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Risk is everywhere.

All I have to do is turn on the news to be reminded of that.

I think it’s easy to go about our day-to-day lives and forget that bad things can happen – until suddenly they do.

Speeding down the highway. Smoking cigarettes (or anything else). Driving after one too many drinks. All of these are examples of risky behavior. Could you do it and be fine? Maybe. But each of these behaviors carries an element of risk of harm to yourself and others.

The sad truth is that risky behavior sometimes ends in tragedies – some worse than others.

And sometimes, we don’t even realize how much risk we’re taking until something unexpected happens that changes how we think about what we’re doing.

The truth is, whatever you do in this life carries a degree of risk.

But there’s another side to this coin.

Benjamin Franklin is credited with saying, “Nothing ventured, nothing gained!”

That’s true. I get up in the morning and work hard because I believe and hope that I can make a difference in the world. I take risks, just like you do – and that’s okay.

Some of those risks turn out in my favor; others do not.

And when it comes to investing, believe me, there’s a lot at stake.

It’s possible that your retirement may last not 10, not 20, but 30 years. Think about it. Life expectancy in the United States is going up; that’s a good thing, but you better have some dough in your portfolio before you can’t work anymore.

One might be able to – barely – live on Social Security benefits right now, but if you’re years and years away from retirement, you surely don’t want to count on the government to solve your financial woes.

It’s better to have a plan.

And yes, that plan will come with a serving of risk – whether or not you dish up a generous helping of it is up to you.

The Former Difficulties of Assessing Risk Tolerance

Here’s the all-too-common scenario that played out in my office.

I’d sit down with a new client and we’d discuss their risk tolerance. I’d simply ask something like, “On a scale of one to ten, how much risk do you normally like to take – ten being a lot of risk and one being very little risk.”

The problem is that not everyone has excellent self-reflection capabilities and sometimes, in real-world scenarios, the way they behave differs from how they thought they would behave.

That’s troubling, because if I put a person’s money in risky investments – investments that have a high potential to do very well or very poorly – and they actually can’t stomach that risk and pull out of the market early because of a drop in value, they’ll probably lose money permanently.

Conversely, if I put a person’s money into stable investments and they don’t see the results they’re after, they might choose to walk out the door.

So the question is, how can I get past what people think they know about themselves and to the core of who they really are? How can I determine their true risk tolerance?

It eluded me for years. Thankfully over time, I’ve gotten much better at objectively assessing my clients’ risk tolerance – but a new tool I recently found is taking my ability to a whole new level.

The Simple Way to Find Out How Much Investing Risk You Can Stomach

It’s called Riskalyze, and it rocks.

In a nutshell, Riskalyze measures your degree of risk tolerance using carefully-chosen questions and gives you a Risk Score. The higher your Risk Score, the more risk you’re willing to take.

And here’s the cool part: it only takes less than two minutes to get your Risk Score.

Oh, and did I mention it’s free?

Your Risk Score can be used to compare your risk tolerance with your current portfolio. And guess what? We’re happy to do that for you – no charge there, either.

If you ever have questioned if you’re on the right track with your investments, take this opportunity to find out. It is by far the easiest method I know of to get the information you need to make the very best investment decisions.

In the report, you’ll learn the following (and more):

  • How long your nest egg will last
  • How risky your portfolio is
  • How inflation might impact your retirement plan
  • How buying a second home would affect your retirement goals
  • How conservative or aggressive your portfolio is
  • How likely you are to have the ability to retire by a certain age
  • How your current savings rate will affect your retirement

Ironically, you can avoid taking bad risks by finding out your Risk Score. Should we find that your portfolio doesn’t align with your retirement goals and risk tolerance, we can help find the right investments for you.

Many times, we’re taking risks and we don’t even know it. I’ve seen people take huge, unwise risks simply through inaction.

Remember, what you don’t do can be just as risky as what you actually do.

But one thing is certain . . . .

There’s nothing wrong with gathering information and looking at the facts.

Should you find all is well, great! Should you not, we’ll give you a plan.

Wanna see how this works? I created a short video here that will walk you through exactly how Riskalyze and the Retirement Map Analysis operates so you know what to expect. No gotchas – just free, customized information so you can make the best investment decisions for you and your family.

And hey, if you decide you need some help with your portfolio, we’re always happy to offer assistance.

Ready to Get Your Free Risk Score?

Just click to button below to begin the process. After you complete this very short questionnaire we’ll need to get a bit more info to complete your personalized Retirement Map Analysis.

