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☆ It's a good time to get a deal on an EV as they sit around on dealer lots
▼ + stars: | 2024-08-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +4 min

This has helped cut the average price paid in July for a new EV to $58,619, which is 1% lower year-over-year, according to Edmunds. That's actually $4,366 cheaper than the average price paid in July for a new plug-in hybrid. Demand for hybrids is growing among a more practical group of green car shoppers who aren't ready to make the switch to a fully electric car. The average price paid for an EV still outpaces the average price paid for any new car by about $10,000. Car companies are leaning into this loophole with attractive EV leasing deals.

Persons: —, That's, Jessica Caldwell, Edmunds, Caldwell Organizations: Service, Business, Cox Automotive, EVs, Hyundai, Dealers Locations: Edmunds, That's

☆ A 26-year-old property owner shares his non-traditional approach to breaking into a red-hot housing market — even in one of the most expensive cities in the US
▼ + stars: | 2024-08-11 | by ( Christine Ji | ) www.businessinsider.com time to read: +7 min

His monthly mortgage, property taxes, and HOA fees came out to roughly $3,300 a month, documents viewed by Business Insider show. Advertisement"I knew going in that those TICs or those co-ops were definitely cheaper than an equivalent condo in San Francisco," Kaushik said. At the time, the 30-year average fixed rate was 3.22%, significantly lower than the current 30-year average fixed rate of 6.86%. Kaushik's fixed rate period is seven years, which means that after 2029, the rate could change based on market conditions. However, the fixed rate period allows homeowners to pay a lower mortgage rate than if they had a traditional mortgage.

Persons: —, Gen, pesky, Anirudh Kaushik, Kaushik, Kaushik's, he's, He's Organizations: Service, Business, Fed, San Locations: San Francisco, Bay, Francisco, HOA, New York, California

☆ Homebuyers are flocking to a type of loan that offers a lower mortgage rate. But they often require bigger down payments, and lenders don't like to give them.
▼ + stars: | 2024-08-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +1 min

Homebuyers seeking lower mortgage rates are snapping up a rare type of loan. AdvertisementA type of mortgage that can offer ultra-low rates is becoming more popular among homebuyers — but they're rare and difficult to come across, real estate experts say. Buyers have been increasingly turning to assumable mortgages, or home-lending schemes where a buyer takes over a seller's mortgage, at the rate it was originally financed. Borrowing costs on the 30-year-fixed mortgage, the most popular type of mortgage in the US, ticked higher to 6.7% last week, according to Freddie Mac data. Meanwhile, 85% of existing homeowners have a mortgage rate under 6%, per an analysis from Realtor.com.

Persons: —, Freddie Mac Organizations: Service, Business

☆ ‘I don’t have a budget’: Why people are going into debt to travel
▼ + stars: | 2024-07-29 | by ( Lilit Marcus | ) edition.cnn.com time to read: +5 min

The majority of those going into debt do so by charging travel expenses on a credit card, with 20% of respondents saying they would rather skip a credit card payment and put the money toward a vacation. The mindset is “‘I can’t buy a house, I’m not sure I can afford college or grad school, so I might as well go to Spain and backpack. ”They think (credit card debt) is not as risky as it is. They don’t care so much about not getting into debt.”King adds that social media has changed the way many people think about travel. “Eventually, if I’m going to get a house, I’ll get a house.

Persons: CNN — “, ”, Lisa Fraser, “, Elizabeth Currid, Halkett, Tim Gurner, something’s, I’m, ’ ” Alex King, they’re, Fraser, FOMO, King, It’s, I’ll Organizations: CNN, University of Southern, United Locations: Taipei, Budapest, New York, University of Southern California, Spain, Hong Kong

Margin trading, aka buying on margin, is the practice of borrowing money from your stock broker to buy stocks, bonds, ETFs, or other market securities. But keep in mind that margin trading amplifies losses just as it does for profits. Advantages of margin tradingWhile it may seem that margin trading means bigger profits, that's not technically true. Dangers of margin tradingUsing leverage to increase investment size, as margin trading does, is a two-edged sword. But provided that you fully understand the risks and costs, margin trading could increase your profits and return on your investments.

