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Apache is functioning normally

June 8, 2023 by Brett Tams

Lately, there’s been a lot of talk about buying now and refinancing later, once mortgage rates drop.

Of course, that’s if mortgage rates do indeed fall at some point in the near-future.

There’s no guarantee they will, but if inflation does settle down, we could see a return to more reasonable interest rates before long.

And that would support the marry the house, date the rate supporters, who believe it’s better to buy now while rates are high.

After all, if rates drop again, competition to buy a home could heat up fast.

Enter the Navy Federal No-Refi Rate Drop

While there’s logic to buying now and refinancing later, it still involves a pesky mortgage refinance.

And even if rates are lower, there are downsides to refinancing. For one, it’s time-consuming and paperwork-intensive.

There are also closing costs involved, stress, and of course you need to qualify for the thing. That’s never a guarantee if your situation changes. Or if home prices fall, etc.

To alleviate some of this concern, select lenders have been offering to waive fees on subsequent refinances if you use them for a home purchase loan.

But this still requires the borrower to go through the entire home loan process a second time. Not fun.

That’s where Navy Federal Credit Union’s  “No-Refi Rate Drop” comes in. They’ve taken both the big cost and hassle out of it.

As the name implies, you can refinance your high-interest rate mortgage into a lower-rate mortgage without refinancing.

That way you can take advantage of lower mortgage rates without all the hoops and hurdles, and the closing costs.

And it seems super easy, with apparently only one document to sign.

How It Works

If you buy a home and use Navy Federal to get your mortgage, keep an eye out for lower mortgage rates.

After six consecutive monthly payments, you can take advantage of their No-Refi Rate Drop if they fall by at least 0.25% versus your existing rate.

For example, if your current interest rate is 7%, and rates fall to 6.75%, you could take advantage.

Aside from needing to make six payments, you also must be current on your loan with no more than one 30-day late payment within six months of the rate drop request.

Additionally, your loan must be a Homebuyers Choice, Military Choice, or 15- or 30-year jumbo fixed-rate loan.

Note that cash-out refinances are not eligible for the no-refi rate-drop option, nor are adjustable-rate mortgages.

Assuming you fit that criteria, and rates drops enough, all you have to do is call them to start the process. If eligible, they’ll send you a single document to sign within five business days.

Simply return that signed form and a $250 payment and your new lower rate will take effect within 30-60 days.

They say you’re guaranteed to get the mortgage rate that is offered on the day you call in, similar to a traditional mortgage rate lock.

So it doesn’t matter if rates increase while they process your application.

What’s more, you’re able to lower your rate multiple times during the loan term as long as you are eligible and pay the $250 fee each time.

Another perk is your loan term will stay the same. So if you make the request two years into a 30-year loan term, you’ll still have 28 years remaining.

It won’t increase the loan term like a standard refinance could.

Is the No-Refi Rate Drop a Good Deal?

As always with promotions like these, you have to use the company now for the promise of future, potential savings.

In other words, you won’t get to take advantage of No-Refi Rate Drop if you don’t use Navy Federal initially.

That means you need to compare loan rates and fees with Navy Federal versus other options.

If you plan to use them regardless, it’s an added perk that may or may not come to fruition.

If you’re deciding between them and other lenders, you need to consider if this potential benefit tips in their favor.

Of course, mortgage rates may not fall in the future, there’s no guarantee that they will.

But if they do, the mere $250 fee to lower your rate 0.25% or more sounds like a pretty good value.

Not just from a monetary standpoint, but the time savings as well.

Read more: Can you lower your mortgage rate without refinancing?

Source: thetruthaboutmortgage.com

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Apache is functioning normally

June 8, 2023 by Brett Tams

Back in the day, if you wanted a loan to pay off your car or credit cards, you’d go to a bank or a credit union, sit down with a loan officer, and wait for them to tell you yes or no as they “crunched the numbers.”

But now peer-to-peer (P2P) lending has come onto the market, offering loans to borrowers directly from individuals — and usually carrying more favorable terms for those without a great credit profile. Borrowers can access up to $50,000 (or more) from lenders, with fixed term repayment scheduled and reasonable interest rates. Investors can also become lenders on P2P platforms, earning interest collected on loans as a passive form of investment income.

Let’s break down some of the best peer-to-peer lending sites for both borrowers and investors, so you can determine which option is best for you.

What’s Ahead:

Overview of the best peer-to-peer lending sites

  • Best for those with high credit scores: Prosper
  • Best for crypto-backed loans: BlockFi
  • Best for young people: Upstart
  • Best for a payday loan alternative: SoLo Funds
  • Best for small businesses: FundingCircle
  • Best for first-time borrowers: Kiva

Prosper: Best for those with high credit scores

Prosper 210

  • APR: 6.99% to 35.99%
  • Term: 2 to 5 years

Prosper is the OG peer-to-peer lender in the market. It was founded in 2005 as the very first peer-to-peer lending marketplace in the U.S. According to their website, they’ve coordinated over $22 billion in loans.

Borrowing with Prosper

If you’re a borrower, you can get personal loans up to $50,000 with a fixed rate and a fixed term from two to five years in length. Your monthly payment is fixed for the duration of the loan. There are no prepayment penalties, either, so if you can pay it off early, you won’t be penalized.

You can get an instant look at what your rate would be and, once approved, the money gets deposited directly into your bank account.

Investing with Prosper

As an investor, you have many options on loans to choose from. There are seven different “risk” categories that you can select from, each with their own estimated return and level of risk. Here’s a look at the risk levels and the estimated potential loss, according to Prosper:

  • AA – 0.00 – 1.99%
  • A – 2.00 – 3.99%
  • B – 4.00 – 5.99%
  • C – 6.00 – 8.99%
  • D – 9.00 – 11.99%
  • E – 12.00 – 14.99%
  • HR (High Risk) – ≥ 15.00%

As you can see, the lower the letter, the greater the risk of default, hence a higher estimated potential loss. With just a $25 minimum investment, you can spread your risk out across all seven categories to provide your portfolio some balance.

The borrowers that you’re lending to are also above U.S. averages regarding their FICO score and average annual income.

Learn more about Prosper or read our full review.

BlockFi: Best for crypto-backed loans

  • APR: 4.5% – 9.75%
  • Term: 12 months

BlockFi is a popular crypto lending platform that offers crypto-backed loans to borrowers and pays out interest to lenders. BlockFi offers instant loans and requires no credit checks for borrowers. All loans are collateralized, meaning borrowers will need to lock in their crypto to borrow against it.

