interest rates – How To Occupy http://howtooccupy.org/ Sun, 20 Mar 2022 16:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://howtooccupy.org/wp-content/uploads/2021/07/icon.png interest rates – How To Occupy http://howtooccupy.org/ 32 32 After making history by partnering with a major credit bureau, fintech AI app CreditRich is now worth $1.5 billion https://howtooccupy.org/after-making-history-by-partnering-with-a-major-credit-bureau-fintech-ai-app-creditrich-is-now-worth-1-5-billion/ Sun, 20 Mar 2022 16:00:00 +0000 https://howtooccupy.org/after-making-history-by-partnering-with-a-major-credit-bureau-fintech-ai-app-creditrich-is-now-worth-1-5-billion/ Angel Rich and Courtney Keen met while studying at Hampton University. Since then, the two have remained business partners. They are the founders of CreditRich, an artificial intelligence fintech application. “CreditRich helps boost your credit score by using your spare change to pay your bills smartly,” he says on his website. It uses a proprietary […]]]>

Angel Rich and Courtney Keen met while studying at Hampton University. Since then, the two have remained business partners. They are the founders of CreditRich, an artificial intelligence fintech application.

“CreditRich helps boost your credit score by using your spare change to pay your bills smartly,” he says on his website.

It uses a proprietary algorithm to “help people improve their long-term financial situation by leveraging their credit and learning ‘credit intelligence’ to help users predict the impact of their credit behavior. “, said the founders. Forbes.

Rich launched the app in April 2021 in partnership with credit reporting agency Experian, making her the first black American woman to secure an institutional partnership with one of the three major credit bureaus, according to Forbes.

Rich told Forbes that she graduated from college with thousands of dollars in debt and understands people’s pain. She added that she was motivated by a desire to help young people develop their financial literacy. “We believe that anyone with a penny in their pocket should also have the necessary financial knowledge,” she noted.

CreditRich has achieved unicorn status following the company’s new partnership with Qolo, the omnichannel payment platform for Fintech. This means that CreditRich’s valuation has reached $1.5 billion.

The partnership should double the number of qualified customers for financial products as well as their purchasing power. According to black news. Users, after funding their CreditRich account, can set up automatic payments for online billing, improving their payment history and creditworthiness, Black News added.

“With the uncertainty facing the world, consumers are watching their credit now perhaps more than ever, and CreditRich is committed to providing innovative and accessible products that help them both build and protect that credit. “, said Rich, according to Black news.

“That’s why we’re thrilled to partner with the incredible team at Qolo, who simplify the payment model, streamline everything, and enable the continued acceleration of our business.” We have made incredible progress over the past year and CreditRich estimates that the sum total of this work brings our value to over $1.5 billion today.

Rich believes the latest partnership with Qolo will help reduce income inequality. The CreditRich application is available in beta version on the Android operating system.

“A high credit score gives you access to more affordable credit so you can pay for big-ticket items like college, a new car, or a house without the high interest rates. CreditRich helps you boost your score by prioritizing your debt, paying it off smartly and predicting how different actions will affect your score,” the app says on its website.

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Explained | Will the war in Ukraine shake Indian banks? https://howtooccupy.org/explained-will-the-war-in-ukraine-shake-indian-banks/ Sat, 19 Mar 2022 19:31:30 +0000 https://howtooccupy.org/explained-will-the-war-in-ukraine-shake-indian-banks/ Could a distant war have a domino effect on Indian lenders? What are some of the challenges? Could a distant war have a domino effect on Indian lenders? What are some of the challenges? The story so far: Earlier this week, S&P Global predicted Indian banks would face “headwinds” due to fallout from the Russia-Ukraine […]]]>

Could a distant war have a domino effect on Indian lenders? What are some of the challenges?

Could a distant war have a domino effect on Indian lenders? What are some of the challenges?

The story so far: Earlier this week, S&P Global predicted Indian banks would face “headwinds” due to fallout from the Russia-Ukraine conflict. The rating agency reported rising inflation and “stress” from borrowers that could affect companies’ ability to repay their loans in full.

How does a war in Eastern Europe affect India?

The war impacted the production and circulation of a wide range of raw materials and commodities. Ukraine, for example, is the main source of imported sunflower oil in India. Supplies have naturally been hit and are expected to drive up retail edible oil prices further.

The conflict has also forced Ukraine to shut down two neon factories that account for around 50% of the world’s supply needed to manufacture semiconductors. As semiconductors become scarce, user industries suffer. Already, the global shortage of chips has led to the waiting period for the delivery of new high-end cars in India being extended by several months. And with major automakers reporting lower sales for January and February, the earnings outlook for these companies and their component suppliers appears to be significantly clouded. The domino effect on automotive supply chains and other industries could hurt the ability of businesses, especially small and medium-sized businesses, to fully repay their loans.

What other factors can affect a company’s ability to repay its loans?

Oil has been boiling since Russia invaded Ukraine on February 24. After climbing to $139 a barrel — near all-time highs — Brent prices were at $106 a barrel on Friday. As India’s state-run oil marketing companies are sure to raise retail gasoline and diesel prices sooner rather than later, rising transportation costs can only trickle down to prices. goods, from agricultural products to raw materials for factories and finished goods destined for store shelves, thus accelerating inflation at all levels.