Persons: you'd, It's, that's, it's, Clint Proctor Clint Proctor, millennials, Read Organizations: Financial Industry Regulatory Authority, Mutual, Green Bay Packers

☆ How down payment assistance programs can help clear the path to homeownership
▼ + stars: | 2024-07-23 | by ( Genna Contino | ) www.cnbc.com time to read: +3 min

Two renters pose in front of their new home that they're renting from Roots, a program that helps renters invest in real estate. Then Hunnicutt found a $1,050-per-month two-bedroom apartment tied to Roots, a real estate investment trust based in the Atlanta area that aims to help renters of the properties in its portfolio build wealth toward homeownership. Will Hunnicutt with his dog Bailey in his Atlanta home that he rented through Roots, a company that helps renters build wealth by investing in real estate. As buyers continue to struggle with home affordability, experts say programs that help with down payments may be worth another look. One barrier toward homeownership is having enough savings for a down payment.

Persons: Katie Curran, Will Hunnicutt, Hunnicutt, Bailey, It's, They're, homebuyer Organizations: CNBC, SurveyMonkey, National Association of Realtors, PMI, Mortgage Locations: Atlanta, U.S

☆ A New Hampshire couple who wants to retire by age 35 shares the 'house-hacking' strategy that's grown their net worth to over $800,000
▼ + stars: | 2024-07-23 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

Read previewIn 2019, at the age of 23, Lauren Simpson and her husband Ian decided to pursue an ambitious goal: retire by age 35. The rest is from the equity they've built in four properties they've purchased over the last three years: one primary residence and three rental properties. These properties also provide the couple with rental income that they put toward their savings. When someone buys a second home or investment property, mortgage lenders often require a downpayment of at least 10%. In addition to buying investment properties, Simpson said she and Ian have done whatever they can to grow their savings.

Persons: —, Lauren Simpson, Ian, Simpson, Roth, they've, New Hampshire — Simpson, we've Organizations: Service, Business, FIRE, Roth IRA, baseball Locations: New Hampshire, Florida, —

Before saving for a down payment, calculate how much you'll need and set a deadline. Exploring down payment assistance programsDown payment assistance programs can help cover part or all of your down payment. Saving windfalls and bonusesWindfalls — or sudden influxes of cash — are a great way to pad your down payment savings. Not having a clear savings planDepositing a few bucks here and there isn't going to make much of an impact on your down payment savings. Yes, high-yield savings accounts, CDs, and investment accounts can be excellent tools for saving your down payment, especially if you have a longer time horizon.

Persons: You'll, you'll, windfalls, Windfalls Organizations: Netflix, Spotify, Federal Deposit Insurance Corp, PMI Locations: homebuyers, Chevron

Can a non-U.S. citizen get a mortgage loan? Challenges non-U.S. citizens may faceThough it's possible to get a mortgage as a non-U.S. citizen, that doesn't mean it will be easy. Buying a home as a non-U.S. citizen FAQsCan non-U.S. citizens get a mortgage loan? Yes, non-U.S. citizens can get a mortgage loan if they meet the lender's eligibility requirements and they provide necessary documentation. Eligibility for non-U.S. citizen mortgage loans is usually based on legal residency status, credit history, income verification, and down payment.

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up to 4.60% Minimum Opening Deposit $0 Bonus up to $300 Pros Check mark icon A check mark. Easy to save for various goalsCheck mark icon A check mark. A savings account with buckets can be a great tool for growing savings goals. Many banks offer savings accounts with buckets; some of our favorites are Ally Bank's Ally Savings Account, Betterment's Betterment Cash Reserve Account, and Capital One 360's Capital One 360 Performance Savings. Savings buckets work by dividing your savings account into different categories that you can label, letting you easily save up for individual savings goals.

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Determining your budgetYou can figure out how much house you can afford to buy using our free mortgage calculator. While you may already have an idea of what you think you can afford, you'll need to find out how the bank sees you. It will include a list of all of your finalized closing costs and how much cash you'll need to close. The final walkthroughBefore closing, you'll also get a chance to view the home one more time. How to buy a house FAQsHow much down payment do I need to buy a house?

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You can get down payment assistance through CHFA's Down Payment Assistance Program or the Time To Own program. VermontThe Vermont Housing Finance Agency offers mortgages, down payment assistance, a first generation homebuyer program, and a mortgage credit certificate. NebraskaThe Nebraska Investment Finance Authority is another state housing finance agency that offers programs for first-time and repeat buyers alike. State first-time homebuyer programs FAQsHow do first-time homebuyer programs differ by state? You may be able to combine multiple forms of state-backed first-time homebuyer assistance, or get state assistance in addition to other, unrelated programs.

