The Federal Reserve is getting ready for its fourth meeting of the year, and if you’ve been reading the headlines, it’s shaping up to be a much different one than its precedents.
At all three of the central bank’s previous 2023 meetings — and at every meeting since March 2022, in fact — the Fed has voted to increase its benchmark interest rate by anywhere from 25 to 75 basis points in an attempt to tame inflation.
It appears those days may be numbered, though. According to predictions, though, there’s a good chance the June 13-14 meeting will mark the end of those rate hikes — at least temporarily.
What would it mean for mortgage rates if that were true? Here’s what you need to know.
Check your VA home buying eligibility. Start here (Jun 9th, 2023)
Pausing rate hikes
According to the CME FedWatch Tool, which uses investor activity to predict Fed policy, there’s about an 80% chance the Fed increases its benchmark rate at next week’s meeting. There’s only a one-in-five shot the bank hikes rates to the 5.25-5.5% range — a 25-point increase compared to last month.
Members of the Federal Open Market Committee seem to be in agreement, at least judging by recent media statements.
“Skipping a rate hike at a coming meeting would allow the committee to see more data before making decisions about the extent of additional policy firming,” Fed Governor Philip Jefferson said in a recent speech.
Philadelphia Fed President Patrick Harker said something similar days later, telling reporters, “I am in the camp increasingly coming into this meeting thinking that we really should skip.”
Mortgage rates could fall
If the Fed pauses its rate hikes, it could undoubtedly trickle down to mortgage rates. While long-term mortgage rates aren’t directly tied to the Fed’s moves, if you look at where 30-year loan rates have trended over the last two years, it’s clear the central bank’s policies have an impact.
Since the Fed started its rate-hike journey in March 2022, the average 30-year fixed-rate mortgage climbed from 3.76% to a high point of 7.08%, according to Freddie Mac. As of June 1, they sit at an average of 6.79% — up 170 basis points in just a one-year period.
Should the Fed pause its rate hikes, it will likely give borrowers a reprieve from further bumps in mortgage rates — at least for the foreseeable future. It could even result in slightly lower rates, according to industry players. The Mortgage Bankers Association predicts rates will drop to 6% by the end of the third quarter. Fannie Mae expects a 6.2% average.
Act fast if rates drop
Unless conditions change drastically in the next few days, most signs point to a pause in the Fed’s long stream of rate hikes. For homebuyers and refinancers, this could mean more stable mortgage rates or, potentially, even lower rates in the weeks to come.
If you’re thinking about buying a home or refinancing your current loan, prepare your documentation and application materials, and be ready to pull the trigger if a rate drop occurs. If the Fed does skip a rate hike this month, it may only be temporary, so acting fast will be critical to snagging that lower rate.
Check your VA home buying eligibility. Start here (Jun 9th, 2023)
A historic Manhattan townhouse that was among the very first to showcase the works of some of the most notable artists of the 20th century (including Andy Warhol, Roy Lichtenstein, and Cy Twombly) is now up for grabs in New York City.
Recently listed for $25 million, the massive property at 4 East 77th Street — whose first two floors currently host the Michael Werner gallery — was also home to prolific inventor, entrepreneur, and philanthropist Maurice Kanbar, who famously invented Skyy Vodka while living here.
Now, the century-old residence is ready to add a new chapter to its storied history.
Compass agents Stacey Kanbar, Julie Kopel, and Leonard Steinberg have been enlisted to find the right buyer for this unique property, which is currently configured for mixed use (with commercial zoning on the first two floors) and has the potential to become one of the most significant single-family residences in all of New York City.
With a highly desirable address (it’s the first house off of Fifth Avenue), plenty of space (11,695 square feet, including the full-height cellar), and countless architectural details, the historic townhouse offers endless possibilities for reconfiguration.
The first two floors, currently housing the Michael Werner gallery, feature exquisite bowed windows that capture light from both the east and west sides, while the upper levels host four vacant residential units on floors 3 through 5.
The third floor hosts a luxurious full-floor apartment with north-facing Juliette balconies and a charming terrace on the east side. Two one-bedroom apartments adorn the fourth floor, while the fifth floor boasts a single floor-through apartment with a stunning 15′ x 19′ south-facing setback terrace, offering magnificent downtown views.
Future owners can choose to either keep the lower-level tenants and earn passive income, or turn the entire townhome into a massive single-family home again, as it was when originally built over a century ago. Renderings that accompany the listing show the many possibilities to transform this grand residence.
The storied history of 4 East 77th Street
4 East 77th Street was built near the end of America’s “Gilded Age,” an era of explosive economic growth and migration. It started at the end of Southern Reconstruction (1877) and lasted two decades. New York experienced an almost exponential population boom during this time, with numerous construction projects popping up all over the city.
SEE ALSO: Here’s the Estate that Served as Inspiration for “The Great Gatsby’s” Opulent House
In 1895, acclaimed developers Robert McCafferty and Richard W. Buckley added another project to the boom with this magnificent, five-story residence.
The 11,695-square-foot property still boasts its original marble façade and includes a full-height cellar.
