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Apache is functioning normally

June 4, 2023 by Brett Tams

Finding the right insurance or any insurance at all can be a daunting task when there are pre-existing medical conditions present. It is oftentimes frustrating to find term life insurance as companies tend to flat out deny those with pre-existing conditions or is there is not denial they are placed in a high-risk policy which is oftentimes more costly. Despite these challenges and frustrations, finding insurance with pre-existing conditions is not impossible.

In fact, in just about every case, there are plenty of affordable life insurance options. Even applicants with pre-existing conditions are surprised to see how affordable their policy can be.

What is Your Pre-existing Condition?

The type of pre-existing condition is perhaps the biggest consideration when shopping for new life insurance. From one insurer to the next, the types of policies for people with certain conditions will vary. Life insurance companies rate conditions differently based on the level of risk they believe are associated with it.

When considering conditions such as cancer, many insurance companies may not accept that level of risk since there is not a long life expectancy associated with these types of conditions. Although this is the case, other considerations are factored in such as whether or not it is in remission.

The main thing that insurance underwriters are considering is how threatening the condition is to the life of the policyholder so obviously, there are usually multiple variables at play. The good news is that insurance companies are adapting and changing with medical advancements. When it may have been impossible in the past to receive insurance with pre-existing conditions, insurance companies recognize that certain conditions can be treated or slowed due to new research and technology.

Avoid The Fuss With No Medical Exam Life Insurance

Another great option is a no medical exam life insurance policy. If you have not been previously diagnosed with a condition, this may be a great option. Although these types of policies usually run at a higher premium, the coverage is usually guaranteed and the policy coverage varies slightly from a standard term life policy. Despite the guaranteed coverage it is a good idea to disclose any medical conditions you may have.

In today’s market, there is far more competition in terms of top-rated life insurance companies. Because of this, they are oftentimes aggressive in the risks that they take. For this reason, you need to shop around or even work with a professional who can point you in the right direction.

These policies of course usually come at a higher rate but it is a good option still for those who may have been denied by a more traditional life insurance provider.

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It’s Best to Compare Between Different Insurance Companies

Perhaps the biggest factor related to a pre-existing condition that there is no way around is the higher cost. Insurance companies need a way to compensate for the additional risk. However, many companies will treat certain conditions differently than other. For example, there are some companies that view conditions like diabetes more favorably than others. With some companies, if you have well-controlled type 2 diabetes, you could get great rates, but other companies are automatically going to skyrocket your rates because of the diabetes diagnosis.

The best course of action is to be proactive with your condition and try to manage it the best way that you can. Insurance companies have been known to consider these types of things and reduce your premium over time as it is demonstrated that you are getting your condition under control.

Thankfully for advances in the medical community it is no longer the case that pre-existing means denial. It is still a good idea to shop around and find the best fit for your particular condition. Spending the extra time up front can save you a lot of money in the long run and the peace of mind that comes with knowing you are insured is invaluable.

The benefits of finding the perfect company are obvious, lower insurance rates. But finding the right company isn’t as easy as that. This is why you need an expert, like our independent agents. Not only can they represent several different companies, but they are also knowledgeable about the different companies and which one will view your pre-existing condition more favorably.

Getting the Lowest Rates Possible

We just mentioned a great way to get lower monthly rates, by working with an independent agent, but that isn’t the only way.

The first thing is to do is improve your health. Sure, you have a health problem, it’s going to impact your monthly rates, but there are still some health factors that you can improve to get a better classification from the insurance company.

The best thing you can do is to shed a couple of pounds. The majority of life insurance applicants are keeping a few more pounds than they should, and losing that weight could have an extremely beneficial impact on your insurance plan. Start a healthy diet and exercise program, it will save you money.

Deciding how much Life Insurance you need

The next most important decision is determining how my life insurance coverage you’re going to need. The bigger your policy, the more you’re going to pay for your coverage.

If you don’t have enough coverage, you could leave your loved ones paying for all of those debts you would leave behind. How are you supposed to know if you have enough coverage? There are several different questions that you can ask yourself to ensure that you’ve bought a large enough life insurance policy.

The first question is, “how much debt would I leave behind?” Before you buy a plan, make sure the policy will provide enough protection. Make sure that you add up your mortgage, car payments, credit card bills, student loans, and anything else your loved ones would be responsible for paying.

The other questions that you have to ask is, “how would my family suffer if they lost my salary?” the other main purpose of life insurance is to help your family find a way to replace your annual income. Your family could have a difficult time finding a way to permanently replace that income without experiencing serious financial strain.

Source: goodfinancialcents.com

Apache is functioning normally

June 4, 2023 by Brett Tams

Digital nomads enjoy the freedom and flexibility of being able to work from anywhere with an internet connection, allowing them to balance work and leisure in a way that suits their lifestyle. They travel frequently, often staying in one place for a few weeks or months before moving on to the next destination.

However, expats and digital nomads face unique challenges when it comes to managing their finances. They need a bank that understands their lifestyle and offers services that cater to their needs.

For example, digital nomads require a bank that offers low fees and transaction charges since they frequently move money across borders. They also need a bank that provides easy access to their accounts from anywhere in the world, with mobile banking features that allow them to make transactions on the go.

10 Best Banks for Digital Nomads

Without further ado, here’s our lineup of the best bank accounts for digital nomads.

1. Revolut

Revolut is a digital bank that’s headquartered in London. While it doesn’t offer a traditional bank account, its money management app can be a great option. Once you download it, you can make global exchanges with more than 30 currencies and transfer money abroad instantly. Revolut will give you 10 free international transfers per month plus a debit card with cash back rewards.

Also, if you invest in a Premium or Metal plan, you can enjoy additional perks, like travel insurance and access to airport lounges while you wait for your flights. In addition, you’ll get to use 55,000 fee-free ATMs and be able to withdraw up to $1,200 from out-of-network ATMs each month. If you’re interested in a Revolut account, you’ll need to provide a name, address, and ID. The bank does not require a credit check or proof of address.

2. Chime

When most people think of international financial accounts, Chime doesn’t typically come to mind first as it’s a financial technology or fintech company in the U.S. Even though it doesn’t provide a multi-currency account, its cards don’t charge foreign transaction fees and offers free cash withdrawals at ATMs across the globe.

This is great news if you’re looking for an affordable way to cover your international purchases. Chime’s main offerings you might want to consider include the Chime Checking Account, the Chime High Yield Savings Account, and the Secured Chime Credit Builder Visa® Credit Card.

It’s important to note that Chime is designed to be used as a mobile app so it could be a solid pick if you like the idea of mobile banking. The app will send you daily notifications on your account balance and international transactions. Rest assured you can disable them at any time.

3. Capital One

Capital One is one of the largest banks in the U.S. but we had to include it in this list because of its primary checking account, the Capital One 360 Checking. If you consider yourself an expat, often make online purchases from different countries, and would like to avoid a monthly fee or foreign transaction fee, this account can make sense.

You won’t have to pay any transaction fees if you use your card overseas, plus you may open the account without a minimum opening deposit requirement or monthly fees. To reap the benefits of the Capital One 360 Checking, you must be a U.S. resident with a U.S. mailing address and Social Security number.

4. Wise

Wise, which was formerly known as Transferwise, should be on your radar if you do business abroad. The UK-based fintech company will let you create a local bank account that accepts multiple currencies, making it a breeze to meet your digital nomad banking needs. Wise also integrates with popular payment platforms, such as Amazon Payments and Stripe for easy direct deposits.

We can’t forget to mention the Wise borderless account that may be worthwhile whether you’re studying abroad, an expat, or a freelancer with international clients. It comes with low fees and can be accessed by just about anyone. However, Wise is not an actual bank account so you may have trouble receiving direct deposit payments. For this reason, it might be a good supplement to an existing bank account.

To take advantage of Wise, you’ll need a bank or credit card statement, tax bill, proof of address, driver’s license, or government document.

5. Chase

Chase is an excellent choice for digital nomads and expats living abroad due to its global presence and user-friendly digital banking platform. Chase’s online banking system is user-friendly and provides a range of features, including bill pay, mobile check deposit, and international money transfers.

For those living abroad, Chase’s credit and debit cards also offer no foreign transaction fees, making it an affordable option for international travelers. In particular, the Chase Sapphire Preferred and Chase Sapphire Reserve are widely considered to be among the best credit cards available.

Furthermore, Chase Bank provides 24/7 customer service support, ensuring that its customers can get assistance with any issues they may encounter, regardless of their time zone.

6. HSBC

HSBC serves about 40 million customers across 63 countries in Europe, Asia, the Middle East and Africa, North America and Latin America. If you’re an international traveler, you can’t go wrong with the HSBC Everyday Global Account, which makes it easy to make purchases in 10 different foreign currencies with no transaction fees or monthly service fees. It truly offers a fee-free banking experience.

In addition, there are no ATM fees so you can enjoy fee free ATM withdrawals and many promotions throughout the year. HSBC also offers Visa Zero Liability, which can protect you from fraud and give you some much-needed peace of mind. We can’t forget that HSBC offers over 55,000 ATMs, many of which are in the Allpoint network, as well as 24/7 customer support via phone and Twitter.

7. Citibank

There’s a good chance you’ve heard of Citibank as it’s a well-known bank in the U.S. It has a presence in 97 markets and supports clients in more than 160 countries. With the Citibank Plus account, you can manage your money in up to 21 different currencies.

