As a Homes writer and interior design obsessive, I love nothing more than spending my downtime decorating or sprucing up our family home. And whether you live in a cozy apartment or palatial house, we all want to create our ideal abode. Trouble is, when you don’t know where to start, it all can all seem rather overwhelming.
While pulling a room together may seem easy on Instagram or social media, there are some basic rules and tips I’ve learned over the years. These top tips will help you achieve the right balance of functionality yet still look stylish. What’s more, these clever design ideas will instantly transform your space, regardless of size, without having to spend a fortune on an expensive renovation!
I’m obsessed with home makeover shows — and these are the 3 mistakes people always make.
1. Go big with mirrors
Large mirror in bedroom (Image credit: Shutterstock)
One of my favorite tricks is the power of mirrors. I absolutely love using mirrors in my home, and the bigger the better. Mirrors are a great way to reflect the natural light across the room, make a small room look bigger, and feel airy and more open. For effective results, lean a large mirror against a wall opposite a window so the light will bounce off it. In small spaces, opt for mirrors that go from floor to ceiling to maximise the light.
In addition, if you want to brighten a dark room, a mirrored wall will also do the trick. Wall-mounted mirrors work well to reflect light, give the illusion of a bigger space, and instantly make your room feel open and airy. More importantly, it will give your blank wall a stylish and contemporary makeover.
While glass can often be problematic if you have children and pets running around, you can choose plexiglass acrylic mirror. Bendable acrylic wall mirrors much like this Shatterproof Wall Mirror ($29, Amazon), are designed to be safer and won’t get accidentally broken or damaged.
Alternatively, if you don’t have a mirror, any reflective surface such as stainless steel, glass and metallic accessories will do the job.
2. Buy the right-sized furniture for the space
Big sofa in small space (Image credit: Shutterstock)
Have you ever bought something for your home, only to find out that it’s way too big (or small) for the room? That’s why it’s important to always check the dimensions of furniture before buying, and find a style that’s in proportion to the room. So if your space is too compact for a conventional, rectangular dining table, a circular table will take up less room.
Getting the proportion right can be tricky if you’re buying furniture/decor online, and the reality is far different from the pictures! You may find it helpful to use an AR app such as IKEA Place to get a better idea of how an item of furniture will fit into the space you have.
Another top tip is to elevate your furniture. Instead of heavy-set pieces of furniture, and cumbersome sofas — especially in compact rooms, choose sofas and armchairs with narrow arms, and raised on taller legs. The trick here is when you see more floor underneath, it will give the illusion of a bigger room, and allow natural light to flow better.
In fact, buying the wrong-sized furniture is one of the top decor mistakes that are making your home look smaller than it is.
3. Make use of vertical space
Bathroom items in storage boxes (Image credit: Shutterstock)
Furniture doesn’t always have to be spread out. Another top tip is to utilize vertical space — especially if you lack floor space or have a compact room. Depending on how strong your walls are, you can easily wall mount floating wall shelves, vertical cabinets, or clever storage units to free up valuable floor space.
For home offices, hanging smaller things on wall-mounted rails can be handy, as you’ll have more desk space making it less cluttered. And for small bathrooms, wall-mounted storage is one of the things organized people keep in their bathrooms. Just don’t forget to check what’s behind the wall before you start drilling holes everywhere!
There are also plenty of stackable storage ideas to keep everything in order. For instance, if you want to keep children’s toys tidy, storage organizers like this Humble Crew Extra-Large Toy Organizer ($79, Amazon), will save you valuable space.
4. Layer your fabrics
Sofa with throws and cushions (Image credit: Shutterstock)
There’s nothing better than coming back to a warm and relaxing home to snuggle in. And layering up with chunky throws, soft blankets and plush cushions on sofas and beds work well to achieve that cozy factor.
In addition, it’s good to mix-and-match the textures and color scheme so that everything doesn’t look the same. You want to create an inviting feeling that is also aesthetically pleasing.
Interestingly, soft furnishings are one of the clever ways to reduce noise in your home. Plush furniture like an upholstered sofa, bench or even plump cushions work well to ‘soften’ an area — diffusing unwanted sounds. Thick rugs on hardwood floors can also help to block out some noise, and also prevents furniture from making much noise when it’s moved around. So it’s a win-win!
5. Conceal the clutter
Storage stool and basket in living room (Image credit: Shutterstock)
When designing a space, we often forget about functionality, and practical storage solutions. To avoid cluttered spaces, conceal the clutter with multi-purpose furniture such as ottoman benches, blanket boxes or woven baskets. These are clever ways of hiding clutter, as well as doubling up as extra seating or a handy footstool for your guests. Plus, if you have cluttered shoes piling up by the front door, here’s 7 space-saving ways to organize shoes in your entryway.
In addition, if you have unsightly cables or items lying around, there are plenty of creative ways to disguise ugly items in your home. These include things like cable management organizers or sleeves, soap dispensers, or attractive tissue box covers.
And if you have one of the best TVs for family entertainment, cozy movie nights or a decent gaming session, check out these clever ways to decorate around a TV.
6. Don’t overcrowd your walls
Gallery wall in living room (Image credit: Shutterstock)
Whether it’s family photographs, abstract wall art, or stylish posters, pictures on the walls can add a personal touch. However, there is a danger of going overboard with the gallery wall — making your walls look like an eyesore.
When learning ways to decorate a blank wall, it’s advisable to stick to the ‘odd number rule’ when displaying pictures. So rather than hanging in even numbers, stick to three or five on one wall, or even one large frame. This rule is considered to be more visually appealing, and looks less cluttered. If you want to hang two pictures side by side however, make sure the frames are identical, and hung at the same height. Although this should really be 57 inches, generally, pictures should be hung at eye-level.
Secondly, if you just want to hang one large wall art, position it so that the center of the artwork is approximately 48-56 inches from the floor. However, if it’s positioned above a sofa or table, the bottom of the frame should begin at least 6-12 inches above the back of the sofa or tabletop.
7. Don’t go overboard with trends
Peacock chair in room (Image credit: Shutterstock)
If you follow decor trends on social media or TV shows, it can be easy to get carried away with buying things on impulse. By definition, trends come and go, and just because everyone is doing wood panelling, doesn’t mean it will look good in your home!
Define your personal style, and keep your interior scheme simple and classy. After all, less is more! It’s always best to stick to neutral styles, tones or accessories, and incorporate bursts of bold color in soft furnishings, accessories or even lush houseplants. This way, you can change it up whenever you feel like it, or style your home according to the changing seasons.
What’s more, splurging on the latest trends and new furnishings just for the sake of it can make your home look cheap, according to interior designers.