Just west of the building, where East 77th opens onto Fifth Avenue, lies Manhattan’s Gold Coast district. This seven-block stretch of Fifth Avenue lies between 14th Street and Washington Square Park and is made up of several opulent historical buildings, including many hotels and mansions once belonging to some of New York’s wealthiest, most influential residents.
The buildings here have been impeccably maintained, and the owner of 4 East 77th will be just a walk or bike ride away from this elegantly preserved piece of New York history.
4 East 77th Street’s first owner, Benjamin J. Knower, bought it in 1897. Knower and his wife Mary Constance Allen were active members of New York’s “high society” and had close ties to Caroline Astor, the foremost New York socialite of the era.
It later housed the Leo Castelli gallery
By 1942, 4 East 77th Street had been converted into a multi-family townhouse.
This is when Leo Castelli, a prominent art dealer and a refugee from Nazi-occupied France, bought an apartment on the fourth floor.
You might not know Castelli’s name, but you’ve likely heard of the major 20th-century artists whose careers he helped launch or develop.
Those names include Roy Lichtenstein, Frank Stella, Claes Oldenberg, Cy Twombly, Donald Judd, Dan Flavin, Robert Morris, James Rosenquist, Bruce Nauman, Richard Serra, Joseph Kosuth, Lawrence Weiner, Salvatore Scarpitta, Robert Rauschenberg, Jasper Johns and Andy Warhol.
In 1957, in the living room of his fourth-floor apartment at 4 East 77th Street, Castelli opened the Leo Castelli Gallery. Castelli paid his artists using a stipend system that was groundbreaking for its time. It guaranteed the artists an income whether he used their work or not. This system allowed him to attract, discover and retain a vast stable of young, visionary talents.
Many of the gallery’s artists would get their first one-person shows right there on the fourth-floor living room at 4 East 77th Street.
SEE ALSO: Neil Patrick Harris’ impeccably restored house in Harlem sells for $6.99M, sets new record for the neighborhood
Castelli’s gallery helped shape America’s 20th-century tastes in art. Pop art, minimalism, and conceptual art largely owe their success to his gallery. Castelli also used his success at 4 East 77th Street to help initiate the contemporary art gallery system as it exists today.
The townhouse was also home to Skyy Vodka inventor Maurice Kanbar
Maurice Kanbar, a prolific inventor, entrepreneur, and philanthropist, has owned the property since 1964.
During his residency at 77th Street, Kanbar invented Skyy Vodka, revolutionizing the spirits industry. But the popular drink is by no means his only creation; Kanbar’s numerous inventions also include a safety sheath for hypodermic needles and a cryogenic cataract remover.
Additionally, Kanbar (who passed away in 2022 at age 93) opened the Quad Cinema in Greenwich Village, the first multiplex cinema on the East Coast and the second in the United States. He furthered his impact on the arts by endowing the Maurice Kanbar Institute of Film and Television at NYU.
More stories you might like
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By Peter Anderson28 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited April 4, 2013.
Peer to peer lending has been a hot topic on personal finance blogs for the last year or so. Lots of people are promoting it as a good way to make decent returns on your money – even in a tough economy like we’re in (Some might argue that it’s because of the hard times we’re in that it’s becoming a better way to make good interest on your money).
I have stayed out of the social lending market because up until recently my wife and I were still building up 3-6 months of expenses in our emergency fund (actually we’re closer to 8 months, we’re a bit more conservative than some), and we didn’t really have a lot of extra money to put into things Lending Club or Prosper.
We’ve finally completed our 8 months of expenses, and since we now have a little bit extra discretionary income, I thought I would sign up to use one of the more popular person to person lending services, Lending Club.
The Idea Behind Peer-To-Peer Lending
For those of you who aren’t familiar with P-2-P lending, here is a quick primer of how it works. Sites like Lending Club bring together a large network of borrowers and investors. As an investor/lender you can choose to invest as little as $25 with one borrower, or if you want to invest a larger sum you can spread out your money between a larger number of loans. (You can lend a large amount to one borrower, but it isn’t suggested. Better to diversify your holdings. ) As a borrower you can get a loan for up to $25,000 and have that amount lent to you from many different sources. P-2-P lending may allow people who might otherwise not be able to get a traditional bank loan to still fund their business, consolidate debt, or fund a wedding – all while getting a lower interest rate than they might have at a bank or on their credit card.
Peer-to-peer lending isn’t without it’s downside – and as with many traditional loans there are going to be plenty of people that default on their loans, and don’t repay. So you need to take that into account when choosing the loans you want to fund, and looking at the higher interest rates on riskier loans. The higher the interest rate that you’ll receive, the more risk you’ll take on. Also, Lending Club and other P-2-P sites are not available in all states.
Signing Up For Lending Club
I chose to sign up for Lending Club as my first foray into P-2-P lending because it has a pretty good reputation in the blogosphere, and elsewhere. They also successfully registered with the SEC in 2008, which has given them even more credibility.
Signing up for the Lending Club was a simple process, although it will take you a few days from signing up until you can actually begin lending. Here are the steps to sign up.
Go to Lending Club web site
Click on Join Now link at the top right of the screen and complete the application to be a borrower or investor on the screen that comes up. If signing up as an investor don’t forget to use the referral code below for $50 free!
