Popular
Apache is functioning normally
This article originally appeared on The Financially Independent Millennial and was republished here with permission.
If you’ve been paying attention to the housing market recently, you will have noticed it’s on fire. From Seattle, WA, to St. Petersburg, FL, there isn’t a market that hasn’t been affected by the low mortgage rates and high millennial demand for housing. The market hasn’t seen this much activity ever (even more so than the housing financial crisis of 2008).
Given the recent interest in home buying, we thought it would be prudent to discuss exactly how Americans can afford such large homes. And, why now? After all these years, why are mortgages and refinances becoming popular all of a sudden? Let’s first discuss the basics of a mortgage and what its advantages are. They’re equally complex and beneficial, so it’s important to ensure we cover all the bases.
What Is a Mortgage Loan?
Simply put, your home secures the mortgage loan. It might be a house, a store, or even a piece of non-agricultural land. Banks and non-banking financial institutions both offer mortgage loans.
The lender gives the borrower cash, and charges them interest on it. Borrowers then pay back the loan in monthly installments that are convenient for them. Your property acts as security against the mortgage. And, your lender retains a charge until the borrower pays the loan in full. As a result, the lender will have a legal claim to the property for the duration of the loan. If the buyer fails to pay the debt, the lender has the power to seize the property and sell it at auction.
What Are the Different Types of Mortgage Loans?
No matter what anyone tells you, always remember: A mortgage is a debt. Debt is a very polarizing topic to discuss with friends because many of us were raised on the premise that debt is bad. The truth is, some debt is bad, some debt is okay, and some debt is good. Many today would argue that mortgage debt is good since the rate is so low and it affords you a bigger home.
Get matched with a personal
loan that’s right for you today.
Learn
more
Some people believe that debt should be prevented at all costs. Others view it as a means of improving one’s quality of life or as a means of increasing fortune. What’s awful about debt, factually, is reckless credit usage.
Here’s a rundown of the many types of mortgage programs, along with their benefits and drawbacks, to help you determine which is best for you.
A mortgage with a fixed rate
The interest rate is fixed for the duration of the loan. These loans provide a consistent monthly payment and a low-interest rate. Borrowers who wish to pay off their mortgage quicker can typically make extra payments toward the principal, as prepayment penalties are uncommon.
Pro: It’s predictable because the monthly payment is fixed.
Con: Taking out a fixed-rate loan while the interest rates are high means you’re stuck with it for the duration of the loan. The only way out is to refinance at a lower rate.
A mortgage with an adjustable rate (ARM)
After a fixed-rate cycle of months to years, the interest rate on an adjustable-rate mortgage (ARM) varies. Lenders sometimes publish ARMs with a pair of numbers, such as 7/1 or 5/1. Usually, a 5/1 ARM has a fixed rate for five years and then adjusts every year, rounding off if that option exists.
Pro: An ARM’s opening interest rate is often lower than that of a standard fixed-rate loan, so it’s easy to get lured in by the teaser rate. But, it might wind up costing more in interest over the term of your mortgage than a fixed-rate loan. An ARM may be the ideal option for someone who plans to market their home before the rate changes.
Con: Future rate hikes might be significant, leaving many adjustable-rate mortgage borrowers with significantly elevated monthly payments than if they chose a fixed-rate mortgage.
Refinance loan or second mortgage
Sometimes, a homeowner already has a mortgage but wants to change the terms. Maybe they want a lower rate or a longer term. Or maybe, they want to take out more equity from their home. Whatever the case, many options are available! The most common would be refinancing the home mortgage. With mortgage refinance, the homeowner closes out their original mortgage, and obtains another one – ideally with more favorable terms.
With interest rates so low these past couple of years, refinancing has become much more popular. How often a homeowner refinances is usually a personal decision, but they should consider at least these factors:
- market interest rate vs their current mortgage interest rate
- length/term of their loan vs the new one they want to get
- cost of the loan (“closing costs”) vs keeping still
- [cash-out refinance only] what to do with the funds
Pros: If you can secure a lower interest rate than your current loan, and the closing costs aren’t significant, then it could definitely be worth refinancing. On the other hand, if you need the money for home renovations, a cash-out refinance may be your best bet.
Cons: Refinancing costs money, so make sure the math works in your favor.
Conventional loan
The standards for conventional loans are generally more stringent than those for government-backed house loans. When reviewing traditional loan applications, lenders usually look at credit history and debt-to-income ratios.