Mortgage tech firm Blend Labs continued to narrow its financial losses in the third quarter, driven by strong growth in its consumer banking business.
Its mortgage business outperformed the broader origination market and the company reduced cash burn, putting the firm on track to its goal of reaching non-GAAP profitability by next year.
The San Francisco-based company reported a non-GAAP net loss of $21.4 million in the third quarter, compared to a non-GAAP net loss of $22.7 million in Q2 and a non-GAAP net loss of $42.8 million year over year.
The company’s GAAP net loss in Q3 was $41.8 million, slightly up from a GAAP net loss of $41.5 million in the previous quarter, according to its 8-K filing with the Securities and Exchange Commission (SEC).
“Our third quarter results represent execution on both our revenue and operating loss targets for the third consecutive quarter. We are more focused than ever on delivering for our customers in a way that aligns with our long-term vision, and we believe we are in a strong position to continue our pace of innovation with speed, scale, and efficiency,” said Nima Ghamsari, head of Blend.
The company posted $40.6 million in revenues in Q3, within the range of $40 million to $42 million provided during its investor day in September.
Revenue consisted of platform revenue of $28.6 million and title revenue of $11.9 million.
Blend’s platform segment includes the mortgage suite, consumer banking suite and professional services.
The mortgage banking suite revenue declined by 11% year over year to $20.3 million despite a 14% mortgage volume drop over the same period as reported by the Mortgage Bankers Association (MBA).
To offer competitive price points for cost-conscious independent mortgage banks, Blend launched Blend IMB Essentials, a lower-cost edition of its mortgage suite that combines all the critical benefits of Blend, Ghamsari noted.
The mortgage tech firm continued to invest in add-on products for lenders in the third quarter, a strategy to “ensure success of existing customers because those customers end up becoming the reference for other banks and lenders to sign up with Blend,” Ghamsari told analysts.
Blend’s new product and services included an AI-powered chat tool ‘Copilot’ aimed at executing precise tasks and deconstructing nuanced questions borrowers have.
As a result, growing usage of add-on products drove Blend’s mortgage suite economic value per funded loan to $86 in the third quarter, up from $77 in Q3 2022.
Consumer banking suite revenue rose in Q3 by 18% over a year ago to $6.2 million. Professional services revenue increased by 18% to $2.1 million during the same period.
“This is quickly becoming the biggest revenue opportunity for us next year,” Ghamsari emphasized.
“As we convert more and more of our customers to Blend Builder, they’re well positioned with our technology to grow their business and their deposit bases, increasing revenue and profitability as a result, which is so important to us to be able to support that kind of success,” he added.
On track to profitability in 2024
On the expenses side, non-GAAP operating costs in Q3 totaled $38.2 million compared to $58.7 million in the same period the year prior.
“The improvement in our non-GAAP operating loss met our expectations benefiting from resilient revenue in our mortgage business, sustained higher margins and the adoption of greater financial leverage through continued improvement and our operating efficiency,” Amir Jafari, Blend’s head of finance and administration, told analysts.
The third quarter marked another period of improvement in the firm’s cash burn of $25.9 million, which was about half of the $50.9 million cash burn the same quarter in 2022.
“Our actions to operate with efficiency in combination with our resilient top line and improved margins are having a real impact as we inflect towards positive cash generation,” Jafari said.
Executives had set a goal of achieving positive cash flow by 2026 in its investor day in September.
As of Sept. 30, Blend has cash, cash equivalents and marketable securities, including restricted cash, totaling $252.3 million. The company has a total debt outstanding of $225 million in the form of the company’s five-year term loan.
Looking ahead, the mortgage tech firm estimates decreased non-GAAP net operating loss between $17 million and $14 million in Q4.
“While the market conditions are sending signs the industry volumes may remain lower in the short term, we are confident our strategy is well suited for the current environment, and will make us well positioned for when the industry conditions ultimately normalize,” Ghamsari said.
The sale of second homes, including vacation and investment properties fell to 33 percent of all transactions in 2007, down from 36 percent a year earlier, according to a report from the National Association of Realtors.
The market share for investment properties was 21 percent, down from 22 percent in 2006, while vacation homes made up 12 percent of sales, a two percent decline from a year earlier.
Vacation-home sales dropped 30.6 percent to 740,000 last year from a record 1.07 million in 2006, while investment-home sales fell 18.1 percent to 1.35 million last year from 1.65 million, according to NAR’s annual Investment and Vacation Home Buyers Survey.
The financing of vacation homes and investment properties became increasingly difficult over the last year and change with options like 100% financing disappearing, forcing many would-be speculators out of the market.
The median price of a vacation home last year was $195,000, down 2.5 percent from $200,000 in 2006, while the average investment property had a price tag of $150,000, unchanged from 2006.
Fifty-nine percent of vacation homes purchased in 2007 were detached single-family homes, 29 percent were condos, 7 percent townhouses or rowhouses, and 5 percent other.
Sixty-one percent of investment homes purchased in 2007 were detached single-family homes, 20 percent were condos, 11 percent townhouses or rowhouses, and 8 percent other.
Roughly two thirds of vacation home buyers and 71 percent of investment home buyers purchased existing homes, with the remainder purchasing new homes.
Nearly one in four investment properties purchased last year were in the Northeast, 19 percent in the Midwest, 38 percent in the South and 21 percent in the West.
Interestingly, eight in 10 second-home buyers consider now a good time to invest in real estate, and 44 percent of vacation-home buyers and 57 percent of investment buyers said they were likely to purchase another property within two years.
If you’re getting ready to buy your first home, there are probably thousands of questions running through your mind. Questions about location, real estate services, expenses, and more — it’s a huge financial commitment and you probably want to make sure you have the best chance at getting exactly what you want. While it can be a difficult process to navigate, there is help for first-time homebuyers, from resources and advice to first-time homebuyer programs to help you finance a home.
If you’re worried you won’t ever be able to purchase a home, take a deep breath and a good look at your finances. You can start by reviewing your current financial situation and beginning to save for a down payment. (There are investment accounts and savings options that can help you reach your goal of buying a home, too.) Here are 12 helpful tips for first-time homebuyers.
1. Know Your Credit Score
Your credit score is typically very influential in determining what kind of interest rate you can get on a home mortgage loan. You can get one free credit report from each of the three major credit bureaus (Equifax®, Experian®, and TransUnion®) every 12 months, and may also be able to view free reports more frequently online. You can review your credit report to spotlight any errors that may affect what lenders are willing to offer you.
If you find any errors, you can report them and have them removed. This process can sometimes take a while, even if the mistakes are obvious, so consider starting a credit report review early on in your home-buying process.
2. Calculate What You Can Afford
Do you know how to figure out how much house you can afford? While the size of your mortgage is generally determined by an evaluation of your personal finances and debt, there are a few rules of thumb that may be relevant.
