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☆ A blue-collar worker who retired early thanks to real estate investing bought his first rental property by taking out a home equity line of credit. Here's how HELOCs work and how they can be used to b
▼ + stars: | 2022-10-15 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +9 min

A home equity line of credit lets you borrow against your home's most current appraised value. To fund his very first investment property — a $100,000 single-family home in Shenandoah Valley, Virginia — he took out a home equity line of credit (HELOC). How HELOCs workA home equity line of credit lets you borrow against your home's most current appraised value to access cash. Using a HELOC to build wealthAs previously mentioned, you can use HELOC money to finance anything. Bryce DeCora, a 30-year-old Washington-based real estate investor, took out a home equity line of credit to expand his property portfolio and ended up becoming an "Airbnb millionaire."

Here are Insider's top picks for same-day or next-day funding:Best quick personal loans LightStream Personal LoanUpstart Personal LoanAvant Personal LoanBest Egg Personal LoanRocket Loans personal loansOppLoans Personal LoansLendingPoint Personal Loan Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Same day Editor's rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR 5.24% to 19.99% with AutoPay (Rates as of 10/03/2022. This lender topped Insider's list of best personal loans in 2022, and quick funding is yet another bonus. Other fast personal loans we consideredNot all banks that offer personal loans will fund them quickly. Fast cash personal loan credit requirementsLender Minimum credit score LightStream 660 Upstart 600 Avant 600 Best Egg 640 LendingPoint 580 Rocket Loans 620 OppLoans No minimumThe best quick personal loan for you will largely depend on your credit score.

For example, for a savings account or money market account, we'll evaluate the interest rate on an account to see if it's competitive. This will not be factored for a rating of a checking account, since usually checking accounts do not pay interest. If you'd like to learn more about how we evaluate individual features of checking accounts, you'll find more details on our methodology for checking account ratings below. A financial institution will earn a 3 out of 5 if its money market account rate is on par with average money market account rates. Additional categories considered for rating: Customer support (14.29% of rating)Mobile app ratings (14.29% of rating)Ethics (14.29% of rating)Ultimately, we review checking accounts, savings accounts, money market accounts, and business checking accounts to help you understand how a particular bank's accounts compare to those of other financial institutions.

A credit union that's federally insured will have a NCUA sign on the website or building. Credit unions federally insured by the National Credit Union Administration, or NCUA, will also be secure. The NCUA controls the National Credit Union Share Insurance Fund, or NCUSIF, which is a fund by all participating credit unions. A credit union has to tell its members if a specific product isn't federally insured, so you'll know what is guaranteed by the credit union and what isn't. If your credit union closes, the NCUA will transfer your money to another credit union that's federally insured.

What we look for when rating certificates of depositIn our articles, you may notice that specific bank accounts have an editor's rating. This is because each category serves as an essential component to understanding the overall banking experience with a particular financial institution. Minimum deposit (14.29% of rating)We look to see how easy it is to open a CD. If a financial institution has lower penalties, it will receive a higher rating, and institutions with higher penalties will receive a lower rating. Variety of term options (14.29% of rating)We look to see if a financial institution offers a variety of CD terms.

Average personal loan rates for borrowers with poor scores (<620) are down by about 30% from two weeks ago, while rates for borrowers with fair scores (620-659) are up a bit. You can take out a personal loan for a variety of purposes, like covering the cost of a medical bill or financing a home improvement project. Average personal loan ratesWe've compiled a database of 28 personal loan products and averaged their current rates so you see the current personal loans climate. Compare Personal Loan RatesAverage personal loan rates by credit scoreThese rates are based on data from 170 borrowers who applied for loans and received rates. You're can use a personal loan for many purposes, though the list is different depending on the lender.

Our top picks for best high-yield savings accounts UFB Elite SavingsLendingClub High-Yield Savings AccountBrioDirect High-Yield Savings AccountBask Bank Interest Savings AccountCIT Bank Savings Connect AccountTAB High-Yield Savings AccountHigh Q Savings AccountSoFi Checking and SavingsSynchrony High-Yield Savings AccountAlly High Yield Savings AccountCapital One 360 Performance Savings™Marcus by Goldman Sachs High Yield Online Savings AccountDiscover Online Savings Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. LendingClub High-Yield Savings Account (jump to LendingClub account details »)Why it stands out: The LendingClub High-Yield Savings Account stands out because charges zero monthly service fees and comes with an ATM card. BrioDirect High-Yield Savings Account (jump to BrioDirect Bank account details »)Why it stands out: The BrioDirect High-Yield Savings Account doesn't charge monthly service fees. TAB Bank High-Yield Savings Account (jump to TAB Bank account details »)Why it stands out: The TAB High-Yield Savings Account is a pretty straightforward high-yield savings account. Discover Online Savings Account (jump to Discover account details »)Why it stands out: The Discover Online Savings Account is a solid low-fee option — there's no fee for insufficient funds, excess transactions, or monthly maintenance.