Citibank will waive your maintenance fee as long as you maintain a certain balance and reimburse you for foreign ATM withdrawals when you use ATMs outside its network. Additionally, you may send money abroad quickly and won’t have to pay a penny if you’re sending the funds to another Citibank account. Another great perk is the handy mobile app that offers convenient banking while on the go.

8. Monzo

Monzo is a challenger bank in the UK that’s recently increased in popularity. You can open an account for free, divide it into “pots” to better manage and save your money, and get a free debit card, which can be sent to any address in the UK. You can use it for a variety of debit card transactions and ATM withdrawals abroad.

You won’t pay any fees when you make purchases on your card and can receive a limited amount of free ATM withdrawals every month. Monzo is also compatible with Apple Pay and Google Pay. Plus, there’s a convenient mobile app with useful budgeting tools that may help you take control of your spending. Note that Monzo is fully digital so you can’t count on it for in-person support or local branches.

9. Charles Schwab Bank

You can open a U.S. bank account through Charles Schwab and won’t have to worry about foreign transaction fees or opening fees. Plus, you can enjoy unlimited rebates on international withdrawals.

In the event you move to a different country, you can open another Charles Schwab account but you may have to meet a high minimum deposit threshold. If you need assistance while you’re traveling, you’ll be thrilled to know you can receive it via phone or email.

10. Bank of America

Despite the word America in its name, Bank of America can be a smart option if you’re looking for a digital nomad bank account. In fact, it attracts many frequent travelers.

It serves more than 35 countries and has locations throughout Europe, Asia, and the Middle Each so you shouldn’t have an issue finding a branch near you. Bank of America offers a variety of bank accounts you may find appealing as well as a well-designed mobile app.

Features to Consider When Choosing the Best Bank for Digital Nomads

When exploring different digital nomad banks, consider these features.

Banking Experience

Every financial institution provides its own unique experience. First, think about whether you’d like an online-only bank or one with branches you can visit. Then, think about the size of the bank that would be best for you.

A smaller bank might be a better fit if you prefer personal service as well as better rates and lower fees. A larger bank, however, might make more sense if you’d like access to a wider range of products and resources.

Account Types

Some banks offer a few accounts and banking services while others pride themselves on a long list of offerings, like checking accounts, savings accounts, investment accounts, and many others. To determine the account types you need, think about your goals.

Are you looking for someone to park your cash so you can access it while you’re abroad? If so, you might be in the market for a basic checking account or high yield investor checking account with no foreign transaction fees and ATM fee reimbursement.

If you’re a business owner, you may require additional services like international wire transfers between accounts and countries without paying costly fees.

ATMs and Debit Cards

Chances are you can benefit from a digital nomad bank account with ATM access. If you need to make purchases abroad frequently or every once in a while, you should opt for an account with debit cards that are compatible everywhere. This usually means you’re in the market for a Visa, Mastercard, Discover, or American Express debit card.

Keep in mind that many countries don’t accept cards with magnetic strips so you will need a card with an EMV chip. Ideally, it would also allow for contactless payments, which are quite popular abroad.

Note that while debit card purchases may make sense in some situations, credit cards come with greater protections, which can be helpful if your card gets lost or stolen. If possible, use your debit card at ATMs and credit card every time you make a purchase.

Fees

At the end of the day, you don’t want to be stuck with sky-high fees that deter you from your financial goals. Here are some fees to be aware of as you search for the best banks for digital nomads.

Foreign transaction fees: These fees can kick in whenever you make a withdrawal or purchase in a foreign currency. Your bank might charge them all the time, in certain situations, or not at all.

ATM fees: If you need to withdraw money from an ATM, you may be on the hook for ATM fees. The chances of this are higher if you opt for an out-of-network ATM. The good news is some banks offer free withdrawals or will reimburse you for ATM fees while you’re abroad.

Monthly maintenance fees: You may face a monthly maintenance fee or service fee to keep your account open. Typically, the more features your account has, the more expensive this fee will be. Fortunately, some banks pride themselves on low banking costs and zero monthly fees.

Interest Rates

Depending on what you plan to do with the bank account you open, interest rates may or may not be important. If your sole purpose is to get easy access to cash while you’re traveling to a different country, interest rates probably aren’t a big deal. But if you’d like to use your account for saving or investment purposes, a higher rate is ideal. The higher the rate, the easier it will be for you to meet your goals.

Security

Security should be a top priority when you explore digital nomad bank accounts. Reputable banks have certain account holders protections in place for if your debit or credit card gets lost or stolen, for example. They also make it a breeze to report fraudulent activity from anywhere.

Some banks also have a security feature known as two-factor authentication. This requires you to use your password and a special code you receive via call or text every time you log in. It provides extra security in the event your device gets lost or stolen.

Customer Service

In a perfect world, you’d never have any questions or issues with your bank account. Since this is unlikely, you shouldn’t overlook the importance of customer service. The bank you choose will determine how easy or difficult it is to receive assistance.

If you can, opt for a digital bank with 24/7 customer service. Otherwise, you may get stuck if you have an urgent need and customer service is only available during select business hours.

Reviews

If you visit a bank’s website, you’ll find no shortage of information on its benefits and why you should become a customer. However, one of the best ways to determine whether a bank account is worth it is through customer reviews. Do your due diligence and read real reviews on reputable, third-party websites.

Also, look at ratings on websites like the Better Business Bureau (BBB) to get a better idea of a bank’s reputation. If you notice a lot of negative reviews and poor ratings, you may want to look elsewhere.

Online Banking Features

As a digital nomad, you’ll likely be doing a lot of your banking online. Look for a bank that offers robust online banking features, such as the ability to view account balances and transaction histories, transfer funds, and pay bills online.

Bottom Line

Choosing a good bank is essential for digital nomads who need access to their money while traveling the world. With the right bank, you can manage your finances easily and efficiently while enjoying the freedom of a location-independent lifestyle.

Frequently Asked Questions

What is a digital nomad?

A digital nomad is someone who works remotely and has the ability to work from anywhere in the world as long as they have an internet connection. They often travel frequently and have a location-independent lifestyle.

Why do digital nomads need a specific bank?

As a digital nomad, you’ll need to find a bank that caters to your specific financial needs; one that offers easy online access, enables low-fee transactions, and facilitates international transfers without hefty costs. Traditional banks may not be able to provide you with these services, which is why it’s important to investigate other options.

What is the best bank for digital nomads and expats?

There is not one bank that checks off everyone’s boxes. The right option for you depends on your goals. You may choose an account that allows for easy money transfer abroad. Or you may prefer one that eliminates foreign transaction fees. It’s up to you and what you hope to accomplish.

How can I avoid transaction fees when banking as a digital nomad?

To avoid transaction fees when banking as a digital nomad, you should look for a bank that offers fee-free ATM withdrawals and has low foreign transaction fees. You may also want to consider using a debit or credit card that doesn’t charge foreign transaction fees.

Do I need to have a permanent address to open a bank account as a digital nomad?

You do not necessarily need a permanent address to open a bank account as a digital nomad. Some banks allow you to use a post office box or a friend’s address as your mailing address. You may also be able to use a virtual mailbox service.

Can I open a bank account in a foreign country as a digital nomad?

Most countries prohibit non-residents from opening bank accounts. You’ll find that you’ll likely need a local mailing address. Unfortunately, financial institutions don’t typically accept hotel or short-term rental addresses.

Can I use my digital nomad bank account for personal transactions?

Yes, you can use your digital nomad bank account for personal transactions. However, it’s best to keep your business and personal finances separate to make accounting and tax reporting easier.

Will my digital nomad bank account have all the features of a traditional bank account?

Your digital nomad bank account may not have all the features of a traditional bank account, but it should have the features that are most important for your lifestyle, such as online banking and low transaction fees. Be sure to research the banks you’re considering to ensure they offer the services you need.

What should I do if I lose my debit card while traveling?

If you lose your debit card while traveling, you should contact your bank immediately to report the loss and request a replacement card. You should also carry a backup debit card or credit card in case of emergencies.

What are the best banks for international wire transfers?

If you’d like to make many international wire transfers, there are certain banks with solid bank transfer rules you should explore. Several examples are Bank of America, Chase, Citibank, Wells Fargo, Citibank, PNC, and U.S. Bank.

Source: crediful.com

Apache is functioning normally

June 4, 2023 by Brett Tams

There are a lot of Americans that skip purchasing a life insurance policy, especially once they start to reach their mid-50’s and early 60’s, but this could be an awful mistake.

When looking for life insurance at age 56 one of the greatest impacts on your premium is your health.

Unfortunately, at this age there are many medical conditions that can start to creep up if it hasn’t already started affecting you.

Depending on what type of medical condition you have, your rates may or may not be affected significantly. There are a lot of people that think if you have any pre-existing condition, you can’t get life insurance. That isn’t true.

Regardless, life insurance is something that everybody should have for their own peace of mind.

What Type of Coverage Should I Get?

Ninety percent of 56 year olds who obtain life insurance typically only need it for 10 to 20 years. This is the case because the purpose of the life insurance is meant to fill in for displaced income.

With this in consideration it is assumed that you will not need insurance after retiring and for that reason you only need a policy for the term of your working career.

