commitments.
Honestly, some of the best part-time jobs are actually low-stress jobs after retirement. You don’t need to wait for extra money. So, go get that financial freedom and earn more than just the minimum.
12. Yard Sale
Hosting a yard sale is a nonchalant trick to amass cash swiftly. It’s your winning lottery ticket staring at you from your cluttered garage floor.
Kick-off by hosting it on Friday or Saturday, when shopping spirits fly high! If your neighborhood or city has a date set for a community garage sale or jackpot, you’ll be swimming in extra traffic.
Don’t hesitate to unleash your inner salesperson, but remember, no rule binds you to wait for an event to rake in cash.
Remember, yard sales are your fast lane to quick money, and with these tips, you’re ready to speed!
13. Make Money with Your Collectibles
Turn your old favorite collection of Pokemon cards or Beanie Babies into a treasure chest waiting to be unlocked.
This money-making method is perfect for those who have carefully amassed certain collectibles over time. Sign up for eBay now and enlist your collectibles, antiques, and merch items to earn from it.
Want to kickstart your financial journey with collectibles? Find the most popular items to flip as well as insights on what to look for.
14. Collect and sell items from the trash
It’s time to transform your everyday trash into a hefty stash of cash! Collecting recyclable trash can be turned into a worthwhile moneymaker.
Start by saving cans, bottles, or scrap metal that you’d usually throw away. Then, locate a local recycling center that’s willing to pay for these items – the prices may surprise you!
This method is great for anyone willing to invest a little time and energy, particularly those who are environmentally conscious and eager to declutter. Perfect job for those who are frugal green.
Think about it, that old toaster might just be your next treasure trove! You may even find some highly valuable items in the trash to flip!
15. Sell Used Clothing
Selling used clothing is a clever and straightforward way to turn spare time into real cash.
Remember, a vibrant description for your clothes will attract buyers, so play up any unique or high-quality aspects of your garments.
Fashion enthusiasts want to earn a quick buck on the side. Begin by taking a charming picture of your clothes and posting it to Facebook Marketplace and ThredUp.
16. Do Social Media Marketing
Welcome to the era of making money by simply being social media savvy. Transform your digital skills into quick cash through Social Media Marketing.
Explore the digital world that awaits with all of the social media platforms. You can create engaging content while responding to the readers.
Take your skills to the next level, consider enriching your knowledge via a free webinar or online training.
This is an easy job that pays more than $25 an hour.
17. Sell Printables on Etsy
Do you love making creative paintings and printable designs? Imagine, your beautifully designed chore chart or a fascinating word puzzle bringing joy to scores of customers.
You can dive into this free training to jumpstart your side hustle. This method is a sure-shot hit for you.
Find out which digital products to sell on Etsy.
18. Invest in Cryptocurrencies
Do you have extra money in savings in your account and don’t know where to invest it?
Since 2008, cryptocurrency has taken the world by storm. Known for its decentralizing nature and secured by cryptography, it’s no regular dough.
Turn the tides in your favor and download an investment app to make your $200 grow faster. Consider taking a free webinar or training for a crash course.
You see, investing in cryptocurrencies is not a heavy-duty task. With the right smarts and patience, you can ride the next crypto wave!
19. Get Paid to Click
Among the numerous ways to earn an extra $200, getting paid to click is a simple and fun method.
Websites provide users with the opportunity to earn money through ‘pay to click’ surveys or rewarding viewers for ad consumption. Additionally, apps such as Survey Junkie and Swagbucks allow you to earn money by taking surveys, participating in focus groups, or simply navigating the web.
Each user generally earns from a few cents to a dollar per click. With patience and consistent effort, you can gradually accumulate your earnings to reach your $200 target.
Here are the top legit survey platforms:
20. Check Out Cashback Apps
Earn a cashback every time you shop at your favorite retail store or online.
Start off by signing up for apps like Dosh, Fetch, Rakuten, and Ibotta which offer bonuses just for signing up.
Lastly, apps like Acorns or CoinOut provide cash back on everyday shopping, even rounding up your purchases to add a bit more to your savings.
21. Do Odd Jobs as a TaskRabbit
Wanna earn cash quickly? Sign up and do freelance labor with TaskRabbit.
This user-friendly job marketplace connects people in need of task assistance with capable individuals willing to complete the tasks for a fee. It offers a diverse array of tasks, from assembling furniture and helping with moves to painting, yard work, and minor home repairs.
Just by performing various tasks, such as events staffing, running errands, or crafting. With the average TaskRabbit making double the minimum wage, this might be the gig for you.
TaskRabbit
Find local jobs that fit your skills and schedule.
With TaskRabbit, you have the freedom and support to be your own boss.
Plus set your own rates!
Get Started
22. Earn Money with Your Knowledge
Using your personal set of skills is a major advantage in freelancing platforms such as Fiverr, Upwork, and Freelancer.com.
Be it graphic design, content creation, SEO mastery, or even web development, you can monetize these proficiencies directly from your home. Data shows a significant growth in the gig economy over the past decade, suggesting a flourishing potential for remote work and online income generation.
Remember, your vast knowledge pool is your strength here. So, focus on what you’re best at, and let the money flow in.
Indeed, by effectively marketing your skills, pulling in a sum over $200 within a few hours is achievable. Remember to value your work appropriately and not devalue your aptitude just to land a job.
23. Tutoring
Online tutoring provides plenty of diverse opportunities in various subjects beyond just English. You can choose to specialize in specific topics and decide to tutor students of different age groups – from young children to college students.
Platforms like VIPKID and Magic Ears allow qualified tutors to offer virtual classes, specifically in the English curriculum for kids aged 4-12 years.
Tutors are usually compensated with payments ranging from $7 – $9 per class or up to $25 or more per hour. Also, you can increase your rate once you gain experience and build a reputation as a tutor. With in-person tutoring, you can expect to earn $20 an hour or more.
24. Petsitting
Looking for a quick way to make $200 fast? If you’re an animal lover, offering pet-sitting services isn’t just enjoyable, but also quite profitable.
Simply sign up with platforms like Rover, you can possibly get paid two days after service completion and you can always set your own rates. Just by walking the dog from house sitting.
Fun fact: Dog sitters often earn up to $50 a day. This is flexible and enjoyable work that could definitely help you reach your $200 target quicker than you’d imagine!
Rover
Get paid to play with pets!
Rover makes it easy and promotes you to the nation’s largest network of pet owners.
Earn money doing something you love.
Become a Sitter
25. Collect Scrap Metals and Junk
One man’s trash is indeed another man’s treasure.
Thinking of ways to earn quick cash? Consider collecting scrap metals and junk. This simple but profitable task can be done by anyone, with no particular set of skills necessary. All you need are keen eyes, a truck, and, admittedly, a little bit of strength to do the following:
Identify Metals: Start by identifying the most valuable metals – brass, copper, and aluminum.
Collect: Gather your metals, either from your home or by browsing local dumps. Remember, one man’s trash can be another man’s treasure.
Sell: Locate a local scrapyard and sell your haul at a fair price.
Keep in mind that patience is key; you might start with just $100 a day, but with experience, this can increase to a lucrative $500 a day!
26. Cash Out Your Coins
Are you sitting on a pile of coins? Maybe it’s time to cash them out. Here’s how:
Gather all your change together. Check under the sofa cushions, in car cup holders, and even in the bottom of your bag.
Take your coins to a coin-counting machine. These can be found at many grocery and department stores as well as your local bank.
Deposit these coins in a savings bank.
Expert Tip: Many banks provide free coin-counting services to their customers. Save on the counting machine charges by using these instead.
27. Run A Dropshipping Business
Dropshipping is a retail fulfillment method where you sell products without ever handling the inventory. This side hustle could potentially make you a quick $200 if executed strategically. Ready to dive in?
To level up, consider enrolling in free webinars on sites like Skillshare or free dropshipping training programs like Oberlo 101. This method is most suitable for those game to learn the ins and outs of online retail business and are ready to deal with customer interactions.
Remember, selling high-demand items will turn a quicker profit!
28. Do Micro Tasks
Looking to make cash fast? Turn your spare time into cash by capitalizing on microtask websites and get paid for completing simple jobs!
This method is particularly effective for those with meticulous attention to detail and those who can afford to spend some time on basic tasks such as data entry, data verification, information sorting, and transcription.
Microtasking might not be a golden goose, but it sure can help you accrue $200 surprisingly fast. The beauty of this hustle is in its simplicity, making easy money with minimal to no investment.
29. Find Sign-Up Bonuses
Did you know that many banks and credit companies offer sign-up bonuses as a strategy for attracting new clients?
For instance, some banking promotions in the United States can offer bonuses of up to $300 in total value when you sign up for a new account or credit card. Also, there are several credit cards that provide bonuses ranging from $500 to $800 or more, simply for registering and spending a defined amount within a specific timeframe.
Some cards, such as Chase Sapphire Preferred, offer lucrative rewards like a $1,000 bonus after a spend of $4,000 in the first 3 months.
It’s definitely rewarding to explore these possibilities to supplement your income, but it’s crucial to maintain a good credit score and commit to paying off your balance monthly to avoid any interest charges.
30. Cash Advances
Cash advances offer a rapid solution, but it’s essential to use them wisely.
Basically, a Cash advance is an advance on your next paycheck, and yes, it’s a viable way to get your hands on some quick cash. Also, some budget apps like Chime offer this service automatically.
Keep in mind, though, it’s an advance and not additional income. So, plan your expenses wisely and make it count!
FAQ
If you’re on a quest to make $200 as fast as possible, we’ve got your back. From selling items you own to completing quick gigs online, there is a plethora of opportunities out there for everyone.
For example, suppose you’re handy at a skill – be it haircuts, car repairs, pet sitting, or painting. You can start by offering your services to people in your neighborhood.
Or, if you’re the digital savvy type, consider selling items you no longer need on online platforms such as Facebook Marketplace or Craigslist. You’d be surprised at how quickly you can make money from items collecting dust in your home.
Ultimately, make sure you choose a fast money-making plan that aligns with your skills, interests, and resources. Go forth and rake in that cash.
If you need to make $200 today, you have a range of options at your disposal.
You can try different online strategies, including participating in online surveys, offering your skills on freelance platforms, or even reselling items online. While many people will sell the idea of a blog to make money, that is not a way to make money today.
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To kick-start your financial venture, locate valuable items in your home that you no longer need. Your dusty old guitar or that once-loved designer handbag could do the trick. Sell these items on widely used platforms such as Craigslist or Facebook Marketplace for instant cash.
Also, in the digital age, skills are an asset. Offering your skills on platforms like Fiverrcan turn your talents into quick cash. Don’t underestimate the power of quick gigs!
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If you need to make $200 quickly, there are several tried and tested methods. You could start by driving for Uber or Lyft for the evening during a concert.
My preferred method is trading options in the stock market. While this one is a skill, I developed over time. It has proved to be a tried and true method for me to make $200 in a few hours.
Time to Get 200 Dollars Instantly
By reading this article, you have learned and discovered the most effective ways to earn $200 quickly.
In order to have quick success, here are tips to help you out:
Sign up for a complimentary training or webinar that focuses on effective and proven methods of earning money swiftly.
Learning from other’s experiences can certainly save you some trial and error.
Ensure these training modules offer you practical skills and insights rather than just theory. Real-world applications of these strategies are what will help you rake in some quick cash.
Remember, your motivation and dedication are as important as the information and tools you acquire.
If you are looking to make a little bit more, check out how to make 500 dollars fast. Or even how to make 2000 fast!
Know someone else that needs this, too? Then, please share!!
Buying a home is one of the most expensive purchases you’re bound to make in your life. That’s why it’s so important to get the right mortgage before you sign on the dotted line.