One general guideline is that your housing costs, including your mortgage payment, should, ideally, be no more than 28% of your gross monthly income.
If you are paying off student loans, credit card debt, or have a car payment, you may want to adjust your budget accordingly. Some people try to keep their debt to 36% of their gross monthly income, so that they can still prioritize financial goals like saving for retirement. (This is just another rule of thumb and everyone’s financial goals are different.)
And having less debt may make you more appealing to mortgage lenders. Understanding how much money you feel comfortable spending on a house can, in turn, impact the properties you consider. As you build your budget, you can also check out SoFi’s mortgage calculator.
3. Look into First-Time Homebuyers’ Programs
While you are evaluating your options and creating your budget, it could be worth looking into some first-time homebuyers’ programs. Some programs offer down payment and closing cost assistance, or loans with reduced interest rates.
There are a variety of options available for first-time homebuyers looking for assistance. For example, the Federal Housing Administration offers a mortgage insured by the FHA. These loans often come with competitive interest rates and allow for smaller down payments.
The USDA also helps first-time homebuyers with a program focused in rural areas. And the VA loan program provides assistance to active duty military members, veterans, and surviving spouses. There are even more first-time homebuyer programs and loans available from various states as well.
4. Understand the Expenses
There are plenty of other expenses that come with purchasing a home beyond your down payment and closing costs. For example, when you’re renting property, you don’t have to worry about property tax or general maintenance. When you own property, you do.
In addition to property tax, you’ll likely also need insurance to protect your new home. And you’ll be responsible for maintaining the property, of course, which can include painting, replacing windows, updating the roof, replacing appliances, and more regular maintenance and upkeep.
You may also need to factor in additional purchases like a lawn mower or professional landscaping if the property you are looking at has a yard. Will you need to buy a snowblower to clear the driveway during long winters? These are all factors that can come into consideration when figuring out the cost of your new home.
Check out our Home Affordability Calculator to estimate how much house you can afford.
💡 Quick Tip: Jumbo mortgage loans are the answer for borrowers who need to borrow more than the conforming loan limit values set by the Federal Housing Finance Agency ($726,200 in most places, or $1,089,300 in many high-cost areas). If you have your eye on a pricier property, a jumbo loan could be a good solution.
5. Remember that Location Matters
Location is, obviously, important to many buyers. In some cases, you may have to decide if being in the neighborhood you want is more important than having extra square footage or other, similar trade-offs.
If you have kids or are planning to, you will likely be considering the school district each potential property falls in. Even if you aren’t planning to have kids, it could be worth considering the school district since it can have an impact on the value of your property and could make it easier to sell the house down the line.
6. Plan for the Future
Zoning laws and development plans are another factor to consider when house-hunting. If there is undeveloped land nearby, it can’t hurt to do some digging and see if there are any plans for development.
It may also be worth looking into the property value of other homes in the area. Have they been declining in recent years? If so, this could impact the future value of a home you’re considering.
7. Use Your Imagination
When shopping around for houses, you can take the opportunity to look at a property’s potential, as well as its current value. It’s easy to be distracted by the current owner’s décor, paint, carpet, or other factors that are easy to change. You can easily repaint or update the appliances, but you won’t be able to adjust the location, floorplan, or add rooms to the home as easily. 💡 Quick Tip: Backed by the Federal Housing Administration (FHA), FHA loans provide those with a fair credit score the opportunity to buy a home. They’re a great option for first-time homebuyers.
8. Reserve Cash for Home Improvements
When you’re getting ready to put a down payment on a house, it may be tempting to clean out your savings account. And while that’s completely understandable, keeping your emergency fund close at hand may be a good idea when becoming a homeowner.
After closing costs have been sorted out and you’ve moved into your new home, you might find that unexpected repairs pop up. Having a reserve stash of cash can be helpful if the roof in your new home starts leaking, or you need to replace an appliance.
9. Get a Real Estate Agent
With all of the housing apps and free resources available on the internet, it may seem like a real estate agent is unnecessary. But in reality, navigating the housing market can be tricky and hiring an agent up front can save you time and help make your home-buying experience easier.
While you could spend your time going to open houses and scouring real estate listings, an agent can tailor the home search so that you spend less time looking at houses that don’t meet your criteria. They also can have access to new listings that aren’t yet on the market and may be willing to “preview” homes for you. A real estate agent can also help you navigate the intricacies of contract negotiations and paperwork. If you’re wondering how the real estate agent gets paid take heart: They are typically paid from the seller’s proceeds.
10. Know What to Expect from a Home Inspection
Having a home inspection completed is a critical step in buying a home. Inspection procedures vary from state to state, so it can be important to understand what is included in the home inspection in your state, since this is a great chance to truly examine the property and uncover any issues—before they become your issues.
Inspectors should have access to every part of the house including the roof and crawl spaces, and you should be able to attend the inspection yourself.
Don’t be afraid to ask the inspector questions; the more information you have, the better prepared you can be to decide if this is the right house for you.
11. Negotiate the Offer
You’ll have an opportunity to negotiate when you’re making an offer on a house. A lot of factors can influence an offer and negotiating terms in your favor could result in serious savings, especially if you are in a buyer’s market.
If you are working with a real estate agent, they can help give you a good idea of what is considered a reasonable purchase bid by providing comparable sales. A “comparable” is a home similar to the one you are considering (and in the same condition and location) that has sold in the last three months. An agent can help give you an estimated price range and manage your expectations.
12. Find the Right Mortgage
Before committing to a mortgage, it’s smart to shop around and see what various lenders are willing to offer you. A few things to consider include the interest rates, loan terms, application process (Is it lengthy? Online only?), and any hidden fees included in applying for or repaying the mortgage. Familiarize yourself with the different types of mortgage loans available during this shopping process.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
Photo credit: iStock/PeopleImages
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
Yes, you can rent an apartment without a credit history.
There are a few major challenges in finding no credit check apartments. Weak credit history can not only make it harder for property managers to take you seriously, but it can also make it more difficult for you in a competitive rental market. While no credit check apartments do exist, it’s best to not limit yourself, even if you know an uphill battle with property managers may ensue.
“Credit history plays a major role in securing many of the things you need for everyday life from lines of credit, utilities and even an apartment,” said Nova Credit.
It’s such a regular part of everyday life that it doesn’t take long to begin establishing it. However, if you’re ready to rent before you’ve got a credit history, there’s a way.
How to rent an apartment with no credit
Property managers prefer you to have a credit history for more than just your credit score.
According to Self, “The two primary factors landlords look at are your past payment history and your current debt load.” This means they want confirmation you pay your bills on time and that you have enough money to afford the rent each month.