Pro: A conventional mortgage may be used for a range of property kinds, and PMI would help borrowers qualify for a conventional loan even if they have less than 20% for the down payment.
Con: Compared to government loans, conventional loans have tougher qualification standards and may demand a larger down payment.
Interest-only mortgage
The average age of home purchases has decreased, and an increasing number of millennials are now purchasing their first houses. Typically, the loan duration is determined by the debt-to-income (DTI) ratio and the sum of interest negotiated on the mortgage. For homebuyers, a longer contract means a lower payment, but a longer time to pay off that debt.
Some lenders may offer an interest-only mortgage, meaning the borrower’s monthly fees will cover only the interest. As a result, it’s best to have a strategy in place to ensure that you can have enough money to return the entire sum borrowed at the end of the period.
Interest-only loans may be appealing since your monthly payments are low. But, unless you have a strong strategy to reimburse the capital, at some point, a fixed loan could be the better option.
Pro: Interest-only mortgages allow the borrower to place their capital elsewhere, such as in dividend stocks, a rental property, or other investments.
Con: Borrowers who aren’t careful with their budget may find themselves never being able to pay off the loan.
Read more: 15 Ways to Generate Passive Income from Real Estate
FHA loan
FHA loans and VA loans are mortgage loans insured by the government and available for potential homebuyers. FHA loans are available to lower-income borrowers and typically require a very low down payment. Also, borrowers get competitive interest rates and loan costs.
The government does not directly grant Federal Housing Administration (FHA) loans. FHA loans can be issued by participating lenders, and the FHA guarantees the loans. FHA mortgages might be a viable option for those who have a high debt-to-income ratio or a bad credit score.
Pro: FHA loans need a smaller down payment and credit score requirements are lower than conventional loans. Moreover, FHA loans may enable applicants to use a non-resident co-signer to assist them to be qualified.
Con: Unless a borrower puts down 10%, the monthly mortgage insurance will remain a part of the payment for the loan’s life. If a borrower ever wants to remove the monthly mortgage insurance, they must qualify and refinance into a conventional loan.
Read more: How to Improve Your Credit Score
FHA 203(k) loan
An FHA 203(k) loan is a government-insured mortgage allowing funding borrowers with one loan for both home renovation and house purchase. Current homeowners may also be eligible for an FHA 203(k) loan to help pay for the repairs of their current house.
Pro: An FHA 203(k) loan can be utilized to purchase and renovate a home that would otherwise be ineligible for a traditional FHA loan. It just takes a 3.5% down payment.
Con: You must be eligible for the full property value, as well as the price of anticipated improvements, with these loans. The rate may be greater than on a normal FHA loan. You’ll also have to pay both a one-time, and monthly mortgage premium insurance payments.
VA (Veterans Affairs) loan
Home loans for veterans, reservists, and military or National Guard members, as well as qualified surviving married partners, are backed by the US Department of Veteran Affairs.
In fact, nearly 90% of all VA-backed home loans are made without a down payment.
Pro: You won’t have to put any money down, or deal with PMI payments every month.
Con: On purchase loans, a one-time VA “funding charge” varies from 1.4% to 3.6%.
Fannie Mae homestyle loan
The Fannie Mae homestyle mortgage needs just 3%–5% down, but a credit score of 620 is an option for fixer-uppers.
Pro: You don’t have to pay for mortgage insurance beforehand, and you can terminate it after twelve years or when you have 20% equity on your house. The rate is frequently cheaper than an FHA 203(k) loan.
Con: Credit score requirements must be met.
Reverse mortgage loan
Homeowners aged 62 and above can use a reverse mortgage to convert some of their property value into cash. The age of the youngest homeowner, the loan rate and fees, the heir’s wishes, and payout type are all aspects for the lender to consider.
Pro: There are no monthly payments required, and the homeowner can select between a one-time balloon payout, a monthly payout, a line of credit, or a combination of the three.
Con: The interest rate may be greater than that of a typical mortgage. Mortgage insurance, a direct charge, an initiation fee, and third-party expenses are usually paid by the homeowner.
Final Thoughts
Mortgage loans are given to those who have enough income and assets vs. their debt. Mortgages also aid in the development of credit. They enable homeowners to invest in a home, with the advantage of having a forced-savings component. However, like with any loan, borrowers should be responsible when taking out a mortgage. It’s easy to get carried away and buy more than is necessary (and become house-poor).