You should receive a confirmation email, in which you’ll need to click on a link to confirm your registration.
Go back to the Lending Club website and login with your new login info.
Click on the Invest button. Fill in your profile information in order to verify who you are, and to link your bank account to Lending Club. (Lending Club will make two small deposits into your account to verify that you have access to the account).
Once your bank account is verified, go to the My Account tab, and then choose Add Funds. You’ll need to transfer at least $25 to your Lending Club account in order to get started. This may take a few days.
From My Account tab, click on Invest to start lending money
Once you’ve finished to process above, you’ll be ready to start lending money. This is the fun part – lending money, and making a bit of money in return.
Lending Money With Lending Club
Lending money using Lending Club is actually kind of fun. You get to read about people’s situation, find out why they’re taking out a loan, and then see if they are in fact a good credit risk. I decided to look mainly at loans that were from borrowers with good credit scores, verified income, and what I considered good reasons for taking out a loan (I’m usually against taking on new debt of most kinds, so I didn’t want to fund loans unless they were for people bettering their debt situation, and trying to get out of debt). Since I’m just testing the waters, I decided to invest $100 for now. If I’m happy with the returns and borrower repayment I’ll consider investing more in the future.
Originally I was planning on investing my money with my friend Matt over at DebtFreeAdventure.com who is currently repaying a Lending Club loan to consolidate a couple of higher interest credit cards and an auto loan. Unfortunately (for me) his loan was completely funded before my deposit was credited to my LC account. So I had to find other loans to fund. To find borrowers to fund just do the following:
Click on the Invest tab at the top of the page.
Enter how much you would like to invest with each loan.
Hit the Run LendingMatch button to match your lending amount to borrowers.
If you would like you can increase the amount of risky loans you are willing to take on (and the interest you can make) using the slider on the page.
When you are done hit the Next button and it will bring back a list of matching loans for you to invest in, based upon your risk tolerance that you’ve selected.
If you prefer to select loans manually, you can also do that by selecting the Browse Notes link at the top of the page (this is what I chose to do).
Since I was investing with Lending Club for the first time I decided to manually select the notes that I would be investing in. I didn’t want to invest in anything that sounded overly risky, or to invest with anyone that sounded like they weren’t very responsible. Since I am only investing $100 to start, it didn’t take me very long to find 4 notes to invest $25 in, with people who had good credit scores, and who were either in the A or B credit rating.
Once you have your notes selected you just click on the Invest button, and then confirm your purchase order for those loans, and those amounts. Piece of cake.
Now, I just have to sit back and watch the interest pile up!
Sign Up For Lending Club
I’m going to be charting my experience with Lending Club here on the blog, so stay tuned. If you’ve been thinking about signing up for an account, now is the perfect time. If you register for a new investor account and click on our link, for a limited time you’ll get $25 in your lender account – for free!
OK. Ready to sign Up For Lending Club And Start Investing?
(yes, that is an affiliate link. thanks for signing up through me!)
More Social Lending Resources
Have you entered into the peer-to-peer lending arena as a borrower or investor? What has been your experience?
Webull believes that everyone should have an equal opportunity to control their financial future, and with their app, you can do just that.
Let’s dig into our Webull review.
In This Article
What is Webull?
It’s an iOS and Android online stock trading app that incorporates a ton of real-time information and tools to help the beginner get started investing for their future, or give the veteran investor an excellent option for zero commission trading.
Although other mobile apps offer free trades, like Robinhood, these two apps are very different, and Webull has some unique features to offer, especially in the area of research.
Webull is offering a free stock priced at $12-$1400 after successfully opening a free account and depositing ANY amount.
Webull Financial, LLC owns the Webull application. The company was founded in 2017 (privately held), and the mobile app was launched in May of 2018.
Webull is a registered broker-dealer with the SEC and a member of FINRA and Securities Investor Protection Corporation (SIPC), which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash).
You can check the background of Webull Financial LLC on FINRA’s BrokerCheck.
Keep in mind when investing in stocks and all other investment products involve substantial risk of loss and are not suitable for every investor. The value of stocks may fluctuate, and as a result, clients may lose more than their original investment.
Webull Features
Webull provides several great features to get you started buying and selling stocks. Webull V6.0 was recently released, which added Options Trading for all our users. Cryptocurrency Trading will also be coming to Webull soon! Visit the Webull website to join the Cryptocurrency Trading RSVP list.
Here are the features WeBull includes:
Free to Setup – Download the app, and you can begin setting up a commission-free brokerage account. You must be at least 18 years old with a valid social security number. There is no minimum deposit required for regular trading, but for margin trading, the minimum account balance must be at $2,000 or above (to use leverage or short).
Trading Tools – Webull delivers some of the best tools of any trading platform. They include free Free real-time quotes (NASDAQ Last Sale), in-depth charts, analyst ratings, and financial calendars.
Extended Trading Hours – Webull has free pre-market, and after-hours trading from 4 am to 8 pm Est. Full pre-market (4:00 AM – 9:30 AM ET) and after hours (4:00 PM – 8:00 PM ET) sessions.There are not many trading platforms that offer these extended hours.
