FHFA revises current single-family mortgages backed by Fannie Mae, Freddie Mac (iStock)
The Federal Housing Finance Agency (FHFA) will revise the treatment of active single-family mortgages backed by government-sponsored enterprises Fannie Mae and Freddie Mac for which borrowers elected a COVID-19 forbearance under the Enterprises’ representations and warranties framework, according to its newest media release.
“Under the updated rep and warrant policies, loans for which borrowers elected a COVID-19 forbearance will be treated similarly to loans for which borrowers obtained forbearance due to a natural disaster,” the FHFA said. “As a result, loans with a COVID-19 forbearance will remain eligible for certain rep and warrant relief based on the borrower’s payment history over the first 36 months following origination.”
FHFA Director Sandra L. Thompson argued that homeowners, who needed more time to keep up with housing costs during the pandemic, benefited from a mortgage forbearance plan that would reduce or suspend mortgage payments.
“Forbearance was an invaluable tool for borrowers experiencing financial hardship due to the COVID-19 pandemic,” Thompson said. “Servicers went to great lengths to implement forbearance quickly amid a national emergency, and the loans they service should not be subject to greater repurchase risk simply because a borrower was impacted by the pandemic.”
The Enterprises’ existing rep and warrant policies with respect to natural disasters allow the time the borrower is in forbearance to be included when demonstrating a satisfactory payment history in the first 36 months following origination, the FHFA noted. These policies will now expand to loans for which borrowers elected a COVID-19 forbearance.
Thompson stressed the importance of helping current and prospective homeowners manage present housing conditions at the Mortgage Bankers Association Annual Convention last week. “In a housing market like this one, it is all the more important that both our policies and the industry’s efforts align to support existing and aspiring homeowners,” Thompson said. “That is why I believe a model based on partnership and mutual feedback is necessary for us to achieve our shared goal of promoting affordable and sustainable housing opportunities.”
If you’re considering becoming a homeowner, it could help to shop around to find the best mortgage rate. Visit Credible to compare options from different lenders and choose the one with the best rate for you.
MORTGAGE RATES KEEP CLIMBING, BUT BUYERS CAN FIND THE BEST DEALS BY DOING THESE TWO THINGS: FREDDIE MAC
Mortgage rates affecting affordability, buyers advised to build up down payments
Mortgage rates are continuing their ascent. The average 30-year fixed-rate mortgage rose to 7.63% for the week ending Oct. 19, according to the Freddie Mac’s latest Primary Mortgage Market Survey. This time in 2022, the 30-year fixed-rate was below 7%.
Buyers may do well for themselves by browsing for the best home loans and making a considerable down payment. Freddie Mac’s Chief Economist Sam Khater said “in this environment, it’s important that borrowers shop around with multiple lenders for the best mortgage rate.”
Freddie Mac announced last week the launch of DPA One®, a new tool that strives to help mortgage lenders quickly find and match borrowers to down payment assistance programs nationwide.
“DPA One delivers a one-stop shop at no cost that brings lenders and their borrowers greater detail and visibility into these programs, while seamlessly connecting the right assistance program with the lender, housing counselors and borrowers who need this assistance the most,” Sonu Mittal, Freddie Mac’s senior vice president of and head of single-family acquisitions, explained.
“With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership, borrowers should also ask their lender about down payment assistance,” Khater said.
If you’re looking to buy a home, you could still find the best mortgage rates by shopping around. Visit Credible to compare your options without affecting your credit score.
MANY AMERICANS PREPARING FOR A RECESSION DESPITE SIGNS THAT SAY OTHERWISE: SURVEY
Housing market showing lackluster activity
By end of 2023, there is likely to have been around 4.1 million existing home sales in the U.S., which would mark the weakest year of home sales since the Great Recession of 2008, according to a Redfin report.
Redfin’s Economic Research Lead Chen Zhao said current conditions have led to buyer and seller hesitancy across the board.
“Buyers have been in a bind all year,” Zhao said. “High mortgage rates and still-high prices are making it harder than ever to afford a home, shutting many young people out of homeownership and causing homeowners to reevaluate whether 2023 is the right time to move. Mortgage rates are staying high longer than anticipated, keeping away everyone except those who need to move and pushing our sales projection for the year down to a 15-year low.
“The last time home sales were this low was during the Great Recession,” Zhao continued.
Redfin agents suggest that buyers invest in newly built properties which are performing more strongly than existing-home sales. Newly constructed homes saw sales increase 1.5% year-over-year in September as prices dropped about 4%, according to Redfin’s data.
Based on the findings from a National Association of Realtors (NAR) report, the total amount of home sales decreased by 2% from August to September and have dropped 15.4% since September 2022.
Looking to reduce your home buying costs? It may benefit you to compare your options to find the best mortgage rate. Visit Credible to speak with a home loan expert and get your questions answered.
AFFORDABILITY KEEPING YOU FROM OWNING A HOME? HERE’S HOW YOU CAN GET READY
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
Zillow app also receives updates, which include improved navigation on for-sale listings and a way to simplify financing with the new Zillow Home Loans tab
SEATTLE, Oct. 23, 2023 /PRNewswire/ — Today Zillow® is launching a big update to the look and feel of for-sale property listings on its website, improving home shoppers’ experience with a more intuitive and simplified layout.
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The enhanced design of for-sale property listings on Zillow.com offers a wider, single-scroll format, making it easier for home shoppers to find key information, such as square footage, the Zestimate® feature, lot size and home type. The new layout also introduces a media section at the top of the page that better showcases photos and 3D tours. By clicking on a photo, the media section expands, providing a full-page, magazine-style layout for seamless navigation through the rest of the home’s photography.
“The new design delivers a fun and efficient way to browse homes on the Zillow website, making it easier for home shoppers to navigate and process information,” said Jenny Arden, chief design officer at Zillow. “We introduced a wider layout for images, larger fonts for the most important facts and a clearer articulation of what makes the home special to help our users quickly understand if the home is right for them.”
Zillow’s app updates: Navigate with ease and simplify financing with the Home Loans tab In addition to the redesign on the Zillow website, for-sale property listings on the Zillow app (iOS) are also receiving an update. This new look minimizes excessive scrolling by allowing users to more easily find the information that matters the most to them, whether that’s home facts and features, a cost calculator or the Zestimate history.
When viewing a for-sale listing on the app, users will see a new look that presents the home details categorized into sections such as “What’s Special,”‘ “Market Value,” “Monthly Cost” and “Neighborhood.” Users can click into particular sections of interest to find more details. This new look will be available before the end of the year on the Zillow iOS app.
Zillow is also introducing a new “Home Loans” tab on the Zillow app to help shoppers become buyers. Users can now easily figure out their budget, connect with a lender, get prequalified with Zillow Home Loans℠, and track their loan status — all in one place.
“Financing is a critical part of the home-buying process, and 60% of buyers say setting their budget is their first step when buying a home. With this update, we’re helping the millions of people browsing the Zillow app better understand what they can afford within their budget and see a clear path toward getting the mortgage they need,” said Matt Daimler, senior vice president of product at Zillow. “We’re already seeing an impact: Customers are saying it’s easier than ever to access and use our financing tools and get prequalified with Zillow Home Loans.”
About Zillow Group: Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, great partners, and easier buying, selling, financing and renting experiences.
Zillow Group’s affiliates, subsidiaries and brands include Zillow®; Zillow Premier Agent®; Zillow Home Loans℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠, which includes ShowingTime®, Bridge Interactive®, and dotloop®.
Inside: Do you want to know the legit ways on how to make 200 dollars fast? This guide will show you how to start working on fast money ideas. With tips on side hustles, online trading, and more, you’ll be able to build up a healthy bank account in no time.
Do you want to know the different ways to make 200 dollars in your leisure time? I bet you do! We all would like extra money in our pockets.
In an era of digitization, earning an extra $200 in your spare time has become more accessible.
Various online platforms offer numerous possibilities to gain this amount swiftly without any major investments or specialized skills. Utilizing these platforms can not only help you reach your financial goal but also provide you with an enjoyable experience.
Let’s delve into the uncomplicated and quick ways to make 200 dollars fast.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Best Ways to Make Money 200 Dollars Fast
Discover the best ways to earn 200 dollars quickly by enlisting and acquiring the necessary skills.