Persons: you'll, CHFA, DSHA, MaineHousing, NJHMFA, MHDC, UHC Organizations: Connecticut Housing Finance Authority, FHA, Housing Authority, Maine MaineHousing, Loan, Massachusetts MassHousing, New Hampshire New Hampshire Housing, New Jersey Housing, Mortgage Finance Agency, New Jersey Police, New York Mortgage Agency, Pennsylvania Housing Finance Authority, Vermont Housing Finance Agency, Alabama Housing Finance Association, Arkansas, Finance Authority, of Columbia Homebuyers, DC Housing Finance Agency, D.C, Florida Housing Finance Corporation, Georgia Department of Community Affairs, Georgia, Plus, Kentucky Housing Corporation, Louisiana Housing Corporation, Maryland Department of Housing, Community Development, Mississippi The Mississippi Home Corporation, North Carolina Housing Finance Agency, Carolina South, Carolina South Carolina Housing, Palmetto, SC, South Carolina National Guard, Tennessee Housing Development Agency, Virginia Virginia Housing, Virginia Department of Housing, West, West Virginia The West, West Virginia The West Virginia Housing Development Fund, Illinois Housing, Authority, Indiana, Indiana Housing, Community Authority ., Iowa Finance Authority, IFA, Kansas Housing, Assistance, Michigan, Housing Development Authority, Minnesota Housing Finance Agency, Missouri Housing, Commission, Nebraska, Nebraska Investment Finance Authority, North, North Dakota Housing Finance Agency, Ohio Housing Finance Agency, South Dakota Housing Development Authority, Economic Development Authority, Arizona The, Arizona The Arizona Industrial Development Authority, New Mexico Mortgage Finance Authority, Oklahoma, Oklahoma Housing Finance Agency, Texas The, Affordable Housing Corporation, Texas, Homes, Texas Heroes, Alaska Housing Finance Corporation, California Housing Finance Agency, Colorado, Colorado Housing, Hawaii Housing Finance, Development Corporation . Idaho, Idaho Housing, Finance Association, Montana, Montana Montana Housing, Nevada Housing Division, Oregon Oregon Housing, Community Services, Utah Housing Corporation, Washington, Washington State Housing Finance Commission, Wyoming Community Development Authority Locations: Connecticut, Delaware, New Hampshire New Hampshire, New Jersey, York The State, Pennsylvania, Rhode, Vermont, Alabama, Arkansas, Washington ,, Florida, Georgia, Kentucky, Louisiana, Maryland, Mississippi, Carolina, Carolina South Carolina, Tennessee, Virginia Virginia, West Virginia, West Virginia The West Virginia, Illinois, Indiana Indiana, Community Authority . Iowa, Iowa, Kansas, Michigan, Minnesota, Missouri, NIFA, North Dakota, North, Ohio, OHFA . South Dakota, Wisconsin, WHEDA . Southwest, Arizona, Arizona The Arizona, Mexico, Oklahoma, Texas, Texas The Texas, TSAHC ., Alaska, California, Colorado, Hawaii, Idaho, Montana Montana, Nevada, Oregon Oregon, Utah, Washington, Wyoming, Chevron

Here are the best mortgage lenders for first-time homebuyers and the affordable loans they offer, as chosen by Business Insider editors in 2024. If you're a Bank of America Preferred Rewards customer, you can get discountsCheck mark icon A check mark. Offers many unique types of mortgagesCheck mark icon A check mark. Low Cost Mortgages come with only $295 in closing costsCheck mark icon A check mark. Mortgage credit certificatesSome HFAs also offer mortgage credit certificates to first-time homebuyers.

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Your mortgage interest rate is based in part on how risky lenders consider you to be as a borrower. Use these strategies for lowering mortgage interest rates. Improving your credit scoreRaising your credit score is one way to get a lower interest rate on your mortgage. The role of credit in mortgage ratesThe impact of credit scores on mortgage rates is significant. Locking in your rateA rate lock lets you cement your interest rate while you finalize your home purchase.