Either click the button above or you can click HERE to get your free Risk Score.

Source: goodfinancialcents.com

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Our rating

Bilt Mastercard

  • Regular Rewards Rate: 1x points on most eligible purchases (including rent)
  • Bonus Rewards Rate: 2x points on travel purchases and 3x points on dining purchases
  • Annual Fee: $0
  • Ongoing APR: 20.99%, 23.99%, or 28.99%, based on your creditworthiness
  • Credit Needed: Average or better

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You can pay rent with any credit card and earn rewards on the entire payment. But even if your credit limit can accommodate the transaction, there’s a catch: You generally have to use a payment portal that tacks 2% to 4% onto the transaction. That’s more than enough to offset any rewards you’d earn.

Bilt Mastercard offers a way around that. It has a built-in rent payment portal that lets you pay your rent without the transaction fee. You earn a 1% return on those rent payments too.

Transaction-fee-free rent payments with rewards is Bilt Mastercard’s biggest selling point, but it’s not the card’s only notable feature. Bilt Mastercard has some additional upsides — and downsides — to consider before you apply.

What Is Bilt Mastercard?

Bilt Mastercard is a rewards credit card with no annual fee. It’s one of the few credit cards that waives transaction fees on rent payments, significantly reducing the cost of paying rent with a credit card.

Bilt Mastercard has an above-average rewards program that earns points on everything you buy — double and triple points on common purchases like travel and dining. Heavy spenders can move up the Bilt Rewards hierarchy, earning points toward travel, experiences, or even a down payment on a house.

What Sets Bilt Mastercard Apart?

Bilt Mastercard has a few unusual features that set it apart from most rewards credit cards.

  • No transaction fee on rent payments. When you pay your rent with Bilt Mastercard, you don’t pay a transaction fee. That’s a big advantage over other rent payment portals, which charge at least 2% for rent payments.
  • The opportunity to build credit through rent payments. If you live at any of the more than 1 million units in the Bilt Rewards Alliance, a group of 20-plus property management companies, you can opt into a credit reporting program that alerts the major credit bureaus to your rent payments. That can become part of your strategy to build or rebuild credit faster. 
  • Double points on the first day of the month. Bilt Mastercard doubles your point earnings on all purchases you make on the first of the month — Rent Day. That’s 6x points on dining purchases, 4x points on travel purchases, and 2x points on everything else. Plan your spending accordingly, especially big-ticket purchases.

Is Bilt Mastercard Legit?

Yes, Bilt Mastercard is legitimate. While Bilt itself isn’t very well known, this credit card is backed by Wells Fargo, one of the biggest banks in the United States (and world). 

Funds held with Wells Fargo are FDIC-insured, and it’s one of the few banks qualifying as “too big to fail,” so it’s not going anywhere. If it does, we all have bigger problems than whether this one credit card is a scam.

Key Features of Bilt Mastercard

Bilt Mastercard touts its transaction fee-free rent rewards. But that’s just one feature on a much bigger menu.

Earning Bilt Rewards

Bilt Mastercard has a tiered rewards program. The rewards you earn depend on what category your purchase falls into. But overall, it’s a generous rewards program.

  • Unlimited 3x rewards on dining: Earn 3 points per $1 spent on eligible dining purchases, including takeout and delivery.
  • Unlimited 2x rewards on travel: Earn 2 points per $1 spent on travel booked directly with the provider, including airfare, hotels, rental cars, and cruises. Purchases through third-party booking engines like Expedia may not qualify.
  • 1x rewards on rent payments: Earn 1 point per $1 spent on rent payments, even if your unit isn’t part of the Bilt Rewards Alliance. Bilt caps rent rewards at 100,000 points each year, high enough for most cardholders.
  • Unlimited 1x rewards on everything else: Earn 1 point per $1 spent on all other eligible purchases.

You have to make at least five transactions in a statement period to earn rewards for that period. That rules out using Bilt Mastercard for rent payments only.

Redeeming Bilt Rewards

You can redeem Bilt rewards for:

  • Direct travel purchases with over 100 airline and hotel partners
  • Transfers to more than a dozen airline and hotel partners, generally at a 1-to-1 ratio
  • Rent payments
  • Credit toward a down payment on a home
  • Experiences and merchandise, including classes with fitness partners like SoulCycle and home decor and apparel brands in the Bilt Collection

Redemption minimums and values vary, but if you travel regularly, the most reliable value comes from transfers to airline and hotel partners. Otherwise, rent payments are your best bet.