Buying cheap term life insurance is the solution for this. This type of insurance is surprisingly affordable, especially considering all of the benefits that come with it. If you need more extensive or permanent insurance, whole life insurance is most likely for you.

As you can imagine, the biggest difference is whole life insurance is effective for as long as you pay the monthly premiums. This a significant advantage over term policies that expire after their predetermined time.

There are a lot of people that prefer having permanent coverage and don’t have to worry about reapplying for another policy. If you want the comfort of having a whole life policy, go for it, but be warned, you’re probably paying way more for life insurance coverage than you have to.

What are the rates for a 56 year old?

Your rates are going to be based on your age, your health, and much more. We can’t give you exact numbers, but we can give you a rough idea of how much coverage you’ll pay.

For example, let’s say you are a 56 year old man who wants to get a $500,000 insurance plan. You’re going to pay around $1,600 every year for your plan. A woman is going to pay $1,200 for the policy.

Here is some quotes for $250,000 of coverage for someone age 56:

Sex	10 Year	20 Year	30 Year
Male	Protective – $42.48/month	SBLI – $73.30/month	Transamerica – $161.88/month
Female	Protective – $32.07/month	SBLI – $55.46/month	Transamerica – $113.75/month

Keep in mind, these are only ballpark figures for life insurance coverage. There are so many variables, there is no way for us to tell you exact numbers without getting information from you.

What Risk Tables Does a 56 Year Old Operate On?

Pre-existing health conditions are the main reason people in this age group are declined for life insurance. This could be anything from diabetes to heart problems.

There are a lot of life insurance companies that have experience working with high-risk applicants of various conditions. These companies understand the conditions and how they can be controlled, which means they will view applicants for favorably than companies without that experience.

Even if you’ve been turned down for coverage because of your health conditions, there are still several insurance coverage options that you can choose from. Your health won’t prevent you from getting at least a small amount of coverage.

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How much Life Insurance do you need?

Aside from asking what type of policy that should get, this is the next most common question that we receive, “how much life insurance do I need?” and it’s one of the most important calculations you can make in regards to your insurance.

Shopping for life insurance at age 56 is extremely different than shopping for a policy in your 20’s or 30’s. There are many notable differences that are going to impact your life insurance needs. More than likely you don’t have as much debt as you did twenty years ago. One of the main goals of life insurance is to pay off any debt you would leave behind, you might be able to buy a much smaller policy at this stage of life.

Another key difference in a life insurance policy in your mid 50’s is your salary and how many people are relying on your income. Your salary is probably higher than it was when you first bought a life insurance policy many years ago, but that doesn’t necessarily mean that you need a larger insurance plan. If your spouse is still working, and your kids all have jobs of their own, you can consider getting a smaller, cheaper insurance policy.

Getting the Best Rates on Your Life Insurance Policy

Getting life insurance is important for the protection of your family, but it’s also important that it doesn’t break your bank. Even at 56, a life insurance policy can still be more affordable than most applicants assume. The older you are, the more your plan is going to cost, but just because you aren’t as young as you used to be doesn’t mean your policy has to be expensive.

The first way is to focus on your health. Aside from your age (which you can’t change), your health is the next most important factor that impacts your monthly premiums. Sure, you probably aren’t in as good shape as you were twenty years ago, but now is the time to focus on your health.

If you’re carrying any extra weight, it could hurt your monthly rates. The more weight that you’re carrying, the higher your chances of having health problems. The higher your risk for health problems, the higher your rates.

Shedding some of those pounds through a diet and exercise will not only lower the number on your scale, but it will also work wonders for your cholesterol, blood pressure, and much more. Not only is this great for your health, but good for your wallet as well.

Additionally, kicking your bad habits like smoking cigarettes will also save you several hundred dollars on your policy coverage. Smokers pay double on their monthly premiums, sometimes triple, versus a non-smoker.

Whether it is standard term life insurance or a no medical exam policy, the best way to locate the perfect plan is to partner up with an independent agent. Each insurance carrier is very different. Different plans, rates, riders, and much more. Sure, you can look through them all to find the best, or we can bring you 50 companies all at once.

We work with all of the top-rated life insurance companies so that we can shop for you and get the absolute best rates. Life insurance is a long-term investment, and just like any other investment, you want to make the best choice. You should always work with an expert to make your choice.

Source: goodfinancialcents.com

Apache is functioning normally

June 3, 2023 by Brett Tams

Inside: Learn why you may want to drive a beater car. Plus find tips to make sure you are getting a good deal.

Okay, let’s preface with… my dad has been in the car industry for over 40 years. So, I have grown up in dealerships, car garages, and service centers. My friends call me an expert, but I prefer to just be helpful so they don’t overpay when buying or getting repairs done.

Now, that authority is established, let me help you understand the beater car mentality.

If you are looking for a cheap used car, but don’t know where to find one, check out this guide that will help you get started.

Buying a used car can be tricky. It’s not just about finding one that is inexpensive, but also getting the right size for you and your lifestyle.

There tends to be more mystery surrounding what it’s like buying a new car from the dealership than an old one from somewhere else.

The main reason is that usually, they do not disclose how much of the price tag is going towards depreciation. What happens when your brand-new vehicle goes through years worth of wear and tear? It depreciates at a staggering rate and you end up with the same old car that’s only worth what is left of it.

Did you notice that keyword in the last paragraph – depreciation!

For many who are choosing to lower their costs and pursing FIRE movement, they know that a brand new car will depreciate the most within the first five years.

In this article, I will be shedding some light on how to find a cheap used car in your area if you are shopping for one. Also, if you are maintaining a beater car, you will find the tips to make sure your car lasts many more years.

Driving a beater car is not a sign of being poor or reckless. You still need proper auto insurance to drive.

With this guide, you’ll find out which cars have what features and quality that will fit your needs and lifestyle. Now, let’s find a car with features that are important to get around town and save your wallet!

Beater car is a term used to describe a vehicle that doesn’t look like it has any value. But could still be worth something if you have the right tools and know-how!

What Is a Beater Car?

A beater car is usually an older, higher-mileage vehicle that still runs and is legal to drive.

The term “beater” was coined because many of them have cosmetic damage and mismatched paint.

A beater car is rarely pretty but “gets the job” when it comes to getting you and yours from here to there.

What is the point of a beater car?

A beater car is a reliable and easy-to-fix car that is cheaper than a new car.

The point of a beater car is to save money and reduce the amount of maintenance that needs to be done on it.

It has little intrinsic value, & while not “easy on the eyes,” a beater car is generally a smart choice to wear into the ground.

There are many advantages to buying a used car, including insurance savings, tax breaks, and lower operational costs.

Beaters can also provide peace of mind because they are easier to repair if something does go wrong.

Should you drive beaters?

People are in different situations when they are buying cars.

The best customers for cheap cars are either first-time car buyers or people who have to save some cash to reach a financial goal they set in place.

On the other hand, if you like reliability, make income from your car, enjoy looking good, or do not know your way around a car, maybe you should skip a beaters car.

How Can You Recognize a Beater Car?

A beater car is a car that is older and cheaper than other cars in its class. It may also have high mileage or corrosion on the body. You can look for these signs to help you identify a beater car.

More than likely, they will be easy to spot. Many common ones include Honda, Toyota, and Suburu. Those are the engines that can keep on running!

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Is a Beater Car Worth It?

Well, there are two sides to the coin on this one. So, we will present both arguments first.

Definitely Worth It

Simply put, a beater car is one that doesn’t cost a lot of cash. You can find reliable and affordable beaters if you know where to look. In most cases, the best way to find a cheap used car is by checking out local classified ads or online listings.

Beater cars are a great way to save money on all sorts of fronts.

For starters, they’re cheaper to buy than most other cars. Additionally, used cars can help with taxes, insurance, and maintenance costs.

In short, a cheap car is a great way to get around while keeping your expenses low.

Um, Hello – No!

A beater car is not worth it. There are many reasons why you should not buy a beat-up vehicle. The first reason is that they are cheap, and the owner will most likely not take care of them properly. Not only will the car need repairs, but you could also have to buy a new one.

Didn’t you know that you can lease a vehicle for next-to-nothing with a low-interest rate? (p.s. don’t fall for that line. Leasing a car is the worst thing you can do financially. That is a post for another day on leasing vs buying a car.)

All in all, it depends on what you need and what you can afford at the moment. For many, the answer to this question is yes, but only if you are looking for a cheap car.

What is the price of a beater car?

A used car is a vehicle that has been previously owned, so it has depreciated in value.

The price of a beater car is difficult to determine and varies depending on the quality of the vehicle, its condition, and what it might have been used for. Typically, you can find a solid mechanical vehicle for around $5000.

You can always check against the KBB price and run the VIN to check its reported history.

Beater Car Benefits:

The benefits of a beat-up car are listed here. Many people are proud of their vehicles and proudly want to be a part of the 200k miles club.

They include the opportunity to drive around with no maintenance, the ability to use it for parts, and the freedom from monthly payments.
A used car is cheaper upfront than a new car.
Cheaper on insurance. Beater cars require minimum coverage, so they’re cost-effective for monthly expenses.
A beater car is cheaper on gas (this is true for sedans; not so much for SUVs or trucks.)
The car will retain its value and not depreciate much more.
The car can still be sold for what was paid for it, as long as it is in the same condition.