Pros Check mark icon A check mark. Measure the carbon impact of your deposits through Atmos Check mark icon A check mark. Pros Check mark icon A check mark. Pros Check mark icon A check mark. SoFi Checking and Savings 4.25 /5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star 4.25 out of 5 Stars A tooltip Rates as of 9/30/22.

Average CD rates vs. highest CD ratesThe FDIC keeps tabs on national rates for bank accounts that pay interest, like savings accounts and CDs. You can use the table below to see how the most competitive CD rates compare to average CD rates. $1,500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $1,000 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $0 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

The best CD rates for October 2022Best rates for a 1-year termBest rates for a 2-year termBest rates for a 3-year termBest rates for a 4-year termBest rates for a 5-year termBest rates for a no-penalty CDBest rates for no opening depositCD rates at the largest US banksCDs are an ideal option if you'd like to grow your money but don't want to deal with fluctuations of the stock market. Pros Check mark icon A check mark. Pros Check mark icon A check mark. Pros Check mark icon A check mark. If interest rates fall during the term of your CD, the APY on your CD will not be affected.

The bottom line: Security Service Federal Credit Union is on our list of the best banks/credit unions for military families. How Security Service Federal Credit Union worksSecurity Service Federal Credit Union has 67 branches in Colorado, Texas, and Utah. How to join Security Service Federal Credit UnionYou're eligible to become a member of Security Service Federal Credit Union if you meet one of the following criteria:Live, work, study, worship, volunteer, or have a business in Colorado, Texas, or UtahAre a military member at a branch/unit or a Department of Defense employee at certain bases in Colorado, Texas, or UtahHave a family or household member who is already a memberYou'll also need to open a Security Service Federal Credit Union Basic Savings Account when you join. Security Service Federal Credit Union trustworthiness and BBB ratingSecurity Service Federal Credit Union does not have any public controversies. How Security Service Federal Credit Union comparesYour choice between the three institutions could come down to which types of accounts you want.

☆ Fed's Bowman calls for overhaul of approach to evaluating banking competition
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +2 min

Sept 28 (Reuters) - The framework used to assess competition in the banking sector needs to be overhauled to ensure there remains a level playing field that supports consumer choice, Federal Reserve Governor Michelle Bowman said on Wednesday. Bowman pointed to several areas of improvement including more systematically including credit unions and nonbank financial firms in all competitive analyses. To fully capture the impact of nonbank financial firms in some product markets, the deposit-market-based thresholds in current bank merger guidelines could be relaxed, Bowman said. The Fed should also review its approach to defining banking markets to ensure it is updated consistently and reflects the changes in how consumers in a community access banking products and services, Bowman noted. Register now for FREE unlimited access to Reuters.com RegisterReporting by Lindsay Dunsmuir; Editing by Andrea RicciOur Standards: The Thomson Reuters Trust Principles.

Pros Check mark icon A check mark. No monthly service fees Check mark icon A check mark. Savings buckets help you save for different goals Check mark icon A check mark. Pros Check mark icon A check mark. Refunds up to $15 per month in out-of-network ATM fees (if you qualify) Check mark icon A check mark.

We selected Ally, Bank of America, PNC Bank, Navy Army Community Credit Union, and GECU as the best banks and credit unions in Texas. Best banks and credit unions in Texas AllyBank of AmericaPNC BankNavy Army Community Credit UnionGECU Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Editor's rating 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star Category Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Best savings account Savings APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. We looked at the top 10 biggest banks and credit unions in the state, plus state financial institutions featured in our Black-owned banks and credit unions guide and Hispanic American-owned banks and credit unions guide.

Average CD rates vs. highest CD ratesThe FDIC keeps tabs on national rates for interest-earning bank accounts. You can use the table below to see how the most competitive CD rates compare to average CD rates. $1,500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $5,000 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

☆ Savings rates climb to levels not seen since 2009. Here's how to get the best return on your money
▼ + stars: | 2022-09-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

NBC | Getty ImagesOnline savings accountsThe September rate hike is already sending some online savings accounts higher. Notably, that interest rate growth is concentrated in online accounts, while savings at brick-and-mortar banks have not moved much at all. Credit unions, which also offer savings accounts, have also been more aggressive in keeping pace with the central bank's rate hikes. Series I bonds currently offer a 9.62% interest rate, which experts acknowledge is hard to beat elsewhere. The money cannot be cashed out in the first year, and if you withdraw before five years you lose three months' interest.

☆ Special interest groups representing Amazon to Uber oppose possible crypto regulation in California
▼ + stars: | 2022-09-23 | by ( Caroline Haskins | ) www.businessinsider.com time to read: +8 min

Industry groups representing Amazon, Apple, Block, Coinbase, Genesis, Google, GrubHub, Lyft, Facebook/Meta, Uber, and other companies wrote to the state assembly opposing the law. Nine organizations representing consumers and advocating for economic justice wrote to the state assembly expressing support for the law. Several tech industry groups representing major companies and venture capital firms wrote in to oppose the law. Several organizations advocating for consumers and economic justice wrote to the state assembly expressing support for the law. Interest groups argued that regulation presents an "undue burden"on crypto companiesBlockchain Advocacy CoalitionThe Blockchain Advocacy Coalition wrote to Assemblymember Grayson on August 26.