Bilt Rewards Status Levels

Bilt’s rewards program has four tiers based on your annual point earnings. Each tier unlocks new benefits:

  • Blue: Everyone starts as a Blue member. 
  • Silver: Unlocks when you earn 25,000 points in a calendar year. Perks include a 10% bonus on Bilt points when you begin or renew an apartment lease with a Bilt Rewards Alliance members. So if your first month’s rent on a qualifying lease is $2,000, you earn 200 bonus points. 
  • Gold: Unlocks with 50,000 points earned in a calendar year. With Gold, the points bonus for a new or renewed lease jumps to 25%. Plus, you get access to Bilt’s Homeownership Concierge, a homebuying consulting service.
  • Platinum: Unlocks with 100,000 points earned in a calendar year. The lease incentive bonus increases to 50% and you get an exclusive gift from the Bilt Collection — typically some sort of home decor item.

Building Credit With Rent Payments

If you wish, you can allow Bilt to report your rent payments to the three major credit bureaus (Experian, Equifax, and TransUnion). That may help you build credit faster, especially if you don’t have many other credit accounts. But it can also hurt you if you stop paying rent for any reason or you’re late on rent payments.

Travel Benefits

Bilt Mastercard has some potentially valuable non-rewards travel benefits too.

  • Trip cancellation and interruption coverage reimburses nonrefundable prepaid reservations you have to cancel so long as you have a valid reason, such as illness
  • Trip delay reimbursement covers nonrefundable prepaid reservations you can’t honor due to covered flight or other transport delays
  • Car rental insurance covers costs related to collision damage to your rental car when you pay for the rental in full with your Bilt card and decline the rental company’s offer of coverage

Additional Benefits

Bilt Mastercard has some other complimentary benefits:

  • $5 Lyft credit per statement period when you complete at least three rides
  • $5 credit off your first DoorDash order each month
  • Three-month complimentary DoorDash DashPass subscription, which waives the delivery fee on eligible orders
  • Cellphone protection, which covers damage and theft up to $800 per claim (less a $25 deductible)

Ongoing APR

From day one, Bilt Mastercard’s APR is 20.99%, 23.99%, or 28.99%, based on your creditworthiness. There’s no introductory APR promotion for purchases or balance transfers.

Important Fees

Bilt Mastercard has no annual fee or foreign transaction fees. Other fees may apply, including balance transfer and cash advance fees.

Credit Required

Bilt Mastercard has relatively laid-back standards. It’s not for people with bad credit, but your application may be approved, even if your FICO credit score is below 700. For more information, see our article about good versus bad credit scores.

Advantages

Bilt Mastercard has an above-average rewards program, multiple perks and benefits for renters, and some potentially valuable benefits for cardholders who use rideshare and restaurant delivery services.

  • Up to 3x points on eligible purchases. Bilt Mastercard earns 3 points per $1 spent on dining purchases, on par with premium dining credit cards like Chase Sapphire Reserve.
  • Earn rewards on rent payments without the transaction fee. Bilt Mastercard earns 1 point per $1 spent on rent payments. That’s nice, but the real value is in the transaction fee waiver, which can save you 2% to 4% when compared to other rent payment portals.
  • Earn double points on Rent Day. Bilt Mastercard doubles rewards on all purchases made on the first of the month. That boosts the maximum return to a very generous 6x.
  • More points as you ascend status levels. Earn at least 25,000 points in a year to unlock higher status levels, with benefits like bonus points on new and renewed leases at Bilt Alliance properties.
  • No annual fee. Bilt Mastercard has no annual fee, so you won’t pay anything to keep it around. This is a welcome contrast with some other premium dining and travel credit cards.
  • DoorDash and Lyft perks. They won’t make you rich, but Bilt Mastercard offers perks for regular DoorDash and Lyft users (or users willing to switch). Both are worth at least $5 per month if you meet the qualifications.
  • Relaxed standards. Bilt Mastercard has looser standards than many competing cards, which require FICO scores above 700 to qualify (and sometimes well above). 
  • Opportunity to build credit with rent payments. If you live in a unit managed by a member of the Bilt Rewards Alliance, you can agree to have your rent payments reported to the major credit bureaus. That can build your credit faster than simply using your credit card, though it can also hurt your credit if you stop paying rent.

Disadvantages

Bilt Mastercard is missing some common rewards card features and falls flat on purchases outside the dining and travel categories, among other disadvantages. 

