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Are you considering term life insurance?

If so, then you are probably considering the amount of time that you should take for the extent of the term. Of the 20, 25 and 30 year term policies, for most people the 25 year term life insurance is going to be the best for the overall benefits.

20 and 30 year term life insurance is generally for more specialized cases and they do have their uses, but 25 year term life insurance fits more people overall, especially younger families who are just starting out, although, they can benefit people in different age groups as well.

Term life insurance is very important to handle the financial burden of a loved one who passes away. The needs of the family are still present when the breadwinner is no longer around.

If you’re like most Americans, if you were to pass away, you would leave your family with thousands of dollars in debt. The majority of families would have no way to pay for all of these unpaid expenses, but that is where life insurance comes in. It can give your family the resources they need to get through this difficult time without adding financial stress.

Choosing the right length for your type of life insurance needs to be geared towards the expected financial burdens which include paying the mortgage, auto loans, and other bills while covering the funeral expenses. It’s important that you find a balance between choosing the right term length and the perfect premium amount.

What follows are the advantages gained from choosing a 20, 30 or 25 year term life insurance policy.

20 year term vs. 25 year term

A 20 year term life insurance policy works well for middle aged and older people in covering the remaining expenses on their mortgages. These are the groups of people that in the next decade, they won’t have any children relying on their income.

Plus, with the children having grown up, making sure that the funeral expenses are covered.

However, a 25 year term policy may be just as beneficial depending on the circumstances, especially if their children have not quite left home yet. Those extra few years can make a difference in terms of coverage.

So, for 20 year term vs. 25 year term, the advantage for most people falls to the 25 year term policies.

25 year term vs. 30 year term

The 30 year term policy is generally more suited for young couples just starting out, especially if they have just purchased their first home on a 30 year mortgage.

This will ensure that if anything were to happen to them, they will be able to pay off the mortgage and not have to worry about losing the roof over their heads.

A 25 year policy is generally more suited for people who have already started paying on their mortgage for a few years or have taken out a shorter-term mortgage.

Again, depending on your circumstances you should choose the policy that extends your coverage just enough past your mortgage and kids growing up and leaving home.

For many, the 25 year term life insurance policy is more than enough while the 30 year term leans more towards longer commitments.

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Expenses

You should not only consider the length of the term life insurance, but the amount as well to cover all of your expenses that incur if the breadwinner of your family should pass away.

These expenses include;

  • Mortgage
  • Funeral
  • Household Bills for the next 6 months
  • Cash reserve for unexpected expenses

These are only a few of the factors that you should consider when deciding how large of a policy you need to purchase.

25 Term Term Life Quotes

Here are some sample quotes on a 25-year term life insurance policy for a female.  It should be noted that not all of the top life insurance companies offers the 25-year option.

Sex AGE $250,000 Term Life Insurance Policy Cheapest Quote 1 Cheapest Quote 2 Cheapest Quote 3
Female 30 Face amount $250,000 SBLI $15/mo Protective $15/mo American General $16/mo

Female 40 Face amount $250,000 SBLI $22/mo Protective $23/mo American General $24/mo

Female 50 Face amount $250,000 SBLI $48/mo Protective $49/mo American General $53/mo

Here’s a screenshot that shows sample quotes for a 25-year term policy for a 30-year-old male.

As you can see, the quotes don’t have banner life insurance company in the mix, but some other great carriers are there.

The final amount should be to cover what you either may not have considered or for unexpected situations such as the family member dying away from home and needing transportation.

All in all, covering your expenses with term life insurance can greatly ease the immediate financial burden and bring about a little peace of mind when it comes to the financial situation.

You should also consider how much income your family would lose if you were to pass away and how would they replace that income? If you’re the main income-earner, your family could struggle to replace your salary. It’s important that your policy gives them enough time to find another source of income.

There is no “magic number”, but most insurance experts suggest that you purchase a policy that is around ten times your annual salary. This will give your loved ones plenty of time to recover and get back on their feet.

With such a large policy, a lot of applicants think they won’t be able to afford a policy that is ten times their salary but don’t worry, in most cases the policy premiums are much cheaper than you might think.

There are several ways that you can get a more affordable insurance policy without having to sacrifice any of the quality or coverage amount. The best way is to compare all of your insurance options before you make a decision. More than likely, the first company that you call isn’t going to have the lowest monthly premiums. Because there are so many companies that sell life insurance, it could take several days for you to call them and receive insurance quotes for your policy. Instead of wasting your time, let us bring the lowest rates to you. Simply fill out the quote form on the side with your information and we will provide you with the best rates.