Higher input costs for manufacturers and service providers would put them in a difficult situation, as they would have to choose between passing on price increases to consumers – thus risking already tenuous demand – and hurting their profitability further. they choose to absorb the impact. Here again, small businesses, the most dependent on bank credit, will inevitably be the hardest hit. If the war in Europe drags on, Indian banks could find themselves facing delays in loan repayments or even having to write them off as “bad”.

Furthermore, with the dollar benefiting from a global flight to less risky assets, as well as the start of calibrated monetary tightening by the US Federal Reserve to contain inflation from a 40-year high in the world’s largest economy. world, the rupee is expected to weaken against the US currency. With the impact of the exchange rate, importers would have to shell out more rupees for the same dollar value of imports than before. Unless demand expands, allowing them to sell more volume, a weaker local currency eats away at their profits, leaving them with less cash available to service loans.

Official data from February shows that overall imports of goods are growing faster than exports from a year earlier, widening the current account deficit (CAD). The widening CAD is likely to further weaken the rupee to 77.5 per dollar by March 2023 from 75, Crisil Ratings said on March 17.

Rising inflation, which is already just beyond the RBI’s 6% upper tolerance limit, could push the central bank to raise benchmark interest rates. This means that more interest will have to be paid by companies which would likely face the prospect of less profit.

Earlier this month, India Ratings said rising commodity prices could lead to a tight working capital cycle for small and medium-sized enterprises (SMEs), weakening their ability to service debt.

Why is the situation particularly worrying for Indian banks?

Indian lenders were already struggling to deal with a surplus of non-performing assets or bad debts even before the pandemic severely damaged overall economic momentum.

In its December 2021 Financial Stability Report, the RBI warned that from a gross non-performing asset ratio of 6.9% in September 2021, commercial banks risk seeing the metric rise to 8.1% in a baseline scenario, and eventually rise to 9.5. % under “severe stress” by September 2022.

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3- and 5-year personal loan rates continue to fall https://howtooccupy.org/3-and-5-year-personal-loan-rates-continue-to-fall/ Thu, 17 Mar 2022 19:48:41 +0000 https://howtooccupy.org/3-and-5-year-personal-loan-rates-continue-to-fall/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. The latest personal loan interest rate trends […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (iStock)

Borrowers with a good credit application personal loans in the last seven days pre-qualified for lower rates for 3-year and 5-year fixed rates than in the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender between March 10 and March 16:

  • Rates on 3-year fixed-rate loans averaged 10.13%, down from 10.47% the previous seven days and 10.83% a year ago.
  • Rates on 5-year fixed-rate loans averaged 12.23%, down from 12.95% the previous seven days and 13.16% a year ago.

Personal loans have become a popular means of consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical billstake care of a major purchase or finance home improvement projects.

3- and 5-year fixed personal loan rates have fallen over the past seven days. While the rates for 3-year terms only fell by a slight 0.34%, the rates for 5-year terms saw a more significant drop of 0.72%. Borrowers can enjoy interest savings with a 3 or 5 year personal loan now.

Whether a personal loan is right for you often depends on several factors, including the rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.

It’s always a good idea to comparison store on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest personal loan interest rate trends from the Credible Marketplace, updated monthly.

Personal Loan Weekly Rate Trends

The table above shows the average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender.

For the month of February 2022:

  • 3-year personal loan rates averaged 10.52%, down from 11.09% in January.
  • 5-year personal loan rates averaged 12.99%, down from 13.40% in January.

Personal loan rates vary widely depending on credit rating and length of loan. If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

All Credible Marketplace lenders offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it’s a good idea to ask for personal loan rates from multiple lenders so you can compare your options.

Current personal loan rates by credit score

In February, the average prequalified rate retained by borrowers was:

  • 8.32% for borrowers with credit scores of 780 or higher choosing a 3-year loan
  • 29.42% for borrowers with credit scores below 600 choosing a 5-year loan

Depending on factors such as your credit score, the type of personal loan you are looking for, and the repayment term of the loan, the interest rate may differ.

As the chart above shows, a good credit rating can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.

How to get a lower interest rate

Many factors influence the interest rate a lender can offer you for a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

  • Pay your bills on time. Payment history is the most important factor in your credit score. Pay all your bills on time for the amount owed.
  • Check your credit report. Check your credit file to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
  • Reduce your credit utilization rate. Paying off credit card debt can improve this important credit score factor.
  • Avoid opening new credit accounts. Apply for and open only the credit accounts you really need. Too many serious inquiries on your credit report in a short time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. Typically, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.

If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender: by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

Get a co-signer

You may be familiar with the concept of a co-signer if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, find a co-signer with good credit could help you get a lower interest rate.

Remember that if you are unable to repay the loan, your co-signer will have to repay it. And co-signing a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can be quicker to disburse your loan than a physical establishment.

But don’t worry, comparing rates and terms doesn’t have to be a tedious process.

Credible is easy. Simply enter the amount you wish to borrow and you can compare multiple lenders to choose the one that suits you best.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

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Reviews | When Inflation Meets War https://howtooccupy.org/reviews-when-inflation-meets-war/ Tue, 15 Mar 2022 09:00:14 +0000 https://howtooccupy.org/reviews-when-inflation-meets-war/ Now, as acknowledged by Fed Chairman Jerome Powell this month, “We’re going to see upward pressure on inflation at least for a while.” This pressure led economists to begin reducing their growth forecastscreating the Fed dilemma. If the Fed looks at controlling inflation, we face higher interest rates, slower growth, and even a recession. Abstaining […]]]>

Now, as acknowledged by Fed Chairman Jerome Powell this month, “We’re going to see upward pressure on inflation at least for a while.” This pressure led economists to begin reducing their growth forecastscreating the Fed dilemma.