You don’t even need to start a business or learn new skills virtually if you need the following legit ways to make $200 fast.
Just to note, you will find many of these ideas to be similar to how to make 300 dollars fast.
1. Sell Things You No Longer Need
Want to declutter and make some quick cash, to the tune of 200 dollars?
Start selling your no-longer-needed items and hit your goal. This method perfectly fits for minimalists looking to clear out space, or parents whose kids frequently outgrow their clothes and toys.
For instance, selling gently used toys or clothes could net you $200 in no time. Who knew making money could be as easy as cleaning up?
Even better turn this into a money-making business by flipping items for a living.
2. Sell gift cards
Struggling to add cash to your wallet? Turn those neglected gift cards lounging in your drawers into quick money.
Convert idle (Gift Cards) money to tangible cash by listing and selling on sites like CardCash at a discounted rate.
Another option is to trade your gift cards (you won’t use them) into something you want (like Apple or Amazon). So, weigh your options wisely.
In fact, you can read my CardCash review on my personal experience trading in gift cards.
3. Take on freelance jobs
Let’s start harnessing our skills and take on freelancing jobs online. Freelancing offers a flexible and income-generating platform, perfect for anyone looking to make a quick buck.
It is an effective income hustle, proven by data-driven facts. Best yet, it’s not exclusive to professionals alone. As a beginner, freelance gigs can offer an excellent starting point.
To get started, build a solid profile on a freelance platform that best suits your skills. Offer your virtual skills by getting jobs done in freelancing and experience good compensation for your comfort zone through this job.
4. Get Paid to Travel by Housesitting
Immerse yourself in a world of four-legged friends, greenery, and cozy, well-furnished homes while your wallet gets a welcomed cash addition.
Housesitting is not just about watching homes; it includes pet sitting and dog walking. All you need to do is join such platforms at no cost, set your rates and hours, and voila, you’re earning money while sleeping.
Essentially make money in your leisure time while enjoying the companionship of adorable pets. Who knew earning extra money could indeed entail wagging tails and furry hugs by signing up with Trusted Housesitters?
5. Rent Out Your Spare Space
Do you have spare space gathering dust? Turn it into a $200 goldmine!
Rent your unused closet, driveway, or extra room and have a quick injection of cash. Websites like Neighbor and VRBO are ideal platforms where you can list and rent out these spaces.
Start by exploring the listings in your area, identify the market range, and list your space accordingly. The extra income is just a few clicks away.
Best suited for property owners with underutilized spaces, this idea can serve as a consistent source of income and isn’t just a one-time fix.
6. Participate in Focus Groups
Get ready to voice your opinion and earn 200 dollars instantly!
Focus groups can be your golden ticket to making a quick $200. From my personal experience, they are organized discussions run by companies eager to pay for consumer insights.
Follow these steps and you could be cashing in:
Start by signing up and participating in a focus group that typically involves finding a suitable event in your area.
Involve yourself with popular websites like Bestmark.
Once you start searching for focus groups, you are likely to be targeted with sponsored ads on Facebook that match up to your opportunities.
By participating in discussions, I have earned a range from $50 to over $200.
7. Babysitting is Great Money
Looking for a quick way to pad your wallet? Babysitting is the golden ticket.
This gig is ideal for teenagers, college students, or anyone with some free evenings or weekends who enjoys hanging out with kids and can tolerate the occasional tantrum.
Start marketing your talent by creating a profile on care portals like Sittercity. Having a certificate in CPR can increase your profile and give assurance to the parent looking for a babysitter.
Remember to start with your personal network. Friends, family, and neighbors are a great way to kickstart your babysitting journey. With a bit of effort, you could be earning in less than 24 hours.
8. Make Videos
Are you passionate about making your own video or editing someone’s video to earn an incredible 200-dollar quickly? Jumpstart your day by hitting each click on your computer and adding sound effects on various kinds of videos on any social media.
You can also monetize your own videos by becoming a YouTube vlogger content creator and signing up for the YouTube Partner Program.
With an incredible shift to a remote life, you can now instantly earn from making your own videos through ad sponsorship, brand affiliation, and paid subscription on any application.
9. Get a Side Hustle
Engage yourself in a side gig, a savvy way to rake in cash promptly. Side hustles harmonize best with go-getters seeking financial flexibility or pursuing dreams outside the 9-to-5 grind.
Kickstart your hustle journey with free webinars or training. These platforms provide insights into key strategies and the nitty-gritty of the field.
Get cracking now to transform your monetizing dreams into reality!
Very popular are these side hustles for men. Or especially these side hustles for college students!
10. Online trading with Stocks and Options
Trading stocks and options emerge as a financial adrenaline rush, providing a swift track to earning money. You can convert spare moments into potential cash gains with just a few clicks.
Expert tips include starting with research, practicing with a simulation trading account, and diversifying your portfolio to mitigate risks.
The journey to online trading success begins with educating yourself. You must participate in a free investing webinar to undergo training to grasp trading basics, understand market trends, and form your strategy.
Check out how I learned to trade stocks and options with this Trade and Travel review.
Trade & Travel
Learn to trade stocks with confidence.
Whether you want to:
Retire in peace without financial anxiety
Pay your bills without taking on a side hustle
Quit your 9-5 and do what you love
Or just make more than your current income….
Making $1,000 every.single.day is NOT a pie-in-the-sky goal.
It’s been done over and over again, and the 30,000 students that Teri has helped to be financially independent and fulfill their financial dreams are my witnesses…
11. Take Up a Part-Time Job
Eager to fill your pockets a bit more, huh? Part-time jobs are your key to fast cash without compromising your ‘me-time’.
A part-time job supplements your primary income, leaving your piggy bank a bit heavier. Where you get to choose the timing that fits around your primary commitments.
Honestly, some of the best part-time jobs are actually low-stress jobs after retirement. You don’t need to wait for extra money. So, go get that financial freedom and earn more than just the minimum.
12. Yard Sale
Hosting a yard sale is a nonchalant trick to amass cash swiftly. It’s your winning lottery ticket staring at you from your cluttered garage floor.
Kick-off by hosting it on Friday or Saturday, when shopping spirits fly high! If your neighborhood or city has a date set for a community garage sale or jackpot, you’ll be swimming in extra traffic.
Don’t hesitate to unleash your inner salesperson, but remember, no rule binds you to wait for an event to rake in cash.
Remember, yard sales are your fast lane to quick money, and with these tips, you’re ready to speed!
13. Make Money with Your Collectibles
Turn your old favorite collection of Pokemon cards or Beanie Babies into a treasure chest waiting to be unlocked.
This money-making method is perfect for those who have carefully amassed certain collectibles over time. Sign up for eBay now and enlist your collectibles, antiques, and merch items to earn from it.
Want to kickstart your financial journey with collectibles? Find the most popular items to flip as well as insights on what to look for.
14. Collect and sell items from the trash
It’s time to transform your everyday trash into a hefty stash of cash! Collecting recyclable trash can be turned into a worthwhile moneymaker.
Start by saving cans, bottles, or scrap metal that you’d usually throw away. Then, locate a local recycling center that’s willing to pay for these items – the prices may surprise you!
This method is great for anyone willing to invest a little time and energy, particularly those who are environmentally conscious and eager to declutter. Perfect job for those who are frugal green.
Think about it, that old toaster might just be your next treasure trove! You may even find some highly valuable items in the trash to flip!
15. Sell Used Clothing
Selling used clothing is a clever and straightforward way to turn spare time into real cash.
Remember, a vibrant description for your clothes will attract buyers, so play up any unique or high-quality aspects of your garments.
Fashion enthusiasts want to earn a quick buck on the side. Begin by taking a charming picture of your clothes and posting it to Facebook Marketplace and ThredUp.
16. Do Social Media Marketing
Welcome to the era of making money by simply being social media savvy. Transform your digital skills into quick cash through Social Media Marketing.
Explore the digital world that awaits with all of the social media platforms. You can create engaging content while responding to the readers.
Take your skills to the next level, consider enriching your knowledge via a free webinar or online training.
This is an easy job that pays more than $25 an hour.