Persons: They'll, they'd, Freddie Mac, —, you'll Organizations: ICE Mortgage Technology, PenFed Credit Union, New, Mortgage, Survey Locations: Portland , Oregon, California

You can also use our guide to the best low credit score mortgage lenders to see which lenders accept borrowers with lower scores. Minimum credit score by mortgage typeConforming mortgage: 620 or higherConforming mortgages, which are the most common type of mortgage, are only available to borrowers with credit scores of 620 or higher. Get copies of your credit reportUnderstanding your credit history is key to understanding what's affecting your credit score. Review your credit report again to see what is impacting your credit score, then take steps to improve it. Getting a mortgage with bad credit frequently asked questionsCan you get a mortgage with a 500 credit score?

Persons: it's, US Department of Veterans Affairs doesn't, you've, It's, you'll, You'll Organizations: US Department of Veterans Affairs, Rocket Mortgage, Freedom, Carrington Mortgage, HUD, Federal Housing Administration, Chevron Locations: CreditRepair.com, Chevron

I asked a financial planner whether I should take money out of savings if interest rates drop. I haven't felt ready to follow their advice, especially since my high-yield savings account at Ally Bank has been offering 4% to 5% APY on the money in the account. If that happens, it might make sense for me to move money out of my high-yield savings account. I met with certified financial planner Jake Skelhorn, who shared three things I can do with that cash if interest rates drop. "While more volatile year-to-year, stock market returns have averaged approximately 10%, which is about double what you're getting in a high-yield savings account today."

Persons: it's, they've, haven't, Jake Skelhorn, Skelhorn Organizations: Ally Bank

In America's 20 biggest cities, a 20% down payment ranges from $39,127 in Oklahoma City to $263,392 in San Jose, California. On a $200,000 home, a 3% down payment means you'll need $6,000. FHA mortgage: 3.5%To get an FHA mortgage, you'll need at least a 3.5% down payment. The exact amount you'll pay depends on your down payment and whether you've gotten a VA loan previously. PMI protects lenders on mortgages with high loan-to-value ratios, and it's added to the borrower's monthly mortgage payment.

Persons: you'll, Insider's, Fannie Mae, Freddie Mac, you've, You'll, it's Organizations: Phoenix, Fort, Oklahoma, PMI, Opportunity, National Association of Realtors, Chevron, USDA Locations: Oklahoma City, San Jose , California, Government, York City, NY, Angeles, LA, Chicago, Houston, AZ, Philadelphia, Antonio, Diego, Dallas, Austin, Jacksonville, Jose, Fort Worth , TX, Columbus, Charlotte, NC, Indianapolis, Francisco, Seattle, WA, Denver, homeownership, Chevron

If you're looking for a business credit card and like to stay at Wyndham hotels, the Wyndham Rewards® Earner Business Card is a very compelling choice. Wyndham Rewards Earner Business Card ReviewJust about every major hotel chain issues a co-branded small-business credit card, and you're probably familiar with some of the big names like The Hilton Honors American Express Business Card or IHG One Rewards Premier Business Credit Card. The Wyndham Rewards® Earner Business Card is one of three Barclays-issued Wyndham Rewards cards, and it's by far the most lucrative. Wyndham Business card fees and costsThe Wyndham Rewards® Earner Business Card has a $95 annual fee, which is typical for small-business cards that earn travel rewards. Wyndham Business credit card frequently asked questions (FAQ)What credit score do you need to be approved for the Wyndham Rewards Earner Business card?

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When you apply for a mortgage loan, lenders will review your finances and check to make sure you meet the requirements of the loan program. The exact requirements you'll need to meet vary by loan type, though. Additional factors affecting mortgage qualificationThe above are the major mortgage loan requirements, but sometimes, other factors can play in as well. Mortgage credit score requirement FAQsWhat is the minimum credit score needed for a mortgage? There's no set amount, but your income should be sufficient to cover your debt payments and the proposed mortgage payment comfortably.

Organizations: Chevron, USDA Locations: AnnualCreditReport.com

☆ Boomer dad, who is 6 months away from retirement, has already started gifting his Gen X and millennial kids their inheritance
▼ + stars: | 2024-07-10 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

MJ's kids include two of his own and two stepchildren, all aged between 35 to 46. AdvertisementHe's among a growing cohort of boomers who are passing on their wealth at an earlier stage in life, financial planners previously told BI. "We consider inheritances and money from families a gift of love," Gideon Drucker, president and financial planner at Drucker Wealth, previously told BI. The money he gifts to his kids comes with no strings attached — they are free to spend it how they see fit. "I'm not going to put them all into retirement with what I'm leaving them.