A few differences in mortgage rates or other terms can equate to tens of thousands of dollars either spent or saved. But with so many options available on the market, it’s hard to know where to start.
There are traditional lenders and online mortgage lenders, local ones and large multinational ones. Plus, many lenders specialize in different types of loans.
To get started, browse some of the best mortgage lenders and find a few that match your needs.
Best Mortgage Lenders & Online Loan Marketplaces of 2023
You have several great options available, from online lenders to brick and mortar branches, from excellent credit to bad credit lenders. Check out the complete list of lenders to find the best choice for your next home loan.
loanDepot
Offering home loans in all 50 states, loanDepot works with a wide range of borrowers. The minimum credit score for most loans is 620. However, some government-insured programs may allow your credit score to be as low as 580.
You also have access to various mortgage options. They provide fixed and adjustable-rate mortgages, jumbo mortgages, FHA loans, VA loans, and home equity loans.
If you want to talk over these choices, you’ll appreciate the online lender’s no steering policy. That means your loan officer doesn’t receive any incentive to point you in any one specific direction, so you can trust the advice you get.
Do keep an eye on your origination fees. Depending on your application, those could cost you anywhere between 1% and 5% of your home’s purchase price.
The first step of applying for a mortgage is talking to a loan officer. However, the application process occurs online. That means you can do the bulk of the work at your convenience.
Read our full review of loanDepot
LendingTree
LendingTree is the best if you want to compare multiple offers as they partner with the largest network of lenders who compete for your business.
You can get up to five different loan offers within minutes of submitting your application. If you’ve already found the place you want to call home, start here.
Another great feature is that you can submit a request online for conventional, FHA, or VA loans. LendingTree’s website also provides many in-depth resources for first-time buyers, regardless of where you are in the process.
They provide tips for qualifying for a mortgage, mistakes to avoid when purchasing a house, and a bank of frequently asked questions. For home loan guidance and receiving multiple offers at once, LendingTree is the place to go.
Read our full review of LendingTree
Rocket Mortgage
Rocket Mortgage is a great pick if you prefer applying for a mortgage online and has excellent customer service when needed.
Rocket Mortgage provides FHA loans, USDA loans, and Freddie Mac and Fannie Mae loan products that come with down payments as low as 3%.
A branch of Quicken Loans, Rocket Mortgage’s online application process is highly streamlined with an approval time of just a few minutes. You can also avoid the hassle of paperwork by using a secured platform to share your financial information.
Once you have your proposed interest rate, you can test out different house prices and down payment amounts to create a customized monthly payment. Once you get a contract on your new home, closing is easy and takes place at a location of your choice.
Read our full review of Rocket Mortgage
New American Funding
New American Funding offers conventional, FHA, and VA loans. You can also explore options for a mortgage that includes a home renovation loan.
Less common available loans include jumbo loans, reverse mortgages, and interest-only mortgages.
New American Funding also has first-time homebuyer loan programs available and works with down payment assistance programs in 14 states, including California, Illinois, Florida, and Texas.
Once you have an idea of what you’re looking for, go step-by-step through their questionnaire to get more details on potential loan terms you could qualify for.
Read our full review of New American Funding
Alliant Credit Union
Alliant Credit Union offers both fixed and adjustable-rate mortgages, and you can qualify with a down payment as low as 3% of the home price.
On a $200,000 house, that equates to just $6,000 needed in cash for your down payment.
You can qualify anywhere in the country and enjoy a low origination fee of just $995. If having cash on hand is an issue for you when purchasing a home, check out Alliant to see how they stack up to other mortgage lenders.
Alliant also offers home equity lines of credit.
Read our full review of Alliant Credit Union
Guaranteed Rate
Guaranteed Rate originated about $24 billion in mortgages for 2018, which is no surprise. The website allows you to get an idea of your qualifying interest rates easily.
All you need to do is input just a few details about your estimated credit score and the type of home you’d like to buy.
You can then browse several loan options to see your interest rates and APR options. It’s easy to compare mortgage options to get an idea of which kind of mortgage is best for you.
You can also browse their Knowledge Center for tons of in-depth resources on the home buying process.
Read our full review of Guaranteed Rate
First Internet Bank
Solely based online, First Internet Bank is an online mortgage lender that allows you to complete the entire mortgage application from your own home.
However, you can still call to talk to them on the phone whenever you’d like. First Internet Bank also offers a wide range of loans, including conventional, jumbo, FHA, VA, USDA, and home equity loans.
You can get a personalized mortgage rate in less than a minute. You can even sign up for email alerts to track mortgage rates as you shop for houses.
Getting prequalified takes just moments, and you can then submit the appropriate loan documents to get pre-approved. This extra step gives you a leg up on the competition once you’re ready to make an offer on a home.
Read our full review of First Internet Bank
Carrington Mortgage Services
If you have a question about a loan, you can chat with a Carrington representative from 7 a.m. until 6 p.m. PST. They’ve even been featured on Lifetime’s Designing Spaces.
So, it should go without saying that Carrington is available, and they want your business. Peruse their website, and you’ll see how user-friendly it is within moments.
They have a list of mortgage tools that will help you understand what you can afford. They also have a step-by-step guide outlining the loan application process.
Additionally, you’ll find a list of common mortgage terms that banks use, an explanation of loan types, and a mortgage application checklist.
Carrington is a top-notch mortgage company with an intuitive, user-friendly interface and great rates to boot.
Read our full review of Carrington Mortgage Services
Truist
Truist has a significant online presence for mortgages in addition to its physical branches throughout the country.
You can create an online account to apply for a mortgage loan or enter your zip code to find a location near you. Truist offers a suite of mortgages on top of the typical government-backed loans, including high-cost home financing.
Alternatively, if you meet certain income eligibility requirements, you may qualify for a HomeReady/Home Possible loan, which can help make homeownership more affordable.
Truist also offers a unique program for doctors to help licensed medical interns, residents, and fellows qualify for a mortgage.
Read our full review of Truist
U.S. Bank
Prequalify online within minutes, and from there, you can start making intelligent decisions about your future home. U.S. Bank offers conventional, fixed-rate loans, VA loans, ARMs, and FHA loans.
Want to design and build your dream home? They even have new construction loans and investment property loans.
They also have a “loan officer near you” app that lets you speak with someone who’s knowledgeable about your area and what it is specifically you’re looking to purchase.
You can also call their national number directly and someone will speak to you right then and there. U.S. Bank even has a FAQ section that answers questions you didn’t even know you had.
Read our full review of U.S. Bank
Other Top Mortgage Lenders to Consider
Didn’t find one on the list that you liked? Read our reviews of some other good lenders:
How to Find the Best Mortgage Lender
To find the best mortgage lender, it’s wise to compare mortgage rates and terms from multiple lenders. This will help you find a lender that offers the best deal. The lending standards may be similar across lenders, but the way they implement them may vary.
You might be surprised at how much variation you see in your different offers. Plus, mortgage loans can be structured in various ways to accommodate your financial situation or personal preferences.
If you don’t have a lot of spare cash on hand, you may be able to pay a higher interest rate to avoid higher closing costs. If you want to lower your monthly payments, your lender may let you pay for points to qualify for a lower rate.
It’s also helpful to understand where mortgage rates are right now and where they’re headed. A good real estate agent may be able to help you with this as they usually know the market quite well.
Know your credit score and the type of rate you should qualify for so you can negotiate the best deal possible. Some credit card issuers give you your FICO score for free.
How to Compare Mortgage Lenders
Here are some questions you may want to ask when searching for the best mortgage lenders:
How is their customer service?
What can they tell you about their closing costs and other associated lender fees?
How much do you need for a down payment?
How quickly can you close once you find a home?
These are all questions you should pose to at least two or three separate mortgage lenders.
Compare answers and determine which lender can offer you the best financial deal and meet any other expectations you have surrounding the loan process.
What should you look for in a mortgage lender?
Finding the best mortgage lender for your needs can take a while, so give yourself time. If you’re interested in a particular type of loan, such as a VA loan or an FHA loan, make sure the lender actually offers it.
Mortgage Interest Rates
Pick at least two or three mortgage lenders with good customer satisfaction ratings to compare pre-qualification offers. Then, take a look at the interest rates they offer you, whether the rate is fixed or adjustable, and what your monthly mortgage payments will be.
Taxes and Mortgage Insurance
Make sure they include an estimate for taxes and mortgage insurance, not just your principal and interest because that can make your payment increase by at least a couple hundred dollars.
Property Taxes
If you live in a more expensive area like a major city, expect to pay even more for property taxes. Of course, you can always refinance to get a lower rate down the road, but it’s expensive because of closing costs.
Fees and Closing Costs
Next, compare the closing fees of each mortgage lender. Some of the expenses won’t change from lender to lender. A title search, for example, will cost about the same amount regardless of what lender you go through. Origination fees, on the other hand, can vary greatly.
Expect to pay 3% to 5% of the loan amount for total closing expenses. Which end of the spectrum you end up on can make a huge difference in how much cash you’ll need.
A good lender will help you explore your options based on how much cash you have and how long you plan to be in the home.
Mortgage Points
If you have extra money and intend to make your new place your “forever home,” it may be worth paying extra points at closing in exchange for a lower mortgage rate. Ask each lender for different scenarios to see which best fits your individual needs.
How can you get pre-qualified for a mortgage?
There are two ways to start the mortgage process: a pre-qualification and a pre-approval.
Getting prequalified is an informational step to get an idea of what rates to expect and how much you can borrow based on your income and debt levels. You don’t have to supply any documentation at this time.
The quotes you receive are not set in stone and are subject to change with your official application. But it’s good to find out what types of loans you should consider, how much cash you’ll likely need, and what price range of home you should look at.
You’ll need more to actually make an offer on a home because most sellers don’t view a pre-qualification as official enough to indicate likely financing.
What is a pre-approval letter?
A pre-approval letter takes the pre-qualification process one step further. You essentially submit your entire application and all the accompanying documentation.
This includes things like your tax returns from the last two years, bank statements, explanations of any negative remarks on your credit history, and employment verification.
The mortgage lender also performs a hard credit pull to determine your mortgage interest rate. It takes a bit of time, but once you’ve been pre-approved, the lender provides a letter stating how much of a loan you qualify for and how much down payment you can provide.
When you submit an offer on a house, this addition makes it much stronger because the seller knows that you’re likely to get approved for the mortgage. Once your offer is accepted, you can lock in an interest rate with your mortgage lender for a certain number of days.
What type of mortgage should I get?
Some quick introspection is necessary to answer this question. Start by examining your financial position, household needs, and long-term goals. How secure is your income? Where do you want to live in the next few years? How much money can you raise for the down payment?
Answering these questions helps you pick the most appropriate mortgage type for you. Typically, the choice boils down to a conventional or government-backed mortgage. Conventional home loans have stricter requirements, such as a high credit score and sizable down payments. Government-backed loans allow lower credit scores and little to no down payment to qualify.
There are eight different types of mortgages spread across the two categories. Dig in as we explore each of them below.
8 Types of Mortgage Loans
Conventional Mortgage Loans
Conventional mortgages are home loans that the government doesn’t insure and fall into two categories: conforming and non-conforming.
A conforming loan means the loan falls within limits set by the Federal Housing Finance Agency. Non-conforming loans, such as jumbo loans, exceed the FHFA limit, which varies between counties.
Conventional Loan Requirements
Conventional loans have stringent credit score and debt-to-income ratio requirements. Mortgage lenders approve borrowers with a credit score of at least 620 and a 20% down payment. Buyers who can put at least 3% down may also be eligible but must pay primary mortgage insurance.
Pros
Cheaper than unconventional loans
Can qualify by putting 3% down
Cons
PMI on deposits less than 20%
Strict credit score and DTI ratio requirements
Best for: Buyers with large down payments, high income, stellar credit scores, and excellent credit history.