17. Sell Printables on Etsy
Do you love making creative paintings and printable designs? Imagine, your beautifully designed chore chart or a fascinating word puzzle bringing joy to scores of customers.
You can dive into this free training to jumpstart your side hustle. This method is a sure-shot hit for you.
Find out which digital products to sell on Etsy.
18. Invest in Cryptocurrencies
Do you have extra money in savings in your account and don’t know where to invest it?
Since 2008, cryptocurrency has taken the world by storm. Known for its decentralizing nature and secured by cryptography, it’s no regular dough.
Turn the tides in your favor and download an investment app to make your $200 grow faster. Consider taking a free webinar or training for a crash course.
You see, investing in cryptocurrencies is not a heavy-duty task. With the right smarts and patience, you can ride the next crypto wave!
19. Get Paid to Click
Among the numerous ways to earn an extra $200, getting paid to click is a simple and fun method.
Websites provide users with the opportunity to earn money through ‘pay to click’ surveys or rewarding viewers for ad consumption. Additionally, apps such as Survey Junkie and Swagbucks allow you to earn money by taking surveys, participating in focus groups, or simply navigating the web.
Each user generally earns from a few cents to a dollar per click. With patience and consistent effort, you can gradually accumulate your earnings to reach your $200 target.
Here are the top legit survey platforms:
20. Check Out Cashback Apps
Earn a cashback every time you shop at your favorite retail store or online.
Start off by signing up for apps like Dosh, Fetch, Rakuten, and Ibotta which offer bonuses just for signing up.
Lastly, apps like Acorns or CoinOut provide cash back on everyday shopping, even rounding up your purchases to add a bit more to your savings.
21. Do Odd Jobs as a TaskRabbit
Wanna earn cash quickly? Sign up and do freelance labor with TaskRabbit.
This user-friendly job marketplace connects people in need of task assistance with capable individuals willing to complete the tasks for a fee. It offers a diverse array of tasks, from assembling furniture and helping with moves to painting, yard work, and minor home repairs.
Just by performing various tasks, such as events staffing, running errands, or crafting. With the average TaskRabbit making double the minimum wage, this might be the gig for you.
TaskRabbit
Find local jobs that fit your skills and schedule.
With TaskRabbit, you have the freedom and support to be your own boss.
Plus set your own rates!
Get Started
22. Earn Money with Your Knowledge
Using your personal set of skills is a major advantage in freelancing platforms such as Fiverr, Upwork, and Freelancer.com.
Be it graphic design, content creation, SEO mastery, or even web development, you can monetize these proficiencies directly from your home. Data shows a significant growth in the gig economy over the past decade, suggesting a flourishing potential for remote work and online income generation.
Remember, your vast knowledge pool is your strength here. So, focus on what you’re best at, and let the money flow in.
Indeed, by effectively marketing your skills, pulling in a sum over $200 within a few hours is achievable. Remember to value your work appropriately and not devalue your aptitude just to land a job.
23. Tutoring
Online tutoring provides plenty of diverse opportunities in various subjects beyond just English. You can choose to specialize in specific topics and decide to tutor students of different age groups – from young children to college students.
Platforms like VIPKID and Magic Ears allow qualified tutors to offer virtual classes, specifically in the English curriculum for kids aged 4-12 years.
Tutors are usually compensated with payments ranging from $7 – $9 per class or up to $25 or more per hour. Also, you can increase your rate once you gain experience and build a reputation as a tutor. With in-person tutoring, you can expect to earn $20 an hour or more.
24. Petsitting
Looking for a quick way to make $200 fast? If you’re an animal lover, offering pet-sitting services isn’t just enjoyable, but also quite profitable.
Simply sign up with platforms like Rover, you can possibly get paid two days after service completion and you can always set your own rates. Just by walking the dog from house sitting.
Fun fact: Dog sitters often earn up to $50 a day. This is flexible and enjoyable work that could definitely help you reach your $200 target quicker than you’d imagine!
Rover
Get paid to play with pets!
Rover makes it easy and promotes you to the nation’s largest network of pet owners.
Earn money doing something you love.
Become a Sitter
25. Collect Scrap Metals and Junk
One man’s trash is indeed another man’s treasure.
Thinking of ways to earn quick cash? Consider collecting scrap metals and junk. This simple but profitable task can be done by anyone, with no particular set of skills necessary. All you need are keen eyes, a truck, and, admittedly, a little bit of strength to do the following:
Identify Metals: Start by identifying the most valuable metals – brass, copper, and aluminum.
Collect: Gather your metals, either from your home or by browsing local dumps. Remember, one man’s trash can be another man’s treasure.
Sell: Locate a local scrapyard and sell your haul at a fair price.
Keep in mind that patience is key; you might start with just $100 a day, but with experience, this can increase to a lucrative $500 a day!
26. Cash Out Your Coins
Are you sitting on a pile of coins? Maybe it’s time to cash them out. Here’s how:
Gather all your change together. Check under the sofa cushions, in car cup holders, and even in the bottom of your bag.
Take your coins to a coin-counting machine. These can be found at many grocery and department stores as well as your local bank.
Deposit these coins in a savings bank.
Expert Tip: Many banks provide free coin-counting services to their customers. Save on the counting machine charges by using these instead.
27. Run A Dropshipping Business
Dropshipping is a retail fulfillment method where you sell products without ever handling the inventory. This side hustle could potentially make you a quick $200 if executed strategically. Ready to dive in?
To level up, consider enrolling in free webinars on sites like Skillshare or free dropshipping training programs like Oberlo 101. This method is most suitable for those game to learn the ins and outs of online retail business and are ready to deal with customer interactions.
Remember, selling high-demand items will turn a quicker profit!
28. Do Micro Tasks
Looking to make cash fast? Turn your spare time into cash by capitalizing on microtask websites and get paid for completing simple jobs!
This method is particularly effective for those with meticulous attention to detail and those who can afford to spend some time on basic tasks such as data entry, data verification, information sorting, and transcription.
Microtasking might not be a golden goose, but it sure can help you accrue $200 surprisingly fast. The beauty of this hustle is in its simplicity, making easy money with minimal to no investment.
29. Find Sign-Up Bonuses
Did you know that many banks and credit companies offer sign-up bonuses as a strategy for attracting new clients?
For instance, some banking promotions in the United States can offer bonuses of up to $300 in total value when you sign up for a new account or credit card. Also, there are several credit cards that provide bonuses ranging from $500 to $800 or more, simply for registering and spending a defined amount within a specific timeframe.
Some cards, such as Chase Sapphire Preferred, offer lucrative rewards like a $1,000 bonus after a spend of $4,000 in the first 3 months.
It’s definitely rewarding to explore these possibilities to supplement your income, but it’s crucial to maintain a good credit score and commit to paying off your balance monthly to avoid any interest charges.
30. Cash Advances
Cash advances offer a rapid solution, but it’s essential to use them wisely.
Basically, a Cash advance is an advance on your next paycheck, and yes, it’s a viable way to get your hands on some quick cash. Also, some budget apps like Chime offer this service automatically.
Keep in mind, though, it’s an advance and not additional income. So, plan your expenses wisely and make it count!
FAQ
If you’re on a quest to make $200 as fast as possible, we’ve got your back. From selling items you own to completing quick gigs online, there is a plethora of opportunities out there for everyone.
For example, suppose you’re handy at a skill – be it haircuts, car repairs, pet sitting, or painting. You can start by offering your services to people in your neighborhood.
Or, if you’re the digital savvy type, consider selling items you no longer need on online platforms such as Facebook Marketplace or Craigslist. You’d be surprised at how quickly you can make money from items collecting dust in your home.
Ultimately, make sure you choose a fast money-making plan that aligns with your skills, interests, and resources. Go forth and rake in that cash.
If you need to make $200 today, you have a range of options at your disposal.
You can try different online strategies, including participating in online surveys, offering your skills on freelance platforms, or even reselling items online. While many people will sell the idea of a blog to make money, that is not a way to make money today.
Remember, the key is to zone in on tasks that require minimal effort but offer swift returns; these could include grandma sitting, dog walking, or even participating in online offers and promotions.