Retirement Accounts – Webull offers three different types of IRAs to serve different financial goals: Traditional IRA, Roth IRA, and Rollover IRA.
Margin Account – With a margin account, you can short stocks, employ leverage to increase your exposure beyond that of your cash balance, and can place multiple day trades within a week without breaching regulatory constraints around day trading.
Free Stocks – You have the opportunities to receive free stock. You get one for opening an account. You can’t beat free!
Easy of Use – The Webull app is easy to use and has a great design. Check out the video I made. The app is running on an iPhone 6 with no issues.
Multi-platform accessibility
Free access to our advanced and fully customizable desktop, web, and mobile platforms.
24/7 Online Help
We offer 24/7 online help to guide you through our multiple platforms and answer all your questions.
Is Webull Safe?
Webull has several different levels of security and insurance for your account.
First, for your personal data, Webull uses state-of-the-art security measures when handling customer information. Your personal information is fully encrypted and never shared.
Second, for your money invested, Webull Financial is a member of SIPC, which protects securities customers of its members up to $500,000 ( $250,000 of cash).
Thirdly, Webull’s clearing firm, Apex Clearing, has purchased an additional insurance policy. The coverage limits protect securities and cash up to an aggregate of $150 million, subject to maximum restrictions of $37.5 million for any one customer’s securities and $900,000 for any customer’s cash. Similar to SIPC protection, this additional insurance does not protect against a loss in the market value of securities.
All the details can be found at Webull’s website or call Webull’s customer service for more information.
Webull Offers Free Stocks
Did I mention a free stock? Who doesn’t like free? You can get a free stock, once you successfully open a Webull account and fund the account with ANY amount. A stock valued between $12-$1400 will be received.
The stock inventory is composed of stocks with a minimum market capitalization of $2.5 billion from a US-based company listed on the NYSE or NASDAQ stock exchange.
Increase Your Investing Knowledge
One of the best features of Webull’s app is its aggregation of stock and investing information in one place. If you are looking to gain a better understanding of the stock market, this app is for you.
Several features will help you increase your knowledge, and help get you more comfortable with investing.
Watchlist – The watchlist gives you the ability to track individual stocks, mutual funds, ETFs, and companies. Even if you know very little about investing, this feature allows you to track the performance of any company you add to your watch list.
So if Netflix happens to be your binge-watching service or Starbucks your beverage company of choice, you can add them. Once added, you can drill down and review detailed performance, news, and analyst rating. This simple ability will help you increase your investing IQ.
Market Data – The market tab within Webull’s app gives you a complete market overview, including all US-base markets, the Dow Jones, S&P 500, and the NASDAQ. It also includes the Cryptos market, and all of the Global markets with great detail.
Paper Trading – This is a simulated trading feature, that just maybe the best way for a novice investor to better understand the market without the risk of losing any of their own money.
The feature allows you to start with 1 million dollars of virtual money to begin to build a stock portfolio. This real-life scenario is suitable for beginners to practice without using real money and a variety of features that benefit traders.
Webull offers simulator trading competition with real prizes on the line. To participate, you need to use Webull points to enter.
From their website, points are based on your contributions to Webull and the community. You can earn points by posting comments and ideas in the Webull community, completing tasks, and participating in our promotional activities, etc. These points can be redeemed for upcoming Webull products and services.
Cons
There is a lot we like about WeBull. Currently, there is only one con we could find.
Joint accounts – Webull does not support custodian, joint, or trust accounts. All accounts are individual accounts.
Overall Webull Impressions
I hope you have found this review useful. Webull is a slick trading platform app with a significant number of tools and data to balance your level of experience. It’s easy enough to use to help the beginner investor learn more about the stock market and deep enough to keep the experienced investor engaged.
Webull is an excellent choice for anyone who wants to be able to trade stocks from a smartphone.
Check out Twitter and follow the hashtag #HelloWebull for all the social media buzz on the application.
Brian is a Dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013. Who, with his family, has successfully paid off over $100K worth of consumer debt. Now that Brian is debt-free, his mission is to help his three children prepare for their financial lives and educate others to achieved financial success. Brian is involved in his local community. As a Financial Committee Chair with the Board of Education of his local school district, he has helped successfully launch a K-12 financial literacy program in a six thousand student district.
Want to invest in a hot start-up company, join a market-beating private investment fund or back a potential blockbuster movie that could be your ticket to the Forbes Billionaire List? Chances are you can’t unless you’re already quite rich or significant investment expertise. But a recently passed House bill aims to change that by allowing individuals to take a test that could allow them to purchase such private securities.
A financial advisor can help you invest and integrate those holdings into a diversified portfolio. Speak with a financial advisor today.
About the Proposed Legislation
Right now, anyone who wants to purchase an unregistered security, such as shares in a hedge fund or private equity fund, needs to show that they’re what the Securities and Exchange Commission (SEC) considers an “accredited investor.” To qualify, you need a net worth of more than $1 million (not including your home), more than $200,000 a year in income ($300,000 if you’re married) or significant experience as an investment professional. Otherwise, your money is off-limits for private placements and other unregistered offerings.