We are independent agents, which means that we don’t work for one specific company. Instead, we represent some of the best-rated companies across the United States.  Because we don’t work for one company, we are committed to bringing you the best policy to fit your needs, regardless of which company sells it.

Aside from comparing policies, there are several other ways that you can save money on your life insurance policy. One of those ways is to improve your health and kick your bad habits.

After you complete the paperwork for your applications, the company is going to send out a paramedic to complete a simple medical exam. During this exam, the company will look at your basic vital signs, like blood pressure, heart rate, cholesterol, weight, and they will also take a blood and urine sample. The medical exam doesn’t take long, but it will have a huge impact on your chances of being accepted for the policy and how much you’ll pay every month. If you want to save money, take the time to improve your health. If you think that your health is too poor or you have serious health complications, you can always choose a no-exam medical policy. You can get the coverage without the exam, but you will pay more for the plan.

The other sure-fire way to save money is to kick your bad habits like smoking cigarettes. A smoker buying life insurance is going to pay twice as much (sometimes three times as much) regardless of the rest of their health. If you want to get a policy for the most affordable rates, it’s time to kick those bad habits and enjoy some extra money in your pocket every month.

Source: goodfinancialcents.com

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In 2019, one out of every 100 homes were purchased by an iBuyer, short for instant buyer, per a new report from real estate brokerage Redfin.

While it doesn’t sound like iBuying is catching on, consider the fact that the number is up nearly double from 0.6% in 2018.

And about 10 times higher than it was back in 2016, when virtually nobody sold their home via an iBuyer service.

Also recognize that iBuying at scale is a very novel concept, and a business that big household names have just recently got involved in.

Some of the larger names in the space include Offerpad, Opendoor, RedfinNow, and Zillow Offers.

Simply put, an iBuyer will purchase your home for a fee somewhat similar to what a real estate agent would charge, only to rehab it and list it weeks or months later to a new buyer.

The advantage is you don’t need to find an agent, list it, stage it, hold open houses, and deal with uncertainty from prospective buyers.

In essence, you can consider these iBuyers institutional home flippers.

If they streamline their operations enough to lower costs, they might grow even more popular and eventually displace thousands of real estate agents.

iBuying Most Common in Raleigh

iBuyer share

While iBuyers still account for a tiny piece of the overall pie, they snagged a whopping 7.3% share of home sales in Raleigh, North Carolina last year.

That was nearly double the 3.9% share reported in 2018, a testament to both the viability of iBuying and the good fit cities like Raleigh present to such companies.

Per Redfin chief economist Daryl Fairweather, places like Raleigh are “iBuyer sweet spots” because they are affordable, have newer housing stock, and are easy to price because many of the homes reside in homogeneous tract neighborhoods.

Raleigh is also a city poised to see home price growth, another important detail iBuyers have to consider when looking to turn a profit.

Lastly, it has been a pilot city for many iBuyers, who aren’t live in all cities across the United States just yet.

Similarly hot was Phoenix, AZ, where iBuyers scooped up 5.9% of homes for sale, followed by Charlotte and Atlanta (tied at 5.2%), and Las Vegas (4.1%).

iBuyers had a market share of 3% or more in 11 markets nationally, and at least 1% share in 21 total markets.

Again, because iBuyers haven’t rolled out to all cities nationwide, the numbers are still a bit scattered and lopsided.

In terms of volume, iBuyers purchased the largest number of properties in Phoenix (5,200+), followed by Atlanta (4,300+) and Houston (2,100+).

iBuying Surged in Tucson During the Fourth Quarter

iBuyer market share saw its biggest year-over-year increase in Tucson, AZ, where the number rose from 3.1% of homes in the fourth quarter of 2019 from zero a year earlier.

Again, this may reflect companies moving into new markets, but it also shows how quickly they are gaining traction and beating out traditional agents.

The second biggest increase was in Denver, CO, where the iBuyer share rose to 2.7% from 0.4% the year before.

Despite growing popularity, iBuyer market share did fall year-over-year in select markets, including Las Vegas (-3.4%), Phoenix (-1.2%) and Orlando (-1.0%), compared to Q4 2018.

However, Orlando was the only metro area to see its share fall on an annual basis from 2018 to 2019, declining from 2.6% to 2.2%.

iBuyers Like to Buy Homes on the Cheap

iBuyer median price

As noted, iBuyers tend to be interested in mid-market homes that are easily bought and sold, but there’s still quite a range nationwide.

