While a vast majority of U.S. hotels are attached to a big brand like Marriott or Hilton, that doesn’t mean boutique and independent hotels are losing their luster everywhere in the world.
Just look to Australia, where the boutique hotel business is booming — and the big brands are clearly trying to get a slice of the pie.
A Coldwell Banker Richard Ellis (CBRE Group, Inc.) report cited by Skift’s Daily Lodging Report notes boutique hotels in Australia overwhelmingly outperformed large, luxury hotels attached to international hotel conglomerates by a wide margin since the beginning of the pandemic in 2020. Australia’s boutique hotels commanded average daily rates that were 27% higher than the major brands, while occupancy rates were 21% higher.
Part of this stems from Australia’s lengthier, stricter travel restrictions that fueled more domestic travel even when other parts of the world began to reopen for cross-border travel. The strong base of leisure-minded Australians during the national lockdown favored more curated travel experiences, per the CBRE report.
It’s highly likely the return of business and international travel will balance the scales back toward the biggest brands. However, it’s clear the major brands see an opportunity in courting travelers who favor a boutique hotel during a vacation. This means you don’t necessarily have to sacrifice earning points and enjoying loyalty benefits when you book a boutique hotel stay.
That’s good news for travelers, as it means points hotels operating in the boutique space can end up saving you money by redeeming for awards nights instead of forking over the heftier nightly cash rates.
The big brands go boutique Down Under
Paris-based Accor made moves earlier this year to further its boutique-style hotel offerings by including two Australian properties in the launch of the Handwritten Collection. This is a mid-priced collection of boutique hotels still affiliated with Accor and its Accor Live Limitless loyalty program.
Wonil Hotel Perth was the first Handwritten Collection hotel to open in Australia, and the Hotel Morris in Sydney quickly followed. Another Accor collection brand of boutique hotels, the upscale MGallery Collection, also has properties in Australia.
It’s not just Accor getting into the boutique business, either.
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Marriott Bonvoy members have options via Marriott’s Autograph Collection and Luxury Collection of hotels. Hilton’s Curio Collection also has a presence in Sydney.
Redeeming Accor Live Limitless, Marriott Bonvoy or Hilton Honors points can save the day in making your next boutique hotel stay Down Under all the more affordable.
For comparison’s sake, weekend nights later this month at Pier One Sydney Harbour — part of Marriott’s Autograph Collection — go for roughly 40,000 Marriott Bonvoy points per night or a cash rate that hovers around $400 per night.
Rooms at the West Hotel Sydney — part of Hilton’s Curio Collection — start at 46,000 Hilton Honors points per night or a cash rate starting at $224 per night.
It’s not just an Australian phenomenon: A Truist Securities report out Monday also noted the strength of U.S. independent hotels and soft brands, especially considering operating issues occurring at higher-end hotels coming out of the pandemic.
Gregory Miller, vice president of lodging and experiential leisure equity research at Truist Securities, explained it TPG via email:
“While some travelers understandably stay at branded hotels to earn or redeem their loyalty points and essentially ‘know what they are going to get’ when they book a stay at a globally recognizable hotel brand, there are plenty of reasons why independent and boutique hotels also have great appeal to travelers and can perform very well as Asia-Pacific travel rebounds. We are in a time when discretionary spend for experiential international travel is up materially as the world reopens and where independent and boutique hotels can be really desirable for vacationers.”
Why do guests and companies like soft brands?
Whether it’s Accor’s MGallery and Handwritten Collections, Marriott’s Autograph Collection or Hilton’s Curio, there has been a boom regarding these so-called soft brands in the hotel ecosystem.
Take it as a sign the major hotel chains know travelers want to experience more independent-feeling hotels rather than stick to “hard brands” like Westin or Hilton that rely more on business travel. That’s especially true in a climate with more leisure travel than business travel.
Soft brands run with more independence when it comes to things like food, drinks and design. That doesn’t mean they are of any less quality than the hard brands, though.
“We try to keep it as flexible as possible, but there are certain standards when it comes to quality that need to be complied with,” Alexander Schellenberger — Accor’s chief marketing officer for premium, midscale and economy brands — told TPG earlier this year ahead of the Handwritten Collection launch. “We want to at least create some form of consistency around the quality for guests to experience, but for the rest, it’s a soft brand.”
So, while a soft brand may not have all the standardized branded bells and whistles of a Marriott or Hilton, you can sleep easy knowing they’re still getting heavily vetted for quality and customer satisfaction.
Broker and LO Scorecards, Escrow Mgt., Homebuyer Products; How Many Borrowers are at Less Than 4 Percent?
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Broker and LO Scorecards, Escrow Mgt., Homebuyer Products; How Many Borrowers are at Less Than 4 Percent?
By: Rob Chrisman
Mon, Jul 10 2023, 10:05 AM
“The world is going to come to an end tonight at midnight. Tune in tomorrow to see if it did!” Sensationalist headlines or bad predictions are tiresome at best, misinformation at worst. There is actual news, however. For example, thank you to the Knowledge Coop’s Ken Perry who sent along the latest in the Matter of ICE and Black Knight. LOs and underwriters know that the Supreme Court overturned the Biden administration’s student-debt forgiveness plan which would have wiped off $430B in loans from the government’s books, and people who worked hard to pay off their debt cheered. Although there are already some alternatives that are in the making, this carries huge implications for inflation, consumer discretionary spending, and the distribution of wealth in the U.S. In other news, the latest update on inflation in the U.S. is this week with June’s Consumer Price Index report. Economists forecast headline inflation to fall to 3.0 percent from 4.0 percent in May and core inflation to be reported at 5.0 percent from 5.3 percent in May. A CPI surprise could reset expectations on the direction of the Federal Reserve. The market is pricing in a 90 percent probability that the Federal Reserve will raise rates by 25 basis points at the July 25-26 meeting. (Today’s podcast can be found here and this week’s is sponsored by SimpleNexus, the homeownership platform that unites the people, systems, and stages of the mortgage process into one seamless, end-to-end solution that spans engagement, origination, closing, incentive compensation, and business intelligence. Hear an interview with Stavvy’s Kosta Ligris on the benefits of Remote Online Authorization (RON) and advances from Ginnie Mae’s recently published All Participants Memorandum.)
Lender and Broker Software, Services, and Products
On Nov. 15, millions of fans endured what felt like “several bear attacks to purchase Taylor Swift Eras Tour tickets on Ticketmaster’s flailing website. Don’t let your customers suffer the same fate as Swifties as they try to purchase their ticket to homeownership. SimpleNexus, an nCino company, enables you to extend a modern mortgage experience with the convenience of a single-sign-on portal where homebuyers can manage their search listings, complete their mortgage application, and sign closing documents from anywhere. See how SimpleNexus can give your business a leg up with modern mortgage technology that elevates the borrower experience and enhances efficiency by scheduling a demo.
“At NexBank, we are committed to our clients’ success by offering highly competitive products and services in Wholesale and Correspondent Lending, Warehouse Lending, and Treasury Management including Escrow Deposit Management. NexBank’s business is focused on residential housing and driving growth through our TPO channels. Our teams have been built to serve the TPO market. We do not compete with our clients for retail originations or refinancing business and are dedicated to their growth and invested in their success. NexBank offers unique products and competitive rates, and exceptional client service is our mission. To ensure our clients’ experience is simple, fast, and efficient, we are excited to announce that we have hired two new account executives to our strong and experienced sales team: welcome Adelfo Emanuele and Wendy Papaj! To learn more, visit us at the NAMB National Annual Conference this September or contact us today. Member FDIC, Equal Housing Lender, NMLS 672886.”
Mortgage professionals in the market for new technology know that buying new solutions is only the start; it’s getting them implemented without missing a beat that’s critical. That’s why Black Knight held discovery sessions with dozens of lenders to see how they implement new solutions while keeping business disruptions to a minimum. Read Black Knight’s new blog ‘You’ve Selected the Tech – Here’s How You Avoid a Failure to Launch’ to see how 32 decision-makers at lending organizations of all sizes handle their deployments. You’ll learn the ways you can build your own strong rollout plan before implementation starts, and how your own employees can actually make deployment go smoother. Read the blog today, then talk to Black Knight when you’re ready for proven mortgage solutions with white-glove implementation.
Grow that Pipeline with LoanStream’s Summer Specials on Non-QM and Government. Includes Price Improvements on FHA, VA, Select Government loans. Plus, Specials for Non-QM includes Full Doc, Alt Doc and DSCR. Here for a limited time so don’t wait, contact your Account Executive for full details as restrictions apply, or visit here. Plus, MaxONE DPA programs are now available in Massachusetts! Finance up to 100 percent CLTV with 600 Min FICO. Contact your AE to learn more.
Roller coasters are usually a thrill, but the people stuck upside down for nearly 3 hours last week on a Wisconsin ride might disagree. Similarly, mortgage production volumes have had lenders on a roller coaster lately and it’s one we never wanted to be on in the first place. As production levels out, do you know how your recent performance compares to that of your peers? Find out right now with MMI’s monthly Mortgage Industry Benchmarks newsletter, which lets lenders and LOs compare their recent performance to their peers via production-based tiers. Are you on the same track as your competition or are you on a completely different ride? Sign up for MMI’s monthly newsletter to find out!
Is your focus to do more with less? A business intelligence solution should highlight where there are opportunities to incorporate efficiencies and reduce costs. The most forward-thinking industry leaders are turning to Richey May’s RM Analyze to learn what they need to know now more than ever: how to operate even leaner. It’s half the cost of a full-time employee, and you gain access to a strong bench of talent with a rich background in the mortgage industry and access to hundreds of reports, including real-time peer benchmarking data, in no time. With these insights you can make meaningful decisions for your business and do more than just survive. Learn how to operate leaner.