  • Minimum transaction requirement to earn rewards. You must make at least five transactions in a statement period to earn rewards for that period. 
  • Low rewards rate on most purchases. Even if you clear the transaction threshold, you earn just 1 point per $1 on most purchases. That’s lower than competing credit cards like Chase Freedom Unlimited (1.5% back on most purchases) and Citi Double Cash (2% back on all purchases when you pay in full).
  • No sign-up bonus. Bilt Mastercard has no spend-based sign-up bonus. Many other no-annual-fee rewards cards do, so that’s a notable absence.
  • No 0% APR introductory offer. Bilt Mastercard also has no 0% APR introductory offer, which is a big downside for new cardholders looking to finance big purchases or pay off high-interest balances from another card.

How Bilt Mastercard Stacks Up

Bilt Mastercard really leans into its rent payment benefits, but if you zoom out, it looks like a fairly typical travel and dining credit card. So before you apply, see how it stacks up against another popular credit card that rewards dining and travel: the Chase Sapphire Preferred Card.

Bilt Mastercard Chase Sapphire Preferred
Dining Rewards Unlimited 3x Unlimited 3x
Travel Rewards Unlimited 2x Unlimited 2x or 5x
Base Rewards 1x (limited only on rent) Unlimited 1x
Double Points Day Yes No
Travel Credit None $50 on eligible hotels
Sign-Up Bonus None Yes
Rent Transaction Fee None Yes
Annual Fee $0 $95

Final Word

Bilt Mastercard is the best credit card to use for rent payments because it waives the customary transaction fee, which can add 2% to 4% to the cost, depending on which payment portal you use. It has some other benefits too, including unlimited 3x rewards on dining purchases and unlimited 2x rewards on travel purchases. And it has no annual fee.

But Bilt Mastercard has some meaningful drawbacks. It lacks a sign-up bonus or 0% APR introductory promotion, and its baseline rewards rate is low. Most important, you have to make at least five transactions in a statement period to earn rewards for that period, which rules out getting it just to use on rent payments or infrequent use in general. 

Still, Bilt Mastercard is a contender if you’re a renter in the market for an entry-level rewards credit card. 

The Verdict

Our rating

Bilt Mastercard

  • Regular Rewards Rate: 1x points on most eligible purchases (including rent)
  • Bonus Rewards Rate: 2x points on travel purchases and 3x points on dining purchases
  • Annual Fee: $0
  • Ongoing APR: 20.99%, 23.99%, or 28.99%, based on your creditworthiness
  • Credit Needed: Average or better
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.

Source: moneycrashers.com

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Now in its third year, company initiative provides $100K, mentorship and resources to support qualifying high-potential Black entrepreneurs MILWAUKEE, May 4, 2023 /PRNewswire/ — Northwestern Mutual, in partnership with gener8tor, today announced the addition of five promising tech startups to its innovative Black Founder Accelerator program. An extension of the company’s Sustained Action for Racial … [Read more…]

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Whether you like to pedal around on city bike paths or log several miles a week in training, there are cities where you can pursue the passion of cycling within easy reach of your rental.

Cycling for recreation and fitness has really taken off in the United States in the past ten years. American cities are not only reacting to but also planning for residents’ desire for safer and more plentiful bike paths, bike lanes and cycling opportunities.

Here are some cities to check out if you love cycling, and why you’ll love living there . . .

Austin

Texas’ own Music City has long attracted folks who love the outdoor lifestyle, its temperate winter climate and natural water features all part of the draw. Add to that a rolling terrain and multiple bike trails and you’ve got a recipe for happy cyclists. The Lance Armstrong Bikeway shares its moniker with the city’s most famous resident, while the Shoal Creek Bike Trail and Southern Walnut Creek Bike Trail offer additional pedaling opportunity. Austin’s south side is home to the 3-mile Veloway. Loop 360 is also easy and affords beautiful views, as does the Willow City Loop, which bursts with spring bluebonnets. Serious cyclists head for workouts on FM 2222, a 10-mile challenge that will have you bragging if you successfully make the climb. A host of cycling events keep calendars full, for riders of all skill levels.

Check out Austin apartments.

Boulder, Colorado’s Chautauqua Park has trails

Boulder

With the Flatiron Mountains as a backdrop, scenic Boulder has a vibrant bike culture you simply can’t miss. Mountain biking, road cycling, infamous community events, bike share programs, gorgeous trails, and even 24-hour bicycle-related vending machines are all part of the package. If you live here, you can be part of the massive community which commutes by cycle, thanks to the city’s temperate climate. The leisurely Boulder Creek Path winds its way along the city’s namesake creek, toward Boulder Canyon, while mountain bike options are really exciting. Check out Marshall Mesa with its Flatirons views; the Canyon Loop Trail, with views of Boulder Canyon; and the steep challenges of Walker Ranch Loop, west of the city. Cyclists of all skills levels – even toddlers – can have fun on two wheels at Valmont Bike Park.