Now, let’s dive a little deeper into each of these.

#1. Cheap Price

One reason to prefer a cheap car is because of the low price point.

For the first time ever, the price of a new car tops $47000 – an all-time high (source). That is a whole lot of money especially when it loses most of its premium in the five years.

Driving a beater may not feel as luxurious as driving a newer car, but the cheap price point lets you save money.

#2. No Car Payments

There are many benefits to not having car payments.

One of the most obvious is that you save money. In addition, not having car payments can also reduce stress and anxiety levels, because you’re not as tied down to a monthly payment.

It is not normal to have a car payment your whole life. That lifestyle will cost you a fortune with lifestyle creep.

#3. Cheaper Gas

Old and beaten-down cars that don’t require premium fuel will be heaven for your wallet, saving you hundreds, maybe even thousands of dollars per year.

Gas prices vary throughout the day, so drivers should plan their trips around the cheapest prices. In addition, using a cheap car can save you money on gas in the long run.

#4. Cheaper Parts

First of all, you need to find a reliable mechanic or be able to do some of the work by yourself.

In addition to being cheaper, older car parts are also easier to find. Car parts are still available from common car manufacturers, so you don’t have to go through a premium supplier to get what you need.

Additionally, the older vehicles do not have the fancy chips like the newer cars that make the cost of parts increase and the difficulty of getting those types of parts.

#5. Minimum Insurance Coverage

Buying a used car saves money on car insurance.

You only need to meet the minimum insurance requirements of your state, and you don’t have to worry about finance companies taking out full coverage collision and comprehensive insurance.

However, you may want comprehensive coverage if the cost is minimal compared to replacing the car. For instance, if you pay an additional $50 per year for full comprehensive coverage that will give you the $5k worth of your car back if something happens. That may be worth the extra cost.

Plus driving a car with a lower resale value can help save on vehicle taxes.

#6. Less Depreciation

Older cars have already depreciated in value over the years, so they aren’t going to lose much more during the period of your ownership.

Plus if the engine gives out, you can always sell it for scraps and parts at the local junkyard. That will help you recoup costs for another one.

Remember, you wipe away value from your brand new car once you drive off the dealer’s lot (source). This is a hot debate on whether your car is an asset or liability.

#7. More Freedom

When you are not bogged down by expenses of maintaining a high-value car, you have more freedom.

This is more freedom in your budget and more time freedom as you don’t have to work hard to pay for your mode of transportation.

Think about it… if you invested $500 a month for seven years at the average rate of return of 8%, you would have accumulated $55,000. Compounding interest will do amazing things for your net worth.

Beater Car Downsides:

Saving money is the biggest benefit of buying a used car.

Beater cars are potentially less safe than modern cars.
Long-distance car rides might not be possible with a cheap car
Downsides to having a good beater car include the possibility of breaking down and being far away from home if needed.
Possible more maintenance.
There is more risk. You don’t want to gamble.

#1. Less Safety

Cars from before the 2000s don’t have the same crashworthiness as newer cars.

This is a factor that you cannot deny and a serious factor when considering your purchase.

In a collision, they are more likely to sustain damage and injure the passengers inside.

#2. Low Probability of Longer Trips

These are great for commuting around town and getting you to and from.

However, there is a low probability you want to use them on longer trips.

Given there are many things that could go wrong, you don’t want to break down far from home or even a nearby city where you can get repairs done.

You don’t anticipate needing to take this car on long trips in the near future because there is a low probability of needing to take it on longer trips. This is due, in part, to the fact that it doesn’t have great gas mileage and you don’t think you’ll need to use it for long distances.

#3 – Higher Maintancence Costs

You always need a sinking fund for repairs when you own a beater. Period.

You are one drive away from something going out and needing to be repaired.

Also, you need to find a quality mechanic that thrives on keeping older ones running without nickel and diming you along the way.

You cannot use a dealership service center to maintain your baby.

Which Are the Best Beater Cars?

Picture of a honda accord as one of the best beater cars.

The best beater cars are cars that are cheap, have low mileage, and are easy to repair. The cars are great to use as a daily driver, but they are not ideal for long distances.

Cheap cars can be a good option for car buyers on a tight budget or for young drivers.

There are many reasons to consider buying a used car over a new car, but the decision ultimately depends on the buyer’s needs and preferences

What are some good beater cars?

These reliable beater cars can be a great way to save money on car buying.

Some of the better cars to choose from that would make for a great beater include Toyota Corolla, Honda Accord, and Honda Civic.

They are old, but still in pretty decent shape. All in all, you want to look for one that is very well maintained and highly cared for. The ones sitting in your grandparent’s garages that were hardly driven and immaculately maintained.

What to Check Before Buying a Beater Car

The best way to ensure that you’re buying a good quality car is to do some research and make sure you know your facts.

All dealers are not created equal, so it’s important to check out what other people are saying about the dealer. Also, make sure that the car you’re buying is in good condition and has a clean title.

Many times, a beater is a car that is used to transport things such as furniture, trees, etc. Sometimes they are usually not very well maintained and maybe not very well cared for.

However, a used car can still be a good car for someone who is looking for a cheap car and does not care about the condition of the car.

Specifics to Look For:

Low mileage
Consider the brand/model
Fuel economy
Exterior and interior condition
Reliability
Maintenance history
Number of owners
Number of accidents
Anything rebuilt like the engine

For example, one of the Toyota Corollas I owed was older but had a new engine installed. Thus, the value of the Corolla was higher as the engine had minimal miles on it.

In fact, here is a picture of it… doesn’t look like a junker right?!?!

Questions to Ask Yourself:

Before buying a used car, you should check the following:

Is it in good shape?
On the engine, is it manual or automatic?
Is it the right size for your needs?
Does it have enough power?
Does it have enough room?
Is it reliable?
Is it comfortable?
Easy to drive?
Is it safe?

How to Buy a Beater Car

Picture of an infographic on buying a car.

When buying a beater car, you should check the following things:

1. Finding One to Buy

Many times, this will be the hardest part. Sometimes, the easiest if someone needs to get rid of one quickly.

Try buying a beater car from friends or family.

The next place to check is your mechanic. Remember, they are your best friends in this process and always know the movement of these types of cars.

Also, you can check online – Facebook Marketplace, NextDoor and Craigslist are great options but follow your instincts.

Lastly, you can try a local dealership. However, be very careful as you don’t want to be scammed or pay more than the car is worth.

2. Check the VIN Number

VIN stands for Vehicle Identification Number. A VIN is a serial number that identifies the make, model, and vehicle type of a motor vehicle.

The VIN number is a unique identifier for a car that can be used to learn about the car’s history and identity. The number is usually 17 characters long and contains both numbers and letters. It can be found on the dashboard, driver’s side door, or engine of the car.

More importantly, it can be used to learn about the car’s history and identity, including its make, model, year of manufacture, and more. Even if the car was stolen.

3. Look at Mileage

Beaters usually have high mileage, but how high is too high?

Do your research for what could be a red flag. Look up how the specific make and model you’re considering holds up in high mileage.

In this regard, lower is better, although beaters will generally have higher mileage than a newer used car. Look for beaters with 80,000 to 150,000 miles on the odometer, but don’t go over 150k miles. You want to drive it into the 200k mile club, right?

4. Run the Auto History Report

You want detailed information on a car’s history, including maintenance and repair records. This can be helpful in determining whether or not a car has been well taken care of. If a car has had many owners in a short period of time, it may be an indication that the car was neglected.

The VIN number (vehicle identification number) helps you obtain a vehicle history report by running through a service, like CARFAX. Companies like VINCheck.info and AutoCheck provide vehicle history information, too.

A good indication that a car may have been neglected or doesn’t run well is the fact that it has had many owners in a short period of time.

5. Checked by Your Own Mechanic

If you haven’t figured it out by now, a trusted mechanic is a must!

Before agreeing to the purchase, you must have the vehicle independently audited by your own mechanic. This may come at a small cost, but it is better to know the condition of the mechanical systems before you purchase.

Also, your mechanic can tell you what you should pay for it as well as any outstanding repairs or maintenance that needs to be done.

6. Passed State Inspection

When buying a car, it is important that it passes state inspection. If it doesn’t, you may end up spending more cash on repairs and/or fines.

You can ask for the last inspection report. If it has been more than a year, it is worth testing it again.

In any case, you don’t want to buy a car only to have it break down on you soon after.

7. Take it for a Test Drive

When you’re looking to buy a used car, it’s important that you take it for a test drive. This allows you to listen to any loud noises and also gives you a chance to feel the car out.

If something doesn’t feel right, then it’s probably not the right car for you.

When you’re looking to buy a used car, it’s important that the seller allows you to take the car to a mechanic for a test drive. If they don’t, it’s probably because they’re trying to hide something and it’s best to move on.

Fixing a Beater Car:

The best option for fixing a beater car is always to do the repair yourself. This will save your finances and allow you to learn more about how your car works. There are a variety of resources available online that can help you with this process, including videos, articles, and forums.

If you find a car with engine problems, you will need to consult a mechanic. The problem may be something simple that is quick fixes with a tune-up, or it may be more serious.

If the cost of repairing a used car is almost as much as what you paid for the car, then it may be time to move on.

Selling a Beater Car:

The process is very similar to buying it except now you are the seller!