Borrowing with BlockFi

If you’re a borrower, you can get a crypto loan for up to 50% of the value of your crypto, with rates ranging from 4.5% to 9.75% APR, depending on the amount of collateral. Payments are made monthly and are fixed for the duration of the loan.

Interest rates are determined by the amount of collateral deposited and the loan-to-value (LTV) of the overall loan. There is a 2% origination fee on all loans.

  • Loan rate – 9.75% (50% LTV)
  • Loan rate – 7.9% (35% LTV)
  • Loan rate – 4.5% (20% LTV)

Bitcoin (BTC), Ether (ETH), Paxos Gold (PAXG), or Litecoin (LTC) can be used as collateral for the loan, and can be liquidated if the LTV goes above the original LTV of the loan.

Investing with BlockFi

BlockFi offers interest accounts for users who deposit crypto. The funds are used for crypto lending, and interest is paid out in the native crypto deposited. Interest rates vary by cryptocurrency, and range from 0.10% APY up to 7.50% APY. Stablecoins (such as USDC) pay out the highest rates.

Crypto interest accounts are not available to U.S. investors, as BlockFi was sued by the SEC for violating securities laws.

Read our full review.

BlockFi Bankruptcy Notice -On November 10, 2022, BlockFi announced that it had to suspend withdrawals from its platform due to the FTX liquidity crisis. As a result, consumers should not be using the BlockFi platform. As of November 28, 2022, BlockFi officially declared bankruptcy.

Upstart: Best for young people

Upstart 210

  • APR: 5.6% – 35.99%
  • Term: 3 or 5 years

Upstart is an innovative peer-to-peer lending company that was founded by three ex-Google employees. In addition to being a P2P lending platform, they’ve also created intuitive software for banks and financial institutions.

What’s unique about Upstart is the way they determine risk. Where most creditors will look at a lender’s FICO score, Upstart has created a system that uses AI/ML (artificial intelligence/machine learning) to assess the risk of a borrower. This has led to significantly lower loss rates than some of its peer companies. Combine that with an excellent TrustPilot rating, and this company is certainly making waves in the P2P marketplace.

Borrowing with Upstart

Borrowers can get loans from $1,000 up to $50,000 with rates as low as 5.6%. Terms are either three or five years, but there’s no prepayment penalty.

Using their AI/ML technology, Upstart looks at not only your FICO score and years of credit history, but also factors in your education, area of study, and job history before determining your creditworthiness. Their site claims that their borrowers save an estimated 43% compared to other credit card rates.

Investing with Upstart

Investing with Upstart is also pretty intuitive. Unlike other P2P platforms, you can set up a self-directed IRA using the investments from peer-to-peer lending. This is a unique feature that many investors should be attracted to.

Like other platforms, you can set up automated investing by choosing a specific strategy and automatically depositing funds.

Upstart claims to have tripled their growth in the last three years due heavily to their proprietary underwriting model, so it might be worth a shot to consider this option.

Learn more about Upstart or read our Upstart review.

SoLo Funds: Best for a payday loan alternative

  • APR: 0% (tipping optional)
  • Term: Up to 35 days

SoLo Funds is a peer-to-peer platform that functions as a short-term lender, similar to payday loans. With term lengths only lasting for up to 35 days, loans must be paid back in a narrow timeframe. But instead of charging fees, borrowers can leave an optional tip instead.

SoLo Funds is an affordable option for clients who are in a pinch and need an advance on payday, but there are hefty fees if loans are not paid back within 35 days. Users will need to pay a 10% penalty plus a third-party transaction fee if late.

Borrowing with SoLo Funds

Borrowers can take out loans up to $575 for a maximum of 35 days. Loans do not charge fees, but allow borrowers to select an optional tip amount to lenders.

Loan applications only take a few minutes, and while most loans post within a few days, some may be instantly approved, offering same-day funding with money transferred to borrowers within a few hours.

Loans must be paid back in full within 35 days, or there is a 10% penalty plus other transaction fees. There is no option to roll the loan over.

Investing with SoLo Funds

Lending is fairly straightforward, with a simple sign-up process and no pre-qualifications needed. Since the loans are smaller amounts (up to $575), there are no minimums required for lending.

SoLo Funds has a marketplace of loan requests from borrowers, with details specified on each. Each loan request shows the amount needed plus the tip given by the borrower for the loan. Each borrower also has a SoLo Score, on a scale from 40 to 99, with higher scores showing more “worthiness” for paying back a loan. Loans can go into default, and if needed, to collections through a third party. There is a risk of total loss with SoLo Funds investing, though the platform does offer insurance against loss for a fee.

Learn more about SoLo Funds.

FundingCircle: Best for small businesses

Best Peer-To-Peer Lending Sites For Borrowers And Investors REWRITE - FundingCircle

  • APR: 11.29% to 30.12%
  • Term: 6 months to 7 years

FundingCircle is a small business peer-to-peer platform. The company was founded with the goal of helping small business owners reach their dreams by providing them the funds necessary to grow.

So far, they’ve helped 130,000 small businesses across the world through investment funds by 71,000 investors across the globe. FundingCircle is different in that it focuses on more substantial dollar amounts for companies that are ready for massive growth. They also have an excellent TrustPilot rating.

Borrowing with FundingCircle

As a borrower, the minimum loan is $25,000 and can go all the way up to $500,000. Rates come as low as 5.99%, and terms can be anywhere from six months to seven years. There are no prepayment penalties, and you can use the funds however you deem necessary — as long as they are for your business.

You will pay an origination fee, but unlike other small business loans, funding is much quicker (you can be fully funded as quickly as 1 business day).

Investing with FundingCircle

As an investor, you’ll need to shell out a minimum of $25,000. If that didn’t knock you out of the race, then read on.

According to FundingCircle, you’ll “Invest in American small businesses (not start-ups) that have established operating history, cash flow, and a strategic plan for growth.” While the risk is still there, you’re funding established businesses looking for extra growth.

You can manage your investments and pick individual loans or set up an automated strategy, similar to Betterment, where you’ll set your investment criteria and get a portfolio designed for you.

Learn more about FundingCircle.

Kiva: Best for first-time borrowers

Best Peer-To-Peer Lending Sites For Borrowers And Investors REWRITE - Kiva

  • APR: 0%
  • Term: Up to 3 years

If you want to do some good in the world, you’ll find an entirely different experience in P2P with Kiva. Kiva is a San Francisco-based non-profit that helps people across the world fund their businesses at no interest. They were founded in 2005 with a “mission to connect people through lending to alleviate poverty.”