The Equal Opportunity for All Investors Act of 2023 (H.R. 2797) would instruct the SEC to create an accredited investor certification exam that would allow investors to demonstrate they have the knowledge and understanding required to participate in the private market. The exam would be administered by the Financial Industry Regulatory Authority (FINRA).
“It is my firm belief that the accredited investor definition should not be tied exclusively to wealth,” one of the bill’s sponsors, Rep. Mike Flood, R-Neb., said in a statement. “Instead, we should unlock opportunities for knowledgeable investors that may not come from means.”
These Other Bills Could Impact Accredited Investors
The House recently passed two additional bills that would expand the definition of an accredited investor. Here’s a breakdown of each:
The Accredited Investor Definition Review Act (H.R. 1579) gives the SEC discretion to establish the necessary certifications, designations or credentials investors need to be accredited, and would require the commission to review those definitions every five years.
The Fair Investment Opportunities for Professional Experts Act (H.R. 835) would grant accredited investor status to individuals with certain licenses, or educational or professional backgrounds. “My legislation is about leveling the playing field,” said Rep. Bill Huizenga, R-Mich., sponsor of the investor definition review act. “Whether it’s in Kalamazoo or Portage, Benton Harbor or St. Joe, or Battle Creek or Springfield, investors should be able to support small business startups in their local community across southwest Michigan and around the nation.”
Besides meeting the requirement for net worth, income or professional investing experience, individuals also can qualify as an accredited investor under existing law if they are directors, executive officers or general partners of the company selling the securities or the company that’s the subject of the offering. Clients of a family office that qualifies as an accredited investor may also be considered accredited. And in the case of a private investment fund, someone the SEC defines as a “knowledgeable employee” of the fund may qualify as an accredited investor.
Bottom Line
The SEC restricts the sale of unregistered or private securities because those offerings typically don’t meet the commission’s standards for financial and regulatory disclosures. Instead, participation has been limited to financially sophisticated and wealthy investors with a reduced need for the protection provided by disclosure filings. New legislation that’s been approved in the House of Representatives would establish an exam that investors would need to pass before attaining “accredited” status. Meanwhile, other bills that are working their way through Congress would expand the definition of an accredited investor.
Investing Tips
While investing in unregulated securities can be complicated and risky, figuring out an investment strategy that relies on typical stocks, bonds, mutual funds and ETFs can be confusing, too. A financial advisor can help. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Diversification is a key investment strategy to understand. Concentrating too much wealth in a few assets can leave your portfolio vulnerable and exposed to heightened volatility. SmartAsset’s asset allocation calculator can help you identify a mix of stocks, bonds and cash that’s suited to the level of risk that you’re willing to assume.
By age 53, chances are that you are starting to think about life insurance in terms of how not having it may affect your loved ones. It is actually a very good age to acquire insurance if you haven’t already. There are a lot of people that start thinking that they don’t need a life insurance policy anymore, but that could be one of the worst mistakes that you make for your family.
If you were to pass away tomorrow, what would have with all of your debt? It would be left to your family. Your family could find themselves with thousands of dollars in unexpected expenses. This left behind dead has caused hundreds of thousands of families additional financial strain on top of the emotional wear of losing a loved one.
This is why life insurance is so important. Don’t let your family suffer the hardships of losing a loved one and having to find a way to pay off all of your debt
Not only is a 53-year-old person hopefully still in good health, but they can also obtain insurance at a much lower rate than someone of an older age. When shopping for life insurance, you will find that there are plenty of options and sorting through the ins and outs can be quite the feat.
What are Your Life Insurance Options at Age 53?
When it comes to life insurance at age 53, there are multiple options at your disposal. Two of the most prevalent types of life insurance that people explore are cheap term life insurance and permanent life insurance.
One of the characteristics of term life insurance is that it only lasts for a term that is determined at the point of purchase. This range of time can vary depending on which life insurance company you choose to go with.
Another characteristic of term life insurance is that it is relatively inexpensive compared to other types of insurance. For anyone that is looking to get quality coverage at an affordable rate, term life insurance could be the best way to go. Permanent life insurance on the other hand lasts for an entire lifetime, or at least for as long as you continue to make payments.
The other advantage of permanent life insurance is that it accumulates cash and can be used as an asset for which you can borrow against. Whole life and universal life both fall under the category of permanent life insurance. As you can see, each type of policy has different advantages and disadvantages that you have to consider. Each applicant is different which means that you have to weigh each plan based on your coverage preferences and what you value the most.
Rates for a 53 Year Old
Assuming you are a healthy adult and lead a positive lifestyle, here are a few sample rates that can give you a good idea of what you may pay for life insurance at age 53.
To obtain a $200,000, 20 year term life insurance, a 53 year old male will spend about $1005 per annum. A female on the other hand, a 53 year old female will cost about $723 per year. For a less hefty amount of coverage of $50,000, a man can expect to pay about $1140.