The same places you would look for one would be the same places you would sell it – friends, NextDoor, Craigslist, mechanic, or Facebook Marketplace.

You might even be able to get some cash for your beater car by trading it in at a dealership. The dealership will likely give you less than if you had sold the car to a private party, but it’s better than nothing. However, some dealerships have pretty awesome trade-in policies to get you in a new and more expensive ride!

Reasons NOT to Buy a Beater Car

The most common reasons not to buy a used car are that they are very expensive to fix, impractical in terms of fuel efficiency, and require more time and effort than expected.

However, those of us who have owned older sedans, SUVs, or trucks know the significant savings associated with it and get many weird looks for others.

Top 10 Reasons NOT to Buy a Beater Car:

You want/need a good-looking car.
High reliability is a priority.
You are a one-car family.
You will lose your mind trying to fix it.
It’s going to break down and you’ll be stranded somewhere, losing money.
You will have to get a new car eventually anyway.
It’ll cost you more money in the long run because it’s not worth fixing up and selling later on.
You won’t be able to sell it for what you paid because it’s too beat up.
You think leasing a car is a better deal.
Deep down, you think a car payment is normal.

Is an Older Beater Car an Issue for You?

Beater cars can be a good option for people who want to save money on their car costs.

There are many advantages of a cheaper car including avoiding car loans and down payments, cheaper gas, and minimal insurance requirements. Plus used cars have already lost much of their value and are a better investment.

Maybe a full one beater isn’t right for you, but maybe a seven-year-old minivan with 85,000 miles is perfect.

In all honestly, people who are looking for a cheap car should consider buying an inexpensive car instead of a luxury car.

Now, I want to hear your favorite stories about your precious gem and how many miles it lasted…

Source: moneybliss.org

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June 3, 2023 by Brett Tams

As an Amazon Associate I earn from qualifying purchases.

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This post was updated June 2023

With most rentals, the phrase, “all utilities included” means the building or landlord pays for water, sewer, trash, electric, heat, and gas. One of the best ways to keep your housing budget in check and predictable is to rent an apartment with all utilities included. Read more…

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Baystate Apartments

1701 Massachusetts Ave NW
Washington, DC 20036

Are you in search of apartment features that evoke a sense of storytelling and capture the essence of a captivating book? Look no further than The Baystate, where we offer stunning studio apartments in various floor plans. What’s more, all utilities are included, relieving you of any worries about additional bills.

Situated in the vibrant Dupont Circle neighborhood of Washington, DC, The Baystate places you just two blocks away from a world of local culture and flavors. Immerse yourself in the fascinating surroundings and discover the hidden gems that await. Plus, with the convenience of the Red Line Metro within walking distance, the entire city of Washington, DC becomes easily accessible for exploration.

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2800 Woodley

2800 Woodley Ave NW
Washington, DC 20008

Welcome to 2800 Woodley, where you’ll find a variety of large floor plans designed to suit your lifestyle. Each apartment offers ample closet space, central air conditioning, and stunning hardwood floors that exude elegance. The unique touches, including expansive windows and a secretarial desk, add a touch of charm to your new home.

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2800 Woodley offers the perfect blend of convenience and comfort, making city living a breeze. Enjoy the tranquility of your surroundings while relishing the easy access to all that Washington, D.C. has to offer. Experience the best of both worlds at 2800 Woodley.

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Brunswick House

1414 17th St NW
Washington, DC 20036

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Cambridge Square Apartments

4909 Battery Lane
Bethesda, MD 20814

As Downtown Bethesda flourishes, Cambridge Square stands proudly at the center of it all, offering a hidden gem of a property nestled against a tranquil park setting. Immerse yourself in the array of new and exciting shopping and dining options that surround you, while enjoying the utmost convenience.

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Hampton Courts

2013 New Hampshire Ave NW
Washington, DC 20009

Immerse yourself in the timeless charm of Hampton Courts, a meticulously crafted architectural masterpiece constructed in 1926. This historic building exudes the allure of early 20th-century design, captivating you with its elegant appeal.

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Come and experience the essence of city living at Hampton Courts. Allow yourself to be captivated by its timeless allure and discover a lifestyle that seamlessly combines historic charm with modern convenience.

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Congressional Towers

261 Congressional Lane
Rockville, MD 20852

Experience the perfect blend of comfort and convenience at Congressional Towers Apartments, ideally located just off Rockville Pike. Situated in the heart of Rockville, our community offers residents unparalleled access to a host of amenities.

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Call or schedule a tour today to discover your perfect apartment home at Congressional Towers. Experience the unparalleled convenience, exceptional amenities, and a vibrant community that awaits you.

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Hilltop House

1475 Euclid St NW
Washington, DC 20009

Nestled in the vibrant Adams Morgan neighborhood, Hilltop House awaits, offering a collection of studio and one-bedroom apartments for rent. Step into a world of charm and comfort, where each apartment boasts large windows and inviting breakfast bars, creating a cheerful, open, and bright atmosphere that will make you feel right at home.

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Klingle Apartments

2755 Macomb St. NW
Washington, DC 20008

Nestled at the prime corner of Connecticut Avenue and Macomb Avenue, The Klingle awaits with its stunning landscaped grounds and meticulous upkeep. This coveted property offers unrivaled convenience and a lifestyle that caters to your every need.

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Parkside Apartments

1702 Summit Place NW
Washington, DC 20009

Discover well-designed apartments that maximize every inch of space, offering a thoughtful layout that meets your every need. Step inside and be greeted by the gleaming hardwood floors, which come to life as natural light streams through the windows, creating a warm and inviting atmosphere. The arched doorway details add a touch of architectural interest, showcasing the attention to detail that sets these apartments apart.

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Welcome to a life where thoughtful design, affordability, and prime location intersect. Experience the best of urban living in these apartments that redefine what it means to feel at home.

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Pleasant Hills Apartments

100 Fort Drive NE
Washington, DC 20011

Escape to Pleasant Hills, a hidden gem just off North Capitol Street, where beauty awaits your discovery. Immerse yourself in a collection of spacious and affordable apartment homes that exude charm and comfort. Step onto the beautiful hardwood floors that grace each residence, admire the built-in shelves that add a touch of sophistication, and delight in the renovated kitchens that ignite your inner chef.

Pleasant Hills enjoys a privileged location, situated across from Archbishop Carroll High School and a mere two blocks from Catholic University. Experience the vibrancy of the neighborhood as you become part of a thriving community filled with academic excellence and cultural richness.

For effortless commuting, the Brookland Metro station is within easy reach, offering seamless access to all the wonders the city has to offer. Indulge in a myriad of dining options within the thriving Brookland community, where culinary delights await at Col. Brooks Tavern, San Antonio Grill, Brookland Cafe, and more.

Pleasant Hills is where unexpected beauty unfolds, where spacious living, affordability, and a sense of community intertwine to create a truly remarkable experience. Embrace the oasis that awaits you at Pleasant Hills and discover a world of serenity and enchantment.

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Sherry Hall Apartments

2702 Wisconsin Ave NW
Washington, DC 20007

Nestled in the charming neighborhood of Glover Park, between the coveted areas of Georgetown and Cleveland Park, you’ll find Sherry Hall. Situated on one of DC’s primary arteries, this exceptional residence offers an ideal location that embodies the essence of urban living.

Indulge in the culinary delights of Wisconsin Avenue as you explore the multitude of popular restaurants within walking distance from your doorstep. Delve into a world of flavors and gastronomic experiences, all conveniently close to your new home.

Step inside your apartment sanctuary and be greeted by the elegance of beautiful hardwood floors that grace your living space, adding a touch of sophistication and warmth. Immerse yourself in the modernity of brand new kitchens, thoughtfully designed with stainless steel appliances, including a gas range, granite countertops, and stylish light wood shaker cabinets. The large windows invite an abundance of natural light, illuminating every corner of your home and creating a welcoming ambiance.

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Discover the perfect harmony of serenity, convenience, and modernity at Sherry Hall, where every detail is designed to enhance your living experience. Embrace the unmatched lifestyle that awaits you, where vibrant city living meets the comforts of home.

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Clarence House Apartments

4530 Connecticut Ave NW
Washington, DC 20008

If you’re seeking a studio, one, or two-bedroom apartment that combines convenience and comfort, look no further than Clarence House apartments. Located within walking distance to the metro, Giant, Whole Foods, pharmacies, dry cleaners, restaurants, shopping hubs, and esteemed schools, this is where your apartment search begins.

Living at Clarence House means unlocking the treasure trove of hidden gems in our vibrant neighborhood. Immerse yourself in a world of cultural experiences as you stroll to a captivating concert at the Austrian Embassy or indulge your passion for music by enrolling in a class at the renowned Levine School. Let your literary soul flourish as you become a regular at the iconic Politics and Prose bookstore, where new discoveries await on every shelf. And for a glimpse into the fascinating history of art and gardens, the Hillwood Museum is just a short trip away.

Beyond the convenience and cultural richness, Clarence House offers a haven of comfort and tranquility. Explore the versatile floor plans of our studios, one-bedroom, and two-bedroom apartments, each thoughtfully designed to meet your needs. Experience the joy of coming home to a welcoming and spacious environment that nurtures relaxation and a sense of belonging.