To kick-start your financial venture, locate valuable items in your home that you no longer need. Your dusty old guitar or that once-loved designer handbag could do the trick. Sell these items on widely used platforms such as Craigslist or Facebook Marketplace for instant cash.
Also, in the digital age, skills are an asset. Offering your skills on platforms like Fiverrcan turn your talents into quick cash. Don’t underestimate the power of quick gigs!
Tapping into the world of free sign-up bonuses can also fill your wallet quickly. Or even participating in a paid focus group!
If you need to make $200 quickly, there are several tried and tested methods. You could start by driving for Uber or Lyft for the evening during a concert.
My preferred method is trading options in the stock market. While this one is a skill, I developed over time. It has proved to be a tried and true method for me to make $200 in a few hours.
Time to Get 200 Dollars Instantly
By reading this article, you have learned and discovered the most effective ways to earn $200 quickly.
In order to have quick success, here are tips to help you out:
Sign up for a complimentary training or webinar that focuses on effective and proven methods of earning money swiftly.
Learning from other’s experiences can certainly save you some trial and error.
Ensure these training modules offer you practical skills and insights rather than just theory. Real-world applications of these strategies are what will help you rake in some quick cash.
Remember, your motivation and dedication are as important as the information and tools you acquire.
If you are looking to make a little bit more, check out how to make 500 dollars fast. Or even how to make 2000 fast!
Know someone else that needs this, too? Then, please share!!
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The procedure of looking for the ideal opulent apartment can frequently be intimidating. To locate the greatest luxury flats that suit your needs and tastes among the various possibilities accessible, you should have a plan in place. In this post, we’ll look at six tips that can make your rental property search more efficient, from picking a great location to using helpful online tools.
Utilize Online Resources: Expand Your Search
The days of only depending on newspaper classifieds or personal referrals are long gone. There are several online tools available nowadays that can help with your search for the ideal property. Specialized real estate websites can provide thorough listings with in-depth details on available residences. With the help of these sites, you can narrow down your search results depending on your preferences, such as price range, the number of bedrooms, available facilities, and location. Consider using online groups and social media sites as well, where people frequently post details on available flats. You can cast a broader net and improve your chances of discovering the best premium condo that satisfies your needs by using these resources.
Think Beyond the Listing: Network and Connect
The most incredible high-end homes occasionally could not even be on the list yet. You can find hidden treasures that haven’t hit the market by networking and establishing connections with local real estate brokers, property managers, and even current tenants. To broaden your network, go to open houses, check out neighborhood events, and talk to locals. Making contacts and remaining engaged in your apartment search may help you find unique chances that others have missed. Keep in mind that referrals from friends and family can frequently help you locate the best possible rentals that aren’t necessarily listed anyplace else.
The Power of Location: Finding an Excellent Home
When looking for the most amazing luxury apartment rentals, the location is one of the most important aspects to take into account. Your quality of life can be improved by a fantastic location, which offers comfort, accessibility, and a desirable area. Start by thinking about your daily requirements and lifestyle choices to identify the right place. Do you prefer a busy city environment or a quiet suburban setting? Make a list of the facilities and sights that are significant to you, such as closeness to your place of employment, retail establishments, dining options, parks, and cultural organizations. You may refine your search and uncover premium flats that are well-situated to suit your lifestyle by paying attention to these characteristics.
Schedule Multiple Viewings: Look Beyond the Surface
Making many viewing appointments is essential while looking for the ideal posh property. Don’t limit yourself to internet photo browsing or rely only on virtual tours. You can evaluate the apartment’s condition, design, and atmosphere by seeing it in person. Pay attention to specifics like the standard of the finishes, the amount of storage space, the amount of natural light, and the efficiency of the appliances. Make a note of any maintenance or repair concerns that require attention. You can make an informed decision and make sure you’re choosing the best upscale condo that meets your criteria by carefully inspecting the property during the viewing.
Be Prepared: Gather Your Documentation
Being ready can offer you an advantage while trying to land a high-end home. Many landlords and property managers demand that applicants present proof of their capacity to pay their rent and be reliable renters. Collect necessary papers such as credit reports, bank statements, references from past landlords, and proof of income to speed up the application process. You can prove your eligibility and improve your chances of getting the nicest flat before someone else does by having these documents on hand. All other factors, such as decor and personalization, can easily be taken care of later, as long as you come prepared.
Consider Long-Term Costs: Look Beyond the Rent
It’s crucial to take into account both the monthly rent and the property’s long-term costs while considering premium condos. Consider other charges like utility bills, parking fines, homeowner association dues, and any other pertinent expenses. Examine the amenities provided by the apartment building to see if they suit your needs. For instance, having an on-site gym can help you save money on external gym memberships if you enjoy exercise activities. You can choose the flat that delivers the best return on your investment by carefully weighing the long-term costs and advantages. Remember, you must take these factors into account in addition to the initial rent in order to make a wise financial decision.
Choosing an excellent luxury condo demands great thought and preparation. You can easily manage the apartment-hunting procedure by concentrating on the above-mentioned suggestions. Remember, you’ll be well-equipped to select the ideal home that meets your interests and improves your living experience if you have these six techniques in your toolbox.
Equal Housing Opportunity
Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.
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Crossing over the Ohio River from Kentucky right into the Queen City is breathtaking, as it’s known for its architecture and expansive skyline. After a decline in population since the 1950s, Cincinnati has been slowly but steadily growing since the aughts.
Today, the greater Cincinnati population clocks in just below 1.8 million, with a median age of 32 years old. The average income of Cincinnati residents is a little over $40,000. Cincinnati isn’t the cheapest for its cost of living, but it’s definitely not the most expensive, so many are able to live comfortably.
Cincinnati’s culture is booming, as the city works with local businesses to bring bold colors, flavors and brews into town. The fine arts scene is expansive and residents love festivals, so there’s always something to do. Cincinnati is home to the University of Cincinnati and Xavier University, along with pro sports teams like the Cincinnati Bengals, Cincinnati Reds, FC Cincinnati and the minor-league hockey team, Cincinnati Cyclones. Made up of 52 neighborhoods with individual cultures, events and perks, there truly is something always going on in the Queen City! Here are the best neighborhoods in Cincinnati.
Median 1-BR rent: $685
Median 2-BR rent: $915
Walk score: 67/100
Clifton is historic and eclectic. Located in the heart of Cincinnati, it’s pretty convenient. Just nine minutes away from Downtown, it’s near the University of Cincinnati and its medical centers. Thanks to its location, the residents are a good mix of doctors, young professionals, students and artists alike.
The homes are what you might expect from a downtown area. Lots of trees line the old streets and cottages and mansions are speckled throughout the residential areas. But there’s one thing that’s different about Clifton: The neighborhood isn’t too partial toward chain restaurants and shops. So, in the heart of the borough on Ludlow Avenue, all the dining and shopping is local.
Median 1-BR rent: $710
Median 2-BR rent: $950
Walk score: 42/100
College Hill used to have two colleges. Although both colleges have closed down, the area maintains the well-manicured streets typical of college campuses. That combined with the local revitalization efforts going on thanks to the College Hill Community Urban Redevelopment Corporation (CHCURC) and $43.1 million building plans split between rentals and retail spaces, College Hill has been building up to the cusp of a big boom for years.
Plus, the area has big breweries coming in to join existing pubs, bringing in more outside traffic and attention to the area.
Median 1-BR rent: $675
Median 2-BR rent: $860
Walk score: 44/100
Columbia Tusculum, sometimes referred to as the oldest neighborhood in Cincinnati (dating back to a month before Cincinnati debuted in 1788), is home to the Victorian “Painted Ladies,” a row of brightly painted architectural homes overlooking the Ohio River.
The area has plenty of pubs and breweries — arguably more than restaurants — along with plenty of gyms and fitness centers. Here, residents can enjoy the hilly, river-view 94-acre Alms Park. Easy to see why this is one of the best neighborhoods in Cincinnati.
Median 1-BR rent: $1,532
Median 2-BR rent: $2,381
Walk score: 52/100
Downtown Cincinnati is the place for residents constantly looking for something to do. It’s got a little bit of everything for everyone. The kids enjoy the splash pad in Washington Park during hot summer days, and everyone in the family loves a trip to the Play Library to rent out games and toys for family game nights. There are ample boutiques and shops downtown to score local finds, clothes, vintage goods, plants and greens, kitchen utensils and even an old-school hat shop.