If the Fed looks at controlling inflation, we face higher interest rates, slower growth, and even a recession. Abstaining from raising interest rates risks keeping inflation high or even accelerating.

The Fed has already signaled that it will proceed with caution at its meeting this week, raising interest rates, but likely only a quarter of a percentage point. Before the invasion, many inflation worriers, including myself, were hoping for a half-point hike to attack rising prices with more force.

How the Fed juggles competing goals of lower inflation and steady growth will almost surely define Mr. Powell’s legacy.

The Fed is one of our most effective institutions of government, and Mr. Powell has been a dedicated and thoughtful chairman. But when it comes to inflation over the past year, the Fed – to put it bluntly – blew it up, sticking firmly to “transitional teamwhich expected lower price increases that would soon recede. Mr. Powell admitted this last week. “Hindsight says we should have moved sooner,” he told Congress.

When it comes to fighting inflation, the Fed is, for all intents and purposes, the only game in town. Nevertheless, eager to show its commitment, the White House took some small caliber steps, such as releasing oil from our Strategic Petroleum Reserve and prohibiting companies from raising prices. But these are charades, designed to bolster President Biden’s dwindling approval ratings. None foresee the prospect of a measurable impact on inflation in the short term.

It will be at the Fed. My vote would be for the Fed to act vigorously to control inflation.

I have seen extreme inflation. As a young reporter for the New York Times, I was among those who were summoned at short notice one fine fall Saturday in Washington to the vast (but elegant) boardroom of the Fed’s Eccles Building. .

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ScoreNavigator Announces New Product “Build Credit” with Addition of eCredable Lift® https://howtooccupy.org/scorenavigator-announces-new-product-build-credit-with-addition-of-ecredable-lift/ Fri, 25 Feb 2022 21:14:00 +0000 https://howtooccupy.org/scorenavigator-announces-new-product-build-credit-with-addition-of-ecredable-lift/ The product will allow consumers to report an unlimited number of utility accounts to TransUnion. GRAY, GEORGIA, USA, February 25, 2022 /EINPresswire.com/ — ScoreNavigator is pleased to announce that it has entered into an exciting partnership with eCredable Elevator® – a move that adds a new “construction credit” product to its already popular platform. ScoreNavigator.com […]]]>

The product will allow consumers to report an unlimited number of utility accounts to TransUnion.

GRAY, GEORGIA, USA, February 25, 2022 /EINPresswire.com/ — ScoreNavigator is pleased to announce that it has entered into an exciting partnership with eCredable Elevator® – a move that adds a new “construction credit” product to its already popular platform.

ScoreNavigator.com is an online leader credit report provider with the aim of improving the quality of life of its customers by maximizing their solvency and solvency. The company’s mission is to ensure that credit reports accurately reflect financial responsibility and to educate the consumer about the impact of finance and credit on a wide range of decision makers today, be it lenders, employers, insurers or other sectors. ScoreNavigator seeks to provide financial freedom to its customers by providing the tools to understand and manage their finances and credit.

In the latest company news, ScoreNavigator.com is pleased to announce a new “Building Credit” product adding eCredable Lift® to its platform. Currently, more than 50 million adults have invisible or thin credit records that can impact the ability to achieve their financial goals. To solve this problem, eCredable Lift® allows consumers to report an unlimited number of utility accounts to TransUnion, such as electricity, water, gas, some mobile phone trash, Internet, cable TV, satellite TV, and telephone fixed. According to the company, admitting this information is very valuable to consumers and, because eCredable Lift® allows up to 24 months of payment history, consumer scores can be established or increased in just days.

“Being directly involved in the credit industry for over 40 years and finally finding a company like eCredable Lift® has been a blessing,” said Rusty Bresse, CEO of ScoreNavigator, “Now we can offer our members a quick and easy way to redeem their good payment history, which will also save them money and provide a financing at lower interest rates.

“Optimizing your credit score is never more important than when you’re applying for a large loan, like a car loan or a home loan,” said Steve Ely, CEO of eCredable. “Finding all available opportunities to improve your credit score can save you thousands of dollars in interest. ScoreNavigator® is the only product we’ve seen that can help every consumer understand how to navigate this complex process.

ScoreNavigator.com guarantees consumers comprehensive and useful benefits from its platform, including:

• Easy 24/7 access to credit reports and scores
• Point deduction technology
• Assistance and recovery in the event of identity theft
• Comprehensive advice on credit, laws, education and testing
• Alerts and notifications
• Target score, manual and money simulators
• And much more

For more information on ScoreNavigator, please visit www.ScoreNavigator.com. To learn more about eCredable, visit www.eCredable.com.

About ScoreNavigator

As one of the most sought after online credit report providers, ScoreNavigator’s goal is to improve the quality of life of its customers by not only improving, but also maximizing their creditworthiness and creditworthiness. Ultimately, this goal helps the public build trust, while protecting its members from the complexities of financial well-being and credit.

The Georgia-headquartered company was founded in 2007 and boasts an A+ rating as a Better Business Bureau Accredited Company.

About eCredable

eCredable focuses on financial inclusion for the 50 million adults and 15 million small businesses that are “credit invisible” in the United States.® 8 and VantageScore® 3.0. For small businesses, we allow them to report these types of accounts and many other business accounts to business credit bureaus, resulting in a stronger business financial profile. The company was founded in 2009 and is headquartered in Alpharetta, Georgia.