Begin your apartment journey at Clarence House, where the vibrant pulse of city life meets the comforts of home. Embrace the limitless possibilities and experiences that await you in this dynamic neighborhood.

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The Norwood

1868 Columbia Road NW
Washington, DC 20009

At The Norwood, the perfect fusion of old-world craftsmanship and modern sensibilities awaits you. This historic building has been meticulously upgraded to offer the epitome of apartment living. Immerse yourself in a world where timeless charm meets contemporary convenience.

Step into your new home and be greeted by the allure of hardwood floors, evoking a sense of warmth and sophistication. The high ceilings create an atmosphere of openness and grandeur, while central air conditioning ensures your comfort throughout the year. Experience the harmonious blend of The Norwood’s grace, elegance, and modern upgrades that culminate in a truly distinctive living space.

With an impressive Walk Score of 97, your new home places you at the center of it all. From the vibrant restaurants and nightlife of Adams Morgan to the tranquil beauty of Rock Creek Park, every facet of city living is within your reach. Indulge in culinary delights, explore cultural treasures, and immerse yourself in the energy of the surrounding neighborhood.

At The Norwood, you’ll discover a sanctuary that seamlessly combines history and contemporary living. Unwind in a space that reflects your refined taste and appreciate the convenience of a location that offers endless possibilities. Experience the best of both worlds at The Norwood, where timeless allure meets modern comfort.

Apartments-all-utilities-included-dc-Wakefield-Hall

Wakefield Hall

2101 New Hampshire Ave NW
Washington, DC 20009

As you gaze upon Wakefield Hall’s ornate facade, you’ll soon discover that the beauty continues within. Step into a world of elegance where exquisite apartments await. With hardwood floors, updated kitchens, and walk-in closets, every detail has been carefully curated to create a charming and comfortable living space.

Convenience is at your doorstep at Wakefield Hall. Located near the U St./Cardozo Metro Station, you have effortless access to all that Washington, DC has to offer via the yellow and green lines. Immerse yourself in the vibrant pulse of the city and explore its cultural treasures, all just a few steps away from your front door.

Indulge in the captivating energy of your neighborhood as you venture out. Discover local art galleries, savor the flavors of eclectic cuisines, and embrace the lively atmosphere that surrounds you. Wakefield Hall places you at the center of cultural vibes and offers a gateway to the rich experiences that await in the city.

Embrace a lifestyle that seamlessly combines convenience, charm, and cultural immersion at Wakefield Hall. This is more than just an apartment; it’s a place to call home and an invitation to be part of a vibrant community. Welcome to Wakefield Hall, where timeless beauty and contemporary living intertwine.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.

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Source: blog.apartminty.com

Apache is functioning normally

June 2, 2023 by Brett Tams

According to the Motley Fool, the average American family has $7,630 in credit card debt, $11,244 in student loans, $8,163 in car loans, and $70,322 on a mortgage.

However, before you think the above amounts seem low, these figures include those who don’t have any debt. So, for example, when you only factor in those who actually have a credit card balance, the average amount shoots up to over $15,000.

All of the above shows that the average family has a lot of debt.

You’re different, though. If you’re reading this post, you are either close to paying off your debt or already have.

Paying off your debt, whether it be from credit cards, student loans, a mortgage, or something else, is an exciting time. A person works extremely hard and sacrifices many things in order to beat the “norm.”

But, what’s next?

Many don’t think about what to do after they pay off their debt. This can be a mistake and may even lead to someone falling back into debt.

As everyone probably knows, debt is easy to fall into, and that’s the last thing anyone wants after they have worked so hard to pay it all off. Here are my tips for life, after paying off your debt.

Carefully celebrate your debt-free life.

I recently heard about someone who paid off their debt and then threw a HUGE party to celebrate. This person bought drinks for everyone, had a caterer, and more.

I can only imagine how much this newly debt-free person had to pay for this kind of celebration and whether or not it put them back into debt. For some, this may be a fun way to celebrate, but it’s definitely not for everyone.

There are plenty of ways to commemorate your new, debt-free life. You don’t need to spend a ton of cash, or go back into debt to celebrate.

Here are several examples of how you can celebrate your new, debt-free life:

Throw a frugal potluck. Just as much fun as a catered party!
Have a nice family dinner at your favorite restaurant.
Pay for a fun experience with cash that you’ve saved up, such as a vacation, skydiving, a visit to a theme park, or something else.
Do a debt-free dance.
Scream “I’M DEBT-FREE!”

Think about getting rid of your credit card.

If you fell into credit card debt but still have a credit card, you may want to think about getting rid of your credit card completely.

While there are many benefits of having a credit card, there are negatives as well. For some, credit cards can easily lead to racking up more debt.

You should carefully examine your credit card behaviors and decide if having one causes you to spend more money. You may not truly need one.

The last thing you want right now is to fall back into your old spending habits and go back into debt!

Start an emergency fund.

Only 40% of families have enough in savings to cover three months of expenses, and even fewer families have the usually recommended six months worth of savings.

The percentage of people who have emergency funds while in debt is even lower. Many of those paying off debt don’t have emergency funds whatsoever, or they just have very small ones.

Well, now that you don’t have debt, you should focus on building an emergency fund.

These are just a few of the many reasons why.

An emergency fund is there to ensure you don’t fall back into debt due to unexpected expenses.
It can help you if you lose your job.
It is wise to have one if you have a high-deductible health insurance plan.
It is a good idea to have an emergency fund if you have a car. Your car may need a repair, get totaled, or some other unpredictable expense may occur.
It is necessary if you own a home. We all know, one of the lucky things homeowners often get to deal with are unexpected home repairs.

Emergency funds are always helpful to have, because they offer peace of mind if anything costly was to happen in your life. Instead of building onto your stress, you will know you can afford to pay your bills and focus on more important things.

Related: Everything You Need To Know About Emergency Funds

Keep your budget.

After you pay off your debt, you may want to get rid of your budget, as you probably have a little extra cash. However, right now is the perfect time to keep budgeting.

This wiggle room may have you tempted to spend all of this extra cash, but now is the time to be smart and think of something useful to do with it.

I recommend putting this extra cash towards a new financial goal of yours, such as one listed below.

Work towards a new financial goal.

Just because you’ve paid off your debt doesn’t mean you are done with your finances. Right now is the ideal time to start a new financial goal, because you are likely very motivated after finishing your debt payoff goal.

If you haven’t already, there are many other financial goals you may want to start working towards. These include possibly saving for:

Retirement.
An emergency fund.
Travel.
Starting a family.
Buying a home.
Buying a car.

Have you ever fallen back into debt? What happened? How much debt do you currently have?

Apache is functioning normally

June 2, 2023 by Brett Tams

Over the weekend, a friend and I were enjoying a couple of beers in my neighborhood. As we sat outside people watching, he drooled over every fancy car that drove by.

“That’s a whatever-whatever,” he would tell me. “It costs $100,000.”

I live in Los Angeles, where these symbols of affluence are common.

“I can’t help it,” I told him. “All I can think of when I see a car that expensive is that the driver made a terrible financial decision.”

“But what if the driver is rich and can afford it?” my friend argued.

We then got into a conversation about fancy cars, happiness and frugality. I argued that, no matter how much money I might make in the near future, I plan on driving my Corolla into the ground.

“You wouldn’t trade it in for a nice, sleek Mercedes?” he asked. I said no, and he looked suspicious. But here’s why I think I’ll drive my car until it wears out.

It’s Got Sentimental Value

The non-money answer is that I love my car because it used to be my brother’s.

Both of us had Corollas. I paid for the down payment on mine and spent five years paying it off completely. Since college, Old Trusty and I had been through a lot together; he had a good 150,000 miles on him. So I wanted to take him with me when I moved to California, but my parents thought he was unfit to make the trip. My car was a 2004, and my brother’s was a 2008 with considerably fewer miles. For some reason, when my brother went off to college, my parents bought him a new truck (how come I never got a new truck, guys?). Mom and Dad insisted I accept his newer, less worn-out Corolla, saying it would give them peace of mind.

Who am I to turn down a better car and worry my parents? I said goodbye to Old Trusty and drove my brother’s car to LA.

Maybe it’s sappy and weird, but this car reminds me of home. My apartment and pretty much everything in it (even Brian) came from LA. My car is one of the few things from home that I still have with me.

Car Payments Scare Me

“You wouldn’t want a car with heated seats and a comfortable interior?” my friend asked.

Of course I would. But as comfortable as heated seats are, they don’t feel nearly as good as not having car payments.

If my car was on its last leg, or if it was severely uncomfortable and I had a two-hour commute, it might be a different story. But for me, upgrading simply for the sake of upgrading isn’t worth the expense.

I’ve always found it odd that many people consider car payments to be a constant. For lots of people, paying off their car loan means trading in their car for a newer one with all new payments. I guess if you can work it into your budget, maybe you can afford it. But I’ve always been a fan of the Dave Ramsey school of thought:

“When it comes to money, normal is broke. You want to be weird, and weird people don’t have car payments.”

My Cost of Ownership is Low

Last year, my auto maintenance expenses totaled $523, but that included a new set of tires. Granted, I don’t drive much (mostly on weekends and road trips). But I still think this expense is relatively low. In fact, Edmunds shows that the total estimated cost of my car’s annual maintenance (not including the tires) is $150. For a Mercedes C-Class, it’s $260.