Fixed-Rate Mortgage
A fixed-rate mortgage is a home loan that carries a fixed interest rate over its lifespan. Once the interest rate is locked in, it’s not affected by changes in market rates.
Fixed-rate mortgages are the most popular home loans, thanks to their predictability. Knowing your mortgage payment every month helps borrowers more easily plan their finances. As a result, you can be sure that there are no surprises month-to-month.
Fixed-Rate Mortgage Loan Requirements
Lenders use your credit score, debt-to-income ratio, credit history, income, and down payment to determine eligibility and set mortgage rates. Credit scores are a primary determinant, and most mortgage lenders approve borrowers with scores above 620.
Credit scores above 740, low DTI ratio, stellar credit history, and a significant down payment command the most competitive mortgage rates. Conversely, low credit scores lead to higher interest rates, and a down payment of less than 20% triggers the need to pay private mortgage insurance (PMI).
Fixed-rate mortgage terms range from 10 to 30 years, but 30 and 15-years loans are most popular. The length of your mortgage also determines the interest rates and monthly payments.
Pros
Predictable monthly payments
Nonfluctuating interest rates
Easy qualifications
Large tax deductions
Cons
Higher mortgage rates
High-interest amount
Slow equity growth
Adjustable-Rate Mortgage
As the name suggests, adjustable-rate mortgages carry an adjustable interest rate set by the prevailing market rate. An ARM starts with a fixed interest rate for a few years then changes to a variable rate for the remaining loan term.
An ARM can be locked for one, three, five, seven, or ten years, but 5/1 ARM loans are most common. With a 5/1 ARM, the interest rate is locked for the first five years and then adjusted annually for the remainder of the term.
Typically, the interest rate on an ARM adjusts upwards because the initial interest rate is often lower than the prevailing market rate.
Pros
Predictable and low initial monthly payments
You can save a considerable amount of money at first
Cons
Increased mortgage rates
Monthly payments can be expensive
Best for: Borrowers who are likely to secure a pay hike in the future but want to lock in lower rates when their income is lower.
FHA Mortgage
An FHA loan is a mortgage guaranteed by the federal government and insured by the Federal Housing Administration (FHA). You can only secure an FHA loan from an FHA-approved lender. The agency insures home loans are issued by accredited lenders such as credit unions, banks, and mortgage companies, protecting mortgage lenders if a borrower defaults on payment.
FHA Loan Requirements
These loans help modest-income households buy a home. You need a 3.5% down payment, a credit score of 580 or higher, and a DTI less than 50 to qualify for an FHA loan. You can be eligible with a 500 credit score if you raise a 10% down payment.
Since the government insures FHA loans, FHA lenders can extend favorable terms to people who wouldn’t otherwise qualify for a mortgage. FHA loans carry a mortgage insurance premium (MIP) for at least 11 years, and FHA mortgages with less than 10% down must carry FHA insurance over the life of the loan.
You can use an FHA to buy or refinance a condo, single-family home, 2 to 4-unit multi-family home, and select manufactured homes. In addition, some FHA loans can finance new construction and home renovation.
The limits on FHA loans vary by county, and as of 2021, you can borrow between $420,860 and $970,800. Your county’s living costs determine the limit on FHA loans.
Pros
Requires a 3.5% deposit
High loan limits
Accommodates low credit scores
Cons
Mandatory mortgage insurance
Only finances primary residence
Best for: Low and moderate-income households and borrowers without a large down payment.
VA Mortgage
VA loans are guaranteed by the U.S. Department of Veteran Affairs but issued by private lenders such as mortgage companies, banks, and credit unions. VA loans help veterans, current service members, and eligible spouses buy a home without a down payment.
The government guarantee allows VA accredited lenders to extend favorable terms to borrowers without a deposit. Although VA loans carry attractive terms, they have stringent qualification requirements. Only qualified active-duty service members, veterans, and surviving spouses can apply for VA loans.
VA Loan Requirements
While a VA loan offers 100% financing when buying a home, VA lenders will consider credit score, DTI, and income level when issuing a loan. There are no minimum credit score requirements, but you typically need a credit score of at least 620 to qualify.
In addition, veteran and surviving spouses can only use a VA loan to finance their primary residence. But active-duty service members can use the loan to buy a second home if they plan to move into it within 60 days of closing.
Your county of residence determines the VA loan limit. As of 2021, the county limit on VA loans ranges from $548,250 to $822,375, depending on the cost of living. However, you can get a VA loan that exceeds the county limit if you make a down payment.
Pros
No down payment
Competitive mortgage rates
Lower closing costs
No private mortgage insurance
Cons
Can’t finance an investment property or vacation home
Carries a VA loan funding fee
Strict property requirement
Best for: Eligible veterans, active-duty service members, and surviving spouses.
USDA Mortgage
USDA loans are zero-down payment government-backed mortgages guaranteed by the U.S. Department to help rural homebuyers. The loans help people with modest incomes who can’t buy homes using traditional mortgages.
USDA home loans are offered under the USDA loan program or USDA Rural Development Guaranteed Housing Loan Program. The program aims to bolster the economy and improve the quality of life for people in rural America. It waives the down payment, offers competitive mortgage interest rates, and is highly accessible.
You can apply to any of the three USDA loan programs, including:
Loan guarantees: The USDA guarantees a mortgage issued by a local lender. That allows you to access a loan with attractive terms without a deposit.
Direct loans: These are subsidized home loans for low and very low-income borrowers with interest rates as low as 1%.
Home improvement loans and grants: These are loans or outright grants to help homeowners upgrade or repair their homes. Some loan packages pair the loan with grants of up to $27,000.
USDA Loan Requirements
Qualifying for a USDA-backed home loan depends on the income and size of your household. The income limits vary by location and depend on your county of residence. Only U.S. citizens or permanent residents can use these loans to finance an owner-occupied primary residence.
You can qualify for a USDA mortgage with a credit score of 640 or higher, a DTI of less than 41%, and if the monthly repayment won’t exceed 29% of your monthly income. The USDA may consider a higher DTI for applicants with credit scores above 680. Applicants with scores lower than 640 may still qualify but are subject to more stringent borrowing conditions.
You also need to demonstrate a dependable income over two years, have a good credit history, and have no account in collection within the last year.
The USDA loan limit is a moving target that varies between counties, based on the cost of living. The loan can be as high as $500,000 in high-cost counties like Hawaii and California and $100,000 in rural America.
You can only access a direct loan from the USDA if your home is less than 2,000 square feet and has a market value below your county loan limit. The USDA program excludes metropolitans but covers some suburbs.
Pros
100% financing
Ultra low fixed interest rates
Includes financial grants
No private mortgage insurance
Cons
Geographical restrictions
Finances single owner-occupied residences
Best for: Borrowers with limited financial resources or those wishing to live in rural areas.
Jumbo Mortgage
Jumbo loans finance homes that exceed the FHFA limits of a conventional mortgage. Jumbo loans are considered non-conforming mortgages and are considered high-risk loans.
Since they exceed the FHFA limits, Freddie Mac and Fannie Mae do not guarantee jumbo loans. That means the mortgage lender may incur losses if the borrower defaults. Jumbo loans can carry an adjustable or fixed interest rate and have strict requirements.
Jumbo Loan Requirements
You need a credit score of 700 to 720, a DTI of less than 45%, and plentiful cash reserves in the bank to qualify for a jumbo loan. Lenders require extensive documentation to show excellent financial standing. You’ll need W-2s, complete tax returns, and 1099s as well as your investment accounts and bank statements.
The minimum down payment on jumbo loans is often higher than traditional loans because they lack a government guarantee. Most mortgage lenders require a 10% to 30% deposit. Jumbo mortgage rates depend on your finances and your lender.
Some lenders charge higher rates on jumbo loans than conforming ones, while others offer lower rates. The closing costs and lender fees on a jumbo loan are often higher because of extra qualifying steps and the high loan amount.
You can use a jumbo loan to buy a home, refinance an existing mortgage for cash-out purposes, or purchase an investment property and land. However, since FHFA doesn’t govern jumbo loans, the loan limit could run into the millions.
Pros
Higher loan limits
Can finance investment property
Competitive interest rates
Flexible uses
High loan amounts
Cons
Requires high credit scores
You need high income
Requires plenty of cash reserves
Best for: People buying expensive property and homeowners looking to refinance a large loan.
Interest-Only Mortgages
Interest-only mortgages are relatively short-term loans, usually structured as ARMs for 5 to 10 years. During the loan, borrowers pay interest on the loan without repaying the principal. Since you’re not paying back any borrowed money, you’re not building equity in the home. Your equity in the house remains the value of the down payment and any appreciation in the home’s market value.
At the end of the loan term, your loan amount remains the same unless you’ve made separate payments to offset the principal. Once the initial term lapses, you can pay off the loan, switch to making amortized payments, refinance, or sign up for another interest-only term.
Interest-Only Mortgage Loan Requirements
An interest-only loan requires a good credit score, 700 or higher, a large deposit, and a low debt ratio. There are no standard requirements, so they vary widely between mortgage lenders. But you’ll need to demonstrate an ability to pay and own ample assets to qualify.
Pros
Low initial monthly payment
Low initial mortgage rates
Variable loan terms
Cons
You don’t build equity
Your equity declines if property value drops
Best for: People with high disposable income, large cash reserves, rising incomes, or borrowers who receive large annual bonuses.
Best Mortgage Lenders FAQs
Which lenders have the best mortgage rates?
Mortgage rates can vary significantly from lender to lender, and can also fluctuate over time. It’s difficult to say which lender has the “best” mortgage rates at any given time. It can depend on a variety of factors, such as your credit score, the type of loan you’re looking for, and the location of the property you’re buying.
That being said, some lenders may offer more competitive rates than others. One way to find the best mortgage rates is to shop around and compare offers from different lenders. You can do this by visiting the websites of different banks and mortgage companies, or by working with a mortgage broker.
Another important factor to consider when shopping for a mortgage is the fees associated with the loan. Some lenders may have lower rates but charge higher fees, while others may have higher rates but charge lower fees. Make sure to compare the total cost of the loan, including the mortgage rate and fees, when shopping for a mortgage.
How do I get the best mortgage rate?
To get the best mortgage rate, you should:
Have a good credit score. The higher your credit score, the more likely you are to qualify for a low mortgage rate.
Shop around for rates from multiple lenders. Compare rates from banks, credit unions, and online lenders to find the best rate.
Make a large down payment. Putting more money down on the home can lower your mortgage rate.
Consider different loan types. Adjustable-rate mortgages and shorter-term mortgages typically have lower rates than fixed-rate mortgages.
Consider paying “points” or additional fees to lower your rate.
Get Pre-approved for a mortgage before you shop for a house.
Be prepared to provide extensive documentation to the lender to show you can afford the loan and can make the payments.
It’s worth noting that interest rates are not the only thing to consider when shopping around for a mortgage. You should also compare other terms, fees, and loan programs that lenders offers. It’s always a good idea to consult a mortgage expert or a financial advisor for guidance on this matter.
How much house can I afford?
A widely accepted method for determining how much you can afford to spend on a home is the 28/36 rule. This rule states that you should not spend more than 28% of your gross, or pre-tax, monthly income on housing expenses.
Additionally, the rule states that you should not spend more than 36% of your income on all debt payments, including your mortgage, credit cards, and other loans, such as auto and student loans.
For example, if your gross monthly income is $5,000, you should not spend more than $1,400 (28% of $5,000) on housing expenses, including your mortgage payment, property taxes, and insurance. And you should not spend more than $1,800 (36% of $5,000) on all debt payments, including your mortgage, credit cards, and other loans, such as auto and student loans.
So, if you have $500 in existing debt payments, your monthly mortgage payment should not exceed $900.