The most expensive markets in 2019 were Riverside, CA, Denver, CO, and Portland, OR, where these companies purchased homes at a median $391,000, $386,000, and $377,000, respectively.

The cheapest markets included Tucson, AZ, Jacksonville, FL, and Atlanta, GA, where the median was $201,000, $202,000, and $212,000, respectively.

Overall, iBuyers paid a median $269,000 for the homes they purchased, up three percent from 2018, but well below the national median of $306,000 in January.

In every housing market other than Riverside, CA and Orlando, FL, iBuyers paid below the metro-area median.

In terms of unloading the homes once purchased, iBuyers were able to sell homes 15 days faster in 2019 than they did a year earlier, this despite the typical home sale taking two days longer.

iBuyer-owned properties were listed on the market for a median 38 days in 2019, compared to 53 days in 2018.

Meanwhile, a non-iBuyer home spent a median 37 days on the market last year, compared to 35 in 2018.

If iBuyers get better at what they do, it might become a more practical solution for home sellers, assuming these companies pass the savings onto consumers.

Source: thetruthaboutmortgage.com

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Applying for a life insurance policy often involves multiple steps and can take longer than getting other types of insurance. Let’s take a look at what’s commonly involved in the life insurance application process so you can proceed with confidence.

Term or Whole?

Before applying for life insurance, it’s a good idea to consider such things like how much coverage you need, how much you’re prepared to pay for premiums, and which riders you might like to include. You’ll also need to figure out whether a term life or permanent life policy makes sense for you. Whole life insurance is one type of permanent life insurance.

Term life and whole life insurance have important differences. Term life tends to be simpler and more straightforward. Someone purchases a policy for a certain dollar amount and term, and then has life insurance coverage for the designated time period (10, 20, 25, or 30 years, for example).

If the policyholder keeps up premiums and dies within that term, beneficiaries will receive the appropriate payout. Monthly payments are generally fixed with term life policies.

Reasons people choose term life include:

•   Term policies almost always cost less than whole life, sometimes significantly so.

•   Policyholders predict they’ll have enough money saved by the time the policy expires.

•   Beneficiaries are expected to be financially independent by the time the term expires.

Whole life policies, which also require regular payments, are intended to last the holder’s entire lifetime — there is no expiration date. They can cost up to 10 times as much as a term life policy because part of that money is invested into what’s called the policy’s cash value.

Policyholders can typically borrow against their cash value at an interest rate that’s specified in their policy. They may also be able to cash in their policy to receive money; that action closes out the whole life policy. Whatever is left over after the policyholder dies will be distributed to beneficiaries.

Recommended: 8 Popular Types of Life Insurance for Any Age

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The Application Process

When you’re ready to get the ball rolling on obtaining a policy, the first step is to fill out an application with your carrier of choice. The insurance company will review the application for completeness. If any information is missing, they’ll likely follow up to ensure that the application is completely filled out. Some carriers may conduct a phone interview when someone applies, while others do so only if an application is incomplete.

Recommended: How to Buy Life Insurance in 9 Steps

The Underwriting Phase

Next comes the underwriting phase, which every applicant goes through. There are two tracts of underwriting available: traditional and accelerated. The traditional tract requires a medical exam, and your blood and urine samples may be collected. The accelerated tract typically does not require a medical exam or blood or urine tests.

During this time, the insurance company will review your application for a wide range of factors that may include:

•   Your age

•   Your gender

•   Your current health

•   Your personal health history, including prescriptions

•   Your family health history

•   Your lifestyle and personal habits (for instance, a history of alcohol abuse or tobacco use)

•   Your occupation

•   How frequently you participate in hobbies that could be considered high risk

•   Other factors, including your driving record

The insurance company uses this information along with actuarial tables to determine your risk profile, or how much of a risk you are to insure. Your risk profile can impact how much coverage you qualify for and at what cost.

Medical Exams

A life insurance carrier will sometimes require a medical exam before issuing a policy.

The exam may be similar to a person’s regular annual physical. A medical tech will likely ask questions that are similar to those on the application, and a professional will conduct a physical exam. It can include measuring height and weight, checking blood pressure, and taking blood and urine samples.

In some cases, an EKG may be performed to measure the electrical activity of the heart. Men over age 50 may need to have a prostate-specific antigen test done to check prostate health.