Follow us on instagram: https://www.instagram.com/scorenavigator/

Rusty Bresse
ScoreNavigator
+1 866-933-1656
info@scorenavigator.com
Visit us on social media:
Other

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Know the Score – Albuquerque Journal https://howtooccupy.org/know-the-score-albuquerque-journal/ Sun, 20 Feb 2022 07:05:58 +0000 https://howtooccupy.org/know-the-score-albuquerque-journal/ Because interest rates are low, credit companies may make tempting offers to entice you into taking out a loan or getting a credit card. Take your time to make a decision that is right for you and your financial health before going ahead with such offers. What is a credit score? A credit score is […]]]>

Because interest rates are low, credit companies may make tempting offers to entice you into taking out a loan or getting a credit card. Take your time to make a decision that is right for you and your financial health before going ahead with such offers.

What is a credit score?

A credit score is a three-digit number that summarizes information on your credit report. The number changes depending on what is happening in your financial life.

There are two different names for credit score, FICO or VantageScore. The FICO score is named after the company that invented this three-digit scoring system in the mid-1980s, Fair Isaac Inc. The three major credit reporting agencies created their own scoring system, called VantageScore, designed to produce a more consistent score across all three credit reporting agencies. Each credit reporting agency collects different financial information about you and therefore reports a different credit score.

Credit scores are designed to estimate your likelihood of repaying a debt.

What are the ranges?

From NerdWallet:

• A score of 720 or higher is generally considered excellent credit.

• A score between 690 and 719 is considered good credit.

• Scores between 630 and 689 are fair credit.

• And scores of 629 or less are bad credit.

Other sites had different ranges and names with similar messages about the meanings.

What factors come into play?

• Pay bills on time. Any late payment can affect your score. Late payments of 30 days or more stay past due in your credit history for years.

• How much you owe. Just because you have a high credit limit on your credit card doesn’t mean you should use it. The sites I looked at recommended using 30% or less of the credit limit. Lower is better.

• Credit age. The longer you have credit, the better your score.

• Composition of credit. Having more than one type of credit such as a loan and a credit card.

• How long ago you applied for credit. When you apply for credit, an investigation is done on your credit file and may cause your score to drop temporarily. For example, applying for a new credit card that offers airline miles, cash rewards for signing up, or other incentives could negatively affect your credit score.

What does this really mean?

The score can affect your approval for a loan or credit and the interest rate you pay on the loan. People with high scores generally receive lower interest rates on mortgages, credit cards, and loans because they are considered to be at low risk of default. Average scores will likely qualify for new credit, but not ideal rates. Low scores mean a damaged credit history, such as defaults on different types of credit. It can also be the result of bankruptcy, which stays on a credit report for seven years.

Establish credit

Start small. Your bank, credit union, or other financial institution with which you have an account may offer you a credit card. When you are approved for a loan or credit card, make payments on time and in full. Credit is also established by paying your utility bills on time.

Watch your score

According to the Consumer Financial Protection Bureau, there are four main ways to get a credit score. (See the government website below for additional links.)

1. Check your credit card or other loan statement. Many credit card companies and loan companies provide credit scores on monthly statements or by logging into your account.

2. Talk to a nonprofit advisor. Nonprofit credit counselors and HUD-licensed housing counselors can often provide you with a free credit report and score and help you review them. (I couldn’t find a New Mexico nonprofit credit counselor on the website, but I did find Housing Counselors for New Mexico.)

3. Use a credit score service. Many services and websites advertise a “free credit score”. Review them carefully, as you may be charged a fee for ongoing monitoring.

4. Buy sheet music. You can buy directly from credit reporting companies. Know what you are buying and acknowledge efforts to sell additional products or services.

Obtain and review your credit report:

You are entitled to a free copy of your credit report every 12 months from each of the three national credit reporting companies. It is important to review your credit reports, which you can do free of charge at www.AnnualCreditReport.com. If there are errors in your credit reports, they can unnecessarily lower your scores. You can submit information to correct errors.

Sources: www.nerdwallet.com, www.investopedia.com and www.consumerfinance.gov.

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Today’s mortgage rates are lower | February 18, 2022 https://howtooccupy.org/todays-mortgage-rates-are-lower-february-18-2022/ Fri, 18 Feb 2022 13:36:54 +0000 https://howtooccupy.org/todays-mortgage-rates-are-lower-february-18-2022/ If you shop around for a 30-year fixed-rate mortgage, you’ll find average rates of 4.424%, down 0.022 percentage points from yesterday. Mortgage rates are lower today for almost all types of loans. The rate on a 15-year fixed rate mortgage is averaging 3.456% and the 5/1 variable rate mortgage has fallen to 3.186%, down 0.033 […]]]>

If you shop around for a 30-year fixed-rate mortgage, you’ll find average rates of 4.424%, down 0.022 percentage points from yesterday.

Mortgage rates are lower today for almost all types of loans. The rate on a 15-year fixed rate mortgage is averaging 3.456% and the 5/1 variable rate mortgage has fallen to 3.186%, down 0.033 percentage points.