Learn the process that enables lenders to more than double their average AE monthly loan volume. Wholesale lenders need efficient broker account policies to ensure the success of their Account Executives. Managing a sales force responsible for engaging with tens of thousands of mortgage brokers while competing with larger and more technologically advanced competitors requires a sound and scalable process. OptifiNow’s Mortgage Broker Scorecard shows wholesale lenders how to build a highly efficient sales process that guides the right AE to call the right broker at the right time. Download the Mortgage Broker Scorecard for free today!
Current Temperature of Housing Prices and Residential Lending
Black Knight’s monthly Mortgage Monitor is out this morning. “The housing market showed clear signs of reheating in May, with the seasonally adjusted Black Knight Home Price Index hitting an all-time high. The fifth consecutive month of growth, May’s 0.7 percent M/M gain is equivalent to an annualized rate of 8.9 percent, despite the backward-looking year-over-year growth rate currently hovering at 0.1 percent. If the rate of growth we’ve seen over the past few months continues, annual growth would remain at or near 0 percent for just a short time before inflecting and trending sharply higher. Home price gains over the past five months have now completely reversed the declines the market experienced last fall. In fact, 27 of the 50 largest markets and the US have returned to their prior home price peaks or set new highs this spring. It all comes down to inventory, and for-sale listings have deteriorated in 95 percent of major U.S. markets this year, leading to some dramatic swings in home price trends.
“Meanwhile, more than 60 percent of existing mortgage holders (thus potential sellers) are sitting on first lien rates below 4 percent, with significant disincentive to list in this high priced, low inventory, high-rate environment. High rates and their impact on affordability are simultaneously doing a number on demand: the monthly P&I payment on the average home purchase hit an all-time high in May. And just this week, rising rates made this the least affordable housing market in 37 years. Here is the full report.”
Capital Markets
Friday, we digested the latest nonfarm payrolls report following hotter than expected private hiring data the previous day. The U.S. government report showed the economy created 209,000 jobs in June, well below expectations and the smallest increase since the end of 2020. The data was taken by some as a sign that the Federal Reserve’s interest rate hikes were finally starting to cool the labor market, but other details of the report such as stronger than forecast wage gains suggested the Fed may have reason to resume raising rates later this month.
Yes, the main headline to close last week was that U.S. job growth (+209k for June) was solid but came up short of expectations and well short of the estimate of 500k of new payrolls seen in Thursday’s ADP Employment Change report. While the pace of hiring has slowed, 2023’s average monthly job gains are currently at 287,167, which still outpaces all pre-pandemic years going back to 1997. The June employment report was the first employment report to come in below forecast over the last 15 months but stronger-than-expected wage growth for June is likely to keep the Fed on track to raise interest rates July 26.
Wage inflation is the Fed’s biggest concern, staying at a plateau for the past several months after declining in the second half of 2022, meaning there’s still some ways to go to get back to a level the Fed is comfortable with. June average hourly earnings were up 0.4 percent, meaning that over the last 12 months, average hourly earnings have risen 4.4 percent, versus 4.4 percent for the 12 months ending in May. Jobs growth may have slowed but remains too strong and wage pressures are still too strong to justify an extended Fed pause. Pre-pandemic, average hourly earnings were increasing at around 3.5 percent.
This week’s calendar contains plenty of market moving potential including the $90 billion mini-Refunding over Tuesday to Thursday, with updates on consumer prices for June (expected to rise 3.1 percent year over year), producer prices, and many Fed speakers scattered throughout the week. In addition, earnings get under way with JP Morgan, Citigroup, Wells Fargo, and State Street reporting on Friday.
Today’s calendar gets under way mid-day today with the non-market moving May Employment Trends Index and wholesale inventories and sales for May. The afternoon brings May consumer credit and remarks from San Francisco Fed President Daly, Cleveland Fed President Mester, and Atlanta Fed President Bostic. We begin the week with Agency MBS prices roughly unchanged from Friday night, the 10-year yielding 4.07 after closing last week at 4.05 percent, and the 2-year at 4.91.
Employment
“Equity Resources is an independent/ privately-owned mortgage banker that is proudly celebrating our 30th anniversary! Our longevity and continued success are quite simple; we listen to, invest in, and develop our team members! In a slower market, we cross-train our team, we do not lay them off. “Improving the lives of families” is our core purpose and this begins with all our team. While uncertainty and concern are running rampant in the mortgage markets, we are creating opportunities for our award-winning loan officer team! Equity Resources is actively seeking focused loan officers throughout our 19 footprint states. In addition, we are also seeking an account executive for our B2B division with a history of working with credit unions and community banks. If you are frustrated with the direction of your mortgage career and would like to have a conversation about “Why Equity”, please contact Tom Piecenski, EVP of Sales and Development, at 614.327.5353.”
“Calling all LOs looking to dominate in their local market? Look no further than PrimeLending! We believe that you, as a loan originator, know exactly what it takes to succeed in your community. That’s why we empower you to build your business your way. With over 400 loan programs, including 23 renovation loan products, we offer all the flexibility you need to impress your clients and business partners. And when it comes to our production leaders, they believe in giving you the space you need to excel. In fact, in our latest Great Place to Work employee survey, 97 percent of our team said that management trusts them to do an amazing job without looking over their shoulders. So, if you’re ready to take the reins and steer your own professional journey, get in touch with Nic Hartke to talk about joining the PrimeLending family. Get ready to soar towards a bright future!”
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People love saving challenges to earn. So, we are going to layout some of the ways you can do the 200 envelope challenge.
In case you have not heard, the 100 day envelope challenge originating from TikTok has taken off!
Let’s be honest… you need to make saving fun! Saving just to save money can get boring after awhile.
Here at Money Bliss, we have plenty of money saving challenges to help you find the perfect one for you.
Today, we are going to bring you a spin of a super popular envelope challenge.
Have you seen the popularity of this money saving challenge take off on TikTok? If not, then you are missing out.
This saving hack has been going viral and does not seem to be going away anytime soon. In fact, more and more variations of the original challenge have sprouted.
In this post, we will break everything you need to know about the 200 day envelope challenge.
What is the 200 Envelope Challenge?
The premise of the 200 envelope saving challenge is a very simple hack to start saving money.
For many people attempting the 100 day challenge, they learned that saving envelopes from 51-100 were more difficult as the dollar amount was harder.
So, here is the 200 envelope challenge spin.
You start off with 200 envelopes. You will label each envelope with the numbers 1 through 50. Repeat this process 4 times.
As such, you will have four envelopes with the same number on them.
Then place all of the envelopes in a special place like a container box, basket, file folder, or bag.
Each day, you will choose a new envelope, and you must put that amount of money in the envelope.
For example, if you draw the number 12, then you would put $12 into that envelope and seal it. Then the next day, if you draw the number 35, you would put $35 into that envelope and seal it. Then, continue this challenge for over 200 days.
And the best part is by the end of the 200 envelope challenge, you have saved $5,100.
Now, after 200 days, I would call saving $5,100 a huge win when saving only $1-$50 per day.
200 Envelope Challenge Chart
How much money do you save with the 200 envelope saving challenge?
You need to the numbers behind everything so you truly understand how the 200 day money challenge is set up.
Let’s break down how the math works with this 200 envelope challenge chart.
At the end of the 200 day money challenge, you will save $5,10!!
Here is the math if you randomly pick an envelope each day:
Most saved in one week: $200
Least saved in one week: $4
Even if you do not finish the entire 200 days and quit on day 100, you will save at least $2500. More than likely, it will be a higher amount (unless you are great at just picking numbers under $20).
This challenge is great for somebody who gets paid with cash on a consistent basis, like servers, bartenders, drivers, caddies, etc – any tipped employee.
Advantages of the 200 Day Money Challenge
This is the #1 benefit of the 200 envelope challenge over the 100 day envelope challenge…
It is much easier to save under $50 a day than having to save $51-$100 a day.
You can simply cut out spending purchases to hit your goal.
That is easy.
Plus with the fun saving challenge you walk away with over $5000 saved in less 29 weeks! In just over half of the year, you can save $5k.
If someone said, you would save over $5k in less than 7 months, verall, would you accept the challenge?
That should be a resounding… YES!!
Supplies Needed for the 200 Day Envelope Money Saving Challenge
The supplies needed for the 200 Day Challenge are not complicated and you should have most of them around your house.
Supplies Needed:
Envelopes – Plain old white envelopes work, but colored envelopes makes everything more fun.
Sharpie or Marker Pens – You need something to write with in order to keep track of those envelopes.
Cash – You need to figure out where you have the extra cash to stuff those envelopes. You may need to run to the bank quite a few times.
Stickers or Rubber Stamps – To make sure you don’t cheat and reopen a finished envelope.
Box or Container – Just make sure you have enough space for your envelopes!
Related Read: Best Cash Envelopes – Pick Your Favorite
Don’t want to make your own? Then, pick up these handmade envelopes from Desire Your Curves. Check out these 200 mini envelopes!
Also, it is super helpful to have a free printable 200 day challenge to keep you accountable! Don’t worry… we have you covered!
At the bottom of the post, you have the opportunity to download a free 200 envelope challenge PDF.
Printable 200 envelope challenge PDF
The 200 Envelope Challenge is a printable tracker chart that you can download and print.
Think of one friend you want to do this challenge with and share this post
The idea of saving over $5000 in less than 7 months is reason to participate in this challenge!
Tracking your progress is very important with any money saving challenge. Plus it is a powerful motivator.