When medical exams are required in applying for life insurance, it’s part of the underwriting process that helps a carrier understand the risk level of insuring the applicant. The tests performed can indicate if a person has high blood pressure and/or high cholesterol, elevated glucose, or other health issues.

Contestability

Some people may be tempted to downplay personal health issues when filling out a life insurance application. That is never a good idea. If someone didn’t fully disclose the truth about their state of health and died within two years of getting a policy, the insurance company can delve into the details. If information is found to be lacking or inaccurate, the carrier could deny beneficiaries the death benefit.

The Takeaway

Applying for life insurance often starts with deciding how much coverage you need, how much you’ll pay in premiums, and whether a term life or permanent life policy is right for you. Once you’ve finished comparison shopping and weighing your options, the first step is to fill out an application with the carrier of your choice and then undergo an underwriting process. During this time, the insurance company will consider a number of factors, including your age, gender, current health, personal health history, family health history, and lifestyle. A medical exam may also be required. The insurer uses this information, along with actuarial tables, to determine your risk profile, which can impact how much coverage you qualify for and at what cost.

If you’re shopping for life insurance, SoFi has partnered with Ladder to offer competitive life insurance policies that are quick to set up and easy to understand. You can apply in just minutes and get an instant decision. As your circumstances change, you can easily change or cancel your policy with no fees and no hassles.

Complete an application and get your quote in just minutes.

FAQ

Are there advantages to applying for life insurance when you’re young?

Yes, because carriers generally base policy price on risk factors, buying a policy when you’re young and healthy typically means lower premiums. Plus, with some term life insurance policies, buyers can lock in pricing when they purchase, and locking in at a low rate can be a financial plus.

Can I change the specifics of a life insurance policy — for example, change the amount of coverage?

Yes, some insurance carriers do allow this kind of flexibility. Current policyholders should check with their carrier. New applicants can check with the carrier to see what kind of flexibility is provided.

Is having employer-sponsored life insurance enough?

Maybe. While having this benefit is good, these policies are generally in the amount of one to two times an employee’s salary. That’s typically not enough to address debt and provide sustained financial help to beneficiaries, which is why it may make sense to purchase a second policy. Plus, employer plans may not be portable: If the employee leaves the company, the policy may be terminated.

What’s the right amount of coverage?

Each person’s situation is unique. Some use the DIME formula to determine the right amount. That acronym stands for Debts, Income, Mortgage, and Education. What will be needed to cover all of those bases? To streamline the process, you might want to calculate your life insurance needs.

Does it make sense to use an agent when buying life insurance?

Possibly. An agent can educate a consumer about what’s involved in getting a life insurance policy. This can be especially helpful if the process seems overwhelming. Many agents work on commission, so using one that does charge a commission can cause the cost of the policy to go up. Higher commissions are typically charged on whole life policies than on term life. However, not all agents charge a commission.


Coverage and pricing is subject to eligibility and underwriting criteria.

Ladder Insurance Services, LLC (CA license # OK22568; AR license # 3000140372) distributes term life insurance products issued by multiple insurers- for further details see ladderlife.com. All insurance products are governed by the terms set forth in the applicable insurance policy. Each insurer has financial responsibility for its own products.

Ladder, SoFi and SoFi Agency are separate, independent entities and are not responsible for the financial condition, business, or legal obligations of the other, Social Finance. Inc. (SoFi) and Social Finance Life Insurance Agency, LLC (SoFi Agency) do not issue, underwrite insurance or pay claims under Ladder Life™ policies. SoFi is compensated by Ladder for each issued term life policy.

SoFi Agency and its affiliates do not guarantee the services of any insurance company.

All services from Ladder Insurance Services, LLC are their own. Once you reach Ladder, SoFi is not involved and has no control over the products or services involved. The Ladder service is limited to documents and does not provide legal advice. Individual circumstances are unique and using documents provided is not a substitute for obtaining legal advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Source: sofi.com

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What is luxury real estate really? On today’s podcast with luxury expert Harold Clarke, we discuss what luxury real estate is and what Realtors need to know in order to truly serve high-net-worth clients. In addition to offering advice on breaking into the luxury niche, Harold shares strategies that agents can use to corner any market. We also discuss how COVID-19 affected Hawaiian real estate, what luxury living looks like in 2022, and why real estate agents should always be truthful with clients.