The Cincinnati Museum Center at Union Terminal is home to several museums inside the 1933 Art Deco train station. Look for the Cincinnati History Museum, the Duke Energy Children’s Museum, the Museum of Natural History & Science and the Cincinnati Historical Society Library. Bonus: It’s home to the OMNIMAX Theatre, too. Throw in some amazing dining and bar options, plus a few outdoor shows and concerts, and Downtown really is fun for everyone.
Median 1-BR rent: N/A
Median 2-BR rent: N/A
Walk score: 52/100
East End is one of the oldest neighborhoods in Cincinnati. Back in the day, it was known for the sublime wooden ships built in the shipyard. Located right off the bend of the Ohio River, this area saw a mass exodus, like much of the rest of the city, as residents fled for the suburbs. But now, seeing its potential, developers have started returning to the riverside area, bringing with it new amenities and residencies, retailers and restaurants.
Median 1-BR rent: $1,150
Median 2-BR rent: $1,100
Walk score: 70/100
Since 1896, Hyde Park has sought to provide residents with a quiet place to call home. It’s done just that, while providing a well-balanced mix of nature-driven and architectural respite, too.
At the heart of this best neighborhood in Cincinnati is the Square, a well-manicured lawn perfect for sitting under the shady trees to enjoy the weather, rest after browsing local shops or eateries or meet up with friends.
Median 1-BR rent: $1,100
Median 2-BR rent: $1,725
Walk score: 66/100
If you dream of a chill neighborhood with a view overlooking the city and the Ohio River, Mount Adams is what you’ve been looking for! Located on a hilltop for peak visibility, Mount Adams is the perfect mix between San Francisco and a European village.
As one of the more upscale areas, doctors, lawyers and young professionals tend to call this place home. But don’t let that fool you. While it’s a quiet area throughout the week, these professionals and neighboring college students line the streets to enjoy the nightlife. With loads of different food options, residents’ palettes are rarely bored.
Close to Downtown, there’s also an outdoor amphitheater and Playhouse in the Park, where visitors can catch a play or performance throughout the year.
Median 1-BR rent: $1,254
Median 2-BR rent: N/A
Walk score: 54/100
Mount Lookout is a hilly, slightly ritzy neighborhood with incredible views. It’s home to the country’s oldest working telescope at the Cincinnati Observatory (National Historic Landmark) and has an incredible vineyard-turned-park that’s a fan-favorite among locals.
The area is also packed with great dining and café options, along with a beautiful town square lined with shops and businesses.
Median 1-BR rent: $1,081
Median 2-BR rent: $1,430
Walk score: 66/100
Northside is a quick 15-minute commute north of Downtown and has become quite the hipster hangout. With coffee houses, breweries and pubs to call home, it’s no wonder there’s such a Northside following, making this one of the best neighborhoods in Cincinnati.
The neighborhood is notably a safe space for LGBTQ+ members thanks to the presence of allies and supporters. With an annual 4th of July parade and other events, everyone can feel at home in Northside.
Median 1-BR rent: $955
Median 2-BR rent: $1,350
Walk score: 95/100
Located just north of Downtown, German immigrants tended to settle into this area back in the day. Having to cross the Miami and Erie Canal to get to work, residents started calling it “the Rhine,” like the river that runs through Germany. Thus, the neighborhood’s name, Over the Rhine, was born.
It’s hard to imagine now, but Over the Rhine was once seen as one of the most crime-infested and dangerous areas in the city. However, over the past decade, Cincinnati has been pouring money and investments into the area to revitalize it. These efforts have worked and many Cincinnatians say OTR is now one of the most interesting and eclectic neighborhoods the city has to offer.
Once the city funding came through, trendy bars, restaurants and shops started coming into the area. The new businesses and the community mainstays, like the 1878 Music Hall that hosts symphonies, operas and ballets, have made OTR a beloved Cincinnati staple.
Median 1-BR rent: $1,299
Median 2-BR rent: $1,510
Walk score: 52/100
Pendleton, located to the east of Over the Rhine, is often referred to as the arts district. Not only is the Pendleton Art Center located there, but many residents have livened up the area by bringing bright colors to their homes’ exteriors and businesses have followed suit, as there are ample murals all over local shops and restaurants.
Aside from art, there’s a great food scene, lots of things to keep kids busy and cafés and bars for the adults. The supportive neighborly vibes run deep in this bright, cheery area.
Median 1-BR rent: $849
Median 2-BR rent: $1,054
Walk score: 46/100
Pleasant Ridge is one of Cincinnati’s oldest neighborhoods, dating back to 1795. Now, it holds up its end of a storied past, as most of the businesses have been locally and independently owned for years and years, earning Cincinnati’s first Community Entertainment District title.
After a push to reinvigorate the area in the early 2000s, Pleasant Ridge has been basking in the rays of success and is still a trending neighborhood today. The charming town is colorful, too, as its business district has murals throughout.
Median 1-BR rent: $1,299
Median 2-BR rent: $1,510
Walk score: 52/100
Traditionally, South Fairmount has been an overlooked area. Most people wrote it off as hopeless. But with $100 million being funneled into the neighborhood, it’s quickly turning around.
Thanks to the Lick Run Greenway, a creek with wide sidewalks running alongside the water, South Fairmount is on the upswing. What was once dreary and gloomy, this area is getting a lot of attention from businesses and restaurants looking to capitalize on the new Greenway’s attention and it’s the perfect time to join in on the commotion.
Median 1-BR rent: $944
Median 2-BR rent: $1,124
Walk score: 67/100
Founded back in 1804, Walnut Hills is rich with history and culture. One house in the neighborhood was a stop for the Underground Railroad, thanks to its resident, author of “Uncle Tom’s Cabin,” Harriet Beecher Stowe. Her house is now a historic landmark and offers tours.
Just two miles from Downtown Cincinnati, Walnut Hills serves as an overflow area for top professionals and creatives alike. Home to Eden Park, Walnut Hills residents can enjoy a lovely scenic stroll scattered with fountains, sculptures and playgrounds, along with the Art Museum and Kohn Conservatory.
Median 1-BR rent: $736
Median 2-BR rent: $760
Walk score: 29/100
Westwood is the city’s biggest neighborhood and has been through quite a revolution over the past couple of years. It’s still in the process of its makeover and newer residents have been smart to jump aboard and join the team.
Residents tend to stick around and for good reason. They see real potential in the neighborhood and they’re willing to find out they were right. Westwood’s foodie scene has popped off. From pizza to delis to more adventurous options like Ethiopian food, just about anything you try in Westwood is something worth writing home about
Find the best Cincinnati neighborhood for you
If one of these neighborhoods sounds like your ideal future home, be sure to check out these apartments for rent in the best neighborhoods in Cincinnati.
The rent information included in this article is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent. as of November 2021 and is for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Quick answer: Yes, it’s possible for undocumented immigrants to get a mortgage loan. They face legal and financial obstacles that don’t stand in the way of other purchasers, but millions have done so successfully.
You don’t need to be a resident to own real estate in the United States. Many documented immigrants own homes. While it’s difficult to get accurate statistics about undocumented homeowners for a number of reasons, in 2014, the Migration Policy Institute estimated that around 3.4 million undocumented immigrants owned homes in the United States.
Keep reading to discover how your residency status impacts the home loan process. We’ll also highlight some important information you should know about your rights when applying for a mortgage.
In This Piece
How Residency Status Affects a Home Loan
Understand Your Rights
How to Get a Mortgage
How Residency Status Affects a Home Loan
Overall, residency status plays a significant role in determining the availability and terms of home loans for individuals in the United States.
Green Card Holders
Green card holders are permanent residents eligible for most types of mortgages available to U.S. citizens. This means they must provide proof of income, credit history and other financial documents to qualify for a home loan. In some cases, green card holders might face additional challenges during the home loan and purchase process. Those can include difficulty in obtaining mortgage insurance or a higher down payment requirement, which can vary based on the lender and the type of loan.