Check Out: Free Printable 100 Envelope Challenge
200 Envelope Challenge App – Do It Digital
As of right now, there is no envelope challenge app developed to make this cashless. However, you can do this challenge digitally and we will show you how to do it virtually.
In case you utilize a cashless envelope system, you may be wanting to do this challenge, but are not sure of the best way to do it.
Here is how to do the 200 day challenge digitally:
Instead of using 200 envelopes, you could write on 200 pieces of paper, fold them up, and put them into a bag or box.
Every day you would draw out a new number (just like the normal challenge).
Make sure you have separate savings account for the challenge.
Instead of placing cash into the envelopes, you will move money from your checking account to that separate savings account.
For example, on the first day, you pull out the number 8. Well, that means you would move $8 from your checking account into your newly open 200 envelope challenge savings account.
You are taking money from your normal spending and moving it away and into a savings account.
That way you are setting aside money, virtually into a different account.
200 Envelope Challenge Variations
Not everyone can complete the 200 envelope saving challenge as we discussed in this post.
Here are some alternatives to make the envelope challenge work for you:
Pull an envelope weekly instead of daily.
Save $25 for every envelope.
Pull 3-4 envelopes a week.
Save the amount of the envelope $1-200 and save over $20K!
There are many ways you can spin the 200 envelope challenge to work for you!
At the end of the day, the goal is just to save more money.
Many people prefer one of these challenges instead:
Ready for the 200 day Envelope Challenge?
All in all, this is the one great thing that social media can offer.
It brought around the envelope challenge as a new spin for you new hack for you to start saving money.
The 200 day envelope challenge is a fun way to kickstart your money saving journey.
The 200 day money envelope challenge is perfect for everyone to complete!
If you are looking for something different, check out one of these…
If you like the idea of this challenge here are some other money saving challenge ideas that you may enjoy more:
One of the best ways to improve your personal finance situation is to increase your income. Here are a variety of side hustles that are very lucrative. With time and effort, you can start enjoying the lifestyle you want.
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So, we promised a big announcement last Friday… did you happen to guess what we were up to?? Today we’re thrilled to launch the Apartment 34 Online Holiday Shop!! Months in the making, we’ve been dying to give you, dear readers, the first look at the it!
So why a holiday shop? The idea came to us over the summer when inevitably, we were forced to start thinking about Christmas… in July yup, that’s how this gig rolls!. For some reason, thinking about boughs of holly in the summer sun just wasn’t getting us as excited for the season as it had in years past. We realized it came down to what we feel has become an overly saturated sea of gift guides. Then there’s the dominance by the usual suspects that pop up again and again and again. Although all great resources, we wanted to attempt something a little different this year – and see if we could actually make it happen!
So we decided to have a little fun with some of our favorite makers! Teaming up with 10 crazy-talented artisans, we co-designed exclusive limited edition pieces. Our hope is to inspire you to support emerging designers & small businesses this holiday season while perhaps finding a gift for a special someone, or a gift for yourself!
Over the past few months we’ve been working directly with each maker to design a very tailored 10-piece collection that has everything from jewelry and clothing to home accents and art – all of which we’d gladly welcome to the Apartment 34 world a few pieces may already be gracing the office or hanging in our closets!. With quantities as small as 15, we wanted to give you the chance to snag something truly unique.
Here’s a quick description of our collection to whet your whistle!
> Hackwith Design out of Minneapolis made the most gorge, extra large grey scarf in a limited edition of 20!
> Julia Kostreva solved all of our problems of finding a iPhone 6 case with this ombre beauty inspired by one of her personal photographs.
> Vrai and Oro, one of our favorite new jewelry makers, created our dream everyday piece: a 14k gold cuff with diamonds!
> Rebecca Atwood handmade a very limited number of a super sweet navy shibori zip pouches!
> Emily Johnston, NYC photographer with an insanely good eye, brought Europe to us with a limited edition diptych print set.
> Chapman at Sea designed the cutest grey leather and rope dog leash you ever did see.
> Sarah Sherman Samuel from A Sunny Afternoon put her modern spin on handcrafted with a octagonal modern cutting board that is to die for.
> My Trick Pony has got norm-core down with an exclusively designed sporty-chic printed t-shirt available in black or white.
> The Citizenry designed an ombre grey Alpaca throw with their makers in Peru that is just heaven.
> And last, but certainly not least, Sketchbook Crafts brought our idea to life with a waxed canvas cross-body bag, perfect for traveling or for everyday on-the-go fashionistas!
All of these items are available in VERY small quantities, so you don’t want to miss out. Start your holiday shopping now and gift one of these truly special designs to someone you love. We’ll be breaking down a little bit of the design process and profiling each of the makers in the weeks ahead. You won’t want to miss hearing their stories. It just might inspire you to get to makin’ yourself!
In the meantime, check out the shop HERE, fill up your cart and then come back- we’re so excited to read in the comments which items you love most! Here’s to a fabulously chic holiday season!!
original photography for apartment 34 by Aubrie Pick // shot on location at LUX-SF // styling by Apartment 34
Update: Somewhat surprisingly, Google Compare is shutting down by March 23rd, 2016.
We’ve heard rumblings of a mortgage comparison tool from Google, but today it finally became official.
The mega search (and everything else) company announced the availability of “Google Compare for Mortgages” this morning in a blog post on their AdWords site.
Google noted that nearly one out of two borrowers don’t shop around when taking out a mortgage, which appears to be the impetus for its launch.
Starting today, you can comparison shop for a mortgage using Google Compare for Mortgages, well, as long as you reside in California. The company plans to roll it out to other states soon.
How Google Compare for Mortgages Works
The new tool works like existing mortgage comparison tools in that you answer questions related to your prospective loan and receive tailored quotes.
Google refers to it as a “seamless, intuitive experience that connects lenders with borrowers online.”
It goes a step further than other comparison sites by asking how long you plan to stay in the home and what you can reasonably afford.
I played around with it this morning and was actually pleasantly surprised.
When you get to the compare page, you have the option of viewing all rates or using their “Guided Search.”
If you opt for the latter you’ll be asked a series of questions starting with mortgage purpose and your zip code.
As noted, it’s only available for California residents, so if you live outside California but want to play around with it, enter a California zip code for now.
Once you enter in that basic info, it will ask for the estimated property value, current mortgage balance, and credit score.
Google offers some handy tips along the way, noting that you’ll get a better rate if you’ve paid off a larger portion of the mortgage when refinancing.
Additionally, they note that a higher credit score will result in a lower interest rate and better financing options.
You’ll then be asked how long you plan on owning the property. In a blog post on this site, I brought up the question of how long you plan to keep your mortgage.
This is important because you shouldn’t overpay for a long-term fixed mortgage if you plan to sell in the next three or four years.
But if you do plan to hunker down, a fixed mortgage might be a wise decision to avoid any interest rate resets.
Finally, they ask how much you can pay each month to determine if you can pay your mortgage down faster, assuming you want to go with a 15-year fixed instead.
The Results
Then they list the recommendations based on all your answers into separate groups of quotes.
Notice I entered 30 years of ownership. I also indicated that I could afford a very large monthly payment so they recommended a 15-year fixed.
If I had put four years of ownership and entered a smaller affordable monthly payment it might recommend a short-term ARM instead.
On the results page you’ll see something like “cheapest over 30-year period” and another list of quotes if you want “to pay down quickly.”
I like this feature of the tool because it goes beyond lowest rate and actually explains why you’d choose one loan option over another based on your own unique situation.
Once you get to the final page you’re also able to expand the loan criteria to change the occupancy type, include VA loan eligibility, or mention any past credit slipups.
If you want to get to that page faster, simply click on one of the “view all” buttons at the bottom of the start page and you can enter all criteria on a single page to update the results.
Going forward, you may see the new tool when conducting searches for a mortgage-related term on Google. You can also visit the comparison tool directly here.
If you’re an advertiser, you can get your company listed in Google Compare for Mortgages on a flexible cost-per-lead (CPL) model.
Both LendingTree and Zillow have already separately announced partnerships with Google on the new venture.
Read more: How lenders come up with your mortgage rate.
Out of 72 million Millennials in America, roughly 600,000 are already millionaires according to Coldwell Banker.
Like the generation they represent, Gen Y’s own one-percenters come from diverse backgrounds and share a bootstrapping attitude to building wealth and success. Their paths to riches range from the tried-and-true to the clever and lucky; some of their methods are merely admirable, while others are easily repeatable.
So who are the Millennial millionaires? How did they build their fortunes, and what can we learn from them?
Let’s investigate six Millennial millionaires, their paths to wealth, and extract one takeaway from each journey.
What’s Ahead:
Jeremy Gardner: crypto
In 2013, at age 21, Jeremy Gardner bought some bitcoins from a friend purely out of curiosity.
At the time, all he really knew about “crypto” was that it was the preferred currency of Silk Road, a darknet eBay for drugs and illegal activity. Shady traders on Silk Road liked Bitcoin because it was unregulated and difficult for authorities to trace.
The FBI shut down Silk Road in 2013 but Bitcoin lived on – and soon, Gardner began to see its true merit.
“There was this realization that I could — with just an internet connection— exchange value with anyone in the world who also has an internet connection,” he told Business Insider. “No longer did I have to rely on a centralized intermediary, a troll under the bridge, such as a bank or a government.”
Gardner converted all of his cash and holdings into Bitcoin and dedicated his life to evangelizing cryptocurrency. He won’t share his net worth publicly, but considering Bitcoin traded for as low as $50 in 2013 and now hovers around $50,000, it’s safe to say he’s beyond mere “millionaire” status.
So what does a crypto millionaire do all day?