Listen to today’s show and learn:

  • About Harold Clarke [3:46]
  • What luxury real estate really is [4:21]
  • Five-star service at home [8:28]
  • Understanding how high-net-worth clients feel [12:03]
  • Current events and how they affect luxury real estate sales [13:28]
  • How COVID-19 has changed Hawaiian real estate markets [14:25]
  • Why interest rates aren’t affecting luxury sales in Hawaii [16:48]
  • Advice on getting into the luxury niche [18:34]
  • Why you can’t fake expertise in the luxury niche [22:32]
  • One of Harold’s best recent experiences with a client [24:11]
  • Collecting clues for follow-up [25:42]
  • Interacting with people from all walks of life in Hawaii [26:35]
  • Harold’s advice for real estate agents: be truthful [27:26]

Harold Clarke

Harold X Clarke knows quite well the nuances of wealth, through intimate experience. He developed a strong sense of ownership for the real issues and tough decisions required of individuals with great wealth at a young age. His competitive and perfectionist instincts, coupled with a deep, personal understanding of the wealthy elite’s mindset, allowed him to develop his proprietary method of catering to the discreet needs of the world’s most discerning clientele.

Recognizing big-box corporate real estate brands fall increasingly short fulfilling the real estate needs of the UHNW, and observing the small number of developments in the world that check all the boxes for these individuals, Mr. Clarke founded private real estate consultancy Harold Clarke Advisors for the world’s top .001% of individuals and global developers, to reshape the luxury lifestyle market and fill the void.

Related Links and Resources:

Thank You Rockstars!

It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
-Aaron Amuchastegui

Source: hibandigital.com

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[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: StreetText.]

StreetText’s flagship product Lead Magnet gives agents access to ready-to-use Facebook ads that come with lead capture pages, text messaging A.I., integrated social information, and drip emails. The software has been used to launch more than 47,000 ads and generate over 3.3 million leads. Its dashboard provides a detailed breakdown of the effectiveness of each ad, as well as providing a place to track and manage new leads.

Direct Zapier connection means agents can integrate StreetText into the tools they already use.

Co-founder Stephen Whiting started StreetText in 2010, with LeadMagnet launching in 2014.

What we like: As a dedicated ad play focused on the single largest audience on the internet, what’s not to like?

Learn More

Source: geekestateblog.com

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Homebuyers these days are facing much higher costs of ownership compared to a year ago, pushing most to the sidelines. Mortgage rates and home prices are high and inventory is paltry, resulting in a largely frozen housing market.

Nearly two-thirds of Americans say they are waiting for mortgage rates to drop before entering the market, according to a survey released this week by BMO Financial Group, the eight-largest bank in North America. Among those who plan to purchase a home soon, only 6% expect to do so this summer, which is supposed to be the high season for real estate agents. Refinancing plans are also on hold: among those planning to refinance, 81% said they are waiting until rates drop.

The survey also found that 68% of Americans plan on using loans from their financial institution and/or lines of credit to help finance their home purchase. BMO said that 46% of Americans plan on using some of their personal savings to help pay for their home purchase, such as a down payment. Nearly a quarter of people surveyed said they expect financial help from family or friends when they purchase a home.

Mortgage rates have remained stubbornly high for virtually all of 2023. On Thursday, rates were recorded at 6.94%, just below the recent high of 7.14% in late May. The Mortgage Bankers Association on Wednesday said that mortgage applications for the week ending June 2 were down about 30% from the year prior, a direct consequence of 10 consecutive rate hikes from the Federal Reserve. 

Still, there is optimism that the housing market is at the bottom and will gradually improve.

“If we can achieve a true soft landing [for the economy], which it looks like we might be able to pull off, then … rates will start to kind of slowly go down,” said John Toohig, the head of whole loan trading at Raymond James. “For the housing market, this is the bottom; we’ll get past this. But it’s not a slam dunk, don’t get me wrong. Nobody’s doing backflips here. Nobody’s doing high-fives. Nobody’s saying, “Hey, let’s break out the steaks and put away the hotdogs.” You know, it’s just incremental. … We need to see a 200 basis-points drop [in rates] before you see any meaningful refinance business.”

Source: housingwire.com

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Everyone likes a discount, right, even if it’s on a small one-time purchase that equates to a nominal amount. For one reason or another, it just feels like a win.

It’s obviously even sweeter if you get a discount on a big-ticket item, as the savings will be much larger.

Better yet, how about a discount on something that you could be paying off for the next 360 months, like your home loan? Now we’re talking!

I did some research and came up with a list of mortgage lenders with the “best mortgage rates” to consider if you’re in the market to finance a new home purchase or refinance an existing mortgage.