Refugees and Asylum Grantees
Refugees and asylum grantees are individuals granted legal status in the United States due to persecution or fear of persecution in their home countries. They may be eligible for certain types of mortgages. However, their ability to obtain a home loan might depend on their specific immigration status and financial circumstances. For example, refugees or asylum grantees who have been in the United States for less than 2 years might have a harder time getting a mortgage because many lenders require at least 2 years of residency to establish credit history.
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DACA
DACA recipients, or individuals who’ve been granted Deferred Action for Childhood Arrivals, are not eligible for most types of home loans. This is because they don’t have legal permanent residency status. However, some lenders may offer alternative financing options or assistance programs specifically designed for DACA recipients and other undocumented immigrants.
Additionally, DACA recipients who have obtained an Employment Authorization Document and can demonstrate a stable income and credit history may be able to get a mortgage under certain circumstances.
Understand Your Rights
The Fair Housing Act prohibits discrimination in housing based on race, color, national origin, religion, sex, familial status or disability. Immigrants, including those who aren’t U.S. citizens or permanent residents, are protected under the FHA and have the same rights as other individuals.
That includes:
The right to rent or purchase housing without discrimination based on national origin
The right to be treated the same as U.S. citizens or permanent residents in all aspects of the housing process, including advertising, application, screening and approval
The right to request reasonable accommodations in housing, such as modifications to the physical structure of a home or changes to policies or procedures, if disabled
If you believe you’re being discriminated against during the home loan, home buying or other housing process, you should report it.
How to Get a Mortgage as an Undocumented Immigrant
Undocumented immigrants aren’t usually able to qualify for mortgages through traditional services, such as those backed by Fannie Mae and Freddie Mac. However, individuals with an ITIN may be able to get approved for special loans from private lenders. An ITIN (Individual Taxpayer Identification Number) is a unique identifier the IRS uses to process tax returns and payments for those that do not have or do not qualify for a social security number.
Apply for an ITIN
The first step is to apply for an ITIN, or Individual Taxpayer Identification Number. You do this by completing Form W-7 via mail, in person at an IRS-authorized agent or in person at an IRS Taxpayer Assistance Center.
Save for a Down Payment
Because undocumented immigrants can’t usually qualify for federally backed loans, such as those through the FHA, they probably won’t qualify for mortgages with low down payment requirements. Private lenders may require down payments as much as 20% or even 30%. If an undocumented immigrant wants to buy a home, they should start saving as soon as possible. That might mean paying down other debt first.
Get Documentation Ready
In addition to the ITIN, undocumented immigrants will have to provide information to help qualify them for a private home loan. That information can include:
Proof of income, such as recent pay stubs, tax returns or other financial documents
Information about credit history, including any outstanding debts, loans or credit accounts
Recent bank statements that show account balances and transaction history
Identification documents, such as passports or government-issued IDs
Proof of residency status, such as a lease agreement or utility bill in the person’s name
Proof of employment or self-employment, such as a letter from an employer or recent tax returns
Apply for an ITIN Mortgage
Once you have an ITIN, a down payment and all the necessary documentation, you can apply for an ITIN mortgage. Start by browsing the mortgage options in the Credit.com marketplace.
In our latest real estate tech entrepreneur interview, we’re speaking with Vin Vomero from Foxy AI.
Who are you, and what do you do?
Vin Vomero, founder and CEO of Foxy AI. I am a former real estate developer turned tech entrepreneur.
When an appraisal came in lower than expected, I began to research other ways of valuing property. That’s when I came across Automated Valuation Models (AVM), think Zillows Zestimate. I learned that one of the main drawbacks to an AVM, which leads to inaccuracies in value, is they don’t take into account the condition of the property. I had an “Aha” moment. I could use neural networks to turn property photos into data on the condition of a property and improve the accuracy of an AVM.
Ultimately this idea grew into a grand vision to fill a gap in missing information for the real estate market. They say “A picture is worth a thousand words,” and yet until now, we didn’t have a way to extract this data from the picture. Foxy AI builds Visual Property Intelligence tools to unlock the hidden value of real estate photos.
What problem does your product/service solve?
Real estate professionals have been making critical decisions missing essential visual property information. Using Foxy AI’s Visual Property Intelligence tools, you can increase efficiency, generate new insights, and sharpen the accuracy of Automated Valuation Models (AVM).
We have made our tools available to everyone, and as a result, many problems are being solved by a wide variety of companies. From valuation modelers and appraisers to listing aggregators, data aggregators, investors, and mortgage field service providers, they each have their own exciting and unique use cases for our tools.
The most popular tool is our condition scoring application. Countless hours are wasted, and untold amounts of money are left on the table because we could not accurately and consistently determine the condition of the property. Now, using artificial intelligence, we have the ability to assess the condition of the property automatically, at scale, using property photos.
What are you most excited about right now?
As we make new partnerships to set ourselves up for growth in 2020, what excites me most is working with our customers to collaborate on new tools and features. We are heavily focused on relationship building for the long term.
Recently, our intern put together a fun Chrome extension that allows users of Redfin to score the condition of a property they are viewing. This helps the average consumer objectively compare properties while browsing Redfin. You can even compare the condition of your own house to those of your neighbors!
This tool is available for free on the Chrome store.
What’s next for you?
As the summer winds down, I will begin to shift my focus to 2020. We have big plans to grow our team, revenue, and product. During this time it’s important to remember the basics: Delivering on your promises, remaining flexible, being prompt, and providing the best service possible. This is what keeps customers on board.
Additionally, our product pipeline for 2020 is strong. We have several new products in the works that will provide insights into real estate that were never before possible.
What’s a cause you’re passionate about and why?
I have been volunteering with The Marty Lyons Foundation with my family since before I can remember. The Marty Lyons Foundation fulfills the special wishes of children who have been diagnosed as having a terminal or life-threatening illness by providing and arranging wish requests. The MLF is an outstanding organization to be a part of, and Marty is a great man and a true friend. This dedication to service is an integral part of the culture at Foxy AI, where we continue to volunteer today.
Thanks to Vin for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).
One creator is sharing what she claims is “the best hack” for home decor.
On Aug. 21, Alyssa Collins (@lyssielooloo), a 27-year-old creator in San Diego, took to TikTok to share a user-friendly method for envisioning what an item looks like in your space before buying it.
“OK, I truly hate to be braggadocious, but I feel like I have the best hack ever for home decor, if you see something online that you really like but you don’t know how it would look in your house,” Collins begins. “It’s called ‘The Power of Copy and Paste.’”
Collins says that when she first shows people how to do it, they “are seriously flabbergasted.” She then demonstrates this “power,” using an iPhone photo she took of her kitchen, after debating for a while whether she should purchase a runner for it.
What’s ‘The Power of Copy and Paste’?
“So I’ve been browsing Facebook Marketplace, and I come across this beauty. And I’m like, ‘Hmm, I have no idea if that would look good with my kitchen colors,” Collins explains, describing a “vintage Turkish runner” she found for $185. “So I just save the photo off of Facebook Marketplace, and then I press and hold on the rug, click copy. And then I bring a photo of my kitchen into the Instagram app, and I press paste.”
As she looks at the finished mock-up, Collins says, “Tell me that doesn’t look realistic. And now I know exactly what the runner would look like in my kitchen.”
Collins then uses the same method to see how a set of lilac curtains from Urban Outfitters would work.
“Copy, paste ’em. I gotta get them. They’re so cute,” she says. “But, yeah, I’ve done this for pretty much every single item in my entire house. And trust me when I say the mockups look very realistic to how they actually look.”
‘Had to watch this twice to really cement how to do it’
Based on Collins’s comment section, many users appear to be impressed with her simple-to-use hack. Other creators with a background in interior design have shared additional tips on how to ensure that the item actually fits correctly in the space.
“Bragadocious is in my vocabulary now,” @chelseymun_ wrote.
“As an interior designer….make sure you scale it correctly!!! Measure twice buy once!” @savscov cautioned.
“Had to watch this twice to really cement how to do it,” @its.indigogo wrote, to which Collins replied, “It starts to become muscle memory after a wee bit.”
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“If you’re Filipino, you know what’s in my brain right now.”
Asian Americans on TikTok are discussing their experiences as token members of “toxic,” predominantly East Asian friend groups.