Source: credit.com
Apache is functioning normally
The Gateway to the West, as the 300,000+ residents refer to their fair city, is an increasingly beautiful, appealing place to park your residence and settle in.
The city has affordable housing in tons of neighborhoods you’ll love exploring, with parks, zoos, museums and activity centers galore, plus tons of art galleries and amusements and amazing dining. The toasted ravioli isn’t all this city has to offer!
Of course, if you’re not sure what the best neighborhoods in St. Louis are right for your personal needs, our list below should help you figure that out pretty quickly — at least on where to start that apartment search!
- Median 1-BR rent: $1,767
- Median 2-BR rent: $1,662
- Walk Score: 60/100
The Central West End is a neighborhood that’s perfect for both young professionals and singles. It’s an ideal location between St. Louis University and Forest Park. In addition, there’s access to several reputable high schools and places of higher education.
The commercial area of this neighborhood has a lot to offer, such as restaurants and walkable shopping locations, live music venues, pubs, nightclubs and bars. There are so many fun things to do that you won’t get bored.
- Median 1-BR rent: $1,156
- Median 2-BR rent: $1,426
- Walk Score: 60/100
Downtown St. Louis is a great place to live for many reasons, the No. 1 reason being its easy access to all the important stuff happening in the city. While there are some prominent tourist attractions that everyone knows about, like the Gateway Arch, there’s still plenty of other things that residents can do.
Another great reason to pick downtown is that you have so many available housing options. There’s almost an endless variety of condos and loft apartments. Often, these are in refurbished buildings with enough character to set them apart.
- Median 1-BR rent: $1,205
- Median 2-BR rent: $1,820
- Walk Score: 80/100
Lafayette Square is just south of Downtown and one of the best neighborhoods in St. Louis. Compared to the Downtown area, Lafayette has a slower speed. There are quiet streets lined with townhomes that fit snuggly in between any number of grand Victorian homes.
The center of this area is Lafayette Park, a 30-acre green space, used by locals for dog walking, jogging and strolls and is where many annual events occur, including regular concerts, food festivals and movie nights. It’s the perfect place to call your own in the midst of a friendly community.
- Median 1-BR rent: $1,385
- Median 2-BR rent: $1,900
- Walk Score: 60/100
Soulard is the place to live if you’re the kind of person who loves the nightlife. Soulard has a wide variety of restaurants, bars and yearly festivals that will help keep you entertained. In addition, the annual Soulard Mardi Gras is one of the most significant events of its kind in the United States.
Besides parties, there’s a lot of variation in the housing offered. The housing styles include alley houses, brick rows, Victorians and more for reasonable prices. In addition, this location provides easy access to the downtown area, right off I-55.
- Median 1-BR rent: $1,002
- Median 2-BR rent: $1,200
- Walk Score: 64/100
Debaliviere Place is an excellent neighborhood for renters who want to live in more upscale condos and apartments. There are also several single-family houses alongside apartments in the older high-rise buildings. This neighborhood is an excellent choice for any students who attend nearby Washington University.
Debaliviere is also a short distance from both Central West End and Forest Park and all the attractions those two areas offer, so you’ll have easy access to Forest Park, the St. Louis Zoo, many museums and lots of green space.
- Median 1-BR rent: $2,014
- Median 2-BR rent: $2,699
- Walk Score: 83/100
Tower Grove is an excellent choice for those looking for a place with easy walking access to various amenities. One of the best neighborhoods in St. Louis has a mixture of residential and commercial areas, so you can find a wide range of choices for dining, shopping and drinking. The food selection is worldwide and includes choices like Ethiopian, Vietnamese and Moroccan food.
In the center of Tower Grove is its namesake park. This Park plays host to a wide range of yearly events, including concerts and other festivals. It makes the perfect center for a family-friendly community.
- Median 1-BR rent: $1,156
- Median 2-BR rent: $1,426
- Walk Score: 60/100
Forest Park is a trendy place to live with many attractive qualities. First is the namesake park, which has a trolley that people can use to see several local attractions. The Park is home to several museums, outdoor music venues and locations for exhibiting art. Its best-known feature is the free St. Louis Zoo, which houses over 12,000 animals and 500 different species. This zoo is world-famous for the care it gives animals and the zoo’s contributions to wildlife conservation.