See all Boulder apartments.

Boston

Lovely Boston now brims with recently-created opportunity for cyclists. The Charles River Esplanade (aka the Dr. Paul Dudley White Bike Path) is a stunning urban greenway with views galore – of the Boston skyline, local boats, and the famous colleges of Cambridge. The city has its own bikeshare program if you can’t yet purchase your own bike. Boston’s enticing cycling destinations include the rolling 3.5 mile Franklin Park loop; the gorgeous Emerald Necklace and The Fens (designed by Fredrick Law Olmstead of Central Park fame); the 7-mile run from Audubon Circle to Chestnut Hill Reservoir; the 5-mile Southwest Corridor to Jamaica Plain; and the 7.7 mile stretch from the JFK Museum to scenic Castle Island.

See all Boston apartments.

Chicago

Chicago’s 200 miles of bike lanes and its 18.5 mile Lakefront Trail help contribute to the city’s reputation as a great city for cycling. Chi-town has seriously invested in cycling as part of its infrastructure, offering residents a wildly popular bikeshare program, more than 13,000 bike racks and sheltered bike parking at its metro rail stations. Off-road dedicated routes include the North Shore Trail, the Dawes Park Trail, the Northerly Island Park Trail and the city’s signature Lakefront and Riverfront Trail, which stretches for scenic mile after mile.

Check out Chicago apartments.

Denver, Colorado attracts cycling enthusiasts

Denver

More than 85 miles of paved trails connect Denver cyclists with local attractions, beautiful parks and even hundreds of miles of dirt trails. Move here with your bike and The Greenway Trail will probably become a big part of your life: it runs for an astounding 30 miles, linking some outrageous riverside parks that line the South Platte River. Denver’s Cherry Creek Bike Trail is popular and pretty, its 40 miles containing the Front Range Trail, an off-road trail which will (sit down for this one) eventually stretch from Colorado’s northern border with Wyoming to the New Mexico state line.

Find Denver apartments.

Greenville

The smallest metro on our list, beautiful Greenville, SC has been making all sorts of national lists. Cycling is huge here, thanks in part to  renowned champion cyclist resident George Hincapie (former training partner of Lance Armstrong) whose own Gran Fondo event attracts thousands of cyclists each fall. Local terrain is rolling, due to being in the foothills of the Blue Ridge Mountains. The countryside is hard to beat for pleasure rides, but the city’s paved Swamp Rabbit Trail stretches for 15 miles from Greenville Technical College through Cleveland Park and downtown, to Furman University, the quaint town of Travelers Rest and on toward the North Carolina state line. Cycling events happen throughout the year, and support for the sport is obvious by the number of relevant local shops (find Pedal Chic) and social clubs.

Tons of new apartments are opening downtown in 2017; check Greenville apartments.

Indianapolis

It might be more famous for its four-wheeled vehicles but Indianapolis is very popular with the cycling crowd. Indycog, the city’s bicycle advocacy, has created a cool map that not only shows the bike lanes and greenway trails, but also ranks each of the city streets in terms of accessibility, traffic and other factors affecting cyclists. A panoply of community and competitive bike events stud the summer calendar; the most memorable might be July’s 19-mile N.I.T.E. Ride, its after-party lasting until the wee hours. And if you like pedaling from brewery to brewery, you will love living in Indianapolis.

Check out Indianapolis apartments.

Minneapolis

Prince’s hometown has actually been ranked as high as #2 for Bicycling Commuting Cities in the USA.  Summers and fall are fantastic for cycling, and with the right clothes, you can enjoy your sport in spring, too.  (Fatbike events even happen in January!) The Minneapolis Bike Map – available in bike shops and libraries across the city – is heavily laced with options for pedaling: off-street bicycle trails, on-street bike lanes, shared lanes. Bike shops are plentiful and cycling events from May through October are too numerous to count.

Find Minneapolis apartments.