One woman was blocked by Vinny Guadagnino of “Jersey Shore” after criticizing his barber.
Ruby Franke, the mom behind the family YouTube channel 8 Passengers, was arrested on Aug. 30 under suspicion of two counts of aggravated child abuse.
Buying a home is a big deal, both emotionally and financially. For many people, homeownership is still an essential part of the American dream. And, of course, it’s the biggest investment some will ever make. With the median price of a house hitting $428,700 in mid-2022 (ka-ching), it’s not a purchase to be made lightly.
If you’re buying a home for the first time, you may expect it to be the same as those quick, fun-and-done experiences portrayed on reality TV shows. In truth, however, it’s a process with a steep learning curve and many moving parts, from figuring out your home-shopping budget to satisfying your final mortgage contingencies. There can be minor hiccups as well as major missteps along the way.
That’s where this article comes in. It will educate you about the six most common first-time homebuyer mistakes and help you avoid them, including:
• Not knowing how much house you can afford
• Not shopping around for the best mortgage rate
• Waiving an inspection because you’ve found your dream house.
First-Time Homebuyer Mistakes to Avoid
You’ve new to this homebuying business, so it’s worthwhile to educate yourself a bit about a few of the key moves to make the process go smoothly. Here, we’ll highlight the steps required for first-time homebuyers and help you avoid some common mistakes when buying a house.
1. Not Getting Your Mortgage Paperwork Moving
Before you start browsing online listings or get your heart set on a certain neighborhood, it might be a good idea to contact a lender (or, better yet, lenders) to show sellers that you are loan-worthy. If you don’t get your mortgage pre-qualification or even a pre-approval started, you’re unlikely to impress sellers as a serious bidder worth their consideration. You might just look like a person who enjoys poking around open houses for design ideas.
Nip that in the bud as follows:
• Pre-qualification: You’ll provide basic information about your debt, income, assets, etc., and they will run a credit check and can give you an idea of how much you can borrow.
• They will also share information on different types of loans — such as fixed-rate vs. variable-rate and 30-year vs. 15-year term — so you can see what best suits your financial situation and goals.
Remember, though: Mortgage pre-qualification isn’t a commitment for the lender or buyer — it’s just a first step. If you appear to meet a lender’s standards, you could move on to the pre-approval stage.
• Pre-approval: This involves submitting additional income and asset documentation for a more in-depth review of your finances.
• Once the lender approves these aspects of your loan application, you’ll receive a conditional commitment for a designated loan amount — called a pre-approval letter — and have a better idea of what your loan terms will be.
• Mortgage pre-approval can help demonstrate to sellers that you’ve completed the first step in getting a mortgage because your credit, income, and assets have already been reviewed by an underwriter. This can smooth the bidding process and could give you an edge over others in a competitive situation with multiple offers.
2. Not Checking Out First-Time Homebuyer Programs
It’s wise to shop around for a few different mortgage quotes, but it can be a rookie mistake to overlook some great, government-sponsored programs that make homebuying more affordable. These include:
• insurance (PMI), along with lower closing costs and a low interest rate.
• FHA Loans : These mortgages are designed for those with low to moderate incomes. They typically offer low down-payment requirements, low interest rates, and the ability to get approval even if you have a fair credit score.
• USDA Loans : These provide affordable mortgages to those with a lower income who are planning on buying a home in a qualifying rural area.
• VA Loans : These mortgages help those on active military duty, veterans, and eligible surviving spouses become homeowners. If you can check one of those boxes, you may be eligible for a home loan with no down payment and no private mortgage.
3. Not Being Realistic About What You Can Afford
Once you know more about your mortgage pre-qualification, you can avoid the homebuying mistake of not knowing your home buying budget. The lender you choose will tell you the maximum amount you’re approved to borrow for a home, but you don’t have to use every penny of that money.
It’s important to keep other factors in mind as you determine the top price you’ll pay for your first home. If you don’t have your pricing guardrails in place, you could wind up overbidding and winding up with a too tight budget. Here, some ways set your sights realistically:
• Ask yourself if your projected mortgage payment will fit comfortably into your monthly budget. You may have to make some tradeoffs — less travel, shopping, or dining out — if your new payment is higher than your current rent or loan payment, which you can figure out with a mortgage calculator.
• Keep in mind that your mortgage probably isn’t the only new expense you’ll have to cover. If you’re buying a bigger place than your current rental, you will likely pay more for utilities. If the home has a lawn or pool, you might have to maintain them or pay someone else to do it. Or you may have a homeowner association (HOA) fee. Add those costs, gleaned from online sources and/or open houses, to your projected monthly budget (you can make a budget in Excel, use paper and pencil, or work with an app).
• You’ll also have to account for the cost of homeowner’s insurance and paying your property taxes. You can get some idea of what those costs will be by searching online. There are insurance calculators, and most home listings give you the annual property taxes.
By doing the math, you’ll make sure you are ready to keep up with the monthly flow of expenses without dipping into savings or taking on credit card debt.
First-time homebuyers can prequalify for a SoFi mortgage loan, with as little as 3% down.
4. Digging Too Deep for a Down Payment
In their eagerness to become homeowners, many first-time buyers make the mistake of going overboard and directing every bit of money they have to the purchase.
If you have to drain your emergency savings to manage the down payment on a home, you might want to dial down the amount or wait and save up a bit more. Consider what could happen if the home needs a costly repair or, worse, if you or someone in your family suddenly has an expensive medical bill. That’s a good example of when to use an emergency fund.
The same thing holds for taking money from your retirement savings. The IRS allows first-time homebuyers (which the IRS defines as not owning a primary residence in the past two years) to withdraw money from an IRA penalty-free . But this is capped at $10,000, and you’ll still pay federal and state income taxes on the money — and lose out on the growth you’d possibly have if you left those funds alone.
If you have a 401(k), you could take a loan against those funds, but again, there are consequences. There may be a provision in your plan that prohibits you from making additional contributions until the loan balance is repaid, so you’ll miss out on any growth, and you may be required to pay back the loan immediately if you quit or lose your job. If that happens, the money you borrowed will become fully taxable and may be subject to a 10% early withdrawal penalty.
There are benefits to putting 20% down on a home: You’ll avoid paying private mortgage insurance (PMI) and your monthly payments will be lower. But 20% isn’t required. For example, the minimum down payment required for a conventional loan is 3%, and for an FHA loan, it’s 3.5%. According to the National Association of Realtors, first-time buyers typically put down 7% of a home’s price in 2021.
With all the other costs you could be looking at as you move into a home — closing costs, utility deposits, moving expenses, decorating, and more — your down payment amount is something to consider if you want to avoid getting in over your head.
5. Passing on a Full Inspection
It may be tempting to waive the home inspection when you’re trying to buy the home of your dreams — especially if you have some stiff competition to be the winning bidder for an in-demand property.
Sorry to say, this is a risky strategy. A home inspection might reveal critical information about the condition of a home and its systems, from electrical problems to hidden mold; from a failing septic system to a leaky roof. What you learn in an inspection could reveal that your dream home is actually a money pit.
What’s more, your inspection report might serve as a useful negotiating tool: You could use it to ask for repairs or to work out a better price from the seller. And if you really aren’t happy with the inspection results, you may be able to use it to cancel the offer to buy.
💡 Recommended: 7 Important Factors That Affect Property Value
6. Letting Your Emotions Get The Better of You
Homebuying can be a roller coaster, so it’s important to prepare yourself psychologically as well as financially. If you’ve ever talked to someone buying a house, you know there are potential pitfalls all through the purchasing process.
You might fall in love with the perfect house and find it’s way over your budget. You might get annoyed with the sellers or their Realtor, especially during the negotiation process. You might disagree with your spouse or a co-buyer about priorities.
All of these scenarios can cause a person to behave emotionally. It might make you want to walk away from a great deal. It might lead you to barrel ahead with a purchase, even when warning lights are flashing.
How to avoid such mistakes when buying a house? By recognizing that this will be a challenging and at times stressful process (especially because you are new to it), you can proceed more calmly. Find tools that help you move ahead with patience and a sense of calm, best as you can. With your eye on the prize — namely, your first home — you’ll get there.