Borrowing with Kiva

If you’d like to borrow money to grow your business, you can get up to $15,000 with no interest. That’s right, no interest. After making an application and getting pre-qualified, you’ll have the option to invite friends and family to lend to you.

During that same time, you can take your loan public by making your loan visible to over 1.6 million people across the world. Like Kickstarter, you’ll tell a story about yourself and your business, and why you need the money. People can then contribute to your cause until your loan is 100% funded. After that, you can use the funds for business purposes and work on repaying your loan with terms up to three years.

Investing with Kiva

As a lender, you can choose to lend money to people in a variety of categories, including loans for single parents, people in conflict zones, or businesses that focus on food or health. Kiva has various filters set up so you can narrow down exactly the type of person and business you want to lend your money to. You can lend as little as $25, and remember, you won’t get anything but satisfaction in return — there’s no interest.

You can pick from a variety of loans and add them to your “basket,” then check out with one simple process. You’ll then receive payments over time, based on the repayment schedule chosen by the borrower and their ability to repay. The money will go right back into your Kiva account so you can use it again or withdraw it. There are risks to lending, of course, but Kiva claims to have a 96% repayment rate for their loans. Just remember, you’re not doing this as an investment, you’re doing it to help out another person.

Learn more about Kiva.

What is peer-to-peer lending?

As the name suggests, peer-to-peer lending involves private individuals making loans to other individuals. The system runs contrary to the traditional model of banks and credit unions providing financial services because it cuts out the middleman.

While peer-to-peer lending had a surge in users over the past decade, in the past few years, some P2P lending companies have shuttered their services, including StreetShares, Peerform, and LendingClub.

How does peer-to-peer lending work?

Peer-to-peer lending shares many similarities with traditional lending:

  1. You fill out an application with your financial and personal information, including the loan’s size, tax returns, and government-issued identification.
  2. The lender will review your application before posting it on the site for investors.
  3. Investors get to play the part of a loan officer, reviewing a list of applications and deciding where they might want to contribute.
  4. The platform will indicate how risky the loan is and the potential return on investment.
  5. Funding takes anywhere from one day up to two weeks.

Is peer-to-peer lending safe?

No one would say that peer-to-peer lending is 100% safe. No form of investing is. Many of the best peer-to-peer lending sites vet borrowers and investors to mitigate risk. The review process helps eliminate untrustworthy candidates, so borrowers can receive their loan and investors can earn interest.

Read more: Should you invest in peer-to-peer loans?

Pros & cons of P2P lending for investors

Pros

  • An attractive alternative to more traditional investments — You can round out your portfolio that might exclusively include stocks, bonds, and mutual funds. Some platforms merge private and public equities, so you can make all your investments in one place.
  • Most lending platforms let you select multiple loans at once — The variation enables you to reduce your risk exposure while potentially earning higher yields than a CD or savings account.
  • Feel good about your contribution — With sites like Kiva, you know that your money is going toward a humanitarian purpose.

Cons

  • Risk of default — When you lend money to individuals, you risk them defaulting. Peer-to-peer lending sites don’t come with FDIC insurance like a CD or savings account.
  • P2P loans lack the liquidity of stocks or bonds — Most loans are for three to five years, so you would have to wait until then to withdraw money.
  • Inequality — Some platforms, such as Funding Circle, only give access to accredited investors, so not everyone has equal access to lending opportunities.

Pros & cons of P2P lending for borrowers

Pros

  • You can circumvent the traditional bureaucracy of brick-and-mortar banks — Instead of waiting in line and negotiating with a loan officer, you have access to a fast, online experience. Because online platforms don’t have to worry about physical overhead, many can give borrowers competitive interest rates.
  • P2P loans typically aren’t as strict as banks or credit unions — The lax approach makes it easier to secure a loan if you have fair or poor credit history.
  • Often no prepayment penalties — You don’t have to worry about prepayment penalties in many cases.

Cons

  • Borrowers face more hurdles if they have a low credit score — Interest rates can go as high as 36% for those with lower scores, while some platforms don’t offer financial services to anyone with a credit score below 630.
  • Possibly high fees — Some sites have origination fees of 6%.
  • Impersonal — If you want the old-fashioned face-to-face borrowing experience, peer-to-peer lending isn’t for you. You don’t have a chance to sit down with your lender and hash out terms.
  • Loan caps around $50,000 — If you need more money, you’ll likely have to go to a bank or credit union.

Summary

Peer-to-peer lending is a great option for borrowers with less-than-stellar credit who want access to capital with reasonable terms and rates. P2P lending is ideal for small businesses and individuals who are looking for a personal loan that does not require mountains of paperwork, and that is funded quickly (usually within a few days).

But not all P2P lending platforms operate the same, and some can charge high origination fees and interest rates. Others require high minimum loan amounts to borrow as well, making them less accessible to some borrowers.

Investors can earn decent returns with P2P lending, but there is also the risk of default and the mess of going through collections agencies occasionally. Finding a solid platform with detailed risk mitigation strategies (such as borrower scores), and insurance against default can help alleviate these concerns, but it may eat into your profits.

While peer-to-peer lending is not seeing the massive growth of a few years ago, it is still a solid option for borrowers and investors alike.

Read more:

Source: moneyunder30.com

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Apache is functioning normally

June 8, 2023 by Brett Tams

Chase has increased the value of points when using them to offset the annual fee as a statement credit on the Explorer, Quest, and Club Infinite Cards.

  • United Club Infinite $525 annual fee costs 30,000 miles (1.75 cents per point)
  • United Quest $250 annual fee costs 15,625 miles (1.6 cents per point)
  • United Explorer $95 annual fee costs 6,250 miles (1.52 cents per point)
  • United Business Explorer $99 annual fee costs 6,600 miles (1.5 cents per point)

Previously this was 1.5 cents on all cards. I updated this the other day in our main PYB post and thought it worth highlighting here separately.

Hat tip to reader John B

Source: doctorofcredit.com

Posted in: Apartment Communities, Credit Cards Tagged: All, business, cents, chase, chase united, chase united quest, Credit, credit cards, Financial Wize, FinancialWize, in, Main, miles, Other, pay yourself back, points, united, united club infinite, value

Apache is functioning normally

June 7, 2023 by Brett Tams

Loyalty? Not in the mortgage business. That is, if you actually want to save money on your home loan.