A flexible expense is a non-essential item in your budget. Because it’s not a must-have, you can change the expense in question to help save money. For example, while the newest smartphone (with all kinds of amazing camera functions) might be enticing, purchasing it could add strain to your budget. Instead, you could continue using the phone you bought last year and not increase that expense. In this way, managing flexible expenses can be key to making a budget that helps you reach your financial goals.
Flexible expenses span many categories, from dining out to travel to self-care. These expenses are negotiable, meaning you can save money by reducing or changing how often you spend on these items and services.
Here’s how to distinguish flexible expenses from inflexible expenses and how to reduce your monthly costs on them.
What Is a Flexible Expense?
The definition of a flexible expense is an item in your budget that you can modify or adjust as needed. These are different from necessities with fixed costs, such as rent and health insurance.
In addition, it’s worth noting that a fluctuating bill is not necessarily a flexible expense. For instance, while you might turn the thermostat down a degree or two to be thrifty or the price of fuel might shift, heating your home during cold months isn’t a negotiable expense.
Flexible expenses are those you change to make room in your budget. These may at times be commonly forgotten monthly expenses, such as buying birthday gifts or loading up on toys for your pet, but they aren’t essential for life.
Therefore, you can change them if you want. Perhaps you realize something (boredom? FOMO?) has been a cause of overspending in a specific area, or maybe you want to start saving money for a financial goal, like the down payment on a house.
Flexible Expense Examples
Flexible expenses are daily or monthly expenses you can change or eliminate. Here are examples of items in your budget that have wiggle room:
• Vacations. You might decide against saving for a vacation in Mexico and instead have a staycation to free up some funds.
• Beauty treatments. Having your hair or nails done is an expense you could eliminate or pay for less frequently.
• Electronics. A new phone or tablet can be a nice upgrade, but, if the one you bought three years ago is in working order, replacing it is a flexible expense.
• Food. This is a good example of an expense that can be either a flexible or inflexible expense. Everyone has to eat, that’s a fact. But planning meals and saving money on groceries when you shop are examples of how you might manage the inflexible cost of feeding yourself. There is a range of how much you might pay, but you will have to pay something.
However, when it comes to how often you eat out, get fancy lattes on the go, and meet friends for drinks, those are flexible expenses you can cut (even entirely) to save money. Those expenses are likely to vary too; for instance, you might dine out more around holidays.
• Entertainment. How much you spend on streaming services and cable television isn’t a necessary expense. It’s a flexible one. Yes, this kind of entertainment can be fun and relaxing, but you could cut cable or limit yourself to one or two streaming services.
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Flexible Expenses vs Inflexible Expenses
When you make a budget, inflexible expenses are the ones that are permanent and vital to daily life. For example, your mortgage, credit card minimum payments, and car loan costs are inflexible expenses. But, of course, they are flexible at a certain point. For instance, you could refinance your home to lower your mortgage payment or pay off a debt to get rid of it.
However, these require significant financial shifts and are more challenging to adjust to than your flexible expenses. As mentioned above, flexible expenses can reflect the wants vs. needs in life, or your discretionary spending. Flexible expenses can include dining out, deciding to upgrade your car or electronics, taking a vacation, purchasing gifts for others, paying to redecorate your home, joining a gym or yoga studio, and the like.
These are things many of us spend money on, but how much you spend and how often is under your control.
Flexible Expense Budgeting
Taking control of your flexible expenses can mean making a budget to manage your money and prevent overspending. One approach to take is the 50/30/20 budget rule. This popular system involves designating 50% of your income for essentials, such as housing and transportation, 30% for nonessential expenses, and saving the remaining 20%. Your flexible expenses will go into the 30% portion of the budget.
For example, say your monthly take-home pay is $5,000. Half your income ($2,500) goes towards your needs, and 30% ($1,500) is for flexible expenses. The remaining $1,000 gets put towards savings. So, your job is to make your non-essential expenses fit into the $1,500 portion of your budget.
That said, the 50/30/20 rule might not work for you, especially if more than half your income goes toward essentials. Not to worry: You can approach flexible expenses from another angle. Instead, you can take your bank and credit card statements from the past three months, identify the flexible expenses, and decide which ones you can cut from your budget or reduce. For instance, you might realize you’re spending $75 at coffee shops every month and decide to make your own coffee every morning.
Where Flexible Expenses Should Be Funded From
You can pay for flexible expenses by opening a checking account and using funds in it for those charges. For instance, you might have your cable bill linked to your bank account to make an automatic payment every month. You might tap a linked debit card when you shop for, say, some new shoes.
A credit card with rewards could also be a good way to pay for flexible expenses. Getting cash back on every purchase can be a good perk when paying for flexible expenses. For example, using specific credit cards for such major expenses as flights and hotels during a vacation can provide considerable rewards. However, you’ll want to be wary of carrying too much of a balance on your credit card since that’s typically high-interest debt that can be hard to pay off.
Also worth noting: If you have enough money in an emergency fund, that could be useful for specific flexible expenses, such as unexpected bills. Not things like taking a long weekend away, but perhaps paying for a car repair bill that you didn’t see coming.
Recommended: Reasons Why It’s So Hard to Save Money
The Takeaway
A flexible expense is one you can usually change at will to fit your budget or an expense that can pop up without warning. These irregular expenses usually reflect your spending habits, such as how often you’ve dined out or treated yourself to some new clothes or electronics. Recognizing and wrangling these flexible expenses can help you take control of your finances. Also, keeping some cash in an interest-bearing bank account can be one way to afford fluctuations in these expenses.
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FAQ
Is rent a flexible expense?
Because rent is a consistent monthly cost, it isn’t a flexible expense. This bill doesn’t fluctuate, and you’re usually only able to change it by moving somewhere else.
How do you budget for flexible expenses?
You can budget for flexible expenses with the 50/30/20 rule, where 50% of your income is for inflexible expenses and 30% of your income is for flexible expenses. The remaining 20% is for saving. This 30% provides a boundary in which you must fit paying for the nonessentials, like entertainment and travel.
What is an example of a flexible expense?
Flexible expense examples include a vacation and a meal out. Both are flexible expenses because they are nonessential expenses. You dictate the cost because you choose where you’ll go and what luxuries, treats, and events you’ll pay to partake in.
Do flexible expenses stay the same?
Flexible expenses regularly change based on your spending habits. For example, your choices regarding food and entertainment drive how much you’ll spend in these areas. You can change these habits weekly or monthly to adjust how much you’re spending, unlike rent or a car note.
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From the towering peaks of its mountain ranges to the hushed elegance of its river valleys, Idaho’s geographical diversity is a testament to the timeless artistry of nature.
Stepping into the vast expanse of Idaho, you’ll be struck by a landscape that oscillates between serene beauty and dramatic grandeur. Whether it’s the lively urban appeal of Boise, the historic charm of Lewiston or the tranquil allure of Meridian, each location in Idaho paints a different hue on the state’s canvas, collectively creating a picture of life that is as varied as it is captivating.
Listed below are seven of the best places to live in Idaho for everyone from young professionals with families to active retirees and everyone in between. Find your favorite spot, schedule an apartment tour and settle down in your new happy place.
Population: 240,713
Median household income: $98,300
Average commute time: 18.4 minutes
Walk score: 38
Studio average rent: $1,437
One-bedroom average rent: $1,450
Two-bedroom average rent: $1,768
At first blush, Boise might appear to just be the state’s capital city, another spot on the map where the urban grid has staked its claim. But spend a little time here, wander its streets, listen to its stories and you quickly realize this diverse community is anything but ordinary.
Start in downtown Boise, a place that seems to exist in two eras simultaneously. It’s as though time got wonderfully tangled here, old red-brick buildings rubbing shoulders with sleek, modern edifices, each with their own story to tell. This isn’t simply a downtown—it’s an ongoing conversation between past and present.
And oh, the great outdoors! In Boise, nature is not an abstract concept but a close friend. The Ridge to Rivers trail system stitches the city to the vast expanses of Idaho’s wilderness like a beautifully embroidered seam. On these trails and nearby national parks, city slickers become explorers, trading sidewalks for dirt paths, the hum of traffic for the rustle of leaves.
Then there’s Boise State University, a hub of youth and innovation, its energy spilling over into the college town. You can almost feel the hum of thoughts and ideas, as though the city itself is learning, growing and evolving right along with its scholars.
The beauty of Boise isn’t just in its landscapes or its architecture, but in its spirit. This is a city comfortable in its own skin, unpretentious and genuine. It has its quirks and oddities, but rather than smoothing them out, Boise not only embraces them but celebrates them. This city doesn’t try to be anything other than what it is, and what it is, quite simply, is a great place to call home.
Three great apartment complexes in Boise:
Population: 58,242
Median household income: $60,984
Walk score: 35
Studio average rent: $925
One-bedroom average rent: $1,720
Two-bedroom average rent: $1,995
Coeur d’Alene is defined by its proximity to nature’s grandeur, an undeniably charming downtown and a welcoming community that welcomes folks from all walks of life. Nestled in the northern panhandle of Idaho, with its glittering lake and towering pine forests, it’s a slice of heaven, lifted straight from a storybook and gently settled in Gem City.
The star of the show here is undoubtedly the majestic Lake Coeur d’Alene, spanning 25 miles in length, framed by pine-clad mountains and blessed with a gorgeous swimming beach. Its turquoise waters reflect the ever-changing sky and offer not just spectacular views but a year-round playground for boating, fishing and swimming in summer; ice skating and bald eagle watching in winter. Watch the sunset over the water paint the sky a fiery red, life in Coeur d’Alene really is nothing short of a religious experience.
You can’t talk about Coeur d’Alene without mentioning its charming downtown, steeped in a kind of authentic Americana, where it’s easy to meander through a jumble of local boutiques, art galleries and historic buildings.
But a place is not defined merely by its geography or its buildings. It’s the people who breathe life into the locale. The community in Coeur d’Alene is warm and inclusive, making newcomers feel at home in no time. The small city also hosts myriad events, from art walks to the famed Ironman competition, fostering a sense of belonging that’s often lost in larger cities.
Three great apartment complexes in Coeur d’Alene:
Population: 69,450
Median household income: $57,412
Walk score: 42
Studio average rent: $617
One-bedroom average rent: $1,040
Two-bedroom average rent: $1,675
Idaho Falls embodies the quintessence of small-town America, tucked into an embrace of picturesque landscapes. The city emanates tranquility and serenity. It’s an evolving canvas adorned by the mighty Snake River’s waters, the resilient spirit of its people and the vibrant strokes of its culture.
The city’s heart beats in sync with the Snake River, which etches a serpentine course through its center. The river offers more than a namesake; it contributes to the city’s persona. The city’s waterfalls, cascading from snake river canyon right through the city’s heart, present more than scenic beauty; they are the city’s pulse, their incessant flow echoing the community’s resolve.
Surrounded by the sublime vistas of Idaho, the city serves as a gateway to an extraordinary natural playground, making it an easy choice for one of the best places to live in Idaho. The jagged peaks and spurting geysers at Yellowstone National Park, the untamed wilderness of Grand Teton and the surreal landscapes of Craters of the Moon lie just a short journey away.
However, Idaho Falls isn’t just an Eden for nature lovers, it’s also a burgeoning arts hub. The city’s downtown harmonizes the old with the new, historic buildings standing shoulder-to-shoulder with contemporary structures. From the lush expanse of the Idaho Falls Greenbelt to the myriad artifacts at the Museum of Idaho, the city center is always abuzz with creativity and life.
At its core, Idaho Falls is a tightly-knit community. The residents, imbued with a sense of hardiness and a pioneering spirit, are the city’s greatest strength. The town radiates a unique sense of camaraderie and friendliness. With high-quality public and private schools, lower cost of living and a family-friendly environment, the city provides a splendid backdrop for nurturing a family.