If you’re looking for a refinance loan, the average rate for a 30-year fixed rate loan is 4.49%. The 15-year refi is now at 3.537% while the 5/1 ARM is at 3.236%

  • The last rate on a 30-year fixed rate mortgage is 4.424%.
  • The last rate on a 15-year fixed rate mortgage is 3.456%. ⇓
  • The latest rate on a 5/1 ARM is 3.186%. ⇓
  • The latest rate on a 7/1 ARM is 3.463%. ⇓
  • The latest rate on a 10/1 ARM is 3.558%. ⇓

Money’s daily mortgage rates reflect what a borrower with a 20% down payment and a credit score of 700 — roughly the national average score — could pay if he or she applied for a home loan right now. Each day’s rates are based on the average rate that 8,000 lenders offered applicants the previous business day. Freddie Mac’s weekly rates will generally be lower, as they measure the rates offered to borrowers with higher credit scores.

Are you looking for a loan? Check out Money’s lists of top mortgage lenders and top refinance lenders.

Today’s 30-Year Fixed Rate Mortgage Rates

  • The 30-year rate is 4.424%.
  • It’s a day offold by 0.022 percentage points.
  • It’s a month to augment by 0.405 percentage points.

A predictable interest rate, long payback period and relatively low monthly payments make the 30-year fixed rate mortgage the most popular type of home loan in America. Compared to a shorter-term loan, however, the interest rate will be higher and you’ll pay for it longer, making the 30-year option the more expensive option over time.

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Average mortgage rates

Data based on US mortgages closed on February 17, 2022

Type of loan February 17 Last week Change
15-year fixed conventional 3.46% 3.37% 0.09%
30-year fixed conventional 4.42% 4.31% 0.11%
ARM rate 7/1 3.46% 3.25% 0.21%
ARM rate 10/1 3.56% 3.37% 0.19%

Your actual rate may vary

15 years today fixed rate mortgage rates

  • The 15-year rate is 3.456%.
  • It’s a day offold by 0.066 percentage points.
  • It’s a month infold by 0.419 percentage points.

Some borrowers prefer the shorter payback period and lower interest rate of a 15-year fixed rate mortgage. The caveat is that the monthly payments are higher than those of an equivalent loan over 30 years.

The latest rates of adjustable rate mortgages

  • The latest rate on a 5/1 ARM is 3.186%. ⇓
  • The latest rate on a 7/1 ARM is 3.463%. ⇓
  • The latest rate on a 10/1 ARM is 3.558%. ⇓

An adjustable rate mortgage will start out with a fixed interest rate for a limited number of years before becoming adjustable and starting to reset periodically. For example, a 5/1 ARM will have a fixed rate for five years and then reset every year. The biggest disadvantage of an ARM is that the interest rate could increase significantly once it becomes adjustable.

The Latest VA, FHA, and Jumbo Loan Rates

The average rates for FHA, VA, and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 4.261%. ⇓
  • The rate for a 30-year VA mortgage is 4.76%. ⇑
  • The rate for a 30-year jumbo mortgage is 3.978%. ⇔

The latest mortgage refinance rates

The average refinance rates for 30-year loans, 15-year loans and ARMs are:

  • The refinance rate on a 30-year fixed rate refinance is 4.49%. ⇓
  • The refinance rate on a 15-year fixed rate refinance is 3.537%. ⇓
  • The refinance rate on a 5/1 ARM is 3.236%. ⇓
  • The refinance rate on a 7/1 ARM is 3.519%. ⇓
  • The refinance rate on a 10/1 ARM is 3.621%. ⇓
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Average Mortgage Refinance Rates

Data based on US mortgages closed on February 17, 2022

Type of loan February 17 Last week Change
15-year fixed conventional 3.54% 3.47% 0.07%
30-year fixed conventional 4.49% 4.38% 0.11%
ARM rate 7/1 3.52% 3.32% 0.2%
ARM rate 10/1 3.62% 3.45% 0.17%

Your actual rate may vary

Where are mortgage rates going this year?

Mortgage rates have fallen through 2020. Millions of homeowners have responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people bought homes they might not have been able to afford if rates were higher. In January 2021, rates briefly fell to lowest levels on record, but rose slightly for the rest of the year.

Looking ahead, experts believe that interest rates will rise further in 2022, but also modestly. Factors that could affect rates include continued economic improvement and further labor market gains. The Federal Reserve has also started to scale back its purchases of mortgage-backed securities and said it plans to raise the federal funds rate three times in 2022 to combat rising inflation from March.

While mortgage rates are likely to rise, experts say the increase won’t happen overnight and it won’t be a dramatic jump. Rates are expected to remain near historic lows throughout the first half of the year, rising slightly later in the year. Even with rising rates, it will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed acted quickly when the pandemic hit the United States in March 2020. The Fed announced its intention to keep money flowing in the economy by lowering the Federal Fund short-term interest rate between 0% and 0.25%, which is also low as you go. The central bank also pledged to buy mortgage-backed securities and treasury bills, supporting the housing finance market, but began to scale back those purchases in November.
  • The 10-year Treasury bond. Mortgage rates keep pace with government 10-year Treasury bond yields. Yields first fell below 1% in March 2020 and have since risen. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The wider economy. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are weak, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels reached historic highs early last year and have yet to recover. GDP has also taken a hit, and although it has rebounded somewhat, there is still plenty of room for improvement.

Tips for getting the lowest possible mortgage rate

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes some work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags can lower your credit score. Borrowers with the highest credit scores are the ones who will get the best rates, so it’s essential to check your credit report before you begin the home hunting process. Taking steps to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which is the share of the house price that the lender has to finance. A lower LTV usually translates to a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the home purchase.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who offers the lowest interest rate. Also consider different types of lenders, such as credit unions and online lenders in addition to traditional banks.