While not having a credit history makes it harder to prove you’re a worthwhile tenant to have, it’s not impossible. Know going into the rental process that you aren’t the first person trying to rent an apartment with no credit.
Consider these strategies to help convince a property manager you’re a good tenant, even without the history to prove it.
1. Don’t hide the truth
Property managers are typically not big on surprises, so you don’t want to catch them off guard. If you know, when you fill out a rental application, that your credit history is going to trigger some cautionary flags, get out in front of it.
Have a conversation with the property manager before they pull your credit report letting them know what they’ll find. Explain the circumstances leading up to these blips, or lack of credit history, and avoid any surprises.
2. Enlist a co-signer
The No. 1 best way to land a great apartment without a credit history is to find yourself a really responsible co-signer. This is someone with great credit like a parent, older sibling, a close friend or other family members. Even if you do have some credit, property managers like to see co-signers for young renters because it gives them a safety net. If, for any reason, you can’t pay your rent, your co-signer becomes liable.
Keep in mind that this legal responsibility could seriously hurt your co-signer’s credit if you fail to stay current on your payments. Failure to pay entitles your property manager to file a lawsuit or even try to evict you.
Make sure you’re not taking the support of your co-signer for granted. Have a plan in place should you need to rely on their help so they know you’ll pay them back, and show your appreciation for the favor they’re doing for you, making it possible to rent an apartment with no credit.
3. Find a roommate
Moving in with a roommate can help take the pressure off your credit history much like a co-signer can — as long as they have a good credit history themselves. If your combined income, and one person’s credit history, meet your property manager’s rental requirements, there’s a good chance you’ll get the apartment.
Again, when relying on the credit history of another, it’s important to take the situation seriously. If you don’t hold up your end of the rental agreement, their credit rating could get a major ding, not to mention it will mess with your friendship.
To protect you and your roommate, consider writing a thorough roommate agreement before moving in together.
4. Show financial proof
Having a steady income and solid finances are one way you can demonstrate to a property manager you’re fit to rent that doesn’t involve enlisting another person for help. Even without a history of whether or not you pay your bills on time, with a firm financial foundation, you can assuage any fears.
If you don’t have a credit history, the next best way to show you’re able to afford the rent each month is with proof of income. This is especially important for no-credit-check apartments.
Generally, property managers want your income about three times more than the monthly rent. To prove your income, bring at least three month’s worth of pay stubs. They not only show your regular income but also that you have a steady job.
Add to this documentation your last month’s bank statement and information on any assets you may own. This all counts as money you can use to pay rent. The more you have in savings, the better a property manager will feel about not being able to review credit history.
5. Make an offer they can’t refuse
There are two ways you can appeal to a property manager without having to prove you’re the perfect tenant. By playing to their weaknesses, you can make a big first impression.
Weakness #1: An unrented property is an expensive property. Even when an apartment is vacant, it’s still costing a property manager money. Especially if the unit isn’t in high demand, the longer it sits empty, the more it’s going to cost them in mortgage payments, utilities and property taxes. Offer to move in immediately and stop your property manager from having to cover all these expenses out of pocket.
Weakness #2: Money equals security. If a property manager is hesitant about letting you sign the lease, offer to pay more upfront. Whether it’s a larger security deposit or an extra month’s rent, making this gesture without anyone asking shows you’re serious about the apartment. It also shows you’re responsible and have thought this through.
Using either of these strategies may work best when figuring out how to rent an apartment with no credit. You may make such a great impression that credit history doesn’t even come up.
6. Promote yourself
Often, when applicants have a credit history, they’ll attach a letter explaining any questionable parts. Property managers always appreciate the clarification.
If there’s an understandable or legitimate reason you don’t have a credit history, it can’t hurt to explain it to them either. Especially if the reasons are out of your control, don’t keep them to yourself.
Reiterate what you might have mentioned as you filled out your rental application with a formal write-up. Toss in a few reasons why you’d make a great tenant as well. Promote yourself when you already have their attention.
On the same note, don’t feel uncomfortable asking for others to promote you, as well. Collect a few written references from employers, professors or teachers or even your family. These endorsements are a great way for property managers to get a feel for your dependability.
7. Inquire about a short-term lease
Though it’s pretty standard, a 12-month lease is a major commitment for both the tenant and the property manager. For this reason, trust is a big factor when it comes to tenant selection, and trust is harder to establish without a credit history. As an alternative, try to negotiate for a short-term lease.
If that doesn’t seem of interest to the property manager, ask about going month-to-month. This enables them to end the lease after just one month if they’re not comfortable having you as a tenant. It also demonstrates your confidence in yourself as a renter, agreeing to such a risky arrangement.
Both of these options allow you to prove you’re responsible while taking the stress off the property manager to give you a full-year lease. If all goes well, they can extend the lease, or change the terms, after you’ve proven you can handle it, just make sure you pay your rent on time or early.
8. Search for no credit check apartments
The alternative to worrying about your credit history, and how to prove you’re a good tenant is to bypass the need for a credit check altogether. Independent or private property owners are often more flexible with applicants who don’t have a credit history. These are individuals managing their own properties rather than going through a management company or condominium association.
The best way to find no credit check apartments is to look at specific listings. Is the contact an actual name or a company? You want to get to a person.
You can also look for listings outside the normal apartment finder websites. Those renting by owner might look to social media first to find a tenant rather than listing elsewhere.
When in doubt, word of mouth can make a great way to find a listing. Ask friends and family if they know of anything coming up where the owner might not worry too much about a lack of credit history. You could then use that person as a referral to help get in good.
How to improve your credit score
Even as you search listings and figure out a strategy for how to rent an apartment with no credit, you can actively work toward increasing your credit score. If you don’t already have a credit card, apply for one. Start simple by asking your bank about opening a credit card with a low limit. This is a great way to build credit without risking a lot of debt.
You also want to make sure you only apply for credit cards as needed. This is not a ‘more the merrier’ scenario, since unnecessary credit can do more harm than good.
At the same time, don’t close any credit cards you’ve already opened. Even if you’re not using them anymore, as long as they aren’t costing you anything in annual fees and you still only have a few different cards, keep them open.
If your credit history isn’t great because of a large amount of debt, consider consolidating it with a debt consolidation loan. Even though this is another loan, you use it to pay off all your existing debt. This means the individual payments you make to cover your car, student loans and more are all merged into one payment, which can help.
If your debt centers around high credit card balances, you can consolidate those too with a balance transfer. That way you’re only paying off one card each month rather than a bunch.
Once you’ve secured your apartment, make sure to pay all your bills on time. This includes utility bills, your cell phone bill and even your credit card bills. If you have any loans, paying those on time counts too. Believe it or not, all this helps boost your credit score and establishes a positive credit history.