A female will however pay about $957 per year. These rates of course may vary depending on many factors that you may be affected by. The best course of action is to obtain quotes from several different insurance companies. Here are some quotes for a $250,000 term life policy:
Sex
10 Year
20 Year
30 Year
Male
Protective – $32.32/month
SBLI – $55.25/month
Banner – $102.81/month
Female
Protective – $25.78/month
SBLI – $42.63/month
Banner – $75.25/month
How Rates are Determined Based on Health
Hopefully a 53 year old is in decent health, but there are instances where rates can be higher. One such case is if there is a pre-existing health condition. This can be either recently diagnosed or otherwise. If you have any pre-existing health conditions, you could be considered a “high-risk applicant”, which could drastically impact your life insurance coverage.
Even if you are high-risk, that doesn’t mean that you can’t get an affordable insurance policy. Each insurance company tends to view certain conditions more favorably than other companies. It’s vital that you find the company that views your condition the best and has experience with dealing with similar situations.
The best course of action is to seek the guidance of a professional independent insurance agent. These agents don’t work for one specific company, but they represent dozens of the highest-rated insurance companies in the nation.
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This will not only save you time, but it will almost always save you money. People looking to obtain over 50 life insurance need help to sort through all the different types of life insurance that may or may not work for their individual situation.
If you want to ensure that you’re getting the lowest rates for the insurance policy that you choose, you would have to call dozens and dozens of companies around you.
You could spend hours on the phone talking to different agents and answering the same questions, but your time is valuable. An independent agent will shop all of the best life insurance companies that provide coverage in your area and give you quote based off of your personal needs.
Aside from using an independent agent, there are several different ways that you can get the best rates available for your life insurance policy. As we mentioned early, your health is going to play a big role in your life insurance plan, if you want lower rates, you need to be in the best health that you can be.
The results of the medical exam (unless you go with a no-exam policy) can cause you to get excellent rates or make your premiums go through the roof. One of the best ways to do this is by getting regular exercise and following a healthy diet.
Losing any excess weight, lowering your cholesterol, and lowering your blood is one of the best things you can do for your insurance application.
The other tip for getting lower rates is to kick your bad habits like excess alcohol or using tobacco. Smoking cigarettes is a guaranteed way to double or triple your monthly rates. If you want to save money, quit smoking, your lunch and your wallet with both thank you.
GPARENCY has enhanced its commercial real estate (CRE) platform with a new feature designed to make the acquisition and due diligence management process more efficient. The new feature enables users to add properties to their acquisition pipeline, make notes on each property, and store data for future reference. “When evaluating new deals, users may encounter … [Read more…]
The Federal Home Loan Bank of San Francisco has named a longtime mortgage banker, Jennifer Schachterle, as senior vice president of sales and business development.
She will oversee the bank’s relationships with its nearly 330 member financial institutions in three states — Arizona, California and Nevada.
Schachterle had been sales director of warehouse lending at Western Alliance Bank in Phoenix. Before that, she had worked at Dallas-based Comerica Bank as a senior vice president of warehouse lending. Schachterle also had been a director of counterparty risk at PennyMac Loan Services.
The San Francisco Home Loan Bank declined to say whom Schachterle replaced, citing privacy concerns.
Both the $71 billion-asset Western Alliance and $92 billion-asset Comerica are big borrowers and shareholders of the Home Loan Bank System.
“Ever more important today are regional banks and community-based lending institutions that are at a critical inflection point in today’s financial environment,” Tony Wong, executive vice president and chief banking officer at the San Francisco Home Loan Bank, said in a press release.
The recent bank liquidity crisis has hit the San Francisco Home Loan Bank hard with the sale in May of San Francisco-based First Republic Bank to JPMorgan Chase, the failure in March of Silicon Valley Bank and the self-liquidation of Silvergate Bank of La Jolla, Calif.
Membership in the San Francisco Home Loan Bank also has declined due to acquisitions. BMO Financial Group recently finalized its $16.3 billion purchase of Bank of the West, which had been based in San Francisco. Regulators also recently approved U.S. Bancorp’s purchase of MUFG Union Bank of California.
Property Brother Jonathan Scott and actress Zooey Deschanel have spent recent years renovating their Georgian revival in Brentwood, Los Angeles – creating a home that pays homage to its 1930s’ roots.
Built in 1938 by celebrated architect Gerard Colcord, it’s ‘traditional sensibility’ is what originally drew Jonathan and Zooey – and they have done everything they can to honor those roots – starting with their wallpaper choices.
design trend that people often either love or hate.
‘We’re not really modern people. We like that traditional aesthetic, and we wanted it so that when you walked into this house, everything looked like it could be from 1938,’ Jonathan explains. And their maximalist walls are a provocative starting point.
The first image, their breakfast nook, is dressed with Clementine Sprigs-Silver Sage wallpaper – a citrus-based pattern, also seen in fabric form on the couple’s chairs. It beautifully complements the window’s dark wooden features while achieving the vintage aesthetic the couple so desires. We’re shopping for the exact print from Spoonflower below.
Meanwhile, in the bathroom, this wallpaper trend continues. Jonathan and Zooey opted for an equally statement-making paper – this time in the San Pedro print (also available here).
Like all maximalist decor, this wallpaper is not for the faint-hearted, and some Instagram followers are inevitably split on the couple’s decorating decisions.
