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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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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

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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

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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

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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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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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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 

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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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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