If those aren’t enough, there are a plethora of places to eat and shop. In addition, you can walk the nature trial, which includes a 75-foot tall waterfall. The part also provides areas for boating, handball and tennis.
- Walk Score: 60/100
Benton Park is on St. Louis’ southside and west of Soulard. The neighborhood goes back to 1866, when the city originally founded it as a cemetery. An artificial lake and rustic bridge still serve as reminders of the past.
The unique attractions of the area, outside the great shopping and dining, is the expansive network of underground caverns that attract beer makers to the area. When the brewing industry exploded, German architects moved to the site and helped construct several beautiful buildings still standing. This red-brick architecture found in Benton Park adds to the already attractive neighborhood for young professionals.
- Walk Score: 81/100
The Hill neighborhood offers a unique experience within St. Louis for those who love Italian culture and cuisine. In addition, the Hill is very friendly towards those who like to walk with various stores, restaurants and bars within a reasonable distance.
One of the best neighborhoods in St. Louis is marked by having all its fire hydrants painted with the Italian flag. As you explore this neighborhood, you’ll discover many high-quality eateries delivering an authentic Italian dining experience. Gitto’s and Mama’s are two of the more popular places to eat.
Source: Rent./Westminster Place
- Median 1-BR rent: $715
- Median 2-BR rent: $1,070
- Walk Score: 79/100
For those wanting a cultural center, Grand Center might be the place for you. This area is home to the famous Fox Theater, which regularly showcases comedy shows, plays and musicals. The St. Louis Symphony makes their home at the local Powell Hall, a former vaudeville house. In addition, there are regular art walks and open galleries for the public to view the latest art.
This cultural hot spot also offers plenty of places to go after seeing a show. There’s easy access to several shops and restaurants, all within walking distance. And with the affordable rent and high walkability, the neighborhood is the perfect spot for young singles, couples or professionals looking for the good life without the extra cost.
- Median 1-BR rent: $1,100
- Median 2-BR rent: $1,500
- Walk Score: 62/100
The St. Louis Hills neighborhood offers several competitively-priced homes of various sizes to meet the different needs of singles and small families. While it doesn’t have the most accessible access to shops via walking, there are still a good number of bars, shops and restaurants that you can enjoy.
One of St. Louis’ most famous frozen custard locations, Ted Drewes, is here. This restaurant has been operating here for 80 years. Enjoy!
- Median 1-BR rent: $1,156
- Median 2-BR rent: $1,426
- Walk Score: 60/100
For those looking for a primarily residential area, Highway-Pointe (or simple “Hi-Pointe”) has some great features. It’s admittedly not the most walkable of all neighborhoods in St. Louis, but there are many great things to see and do within a quick drive from home. There are coffee shops, the Hi-Pointe Theater and the Hi-Pointe Drive-in restaurant. Other nearby locations that add to the appeal of living here include the St. Louis Zoo and the St. Louis Museum, making this one of the best neighborhoods in St. Louis.
Source: Rent./Giles Ave.
- Median 1-BR rent: $625
- Median 2-BR rent: N/A
- Walk Score: 74/100
Dutchtown isn’t St. Louis’ largest neighborhood. However, it does have the highest population. As a result, this neighborhood offers a wide variety of shopping places, all easily accessible by walking. In addition, this community provides a wide range of highly-rated restaurants to experience.
This district has several high-quality schools that make for an additional incentive for moving here. St. Alexius, an excellent and renowned hospital, is also here, meaning this is a great neighborhood for medical care workers — easy access!
- Median 1-BR rent: $1,156
- Median 2-BR rent: $1,426
- Walk Score: 60/100
The Northampton neighborhood offers reasonably-priced apartments for singles and small families. In addition, it’s a neighborhood known for having some of the best school programs in the area. These high-ranking schools cover every level of education.
A short distance away from this neighborhood is the Hampton Village Shopping Center, which has numerous shops and restaurants that cater to various tastes.
- Walk Score: 71/100
The Southwest Garden neighborhood offers a lot to do for its residents. The neighborhood itself is right across from the always beautiful Missouri Botanical Garden. In addition, there are a few quality places to eat and shop just a walk away.
Several regional companies have local offices in this area, as well, and there’s Sublette Park, a popular destination for days with good weather.