There are literally thousands of mortgage lenders out there, so it’s easy to miss some along the way if comparison shopping.

Here are 10 that might offer a discount relative to other banks and lenders out there, not only because they seem to offer low mortgage rates, but also limited or no lender fees.

The one caveat here is no one mortgage lender can be the cheapest all of the time, for all borrowers.

So be sure to always take the time to shop around and get multiple quotes, even if it takes some additional legwork. Sure, it’s not fun but nor is spending more money.

Also, if you want the best mortgage rate, you’ve got to be a good borrower.

That means coming to the table with an excellent credit score, a decent down payment, and checking all the other boxes that affect mortgage rates.

You can’t expect the lender to do all the heavy lifting.

Better Mortgage

Aside from being a tech-savvy lender with a digital mortgage platform, Better Mortgage also prides themselves on not charging a loan origination fee. Or any lender fees or commissions for that matter.

Often, this fee can be 1% of the loan amount, so if you take out a $300,000, that’s $3,000 right there. Then there might also be additional fees for processing, underwriting, and so on.

They also openly advertise their daily mortgage rates right on their website, so they’re pretty transparent about their pricing as well.

In summary, you could get a discount and breeze through the home loan process thanks to their technology – they can fund 100%-digital loans without even a single phone call.

They’ve got a 4.6-star rating out of 5 on LendingTree with a 91% recommendation rating.

CIT Bank / OneWest Bank

If you choose to work with CIT Bank or OneWest Bank to get your home loan, they provide a number of discounts on top of their already low mortgage rates.

This includes a $525 cash back bonus if you have or open a CIT Bank or OneWest Bank deposit account before closing on your mortgage with them.

Additionally, they offer mortgage rate discounts if you make new deposits, including 0.10% off your rate with 10% of loan amount in new deposits, and 0.25% off if you can muster 25% of the loan amount in new deposits.

At last glance, they had a 4.5/5 on Zillow based solely on their home loans business, so they come highly rated as well.

Costco Mortgage

Folks looking for a deal often head to Costco, and you can actually shop your mortgage with the big-box retailer as well.

While not a direct mortgage lender, they have partnered with a variety of vetted lenders that have agreed to cap their lender fees.

For example, Gold star members pay lender fees of $650 or less, while Executive members only pay lender fees of $350 or less.

If the mortgage rates from their partner lenders are competitive, you might wind up with a low rate and limited fees, which is an excellent combination.

The Mortgage Program for Costco Members has a 4.8-star rating out of 5 based on Trustpilot, and the individual lenders involved have similarly-high ratings from past customers.

Intelliloan

I added Intelliloan to this list because they won’t stop talking about their mortgage rates. In fact, the first thing you’ll see if you visit their website is mortgage rates.

Their latest refinance rates match their APRs, which means they’re advertising their interest rates without any lender fees or discount points.

The company also offers a Rate Protection Promise where they’ll refinance you without lender fees if interest rates fall significantly within three years of your initial loan closing.

They’ve got excellent reviews across all the major ratings websites, including a 4.9-star rating out of 5 on LendingTree, with a 98% recommend score.

LoanFlight Lending

The holy grail for homeowners is a low mortgage rate with limited or no fees.

After all, a low rate that requires you to pay multiple discount points might not truly be low, but one that only requires a $1 in fees is usually as good as it looks.

LoanFlight Lending tends to advertise on Zillow a lot, and often features some of the lowest fixed rates listed, along with just $1 in lender fees.

That’s a tough combination to beat if you’re looking to save on your mortgage. They also have very good customer reviews to boot, with a 4.76-star rating on Zillow and a 4.7 on LendingTree with a 91% recommend rate.

The only downside appears to be the fact that they’re licensed in just 12 states.

Lower Mortgage

As I’ve said before, with a name like Lower Mortgage, you kind of have to offer low mortgage rates. Oh, and low lender fees too.

They say they do both, and the cherry on top is a Free Refi for Life deal, whereby you won’t be charged any lender fees on a future refinance with the company.

So if 30-year fixed rates do go down and they happen to be offering low rates relative to the other guys, you can get that new low rate sans fees.

The company also has great reviews, including a 4.9-star rating out of 5 based on LendingTree with a 99% recommendation rate.

Reali Loans

Formerly known as Lenda, Reali Loans, Inc. is the home of “no-nonsense home loans.” What that means is you won’t be charged traditional loan commissions or any lender fees.

In the past, I found that their interest rates were quite low when I played with the little rate slider on their website.