Portland is a bike-friendly city

Portland

The City of Portland has published a killer bicycle map, clearly showing dedicated and shared bike lanes, neighborhood greenways, no-car paths and even tricky intersections. The most popular bike path is undoubtedly the one lining both sides of downtown’s Willamette River, and traversing both the Hawthorne and Morrison Bridges. Several bike clubs organize rides and special social events, while bikeshare programs and bike shops are plentiful. Currently, 350 miles of bikeways exist and 50 more miles are planned. Over 7% of Portland commuters do so by pedaling: the highest rate of any U.S. city.  Bicycling magazine and the League of American Biyclists have both ranked this city #1 for cycling.

Check out Portland apartments.

San Francisco

The hills of San Francisco are easier to navigate on bike with the handy-dandy map offered by the San Francisco Bicycle Coalition. Shared and protected bike lanes are clearly marked, thanks to a true dedication to the cycling community. “The city by the bay” has also installed bike corrals on several of its streets. Best of all, San Francisco has even timed its street lights to about 12 mph, slowing cars so cyclists can pedal the full length of busy routes without a hassle. What more could you want? Fast and friendly” cyclists will be welcomed to the San Francisco Cycle Club, which races other clubs when it’s not planning or hosting its own social events.

Check out San Francisco apartments.

Seattle

Seattle’s Cascade ­Bicycle Club has a whopping 14,000 members: the largest cycling club in the USA. While road and path cyclists cross all demographic lines, the mountain bike scene is also alive and well, thanks to a couple of killer urban parks. Seattle’s not flat, but dedicated two-wheel commuters comprise 4% of the population. Seattle is bursting with bike shops, bike rental companies and bikeshare programs. Summer brings a wealth of cycling events, and residents love the Burke-Gilman Trail, a 20-mile-long former rail bed along Lake Washington’s shoreline. Several gorgeous regional cycling routes are reachable via public transportation.

Check out Seattle apartments.

Washington, D.C.

A champagne introduction might start with a DC Cycling Concierge tour. But you’ll also enjoy simply exploring Rock Creek Park Trail, the Anacostia River Trail, the Capital Crescent Trail, the Custis Trail and the W&OD Trail. The bike-friendliest neighborhoods, each winning a Washington Area Bicyclists Choice Award for 2017, are Capitol Riverfront / Yards Park; NoMa; and Golden Triangle (in D.C.); and Crystal City (in adjacent Virginia). Social and competitive rides happen throughout much of the year, and several local businesses – including District Taco, The Java Shack and Vigilante Coffee Company – cater to two-wheeling patrons.

Check out D.C. apartments.

SEE ALSO:  Which Cities Give You the Most Bang for your Buck

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Posted on: December 4, 2018

VA loans are a great mortgage option for many military families. We launched the MilitaryVALoan.com Show with our guest host Bernard Edwards to learn from real estate professionals that serve veterans and their families about what it’s like to use a VA loan when purchasing or refinancing a home.

In this episode, Bernard Edwards speaks with real estate professional Chad Vasquez who shares some of the lesser known details about home buying with a VA loan.

Get started on your home buying goals today.

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>>View first episode: Bernard Edwards interviews VA loan consultant William Doom

A VA loan requires no down payment, but you will be charged a VA funding fee.

“With the VA loan, many know one of the benefits is that it requires no money down,” says Vasquez, “but, what surprises them is being charged the VA funding fee.”

A VA funding fee is a one-time, upfront payment required for all VA home loans. This fee helps sustain the program as it is self-funded and doesn’t use taxpayer dollars or other VA program funding. Your funding fee will be determined by the loan amount, your service history, including length and time of service, and the type of loan. Funding fees vary from 0 to 3.3 percent of the loan.

Vasquez also notes: “The good news is that the amount can be added to your loan, so the fee isn’t out of pocket.”

>>Related: 2018 VA Funding Fee Chart

Appraisals may be harder to get for VA loans than conventional loans.

“The VA appraiser is going to make sure that the property is in a certain condition — it can’t have a hole in the roof or extreme peeling paint. This is to protect the veteran and ensure they’re purchasing something of good quality,” says Vasquez.

“The most unique thing I’ve seen required for a VA loan is that the door between the garage and kitchen must be a fire-rated door. This isn’t required for other home loans, but it’s a good safety feature.”

Edwards adds: “For some, it may seem that VA appraisals are a bit harder to pass, but that’s actually great for you as a homeowner. It’s extra assurance of what you’re purchasing that other loan types don’t give.”

Get started on your home buying goals today.