Find the best St. Louis neighborhood for you
St. Louis has tons of amazing neighborhoods, many of which are easy to walk and explore on your days off. So, if you’re looking for the best apartments for rent in St. Louis, these are where it’s at — from super budget-friendly to the poshest parts of town. Whatever you’re looking for, it’s here in on of the best neighborhoods in St. Louis!
The rent information included in this article is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent. as of November 2021 and is for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Source: rent.com
Apache is functioning normally
According to the Federal Reserve, consumer debt in the United States in the second quarter of 2021 totaled more than $4.2 billion. So if you’re struggling with debt, you’re definitely not alone. If you’re looking for a way to dig yourself out of debt, a debt consolidation loan could help.
But what is a debt consolidation loan? Find out if it’s the right option for you by learning more about it, including pros and cons. You’ll also find information about other alternatives.
In This Piece
What Is Debt Consolidation?
Debt consolidation occurs when you bring multiple existing debts under a single umbrella. This usually means you use some type of credit or other financial tool to convert multiple debts into a single debt. Debt consolidation loans are one of the most popular ways to consolidate debt.
What Is a Debt Consolidation Loan?
A debt consolidation loan consolidates, or combines, your various debts under a single account.
Pros of Debt Consolidation Loans | Cons of Debt Consolidation Loans |
Potentially lower interest rates, especially if you now have the credit score to consolidate high-interest loans under better terms |
May require good credit to obtain or get a good rate |
A single payment, making it easier to manage your finances | Might leave paid-off credit card and other revolving accounts open, creating an opportunity to run up even more debt than you started with |
Your debt possibly spreading out over a greater amount of time, making each monthly payment more affordable | Could potentially temporarily impact your credit score if it involves closing a lot of other accounts |
What’s the Difference Between Debt Consolidation and a Personal Loan?
A personal loan is an unsecured loan that you can use for just about anything. In some cases, you could use the funds from a personal loan to consolidate some debts, making it a debt consolidation loan.
However, a loan specifically for the purpose of debt consolidation may be handled a bit differently. For example, in some cases, the lender may not pay the money directly to you. They might pay off your debts directly instead.
Alternatives to Debt Consolidation Loans
Your options depend on your credit, existing assets, and how much debt you want to consolidate. Some alternatives to debt consolidation loans are highlighted below.
1. Refinance Your Mortgage If You Have Equity
If you have equity in your home, you can refinance it or take out a home equity line of credit, or HELOC. These options give you cash you can use to pay down debt.
Pros of Refinancing a Mortgage to Consolidate Debt | Cons of Refinancing a Mortgage to Consolidate Debt |
Home equity loans and HELOCs tend to have much lower interest rates than personal loans and credit cards |
You use your home as collateral for the debt, which means if you don’t pay it, the lender has a claim on your house |
You may be able to deduct interest on home loans to reduce tax burdens | Variable-rate loans could come with increased interest in the future |
The total number of payments you need to manage each month is substantially reduced | Credit cards you pay off could be run up again, leaving you with more debt than you started with |
You’re less likely to forget to pay a debt related to your home |
Tip: Don’t pocket the money that refinancing frees up every month. Instead, use it to create an emergency fund. Once that’s set up, use the money as prepayment against your home loan or to boost retirement savings.
2. Use a Balance Transfer Card
Apply for a balance transfer card if your credit is in good shape, or call a card provider to ask if they’d be interested in offering you a balance transfer option on an existing card. This lets you transfer higher-interest credit card debt to a card with lower interest rates. Some balance transfer cards offer 0% APR for six to eighteen months on balance transfers for new account holders.
Pros of Balance Transfer Cards for Debt Consolidation | Cons of Balance Transfer Cards for Debt Consolidation |
Can substantially reduce the cost of credit card debt |
Balance transfers usually come with fees of 3% to 5%—still less than your typical interest costs might be on high-interest credit card debt, but something to keep in mind |
Makes it easier to pay off credit card debt | It can be tempting to use your old credit cards again, running up more debt and ending up with double the debt you started with |
Might let you consolidate multiple cards into a single account for easier management | If you don’t pay off the debt in the introductory period, you could end up with expensive interest fees |
Tip: Keep your old credit card accounts open for extra benefits to your credit score. It helps your credit utilization rates and credit age. But avoid using those accounts unless you have the money to pay them immediately.