Like other fintech newcomers in the mortgage space, they lean heavily on technology to make the loan process less cumbersome and faster overall. That tech also allows them to offer more competitive rates to borrowers.

Reali Loans currently has a 4.57-star rating on Zillow and similarly excellent reviews on Trustpilot.

Redfin Mortgage

If you’re buying a home in certain states, one perhaps unexpected mortgage lender to consider is Redfin Mortgage.

Yes, the real estate brokerage also launched a home lending division and seems to have really competitive mortgage rates.

Additionally, they don’t charge lender fees, so the mortgage APR should be just as low as the mortgage rate.

The only downside is they don’t offer refinance loans, at least not at the moment. But that could change in the future.

On top of the low rates and lack of fees, they offer a $1,000 mortgage closing guarantee that promises to get you to the finish line in either 25 or 30 days (depending on the type of pre-approval) or you’ll receive a check.

Sebonic Financial

This so-called digital startup, which is actually the fintech arm of Cardinal Financial, a top-40 mortgage company nationally, often advertises mortgage rates with just $1 in lender fees.

In other words, you’re typically getting a no cost loan from Sebonic Financial, at least with regard to lender fees.

And they seem to still offer highly competitive refinance rates relative to other lenders, which often charge the usual fees that can amount to thousands of dollars due at closing.

They are also a highly-rated mortgage lender, with a 4.49-star rating out of 5 based on more than 3,000 customer reviews on Zillow.

Wyndham Capital Mortgage

Lastly, we’ve got Wyndham Capital Mortgage, which promises no hidden lender fees and competitive, below market mortgage interest rates

Aside from no hidden fees, they also don’t charge a loan origination fee. So if their mortgage and refinance rates are also low, that’s a pretty solid deal.

On top of that, they say they can offer discounts on costly things like title insurance because of their relationships with preferred settlement agents.

In terms of customer satisfaction, they’ve got a 4.8-star rating out of 5 on LendingTree from nearly 7,000 reviews, and 99% of customers would recommend them.

There are many more lenders out there, and you should certainly search locally as well as online to explore all of your options, including credit unions, local mortgage brokers, and more.

Remember, your monthly mortgage payment will stay with you for a long time, so putting in a few extra hours at the start can really pay dividends over the years.

Source: thetruthaboutmortgage.com

Apache is functioning normally

Real estate has the power to change your life for the better, but it can do so much more than that. Today’s guest, Jen McConnell, used her commissions to fight pediatric cancer, and she later created a foundation to help further the cause. On this podcast, Jen shares how real estate changed her life and has given her the ability to impact the lives of countless others. Jen also covers the advantages of running your own brokerage, ways to deliver five-star customer service, and more.

Listen to today’s show and learn:

  • Jen McConnell’s start in real estate [1:34]
  • What agents learn selling homes for builders [5:31]
  • The Charleston real estate market [6:47]
  • McConnell Real Estate Partners’ sales and team structure [8:04]
  • The advantages of running your own brokerage [13:32]
  • Social media as a tool for real estate agents [15:20]
  • The financial crisis compared to this correction [17:17]
  • About The McConnell Foundation and donating to causes that matter [18:33]
  • Restarting in real estate after major life challenges [22:18]
  • Advice on starting a non-profit foundation [26:53]
  • Advice for agents on giving five-star service to get referrals [27:29]
  • Jen’s favorite CRM: Follow-Up Boss [30:19]
  • The post-closing checklist: When to follow up with buyers [31:13]
  • Transitioning from paid leads to referrals [34:42]
  • Where to find and follow Jen McConnell [36:25]

Jen McConnell

Jen was fortunate enough to start her real estate career when she was a junior in college.  Now with over 17 years of experience in the industry, she has a particular expertise in luxury real estate and custom home building. She moved to Charleston in 2006 after receiving her B.A. in Marketing from Ashland University. In 2022 Jen was awarded the South Carolina Women in Business Award, and chosen as a Top 40 Under 40 Real Estate Agent in Charleston.  Jen has also been featured on Charleston Home Showcase & Lowcountry Live and has been featured in Charleston Real Producers Magazine, Charleston Style & Design Magazine, Southern Living Magazine, The Post & Courier, Charleston City Paper, Charleston Regional Business Journal, Charleston Daily, Greenville Business Journal, Columbia Business Journal and many others. She is a Certified Luxury Home Marketing Specialist through the Institute for Luxury Home Marketing where she has been awarded the prestigious Million Dollar Guild award. Jen has also earned the coveted Realtor of Distinction Award achieving the highest rank possible as a Platinum Award winner through the Charleston Trident Association of Realtors. The Platinum Award places Jen in the Top 2% of agents in Charleston.