Three great apartment complexes in Idaho Falls:
Population: 34,896
Median household income: $60,581
Walk score: 49
Studio average rent: N/A
One-bedroom average rent: N/A
Two-bedroom average rent: N/A
Lewiston is an unassuming gem nestled in the state’s north central region. It is as if the tranquil rhythm of the Snake and Clearwater rivers has seeped into the very spirit of the former resort town. Lewiston, it seems, has a way of whispering sweetly to those who have the patience to listen. The lush landscape, with its wide-open skies and placid river banks, embodies a distinct and vibrant serenity that is difficult to find elsewhere. This landscape is not just a background but an active participant in the daily life of Lewiston’s residents.
But Lewiston’s charm isn’t confined to its natural beauty. It is found in the way the town retains a distinctive blend of the past and present. Historic downtown Lewiston, with its weathered brick buildings and quaint streets, tells a tale of a storied past. Yet, a blossoming culture imbues the city with fresh energy, where local crafts, eclectic eateries and thriving farmers’ markets create a harmonious blend of the old and the new.
Educational institutions such as Lewis-Clark State College contribute to Lewiston’s vibrancy, offering youthful energy and intellectual stimulation, while the city’s active outdoor recreation culture, ranging from fishing to hiking to boating and more, keeps the community grounded, healthy and engaged.
Despite the common notion of Idaho as a remote outpost for rural living, Lewiston is surprisingly accessible. The Port of Lewiston, Idaho’s only seaport, offers a lifeline to the local economy and a portal to the wider world. In this way, Lewiston seems to exist at a crossroads between wilderness and civilization, the traditional and the modern, the local and the global.
Three great apartment complexes in Lewiston:
Population: 129,736
Median household income: $89,857
Walk score: 26
Studio average rent: $1,760
One-bedroom average rent: $1,553
Two-bedroom average rent: $1,830
At the intersection of pastoral tranquility and contemporary growth lies Meridian, Idaho’s second-largest city. Nestled between bustling Boise and the vast expanses of Idaho’s rural landscapes, Meridian possesses a unique, harmonious balance that resonates deeply with those fortunate enough to call it home, making it a natural pick for the best places to live in Idaho.
The city thrives as a close-knit community where neighbors not only know each other’s names but also share in each other’s joys and sorrows. Despite the city’s impressive growth and ample job opportunities—it’s one of the fastest-growing cities in the region—the residents have managed to retain a sense of camaraderie and mutual support that is a testament to their collective spirit.
On the educational front, Meridian is home to outstanding public schools, a well-regarded private school system and a focus on lifelong learning. This commitment to education echoes throughout the community, nurturing not just academics but also fostering an environment of curiosity and enlightenment.
Recreational opportunities abound in Meridian. From the tranquil respite offered by the city’s many parks to the adventurous hiking and biking trails, Meridian encourages an active, outdoor lifestyle that keeps its residents connected to the splendid nature that surrounds them.
Meridian balances the vibrancy of a thriving city with the intimacy of small-town living. Here, progress and tradition coexist, each respecting the other, each shaping the city’s unique character. The city does not boast or bluster; it invites. It invites residents to build lives of contentment, enrichment and joy amidst its tree-lined avenues and beyond. It is, in its quiet, steadfast way, a testament to the human capacity for creating spaces that celebrate both the simplicity and complexity of life.
Three great apartment complexes in Meridian:
Population: 117,082
Median household income: $57,552
Walk score: 29
Studio average rent: $775
One-bedroom average rent: $1,342
Two-bedroom average rent: $1,525
Nampa feels as if it were crafted from the fabric of a bygone era, while firmly rooted in the present. This robust blend of tradition and progress makes Nampa not just a city, but a living testament to the evolving narrative of the American West.
Nampa’s physical beauty is an undeniable draw. Nestled in the heart of the Treasure Valley, the city is a green oasis surrounded by the grandeur of Idaho’s diverse landscapes. From the lush farmland that flanks the city limits to the distant mountains that frame the horizon, Nampa’s natural setting is a captivating panorama that continually enchants its residents.
The city is a bustling hub of activity, a diverse and bustling place offering tons of recreational opportunities and outdoor activities that tap into the spirit of Idaho’s outdoor culture. From Lake Lowell’s tranquility to the invigorating outdoor pursuits available along the city’s many trails and city parks, Nampa encourages an active, healthy lifestyle for all.
Education and cultural enrichment form crucial components of Nampa’s appeal. The city’s public and private schools both foster an environment of learning and growth, while institutions like Northwest Nazarene University add a rich layer of intellectual vibrancy to the college town thanks to the thriving population of university students. Nampa’s cultural scene, too, is alive and thriving, with the Ford Idaho Center hosting concerts, rodeos and sporting events, ensuring the city is always offering up something fun for its residents.
Nampa stands as a beacon of balance. It merges the comfort of a small town with the opportunities of a growing city. It honors its heritage while eagerly reaching for its future. It celebrates its natural beauty while creating vibrant human-made spaces. It is a city that accommodates and nurtures the many facets of human life, making it a truly appealing place to call home.
Three great apartment complexes in Nampa:
Population: 50,323
Median household income: $65,592
Walk score: 23
Studio average rent: $1,275
One-bedroom average rent: $1,395
Two-bedroom average rent: $1,600
Post Falls sits as a jewel of the Northwest, nestled between the rugged majesty of the Rockies and the tranquil waters of the Spokane River. This city, once a quiet milling town, has grown to become a stunning community that marries the tranquility of a small town atmosphere with the dynamic spirit of a major city, quickly on the rise. Its appeal is multifaceted, drawn from the natural beauty, cultural richness and warmth of its people.
The landscape within the city limits is nothing short of mesmerizing. With waterfalls, rivers and mountains as its neighbors, Post Falls offers a living experience that is like nothing else. The city is a haven for outdoor recreation enthusiasts, with hiking, mountain biking, fishing and boating opportunities that not only provide fun recreation activities but also nurture a profound connection with the environment.
Despite its relatively small size, Post Falls boasts of a diverse range of attractions. The city’s retail offerings range from unique local boutiques to larger shopping centers, catering to a variety of needs and tastes. A fastly growing food scene adds another layer of appeal, with an array of culinary creations that tantalize the palate.
In essence, Post Falls represents the harmonious coexistence of the timeless and the contemporary, the quiet and the dynamic, the natural and the human-made. It’s a city that values its past, cherishes its present and embraces its future, providing an enriching and welcoming environment that makes it a wonderful place in Idaho to call home.
Three great apartment complexes in Post Falls:
Find the best place to live in Idaho
Whether you seek the urban charm of Boise or the rugged beauty of Post Falls, Idaho offers a near-unending selection of stunning possibilities, each holding a unique promise of what it means to call this magnificent state home. The best places to live in Idaho are not just locations, but distinct chapters in the state’s unfolding story, each adding its own unique color to the mosaic of life in the Gem State.
In every corner of the state, you will find that you are always just a stone’s throw from the living, breathing narratives in Idaho’s ever-evolving saga. They are distinct chapters in an enduring tale that grows richer with each new settler and generation. The best places to live in Idaho are not just geographical points on a map, but intricate layers in the richly textured quilt of human experience that comprises this magnificent state.
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Fall is officially here. The days are growing shorter, the leaves are changing and, for many, snow may be right around the bend. Soon, you’ll be trading in your t-shirts for sweaters, getting out the pumpkin carving tools and enjoying a warm mulled apple cider.
It’s also the perfect time to fill your home with the best scents of this cozy season. From cinnamon to sweet orange and bergamot, combined essential oils or fragrances can bring the fall indoors. Then, prepare for the winter with cedarwood and cypress.
Let’s explore some of the top contenders for fall and winter aromas. We’ll also touch base on some scent diffusers that have transformed how you can bring these beautiful fragrances into your home.
Scent diffuser selections for the seasons
These handpicked scents bring the changing season indoors, reminding us it’s time to cozy up with some hot chocolate and bake gingerbread cookies or pumpkin pie. Before you know it, you’ll be getting out the holiday games and letting the festivities begin!
Filling your home with the scents of the changing seasons reminds you to make the most of these precious months. Additionally, you can use many of these products when making candles, soaps and lotions. Explore the top picks from Amazon that nearly everyone loves.
The essence of autumn and winter
Bring back memories of autumn days spent hiking through fallen leaves or cooking with family and friends with this set of six autumn fragrance oils. The set includes vanilla, maple syrup, apple harvest and pumpkin pie. Add some sweet cinnamon and the fragrance of a fall walk, and it’s safe to say they’ve covered the season.
If you prefer the warm and rich aroma of ginger, cinnamon and cloves or the welcoming and cleansing scent of frosted fir and winter berries, MitFlor’s winter essential oil set may be for you.
The scent of hotel-inspired luxury
Is it time for a luxurious vacation? What does luxury smell like? Maybe slightly mysterious with a hint of black fig, soft and refined with a touch of rose and enhanced energy with some citrusy lemon.
If that makes you want to cozy up in a plush robe or nestle into a luxurious spa tub, Black Velvet may offer the aroma you’re looking for. Some of the world’s luxury 5-star hotels use this aroma scent diffuser oil by Hotel Collection.
Bring a forest into your apartment
Do you remember walking down a mountain trail and catching a sudden whiff of pine or cedarwood? That refreshing scent may take you back to shared campfires or cozy gatherings by the fireplace. Woodsy Eternal Essence Oils are designed to take you to the warmth of a fire or a walk in the woods, a perfect retreat as the fall turns to winter.
The six-pack of oils also includes the comforting and sensual scent of sandalwood and the calming and earthy aroma of frankincense. Add Bamboo & Teak and Woodland Bay for a complete overhaul. You can also use these oils in massage oils and body and hair care routines.
Take a journey with essential oils
Essential oils are extracted from plants and often used in aromatherapy. You’ve probably heard of the relaxing benefits of lavender or how bergamot can reduce stress and improve moods. Aura Cacia created essential oil diffusion blends ideal for fall and winter.
This set of four includes Spice Market, a blend of cardamom and clove. From the ginger family, cardamom warms and energizes the senses while bringing a spicy, sweet scent to your home. Do you like chai tea lattes or aromatic spices in your dishes? This blend of essential oils may call to you.
Dreamy Forest combines the balsam of Peru and jasmine. Balsam of Peru offers a rich, woody aroma with underlying hints of vanilla. Jasmine is known for its aphrodisiac and anti-anxiety properties, as well as its intoxicating rich floral scent. This essential oil set also includes Quiet Orchard with wintergreen and balsam fir and Sunny Garden with chamomile and helichrysum.
The smell of freshly baked fall favorites
Do you have a favorite fall flavor and smell you look forward to every year? For some, it’s the smell of coffee cake wafting through the kitchen. Or, it could be the mingling of ginger, cinnamon, nutmeg and molasses, reminding you your gingerbread cookies are in the oven.
Enjoy all these fragrances and more with this spice fragrance oils set from P&J. You’ll also experience autumn faves like pumpkin pie, harvest spice, apple cider and cinnamon.
An aroma for every event
Do you get a little stressed out over the holidays? Join the human race. Sometimes, you just need to take a deep breath. This set of 14 essential oils with blends like Rest, Comfort, Restore and Breathe offers the perfect aromas for this time of year.
You also get a selection of individual essential oils, like frankincense, cedarwood, rosemary and lavender, letting you experiment with making your own blended oils. For instance, cedarwood, sweet orange and a touch of eucalyptus bring a woodsy, floral scent that aligns with the cyclical transition of autumn transforming into winter.
The smell of a November rain
If you’re wondering what a November rain, lake sunset or cozy sweater smells like, CAKKI’s unique fragrance oil set may have the answer. In addition to these unique scents, fill your home with the aroma of Macintosh apples, maple leaves and chamomile’s earthy, sweet fragrance.