3. Borrow from Retirement Savings
If you have retirement savings, you might be able to borrow from it to pay off debt. Remember, though, that you’ll need that money later. Only consider this option if you can pay back the money quickly so you don’t lose time building your retirement funds.
Pros of Borrowing From Retirement Savings for Debt Consolidation | Cons of Borrowing From Retirement Savings for Debt Consolidation |
Doesn’t require a credit check, so you don’t need a healthy credit file |
You might owe taxes and penalties on the money if you withdraw early from your retirement |
Interest rates are low, and you’re actually paying it back to your own account | You can borrow against some employer-sponsored retirement plans, but debt consolidation might not be an allowed reason |
You could reduce how much money you have in retirement, especially if you can’t pay back the money |
Tip: Consider this option as a last resort loan or if you have some money coming in soon, such as from a tax return. If you can pay the money back within a month or two, you don’t have as much to lose.
4. Ask a Friend or Relative for a Loan
If you know someone who has some extra money, it might be worth asking them for a loan at a low interest rate. You can use the money to pay off your debts and make one monthly payment to the person in question.
Pros of Asking Someone for a Loan for Debt Consolidation | Cons of Asking Someone for a Loan for Debt Consolidation |
No credit check or requirements |
If you blow it, you might ruin an important relationship |
Your family member or friend can earn some interest | The IRS can be a real pain when it comes to family loans, so consult a tax professional |
Loan payments won’t be reported to your credit reports or potentially help your score |
Tip: Treat the transaction as you would with a bank or other lender. Put everything in writing, agree to fees or penalties if you miss payments, and strive to make timely payments.
5. Try Debt Counseling
Debt or credit counseling with a reputable organization can help you create a viable personal budget and potentially negotiate with creditors for better terms. Debt counselors may help you understand how to better manage your income and expenses and leverage debt payoff strategies to get out from under your debt.
Pros of Debt Counseling | Cons of Debt Counseling |
Can provide you with some tools to better manage debt |
May not reduce the overall cost of your debt |
May help you see solutions that you didn’t see before | May rely on you making personal sacrifices in your budget |
Helps you pay off debt with your own resources, which can be satisfying | If you don’t work with a reputable organization, you might be scammed out of large fees with promises that the company can’t keep |
Tip: Don’t work with debt counseling companies that offer 100% guarantees to reduce or wipe out your debt or that charge excessive fees. These are red flags that could point to scams.
6. Enter a Creditor Assistance Program
Many creditors have assistance programs to help account holders who are experiencing financial distress due to sudden loss of income or an emergency. These programs range from mortgage modifications, which might reduce your interest rate or total monthly payment, to skipping a single payment and having it added onto the end of the loan penalty-free.
Pros of Creditor Assistance Program | Cons of Creditor Assistance Programs |
May not require good credit, especially if you have a solid payment history with the creditor |
Aren’t always available |
Could offer a fast, convenient solution to short-term cashflow issues | You can typically only take advantage of these tools once or once every so often |
Tip: Anytime you’re experiencing financial distress or might be late with a payment, don’t ignore the issue. Call your creditor to find out what they might be able to do to help.
7. Bankruptcy
Bankruptcy is a last-resort option that can help you discharge or restructure your debts and make a new start in a few years.
Pros of Bankruptcy | Cons of Bankruptcy |
If successful, you can have all or many of your debts discharged |
Bankruptcy can be a long and stressful process |
You may be able to keep certain assets, such as your home or car | It can dramatically impact your credit in the short term |
Filing for bankruptcy establishes an automatic stay, so creditors can’t continue to attempt to collect or foreclose unless the bankruptcy is dismissed | Depending on what type of bankruptcy you file, you may not be able to get credit for a while |
Tip: Talk to a bankruptcy attorney about this option before you take action. Most provide free consultations to help you understand if bankruptcy is a good choice for you.
The Bottom Line on Debt Consolidation
If you’re struggling with debt, you’re not alone. And you do have options. Look into a debt consolidation loan or one of the options above to start working on financial stability for the future.
Source: credit.com
Apache is functioning normally
With most of the year under our belt, the holiday season is just around the corner. No matter what you celebrate, this season is full of food, celebrating and spending time with loved ones.
While you’re hard at work prepping for the holiday season, scammers are too. A survey conducted by Experian found that a full 1 in 4. Americans have been a victim of identity theft or fraud in the holiday season. If you’re worried about scammers this year, don’t worry—we’ve got tips on how to look for holiday shopping scams this season.