At the time of his Business Insider interview, Gardner lived in a three-story townhome in San Francisco dubbed “The Crypto Castle.” He claims that most of the other tenants who have rotated in and out of the Castle have become millionaires as a result of cryptocurrency investing.
Despite residing in one of the most expensive cities on earth, Gardner’s biggest living expense was apparently “alcohol.” That’s because he loves taking people out to party, wax poetic about crypto, and pick up the tab.
During the day, Gardner worked “fairly full-time” at venture capital firm Blockchain Capital, which focuses on seeding crypto-based startups, for a salary of $0. He’s since moved to Miami for the lower cost of living.
Even at the time of his interview in 2017, Gardner acknowledged the possibility of a bubble popping – it may be at $60,000, $100,000, or $500,000 – so to protect his wealth, he has plenty of cash on reserve. That cash will continue to pay for his living expenses and, of course, be used to scoop up more Bitcoin after the bubble bursts.
What we can learn from Jeremy Gardner’s millions
An investment in cryptocurrency can provide generous returns, but it’s not without risk or challenges. Cryptocurrency investments are not FDIC-insured, for example, and the regulatory landscape is still unfolding.
Still, crypto can lend some high-risk, high-reward diversity to your portfolio. I’ll be covering crypto in more detail in the coming months, so stay tuned.
Shan Shan Fu: pandemic-based startup
Chinese-American immigrant Shan Shan Fu, 33, was already working hard enough when the pandemic hit in Q1 2020. Her mother and father had been an engineer and a doctor back in China, respectively, but since their degrees weren’t recognized in America they had to work in grocery stores to make ends meet. Their salaries plummeted but their work ethic stayed the same.
Inspired by her folks, Fu took on a second role in addition to her hard-enough nine-five consulting job. As soon as the pandemic hit, she saw an immediate need for high-quality, breathable face masks. So from five to one each night for seven months, she built and launched Millennials In Motion, a boutique mask and fashion vendor.
Her income from Millennials In Motion soon surpassed her consulting salary, so she left her steady gig to focus on growing her startup.
Shan Shan Fu’s financial success is doubly impressive considering everything working against her during the pandemic. She already had a full-time job, the economy was tanking, and she was an Asian woman, suffering from increased judgment and discrimination due to increasing anti-AAPI bias.
“When you immigrate from China, it’s already so difficult because you’re judged based on how you look, your accent. Your education isn’t valued as much as if [it were from the U.S.],” she told CNBC. “It’s tough to go through so much adversity and be hated on for [a pandemic] that has nothing to do with you…”
Launching Millennials In Motion wasn’t Shan Shan Fu’s first financial success. Fu briefly lived in Vancouver, where she spotted a beautiful condo for an affordable price. She called it “the Millennial dream” and sensed it would be a good investment. It was – since she bought it for $500,000 in 2015, the condo has more than doubled in value.
Technically speaking, Ms. Fu is barely a millionaire – in fact, I’d estimate that after being hammered by self-employment taxes, her net worth might have lost a digit. But I have no doubt that she’ll rebound immediately; if she can launch a successful one-woman startup during a pandemic, the sky’s the limit.
What we can learn from Shan Shan Fu’s (eventual) millions
There are four traditional paths to becoming a millionaire in this country: earning, investing, launching a successful business, and inheritance. Most rich Americans got that way by picking one, maybe two lanes at max so they can work less and stay focused. Ms. Fu is unique in that she built wealth equally between lanes one, two, and three throughout 2020. But even someone with a work ethic as incredible as Ms. Fu realized that 17-hour days aren’t worth it for any amount of money, and focusing on two lanes is just fine.
Keith Gill: high-risk stock trading
Keith Gill is the only person on this list that I can provide an almost precise net worth for, down to the penny.
That’s because Gill is the de facto leader of the infamous amateur investing subreddit r/wallstreetbets where he posts his portfolio on a semi-regular basis. Gill’s “GME YOLO” updates show how he’s turned a $53,000 investment in GameStop stock into $25+ million, peaking at $50 million in February.
Granted, Gill’s “GME YOLO” updates only reflect his GameStop holdings, not his entire net worth. Still, it’s pretty safe to say they represent the majority of his net assets now, and that he’s definitely a Millennial millionaire several times over.
Gill, 34, got his Reddit username from the investing term “deep value.” Deep value investing involves building a diverse portfolio of cheap, undervalued stocks.
Calling upon his experience as a Chartered Financial Analyst (CFA), Gill noticed that GameStop stock (GME) had become severely undervalued in 2019, so he bought up 50,000 shares plus 500 call options. He didn’t just “YOLO” his cash into the wind, either, justifying his move with trends and data in a video he posted to his YouTube channel under the pseudonym Roaring Kitty. Critically, he never said he was sharing advice – just educational material.
Gill’s early investment in GameStop, and frequent posts justifying his positions, are credited with stimulating the now-famous GameStop short squeeze of Q1 2021. The movement got so serious that Gill was called in to testify to Congress on February 18th alongside Robinhood co-founder Vladimir Tenev. His two most famous quotes arising from his testimony are “I am not a cat” and “I like the stock.” To date, no legal action has been taken against Gill, and the day after his testimony he doubled his position in GameStop to 100,000 shares.
In many ways, Keith Gill was the hero Reddit needed in 2021. By all accounts, he’s just a normal guy who wants to promote financial literacy, notably the deep value investing strategy of seeking out undervalued stocks. He lives in a normal house in Brockton, Mass with a wife and young daughter, and despite their best efforts, the hedge funds have failed to charge, muzzle, or discredit him. He’s also made a lot of normal people a lot of money during a crippling pandemic.
What we can learn from Keith Gill’s millions
While Keith Gill’s gambit certainly paid off, it’s important to remember that r/wallstreetbets is full of terrible advice, too. Tons of people lose their livelihoods chasing meme stocks and trends, so it’s better to get your lols from WSB and investing guidance from a professional wealth advisor.
A better takeaway from Gill’s millions (that’s fun to say) is that financial literacy pays off. Even though he’s the figurehead of a subreddit that celebrates badly-researched trades, Gill did do his research on GameStop and it paid off. So if you’re looking to build wealth as an amateur investor, be like Gill – not like WSB.
Amandla Stenberg: entertainment
Remember Rue from The Hunger Games movies? Yeah, she’s crushing it now.
Born in 1998 to an African-American mother and Danish father, Amandla Stenberg got her name from the Zulu word for “strength.” Living up to her namesake, she followed her global debut in The Hunger Games by starring in Everything, Everything as Maddy, a young woman homebound by a debilitating medical condition.
Although her portrayal of Maddy won her universal acclaim and further propelled her to stardom (and millionaire status), Steinberg has garnered more well-deserved attention for her outspoken philosophies and political views.
Steinberg identifies as non-binary, preferring the pronouns “she/her” or “them/they,” and has used her newfound stardom to spread pro-acceptance and feminist messaging. In 2015 she published a five-minute YouTube video titled Don’t Cash Crop My Cornrows, directly confronting the disconnect between cultural appropriation and cultural acceptance of black Americans.
On a smaller but similarly profound note, Steinberg announced in 2017 that she’d stopped using a smartphone in favor of a “dumb phone.”
“I’m legitimately concerned about my generation and how phones are going to affect us psychologically.” she told Bust in an interview. “I think [social media] is a very important tool. But at the same time, I think it can create some serious effects on our mental health.”
Amandla Steinberg, who straddles the line between Millennial and Gen Z, evokes the best possible definition of “woke.” She carries a torch of acceptance and critical thinking for both generations, using her wealth and stardom to propel society forward in the right direction.
What we can learn from Amandla Steinberg’s millions
As a “Millennial millionaire,” Steinberg exemplifies how wealth, power, and influence can absolutely be forces for good. She may not give us a clear path to riches, since acting isn’t exactly a reliable cash cow – but she sure as hell shows us how to use it.
Whitney Wolfe Herd: dating apps
Are billionaires still millionaires? Asking for a friend.
Whitney Wolfe Herd was a millionaire, at least, before the Bumble IPO in February 2021. Then, in the ring of a bell, 31-year-old Wolfe became a bonafide billionaire and the youngest woman to take a company public ever.
Unlike Kylie Jenner, nobody dispute’s Whitney Wolfe Herd’s wealth or authenticity. Wolfe launched her first business in college when she began selling bamboo tote bags to benefit victims of the BP oil spill. Two years later, she joined an incubator where she became the third employee of a new Millennial-focused dating app. The app was all about immediate sparks, so she came up with the name Tinder.
Despite Tinder’s explosive growth, Wolfe Herd resigned just two years later and sued her former partners for sexual harassment. The whole nasty episode inspired her to move to Austin and launch a female-friendly dating app called Moxie. The name was taken, unfortunately, so her second choice was Bumble.
Between 2015 and 2019, Wolfe Herd swept awards and collected accolades for her unstoppable momentum in the male-dominated tech industry. In September 2019, she even testified before the Texas House Criminal Jurisprudence Committee on the topic of explicit images sent within dating apps, further championing efforts to protect women from sexual harassment online: all before her 29th birthday.
When Bumble finally launched a successful IPO, Wolfe Herd’s hefty stake in the company reached an estimated value of $1.5 billion. But despite her 10-figure wealth and barrier-shattering success, Whitney Wolfe Herd’s path to riches is actually pretty old school.
What we can learn from Whitney Wolfe Herd’s (many) millions
If you work in a startup environment, ask for stock options. 10 years of startup salaries probably represent less than 0.05% of Herd’s net worth; the rest is entirely stock.
I myself have a few friends who were the 9th or 17th or 31st employees of no-name companies that have since become big-name companies. Even those that didn’t become Pinterest or Bumble were often bought out, resulting in massive capital gains for early employees and seed round investors. So just a few years of hard work in the right startup can make you a millionaire: as long as you get that stock!