Also. take the time to learn about the different types of loans. Although the 30-year fixed rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year mortgage or an adjustable rate mortgage. These types of loans often come with a lower rate than a conventional 30-year mortgage. Compare the costs of all to see which best suits your needs and financial situation. Government loans — such as those backed by the Federal Housing Authority, Department of Veterans Affairs, and Department of Agriculture — may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the right lender will help ensure that your mortgage rate doesn’t increase until the loan is closed.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by more than 8,000 lenders across the United States for which the most recent rates are available. Today we are posting rates for Thursday, February 17, 2022. Our rates reflect what a typical borrower with a credit score of 700 might expect to pay for a home loan at this time. These rates were offered to people depositing 20% ​​deposit and include discount points.

More money :

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Buying land to build a house? What you need to know about home loans https://howtooccupy.org/buying-land-to-build-a-house-what-you-need-to-know-about-home-loans/ Wed, 16 Feb 2022 20:47:12 +0000 https://howtooccupy.org/buying-land-to-build-a-house-what-you-need-to-know-about-home-loans/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. If you’re looking to build your dream […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

If you’re looking to build your dream home and don’t know how to finance it, learn about home loans with this helpful guide. (Shutterstock)

Most home buyers look at existing homes for sale and buy one they like. But some buyers prefer to buy land and build their dream home on it. If this interests you, you may need a home loan to make it happen.

If you’re not sure what home loans are or if you should get one, this guide will cover what you need to know so you can decide if this option is right for you.

What are home loans?

The mortgage, also called land loan or land loan, is used to finance the purchase of land. Banks usually give these loans to borrowers who want to build a house or use the land for business purposes.

the the type of loan you need depends on the type of land you are buying. You have the choice between three types of home loans:

How do home loans work?

If you have enough money in your savings account, you may be able to buy the land you want with cash. Otherwise, you can apply for a home loan.

The different financing options to help you buy land each have their own qualification criteria. But certain guidelines apply across the board: you’ll generally need excellent credit and a down payment of 15% to 35% of the purchase price or more.

The Federal Deposit Insurance Corporation (FDIC) sets minimum down payment requirements for home loans, although some lenders may opt for higher down payments (up to 50%). The FDIC deposit requirements are as follows:

  • Earthen – 35% minimum deposit
  • Undeveloped land — 25% minimum deposit
  • Improved terrain — 15% minimum deposit

Because it can be expensive and complicated to develop land, lenders charge higher interest rates on home loans than traditional mortgages to mitigate their risk. Home loan repayment terms can be much shorter than standard conventional 15- and 30-year mortgages, as lenders seek to recoup their investment faster than with conventional home loans. But if you plan to build a house on the property, you may be able to secure a longer-term loan.

Although the terms and interest rates for land loans are different from those for mortgages, the loan process is similar. You will need to provide financial documents, such as pay stubs and bank statements, and the lender will review your credit report. As part of its underwriting process, the lender may ask you to provide information about how you intend to use the land.

Like a mortgage, if you are approved for a home loan, you will be obligated to pay off the balance with interest. But unlike mortgages, many home loans are often set up as “balloon mortgages.” This means that you will make few or no monthly payments, or only pay interest for a set period of time, before making a large lump sum payment to pay off the loan in full.

If you’re having trouble finding a home loan that meets your needs, you can consider a personal loan to help finance your purchase. Credible allows you Compare personal loan rates from multiple lenders, all in one place.

How much loan can you get?

The amount you can borrow with a home loan varies depending on the lender and the type of land you are buying. For example, a lender may approve a loan that finances 85% of the purchase price of improved land or it may offer to finance 65% of the cost of greenfield land.

As with conventional mortgages, the amount you can get for a home loan depends on your income, debt-to-equity ratio, down payment amount, and other factors.

Mortgage financing options

When you’re ready to buy a property, you have many financing options, including:

Real estate loan lender

Few major national banks offer home loans, but many community banks and credit unions do. You can often get financing from a local lender in the same area as your land. Knowing the area, a local lender is in a better position to assess the land’s value and possibilities.

Vendor financing

With seller financing, the seller offers you a loan rather than a bank or mortgage lender. You then submit your payment to the seller each month. The only amount you will have to pay at closing is the agreed amount for a deposit.

USDA Rural Housing Site Loan

USDA Rural Housing Site Loans provide financing to low- and middle-income families looking to build a home on land in an eligible rural area. USDA loans are often easier to obtain than conventional loans. These government guaranteed loans have a repayment term of two years.

SBA 504 loan

If you are buying land to use for a business, you may qualify for a 504 loan offered by the Small Business Administration (SBA). The 504 program provides long-term, fixed-rate loans of up to $5 million for projects that generate business growth and new jobs. Loans can be used for multiple purposes, including the purchase and construction of new facilities.

Home Equity Loan

If you already own a home and have significant equity, you may qualify for a home equity loan. In this case, you will receive a lump sum of money up front, which you will repay over time. It doesn’t matter what you do with the money, and you won’t have to pay a deposit. Plus, you can usually get a lower interest rate than a home loan. But if you don’t honor the loan, you risk losing your home.

With Credible, you can easily compare personal loan rates from different lenders in minutes.