A few years back, an HSBC survey revealed that 52% of U.S. homeowners “switched providers” (sorry, they’re British) when obtaining subsequent mortgages.

This was mainly driven (53%) by the desire to get a better deal, aka a lower mortgage rate with fewer closing costs.

That survey also found that 46% of consumers investigated a mortgage switcheroo, again either to save money or to lock in a new low rate due to rising interest rates.

Other reasons homeowners decided to go with another mortgage company were because they moved and purchased a new property.

Or due to their current mortgage deal was expiring. I think they mean an adjustable-rate mortgage resetting.

Is It Bad to Switch Mortgage Lenders?

mortgage retention

A new report from Black Knight claims that loan servicers retained just 18% of the estimated 2.8 million homeowners who refinanced a mortgage in the fourth quarter of 2020, the lowest share on record.

Interestingly, those who refinanced to improve their rate and/or term were retained at a higher rate (23%) versus those pulling cash out as part of the transaction (11%).

This could be due to cash out refinances being harder to come by lately, and thus offered by fewer lenders. Or it just feeling more complex to the homeowner.

But here’s the biggie – among higher-credit quality rate and term refinances, borrowers who switched mortgage lenders received more than an eighth of a percent lower rate than those who refinanced and remained with their current lender/servicer.

In other words, you might get a lower mortgage rate if you switch mortgage lenders, instead of remaining loyal.

So is it bad to switch mortgage lenders? Not if you want to save money! Of course, your old lender might not feel the same way.

Mortgages Are Mostly a Commodity

  • Home loans aren’t all that different from one another
  • This is why lenders are increasingly coming up with unique ways to sell you one
  • The vast majority are 30-year fixed products whose only difference might be the interest rate or fees involved
  • And the majority just follow the underwriting guidelines of Fannie Mae, Freddie Mac, or HUD

It’s really no surprise that a lot of consumers don’t stay with their original mortgage lenders and/or loan servicers.

Aside from some existing lenders sometimes talking borrowers out of a refinance, the product is mostly the same no matter where you get it.

That makes customer retention difficult, especially when other lenders are aggressively marketing to homeowners.

These days, the majority of home loans are backed by the agency guidelines of Fannie Mae, Freddie Mac, or the government via FHA loans and VA loans. I think it’s something like 90% of mortgages.

This means mortgage loans are pretty homogeneous, despite what channel they’re originated in, or which institution provides the financing.

You could get the same exact home loan from a local credit union, a big bank, an online mortgage banker, or a mortgage broker.

And who really cares where you get your mortgage as long as the company is competent enough to close the thing, and honest in terms of rate and fees?

It’s not like you’re going to walk around and brag about your cool mortgage from X bank after the fact. It’s certainly not a status symbol, or a conspicuous transaction.

I’m pretty sure I’ve never had a conversation about someone’s branded mortgage before.

And I doubt an “influencer” is going to post about theirs on Instagram. Well, I take that back, they might…because someone paid them.

Mortgage Advertising Is Following the Insurance Model

  • Like mortgages, most forms of insurance are similarly boring and unoriginal
  • But that doesn’t stop mega insurers like Geico from advertising to you 24/7
  • Other insurers create catchy new names for run-of-the-mill coverage that isn’t really unique
  • Mortgage lenders are beginning to do that too in a bid to separate themselves from the crowd

This is exactly why insurance companies use celebrity endorsements and smart marketing gimmicks to get you to switch, or conversely, to stick around.

Car insurance isn’t cool or exciting and never will be, nor are mortgages, as much as I want them to be.

Ultimately, we’re all being sold the same thing, it’s just that some companies try to differentiate themselves by slapping clever names onto their products.

For example, Quicken Loan’s Rocket Mortgage is about reinventing the mortgage process, not the mortgage itself.

You’re still probably going to get a 30-year fixed home loan or some other ordinary mortgage that you would get anywhere else.

It’s just the way you get it that might change. Instead of meeting face-to-face with a banker, you might upload documents on your smartphone and authorize the release of documents electronically.

This could make the experience a lot easier and more pleasant, but it doesn’t mean you’re necessarily getting anything different.

Because everyone is basically offering their customers same thing, it comes down to price, customer service, and now perhaps clever marketing.

The one exception is portfolio home loan programs, which are actually unique to the mortgage lender providing them. These are loans kept on the originating bank’s books that contain distinct underwriting guidelines.

We’re starting to see more of them, though most lenders remain fairly cautious with the mortgage crisis still a not-too-distant memory, despite taking place a decade ago.

For example, a lot of the zero down mortgages you see are unique to the companies offering them, the latest one I came across from Ideal Credit Union.

And some of the so-called fintech disruptors like SoFi Mortgage are actually providing unique offerings like a 5/1 ARM with an interest-only option and jumbo loans as high as $3 million with just 10% down.

Be Careful Not to Pay More for the Same Exact Mortgage

  • While it’s important to use a mortgage lender you can trust
  • Such as one that can actually close your home loan competently without major delays
  • It doesn’t really matter what “brand” the mortgage it is after it funds
  • And there’s a good chance it’ll be resold to a different company shortly after closing anyway

Those exceptions aside, many of us have very similar mortgages that are only unique in terms of where they originated from.

As noted, most of today’s mortgages are conforming loans, meaning they meet the guidelines of Fannie and Freddie. Or they’re simply backed by the government via the FHA, VA, or USDA.

And just about all of them are 30-year fixed-rate loans that function exactly the same.

That’s why you have to ask yourself – if the company isn’t offering anything different, why pay more?

Might as well bargain shop and find the best mortgage rate with the lowest closing costs, instead of simply going with a household name because of a funny commercial.

At the end of the day, as long as they get you to the finish line, you’ll probably never think about your mortgage company again. Just make sure they’re reputable first…

Chances are your mortgage will be sold off in a matter of months anyway, so the company you get it from likely won’t even service it.