Bernard A. Edwards, the host of “The MilitaryVAloan.com Show” is the founder of Troops To Agents, which empowers veterans and spouses to become successful real estate professionals. He also is launching The Military Transition Camp, dedicated to helping military members design every aspect of their post-uniform life: mindset, health, purpose, career, money, fitness, emotion, relationships, and spiritual growth. Follow him on LinkedIn or Instagram for behind the scenes footage and insights from his interviews and travels. Service history: Technical Sergeant (E-6) Retired; 16 years of service; U.S. Air Force.

FULL VIDEO TRANSCRIPT:

Bernard Edwards: Hey everybody. It is the Military VA Loan Show and I’m here with none other than Chad Vasquez. We’re going to talk a little bit about real estate, about VA loans, and on this show, how we always do, about becoming a homeowner with your military VA loan. Chad, you’ve been in real estate working for how many years now?

Chad Vasquez: Coming up on three years in Hawaii, so I’ve got a little bit of knowledge on how things go here on the island.

Bernard: What was the first year, besides when you had your actual license, when you experienced using a VA loan?

Chad: Using VA loans to buy my first home was in Texas. Then, I actually came to Hawaii and started doing real estate. It’s a little different here, but using your VA loan is an incredible opportunity.

Bernard: Nice. When you first used it in Texas, you weren’t working in the business as much at

that time. You knew that you wanted to get into real estate, you wanted to be able to

invest. What was that experience like? What were some of the surprises that you had?

Chad: That’s a great question. With the VA loan everyone knows some of the benefits are that it’s no money down. That’s one of the fantastic things. One of the surprises in the VA loan is there’s actually a VA funding fee. That’s something that everyone pays so that the Veteran’s Affairs can actually insure those no money down home loans. It can be around 1.5% the first time. It actually goes up each time you use the VA loan. The good news is that actual amount gets put into your loan, so it’s also not out of pocket.

Bernard: Nice.

Chad: But that was a surprise.

Bernard: Nice. Yeah, and one thing that Chad just mentioned is that a lot of people get it, they have this idea that the VA is the one that’s actually giving you the loan, but the VA is actually insuring the loan and with that we don’t have to pay private mortgage insurance, which is something that’s common in the civilian sector.

Chad: Correct.

Bernard: And another thing that we’re able to save money each month. You’ve had quite a few clients, tons of clients each year that have that military background. For them, what’s the process been like as far as obtaining their VA loan?

Chad: Really good question. Usually we either talk to them first or a VA qualified lender does, but either way talking to a real estate agent to get some good advice. We’re always going to give you information, the knowledge that we have about the local housing market, so you can make the best choices for you and your family. That’s the most important. Equally to talking to a real estate agent, is talking to a good knowledgeable VA lender — somebody who does a lot of VA loans, somebody who can help you with that process.

Bernard: Yeah, it’s definitely, there’s some unique things to all different types of loans out there, conventional loans, FHA loans, VA loans, and you do, like Chad’s saying, you do want to have somebody that specializes in that, that’s shown proven success in your particular market because each market could be a little bit different. I mean here on island we have kind of different pockets of the island, and even the way that things might work on one corner of the island versus another may be a little bit different and you do want to work with someone who’s really versed. What are some of the unique things, say, when it comes to home inspections and appraisals that you’ve seen with the VA loan?

Chad: Nice. So here when the VA or Veteran’s Affair appraiser comes out to make sure the value of the home is equal to the size of the loan you’re getting, they’re going to make sure that the property is in a certain condition. That means it can’t have like a hole in the roof, it can’t be having really bad peeling paint, things like that they’re going to hit on the inspection just to make sure the veteran is protected, they’re getting something of a good quality. Some of the unique things we’ve seen is, for example, the door between the garage and the kitchen has to be a fire rated door for the VA. It doesn’t have to be for other home loans, but that’s a good safety feature as well.

Bernard: Great. That’s one thing I’ve noticed is that, yes, for some people they may seem that the VA appraisals and inspections are a little more harder to pass, but that’s great for you as a homeowner ,because that’s extra assurance that you’re getting versus one of these other loans that doesn’t do all that policing for you. You have to go out and find and add these things, whereas the VA loan process they’re really having your back and ensuring that that property that you’re going to get is an investment. There might be some minor things, carpet, cosmetic type things that aren’t able to pass, but really big items that are knocking down the value of your property, those things are not going to pass. That’s the VA having your back.

Chad: Yup.

Bernard: Now, for you, I get to interview real estate professionals from all walks of life, and one of the awesome things about you, you’re a veteran and you’re currently serving in the Guard. Can you tell us a little bit about your military career from active duty to now what you’re doing?