Todd and Angela Baldwin: just save and invest
Todd Baldwin, 28, started out shoveling manure for $3 an hour. Today, his annual income exceeds $600,000. His wife Angela makes six figures also, which the couple can afford to put entirely into savings.
Todd and Angela began their relationship with a combined household income well under $100k. They couldn’t afford to live alone in Seattle, so they bought a $500k home with a small $19,000 down payment and rented out the other rooms to make their mortgage payments.
But by keeping their costs low and crushing it at work, the Baldwins were able to earn more, save more, and buy more. Within a year they invested in a second property. Now they have six.
Three factors enabled the Baldwins to keep purchasing property and build their real estate portfolio:
Their increased earnings at work.
Rent payments from tenants.
Their dedication to frugality and simple living.
Interestingly, Todd credits number three as their primary factor for success. For example, in college he couldn’t afford to take his soon-to-be-wife out for fancy meals, so he took a side gig as a mystery shopper. Now, instead of paying $60 for a nice meal, he’s paid $60 to take his wife out and report his experience. She doesn’t mind and enjoys their “free dates.”
Todd and Angela now live in a much nicer $900,000 duplex, but they still rent out their spare bedrooms, even their converted garage to cover 100% of their mortgage. The couple shares a 2009 Ford Focus, and Todd wears a $12 wedding band made of rubber.
Personally, I admire the Baldwins’ dedication to frugality – but if you find their lean lifestyle to be a bit… restricting, know this: as a result of cost-cutting, they’re able to save 80% of his income and 100% of hers. Even if they bought a pair of matching Mercedes and gave their roommates the boot, they’d likely still save more than half of both of their salaries.
The couple’s ultimate goal is to own 6,000 apartments by the time Todd turns 60, which would bring in $9 million a month in rent. If they pull it off, they’d be fast on their way to becoming a billionaire power couple: too recognizable to keep power shopping.
What we can learn from Todd and Angela Baldwin’s millions
The Baldwins aren’t startup heroes, lottery winners, or crypto zillionaires. Their path to riches didn’t even involve luck or months of 17-hour days. All they did was save and invest, save and invest.
The single most common path to becoming a millionaire in America is to invest 20% of your income for 30 years. The Baldwins were just a bit more aggressive (to say the least), investing 80% of their income for five years and counting. But the core principle still stands – you don’t need a six-figure salary, a massive inheritance, or an early stake in Bumble to get rich; just patience and the most fundamental investing knowledge.
Summary
The Millennial millionaires range from sage opportunists to Hollywood activists; glass ceiling-smashers to frugal investors. Their pathways to wealth are as diverse as the generation they represent, but each of the one-percenters on this list shares one thing in common: a plan.
When it comes to building wealth, luck plays a surprisingly tiny role, if it even factors in at all. Nobody on this list waited for luck; instead, they did their research, executed upon an opportunity, and worked hard for that second comma in their bank statement.
“Where are you from?” It’s a common question when you meet someone new while traveling. And it’s an easy question for most people. But for me, it’s complicated if I want to give more details than “the United States.”
After all, my husband and I gave up our Austin, Texas, apartment in June 2017, sold or donated most of our belongings and then set out as digital nomads on July 2, 2017. So, excluding some extended time living with family early in the coronavirus pandemic, we’ve traveled full time while working remotely for the last six years.
In 2020, I wrote about my first three years as a digital nomad. But in this story, I’ll look back at the past six years. In doing so, I’ll discuss how I became a digital nomad, some of my travel statistics and how travel has changed for me during the past six years.
How I became a digital nomad
On a bus from Aguas Calientes to Machu Picchu in Peru in 2013, I first heard of a gap year or sabbatical year. I hadn’t gotten into points and miles yet, but my husband and I loved the idea of taking a year off to travel after I finished graduate school. Well, fast forward four years to 2017, when it was time to leave on our “gap year.” By this time, we were already working as writers in the award travel space.
So, we hit the road as digital nomads instead of taking a gap year. And we quickly fell in love with the freedom and flexibility of the lifestyle. I appreciate experiencing different cultures, landscapes, experiences and cuisines daily. And I’ve found that frequently visiting new destinations inspires me.
I also enjoy using the topics I write about — points, miles, credit cards and elite status — on a daily basis. We make award redemptions most weeks (and often multiple times a week), and we’re constantly traveling. So, I know many of the airline, hotel and credit card programs I write about from personal experience. And I’m personally invested when these programs change or devalue their rewards.
Points and miles certainly fuel some of our travel. But we also book paid flights and nights when it makes sense. After all, we only have a finite amount of points and miles, and we’ve found that paid partner-operated premium-cabin flights are often the best way to earn airline elite status.
Related: 6 ways award travel and elite status pair well with my digital nomad life
1,121,959 miles on 575 flights
Over the last six years, I’ve taken 575 flights on 62 airlines to 180 airports in 58 countries. I’ve taken so many flights in the last six years that my flight map is difficult to read.
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I flew 1,121,959 direct flight miles in the last six years, with an average flight distance of 1,951 miles (about the distance from Atlanta to Los Angeles). My longest flight was 9,532 miles, from New York to Singapore. And my shortest flight was just 11 miles from Tahiti to Moorea in French Polynesia.
But my most memorable flight was on Sri Lanka’s Cinnamon Air from Polgolla Reservoir Aerodrome (KDZ) to Koggala Airport (KCT) on a Cessna 208 amphibious caravan.
I frequently fly American Airlines and often use Hartsfield-Jackson Atlanta International Airport (ATL) when visiting family. So, it’s not surprising that my three most frequent routes by flight segments are between American Airlines’ hubs and Atlanta. Here’s a look at my top 10 most frequent flight segments over the last six years:
New York’s LaGuardia Airport (LGA) to/from ATL: 15 flights
Dallas Fort Worth International Airport (DFW) to/from ATL: 11 flights
Charlotte Douglas International Airport (CLT) to/from ATL: 10 flights
Kuala Lumpur International Airport (KUL) to/from Kualanamu International Airport (KNO): 10 flights while I earned Malaysia Airlines Enrich Gold status in 2019
Los Angeles International Airport (LAX) to/from ATL: Nine flights
Las Vegas’ Harry Reid International Airport (LAS) to/from LAX: Eight flights
DFW to/from LGA: Six flights
London’s Heathrow Airport (LHR) to/from LAX: Six flights
Hong Kong International Airport (HKG) to/from Da Nang International Airport (DAD): Six flights booked during Cathay Pacific’s New Year’s deal in 2019
DFW to/from LAS: Five flights
And my loyalty to American Airlines AAdvantage and its Oneworld partners shows when you look at the airlines I flew most by flight segments:
American Airlines: 224 flights, including reviews of American’s A321T business class, 787-9 business class, 777-200 business class with B/E Aerospace Super Diamond seats, 787-8 Main Cabin Extra, 757-200 Main Cabin Extra and 757-200 business class
United Airlines: 31 flights, including reviews of United’s 787-8 economy class and 757-200 economy class
Southwest Airlines: 29 flights, including a review of Southwest’s 737-800 from Oakland, California, to Newark
Malaysia Airlines: 26 flights
Qatar Airways: 23 flights, including reviews of Qatar Qsuite on a 777-300ER and Qatar Qsuite on an A350-1000
Delta Air Lines: 22 flights, including when I was one of the first American tourists to fly to Italy on a COVID-19-tested flight
British Airways: 20 flights, including a review of British Airways’ A380 economy class
Cathay Pacific: 17 flights
Japan Airlines: 14 flights, including a review of Japan Airlines’ 777-300ER premium economy
Qantas: 12 flights
However, if you look at the airlines on which I flew the most mileage, the ranking is a bit different due to some mileage runs:
American Airlines: 404,296 miles
Cathay Pacific: 104,481 miles
Qatar Airways: 89,630 miles
British Airways: 53,357 miles
Delta Air Lines: 49,603 miles
United Airlines: 42,237 miles
Singapore Airlines: 36,176 miles, including a review of Singapore Airlines’ A350-900ULR premium economy
Japan Airlines: 33,756 miles
Air Canada: 30,792 miles
All Nippon Airways: 28,938 miles
I track all my flights in OpenFlights. So, although it’s relatively easy for me to gather statistics on my flights, I don’t have a simple way to determine the amount I paid in points and cash for my 575 flights during the last six years.
Related: The best credit cards for booking flights
1,103 nights in hotels
I’ve spent over half of the last six years living out of hotel rooms. In particular, I’ve spent 894 nights at 75 major hotel brands within the last six years. And I’ve spent 209 nights at other brands and independent hotels.
Here’s the breakdown of my stays by loyalty program and brand over the last six years, including notes about my favorite programs.