In fact, your final correspondence might be a notice of your home loan changing hands…

(photo: lamdogjunkie)

Source: thetruthaboutmortgage.com

Posted in: Mortgage Rates, Mortgage Tips, Refinance, Renting Tagged: 2, 30-year, About, Advertising, All, ARM, ask, Bank, before, best, big, black, Black Knight, Books, boring, borrowers, Broker, business, car, Car Insurance, chance, closing, closing costs, Commercial, companies, company, Consumers, Credit, credit union, Crisis, customer service, existing, experience, Fannie Mae, Fees, FHA, FHA loans, Financial Wize, FinancialWize, financing, Fintech, fixed, Freddie Mac, funny, good, government, home, home loan, Home Loan Programs, home loans, Homeowner, homeowners, household, HSBC, in, Instagram, Insurance, interest, interest rate, interest rates, Jumbo loans, lenders, loan, loan programs, Loans, Local, low, LOWER, Make, Marketing, money, More, Mortgage, Mortgage Broker, mortgage lender, mortgage lenders, mortgage loans, MORTGAGE RATE, Mortgage Rates, Mortgage Tips, Mortgages, new, or, Original, Other, percent, place, portfolio, pretty, price, products, programs, property, quality, rate, Rates, Refinance, save, Save Money, Sell, smart, sofi, survey, Transaction, Underwriting, unique, USDA, VA, VA loans, versus, will

Apache is functioning normally

June 7, 2023 by Brett Tams

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

Posted in: Mortgage News, Renting Tagged: 2, About, Activities, agents, All, Appreciate, at home, best, Best of, business, Buy, Buying, buying and selling, california, chance, clear, communication, companies, company, coronavirus, covid, COVID-19, Emergency, estate, Fashion, Financial Wize, FinancialWize, flood, Foreclosures, good, government, health, hold, home, home buying, home prices, home purchases, home sale, homeowners, homes, Housing market, iBuyers, in, Inflation, inventory, investors, list, loan, Local, LOWER, Make, Make Money, market, markets, money, More, Mortgage, Mortgage News, Move, new, offer, offers, open houses, Opendoor, or, parties, prep, Prices, property, protection, Purchase, Real Estate, Real Estate Agents, real estate market, Redfin, right, safe, safety, sale, Sell, selling, showings, Spending, states, time, traditional, will, work, Zillow

Apache is functioning normally

June 7, 2023 by Brett Tams

In the world of personal finance, a checking account has often been viewed as the cornerstone of financial management. These accounts are the hub from which we pay bills, make debit card purchases, and handle the routine transactions of our everyday lives.

Yet, with technological advancements and a diversification of financial institutions, many individuals are seeking alternatives to traditional banks and their checking accounts.

This demand for diversity is fueled by various factors, from the inconvenience of monthly fees associated with some checking accounts to the desire for better interest rates or improved money management tools.

woman using mobile app

Understanding the Basics of Checking Accounts

Checking accounts offered by traditional banks have been around for many years, providing banking services that have become integral to our daily lives. Yet, despite their popularity, it’s essential to understand their limitations and consider why an alternative might be more suitable for your needs.

These accounts often serve as the primary tool for individuals to manage their money. You can use them to direct deposit your paycheck, withdraw cash from ATMs, and transfer funds to pay your bills. However, many traditional banking services, like checking accounts, come with a host of challenges.

For instance, many bank accounts from national banks may have minimum opening deposit requirements, monthly fees, and limitations on the number of transactions you can make within a certain period.

10 Best Alternatives to Checking Accounts

1. Cash Management Accounts

Cash management accounts, an increasingly popular alternative to traditional checking accounts, are offered by financial technology companies and brokerages. They function as a hybrid of checking and savings accounts, offering the versatility of both under a single roof.

Not being banks themselves, these companies partner with FDIC insured banks, often multiple ones, to provide these services. This partnership ensures that your money is safe and insured, a critical element to consider in personal finance.

Cash management accounts offer checking-like features, including debit cards, direct deposit capabilities, and the ability to pay bills online. They also boast savings-like features, typically offering higher interest rates compared to checking accounts at traditional banks. This dual functionality makes them an attractive option for people who want to streamline their finances and get more out of their everyday banking product.

2. Money Market Accounts

Money market accounts are offered by a wide array of financial institutions and are a kind of savings account with some checking account features. They usually come with a debit card and check-writing capabilities, allowing more accessibility to your funds compared to a regular savings account.

Although they may require a higher minimum balance compared to a checking account, they generally offer interest rates that are more competitive than those on regular savings accounts. This unique blend of features makes them a versatile option for those who can afford to maintain a higher balance.

Check out the most competitive money market accounts of 2023.

3. Savings Accounts

Savings accounts, offered by local banks, national banks, and online-only banks, are a secure alternative to checking accounts. Though they have been around for a long time, their importance in financial planning and wealth accumulation cannot be overstated.

While savings accounts do not typically offer as many transaction options as checking accounts, they often provide higher interest rates, helping your money grow over time. Some online banks offer high-yield savings accounts that offer even higher interest rates, much higher than the national average. The primary purpose of a savings account is to help you save money while earning a modest amount of interest.

Discover the best high-yield savings accounts of 2023.

5. Online-Only and Mobile Banks

In an increasingly digital world, online-only and mobile banks offer a fully digital banking experience, making them an attractive alternative to traditional banks. Without the overhead costs associated with maintaining physical branches, many online banks offer competitive interest rates on their checking and savings accounts, often significantly higher than the national average.

These banks also shine in their online and mobile banking offerings. They typically provide comprehensive app experiences, allowing you to deposit checks, transfer money, pay bills, and manage your accounts directly from your smartphone. Despite operating exclusively online, many also offer excellent customer service through various digital channels.

Find the best online-only banks and neobanks of 2023 here.

5. Credit Unions

Credit unions provide a community-oriented alternative to traditional banks. Unlike big banks, which are profit-driven, credit unions are not-for-profit organizations owned by their members. This business model allows credit unions to often offer better interest rates on savings and checking accounts.

In addition to potentially lower costs, credit unions also offer a sense of community that big banks can’t match. The services are similar to those offered by traditional banks, including savings and checking accounts, loans, and even mobile banking in many cases. Despite having fewer branches, many credit unions are part of nationwide ATM networks, providing their members with broad access to their money.

Learn about the highest-rated credit unions that anyone can join.

6. Peer-to-Peer Payment Platforms

Peer-to-peer payment platforms are not banks but offer a unique way to manage money digitally. These platforms, provided by financial technology companies, allow you to send and receive money instantly, often for free. Some even offer “bank-like” features, such as direct deposit and debit cards.

While peer-to-peer platforms might not replace a bank account for all your financial needs, they provide a convenient way to split bills, pay friends, and manage casual financial transactions.