Advantages and disadvantages of mortgage

As with any financial decision, it’s always wise to think about the pros and cons. Consider these pros and cons to see if a home loan is right for you:

Benefits

  • You can build your dream home exactly the way you want. You also have the option of keeping the land and building only when you are ready.
  • You can enjoy a booming neighborhood. Buy the land now for future construction in an area where property values ​​are rising.
  • You can use the land for commercial purposes. Establish a new location for your business.

The inconvenients

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Get a tax refund? Here are 6 ways to invest in yourself https://howtooccupy.org/get-a-tax-refund-here-are-6-ways-to-invest-in-yourself/ Sun, 13 Feb 2022 14:00:43 +0000 https://howtooccupy.org/get-a-tax-refund-here-are-6-ways-to-invest-in-yourself/ PM Images/Getty This story is part Taxes 2022CNET’s coverage of the best tax software and everything you need to file your return quickly, accurately and on time. Filing taxes is no fun, but getting a tax refund can be. In 2021, over 100 million refunds were processed and refunds averaged $2,873 – and unless you […]]]>

PM Images/Getty

This story is part Taxes 2022CNET’s coverage of the best tax software and everything you need to file your return quickly, accurately and on time.

Filing taxes is no fun, but getting a tax refund can be. In 2021, over 100 million refunds were processed and refunds averaged $2,873 – and unless you need the money to immediately pay rent or bills, that’s a good idea to plan in advance how best to use the funds.

Although it may be tempting to spend your money right away, consider using some or all of it to improve your finances. Here are several smart ways to put that money to good use for you and your future.

1. Pay off the debt

Whether it’s credit cards, student loans, buy it now and pay later services, or medical bills, living with debt can be overwhelming. Although your tax refund may not be large enough to wipe out these balances, you can use it to reduce your debt, especially high-interest debt.

Credit cards tend to be the debt with the highest interest rates, although this is not always the case. Paying off the debt with the highest interest rate first (aka the avalanche method) can help save you money down the road in interest charges. Additionally, with the Fed expected to raise rates as early as March, credit card interest rates are also expected to rise.

If you have multiple credit cards with similar APRs carrying debt, you can also choose to pay off smaller balances first (the snowball method) so you have fewer remaining credit cards to worry about paying off.

“Tackling the card with the lowest balance first can be a quick win and give us the mental strength to pay off remaining balances. “, says CNET Money Editor at Large Farnoosh Torabi.

2. Build or boost your emergency fund

An emergency fund is an important financial tool that can help you in the event of job loss, a pay cut, or an unexpected financial emergency (like a heavy medical bill). Your emergency fund should contain between three and six months of expenses, which is the amount you spend on things like rent, utilities, groceries, gas, and other essentials.

Your tax refund can help you create an emergency fund. A high-yield savings account that pays slightly higher interest rates that you can access quickly is a great place to store that money. Many online banks like Capital One, Ally and Marcus offer high yield savings options.

And, if you have debt you’d like to pay off and no emergency savings to speak of, you may not know how to best make your money work. “Spending time in the beginning to build up emergency savings first – even a few hundred dollars – can be extremely helpful before you embark on your debt repayment strategy. This provides a buffer for unexpected expenses that may not Of course, pay the minimum on all your card balances, while you work on building up savings, but once you have about a month’s worth of essentials set aside, be more aggressive with your debt repayment plan,” says Torabi.

3. Pay your future self

While it might not be the most glamorous way to enjoy your money now, investing in your future is important at any stage of your career. You can use your tax refund to contribute to any retirement plans you have, 401(k) or IRA. In 2022, you can contribute up to $20,500 to a 401(k) and $6,000 for traditional and Roth IRAs. (If you’re over 50, you can contribute an additional $6,500 to your 401(k) and $1,000 to an IRA.)

“If it’s not possible to maximize your retirement plan at work, consider investing enough to earn full consideration from your employer or contributing at least one to two percent more than last year,” explains Torabi.

And, if you’re already on track to reach your retirement goals, you could use your money to start investing. There is no one way to start investing; it will be different for everyone. If you want to invest with minimal risk, buying an ETF (exchange-traded fund) or an index fund may be a good idea. Both options spread your risk across different stocks and bonds that track a particular index, like the S&P 500. You won’t get rich overnight with index funds or ETFs. They are more of a long term game.

If you want to take a more active role in investing and don’t mind taking higher risks, you can invest directly in the stock market through a brokerage. A few online options for investing in ETFs, index funds, and stocks include TD Ameritrade, ETRADE, and Fidelity Investments.

For those who don’t want to be as active in the investment process, a robo-advisor might make sense. Robo-advisors like Betterment, Wealthfront, and Ellevest use AI to create a portfolio based on your financial needs and goals.

4. Add funds to your HSA or FSA

A health savings account is a savings plan specifically designed for health-related expenses. HSAs are a type of investment account, although they are called “savings” plans. If you have a high-deductible health plan, you are eligible to open an HSA. HSAs are triple tax-exempt: your contributions, earnings and withdrawals are not taxed. Your employer may also offer access to an FSA Flexible Spending Account, which is also a tax-free account designed for eligible medical expenses.

If you have a health savings account or a flexible savings account for medical expenses, you may want to use part of your tax return to fund this account. The 2022 contribution limits for an HSA are $3,650 for an individual and $7,300 for family plans. The FSA contribution limit for 2022 is $2,850.

5. Start a college fund

Whether it’s for a child or for yourself, you can put your refund to work by investing it in future college expenses. You have different options for storing this money, including a high-yield savings account, an investment account, or a 529 plan.