Let’s say I did buy a new car this year — even a new Corolla. At least until its eighth birthday, depreciation is the car’s biggest cost. At year one, the cost of depreciation is obviously at its highest — 57 percent of the total owner cost, according to Consumer Reports. Considering my current driving habits, my car would incur higher-than-ever depreciation while it sits in a parking spot. Seems like a waste. At five years, depreciation is still my largest expense, but at least it’s not depreciating as much (48 percent) while it mostly just sits there during the week.

This is a unique example, and perhaps it depends on perception, but the point is, the costs over time should be considered.

My Car Still has Value

I don’t consider buying a new car to be an investment. It doesn’t make sense to think of it that way, because it’s not an asset that has the possibility of appreciating. Yes, if you buy an expensive car, you can later sell it for more money than you could a cheaper car, but the same can be said for apair of boots.

I simply think of my car as part of my Stuff. Sure, I kind of need it, and it’s worth more than most of my other Stuff, but the bottom line is, I bought it to be used, not to watch its value increase. Thus, wouldn’t I want to get as much out of my money as possible?

While I don’t think of cars as investments, they also aren’t like the rest of our Stuff; usually, they’re a lot more expensive to replace. In an age when cellphones and computers are always upgraded, I feel like it’s easy to believe your vehicle needs an upgrade, too. I’m surprised at how many people say it’s “time for a new car” simply because they haven’t had a new car in a while. That’s a costly treat. Though some would argue upgrading a perfectly usable phone is a costly treat, too.

But What if You’re a Gazillionaire?

“But if you’re a billionaire, why not just buy a new car? It would be nothing to you,” my friend argued.

I’d like to think that,your idea of value often changes. “Comfortable” isn’t what it used to be, and you experience lifestyle inflation. This is where my friend and I came to a standstill — where do you draw the line? At 20, spending a couple of hundred bucks on a phone seemed like a huge waste of money, but nowadays, it’s just part of my budget. “You could just live bare bones, but why else do you have money?” my friend argued.

But then again, a $100,000+ Porsche Carrera is pretty far from bare bones. That’s an extreme example, but I see a lot of them around town, and I often wonder about the mind-set that went into spending that much on a vehicle.

Getting Off My Frugal High Horse

Having control over my finances makes me happier than any luxury vehicle could. But not everyone has as much fun with frugality. I also don’t get than new car itch. But plenty of people do, and I itch for other things that some people might see as a waste.

I’m about to take a pretty pricey vacation. I’ve been saving up for it, and I’m relishing it, the way many luxury car lovers would relish their purchase. I forget there’s an important difference between me and people who buy fancy cars: they like fancy cars.

There are plenty of practical reasons for not buying a luxury car. But we all have the urge to splurge on different things.

I’ll end with a question a GRS reader once posed. She wondered whether she should buy a new, luxury car. She could afford it, but she didn’t need it.

This comment was singled out as a favorite:

“If you can really afford it — you’re paying cash, you’re already putting enough money into your 401(k) to get the full employer match, you’re putting extra money into an IRA, you’ve got three (or six) months extra cash saved up, you don’t have any looming debt — then I think you should go for it. That’s what money’s for: buying things. […]”

I would agree with the above comment. When you’re financially free and fully prepared for your financial future, money is for buying things.

It’s a great comment. But I would have closed it with:

“Unless the car costs six figures.”

Even dismounted from my frugal high horse, I still can’t fathom a vehicle being that expensive.

Source: getrichslowly.org

Apache is functioning normally

June 2, 2023 by Brett Tams

As an Amazon Associate I earn from qualifying purchases.

Downsizing can be a daunting task, especially when it comes to transitioning to a smaller living space. The decision to downsize often comes with a myriad of motivations. Some may be seeking to downsize their home to free up time, money, and energy for other pursuits, such as travel or hobbies. Others may be empty nesters looking to rightsize their living space after their children have left home. Still, some individuals may be approaching retirement or transitioning to a different stage of life, where smaller and more manageable living arrangements become appealing.

Whatever your reasons for downsizing, it’s crucial to approach the process with a clear vision of what you hope to achieve. Downsizing offers an opportunity to shed the unnecessary and create a living space that truly supports your lifestyle and values. Whether you’re moving to a smaller house, a condo, an apartment or exploring the options offered by tiny homes or senior living communities, these tips will help you make informed decisions and create a space that feels like home.

By following the tips in this article, you can make the downsizing journey smoother and create a comfortable, fulfilling living environment.

1. Evaluate your needs and priorities:

Before starting the downsizing process, evaluating your needs and priorities is essential. Consider factors such as location, amenities, proximity to healthcare facilities, social opportunities, and your desired lifestyle. Knowing what is most important to you will help you make informed decisions throughout the downsizing process.

2.Declutter and organize:

Downsizing is the perfect opportunity to declutter and streamline your belongings, letting go of some of your accumulated possessions over the years. Take the time to declutter and organize, separating items into categories: keep, donate, sell, or discard. This process can be emotionally challenging, but remember that downsizing allows for a fresh start and a chance to focus on what truly matters.

3. Maximize space:

In smaller living spaces, efficient space utilization is crucial. Look for furniture that serves multiple purposes, such as storage ottomans or beds with built-in drawers. Utilize vertical space with wall shelves or hanging organizers. Make sure to measure the new space to ensure your existing furniture will fit appropriately and leave room for comfortable movement.

4. Consider accessibility:

As we age, it becomes increasingly important to consider accessibility features in our living environment. Look for homes or communities that offer step-free entrances, bathroom grab bars, wide doorways, and other accommodations promoting safety and independence. Prioritizing accessibility can provide peace of mind and enhance your overall quality of living as you age in your new home.

5. Research independent senior living communities:

If you are of age to do so, consider independent senior living communities. Look for communities that align with your needs and interests. Consider factors such as the range of activities and amenities available, the community’s reputation, the quality of healthcare services offered, and the level of social interaction. Visiting the communities in person and talking to current residents can provide valuable insights.

6. Plan your budget:

Downsizing can have financial implications, so planning your budget is crucial. Consider the costs associated with the move itself, potential renovations or repairs, and ongoing expenses in your new home. Having a clear budget in place will ensure a smooth transition and help you make sound financial decisions.

7. Seek support:

Downsizing can be overwhelming, both physically and emotionally. Don’t hesitate to seek support from friends, family, or professional organizers who can assist with the process. Their assistance and guidance can make the downsizing journey much more manageable.

Additionally, if you are moving into an independent senior living community, you can reach out to local senior support organizations that offer resources and guidance specifically tailored to downsizing as an older adult.

Downsizing your home is a significant change, but with proper planning and consideration, it can be an exciting opportunity for a fresh start. By evaluating your needs, decluttering, maximizing space, considering accessibility and future needs, planning your budget, and seeking support, you can navigate the downsizing process successfully. So embrace the possibilities that come with downsizing and create a comfortable and efficient living environment that suits your lifestyle!

Jennifer Bell is a carer for two aging parents, tiny home lover, and writer for senior living communities in Philadelphia.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc, or its affiliates. Rental providers will not refuse to rent a rental unit to a person because the person will provide the rental payment, in whole or in part, through a voucher for rental housing assistance provided by the District or federal government.

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Source: blog.apartminty.com

Apache is functioning normally

June 2, 2023 by Brett Tams

You’ve put in an offer on your dream home and the seller has accepted. But before you get too carried away with celebrating, you may want to take some time to consider a mortgage rate lock.

A mortgage rate lock is a guarantee from a mortgage lender that the interest rate they’re offering you won’t change for an agreed period (typically from 30 to 60 days). This can prevent your lender from increasing your mortgage’s rate (due to changing market conditions) during the application and approval process. Depending on what’s going on with mortgage rates, a lock might save thousands of dollars over the life of your loan.

Below, CNBC Select breaks down how a mortgage rate lock works and what to consider before asking for one.

When should you lock in an interest rate?

Ideally, you want to lock in the rate when overall rates are low. But no one can predict the exact movements of mortgage rates — not even industry analysts possess that kind of crystal ball.

For that reason, it’s best to avoid the guesswork and lock in the mortgage rate after you’ve shopped around for a mortgage lender and compared the rates offered to you. Your rate has a huge effect on your monthly payments, as well as how much you’ll pay in interest over the life of the loan. It’s a good idea to compare offers from at least three lenders to ensure you’re getting the best deal.

CNBC Select recommends SoFi if you’re looking to save money through discounts and other lender incentives, Rocket Mortgage if your credit score is on the lower side and Ally Bank if you want to avoid lender fees.

SoFi

Annual Percentage Rate (APR)

Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans

Conventional loans, jumbo loans, HELOCs
Terms

10 – 30 years
Credit needed
Minimum down payment

Terms apply.

Rocket Mortgage

Annual Percentage Rate (APR)

Apply online for personalized rates
Types of loans

Conventional loans, FHA loans, VA loans and Jumbo loans
Terms

8 – 29 years, including 15-year and 30-year terms
Credit needed

Typically requires a 620 credit score but will consider applicants with a 580 credit score as long as other eligibility criteria are met
Minimum down payment

3.5% if moving forward with an FHA loan

Terms apply.