Below are a few examples of popular peer-to-peer payment platforms:

  • Venmo: Owned by PayPal, Venmo is one of the most widely used P2P platforms. It’s well-known for its social media-like feed where users can share (or make private) their transaction descriptions. With Venmo, users can send money to anyone with a Venmo account using just their phone number or email.
  • PayPal: As one of the oldest digital payment platforms, PayPal is a widely accepted form of payment online and offers its own P2P service. PayPal users can send and receive money from other users, and the platform offers protection for many types of purchases.
  • Cash App: Developed by Square, Cash App allows users to send and receive money. It also includes unique features like the ability to invest in stocks or bitcoin and a free debit card that provides discounts at certain retailers.
  • Zelle: Zelle differs slightly in that it’s not just an app, but a service integrated into many existing bank apps. Money sent via Zelle can often be transferred directly into the recipient’s bank account instantly or within minutes.

7. Digital Wallets and Cryptocurrencies

With the rise of blockchain technology and cryptocurrencies, digital wallets are becoming a more prominent player in the financial landscape. They offer a new way to store and manage money beyond the traditional bank account.

Digital wallets can store digital currencies, such as Bitcoin and Ethereum, and also manage traditional currencies in some cases. They enable users to make online purchases, transfer funds, and even invest in various cryptocurrencies. These wallets can be accessed through a smartphone or computer, providing high convenience for the user.

However, cryptocurrencies can be volatile and come with their own set of risks, including security threats and regulatory uncertainties. Therefore, while digital wallets and cryptocurrencies offer an exciting alternative, they should be used with caution and understanding.

8. Prepaid Debit Cards

Prepaid debit cards are another practical alternative to a traditional bank account. They work similarly to a regular debit card, but instead of drawing funds from a bank account, they use the money that has been pre-loaded onto the card.

These cards can be used for purchases anywhere debit cards are accepted, and they are often reloadable. Some even allow for direct deposits from an employer or government benefits. While they may come with various fees, they offer the advantage of not requiring a bank account and providing a way to manage money with built-in spending limits.

Take a look at the top prepaid debit cards of 2023.

9. Investment Accounts

Some brokerages and financial companies now offer banking services along with investment accounts. These firms, traditionally centered around investing, have begun to venture into the personal banking space, offering services such as debit cards, check writing, and bill pay.

While not suitable for everyone, an investment account can be a viable alternative for those comfortable with a slightly more complex financial product. Moreover, some of these accounts may offer cash management features or other benefits like interest or cashback on uninvested balances, potentially giving more value than a traditional checking account.

10. Check-Cashing Services

Check-cashing services offer another alternative to a checking account, especially for those who deal primarily in cash and have fewer banking needs. These services are often provided by financial businesses that operate outside the traditional banking system.

These providers cash checks for a fee, usually a percentage of the check’s total value. While this fee can be high compared to depositing a check into a bank account, these services offer immediate access to funds, which can be beneficial for those living paycheck to paycheck.

Some check-cashing providers also offer additional financial services, such as money orders, bill payment services, and prepaid debit cards. It’s essential to understand the fee structure associated with these services, as they can be more expensive than traditional or online banking alternatives.

Key Considerations When Choosing an Alternative to a Checking Account

When looking for alternatives to traditional banks, several factors should be considered.

Fees

One of the most significant considerations is the costs associated with the account. While many online banks offer fewer fees than traditional banks, other alternatives such as cash management accounts and peer-to-peer platforms might have different fee structures. It’s essential to understand these before committing to a new financial service.

Accessibility

Consider how easy it is to access your money. If ATM access is crucial for you, make sure to understand whether your alternative choice offers this, and if there might be associated fees.

Security

Security is a crucial factor, especially with online banking services. Ensure the financial institution is FDIC insured or has equivalent protections in place. For digital wallets and cryptocurrencies, consider how to secure your digital assets properly.

Customer Service

With many online banks operating exclusively online, you might not be able to visit a branch for help. Therefore, it’s essential to consider the level of customer service provided by these alternatives.

Additional Services and Benefits

Some banking alternatives may offer additional benefits, such as high yield savings, cash back on debit card purchases, or other rewards. Assess these benefits in light of your personal finance goals and habits.

Bottom Line

The financial landscape is continually changing, with an increasing number of alternatives to traditional banks emerging. Whether you’re looking for a new place to manage your money, pay bills, or save for the future, there’s likely an alternative that suits your needs better than a checking account.

Source: crediful.com

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Apache is functioning normally

June 7, 2023 by Brett Tams

As an Amazon Associate I earn from qualifying purchases.

Welcome to Crest, where style and value converge to offer an exceptional living experience in the heart of DC. If you’re in search of one-bedroom apartments for rent in DC, look no further. At Crest, they have crafted the perfect combination of comfort, convenience, and affordability, ensuring that our residents enjoy a lifestyle that surpasses expectations.

Highlight the Style and Comfort

The one-bedroom apartments at Crest are thoughtfully designed with meticulous attention to detail. Step into a world of contemporary elegance, where every corner showcases modern aesthetics and functionality. From the moment you enter, you’ll be greeted by spacious floorplans that provide ample room for both relaxation and entertainment. With features like full-size washers and dryers, stainless steel appliances, and granite countertops, your apartment becomes a haven of convenience and sophistication.

Emphasize the Value

At Crest, they understand the importance of finding value in your home. That’s why the one-bedroom apartments offer exceptional square footage, walk-in closets, and balconies that extend your living space and provide breathtaking views of the surrounding Skyland Town Center. Crest believes that luxury should be accessible to all, which is why they provide unbeatable pricing for well-appointed apartments. Experience the perfect balance between quality and affordability at Crest.

Amenities for an Elevated Lifestyle

Beyond the four walls of your apartment, Crest offers a host of amenities that elevate your living experience. Immerse yourself in the refreshing oasis of our courtyard pool, stay active and fit at our two-story fitness center, or socialize with friends at the clubroom featuring a pool table. For those who work remotely, our business area and coworking space provide the ideal environment to stay productive. With a helpful 24/7 concierge team and dedicated maintenance staff, your needs are always taken care of at Crest.

Explore the Skyland Town Center Neighborhood

Living at Crest means being at the heart of the vibrant Skyland Town Center neighborhood. Enjoy the convenience of having shopping, dining, and service options right outside your front door. With the completion of Skyland Town Center, exciting retail destinations like Lidl grocery and DC’s first-ever drive-through Starbucks are just steps away. This thriving community offers endless opportunities to explore, connect, and enjoy a truly fulfilling lifestyle.