Taking any or all of these steps can help improve your credit score, making it easier to rent down the road as well as make major purchases in the future.
Keep the future in mind with no credit check apartments
For those embarking on an apartment search for the first time, or if you simply don’t have the best credit history, the process can feel stressful. Even though it’s possible to figure out how to rent an apartment with no credit, be ready to put in some work. Make sure you have the right documentation available and the right support if necessary.
No credit isn’t the end of the world when it comes to renting, but it’s something to avoid dealing with more than once. For that reason, once you’re in your first apartment, start thinking about how to improve your credit score for the next time around.
Did you know that you should have a safety checklist in place for your apartment? Fret not: This page covers what you should know about optimal home safety. Read on to learn practical tips for keeping your apartment safe and secure from the time you first tour the apartment to when you’re either moving in or enjoying your new place.
Top tips for ensuring safety in your apartment
The real estate industry is booming. But while many aspire to become homeowners, only a few can invest in residential properties. Many have no choice but to reside in apartments and pay for rent or opt for rent-to-own home options.
Take it from Statista: The U.S. apartment rental market was worth $255.3 billion in 2021 and $253.4 billion in 2022, projected to hit $251.1 billion this year. Property owners continue to cater to the housing needs of renters.
But when renting and living in an apartment, safety should always be on top of mind. Not only should you secure your valuables, but you should also protect the lives of the entire household. Note that home safety also translates to comfort and happiness.
That said, consider the home safety tips below before moving in, when doing so or while living in an apartment.
Before moving in
Ask the right questions and observe all the important details even before making the move.
1. Check the apartment itself
Checking the apartment is imperative before moving in. It would help if you considered various factors even when you’re still looking for one. For example, why not rent a senior apartment if you’re living with older household members?
But when examining the apartment, keep home safety in mind. Here’s what to inspect during the apartment tour:
Check the doors and windows. You should ensure they aren’t vulnerable to burglars and intruders.
Examine the plumbing, electrical and HVAC systems. The goal is to ensure they don’t pose safety hazards at home.
2. Observe the area
Ryan Zomorodi, Co-Founder and COO of RealEstateSkills.com, suggests studying the location. “When looking for an apartment, you don’t only examine the property itself; you also observe the surroundings. You want to ensure living in a safe and friendly neighborhood.”
As such, Zomorodi recommends taking the following steps before moving in:
Check the neighborhood. Walk around to get the feel of the surroundings.
Meet potential neighbors. If possible, pursue a conversation with some of them.
See if it’s a disaster-free zone. Ideally, the area shouldn’t be prone to natural calamities or disasters.
When moving in
Set up your new abode to be as safe and comforting as possible while moving in.
3. Set a security system in place
Making security a top priority is equally important as getting the best mattress for sound sleep. So, upon moving in, prioritize installing a security system. That is, if you have the financial means to invest in security tools and devices.
To set up your home security systems, here are a few recommendations:
Have a wireless alarm system. This system should sound an alarm if intruders invade your house at night.
Put sensors in your doors and windows. Both are entry points that you must completely secure.
Install cameras on your front and back patio. Review the videos once in a while to stop potential burglary. In case of unforeseen circumstances, you have these as proof.
4. Update your doors and windows
Doors and windows are the entry points in your apartment. Unauthorized personnel can get into your house through these points. So, before moving in, consider securing your doors and windows.
If you think these entry points are vulnerable, contact local service providers for real estate to perform upgrades. Here’s what to consider:
Doors: Update your door locks with robust tools and materials. If not, install a door security bar to reinforce your security.
Windows: Install windows that come with a pair of locks. Ensure these locks are in top shape and working conditions. If not, repair or replace them altogether.
5. Repair your home systems
Sure, the property owner is responsible for the apartment repair before renting out the place. However, it’s best to fix and upgrade various systems to meet your safety requirements and comfort needs. That said, prioritize the following:
The plumbing system ensures your water supply distribution and the proper wastewater disposal. Make sure it doesn’t pose health threats and safety hazards.
The electrical system powers your entire apartment and the appliances. Ensure it won’t cause a fire outbreak and put your life at risk.
The HVAC system regulates the heating, ventilation and air conditioning unit of your apartment. Stay on top of it so it doesn’t compromise your safety.
When living in the apartment
Ensure your home is safe and sound for you and your family.
6. Regulate the use of keys
When moving in, the property owner hands over duplicate apartment keys. Of course, they serve as access to your home. However, it’s best to regulate who holds the key. That way, you can control who goes in and out of your apartment.
Below are a few things to keep in mind:
Ask the homeowner if they are the only ones with access.
See if the previous tenants have returned the keys.
Provide duplicate keys only to your housemates.
Keep the keys with you or your housemates all the time.
7. Use curtains to prevent people from peeking
Did you know that you hang curtains not only for aesthetics? For all you know, you can use them to promote safety at home. Of course, they prevent passersby from prying into your apartment.
Keep in mind that there’s a right way to hang your curtains. Strategize on how you’d go about positioning your drapes.
You can open your windows and curtains at a particular time of the day. That is to allow sunlight and fresh air into your home. However, ensure it doesn’t pave the way for people to spy on your apartment.
8. Inspect, maintain and repair your systems
Tom Nolan, Founder of All Star Home, recommends regular property upkeep. “You should stay on top of your apartment’s maintenance regularly. That is to maintain its structural integrity and prevent safety and health hazards.”
Nolan recommends the following measures:
Inspection: Examine various parts of your house regularly. Are the toilets slippery? Are the electrical wirings wearing off? Are there growing molds and mildew in the kitchen?
Maintenance: No, you don’t just clean your apartment regularly. You must also maintain various systems, from plumbing to electrical to HVAC. Warning: Neglecting them can cause safety risks at home.
Repair: If you find minor issues in your apartment, fix them immediately or hire professionals to do the job for you. That way, they won’t escalate into major problems that can threaten lives at home.
9. Keep valuables in a safe
As an apartment renter, you try to stay on top of your finances. You check your household income for social security, taxes, insurance and other expenditures. But you want to ensure that you consistently pay your rent on time.
However, nothing can be more frustrating than your valuables getting stolen at home. So what better way to do than invest in a safe to store all your valuables? Here are some items you can keep in a vault:
Cash
Jewelry
Heirlooms
Pertinent documents
Other valuables
10. Lock your doors and windows when out
As a property renter, you should be responsible for ensuring home safety. As such, make it a habit to lock your entry points when leaving the house. This is especially true if you’re living alone in your apartment.
However, if you’re sharing your space with others, remind all your housemates to do the same. Even if you’re off to sleep, lock all doors and windows. The last thing you want to happen is to become a victim of burglary just because you forgot to do so.