However, design experts agree that Jonathan Scott and Zooey are not only right on trend, but creating a decor scheme that will last.
‘Since the pandemic, there’s been a shift towards homey, nostalgic prints that honor classics from heritage brands such as William Morris and Colefax & Fowler,’ says Lucy Searle, Editor in Chief, Homes & Gardens. ‘And they’ve cleverly picked up that bold trim and millwork creates a strong backdrop and partner for these wallpaper designs.’
‘I have always been drawn to maximalist florals, but in the last couple of years, the “grandmillennial” trend has really helped bring them back to the forefront,’ says Massachusetts-based designer Allison Mattison.
Allison Mattison
grandmillennial’ aesthetic is based on classic, often maximalist designs that are welcoming but eclectic – and rooted in tradition. And chintz wallpaper is among the finest examples of this.
‘Suddenly, the younger generation is embracing the looks of classic designers like Mario Buatta and Dorothy Draper. The style of maximalist florals (such as the Greenbriar) and the chintz floral sofas that remind us of our grandparents’ impeccably decorated homes are back,’ Allison comments.
‘People are looking to nostalgic patterns and decor for inspiration now driven by this growing “grandma chic” or “grandmillenial” trend.’
Interior designer Erin Fearins, from New York-based Studio SFW, agrees. She, too, praises this trend – suggesting that it adds more interest and personality than a conventional neutral wall.
‘Maximalist floral wallpaper can even be a backdrop to layer beloved objects upon in a manner that feels more lived in, casual, and collected over time. This contrasts the feeling of art preserved in a museum-like atmosphere on stark white walls.’
In a house like Jonathan and Zooey’s, it’s certainly hard to disagree.
Closing a bank account and opening a new one can be tricky.
Banks like to keep customers, so they make the closing process complicated.
The “hassle factor,” or the million-and-one little things you have to do before a task is complete, is one of the biggest reasons people don’t switch banks. Another reason is that people don’t feel like they know enough about other account options.
Breaking the process down into steps can help. Overall, it’s easier than you think. And the savings, in money or convenience, will usually be worth it.
Follow the three steps and you’ll be able to switch banks with as little stress as possible.
What’s Ahead:
1. Find a new bank account first
Open the new account before closing the old one. That way your automatic transactions can continue smoothly without a gap in between.
If you haven’t already picked a new bank, do some research on different banks’ requirements, perks, and fees. Here’s what you want to look for:
Services the new bank offers that your old one doesn’t. These could be simple tweaks, like an easier-to-use mobile app, or major financial services like CDs and retirement accounts.
Interest rates. If you’re switching savings accounts, compare the interest rate you’re getting on your current account versus what you might get with a new account. Some banks offer interest-bearing checking accounts, too.
The convenience factor. Can you navigate the new bank’s website? How easy is it for you to find and use their ATMs? How quickly can you set up autopay or other day-to-day transactions?
Customer assistance options. Ideally, you’re looking for a bank or credit union that makes it easy to contact a representative if you need help, and gives you contact options you’ll actually use. If you hate talking on the phone, for instance, maybe the new bank has an email or live chat feature.
Other factors will vary from person to person, like:
Your future needs. If you’re hoping your new bank will give you a mortgage loan or help you set up investment accounts down the line, find a place that offers these services.
Your banking style. Some people love online-only banking. Others want to meet with an actual person at a brick-and-mortar branch for big transactions.
Your local options. Many people prefer joining a local credit union, which is customer-owned, over signing up for a national bank. Credit unions and smaller banks have other perks, too, like better interest rates on loans for members.
Another perk of switching banks is that banks will often reward new customers. This means you may be eligible for cash rewards, temporary interest rate reductions, or other bonuses when you open a new checking or savings account.
See our current picks for the best checking account promotions and savings account promotions.
Go into the bank in person if you can, rather than opening an account over the phone (unless your bank is online). You’re more likely to get all your questions answered and you can ask directly about those potential bonus opps.
Although requirements vary depending on the bank, you’ll want to bring:
An official photo ID like a driver’s license, state ID, or passport.
Your Social Security number (you may not need your Social Security card, unless the bank specifically asks for it).
Cash, check, or payment info (routing and account number) for the opening deposit.
The minimum you’ll need to deposit will depend both on the bank and the type of account you’re setting up.
If you’re looking for a low minimum amount, or no fee required to open an account, your best bet is an online checking or savings.
Read more: Online banking vs. traditional banking
2. List and reroute any automatic transactions from your old bank
Now that you have a new bank account, it’s time to transfer your regular deposits and withdrawals. Start as soon as possible: this part may take a while if you have a lot of automatic transactions. It’s a good chance to review which services you’re spending money on (like video streaming services or memberships you forgot you had).
Here’s where your old bank statements come in handy. Get a list of your statements from the past year. Statements should be available online at your bank’s website if you don’t have paper copies.
This is a two-step process.
Step 1: Look over the past 12 months of transactions
Some automated transactions may be annual, so you might miss them in less than a year’s worth of statements. Note when deposits show up in your account and when payments are automatically withdrawn.