Chad: Absolutely. I was active duty Marine Corps infantry back in 2000 when I joined the first time. After I got out there was a break in service. When we moved back here to the island of Oahu in Hawaii there are all five military branches here, so I actually wanted to go back and do reserve time. So I’m now currently in the United States Air Force Reserve. That helps a lot too because I actually can keep a pulse on things that are changing with the military. There’s things that have changed even in the last 10 years that weren’t the same when I got out.

Bernard: That’s awesome. Well, Chad thank you so much for stopping by.

Chad: My pleasure.

Bernard: Thank you for your service. Check us out on militaryvaloan.com where we’ll be coming at you with more questions and answers.

Chad: Thank you very much. Aloha.

Bernard: Thank you.

Source: militaryvaloan.com

Apache is functioning normally

A new analysis from Zillow reveals that many homes would actually be worth a lot more today had there been no housing bubble back in the early 2000s.

The basic premise is that historic home price growth year after year would have amounted to better overall gains than a few boom years followed by a bust and then a partial recovery.

Of course, home prices don’t just climb steadily over time. They ebb and flow, dip and peak, just like the stock market. So it matters when you buy, though as I’ve mentioned before, time tends to heal all wounds if you stick with real estate long term.

However, you might just be better off investing in stocks, which have gained 40% since the bust.

Imagine No Housing Bubble

  • While just about everyone complains about bubbles
  • Home prices would actually be higher without them
  • If you’re an opportunist
  • You can use bubbles to your advantage to find attractive entry points

Let’s pretend the housing bubble never happened. Instead, let’s assume home prices increased at historic rates year after year. The median home in the United States would actually be worth 26% more today than where it currently stands.

Using 1985-1999 home price growth rates, Zillow discovered that the U.S. median home price would be nearly $235,000 today, instead of the actual $187,000.

But that’s not how history played out. Instead, home prices surged between 2000 and 2006, and by the first quarter of 2007 the median price was 22.4% higher than its historic growth norms would indicate.

That was great news for those who sold at the top, but terrible news for those who purchased a home around that time (or decided to cash out all their equity with an option arm).

We all know what happened next – home prices tanked, pushing them well below levels they would have reached had they just appreciated in line with historic norms.

Thanks to the subsequent bust, 2000-2016 appreciation averaged just 2.8% nationwide, compared to annual home price growth of 4.2% from 1985-1999. So slow and steady does indeed win the race, it’s just a lot less exciting.

Some Metros Are Still Outpacing Historic Norms

  • In some particularly hot regions of the country
  • Home prices are exceeding expectations
  • Which could point to overheated markets
  • And a possible correction sometime in the near future

While 20 of the 30 largest metros in the nation would have higher home prices sans housing bubble, there are 10 that have shaken off the bubble carnage and surged higher.

For example, the median home price in Los Angeles was $572,400 as of the second quarter according to Zillow. Had we avoided a bubble and just stayed on trend, home prices would be closer to $476,000.

The same is true for Washington DC, where home prices are currently around $368,700, but should be around $331,700.

Other housing markets that may have overextended themselves include Baltimore, Dallas, Miami, Orlando, Phoenix, Riverside, San Diego, and Tampa.

Conversely, some metros that are red hot and seemingly overvalued are actually still well below where they would be had we avoided a major boom.

Examples include San Francisco and San Jose, where the median price was $812,300 and $957,900 in the second quarter, respectively.

Using historic annual home price appreciation rates of 5.6% and 5.5%, prices should be closer to $935,000 and $1,281,300.

The same goes for Denver, where home prices are a staggering 45% above peak levels seen in 2007. The median was $338,500 in the second quarter but should be as high as $374,300.

In Chicago, home prices are nearly half what they should be, at just $198,200 versus the $368,100 had they just stayed the course.

In Detroit, they’re nearly a quarter of what they should be, just $127,300 versus the $388,000 projection based on historic appreciation.

But things don’t operate in a vacuum, nor do home price appreciation rates remain static. Things can change dramatically, as we’ve seen in some hard-hit areas of the country. The economics of certain metros can go through vast and painful transformations.

So that doesn’t mean you can just look at where home prices should be and then buy accordingly to turn a profit.

Still, home prices nationwide remain 4.9% below peak levels seen in 2007, and are expected to hit pre-Great Recession levels around the end of 2017. Factor in ten years of inflation and record low mortgage rates and it might seem like a decent time to buy a home.

(photo: jmorgan90)

Source: thetruthaboutmortgage.com