Don’t miss out on the perfect combination of style and value. Discover Crest’s one-bedroom apartments for rent in DC at Crest and experience the pinnacle of modern living. Contact the Crest today to schedule a tour and seize the opportunity to unlock your ideal home at Crest in the coveted Skyland Town Center neighborhood.

Schedule a Tour of Our One-Bedroom Apartments at Crest Today!

Equal Housing Opportunity

The housing provider 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.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. 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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Source: blog.apartminty.com

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Apache is functioning normally

June 7, 2023 by Brett Tams

After spending months working 60 or 70 hours per week, realizing that life is all too short, and preparing for our kids to come home, it’s time for a new financial paradigm of my own: I’m semi-retiring.

I had always been perplexed by those who, say, retired early to travel to exotic locations. I like working and don’t really like traveling, so my dreams involved some sort of fulfilling employment until I couldn’t work anymore. I’m the life of the party, I know.

But then two or three years ago, I read about a guy who took a year off from full-time employment and I thought, what if?

What if I (or my husband) could take a year or two off from full-time employment? Or work part-time for a few years? Or work six months out of the year? Is that possible and would we want to?

Maybe and probably.

So over the last 2.5 years, my husband and I crafted a plan to send at least one of us, if not both of us, into temporary, semi-retirement once our kids arrived. Ideally, we would be financially independent with no need for earning monthly income, but… yeah, we knew that wouldn’t happen. So what we needed was a job (or jobs) with very flexible and part-time hours, jobs that would allow us to help our kids transition to a new culture, and jobs that paid enough to keep the lights on.

The First Laps

Before you dive into semi-retirement, take care of the basics.

1. Decrease debt load. The more debt you have, the more money you will need to have in semi-retirement. By now, any non-mortgage debt is a distant memory. Our monthly mortgage payment is significant, so our semi-retirement income needed to be at least four times our housing costs.

2. Increase savings. Because you’re taking a break from full-time employment (and perhaps from IRA or 401(k) contributions), you need to be creative with retirement savings. On the other hand, if you get used to living on less, maybe you don’t need as much in full retirement. We’ve been contributing to Roth and traditional IRAs for over a decade. Plus, we have an emergency fund. If we didn’t have those things, decreasing our income would require more radical sacrifices.

3. Increase income. Before you semi-retire, earning more can help you decrease your debt and increase your savings. Earning more is not always possible for everyone, but this is the reason we are able to semi-retire.

The Middle of the Race

The next step is to calculate how much money you’ll really need in semi-retirement. Some expenses (like transportation costs and work clothes) will decrease. Others (utilities and health insurance) will increase. Once we knew how much money we needed, we started looking for the money to replace our full-time income.

We don’t have real estate and with very little investment income, we knew that money must come from part-time employment.

I first sought opportunities as a subject matter expert so I could maximize my income-earning potential. But I also wanted jobs that matched our new lifestyle goals: something that could be done mostly at home with very flexible hours. Fortunately, I found a side job that fit all those criteria.

While we still had some lifestyle inflation with our increased income, having a goal kept us mostly on track. As I mentioned, our goal was to stop full-time employment when our kids come home. (We are still waiting on paperwork approval. Hopefully soon!)

The Finish Line

As of today, we are making enough “semi-retirement” income to pay our bills, not counting our full-time incomes. It does mean that our 2014 income will be closer to our 2005 levels, but we are okay with that for a couple of years or more. We are confident that we can do this because we’re already living close to the semi-retirement income level.

Even though this means we’ll have to be very careful with our spending, we’re still excited. The best thing is this opportunity allows us more flexibility to spend time with our kids. We’ve missed out on too many years of their lives already. We should also have more time to do DIY projects on our little farm and start that business I have always wanted.

I’ll be honest with you, though. The last couple of years have been stressful in many ways. I’ve spent a lot of time with my laptop and not as much time with my husband — and I know it’s time that I can’t get back. Our lives felt out of balance, and there were times when I wondered if our goal was worth it.

And I had other questions, too. Did I want to quit my job? I have never had a job I loved more. Were we creating more stress by cutting our salaries… even though we would have more time to spend with our kids? What would an indefinite break do to my career? We would be leaving behind company-provided benefits like a retirement plan and health insurance. The real question? Are we crazy?

The Next Race

Maybe we are crazy, but if we don’t enjoy semi-retirement, we have options. I’m leaving my job on good terms, and it’s possible there may be a similar job opening there in a couple of years. Or, because I’m a specialist, I should be able to find a similar job at another institution if necessary.

Semi-retirement isn’t for everyone. But having your financial ducks in a row gives you options. Maybe you can cut your schedule to four days a week. Maybe you can take six months off to travel. Or take a job that pays less but you love more.

In the meantime, I’ll test the semi-retirement water for you.

Source: getrichslowly.org

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Apache is functioning normally

June 7, 2023 by Brett Tams

According to realtor.com, the March 2023 median listing home price in Lexington, KY was $339.9K. This shows an upward trend of 7.9% year-over-year, which is good news for homeowners concerned with the economic situation in the US. Redfin points out that the market there is still highly competitive, with the average home receiving at least 6 offers, and the average sale coming within 22 days. Judging from the list of agents we went through to select the four below, the region has above average professionals handling the deals as well. Here’s four of Lexington’s best.

allnutt 2

Sandy Allnutt, of The Agency, has one of the nicest Facebook page’s we’ve seen in some time. A perfect mix of info/relevance and personality, this social channel should be a template for how agents operate their pages. Allnutt’s 319 perfect reviews on Zillow, and 120 stellar ones on Google cement her place in our list as one of the region’s top professionals. Throw in an effective Instagram channel, a useful (if mediocre looking) website, and you’ll quickly put Allnutt in the same category as the best agents in America. 

The well traveled agent has operated out of Lexington since 1989, and seems to have turned over every marketing rock for her firm’s clients. The group has a useful but sparse YouTube channel, and some media mentions locally. Where Allnutt really shines in on LinkedIn, where she’s networking with over 1,300 business professionals. One of these days we should quiz agents to see how many leads/sales come from LI. 

Website, Facebook, Contact # 1-859-699-4663

Kymberly Clem – McCreary is the “mover” in this list of top agents. With her small team, she’s managed almost 80 sales in the past year. That may not sound like a lot, but for a professional woman who’s only been in real estate for just over 3 years, it’s an accomplishment. The former Lockheed Martin exec, has also put together a fairly impressive digital marketing scheme. 