A 529 plan is specifically designed for college savings, but it acts more like an investment account. Earnings grow tax-free and as long as you use the funds for education-related expenses, you are not required to pay taxes on your withdrawals.

6. Invest in yourself

While college is a great personal investment, there are other ways to use your tax refund for a good cause. If you are considering a career change, use your money to invest in that change. If you need capital to start your own business, this could be your chance. Or use your funds to invest in courses, courses, or certifications that will help take your skills to the next level.

“Since it can take time for your new business to start generating revenue, having at least a year of financial trail or personal savings can be vital for both your financial security and long-term success. of your business,” says Torabi.

The stress of the past two years has weighed on us all. While paying off your debt, saving, and investing your repayment are smart ideas, investing in your mental health is just as important.

Consider using your refund to give yourself a well-deserved break, whether it’s a laptop-free getaway, a trip to see family and friends, or a relaxing vacation to recharge, reset, and refocus yourself. “Mastering your money is more than just managing your dollars and cents properly. It’s a much more holistic endeavor that focuses on your mental well-being first and foremost,” says Torabi. “Health is wealth.”

]]> This credit score is optimal for most Americans, says this CFP https://howtooccupy.org/this-credit-score-is-optimal-for-most-americans-says-this-cfp/ Thu, 03 Feb 2022 04:12:01 +0000 https://howtooccupy.org/this-credit-score-is-optimal-for-most-americans-says-this-cfp/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products. A credit score of 850 is a coveted achievement for many because it signifies a “perfect” borrower. But very few […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.

A credit score of 850 is a coveted achievement for many because it signifies a “perfect” borrower. But very few Americans are able to achieve a perfect credit score, and according to Faron Daugs, CFP, founder and CEO of Harrison Wallace Financial Group, it’s really not necessary.

In fact, Daugs told Select that a score of 850 is “almost impossible,” but reassures consumers that anyone can achieve a strong credit score to earn the same financial opportunities.

To select details what is the most optimal credit score to get the best financial products and interest rates available, how to get your credit score up to par, and how you can get started today.

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Here is the most “optimal” credit score

All Americans are rated on their FICO credit score, which ranges from 300 to 850. The higher your score, the more likely you are to obtain favorable financing options for a home, car or credit card.

But Daugs is a firm believer that an 850 credit score is an unnecessary benchmark for Americans. Instead, he says that 760 is the most optimal credit score.

Daugs told Select, “The optimal score that will give you the highest credit limits and lowest interest rates is actually 760. Once you reach a score of 760 (according to FICO ), you will receive the same rates and limits as someone with an 800, 825 or even the ultimate 850.”

That’s a little contrary to popular belief, as a credit score of 760 is considered “very good,” according to Equifax according to their credit score ranges on their website. The ranges are:

By having at least a “very good” credit rating, you demonstrate to financial institutions that you pay your bills on time, that you maintain a low rate of credit utilization and that you have a good credit history. And in doing so, a credit score of 760 is just as valuable as a score of 800 or any higher when it comes to applying for financing options.

In short, anything over 760 is just icing on the cake.

How to Get That Credit Score

Earning a credit score of 760 doesn’t happen overnight. It takes persistent effort and strong personal finance skills to establish your credit history without any blemish, but it can be done.

In fact, the average credit score in America in 2020 was 710, according to Experian. So, wherever you are on the path to building (or rebuilding) credit, there are several things you can do to move your credit score in the right direction:

  • Pay off or refinance credit card debt: One of the largest parts of your credit score is made up of all debts owed (30%). So, if you have a lot of credit card debt, it will significantly increase your credit score. You may want to consider a balance transfer credit card to avoid compound interest charges. Or if you have multiple credit cards with balances, consider applying for a personal loan to consolidate your debt.
  • Dispute credit report errors: Millions of Americans have errors on their credit report that can negatively affect their overall score. Be sure to check your credit report and consider using a credit monitoring service to track any new credit applications or potential fraud.
  • Apply for higher credit limits: Each of your credit cards has a credit limit you can spend, and the amount of credit you use against that limit affects your overall credit score. This is called your credit utilization rate, and if you keep the amount of credit you use low relative to your credit limit, the more your credit score can rise. The best part is that you can request a higher line of credit from your card issuer and it won’t create a new request on your credit report.

For more tips, read our guide on how to build and get good credit. And consider a credit monitoring service for more information on your score:

Capital One CreditWise®

Information on CreditWise was independently collected by CNBC and was not reviewed or provided by the company prior to publication.

  • Cost

  • Credit bureaus monitored

  • Credit score model used

  • Dark web analysis

  • Identity insurance

IdentityForce® UltraSecure and UltraSecure+Credit

On the Identity Force secure site

  • Cost

    For a limited time, 40% off all plans – offer ends 6/12. UltraSecure+Credit Individual starts at $139.90/year and UltraSecure+Credit Family at $209/year. Click “Learn more” for more details.

  • Credit bureaus monitored

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  • Identity insurance

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Conditions apply. To learn more about IdentityForce®, visit their website or call 855-979-1118.

At the end of the line

Your credit score is the foundation of many financial opportunities. Without a strong credit score, you risk being denied opportunities to obtain affordable financing for a major purchase, possibly being rejected for a new job, not being approved for housing options and other fundamental decisions.

However, if your credit score isn’t perfect, there’s concrete steps you can take today to improve it. And once your credit score is up to snuff, you can start making more important financial decisions to increase your net worth and prepare for retirement.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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