When the pandemic hit in early 2020, COVID-19 scams became a popular method for criminals to get access to your information and steal your identity. However, the holidays are when these scammers go into overdrive, meaning it’s important to be extra cautious as you do your online shopping and holiday giving. Here are some of the most common holiday shopping scams to be aware of.
Illegitimate Charities
Many people use the holidays as a reason to be a bit more generous, but be careful before you make that donation. Many scammers create fake charities in an attempt to get you to donate. They get your money—and possibly access to your identity info—and no good ever comes from that generosity.
Check for social media presence, news stories, financial records and proof that any charity you’re considering donating to actually exists and has a good reputation.
Fake Online Stores
Online shopping is a convenient way to check off all the items on your list without having to actually brave the holiday crowds. However, it’s important to ensure that the sites you’re shopping from are actually legitimate. Scammers create fake online storefronts—sometimes even mimicking well-known retailers—and you don’t know it’s fake until the merchandise never comes or you start seeing evidence of identity fraud.
Empty Gift Cards
Gift cards are the perfect choice if you’re not sure what someone on your gift-giving list wants or if they like to pick out items themselves. But selling gift cards that have a $0 balance or have already expired is a common and remarkably easy scam. This happens most often on local sales sites, such as Craigslist and Facebook Marketplace.
Email Scams
Have you ever gotten an email about something you bought online—but you never actually purchased anything from that retailer? Maybe the email said you needed to reset your password or gave you a link to track your package. These are phishing email scams designed to get you to enter your personal info so scammers can use it for identity theft.
Shipping Problems
One of the biggest worries that comes with online shopping—especially with the supply chain issues that have come as a result of the COVID-19 pandemic—is whether the gifts will arrive on time. Criminals capitalize on this fear by sending out emails, texts and other communications letting you know there’s been an issue with your package. You’re asked to provide personal information such as your address, credit card info and birth date to confirm your order, but all you’re really doing is giving scammers the information they need to steal your identity.
While the holidays are a common time for shopping scams, it doesn’t mean there’s nothing you can do about it. Learn what to look for and how to protect yourself from identity theft with these tips.
1. Pay Attention to Website URLs
Online searches can lead you to scammer-run websites that unleash computer malware or collect credit card numbers for identity theft. Carefully read website domain names. Watch for unfamiliar vendors or missing letters, misspellings or other tweaks to the name of a legitimate company. Pay special attention to the last letters. For example, tiffanyco.mn indicates a Mongolia-based website, not the legitimate website for Tiffany & Co., tiffany.com.
2. Make Sure the Site Is Legitimate
Before ordering, check the “Contact Us” page for a phone number and physical address and the “Terms and Conditions” link detailing return policies and such. Unlike legitimate vendors, bogus websites are less likely to post these—or they’ll provide them in a suspicious manner, such as via a faxed request only.
How do you know if a holiday website is legit? Check the Better Business Bureau as well as Facebook and Google reviews before you buy from a new place. If the business doesn’t have any social media or online presence other than the website, that’s a red flag.
3. Only Buy Gift Cards From Retailers
Buy gift cards directly from the retailer and avoid shopping for discount gift cards through local swap sites. You may also want to buy gift cards online or from the checkout instead of the display racks, which are less secure. Fraudsters can peel off stickers to glean gift card codes, replace them in envelopes and wait for an unsuspecting shopper to buy them. Once purchased and activated, they enter stolen codes at the retailer’s website to make online purchases—leaving the intended recipient with a useless card.
4. Look for HTTPS Sites
When buying online, check the URL to see whether the website starts with “http://” or “https://.” The “S” is for “secure” and is your best bet for safe shopping. Some legitimate retailers may use http sites, but your information is much more vulnerable to attack in this case because it’s easier for hackers to get to it. Even with a secure page, avoid using public Wi-Fi hotspots for online shopping or other financial transactions.
5. Use Prepaid Gift Cards for Online Shopping
Consider buying prepaid cards for online shopping instead of using your actual debit or credit card. These cards are often reloadable for ease of use, and if your information does happen to be stolen, hackers will only have access to the amount on the card and not your entire bank account.