Looking at her linktr.ee breakdown, I see she’s covered every base to let potential clients connect with all her profiles, bios, and listings. Facebook to LinkedIn, she’s engaged remarkably well during such a short span of time. One thing I find particularly telling is the fact this professional is already making use of TikTok. She’s got over 500 followers there already. The YouTube channel needs a lot more content and followers, but what she’s posted so far is very nice. 

A last note, Kymberly also opted to be a Premier Zillow Agent, and I would not be surprised to see Google Ads for he agency either. If this U.S. Army veteran’s efforts have one negative point, it’s that the website could use some more SEO attention (60% score) and aesthetics. Other than this, and more local media notice, she’s on track to be the leading agent in this part of Kentucky. 

Website, Facebook, Contact # 1-859-248-1142

kim
nick

Nick Ratliff sold 102 homes in the past 12 months. On Zillow, he has over 200 perfect reviews. Even more impressively, he has received 273 perfect Google reviews. The former Better Homes & Gardens agent also has the best website in this group, SEO-wise at least, with a score of 70%. Functionally, his site is top notch too. 1,600 followers on Facebook, a useful YouTube channel, 1,100 followers on LinkedIn, etc. etc. etc.

Ratliff is doing all the right things, albeit maybe not as diligently/powerfully as he should. The agent seems to have devoted a lot of time and effort on Twitter, which would be better used on Facebook or doing media outreach to get mentions of his company. Twitter is a horrible conversion network, and will remain so unless Elon Musk gets creative. 

Website, Facebook, Contact # 1-859-554-2075

Deborah Back’s team, The Brokerage, is one of Kentucky’s most successful real estate groups. The team has almost 280 perfect Zillow reviews, and ticks all the boxes in social media marketing. One thing that differentiates this broker from many others, is the fact her team has gotten the website/web billboard right. Their website is very nice aesthetically, even though it only scores 59% for SEO. 

Another plus in Back’s favor is the team’s effective Instagram channel, which could be a bit more creative. Also, The Brokerage business page on LinkedIn shows that the team is growing at a decent clip of almost 10% per year, with agents of 3.5 years tenure. This is a good sign of a healthy real estate entity. If Deborah and the team could rejuvenate her YouTube channel with some helpful videos, and work on SEO and boosting social a bit, the company would surely prosper even more.  

A last note on Back, it’s indicative of her role that there is not a single photograph of her alone anywhere on the web that we are allowed to use (copyright). So, I took this one on the right from her Twitter account. The caption reads “Rise and Shine.”

Website, Facebook, Contact # 1-859-983-2717 

Bach 2

Special update: We were informed by a reader that the original photo of Nick Ratliff was incorrect. We have replaced it with a version from the agent’s website.

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.

Latest posts by Phil Butler (see all)

Source: realtybiznews.com

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Apache is functioning normally

June 7, 2023 by Brett Tams

The House of Mouse? Think a whole lot bigger.

Officials on Friday released fresh details about the first Storyliving by Disney project, an ambitious effort in Riverside County to infuse a master-planned community with the Burbank entertainment giant’s trademark whimsy and wonder.

Among the newly unveiled features of the in-the-works Cotino community is the “Parr House” — a gathering space inspired in name, design and decor by the midcentury-style home of the superhero family in the Disney and Pixar film “Incredibles 2.”

Along with a main entertaining room featuring an indoor/outdoor rock fireplace, the Parr House will include an art studio, kitchen, dining room, boardroom and five bedrooms.

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An artist's rendering of Cotino

An artist’s rendering of Cotino, the first Storyliving by Disney community coming to life in Rancho Mirage. Individuals who purchase a membership in the Artisan Club will have access to an array of offerings infused with unique Disney and Pixar touches.

(Walt Disney Imagineering)

It will also have an elevated patio featuring views of the nearby mountains, as well as the community’s 24-acre “grand oasis.”

Access to the Parr House, as well as other community features such as a designated beach area and certain events and activities will be open to those who opt to purchase membership in what Storyliving by Disney calls the Artisan Club.

“From Disney entertainment and events to spaces inspired by Disney stories, club members will truly experience Disney story living,” Claire Bilby, senior vice president and general manager of Disney Signature Experiences Emerging Businesses, said in a statement.

Club membership will be open to Cotino residents and nonresidents.

“A professionally managed public beach park will be accessible to local area residents and visitors to the Greater Palm Springs area with the purchase of a day pass,” the venture said in a statement.

Cotino is being built on 618 acres in the city of Rancho Mirage, near where Walt Disney Co.’s namesake founder once owned a home.

“Walt Disney was so inspired by this place — he called it his ‘laughing place,’” Amy Young, a Walt Disney Imagineering creative director, said in a video posted to the Disney Parks YouTube channel. “In a sense, we’re following Walt’s footsteps here. The same things that inspired him years ago, they inspire us today. The area has this real energy to it, and you can see why Walt loved it.”

For the project, Disney is collaborating with Arizona-based DMB Development, which specializes in planned communities.

An artist's rendering of the Artisan Club entrance

An artist’s rendering of the Artisan Club entrance, where members will experience a touch of the Disney lifestyle in clubhouse complex featuring distinct spaces for dining, wellness, art, recreation and entertainment.

(Walt Disney Imagineering)

Cotino will ultimately include somewhere in the neighborhood of 1,932 residential units. Sales are anticipated to begin in 2023, with the first homes expected to be complete in 2024.

Various home types will be available, including estates, single-family homes and condominiums. At least one section of the development will be designated for residents age 55 or older.

“Storyliving by Disney master-planned communities are intended to inspire residents to foster new friendships, pursue their interests and write the next exciting chapter in their lives,” the venture said.

Other locations are being explored for potential future projects, but no details have yet been publicly announced.

Disney, like many of its competitors, has faced pressure to rein in costs — particularly in the increasingly crowded streaming arena. Along with Disney+, the company also owns ESPN+ and two-thirds of Hulu.

The company’s chief executive, Bob Iger, on Monday provided more details of his plan to cut 7,000 jobs as part of a wider effort to rejuvenate its finances and reach profitability in its streaming business.

According to people familiar with the matter, the layoffs are spread throughout the company — affecting roles in the units formerly known as Disney General Entertainment and Disney Media and Entertainment Distribution, as well as corporate positions and jobs in the theme parks, experiences and consumer products business.

Times staff writer Ryan Faughnder contributed to this report.

Source: latimes.com

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