11. Set contingency plans for emergencies
Disaster safety for apartment renters is imperative. But no matter how you try to stay on top of it, emergencies can strike anytime. Therefore, you should set contingency plans in place.
Crimes: In case of emergency crimes, know what steps to take and whom to contact.
Burglary: While prevention is still the best measure, plan how to act during such a case or what to do after like incident reporting.
Flood: Ensure you have an elevated space in the neighborhood. Also, monitor the weather if there’s a storm in your area. Lastly, evacuate your place as soon as possible if there’s a heavy downpour.
Fire: One thing you must ensure is to have a fire exit in your apartment. Likewise, learn some safety measures like putting off a fire using a fire extinguisher and blowing out your candles when you leave a room.
12. Consider getting insurance
Renter’s insurance is precisely what it sounds like — protection for people renting an apartment, house or condo.
Also known as the tenant’s or apartment insurance, it secures your personal belongings and covers things like repair costs, medical payments and additional living expenses in case of incidents.
Anthony Martin, Founder and CEO of Choice Mutual, recommends getting a renter’s insurance. “As an apartment tenant, you want to foster home safety at all times. However, one thing you must consider is financial protection. Getting insurance is key!”
Home, safe home
Home safety is always a top priority. When renting an apartment, focus on this before considering the aesthetics, amenities and other factors.
That said, consider the home safety tips recommended above. Before and when moving into an apartment, follow the practical steps laid out above. And while living in an apartment, always stay on top of your safety and security.
At the end of the day, you want to go home in a safe space, eat a hearty meal with your loved ones and have a sound sleep! Still looking for a safe, comfortable home? Check out our houses and apartments for rent.
A holographic will is a will that is handwritten and signed by the author (the testator). Holographic wills are not validated by witnesses or notary signatures
. They are not legally valid in every state, and some states only allow them in specific circumstances, such as active military duty.
Holographic wills are free to make and can be written in an emergency, though they’re typically not the most secure option for estate planning. A holographic will can be harder to verify during probate, which is the court-supervised process for validating a person’s will and distributing their assets after death.
You can make a will without a lawyer, for free or inexpensively, using an online template or will-writing software and by following your state’s requirements for validation.
How to create a holographic will
Each state has its own rules about what makes a holographic will, but most require that you follow these steps:
Write the entire will in your own handwriting, with no typed components or other features on the page. Write legibly to ensure that others can easily read the document.
State clearly that it is your will, such as by writing “This is my last will and testament” at the beginning.
Name your executor, who is the person who will administer your estate during probate and distribute your assets. For example, you can write, “I name Sarah Smith as the independent executor of my estate.” In some states, such as Texas, you may need to add that you want your executor to “serve without bond,” which may help avoid certain court fees
.
Include the same basic components as a standard will, such as naming the beneficiaries for your assets and naming a guardian for minor children.
Sign and date the document. Your own signature is the only verification for a holographic will.
What is the purpose of a holographic will?
A holographic will is the simplest way to designate where your property should go after you die. It’s a method to make sure your loved ones know your final wishes without a lawyer, witness or notary signature.
Holographic wills aren’t legally valid in all U.S. states, and they can be difficult to verify in probate. The court will need to verify your handwriting, for example, and without witness signatures, the probate court (or a family member, friend or stranger) might question the circumstances of the will, such as whether you wrote it with undue influence or whether it was your final version.
Price (one-time)
None
Price (one-time)
One-time fee of $159 per individual or $259 for couples.
Price (one-time)
$89 for Basic will plan, $99 for Comprehensive will plan, $249 for Estate Plan Bundle.
Price (annual)
$99 to $209 per year.
Price (annual)
$19 annual membership fee.
Price (annual)
None
Access to attorney support
No
Access to attorney support
No
Access to attorney support
Yes
Where is a holographic will valid?
Pros and cons of a holographic will
Advantages
Doesn’t require a lawyer.
Not legally recognized in some states.
Doesn’t require a witness or notary signature.
May be more likely to be contested during probate.
Can be the only option for estate planning in an emergency situation.
Must be handwritten, which can increase the likelihood of mistakes and make changes difficult.
Do you want to learn how to make money with a drone? Drones have become more and more popular recently. People use them not just for fun but also for jobs that need pictures and videos from up high. This means there’s a growing opportunity for people to start small businesses to make money with…
Do you want to learn how to make money with a drone?
Drones have become more and more popular recently. People use them not just for fun but also for jobs that need pictures and videos from up high. This means there’s a growing opportunity for people to start small businesses to make money with their drones.
I have had a drone for several years now, and it is so great to be able to take pictures from a different perspective with it. We’ve also used our drone for many purposes – such as inspecting a roof, looking at the top of our mast on our boat (at 68 feet tall, it’s nice to have a drone to check things!), for family pictures, and more.
Whether you fly drones for fun or as a pro, earning money with them can be straightforward. If you have the right knowledge and tools, you can make your hobby pay off and make income.
Below, I will be talking about how to make money with a drone, how to get started, the best drone to make money with, and more.
How To Make Money With A Drone
What is a drone?
A drone, also called an unmanned aerial vehicle (UAV), is a flying machine operated from a distance by a pilot (like you or me) with a remote control (such as your cell phone). Whereas before, helicopters were needed for pictures from high up in the air, drones have made it much easier for the average person to take photos and videos.
Drones are used for many things, like taking amazing pictures from the sky, delivering packages, and inspecting the top of buildings that are high off the ground.
Some popular drone brands like DJI have really good cameras and special features that make them easy to use too.
How much money can you make flying drones?
How much you can earn as a drone pilot depends on how much experience you have, what kind of services you sell, and how much demand there is for those services where you live.
According to Glassdoor, a drone pilot can make around $65,000 a year, with some making well over $100,000 each year.
Recommended reading: 18 Ways You Can Get Paid To Take Pictures
13 Ways To Make Money With A Drone
Below are 13 ways to make money with a drone. Whether you want to learn how to make money with drone videos or drone pictures, there are many ideas that you could try.
1. Stock photos
One great way to get started making money with your drone is by selling your drone photos on stock photo sites.
You can make passive income with a drone by taking aerial photos (such as of cities, the outdoors, and so much more) and selling them on stock photo websites such as Shutterstock, Getty Images, and DepositPhotos.
Customers buy stock photos for many different uses, such as on websites, in TV shows, in books, on social media, and in other places.
I buy stock photos all the time for my website and so do millions of other people. They are so nice and helpful to have!
You simply take drone photos, upload them onto a stock photo website (making sure to add relevant keywords), and then the stock photo site does the rest of the work to sell them to customers.