Persons: he's, Bill Perkins, boomers, Gideon Drucker, MJ, Here's, I've, Drucker, Warren Buffett, Bill Gates, Mark Zuckerberg, Buffet, I'm Organizations: Service, Business, Drucker Wealth Locations: Alberta, Canada

☆ JPMorgan upgrades this beaten-down payments stock, says it can surge 50%
▼ + stars: | 2024-06-06 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

An overseas investment idea investors shouldn't overlook is StoneCo., a Brazilian financial technology and software solutions company headquartered in the Cayman Islands that JPMorgan has grown bullish on. He maintained his $20 year-end price target, which implies roughly 50% upside from the stock's latest close. "We believe [a] Stone re-rating depends mostly on banking deliveries (i.e., deposits and healthy credit growth) rather than [the] macro environment." Stone's differentiated business model, based on a close approach to clients via hyper-local distribution centers, has allowed it to quickly expand its market share, Fernandes said. He estimates Stone has about 20% market share in the core micro, small and medium-sized businesses (MSMB) market .

Persons: Yuri Fernandes, Stone, Fernandes, Pedro Zinner, Stone's Organizations: JPMorgan, Stone, Reuters Locations: Brazilian, Cayman Islands, U.S

☆ More people will never own a home — they're the 'forever renters'
▼ + stars: | 2024-05-29 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

These "forever renters" vary widely in their reasons for not pursuing home ownership. Others prefer the flexibility to move and freedom from ownership costs that renters enjoy. Homeownership and renting have numerous pros and cons, making it hard to say whether forever renters are acting shrewdly or making a big mistake. Renters avoid large down payments and the varying costs of homeownership, such as mortgage payments, taxes, maintenance, and repairs. It's also cheaper to change the place you're renting than the place you're buying because of real-estate agent fees."

Persons: —, Grant Wilson, Eunjee Kwon, David Brasington, Kautz, There's, Colin Lizieri, they've Organizations: Service, Business, University of Regina, University of Cincinnati, University of Cambridge Locations: Germany, Switzerland

☆ A 20% down payment is 'definitely not required' to buy a house, economist says. Here's how much you need
▼ + stars: | 2024-05-24 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +3 min

Phynart Studio | E+ | Getty Images'The conundrum of the housing market'One way to reduce your monthly mortgage payment is to put down more money and borrow less. Nationally, the average down payment on a house is closer to 10% or 15%, Hale said. Even with a conventional loan, buyers' required down payment could be between 3% and 5%, depending on their credit score and other factors. While a lower down payment is one way to "attack affordability challenges," it can be a "mixed bag," Hamrick said. With a lower down payment, you will need to borrow more from your lender, which raises the monthly cost of your mortgage, Hale said.

Persons: Hale, there's, Hamrick Organizations: CNBC, SurveyMonkey, Department of Veterans Affairs, U.S . Department of Agriculture, Federal Housing Administration, PMI Locations: U.S

The information for the following product(s) has been collected independently by Business Insider: Wyndham Rewards® Earner Plus Card, Wyndham Rewards® Earner Card, Wyndham Rewards® Earner Business Card, Capital One Spark Miles for Business†, Capital One Spark Miles Select for Business†. Introduction to Wyndham RewardsWhile it's often overshadowed by bigger and flashier hotel loyalty programs, Wyndham Rewards deserves some attention, too. How to join Wyndham Rewards and start earning points and elite statusTravelers can enroll in Wyndham Rewards for free, and automatically receive free Wi-Fi during stays. Earning Wyndham pointsThere are myriad ways to accumulate Wyndham points, beginning with the most obvious option: Hotel stays through Wyndham. Wyndham Rewards frequently asked questionsHow can I earn Wyndham Rewards points without staying at a hotel?

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☆ I bought my first home this year: 7 things I wish I'd done before getting serious about my search
▼ + stars: | 2024-05-20 | by ( Celia Fernandez | ) www.cnbc.com time to read: +9 min

When my partner and I signed a two-year lease to move into our second New York City apartment together in 2021, we agreed that the next place we lived in would be ours. New York City is where I grew up, and I am not ready to give up my status as a "passenger princess" — yes, I'm 31 and don't have a driver's license. "There are four things that go into getting a mortgage: your credit, your income, your assets, and the property," Forbes says. The application process for a program like the New York City HomeFirst Down Payment Assistance Program or the NYS AHC grant can take several months. My partner and I bought a co-op, which is very common in New York City.

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