Keep some cash in the old account until this step is complete. You want to avoid missing scheduled payments or getting hit with overdraft fees. If you’ve written checks recently or if payments are pending, keep the old account open and funded until those payments clear.
Step 2: Switch over your deposits and payments
Once you know which deposits and payments to transfer, you can start switching them over to your new account.
If you get direct deposit from your employer, submit your new bank info (via a canceled check or just a routing and account number).
Reroute any automatic payments to your new account as soon as you can, since the change may take a few days or weeks to finalize. Some billers require notice up to a month in advance for new payment info.
Read more: How to set up direct deposit
3. Close the old account for good
Read up on your bank’s procedures for closing an account first. Some banks will let you close an account by mail, online, or over the phone; some require you to show up in person.
This list collects info on how consumers successfully closed accounts at multiple American banks. But since procedures may change, your best bet is to ask the bank directly how it’s done.
Close the account in person, if possible
I recommend closing the account in person if time and convenience allow.
A bank visit makes it easier for you to get the transaction in writing. “Zombie accounts” sometimes come back from the dead — a closed account might get reactivated if you forgot to reroute an automatic payment or if there’s a billing error. To minimize the risk of a zombie account haunting you, ask for a letter from the bank stating you closed the account.
Even if you have no funds in the account, you still need to formally close it. You may be able to close an empty account online by following the instructions on the bank’s website.
Make sure you get all the money from your account
If you have funds in the account you’re closing, the bank will usually write you a check for the amount of the balance, or just transfer funds to your new account.
Your bank may require a formal written request (such as a notarized letter) to close an account with an open balance. You may also have to go to the bank in person to pick up the check. Give the money one to two business days to transfer. A wire transfer’s faster, but it costs more.
Make sure closing the account won’t affect your credit score!
If you owe money on the account you’re closing, you won’t be able to shut it down until you pay the balance and any fees.
The bank might close an account with a negative balance after a month or so, but don’t wait for this to happen — it will negatively impact your credit. You want a neat, clean closure.
When should you switch bank accounts?
You’re merging finances with a partner
In a committed relationship where you have decided to split expenses, a joint bank account can save you money and time (many people merge accounts after marriage or entering into a domestic partnership).
You might combine finances in a brand new account, or join your partner’s existing account if their bank has more of the services you need.
Read more: How to merge bank accounts after marriage
The fees are too high
With so many banks offering fee-free checking accounts and dropping fees from high-yield savings accounts, you don’t need to stick with a bank that piles on fees.
For example, if you keep getting hit with overdraft charges despite your best intentions, look for a bank with minimal (or zero!) overdraft fees (or one without minimum balance requirements). Similarly, if you use cash frequently, pick a bank with no ATM fees.
Read more: How to stop paying ATM fees
Another bank’s features work better for your needs
It’s normal for financial situations and priorities to change, and your banking needs might change with them.
Whether you want an account that connects to a budgeting app, offers a significantly higher interest rate over time, rewards you for better credit, works with poor credit, or lets you complete all your transactions online, there are plenty of options if your current account lacks features you need.
The bank isn’t FDIC-insured
Most banks and other financial institutions have insurance from the Federal Deposit Insurance Corporation (FDIC), which protects your money up to $250,000 in case the bank fails. (They’ll mention FDIC coverage somewhere on their website, or you can see which banks are covered here). A lack of FDIC coverage is a security red flag.
You’re relocating
If you’re moving and your current bank doesn’t have physical branches near your new location, it’s often more convenient to switch — either to a big-ticket bank with branches all over the world, a local community bank in your new area, or an online-only bank.
You don’t agree with your bank’s values
Social responsibility is a big deal to a lot of consumers, and if your bank supports a cause or makes a decision you don’t agree with, you may want to put your money where your values are.
I switched from a national to a local bank for this reason with no issues (it wasn’t even awkward when I told the teller at my former bank why I was switching).
Read more: What you should know about socially responsible banks
Pros and cons of switching bank accounts
Pros
Potential cost savings. Your new bank may offer a higher interest rate for a savings account, or lower fees than your old bank. After some time, you’ll start to see the savings add up.
Possible sign-up bonuses. You can take advantage of any one-time bonuses or financial rewards your new bank offers as a “thank you” to new customers.
A better fit for your needs. Maybe you finally made the switch to an all-online bank (no branch visits!) or a local bank near where you live (fewer out-of-network ATM fees!). In any case, a bank that fits your lifestyle and preferences is the best choice.
Cons
Transferring direct deposits and autopays. This part of changing bank accounts takes some time and energy, especially if you have lots of monthly bills on autopay.
Less familiarity. You know less about the new bank’s procedures, and they know less about you — like your credit history, for instance. This means the approval process might take longer if you want a loan or additional account at your new bank.
Finding fees in the fine print. Banks and credit unions should be upfront about any fees they charge. But when you open a new account or close an old one, you’re getting a lot of information at once. Info on fees could be easy to miss if you’re not looking out for it.
The bottom line
Closing your bank account and opening a new one can be a pain, but if you take the right steps and make sure you do everything correctly, it doesn’t have to be a huge hassle.
Featured image: Lemon Tree Images/Shutterstock.com