The magic hour
The magic hour, or golden hour, is just before the sun rises or sets. It’s when photographers rush out to capture the magical light available only at these times. The sun’s yellow light takes on a reddish hue, casting everything in a golden, bronze glow that flatters subjects. In autumn and winter, this magic hour becomes more of a magic half-hour, moments you don’t want to miss.
Folkulture’s Magic Hour essential oil set includes white sage, a plant used for thousands of years to purify homes. Balsam, cedarwood and orange bring the season’s scents indoors. Rose plum offers a seductive floral and fruit scent that’s hard to define until experienced.
Diffusing your scents into the air
Now that you’ve chosen your fragrances and essential oils, it’s time to explore some unique scent diffusers that add warmth and intrigue to your apartment. While some are as simple as a candle under a ceramic bowl, others offer a realistic fire-like atmosphere.
Add warmth, humidity and a fire-like flame
Scent diffusers have certainly come a long way. This Flame Aromatherapy Diffuser brings orange-red or blue flame-like lights while it fills your room with a relaxing mist and incredible aroma. Who needs a spa? You can choose from continuous to intermittent misting and make sure it aligns with your decor in faux wood, white or black.
Experience the changing seasons with changing light
This metal ultrasonic cool mist scent diffuser lights up images of the season in seven LED color-changing lights. From trees to forests, owls and deers, experience your unique scents rising from a softly illuminated image. With automatic shut-off and silent operation, it’s also a perfect addition to a room needing a night light.
Quick warning about scent diffusers and pets
While they’re pleasant for humans, scent diffusers and specific essential oils can pose some danger to pets. The devices we listed above use essential oils, which, when dispersed into the air, can become concentrated and overwhelming for animals with highly sensitive noses.
Some essential oils are toxic to pets and can lead to a range of health issues. For example, tea tree oil is off limits to both dogs and cats. Peppermint oil, clove oil, wintergreen oil and cinnamon should be avoided for dog parents; while citrus oils, eucalyptus and ylang-ylang oils shouldn’t be used in cat-friendly homes.
Additionally, pets might accidentally knock over diffusers, leading to spills or direct contact with the oils, which can be harmful if ingested or absorbed through their skin. To ensure the safety of our furry friends, it’s crucial to use scent diffusers cautiously and choose pet-friendly alternatives if necessary.
Enjoy the scents of the season with a scent diffuser
Our sense of smell has a profound link to our memories. It’s why the smell of pumpkin pie takes you back to cooking with your mom, or cedar brings you back to Thanksgiving in the mountains. Perhaps it’s time to create new memories by filling your home with one or more of these enchanting aromas.
Still looking for the perfect apartment for rent to create holiday memories? We have you covered.
You may think that because you have bad credit, buying a house is out of reach for you. But, there are plenty of trustworthy mortgage lenders with good offers willing to loan to people with poor credit.
So, you might just have to start packing sooner than you thought.
Best Mortgage Lenders for People with Bad Credit
LendingTree
For flexible mortgage options with less stringent credit score requirements, check out LendingTree. Instead of serving as a direct lender, LendingTree aggregates multiple mortgage offers after you fill out a single application.
The process is completed entirely online, and you could potentially see up to five different offers from various mortgage lenders. From there, you can compare the interest rates and terms to see if any fit your needs.
LendingTree also offers mortgages from lenders that provide a broad range of home loan types.
In addition to conventional loans, you can also access loans from the Federal Housing Administration (FHA loans) and VA loans. These come with lower credit requirements and lower down payment requirements.
With an FHA loan, for example, you could qualify with a minimum credit score of just 580 and a 3.5% minimum down payment on your new home’s purchase price. Even if your credit score is lower than 580, an FHA loan is still possible if you increase your down payment to 10%.
For multiple home loan options with a quick and easy application process, be sure to consider applying through LendingTree.
Read our full review of LendingTree
CitiMortgage
CitiMortgage has a range of home loan products for people with various credit scores. A unique feature of CitiMortgage is that they consider nontraditional credit situations, such as paying rent and child support on time.
They only approve loans for houses in good condition. This means all construction must be finished, and the roof and windows must be intact.
So, no fixer-uppers, HGTV fans. In addition, there is a $100 application fee and an origination fee, but this is not unusual.
If you can’t put much of a down payment down, CitiMortgage offers what they call a HomeRun loan program. This program allows you to only pay 3% down. Plus, they don’t even require you to pay for private mortgage insurance.
So, a $200,000 house would only require you to put $6,000 down. Applicants must make 80% or less than the neighborhood’s average income. However, it’s available to anyone in low-income areas.
CitiMortgage also offers a conventional loan geared toward those with low income and low credit scores. It comes with no mortgage insurance requirements and highly competitive interest rates. However, origination fees are typically a bit higher.
Read our full review of CitiMortgage
Rocket Mortgage
For those seeking a user-friendly online experience alongside a variety of loan options, Rocket Mortgage is worth considering. As one of the pioneers in the digital mortgage industry, their process is streamlined, allowing you to get pre-qualified in mere minutes.
They offer an array of loan types including Conventional, FHA, VA, and Jumbo loans. Terms range from 8 to 30 years, which includes popular 15-year and 30-year terms.
Those with a credit score of 620 will find themselves comfortably eligible, but Rocket Mortgage also caters to those with scores as low as 580, as long as other criteria are met.
One of the highlights of Rocket Mortgage is their flexibility in property types. Whether you’re looking to buy or refinance a single-family home, a second home, an investment property, or even a condo, they’ve got you covered.
Their user-centric approach is further exemplified by their dedicated Rocket Mortgage app, ensuring easy access to your account.
A potential downside is the hard inquiry they conduct to offer a personalized interest rate, which could have a minor impact on your credit score.
Additionally, they do not provide USDA loans, HELOCs, construction loans, or mortgages for mobile homes. For those eyeing jumbo loans, it’s worth noting that Rocket Mortgage does not manage these accounts post-closure.
However, if a swift online process coupled with diverse loan options appeals to you, Rocket Mortgage stands out as an excellent choice.
Read our full review of Rocket Mortgage
Navy Federal Credit Union
Serving military members and their families, Navy Federal Credit Union makes first-time home buyers their number one priority.
They help would-be homeowners by offering a wide variety of loans. Some of their loans include:
Adjustable-rate mortgages
VA Loans
FHA Loans
Interest-only loans
30-year and 15-year fixed-rate loans
Their standout loan is the HomeBuyers Choice. It’s a fixed interest rate 15 or 30-year loan with 100% financing and no mortgage insurance.
There is a 1.75% funding fee that you can get waived if you’re willing to pay a higher interest rate. This is a great option at closing if you need to save some cash.
Like CitiMortgage, Navy Federal evaluates a range of payments for borrowers with poor credit scores, such as rent, cell phone, and utility payments. There is no minimum credit score requirement for VA loans, but it’s 620 for others.
The only real downside is that some borrowers report that it takes longer to close on houses than other mortgage lenders.
This is not incompetency by any means. On the contrary, with such popular mortgage options, they likely have more volume to get through than other lenders.
Read our full review of Navy Federal Credit Union
Best Refinance Lender for Borrowers with Bad Credit
For borrowers with bad credit scores who are considering refinancing their mortgages, we recommend Connexus.
Connexus
By no means just a refinancing company, Connexus is an all-around great credit union with nothing but positive feedback online. With a super strong and user-intuitive web presence, they’re easily one of the trailblazers for next-generation banking.
Connexus offers great mortgage interest rates for anyone, but they do something a little special regarding refinancing. Any homeowner can go to their website and fill out an online form detailing what they currently have.
After only two business days, a loan officer from Connexus Credit Union will call you to discuss every option available. They call this their “No-hassle mortgage comparison.”
If you’re worried about low credit scores, Connexus also considers alternative methods to determine your ability to repay a loan. This includes utility bills, rent, monthly cell phone payments, and child support.
Read our full review of Connexus
Best Mortgage Lenders for Customer Support
Decent customer support seems to be what companies struggle with the most these days. People want 24/7 support, but they don’t want to speak with robots. Two companies that have figured out how to meet customer expectations are HomeBridge and Network Capital.
HomeBridge
At HomeBridge, you can initiate your mortgage application online, where they have various home loan programs to choose from.
You can also learn about the pros and cons of each loan and refinance option through their extensive library of educational content.
Where they really receive their accolades, however, is through their customer support. It’s not something they really boast about, but they are constantly tweaking the process of getting a loan or refinance more user-friendly.
Here’s how.
Any negative feedback a customer provides is addressed as soon as possible by HomeBridge so that every customer can walk away happy. Look for this kind of dedication elsewhere, and you’re going to have a tough time.
Most companies who perform customer feedback questionnaires analyze the results and ask themselves how to resolve the problem moving forward.
HomeBridge not only resolves the problem moving forward but will actually go back to the initial complaint and address that specific issue, too.
Read our full review of HomeBridge
Network Capital
Be advised: Network Capital does have its faults. For example, it only does business in the following states:
Alabama
Arkansas
Arizona
California
Colorado
Delaware
Florida
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maryland
Minnesota
New Jersey
New Mexico
New York
North Carolina
Ohio
Oklahoma
Oregon
Pennsylvania
Tennessee
Texas
Virginia
Washington
Washington, D.C.
Wisconsin
It also doesn’t have an online prequalification tool. So if you’re interested, you’ve got to go through the whole process to see if this mortgage lender is even interested in working with you.
Even with these complaints, we still love Network Capital. Why? They’re doing many things right.
For starters, they don’t charge any lender fees.
Secondly, they offer support to you while you’re applying and want you to call and ask questions. Even if it’s just for a small question that will take them three seconds to answer, they want you to call.
Tri Nguyen, the founder, believes that no matter how digital we become, everyone wants to hear a human’s voice during such a significant life decision. So, they are there to answer questions and help you gather documentation.
And they do this all before they even know if they want your business. But don’t worry: the minimum credit score they require is only 600.
Read our full review of Network Capital
Best All-Around Mortgage Lenders for Borrowers with Bad Credit
Taking into account the entire user experience, there are two bad credit mortgage lenders that stand out:
New American Funding
New American Funding is just about everywhere and doing everything right. They have 150 branch locations across the U.S. (except New York and Hawaii) and have a solid web presence.
The loan application can be completed online. You can also get rate quotes, and you can track your loan status remotely.
New American Funding works with down payment assistance programs in numerous states. They also have a vast array of loan products.
Here’s a list of everything they offer:
Adjustable-rate loans (5/1, 7/1, 10/1)
Bank Statement Loans
Conventional and FHA Loans for Renovation
Fixed-rate Loans of 10, 15, 20, and 30 years
FHA loans, VA loans, and USDA loans
Loan refinancing
Manufactured home loans
Unlike other mortgage lenders, they still do everything old-school — they evaluate each application individually with (gasp!) a real live human. No algorithms here.
In other words, they’ll look at you holistically despite your bad credit score because they understand that cultures handle money differently.
For example, Latinos tend to pull money from family members when making a large purchase and prefer cash to credit cards.
With a no-debt mindset, of course, you may have a low credit score, but that doesn’t mean you don’t know how to handle money.
A person’s ability to be a responsible homeowner goes beyond what the three major credit bureaus consider. And New American understands that.
Read our full review of New American Funding
Carrington Mortgage Services
Carrington Mortgage Services seems to bend over backward to help people with poor credit become homeowners. They’re even willing to work with you if your FICO score is as low as 550.
Carrington also requires all homeowners to go through a mortgage education program before purchasing, which some people consider a negative.
They do this to make sure all borrowers understand everything that revolves around a home loan so that they’ll be more likely to make better financial decisions in the future.