390 nights at 15 IHG brands
Holiday Inn Express: 120 nights
Holiday Inn: 66 nights
InterContinental Hotels & Resorts: 51 nights, including five nights at the InterContinental Hayman Island Resort in Australia, four nights at the InterContinental Phuket Resort in Thailand, four nights at the InterContinental Phu Quoc Long Beach Resort in Vietnam, three nights at the InterContinental Danang Sun Peninsula Resort in Vietnam, three nights at the InterContinental New York Times Square in New York and two nights at the InterContinental Fiji Golf Resort & Spa in Fiji
Candlewood Suites: 28 nights
Hotel Indigo: 26 nights, including five nights at the Hotel Indigo Austin Downtown-University in Texas and four nights at the Hotel Indigo Birmingham Five Points South – UAB in Alabama
Staybridge Suites: 22 nights
Crowne Plaza Hotels & Resorts: 19 nights, including three nights at the Crowne Plaza Beijing Wangfujing in China and three nights at the Crowne Plaza Times Square in New York
Holiday Inn Resort: 19 nights, including 10 nights at the Holiday Inn Resort Kandooma Maldives in the Maldives
Voco: 11 nights, including six nights at Voco Gold Coast in Australia
Regent: Nine nights
Kimpton Hotels & Restaurants: Eight nights
Six Senses: Six nights, including four nights at Six Senses Laamu in the Maldives and two nights at Six Senses Yao Noi in Thailand
Atwell Suites: Two nights at Atwell Suites Miami Brickell in Florida
Avid: Two nights at Avid hotel Oklahoma City — Quail Springs in Oklahoma
Even: One night
Over the last six years, I’ve stayed 161 paid nights at IHG properties for an average of $152 per night. The least I paid was $48 per night at the Holiday Inn Express Berlin — Alexanderplatz in Germany. And the most I paid was $1,564 per night during a review of the InterContinental Maldives Maamunagau Resort in the Maldives.
Meanwhile, we redeemed IHG points for 209 nights over the last six years, including 36 fourth-night-free rewards. On average, we redeemed 15,591 IHG points per night. We also redeemed 20 anniversary nights over the last six years, including at the InterContinental Bora Bora Resort & Thalasso Spa in French Polynesia and the Kimpton De Witt Amsterdam in the Netherlands.
You might wonder how we earned so many IHG points and anniversary nights. We maximize IHG promotions to earn points on stays. And we often buy points during IHG points sales with a 100% bonus when we can do so for 0.5 cents per point. As for the anniversary night certificates, we both have multiple IHG credit cards, so we’ve each earned two anniversary nights for most of the last six years.
We frequently stay at IHG One Rewards hotels and resorts due to the high value we often get when redeeming IHG points. But, with the launch of the new IHG One Rewards program last year, we are also getting good value from the annual lounge membership you can select through IHG’s Milestone Rewards program after staying 40 nights in a year.
Related: 9 budget strategies for getting the most out of your points and miles
209 nights at other brands and independent hotels
These days, we usually stay at major hotel brands to earn and use elite status perks and benefit from the consistency provided by these brands. But we often stayed at independent hotels when we first hit the road as digital nomads in 2017. And even now, we sometimes find ourselves in a destination without major hotel brands or where staying at a property outside our brand loyalties makes the most sense.
For example, we couldn’t pass up staying in a twin cell at YHA Fremantle Prison in Australia and a robot hotel in Japan. Likewise, staying within Addo Elephant and Kruger national parks in South Africa let us maximize our time seeing wildlife in these parks.
We often book these stays through online travel agencies since we don’t have to worry about missing out on elite status benefits and earnings while staying at properties outside our primary brands. For example, we’ll sometimes book through credit card portals to use credits, like the $50 hotel credit each account anniversary year on the Chase Sapphire Preferred Card. And we’ll occasionally book through American Express Fine Hotels + Resorts to snag extra perks and use the prepaid hotel credit we get each calendar year as a perk of The Platinum Card® from American Express. We’ll also sometimes use Rocketmiles to earn American Airlines miles and Loyalty Points on our stays.
On average, I paid $83 per night on these stays. But, my least expensive night was $18 per night for a private room with a shared bathroom at Stella Di Notte in Belgrade, Serbia. And my most expensive night was $235 per night at the RLJ Kendeja Resort & Villas in Liberia during PeaceJam.
203 nights at 21 Marriott brands
Over the last six years, I’ve stayed 140 paid nights at Marriott properties for an average of $121 per night. The least I paid was $44 per night at the Four Points by Sheraton Bogota in Colombia. And the most I paid was $350 per night during a review of the Waikoloa Beach Marriott Resort & Spa in Hawaii.
Meanwhile, we redeemed Marriott points for 49 nights over the last six years, including six fifth-night-free benefits. On average, we redeemed 16,167 points per night on Marriott award stays. We also redeemed 14 free night awards we earned through Marriott credit cards and promotions over the last six years.
Related: Here’s why you need both a personal and business Marriott Bonvoy credit card
115 nights at 6 Choice brands
Ascend Hotel Collection: 54 nights, including 28 nights at Emotions All Inclusive Puerto Plata in the Dominican Republic, nine nights at Gowanus Inn & Yard in New York (no longer bookable through Choice Hotels) and three nights at Bluegreen Vacations Fountains in Florida
Comfort: 37 nights, including 19 nights in Japan
Quality Inn: 13 nights
Cambria Hotels: Four nights
Rodeway Inn: Four nights
Clarion: Three nights
Over the last six years, I’ve stayed 34 paid nights at Choice Privileges properties for an average of $93 per night. The least I paid was $54 per night at the Comfort Hotel Airport CDG in France. And the most I paid was $239 per night at Cambria Hotel New York — Times Square in New York.
Meanwhile, we redeemed Choice points for 81 nights over the last six years. On average, we redeemed 9,531 Choice points per night. I’ve found I can get excellent value when redeeming Choice points for unique redemptions and for stays in Japan, Europe and destinations that typically feature high paid hotel rates. So, as with IHG, we often buy Choice points during sales or through Daily Getaways promotions.
87 nights at 11 Hyatt brands and partners
I didn’t stay much with World of Hyatt until the program offered reduced qualification requirements and double elite night credits in early 2021. I earned Globalist status in 2021 for far fewer nights than is usually required, but I’ve prioritized maintaining it due to the on-site perks it provides.
I’ve stayed 53 paid nights at Hyatt properties for an average of $139 per night over the last six years. The least I paid was $24 per night at the Excalibur Hotel & Casino in Las Vegas. And the most I paid was $353 per night at Hyatt House New York/Chelsea in New York.
Meanwhile, I redeemed Hyatt points for 27 free nights over the last six years. I’ve found some excellent Category 1 Hyatt hotels that provide wonderful value on award stays. So, it isn’t surprising that I’ve redeemed 5,563 points per night on average and just 3,500 points per night for nine nights. Additionally, I redeemed seven free night certificates that I earned through Hyatt credit cards, Hyatt Milestone Rewards and the Hyatt Brand Explorer promotion over the last six years.
40 nights at 10 Wyndham brands
Days Inn: 10 nights
Ramada: Nine nights
Ramada Encore: Five nights
Microtel: Five nights
Club Wyndham: Three nights
Super 8: Three nights
Viva Wyndham: Two nights at Viva Wyndham Azteca — All-Inclusive Resort in Mexico
Baymont: One night
Howard Johnson: One night
Travelodge: One night
Over the last six years, I’ve stayed 29 paid nights at Wyndham properties for an average of $103 per night. The least I paid was $48 per night at the Days Inn Guam-Tamuning in Guam. And the most I paid was $200 per night during a review of the Viva Wyndham Azteca — All-Inclusive Resort in Mexico.
Meanwhile, we redeemed Wyndham points for 11 nights over the last six years. On average, we redeemed 9,068 points per night on Wyndham award stays. And we love getting a 10% redemption discount when we redeem Wyndham points as a benefit of our Wyndham Rewards credit card, as this brings an award night that would typically cost 7,500 points down to just 6,750 points.
32 nights at 6 Hilton brands
Over the last six years, I’ve stayed 18 paid nights at Hilton properties for an average of $130 per night. The least I’ve paid was $58 per night at the Hilton Jaipur in India. And the most I paid was $168 per night at the Hilton Niseko Village in Japan.
Meanwhile, we redeemed Hilton points for eight nights over the last six years, including one fifth-night-free benefit. On average, we redeemed 46,250 points per night on Hilton award stays. We also redeemed six Hilton free night certificates that we earned through Hilton credit cards over the last six years for excellent value at the Conrad New York Midtown, the Conrad Maldives Rangali Island and the Hilton Maldives Amingiri Resort & Spa.
The average amount we redeemed per night with Hilton Honors is significantly higher than with other hotel loyalty programs. This, combined with my struggle to get more than TPG’s valuation (0.6 cents per point) when redeeming Hilton points, is why I don’t frequently stay at Hilton brands despite having Hilton Diamond status through a Hilton credit card.
19 nights at 4 Accor brands
Ibis: 12 nights
Mercure: Four nights
Grand Mercure: Two nights
Ibis Budget: One night
Over the last six years, I’ve stayed 19 nights at Accor properties for an average of $56 per night. The least I paid was $36 per night at the Ibis Muenchen City Nord in Germany. And the most I paid was $84 per night at the Ibis Madrid Alcobendas in Spain.
8 nights at 2 Best Western brands
Best Western: Six nights
Best Western Plus: Two nights
Over the last six years, I’ve stayed eight nights at Best Western properties for an average of $78 per night. The least I paid was $57 per night at the Best Western Amsterdam Airport Hotel in the Netherlands. And the most I paid was $147 per night at the Best Western Plus Mountain View Auburn Inn in Washington.
452 nights camping
When I became a digital nomad in 2017, I didn’t think there was any chance I’d camp 452 nights in the next six years. And even three years ago, I’d only spent three nights tent camping for a concert at The Gorge in Washington state and three nights in a rental RV doing a relocation from Las Vegas to Denver.
But, as it became apparent the coronavirus pandemic would affect international travel for more than just a few months, my husband and I tried out a six-night RV relocation rental in July 2020. Then in August 2020, we decided to buy the same RV model we’d relocated.
When we bought our Class C RV, we expected we’d sell it as soon as international travel to most destinations became relatively simple again. But, we discovered we enjoy working remotely from our RV while in the U.S. We’ve now spent 440 nights camping in our RV since buying it — 97 nights in 2020, 234 nights in 2021, 80 nights in 2022 and 29 nights so far in 2023.