☆ What rising interest rates mean for you
▼ + stars: | 2022-09-21 | by ( Jeanne Sahadi | Cnn Business | ) edition.cnn.com time to read: +11 min

"Credit card rates are the highest since 1995, mortgage rates are the highest since 2008, and auto loan rates are the highest since 2012. Here are a few ways to situate your money so that you can benefit from rising rates, and protect yourself from their downside. "Less debt and more savings will enable you to better weather rising interest rates, and is especially valuable if the economy sours." That said, "don't jump into a large purchase that isn't right for you just because interest rates might go up. "It's not just rising rates and inflation, there are geopolitical concerns going on... And we have a slowdown that may lead to a recession or maybe it won't...

☆ A 39-year-old who owns 21 rental homes and recently quit his 9-to-5 after building his real estate portfolio up for 18 years stresses the importance of playing the long game and taking a conservative
▼ + stars: | 2022-09-21 | by ( A.J. Cohen | ) www.businessinsider.com time to read: +10 min

He's built his portfolio over 18 years and stresses the importance of building up sustainably. He prefers fixer-upper properties and invests a lot in his real estate investments. He talks about his real estate investing journey online under the moniker of The Frugal Gay, instructing other aspiring real estate investors as to how he built up his portfolio. Being in the real estate space is something that Brickman actively enjoys. "I really like transforming [my properties]," Brickman said, adding that his "hardest project" was the former home of a hoarder.

☆ What rising interest rates mean for your credit, loans, saving and more
▼ + stars: | 2022-09-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +11 min

“Credit card rates are the highest since 1995, mortgage rates are the highest since 2008, and auto loan rates are the highest since 2012. Home loans: Lock in fixed rates nowMortgage rates have been rising over the past year, jumping more than three percentage points. That said, “don’t jump into a large purchase that isn’t right for you just because interest rates might go up. For example, financial service companies can do well in a rising rate environment because, among other things, they can make more money on loans. Bonds: Go shortTo the extent you already own bonds, the prices on your bonds will fall in a rising rate environment.

☆ The Fed just raised interest rates by another 0.75%, putting Main Street economy 'dangerously close' to edge of lending cliff
▼ + stars: | 2022-09-21 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +12 min

"From a credit perspective, people are getting more cognizant about increasing interest cost, and that the Fed will keep interest rates at 4-4.50%," Arora said. "The expectation is, in the short term, SBA loans will adjust up and non-SBA loans are shorter tenure," he said. SBA loan guaranty waiver endingAnother cost that is suddenly influencing the SBA loan decision is the end of a waiver this month on SBA loan guaranty fees that are traditionally charged to borrowers so that in the event of a default, the SBA pays the portion of the loan that was guaranteed. When he started in small business lending back in 1998, business loans reached as high as 12% to 12.5%. And with a peak Fed rate level of 4% or higher reached by late this year, that is where SBA loan rates are heading.

☆ Walmart and Target push to lower credit card fees
▼ + stars: | 2022-09-20 | by ( Nathaniel Meyersohn | Cnn Business | ) edition.cnn.com time to read: +3 min

A pair of bipartisan bills in Congress aim to lower the swipe fees, also known as interchange fees, that retailers pay every time a customer makes a purchase with their card. Visa V Mastercard MA anddominate more than 80% of the US credit card market. Proponents of these bills say they would generate more competition in the credit card network market and break Visa and Mastercard's hold over the industry. "Credit card swipe fees inflate the prices that consumers pay for groceries and gas," Durbin said in July. "Bringing real competition to credit card networks will help reduce swipe fees and hold down costs for Main Street merchants and their customers."

Average CD rates vs. highest CD ratesThe FDIC keeps tabs on national rates for interest-earning bank accounts. You can use the table below to see how the most competitive CD rates compare to average CD rates. $10,000 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $1,500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. $500 CD APY Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.

Today's savings account ratesBelow you'll find our picks for the best savings accounts right now. Compare the best savings accounts Ally High Yield Savings AccountAxos High Yield Savings AccountSoFi Checking and SavingsChime Savings AccountCapital One 360 Kids Savings Account Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Pros Check mark icon A check mark. Pros Check mark icon A check mark. Just like a savings account opened through a brick-and-mortar bank, most online savings accounts are FDIC insured up to $250,000.

Personal loan rates were hovering around 19.59% overall for the week of September 12, down slightly from a week earlier. Compare today's personal loan ratesAverage personal loan ratesWe've compiled a database of 28 personal loan products and averaged their current rates so you see the current personal loans climate. Average personal loan rates by credit scoreThese rates are based on data from about 194 borrowers who applied for loans and received rates. Fees 4.5/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR 6.99% to 24.99% Fees 4.25/5 A five pointed star A five pointed star A five pointed star A five pointed star A five pointed star APR Fixed rates from 7.99% to 22.73% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. To pick the best personal loan for you, consider the factors that are most important to you.

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