Carrington considers the typical factors that play into your credit score, like payment history and money owed. However, they also consider job history, job stability, gross income, and down payment size for approval.
Need assistance with a down payment?
Depending on where you live, Carrington may be able to help you. However, the program isn’t available nationwide because some states would require Carrington to sell the servicing rights to the associated loans if they helped with the down payment.
If they did this, it would impact their ability to work with low-income, bad credit borrowers.
It should come as no surprise that Carrington has a solid digital infrastructure, and offers competitive refinance rates. Their customer service is also among the best of the best.
The only cons we can come up with for this company is that it’s not in every state (Alaska, Massachusetts, North Dakota, and Vermont.) Additionally, Carrington can’t offer down payment assistance nationwide.
Bottom line: Carrington Mortgage Services is awesome.
Read our full review of Carrington Mortgage Services
Tips for Applying for a Home Loan With Bad Credit
Many of the mortgage lenders listed in this article are ideal for borrowers with high credit scores. But if you have a lower credit score, know that it’s still possible for you to qualify for a home loan.
Many bad credit mortgage lenders are willing to work with borrowers that have lower credit scores. Here are five steps you can take to get started.
1. Take steps to begin improving your credit score
The first place to start is to request a free credit report from each of the credit bureaus. Your credit reports will give you an idea of where you are currently and the steps you can take to improve your credit score.
Make sure you check your credit report for any inaccuracies or derogatory marks. You can request to have any incorrect information removed. If you have any negative marks on your credit report, you can write your lender a goodwill letter and ask to have them removed as well.
The best way to improve your credit score is by paying down credit card debt and making monthly payments on time. Just taking these two action steps alone should help your credit score, since they account for most of your FICO score.
2. Be realistic about what you can afford
You can still apply for a mortgage with a bad credit score. But be realistic about what you can afford with your current budget.
With a low credit score, most lenders will see you as more of a risk of defaulting on your mortgage, so you will have a higher interest rate. However, if you only request the maximum loan amount you need, you’ll have a better chance of getting approved for your loan.
3. Check out alternative loans
Borrowers with imperfect credit may qualify for a bad credit mortgage loan with alternative homebuyer programs. For example, borrowers can get an FHA loan with credit scores as low as 580. The required minimum down payment is 3.5%.
Veterans with less than perfect credit should look into getting a VA loan. These mortgage loans don’t have a minimum down payment requirement and are easier to qualify for than conventional mortgages.
Finally, USDA loans are designed for low-income homebuyers in rural areas. They typically require a credit score of at least 640.
See also: 14 First-Time Homebuyer Grants and Programs for 2023
4. Save up for a sizable down payment
If you want to increase your odds of approval, then it’s a good idea to save up for a sizable down payment. At least 20% is ideal for convention loans. It will also save you from having to take out private mortgage insurance (PMI).
A down payment won’t compensate for a bad credit score. However, it could help you make your case with some lenders.
5. Consider applying with a qualified cosigner
And finally, you can look into applying with a qualified cosigner. When you apply with a cosigner, that person agrees to take legal responsibility and repay the loan if you can’t. And since that person’s credit score is tied to the loan as well, it increases your odds of approval.
However, cosigning a loan is a risky move. So, you only want to ask someone to do this if you’re confident you can make your monthly mortgage payments. Otherwise, you’re putting that individual’s financial future at risk.
How to Compare Lenders for Bad Credit
Finding the best mortgage lender to fit your financial situation requires careful consideration. You need to be sure about what you need from any bad credit home loan. Along with mortgage rates and loan terms, here are the other major factors to consider when comparing mortgage lenders:
Minimum Credit Score Requirements
Minimum credit scores will vary depending on the mortgage lender and the specific loan product. There are many lenders who will work with a low credit score, including all the lenders we’ve analyzed above.
Debt-to-Income Requirements
In most cases, the maximum debt-to-income ratio that lenders will work with is around 43%. However, with so many online mortgage lenders today, you will still find mortgage companies that have higher than normal debt-to-income limits.
Make sure you’re clear on where your debt-to-income ratio stands. Then, take some time to see if you can improve it before applying for a loan formally.
Down Payment Requirements
The reality is, if you have a bad credit score, you’ll likely be required to save a larger minimum down payment. Generally speaking, those with a lower credit score who still qualify for lending will need a down payment of 10%.
However, regardless of what your credit history looks like, it’s useful to shop around. This is because most mortgage lenders will consider a range of factors when evaluating your loan application.
Home Buyer Assistance Programs
When considering different mortgage products, make sure to look for any home buyer assistance programs. Many companies have their own programs with benefits. They can range from a lower minimum credit score requirement, lower down payment percentages, or credits toward closing costs.
Fees
The most common mortgage fees include origination fees, application fees, underwriting fees, processing fees, and administrative fees. Some lenders don’t charge these fees, but don’t forget to check what they do charge.
Frequently Asked Questions
What is considered ‘bad credit’ for a mortgage?
According toFICO, which is the biggest credit scoring company, anything below 580 is considered poor credit. Here’s a quick run through of the entire credit scoring range:
300 – 579 – Poor credit
580 – 669 – Fair credit
670 – 739 – Good credit
740 – 799 – Very good credit
800 – 850 – Exceptional credit
However, the definition of ‘bad credit’ can vary between lenders, as they won’t all stick rigidly to FICO scoring. So keep this in mind as you look for loan products to apply for, and make use of online loan quotes that don’t run hard credit checks.
Can I get approved for a mortgage with bad credit?
Absolutely, it is possible to qualify for a mortgage even if you’ve got a low credit score. Your credit score is always an important factor for mortgage lenders. However, alternative credit data such as stable employment and saving a large down payment can sometimes help offset a bad credit score.
Some mortgage products, like FHA loans, come with lower minimum credit score requirements than conventional loans. However, if possible, you should always try to build your credit score before taking out a loan. This can help you significantly improve your mortgage options. It can land you a better interest rate and lower monthly payment, potentially saving you thousands of dollars.
What type of mortgage can I qualify for with bad credit?
There are several types of mortgage products available for those with poor credit:
FHA loans
Government backed loan programs, such as Federal Housing Administration (FHA) loans, are among the most popular options for bad credit borrowers. The majority of people will need a minimum credit score of 580 to qualify, as well as a minimum down payment of 3.5%. However, if you can make a 10% down payment, you could be eligible for an FHA mortgage with a credit score as low as 500.
VA loans
While VA loans don’t have any formal credit score requirement, the reality is that the ideal credit minimum varies between lenders. If you do go for a VA loan, keep in mind that many lenders prefer to lend to those with a higher credit score. However, others will be more sympathetic to lower credit scores.
USDA loans
Another of the popular government backed loans, USDA loans typically require a credit score of at least 640. However, that doesn’t mean it’s impossible to qualify for a USDA-backed loan with a low credit score. It just means your application will have to be processed manually, and may require consideration of alternative credit data.
If your score is high enough, you can use a USDA loan to purchase a home with no down payment.
What is the lowest credit score I can get a mortgage with?
The lowest credit score you can get a mortgage with varies depending on the type of loan and the individual lender’s requirements. Conventional loans usually have a minimum credit score of 620, and for jumbo loans it’s 680. However, FHA, VA, and USDA loans allow lower minimum credit scores and might make more sense for you if your credit is poor.
For lenders who offer bad credit mortgages, a credit score of 500 is generally the lowest that lenders will work with. Your interest rate will be high and you’re likely to need a large down payment to get a mortgage with a score this low.
A checking account is one of the most useful items you can have in your financial toolbox. You can use a checking account to pay bills, get paid early with direct deposit, or build your savings through automatic transfers.
However, it’s possible you’re not getting the most out of your account. Recognizing some of the most common mistakes you’re making with your checking account could help you to save money and time.
Ready to optimize this aspect of your financial life? Read on to learn:
• Common mistakes you’re making with your checking account
• Tips for improving your banking habits
Why Banking Mistakes Can Be Costly
Making mistakes with your bank account could cost you in more ways than one. It’s possible that you’re overpaying bank fees unnecessarily, missing out on valuable interest earnings, and possibly leaving yourself vulnerable to fraud. You may also be short-changing yourself and missing out on benefits and features if you’re using the wrong type of bank account for your needs.
Here’s why these issues can cost you:
• High fees are generally not a good thing, as they can nibble away at your balances over time.
• Losing out on the best interest rates means your money has less room to grow.
• Fraud can potentially be the biggest drain on your accounts, if your debit card or bank account is used to make unauthorized withdrawals or purchases.
The good news is that it’s relatively easy to get back on track. That starts with knowing which checking account mistakes to avoid. You’ll learn about them next.
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Open a SoFi Checking and Savings Account and start earning up to 4.50% APY on your cash!
11 Checking Account Mistakes to Avoid
Managing a checking account shouldn’t be complicated. Here are 11 of the biggest checking account mistakes that you’ll likely want to sidestep.
1. Not Shopping Around
Sticking with the same bank for years may be comfortable, but it doesn’t necessarily mean you’re getting the best deal. It’s a mistake not to shop around for better banking options, as banks regularly introduce new benefits and features to attract customers.
It’s also incorrect to assume that switching banks is time-consuming or difficult. Many banks offer switch kits that help to simplify the process of transitioning your accounts over. These kits include a checklist of steps to complete to get your new accounts open and shut down your old ones if you choose to do so.
2. Overlooking the Benefits of Online Banks
How you use your checking account matters but it’s also important to consider where you keep it. Online banks can offer benefits you don’t always get at traditional banks or credit unions, such as lower fees or higher interest rates for deposit accounts. These two features could help you build wealth.
Opening an online checking and savings account is usually something you can do in just a few minutes. The trade-off of choosing an online bank is that you don’t have branch banking access. Comparing online banking pros and cons can help you to decide if it’s right for you.
3. Paying a Monthly Maintenance Fee
Banks can charge monthly maintenance fees for having a checking account. In some cases, you might pay these fees for savings and money market accounts as well. Paying these fees is a mistake if there are ways to get around them.
Your options for avoiding monthly maintenance fees might include:
• Meeting a daily or monthly minimum balance requirement
• Scheduling a qualifying recurring direct deposit
• Maintaining a minimum balance across multiple linked accounts at the same bank
• Making a certain number of purchases with your debit card each month
You could also avoid monthly maintenance fees by moving to an online bank. Online banks tend to be more fee-friendly than traditional banks, and you could earn a higher rate on interest-bearing accounts as well.
4. Triggering ATM Fees
Here’s another common mistake you may be making with your checking account: When you need quick cash, you hit the first ATM you come across. Convenient, yes, but that’s a problem if your bank charges ATM fees.
What are ATM fees? They’re fees you pay to use another bank’s machine. Typically, your bank won’t charge if you use their ATMs. But they might tack on a foreign ATM surcharge if you use a machine that’s out of the bank’s network. The ATM owner can also charge a fee of their own. Typically, out-of-network ATM fees will cost you between $2.50 and $5 per transaction and possibly even more.
Knowing where you can withdraw cash fee-free is a simple way to avoid that mistake. You might also consider looking for a bank that reimburses foreign ATM fees each month. Some banks offer reimbursement, either as a flat dollar amount or up to a certain number of foreign ATM fees per month.
5. Not Keeping Enough in Your Account
Maintaining a lower balance in your checking account isn’t necessarily a bad thing, but it could put you at risk of incurring overdraft of non-sufficient funds (NSF) fees.
Banks can charge overdraft fees to complete transactions when you don’t have enough money in your account. Non-sufficient funds fees may apply when you don’t have enough money in your account and the bank cancels or rejects the transaction.
In terms of how much you’ll pay for NSF vs. overdraft fees, that depends on the bank. However, it’s not uncommon for banks to charge anywhere up to $40 for these fees.