Nineteen nights in our RV have been free at locations (like select Walmarts, select Cracker Barrels and businesses that participate in Harvest Hosts) that allow RVers to stay overnight upon asking permission. We’ve also spent 37 nights sleeping in the driveways of friends and family while visiting them.
But we usually find paid RV campsites with power and water. We’ve paid for campsites on 393 nights as follows:
171 nights at city and county campgrounds ($32 per night on average)
133 nights at U.S. Army Corps of Engineers campgrounds ($27 per night on average)
66 nights at state park campgrounds ($34 per night on average)
37 nights at private campgrounds ($52 per night on average)
Four nights at national park campgrounds ($48 per night on average)
On average, we’ve paid $33 per night for our RV campsites. The highest we paid was $104 per night at Orlando / Kissimmee KOA Holiday in Florida. And the least we paid was $17 per night at Shady Grove Campground in Cumming, Georgia, during a half-off promotion.
Related: The cheapest place to stay at Disney World is a tent — so I tried it
443 nights with family and friends
One aspect my husband and I appreciate about being digital nomads is seeing our family more than when we lived in one place. Here’s a breakdown of our nights with friends and family over the last six years:
July 2 to the end of 2017: 32 nights
2018: 90 nights
2019: 83 nights
2020: 167 nights
2021: 29 nights
2022: 27 nights
So far in 2023: 15 nights
We spent significant time with each of our parents in March through August of 2020 as much of the world locked down. However, the nights since August 2020 are lower than pre-pandemic since we now stay in our RV (either in the driveway or a nearby campground) while visiting most friends and family members.
Related: 43 real-world family travel tips that actually work
104 nights in transit
Over the past six years, I’ve spent 101 nights in flight or sleeping in airports. I typically avoid overnight flights, but sometimes overnight flights are unavoidable (and they’re enjoyable if I book a lie-flat seat or luck into a row to myself in economy).
If I have an overnight layover at an airport, I’ll book a hotel if the layover is long enough and I can find a modestly priced hotel on-site or with a free shuttle. But sometimes the layover is too short, or it just doesn’t make sense to get a hotel. In these cases, I’ll usually sleep in a lounge — ideally one with a sleeping area or at least lounge chairs — or in a Minute Suites (or a similar type of space) that participates in Priority Pass.
I’ve also spent three nights on trains, including two on the Amtrak Empire Builder from Portland, Oregon, to Chicago and one on a Trans-Mongolian train from Ulaanbaatar, Mongolia, to Hohhot, China. I thoroughly enjoyed both experiences, so it’s surprising that I haven’t taken any other overnight trains in the last six years. However, low-cost flights on many routes served by overnight trains often make flying a more convenient and less expensive alternative.
Related: 11 of the most scenic train rides on Earth
90 nights in vacation rentals
Vacation rentals are the accommodation of choice for many digital nomads, especially those who stay in each location for at least a month and appreciate having their own kitchen. And I spent 39 nights in vacation rentals in 2017 after becoming nomadic July 2.
However, one particularly bad Airbnb experience in 2018 and an increasing interest in hotel elite status caused me to switch most of my nights to hotels instead of vacation rentals. I stayed in vacation rentals for 17 nights in 2018 and 20 nights in 2019. I only stayed in one vacation rental each in 2020 (for three nights), 2021 (for two nights) and 2022 (for two nights). And so far, I’ve only stayed in one vacation rental (for seven nights) in 2023.
On average, I paid $53 per night for vacation rentals across my six years as a digital nomad. My least expensive vacation rental was $17 per night for a private studio apartment in Da Nang, Vietnam, that I booked through Airbnb. And my most expensive vacation rental was $129 per night for a waterfront apartment in Auckland, New Zealand, through Hotels.com.
I’ll still stay in vacation rentals when they’re my best option. But I generally prefer to stay at hotels for consistency and to earn and use my elite status perks.
Related: When a vacation rental makes more sense than a hotel
259 cities in 52 countries and territories
Finally, let’s talk about destinations. Over the last six years, I’ve visited 259 cities in 52 countries and territories. Here’s a look at the number of nights I stayed in each:
1,253 nights: United States of America (including 318 nights in hotels or vacation rentals)
88 nights: Germany
69 nights: Japan
56 nights: Australia
54 nights: South Africa (including 32 nights in or near South African national parks)
36 nights: Dominican Republic
27 nights: Maldives, Thailand
24 nights: Spain
22 nights: Hong Kong, Malaysia
21 nights: New Zealand, Serbia, Vietnam
20 nights: Canada, Colombia, Italy
19 nights: India
18 nights: Netherlands, United Arab Emirates
16 nights: Singapore
14 nights: Bahamas, French Polynesia, Indonesia
13 nights: Fiji, South Korea
11 nights: Brazil, Mongolia
10 nights: China
Nine nights: Bulgaria, England, France, Pakistan
Eight nights: Bosnia and Herzegovina, Latvia, Liberia, Mexico, Sri Lanka
Seven nights: Greece, Guam
Six nights: Turkey
Five nights: Belgium, Marshall Islands
Four nights: Sweden
Three nights: Argentina, Chile
Two nights: Panama
One night: Ethiopia, Finland, Ireland, Northern Mariana Islands, Taiwan
As you can see, I would have spent the most time in the U.S. even if the coronavirus pandemic hadn’t kept me in the country for much of 2020 and 2021. And interestingly, even my most visited country outside the U.S. (Germany) accounted for just 88 nights across the last six years.
I also visited 14 other countries and territories before becoming a digital nomad. So, although I’m not striving to visit every country in the world, I’ve visited 66 different countries and territories so far. My husband and I are trying to visit a few new-to-us countries each year while also returning to some of our favorite destinations like Germany, Japan, South Africa, Australia and Hong Kong.
Related: The 18 best places to travel in 2023
Bottom line
I feel incredibly thankful for the last six years I’ve spent as a digital nomad. I’ve grown significantly as a person and content creator while traveling full-time.
And I’ve had some amazing experiences, including swimming with manta rays in French Polynesia and the Maldives, watching a sea turtle dig a nest and lay her eggs on a Florida beach, staying at some awesome resorts (Six Senses Laamu, Six Senses Yao Noi and Alila Fort Bishangarh immediately come to mind), and overnighting in second-class hard bunks on a Trans-Mongolian train.
But it’s not these epic experiences that keep me on the road. After all, I could enjoy many of these experiences on vacation. Instead, the daily things like being surrounded by languages I don’t know, enjoying delicious local foods and exploring new cities and neighborhoods on foot keep me attached to the digital nomad lifestyle.
Just five years young, Home Point Financial has already seen record growth thanks to production across three different lending channels.
Aside from being a retail consumer-direct lender, they are reportedly the second largest wholesale mortgage lender in the U.S. thanks to year-over-year growth exceeding 400%, and also the 13th largest correspondent lender in the nation.
Home Point recently revealed that its loan origination volume has “nearly doubled each calendar year since the company’s launch,” with more than $50 billion in total volume expected for 2020.
As a result, they plan to hire an additional 600 associates to manage the growth before the end of the year.
Home Point Financial Fast Facts
Got started through the acquisition of Maverick Funding in 2015
A top-20 nonbank mortgage lender operating via retail, wholesale, and correspondent channels
2nd largest wholesale lender and 13th largest correspondent lender in the U.S.
Company headquartered in Ann Arbor, Michigan
Has nearly 2000 employees but no brick-and-mortar retail locations
Services loans for roughly 265,000 of its customers
While Home Point Financial doesn’t have a long history, they’ve certainly made a name for themselves in a very short period of time.
In 2014, president and CEO William “Willie” Newman joined forces with Stone Point Capital to create Home Point Capital.
Then Home Point Financial (HPF) was born through the 2015 acquisition of Maverick Funding.
Two years later, the company acquired publicly-traded Stonegate Mortgage Corporation in an effort to quickly build a leader in the mortgage space.
They are now a top-20 nonbank originator and loan servicer, and a prominent warehouse lender thanks to their wholly-owned subsidiary NattyMac.
My assumption is their goal is to become a top-10 mortgage lender sooner rather than later, using their growth in the retail, wholesale, and correspondent channels.
Most recently, they rebranded as “Homepoint” and filed an IPO, for which their common stock will be traded on the NASDAQ Global Select Market under the ticker symbol “HMPT.”
In early April 2023, Homepoint sold its wholesale lending division to The Loan Store, Inc. As a result, it will exit the loan origination business but retain its mortgage servicing rights.
How to Apply with Home Point Financial
You can request a quote by filling out a short form on their website
Or simply click the “apply now” button to get started on your own
You can still call them up directly, have them call you, or chat online instantly
Or schedule an appointment at a time of your choosing to speak with a home loan expert
In terms of applying for a home loan, you can call them directly or have them call you. It’s also possible to request a quote on their website by filling out a short form.
Those who are more confident in the mortgage department can simply hit the “apply now” button on their website and get the ball rolling themselves.
They don’t have brick-and-mortar retail locations at the moment, so you’ll be going through the loan process remotely, which I suppose is a good thing these days.
The online digital mortgage application is powered by fintech company Blend, like many other lenders out there. So you’ll be able to link financial accounts and upload key documents along the way.
If you’re thinking about buying a home, you can take advantage of their proprietary upfront-underwritten mortgage pre-approval known as REALQual.
Before you find a property, their dedicated underwriting team will conduct a comprehensive review of your income, assets, employment, and credit to determine eligibility and maximum purchase price.
Home Point also operates a major wholesale lending division, so it’s possible to get a mortgage from them if you work with a mortgage broker.
Smaller banks and credit unions may also resell Home Point loan products via the correspondent lending channel.