How a mortgage rate lock works

Mortgage rates move constantly. Many interconnected factors contribute to these movements, including changes in the Federal Reserve’s target rate, the overall state of the economy, conditions and trends in the housing market and the 10-year Treasury bond yield, to name a few. A mortgage rate lock is designed to protect the mortgage interest rate your lender offers you from the influence of these market forces. If you’re taking advantage of a mortgage rate buydown, you’ll also be locking in the cost of any discount points.

Usually, you can lock in your mortgage rate for 30 to 60 days. Certain loans, such as construction loans, may have longer lock periods to allow enough time to close. During this time, even if mortgage rates go up, the rate your lender has given you won’t change.

But what if the rates go down? Unfortunately, you may miss out on potential savings — unless your lock comes with a “float-down” option. This feature allows you to take advantage of a lower rate when it’s available, but you typically can only use it once and it usually comes at a fee. If your lock doesn’t have this feature, you may be out of luck. At the same time, the lock’s purpose isn’t to guarantee the best rate but to protect you from an increase in loan costs. And most of the time, that’s well worth the price.

A mortgage rate lock isn’t free. Even when there’s no official fee listed on your closing costs breakdown, the lender will factor it into the rate you’re receiving. Typically, you can expect to pay somewhere between 0.25% and 0.50% of your loan to lock in your rate. If you need to extend the lock period, you might have to pay an additional fee for that too — usually, 0.375% of the loan amount.

How to lock in a mortgage rate

To lock in a mortgage rate, you need the address of the property you’re interested in purchasing. Some lenders may allow you to lock in the rate once you’re preapproved, while others might require that the seller first accepts your offer.

Rate lock policies vary by lender, but usually, a loan advisor will offer you one once your application is approved and ready to go to underwriting. If they don’t, ask about the rate lock and how much it will cost you.

Can you change mortgage lenders after locking in your rate?

A mortgage lock doesn’t tie you to a lender. However, if you switch lenders, you’ll have to start the process again. This may result in closing delays that will force you to pay fees to the seller, or your deal might fall through altogether. Even if that worst-case scenario doesn’t occur, you may still need to pay expenses such as appraisal and credit check fees again. For that reason, it’s best to shop for a lender before you’re too far ahead in the process.

Your interest rate can still change after a mortgage rate lock

A mortgage rate lock protects your interest rate, but it’s not absolute. Certain situations may void your rate lock.

Your mortgage rate lock is tied to a specific property address. If your purchase contract is canceled, so is your lock. Once you find a new home, you’ll need to get a new rate.

Further, all the conditions of your mortgage contract, including your locked rate, are contingent on your financial profile staying unchanged. For example, if your credit score drops or you add to your debt, your lender will reevaluate your eligibility, which can affect what interest rate they’ll offer you. Because of this, avoid opening new credit lines or racking up balances on your credit cards until you close — otherwise, you might put your home purchase in jeopardy. Likewise, your interest rate may change if the appraised value of the property changes from the time you initially locked your rate.

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Bottom line

Mortgage rates often fluctuate, but a rate lock can protect the rate your lender has quoted you from such fluctuations. While you may need to pay for it and it doesn’t guarantee the lowest rate, it provides the peace of mind that comes with knowing the cost of your mortgage won’t increase before you close.

Catch up on CNBC Select’s in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

Source: cnbc.com

Apache is functioning normally

June 2, 2023 by Brett Tams

With a name like “NJ Lenders Corp.,” there’s no question who they’re focused on; folks in the Garden State!

What’s more interesting is the fact that something like 70% of their mortgage loans are derived from previous customer referrals.

In other words, they constantly get recommended by friends and neighbors, instead of having to rely solely upon advertising.

And when you focus so heavily on one geographical area, you definitely want to get it right.

So far, they seem to be accomplishing their goals, as evidenced by their thousands of 5-star reviews. Read on to learn more.

NJ Lenders Corp. Fast Facts

Retail, direct-to-consumer mortgage lender
Offers home purchase loans and refinances
Founded in 1991, headquartered in Little Falls, NJ
Funded roughly $5.5 billion in home loans last year
More than 80% of business done in home state of New Jersey
Also active in New York, Massachusetts, and Florida
Currently licensed in 14 states and the District of Columbia

NJ Lenders Corp. is a direct-to-consumer mortgage lender with branches in three states, mostly located in New Jersey.

They got their start way back in 1991, which if you’re not keeping track is more than 30 years ago.

Since that time, they’ve grown from a modest single office into a multi-billion-dollar mortgage originator.

They’ve closed more than 100,000 mortgage loans, with loan volume exceeding $40 billion.

Last year, they funded a solid $5.5 billion in home loans, which was probably their biggest annual production on record.

Business was split nearly equally between purchase loans and mortgage refinances.

At the moment, they’re licensed in 16 states, including Colorado, Connecticut, Delaware, Florida, Georgia, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, along with Washington D.C.

As noted, they are laser-focused on New Jersey, with the state accounting for more than 80% of overall volume.

But they’re also active in the states of New York, Massachusetts, and Florida, and originate home loans across much of the East Coast.

They were the fifth largest mortgage lender in the state of New Jersey, only topped by Rocket Mortgage, Wells Fargo, Chase, and loanDepot.

How to Apply for a Mortgage with NJ Lenders Corp.

While they have physical branches in New Jersey, New York, and Pennsylvania, there’s a good chance you’ll work remotely with a loan officer.

The good news is they have a solid website and loan application process, which is mostly paperless.

In fact, you can download their free smartphone app and complete much of the process from the palm of your hand.

Their digital app is powered by SimpleNexus, one of the leaders in the fintech space.

It allows you to complete the application digitally from any device, eSign documents, upload paperwork, and snag same-day pre-approvals.

Once your loan is submitted, you’ll gain access to secure, real-time updates as your loan progresses forward.

NJ Lenders Corp. said they built a better operations platform by keeping 95% of their files in-house.

This allows them to control the entire underwriting and loan closing process, improving both efficiencies and speed.

If you’re a home buyer, you can take advantage of their “Home Buyer’s Edge” program, which goes beyond a basic mortgage pre-qualification.

It provides a full credit approval that involves a complete review of your income, assets, and credit by a loan underwriter.

This gives home sellers peace of mind your offer can actually close in the event of a bidding war.

All in all, they appear to offer the latest tech and a solid operations setup to keep loans moving quickly to the closing table.

To get started, simply head over to their website and click on “get a rate quote” or “find a loan officer.”

Home Loan Programs Offered by NJ Lenders Corp.

Home purchase loans
Refinance loans: rate and term, cash out, streamline
Home renovation loans
Conforming loans
Jumbo loans
FHA loans
VA loans
USDA loans
First-time home buyer loans
Non-warrantable condo financing
Reverse mortgages
Interest only home loans

NJ Lenders Corp. offers an excellent selection of loan programs, including harder-to-find options like interest-only home loans and non-warrantable condo financing.

You can get a home purchase loan, renovation loan, or refinance loan, including a cash out refinance.

They offer the full suite of government loans (FHA/USDA/VA), along with both conforming loans and jumbos.

And they’ve got first-time home buyer loans with low down payment requirements, as well as reverse mortgages for seniors.

You can get a home loan on all major property types, from single-family homes to condos/townhomes and investment properties.

NJ Lenders Corp. Rates

The only area where more information would be helpful is pricing.

They don’t publicize their mortgage rates online, nor is there a lender fee section on their site.

This means you’ll need to fill the mortgage rate quote request form on their website, or simply call in to get connected with a loan officer.

Generally, it’s best to get pricing and check eligibility before completing a loan application anyway.

NJ Lenders Corp. does say their goal has always been to offer competitive mortgage rates and fees, and they wrote “best mortgage rates” on their website homepage.

So as an independent mortgage banker there’s a good chance they offer low rates. But always take the time to shop around, and compare offers.

Also inquire about any fees charged, such as a loan origination fee or separate costs for underwriting and processing, if applicable.

NJ Lenders Corp. Reviews

On Experience.com, NJ Lenders Corp. has an excellent 4.88-star rating out of a possible 5 from more than 20,000 customer reviews.

You can filter by loan officer on that site if you want to fine-tune your search.

Over at Zillow, it’s a superior 4.98-star rating from 3,300+ reviews, pretty much as close to perfection as you can get.

Many of those reviews indicate that the interest rate and/or fees and closing costs were lower than expected.

They’ve also got a 4.8-star rating on Google from more than 600 reviews.

Lastly, while not accredited with the Better Business Bureau (BBB), they do hold an ‘A+’ rating based on complaint history.

To summarize, NJ Lenders Corp. has thousands of excellent customer reviews, uses the latest tech, and has tons of loan programs to choose from.

The only real question mark relates to loan pricing. If it’s also good, they could be an excellent choice for either a home purchase or a refinance.

NJ Lenders Corp. Pros and Cons

The Good

Can apply for a home loan online or via smartphone
Many physical branches in the state of New Jersey
Offer a digital loan process powered by SimpleNexus
Lots of loan programs including interest-only, reverse, etc.
Offer fully underwritten credit approvals to give home buyers an edge
Thousands of excellent customer reviews across ratings websites
A+ BBB rating
Free smartphone app
Free mortgage calculators, guides, and glossary online

The Maybe Not

Only licensed in 16 states (primarily East Coast)
Do not publicize mortgage rates or lender fees

(photo: Bobby Hidy)

Source: thetruthaboutmortgage.com