2. Real estate photos
As a drone pilot, you can sell real estate photography services to real estate agents which helps them show the properties that they are trying to sell.
By taking a picture of the property from different angles and heights, real estate agents can show a different view of the real estate that traditional photography can’t provide.
By selling property photography services with your drone, you’re selling a helpful service to real estate companies looking to stand out in a competitive housing market.
More and more homes are being sold with drone photos, and it makes sense – it can really show how great the surrounding area is around a home! Plus, a possible home buyer can see the whole home and property with a drone picture to get a better idea of what the home includes.
3. Building inspection services
Building and roof inspection services are always in high demand, as homeowners and building owners need to look for possible damages or maintenance issues.
Drone operators can inspect roofs and tall buildings safely and quickly with a drone. I personally know a few roof and building inspectors who regularly use drones to help them with their work. Instead of spending a ton of time climbing onto a roof (or going on one that may be dangerous to begin with), they can simply turn on their drone and take pictures in order to get a better idea of what is going on.
After all, drones can go where humans can’t, or at least where it’s risky, time-consuming, or expensive for humans to go.
This is what makes a drone so helpful when it comes to inspecting a building. Drones are so easy to use, and they can take a picture of a hard-to-reach location in just minutes.
Drones are used by others for inspection purposes as well, such as to inspect solar panels by solar installation companies, inspect bridges and wind turbines, as well as inspecting farmlands. A service related to this is that many times utility companies will use drones to inspect their power lines too!
4. Aerial photography and videography
Aerial photography and videography are popular for many different events, such as sports and concerts.
Sporting events and concerts typically pay for drone photos because it helps give them more images of the full picture of the event they are hosting as well as a different perspective. This can help them to sell more tickets in the future and gain more publicity.
5. Instagram
I follow quite a few Instagram accounts that mainly post amazing drone photos from around the world. These content creators are able to make money by building a following and partnering with companies for advertising.
6. YouTube videos
Starting a YouTube channel that shares your drone footage can also earn you income. As you gain subscribers and views, you can earn advertising income and sponsorship deals or paid collaborations.
On your YouTube channel, you may publish videos that include drone videos such as from your travels. Or, you may be teaching others how to use their drone. There are many different avenues you could try.
Recommended reading: How Much Do Twitch Streamers Make?
7. Aerial mapping and surveying
Drones can be used for mapping and surveying tasks, such as creating topographic maps, assessing land for development, and for agricultural inspections.
This is because with a drone you can map out large areas extremely quickly.
I did a quick Google search for the job “aerial mapping drone pilot” and found a lot of different openings too!
8. Drone delivery services
Drone delivery services are a pretty new market, with companies such as Amazon starting to use drones for package delivery.
Sounds pretty crazy, but it is a real thing!
While regulations are still constantly changing, drone delivery services may have some big openings for drone pilots who want to be some of the first.
9. Filmmaking
Drones have completely changed the filmmaking industry by allowing for unique camera angles and movements that were once impossible to achieve (or could only be done before with a helicopter).
Drone pilots can sell services in filmmaking and work on movie sets, TV commercials, and music videos.
10. Hotel photos and ads
Drone photos of hotels and Airbnbs can help to sell more rooms better because customers can see the surrounding area and what the whole building looks like.
This may help a person to see that there is a beach or a mountain nearby, or perhaps that it is close to the center of a city.
11. Wedding photography
More and more couples are wanting drone photography of their wedding. You can sell wedding photography services with your drone, which allows couples to capture their wedding day from different angles.
This could be an add-on if you are already a wedding photographer, or perhaps you can reach out to wedding photographers in your area and sell your services to them as an add-on.
12. Freelance jobs
Drone photographers can use freelance platforms such as Upwork, Fiverr, Droners.io, and PrecisionHawk to sell drone services to clients. By promoting your drone photography portfolio on these sites through creating a profile, you can find freelance jobs and make money.
I did a quick search and you can see examples of drone photographers selling their services on Upwork here to get an idea.
13. Renting drones
If you own multiple drones, you can possibly start renting them out to other drone pilots or people who simply want to take some drone photos.
There are many ways you can rent out your drone, such as to recreational users who want to try out flying a drone, content creators, photographers, researchers, for search and rescue operations, disaster relief, and so many more.
Getting Started With A Drone Business
Starting a drone business can be a great way to make money, especially if you enjoy playing around with drones.
As you read above, drones have been so helpful in many different areas, from real estate to movies, farming, and more.
Starting a drone business is probably simpler than you would think too.
What drone should you buy?
If you want to learn how to make money with a drone, then getting the right drone is helpful. Before buying a drone, think about your budget, the drone’s flight time (how long the drone can fly in the air on a battery charge), your skill level, and the type of services you want to sell.
Some of the best drones to make money with include:
Do you need a license for a drone business?
Yes, if you plan to operate a drone for commercial purposes, you should have a Remote Pilot Certificate from the Federal Aviation Administration (FAA). To get this certificate, you must:
Be at least 16 years old
Be able to read, speak, write, and understand English
Pass an aeronautical knowledge test
Be physically and mentally fit to operate a drone
Complete the FAA’s online application
Once you get your Remote Pilot Certificate, you are required to register your drone with the FAA and you will then get a unique identification number.
You can learn more about how to become a drone pilot on the FAA’s website here.
Do you need insurance to run a drone business?
Having insurance isn’t required by the law, but it’s a good idea to get it for your drone business.
Insurance helps protect you and your clients in case something goes wrong, such as if there is an accident or problems with the drone. Drones can be expensive, so insuring them can help to pay for them in case something happens (for example, you could crash them into a building or lose them in the water).
I have personally lost a drone in the water, and insurance gave me a new one right away, which was very nice.
How much does it cost to start a drone business?
The costs for starting a drone business include:
Drone – $300 to $10,000+
Laptop to edit your photos – $500 to $2,000+
Remote pilot certificate – $175
Drone insurance – $1,000 per year
Other expenses that you may have include a business license, advertising costs, office space, and more.
The amount that you spend to start your drone business will be higher or lower depending on your budget, what kind of drone business you plan on running, and more.
How To Improve Your Drone Skills And Training
Below is how you can become a better drone pilot and get good pictures and videos. Whether you’re a beginner or if you’ve been flying drones for years, the below can help you to improve your business.
Become a skilled pilot
To get really good at flying drones, you need to spend time learning and practicing. Flying a drone is not as simple as it looks – I know because I have had a drone for years, and I have a lot to learn yet. And, I still get nervous when flying it!
If you want to start a drone business, then I recommend taking a drone training course that will teach you everything from basics to advanced skills. There are a lot of features on a drone and it can be overwhelming to learn. A course can speed things up for you.