What Types of Loans Does Home Point Financial Offer?
Conventional loans and government loans (FHA, USDA, VA)
Jumbo loans and High Balance loans
Renovation loans (FHA 203k and Fannie Mae HomeStyle)
Non-agency mortgages (bank statement program and asset utilization)
Piggyback second mortgages
Home Point Financial offers tons of loan options to its customers, including home purchase loans, refinance loans, renovation loans, home equity loans, and second mortgages.
You can go the conventional loan route or the government loan route, with FHA loans, USDA loans, and VA loans all available.
Those who need a larger mortgage can take advantage of the company’s High Balance loans or jumbo loans, with loan amounts as high as $2.5 million with just a 661 minimum FICO score required.
It’s also possible to get a mortgage above 80% loan-to-value (LTV) without mortgage insurance.
If you own a fixer-upper or have your eyes on one, you can get a renovation loan such as the FHA 203k backed by the FHA or a Fannie Mae HomeStyle loan.
They also offer a piggyback home equity lines of credit (HELOC) via TCF Bank, as long as the first mortgage is closed in conjunction with Home Point Financial.
Home Point Financial Mortgage Rates
Sadly, the company does not advertise its mortgage rates online or elsewhere to my knowledge.
So it’s impossible to know how competitive they are without first receiving a quote and then comparing it to other mortgage lenders.
Additionally, they do not make mention of lender fees, another important factor to consider when mortgage rate shopping.
As such, you’ll need to collect multiple quotes from other lenders to see how they stack up both mortgage rate- and pricing-wise.
If you don’t, you could be leaving money on the table, as evidenced by studies that prove multiple mortgage quotes leads to money saved.
Home Point Financial Reviews
The company has excellent customer reviews on Zillow, with 4.91 out of 5 stars based on roughly 2,200 reviews.
I perused through many of those reviews and found that some customers indicated that the mortgage rate was higher than expected, while others said the fees/closing costs were higher than expected.
Still, many of these customers still rated Home Point Financial highly, so I suppose the customer service did it for them regardless of cost.
Home Point Financial is a legit company with an A- rating with the Better Business Bureau, though they aren’t accredited.
Their goal is to put the customer first and keep them for life, which explains why they strive to service the loans they originate.
You may just want to keep a close eye on mortgage rates and lender fees to ensure you receive a competitive mortgage relative to other lenders.
Home Point Financial Pros and Cons
The Good
Licensed to do business nationwide
Can apply for a home loan on their website
Offers a digital mortgage experience via Blend
REALQual pre-approval program for home buyers
Services more than 99% of the loans it originates
Free mortgage calculators and how-to guides available on their website
What to Watch Out For
Do not disclose lender fees upfront
Cannot see daily mortgage rates on their website
Some customer reviews indicate higher rates and fees than expected
Just five years young, Home Point Financial has already seen record growth thanks to production across three different lending channels.
Aside from being a retail consumer-direct lender, they are reportedly the second largest wholesale mortgage lender in the U.S. thanks to year-over-year growth exceeding 400%, and also the 13th largest correspondent lender in the nation.
Home Point recently revealed that its loan origination volume has “nearly doubled each calendar year since the company’s launch,” with more than $50 billion in total volume expected for 2020.
As a result, they plan to hire an additional 600 associates to manage the growth before the end of the year.
Home Point Financial Fast Facts
Got started through the acquisition of Maverick Funding in 2015
A top-20 nonbank mortgage lender operating via retail, wholesale, and correspondent channels
2nd largest wholesale lender and 13th largest correspondent lender in the U.S.
Company headquartered in Ann Arbor, Michigan
Has nearly 2000 employees but no brick-and-mortar retail locations
Services loans for roughly 265,000 of its customers
While Home Point Financial doesn’t have a long history, they’ve certainly made a name for themselves in a very short period of time.
In 2014, president and CEO William “Willie” Newman joined forces with Stone Point Capital to create Home Point Capital.
Then Home Point Financial (HPF) was born through the 2015 acquisition of Maverick Funding.
Two years later, the company acquired publicly-traded Stonegate Mortgage Corporation in an effort to quickly build a leader in the mortgage space.
They are now a top-20 nonbank originator and loan servicer, and a prominent warehouse lender thanks to their wholly-owned subsidiary NattyMac.
My assumption is their goal is to become a top-10 mortgage lender sooner rather than later, using their growth in the retail, wholesale, and correspondent channels.
Most recently, they rebranded as “Homepoint” and filed an IPO, for which their common stock will be traded on the NASDAQ Global Select Market under the ticker symbol “HMPT.”
In early April 2023, Homepoint sold its wholesale lending division to The Loan Store, Inc. As a result, it will exit the loan origination business but retain its mortgage servicing rights.
How to Apply with Home Point Financial
You can request a quote by filling out a short form on their website
Or simply click the “apply now” button to get started on your own
You can still call them up directly, have them call you, or chat online instantly
Or schedule an appointment at a time of your choosing to speak with a home loan expert
In terms of applying for a home loan, you can call them directly or have them call you. It’s also possible to request a quote on their website by filling out a short form.
Those who are more confident in the mortgage department can simply hit the “apply now” button on their website and get the ball rolling themselves.
They don’t have brick-and-mortar retail locations at the moment, so you’ll be going through the loan process remotely, which I suppose is a good thing these days.
The online digital mortgage application is powered by fintech company Blend, like many other lenders out there. So you’ll be able to link financial accounts and upload key documents along the way.
If you’re thinking about buying a home, you can take advantage of their proprietary upfront-underwritten mortgage pre-approval known as REALQual.
Before you find a property, their dedicated underwriting team will conduct a comprehensive review of your income, assets, employment, and credit to determine eligibility and maximum purchase price.
Home Point also operates a major wholesale lending division, so it’s possible to get a mortgage from them if you work with a mortgage broker.
Smaller banks and credit unions may also resell Home Point loan products via the correspondent lending channel.
What Types of Loans Does Home Point Financial Offer?
Conventional loans and government loans (FHA, USDA, VA)
Jumbo loans and High Balance loans
Renovation loans (FHA 203k and Fannie Mae HomeStyle)
Non-agency mortgages (bank statement program and asset utilization)
Piggyback second mortgages
Home Point Financial offers tons of loan options to its customers, including home purchase loans, refinance loans, renovation loans, home equity loans, and second mortgages.
You can go the conventional loan route or the government loan route, with FHA loans, USDA loans, and VA loans all available.
Those who need a larger mortgage can take advantage of the company’s High Balance loans or jumbo loans, with loan amounts as high as $2.5 million with just a 661 minimum FICO score required.
It’s also possible to get a mortgage above 80% loan-to-value (LTV) without mortgage insurance.
If you own a fixer-upper or have your eyes on one, you can get a renovation loan such as the FHA 203k backed by the FHA or a Fannie Mae HomeStyle loan.
They also offer a piggyback home equity lines of credit (HELOC) via TCF Bank, as long as the first mortgage is closed in conjunction with Home Point Financial.
Home Point Financial Mortgage Rates
Sadly, the company does not advertise its mortgage rates online or elsewhere to my knowledge.
So it’s impossible to know how competitive they are without first receiving a quote and then comparing it to other mortgage lenders.
Additionally, they do not make mention of lender fees, another important factor to consider when mortgage rate shopping.
As such, you’ll need to collect multiple quotes from other lenders to see how they stack up both mortgage rate- and pricing-wise.
If you don’t, you could be leaving money on the table, as evidenced by studies that prove multiple mortgage quotes leads to money saved.
Home Point Financial Reviews
The company has excellent customer reviews on Zillow, with 4.91 out of 5 stars based on roughly 2,200 reviews.
I perused through many of those reviews and found that some customers indicated that the mortgage rate was higher than expected, while others said the fees/closing costs were higher than expected.
Still, many of these customers still rated Home Point Financial highly, so I suppose the customer service did it for them regardless of cost.
Home Point Financial is a legit company with an A- rating with the Better Business Bureau, though they aren’t accredited.
Their goal is to put the customer first and keep them for life, which explains why they strive to service the loans they originate.
You may just want to keep a close eye on mortgage rates and lender fees to ensure you receive a competitive mortgage relative to other lenders.
Home Point Financial Pros and Cons
The Good
Licensed to do business nationwide
Can apply for a home loan on their website
Offers a digital mortgage experience via Blend
REALQual pre-approval program for home buyers
Services more than 99% of the loans it originates
Free mortgage calculators and how-to guides available on their website
What to Watch Out For
Do not disclose lender fees upfront
Cannot see daily mortgage rates on their website
Some customer reviews indicate higher rates and fees than expected
Zillow announced today that it will now offer rental listings to go along side the millions of homes for sale in its massive database.
Homeowners can now list their properties for rent or for sale, while prospective home buyers can search both rental homes and homes for sale.
Additionally, the company will offer the industry’s first “search by monthly payment” option, allowing home shoppers to specify a certain amount they wish to pay in rent or mortgage.
“In today’s volatile housing market, many would-be sellers are opting to rent for a few years and ride out the market, while many home shoppers are just trying to decide whether to buy or rent,” said Spencer Rascoff, Zillow Chief Operating Officer, in a press release.
“With the launch of rental listings and search, we are arming our more than 8 million monthly users with information, tools and options to make the right housing decisions for them today.”
Zillow compares the monthly cost of owning versus renting side-by-side so prospective buyers can determine more easily what’s best for their unique situation.
The monthly mortgage payment is calculated using that day’s local mortgage rate for a 30-year fixed rate mortgage, assuming a 20 percent down payment.
The company cited a recent survey, which found that 25 percent of respondents who plan to move in the next three years intend to search for both homes for rent and homes for sale.