Jen is the Co-Founder of King Tide Investment Group and Blue Ocean Investments, both residential real estate investment companies based in Charleston, SC and Greenville, SC respectively. In 2021 Jen and her husband Josh opened their own brokerage on Isle of Palms and formed McConnell Real Estate Partners where she is the broker-in-charge.

Jen met her husband, Josh, in Charleston and was married at Wild Dunes on Isle of Palms in 2010. They now live on Isle of Palms and welcomed their daughter Bennett in 2016 and their son Bodhi in 2017. They have embraced all Charleston has to offer but most especially the outdoor living, the amazing restaurants and long summer days at the beach. The McConnell’s are avid Clemson Tigers, strong supporters of MUSC Children’s Hospital, the South Carolina Aquarium, Pet Helpers Adoption Center and are members of First United Methodist Church on Isle of Palms.

Jen prides herself on being persistent, utilizing her experience to always find the most advantageous terms for her clients, and providing unparalleled professionalism and expertise for her clients in each and every transaction. Whether you’re looking to buy, sell or invest in real estate throughout the Charleston area, Jen would love to share her passion and market knowledge with you.

Related Links and Resources:

Thank You Rockstars!

It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.

-Aaron Amuchastegui

Source: realestaterockstarsnetwork.com

Apache is functioning normally

The real estate market carnage continues with all the major iBuyers pausing home purchases thanks to the coronavirus.

Zillow Offers Pauses Purchases

This morning, Zillow announced that it had stopped home buying via Zillow Offers amid the “market uncertainty” related to COVID-19.

While it’s unclear if it was mandated, they did note that the move was “in response to local public health orders related to COVID-19,”and also to ensure the protection and safety of its staff, customers, and partners.

Specifically, some states like California have implemented emergency orders requiring individuals to stay at home and cease all non-essential business, which includes some real estate activities.

The company said it would continue to market and sell homes through Zillow Offers, despite halting open houses for its homes last week.

Zillow said it ended 2019 with 2,707 homes in its inventory, and as of March 19th, had reduced it to approximately 1,860 homes.

All 24 markets where Zillow Offers currently operates are affected by the move.

Opendoor Cash Offers Suspended

Meanwhile, Opendoor is putting cash offers on hold as a result of COVID-19.

In a statement posted on their website, the iBuyer said, “If you’re currently in our offer process, be on the lookout for communication from us. If you’re not, here’s how we can still help with your home sale.”

In terms of that help, they are still allowing third parties to make a cash offer for your property, as opposed to Opendoor itself.

If you take them up on that option, you can still skip the showings, prep work, and choose you own close date.

They said they’ll get back to customers via email within 2-3 days if eligible.

You can also use one of their partner real estate agents to list your home in traditional fashion, though I think we all know selling right now probably doesn’t make a ton of sense unless absolutely necessary.

Offerpad Might Be on Hold Right Now

I visited Offerpad’s website to see how they were being impacted, but couldn’t get a totally clear answer.

However, they do have an “important notice” posted at the top of their website that reads:

“To ensure that our customers, employees, and third parties are safe to the best of our ability, our processes have been subject to temporary changes.”

“We need to ensure that all services, including third parties, associated with a customer’s purchase or sale will be available. We appreciate your flexibility during this time.:

So there’s a good chance they are following suit and putting new purchases on hold as well.

As reported last week, RedfinNow was the first to temporarily halt home purchases, as indicated in an 8-K filing.

Two Takeaways to Consider

One issue, as mentioned by Zillow, is that real estate isn’t necessarily an essential business activity.

At least when it involves investors trying to make money by buying and selling real estate.

For everyday Joes looking to buy or sell a home, I assume it’s still okay to do so. It certainly can be argued as essential in certain situations.

However, a bigger concern is if this is the canary in the coal mine.

If billion-dollar companies like Redfin and Zillow aren’t interested in buying our homes, what does that say about the health of the real estate market?

I think the worry is if this situation doesn’t improve in the next several months, we might see scores of foreclosures flood the market, which could lead to lower home prices.

Conversely, if the government and loan servicers get ahead of it and work hard to help unemployed homeowners, things might turn out okay.

And really, with all the spending going on, there’s bound to be inflation, which could benefit homeowners as the world recovers.

Source: thetruthaboutmortgage.com