💡 Recommended: 31 Ways to Save for a Home
The Takeaway
Buying a home for the first time is an exciting moment, but one that takes some time and care to make sure you avoid rookie mistakes. You’ll want to do due diligence, not skip steps, or get carried away by emotion.
When you’re ready to line up your financing, the loan terms you get could be nearly as significant as your home’s location in terms of long-term satisfaction.
When shopping for a mortgage, you may want to compare different interest rates, the length of the loan, and other factors that make one lender a better fit than another.
With a SoFi mortgage loan, for example, the pre-qualification process is super simple, and our loans have competitive rates. What’s more, qualifying first-time homebuyers can put down as little as 3%, and work with our Mortgage Loan Officers who can coach you through the required steps.
If you’re thinking about buying a home, see what a SoFi mortgage could do for you.
SoFi Mortgages Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
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Graduating high school and attending college are milestone achievements for students and their families. Getting to this stage requires hard work, financial planning, and communication between parents and their children.
If you’re hoping that your child will go to college after high school, talking about college well before they get to senior year can better prepare them for success.
There is no one-size-fits-all approach to getting ready for college, and the same goes for college conversation starters. Here are some tips and strategies to consider as you prepare to have the college talk with your child.
When is it too Early to Talk about College?
Putting off the college talk is generally a greater concern than starting too early. While kids are young, you can begin planting seeds in everyday conversation about college and careers. Consider taking a gradual approach. This can give your child time and space to come forward with their own thoughts to create a college conversation rather than a college lecture. 💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.
When is it too Late to Talk about College?
There isn’t a definitive best time to start talking about college, but waiting too long could put your child at a disadvantage.
Many college admissions offices evaluate every year of high school to calculate a student’s grade point average (GPA) and academic performance. While junior year can be given greater weight, a bad grade in algebra as a freshman doesn’t disappear either. For this reason, the transition from middle school to high school can be an opportune time to begin talking about college.
While the academic side is important to emphasize, an overly direct approach could potentially stifle the college talk. Starting early can help you build a better foundation to discuss the more difficult and stressful parts of preparing for college.
Do Your Own Homework on the College Process
As a parent or guardian, doing some initial research can inform you on the nuts and bolts of the college process and show your child that you are supportive of their education. It’s no surprise that college is expensive, but there are options to make college more affordable.
First off, you may want to gauge how much financial aid your family could qualify for with the government’s Federal Student Aid Estimator . This tool provides a free estimate of federal aid eligibility, including work-study, grants, and federal student loans.
There has been a growing call for waiving standardized tests for college admission, but most schools still require SAT or ACT scores for admission. Not every family is in the position to pay for tutors and prep classes, but it is worth noting that students can take these tests multiple times to improve their scores.
Through a process called “superscoring,” some colleges accept a student’s best section-level scores for math and evidence-based reading, even if they are from different test dates.
Some other useful tidbits to be aware of as you start the college conversation include:
• College application fees: The cost varies by institution. The average application fee runs around $45, though some schools charge as much as $100 to apply. However, applicants could qualify for a waiver if they meet certain criteria for financial need. • In-state vs. out-of-state tuition cost: Each state has its own public university system that is partially funded by taxpayer money. Therefore, the base tuition cost for in-state residents is less than out-of-state students, though this does not account for potential scholarships and financial aid. Students attending out-of-state public universities typically pay more for tuition than in-state residents, though the cost may still be less than attending a private college. • Local scholarship opportunities: Community organizations, nonprofits, and businesses may offer scholarships specifically to graduates of your child’s high school or within your community. Criteria varies, but common elements might include academic merit, leadership, and financial need.
Now let’s move on to some helpful college conversation starters.
We are here to help you pay for school
Asking About Their Goals, Dreams, and Worries
Adolescence is a journey in self-discovery, but also insecurity and social pressure. In addition to your child’s future aspirations, acknowledge that they may have doubts and worries about attending college or moving away from home. Simply listening and showing your support is a good start to moving forward with the college talk.
On a lighter note, your child doesn’t need to have it all figured out by the time they decide to enroll in college. Some students do not declare a major until a few semesters into college. This means they can take a variety of classes before making a final decision for their degree.
Still, there are hundreds of college majors to consider, and not all colleges have the same offerings, so narrowing it down a little beforehand can help your child find a college that fits their needs and graduate on time.
Attending a local college with friends may be really important to your child, or they may be dead set on a specialized subject only offered at a handful of colleges. Either way, there is still plenty to discuss for their future plans.
Recommended: College vs University: What’s the Difference?
Attending College and Career Events Together
Many high schools host career and college fairs throughout the academic year. Often, these events are marketed towards juniors and seniors who are approaching application deadlines and graduation. If your student is a freshman or sophomore in high school, these fairs can provide a convenient opportunity to start browsing their options without the pressure of applying yet.
Having the confidence to speak with college admissions recruiters at these events is not only great practice, but can gain application fee waivers and insight into scholarships and other opportunities.
Similarly, colleges organize open house events and tours for prospective students and their families throughout the year. Starting with an unofficial tour of a nearby college campus can be a low-stakes introduction.
Incorporating college visits and tours into a family vacation is another way to test the waters of living and studying away from home.
Recommended: College Planning Guide for Parents of High School Students
Sharing Your Own Experiences
Sharing personal experiences from college can be a natural way to broach the subject, as well as connect with your child on a more peer-to-peer level.
Your child may be surprised to learn which friends you made in college that they’ve known since birth. There are a lot of practical and logistical topics to cover during the college conversation, so this is a chance to bond over more personal stories.
If you didn’t have the opportunity to attend college, that’s okay too. Letting your child know that college is a possibility for them is what matters.
Asking friends who attended college or whose children are in college for advice could offer some insight.
Also, inviting a trusted family member or friend to join the college talk with you and your child is another way to continue the conversation in a caring environment. If your child will be a first-generation college student, keep in mind that they may be eligible for specific types of programs and scholarships.
Letting Them Know Your Financial Plan
Your child may be more intuitive than you think. If you haven’t brought up the matter of paying for college yet, they may assume their education options are more limited than the reality.
Talking about money with your children may feel awkward, but college isn’t cheap, and paying for it is a critical piece of the equation for selecting a school that is right for them.
You don’t have to get too deep in the weeds, but discussing payment options can help put your child at ease. Fortunately, there are several ways to pay for college, such as scholarships, grants, and student loans.
Grants and scholarships generally do not require repayment and are used for education and associated expenses. Both can be awarded through financial aid packages or nonprofit and community organizations.
Additionally, scholarships can be awarded by colleges directly or through a competitive application process. Learning about these opportunities early on could better prepare your child for receiving scholarships and grants.
When approaching student loans, an important piece to convey to your child is the impact of interest. With an unsubsidized federal student loan, interest starts to accrue when the loan is disbursed, and continues accruing until the loan is paid back.
With subsidized federal student loans, the interest is covered by the government while the student is in school at least half time and through a six-month grace period after the student leaves school. With either type of federal loan, you don’t need to begin repayment until six months after graduation.
Generally, interest will also start accruing immediately with private student loans. However, the terms on private student loans vary by lender, so confirm with the loan servicer to be sure. Some private lenders also allow students to defer making any payments until six months after graduation.
Paying off loans ahead of schedule could result in a lower total repayment amount, but consult with your loan provider to be sure. For more information, take a look at this primer on student loans.
This can also be the time to have a candid conversation about getting a summer job and pitching in to save for college. 💡 Quick Tip: Federal student loans carry an origination or processing fee (1.057% for Direct Subsididized and Unsubsidized loans first disbursed from Oct. 1, 2020, through Oct. 1, 2024). The fee is subtracted from your loan amount, which is why the amount disbursed is less than the amount you borrowed. That said, some private student loan lenders don’t charge an origination fee.
Paying for College
Federal student loans, scholarships, grants, and work-study programs may be sufficient to fund all or at least a portion of your child’s education.
However, some students take out private student loans to pay for their education and associated living expenses, when federal aid and savings aren’t enough to cover the costs.
Alternatively, college parents can borrow loans to support their child’s education expenses. The federal government’s PLUS loans program for parents is one option to consider. Private lenders also offer parent student loans with potentially lower interest rates.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
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.