You could avoid overdraft fees by enrolling in overdraft protection. What is overdraft protection? It’s a service that allows banks to transfer money automatically from your savings account to checking if you’re in danger of overdrafting your account. You can avoid high overdraft fees by opting in, though banks may charge a smaller transfer fee.
6. Keeping Too Much Money in Checking
Keeping too much money in checking could also be a mistake if you’re missing out on interest earnings. Siphoning off some of the money in checking into a high-yield savings account or money market account, for example, could allow you to earn a competitive interest rate and APY on your balances.
It’s also important to consider how FDIC coverage limits apply to checking accounts. The Federal Deposit Insurance Corporation insures deposits up to $250,000 per depositor, per account ownership type, per financial institution. If you keep more than that in checking, you could be at risk of losing money in the rare event that your bank fails.
7. Choosing a No Frills Checking Account
A basic checking account should have all the features you need to pay bills, deposit money, or make purchases with a linked debit card. But a specialty account could offer a wider range of benefits.
For example, a high-yield checking account earns interest on balances. That’s like getting free money just for keeping a balance in checking. You will, however, have to pay tax on the interest you earn at the end of the year.
8. Missing Out on Potential Rewards
Another checking account mistake to avoid is losing out on potential rewards and bonuses. What are reward checking accounts? These are bank accounts that reward you with points or cash back for completing certain activities. For example, you might earn rewards when you make a specific number of debit card purchases each month or link a savings account.
These accounts are similar to rewards credit cards but the difference is you’re spending your own money to earn them, rather than borrowing from the credit card company. They can offer you some nice perks as you conduct your usual banking business.
9. Not Protecting Your Account When You Shop Online
Shopping online is convenient and you might be able to save money versus shopping in store if you’re using promo codes or coupons at checkout. However, you could be putting your checking account at risk if you’re shopping over unsecured WiFi networks or making purchases on untrusted websites.
A simple way to verify a site’s authenticity is to look for “https” in the site’s address. That indicates the site uses a Secure Sockets Layer certificate to encrypt and protect user data.
You can also protect yourself by not storing your debit card information at the checkout. If you’d like to be able to automatically enter your debit card details to pay, you can add them to a secure mobile wallet like Google Pay, Apple Pay, or Samsung Pay.
10. Not Enrolling in Email and Text Alerts
There are different ways to keep track of your bank accounts, including online and mobile banking. If you don’t always have time to log in, you could use email and text alerts to monitor your accounts instead.
Banks can allow you to set up different types of alerts, including notifications for:
• Low balances
• New credit transactions
• New debit transactions
• Updates to your personal information or login information
• New linked accounts
• New wire transfer transactions
• Failed login attempts
Not using alerts can be a mistake as it can save you time as you manage your financial life.
Enrolling in alerts can also help you to spot potentially fraudulent activity before someone is able to do any major damage with your account.
Recommended: The Biggest Money Scams in the U.S.
11. Using Weak Passwords
Your password is your entry key to your online and mobile banking accounts and it’s important to choose a strong one. The stronger your password, the more difficult it might be for hackers to steal your information, and your money.
If you’re using weak passwords that are easy to guess, you could be leaving yourself open to fraud. It’s also a mistake to reuse the same passwords to log in to multiple accounts. If a hacker gets their hands on the password, they could have instant access to bank accounts, credit cards, investment accounts, email accounts, and any other accounts you manage online.
Choosing strong passwords and updating them regularly can help you avoid that scenario. If you have trouble remembering passwords, you might consider storing them online in a secure password keeper.
Ways to Improve Your Banking Habits
Building better habits can take time, but it may be well worth the effort if you’re able to avoid making common checking account mistakes. Here are a few ways to improve your banking habits:
• Check your accounts regularly. Logging in to your bank accounts once a day or every few days is a simple way to check your transaction history and balances so you know what you have to spend.
• Sign up for alerts. Banking alerts can help you to spot potential fraud, track your balances, and know what’s being debited or credited to your account. It’s typically free to enroll, and you can personalize which alerts you want to receive.
• Maintain a buffer. Getting in the habit of maintaining a cash cushion in your checking account can help you to minimize your risk of overdraft. For example, you might want to keep an extra $500 to $1,000 in your account at all times and not let your balance fall below that amount.
• Review your accounts. Reviewing your checking account once a year can be a good way to see what you’ve paid in fees and what benefits you’ve enjoyed. You can then use that as a guide for deciding whether to stick with your current bank or shop around for a new one.
Recommended: Guide to Practicing Financial Self-Care
The Takeaway
Having a checking account can make managing your financial life easier, but it’s important to make sure you’re using it the right way. Avoiding common checking account mistakes and developing good banking habits can help you use your account to its full potential. Doing so can also help you earn more interest and pay fewer or lower fees.
If you’re ready to try a new banking experience, you might consider opening an online checking and savings account with SoFi. You can enjoy the convenience of saving and spending in one place, plus you’ll get benefits like paying no account fees and enjoying a great APY on deposits, which can help your money grow faster.
Better banking is here with up to 4.50% APY on SoFi Checking and Savings.
FAQ
What is the worst checking account mistake that I need to avoid?
The worst checking account mistake may simply be choosing the wrong account or the wrong bank. When you fully understand what you need a checking account for and what kind of features you’d like to have, that can make it easier to find the right banking option that’s convenient and low-cost.
What to do if the bank makes a mistake?
If your bank makes a mistake with a deposit, bill payment, or any other transaction, it’s important to contact the bank right away. You can explain what you believe the mistake to be so the bank has an opportunity to correct it.
What are the disadvantages of these banking mistakes?
Making banking mistakes can cost you both time and money. You may end up spending more time than you’d like to managing your accounts. Or you might overpay banking fees if you’re not paying attention. Correcting any banking mistakes can help you avoid those scenarios.
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SoFi members with direct deposit activity can earn 4.50% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.
SoFi members with Qualifying Deposits can earn 4.50% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.
SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.50% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.
SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.
Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.
Interest rates are variable and subject to change at any time. These rates are current as of 8/9/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet..
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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
These streets will make you feel brand new. Big lights will inspire you.
The Big Apple is one of the most iconic places on Earth. New York City residents even go as far as to associate the concrete jungle with who they are as a person. With world-class museums, accessible public transportation, delicious restaurants, influential theatres and many famous landmarks, the city is truly a tourist’s paradise.
But while visiting is fun, moving to New York City may feel overwhelming. Between apartment hunting, navigating steep annual rent and the various boroughs of the city, the city feels like no other city.
In this guide, we’ll break down what you need to know before you pack your bags and set off to become a New Yorker.
Moving to New York: the complete Big Apple overview
New York City is the most populous city in the United States. Thinking of the city might conjure up images of the Empire State Building, the Statue of Liberty and the bright lights of Broadway.
However, there’s much more to the city than the tourist hotspots. New York City is divided into five boroughs: Manhattan, Brooklyn, Queens, the Bronx and Staten Island. Each has a distinctive personality, with different cultural influences and attractions.
While each area is different, here are some key figures to give you a glimpse of the city overall.
Population: 8,500,000
Population density (people per square mile): 29,302.6
Median income: $70,663
Average studio rent: $4,264
Average one-bedroom rent: $5,367
Average two-bedroom rent: $7,914
Cost of living index: 100
Popular neighborhoods in New York
Between all five boroughs, New York City has hundreds of neighborhoods to explore. But don’t let this intimidate you. They’re all connected by New York’s world-famous transit system, so you can peruse them at your leisure. Here are a few of our favorite neighborhoods to get you started.
Astoria: Astoria is located in Queens, just across the river from Manhattan’s Upper East Side. This charming neighborhood is made up of low-rise buildings and small businesses, giving it a more suburban feel than you might expect in the big city.
Riverdale: Who said you couldn’t get beautiful green spaces in New York City? Riverdale, located above Manhattan in the Bronx, is known for its natural landscapes. With Van Cortlandt Park, Wave Hill and stunning Hudson River views, this quiet residential neighborhood is ideal for New Yorkers who still want to enjoy the great outdoors.
West Village: The West Village, located in downtown Manhattan, perfectly encapsulates the New York you know from your favorite movies and TV shows. This charming spot is tucked inside the larger Greenwich Village. It features tree-lined streets, historic brownstones and plenty of well-preserved historical landmarks from the neighborhood’s bohemian past.
Upper East Side: The Upper East Side offers excellent residential options and world-famous cultural sites. Located between Central Park and the East River, the neighborhood offers plenty of places to get outside and explore. The Upper East Side is also home to Museum Mile, where more than a dozen art and history museums await.
Williamsburg: Williamsburg is a great example of New York’s diversity. The Brooklyn neighborhood has long been a place where cultures blend, with plenty of eclectic dining, art and entertainment options. It’s also known for its family-friendly atmosphere with parks and tree-lined streets.
The pros of moving to New York
New York, the city that never sleeps, holds a unique place in the hearts of its residents. There’s no place in the world quite like New York City and few cities that even come close to comparable. Here are just a few of the reasons that people love living in this city.
A true cultural melting pot
More languages are spoken in NYC than in any other American metro. With its long, rich immigration history, the city hosts a colorful blend of traditions, cuisines and lifestyles. Especially through the distinct boroughs of New York City, which each have its own unique personality and cultural identity.
From the vibrant energy of Manhattan to the artistic ambiance of Brooklyn, the historical charm of Queens, the green serenity of the Bronx and the island spirit of Staten Island, no matter where you go in New York, you’ll always have the opportunity to learn about a different culture.
No car required
New Yorkers love to complain about their subway system. However, even they secretly know they have it better than most people in the other cities. New York City’s subway serves more than 400 stations, making it a breeze to get where you need to be.
The subway map shows the subway also connects to numerous bus lines, ferry stops and commuter trains, giving riders even more options. From the Upper West Side to Staten Island, the subway is the easiest way to get around your new city.
There’s always something to do
Getting bored in NYC just might be impossible. The city boasts hundreds of restaurants, bars, museums, theaters and places to shop. New York City also has excellent parks, scenic riverfront trails and even beaches. Whether your ideal Saturday is spent at the Metropolitan Museum or taking a subway ride to walk the Brooklyn Bridge, you will never run out of places to explore.
The cons of moving to New York City
Of course, no city is perfect. Here are a few downsides that you should consider before you move to New York.
The high cost of living
New York City is one of the most expensive cities in America. Here, you can expect everything from your monthly rent to your groceries to cost a bit more. Space is also at a premium, so even expensive rentals tend to be smaller than what newcomers might be used to. Even your security deposit will be a tad pricier than you are probably used to.
It’s hard to avoid the crowds
NYC is the most densely populated city in America. As such, it can be hard to avoid the crowds when you’re out and about. Neighborhoods in midtown and downtown Manhattan can get particularly packed, so plan accordingly. Consider neighborhoods like Staten Island and Brooklyn when opting for a less densely populated area in New York, with all the same perks and amenities.
The realities of big-city living
Living in any big city can take some getting used to and New York is no exception. The city can be noisy, dirty and downright overwhelming. If you’re coming from a smaller city or town, New York may feel like a different planet. It’s best to visit the Big Apple during your apartment hunt to really get a feel for the space and pace of the city.
How to get started on your move to New York
New York is a city that’s in constant motion. But for the people who live here, no place feels more like home. If you’re ready to make New York your home, we’re here to guide you every step of the way. Find your perfect New York City apartment here, and get ready for your journey to the city that never sleeps.
Methodology
Rent prices are based on a rolling weighted average from Apartment Guide and Rent.’s multifamily rental property inventory of one-bedroom apartments. Data was pulled in October 2023 and goes back for one year. We use a weighted average formula that more accurately represents price availability for each individual unit type and reduces the influence of seasonality on rent prices in specific markets.
Population and income numbers are from the U.S. Census Bureau. Cost of living data comes from the Council for Community and Economic Research.
The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.