Also, practicing as much as you can is very helpful, which will help you get better at controlling it. Finding an open space can help you get more comfortable with flying it as well because you won’t be as worried about hitting something with your drone.
This will then help you with the next step – taking photos and videos with your drone.
Video and photography training
Once you’ve learned how to use your drone, the next step is to get better and better at taking pictures and videos with your drone.
You will want to learn as much as you can about your drone’s camera and the different settings that come with it. You should learn how to set up good shots, how to figure out what kind of lighting you need, how to frame pictures and videos, and more.
Here are some tips to improve your video and photography skills with your drone:
Take a course – Sign up for a photography or videography course to improve your knowledge of drone camera settings as well as framing and editing techniques. You can easily find a drone photography course online, such as on Udemy.
Practice regularly – The more you take videos and photographs with your drone, the better you will be.
Learn from others – I recommend joining online forums or drone pilot Facebook groups to talk with other drone photographers. This can help you to learn new tips that you may not have thought of.
If you get better at flying and taking good pictures or videos with your drone, you can start earning money. Of course, it will take time and lots of practice, though!
Frequently Asked Questions About How To Make Money With A Drone
Below are answers to common questions about how to make money with a drone.
Can I sell my drone photos?
Yes, you can sell your drone photos either part-time or even full-time. Many drone photographers earn money by selling their drone photos to people such as real estate agents, advertising companies, and more.
Are drone pilots in demand?
Drone pilots are in demand as drone technology has become easier to use and more affordable. Industries such as agriculture, construction, marketing, and even emergency response use drones for many different purposes.
Can you make good money with a drone? Is a drone business profitable?
Yes, you can make good money with a drone! You can make up to $200 an hour, and the average pay is around $65,000 per year. Profitability depends on factors such as your target customer and the services you sell.
What are the best drone pilot jobs for earning money?
Some of the best drone pilot jobs for making money include aerial footage, real estate photography, mapping and surveying, building inspection, and selling drone photos as a content creator (such as Instagram).
What freelance opportunities are available for drone pilots?
Some freelance jobs for drone pilots include aerial photography, land surveying, and inspecting buildings. You can sell your services through your website, social media, and online job marketplaces such as Upwork, Zeitview (formally known as DroneBase), and FlyGuys.
Is obtaining a Part 107 drone license necessary to earn with a drone? Can you make money with a drone without a license?
If you want to use your drone for a job in the United States, you’ll need a Part 107 license (this is informally known as the commercial drone license). It shows you know how to use your drone safely and follow the rules. Plus, some clients might ask you to have this license before they hire you too. If you are caught selling drone photography without a license, then you could face a fine of $1,100 from the FAA.
What DJI drones are recommended for making money?
Some DJI drones to look into include DJI Air 2S, DJI Mavic 3 Pro, and the DJI Mini 3.
What are the opportunities in drone training and consultation?
As more people use drones, there will be more need for drone training and advice. If you know a lot about drones, you can teach others or help businesses use drones in their work. This can be a good way to make money as well.
How To Make Money With A Drone – Summary
I hope you enjoyed this article on how to make money with a drone.
As you can see, there are many different ways to make money with a drone, such as:
Stock photos
Real estate photos
Building inspection services
Aerial photography
Instagram content
YouTube videos
Aerial mapping and surveying
Drone delivery services
Filmmaking
Hotel photos and ads
Wedding photography
Freelance jobs
Renting drones
Do you want to learn how to make money with a drone?
The title of today’s recap gets a question mark because it’s fairly impossible to conclusively tie today’s market movement to measurable motivations. In other words, we don’t have any economic reports or stand-out news headlines that coincide with a bigger push of volume and volatility. Instead, domestic traders simply started selling first thing in the morning and backed off quickly after the first few hours. The rest of the day (essentially 10am through the close) was spent drifting sideways. If we want to jump to a fairly safe conclusion, it would be hard to disprove the notion that bond traders are feeling somewhat apprehensive about this week’s Treasury auction cycle.
09:25 AM
Slightly weaker overnight with small but notable uptick in selling as U.S. trading ramped up. 10yr up 5.2bps at 4.629. MBS down a quarter point.
02:43 PM
Steadily weaker all day. MBS down almost half a point. 10yr up 8bps at 4.656
04:48 PM
What looked like a very faint trend a few hours ago now looks like a flat line. Current levels are right in line with 10am. 10yr yields up 6.8bps at 4.645. MBS down just over 3/8ths.
Download our mobile app to get alerts for MBS Commentary and streaming MBS and Treasury prices.
Banks have tightened lending standards for most categories of residential real estate (RRE) loans and home equity lines of credit (HELOC) over the third quarter of 2023. The tightening came amid elevated interest rates and uncertainty in economic conditions.
A survey taken by the Federal Reserve showed that a 20%-plus share of banks reported having tightened standards on non-qualified-mortgage (non-QM) jumbo residential loans (23.9%), QM jumbo loans (26%), non-QM non-jumbo (20.4%) and HELOCs (21.8%), respectively, according to the Federal Reserve’s October 2023 senior loan officer opinion survey on bank lending practices.
Government residential mortgage was an exception, where standards remained basically unchanged.
Only 4.2% of banks reported to have tightened standards on government residential mortgages, the report showed.
When banks become less willing to offer credit, it can have the same effect as the central bank raising rates. Households and businesses find it more difficult and costly to borrow, which tends to limit demand for goods and services.
“Banks most frequently cited a less favorable or more uncertain economic outlook; reduced tolerance for risk; deterioration in the credit quality of loans and collateral values; and concerns about funding costs as important reasons for tightening lending standards over the third quarter,” the report said.
Responses were received from 62 domestic banks and 19 U.S. branches and agencies of foreign banks. Respondent banks received the survey on Sept. 15, 2023, and responses were due by Oct. 5, 2023.
The survey, fielded quarterly by the central bank, asks loan officers about topics such as changes in lending terms as well as household demand for loans.
With mortgage rates having climbed past 8% before dropping back down in the 7%-range in the third quarter, demand weakened for all RRE loan categories.
A 40%-plus share of all surveyed banks said they saw weaker demand for all types of RRE loans.
The seven categories of residential home-purchase loans that banks are asked to consider are GSE eligible (42.9%), government (52.1%), QM non-jumbo non-GSE-eligible (57.1%), QM jumbo (56%), non-QM jumbo (63%), non-QM non-jumbo (61.4%), and subprime mortgage loans (71.9%).
While HELOCs have gained popularity as owners leveraged accumulated home equity, rising interest rates dampened the appeal.
The survey showed that 30.4% of banks reported weaker demand for HELOCs as interest rates remain at a 22-year high in a range of 5.25% and 5.5%.