6. Take Care on Craigslist
On Craigslist or when answering local classified ads, deal only with sellers who provide a phone number you can verify. Don’t rely solely on email correspondence. Assume any request for wire-transfer payment is a scam, and be suspicious of prepaid debit card transactions. Using PayPal or a credit card is your safest bets.
7. Avoid Deals That Seem Too Good to Be True
Stay clear of prices from private sellers that seem too good to be true or are tied to hard-luck stories, such as a need to sell quickly because of divorce or military deployment. No one is selling the latest gaming console for only $50, no matter how hard up they are. These are common scams to get advance payment—and you’ll likely get no merchandise.
8. Don’t Open Holiday E-Cards From People You Don’t Know
Delete E-Cards or general holiday emails if you don’t know the sender. These mass-sent greetings likely contain malware. Legitimate card notifications should include a confirmation code to safely open the card at the issuing website.
9. Beware of Undeliverable Package Emails
Avoid emails claiming that FedEx, UPS, DHL or the U.S. Postal Service has an undeliverable package with links for details. The links will install malware that can log keystrokes to steal computer files and passwords. Unless you previously provided an email address, courier services won’t contact you this way. This scam baits you to call for details—at which point you’ll be tricked into making an expensive overseas call or revealing your personal and financial information. Look up the callback number yourself if you’re curious.
Gearing up for the holidays? Go ahead and enjoy your holiday shopping this year. Just be a little careful—keep an eye out for anything suspicious and make sure that any website you buy from is legitimate.
If you’re worried that you might already be a victim of identity theft or just want to keep a closer eye on your credit, ExtraCredit can help you know what’s going on with your credit report and spot identity theft as soon as it happens.
Source: credit.com
Apache is functioning normally
Is Kansas City in Kansas, or is it in Missouri? It’s kind of both. Both are individually incorporated cities, but together they make up the greater Kansas City metropolitan area.
Long ago, in the 1830s, KCMO got started as a trade outpost to fit hunters with furs and traps. Now, that’s morphed into manufacturing and it dabbles in tech, transportation and healthcare. For visitors, it’s better known for LEGOLAND, the National World War I Museum, tons of art galleries and museums, the Airline History Museum, too many fountains to count and, of course, Kansas City barbecue.
The concentration of barbecue alone is enough to focus on, as Kansas City has the most barbecue restaurants per capita than anywhere else in the U.S. Characterized by burnt ends with extra flavor, and a thicker-than-most tomato-based sweet barbecue sauce smothered on the smoked meat (not on the side!), Kansas City barbecue has made a name for itself for obvious reasons.
Residents cheer on several pro sports teams, like the Kansas City Chiefs, the Kansas City Royals and the Kansas City Current.
The Kansas City metro area has 2.34 million residents. The median age is 35 years old and the median household earns about $55,000. With a whopping 240 neighborhoods making up the city, there’s plenty of variety and subcultures to add to the spice of life for Kansas City residents. Here are 15 of the up-and-coming best neighborhoods in Kansas City for 2022.
- Median 1-BR rent: $1,135
- Median 2-BR rent: $1,410
- Walk score: 48/100
Constructed in the 1920s, Brookside has that beloved historical feeling. But throw in a couple of community staples, like festivals, parades and fairs, and you’ve got a local color you can’t beat.
Kansas City residents claim Brookside is “quintessential Kansas City.” From ghost tours, toy shops, local makers and retailers, art galleries and museums — not to mention all the great food, pubs and cafes — Brookside has a little bit of everything for everyone and offers a whole lot of fun.
- Walk score: 83/100
The Country Club Plaza can often feel otherworldly to the rest of Kansas City, thanks to its Spanish-inspired architecture. It’s a pretty popular area since it’s known as the shopping capital of the city, spanning 15 blocks of retail. From designer to local, there’s a shop for everyone.
If visitors don’t come for the shopping, they probably came for the food because it’s just that good. And if they didn’t come for either, they definitely came for one of the two art museums in the neighborhood. If nothing else, maybe they’re there to count all the fountains, of which there are many. It’s no wonder this is one of the best neighborhoods in Kansas City.
- Median 1-BR rent: $1,420
- Median 2-BR rent: $1,695
- Walk score: 85/100
Like many neighborhoods in metropolitan cities across the U.S., Crossroads was once a warehouse district. When the manufacturers left, the area was vacant until someone had a vision. The area became what it’s known for today, the Crossroads Arts District.
Each month on the first Friday, this neighborhood puts on an art crawl spanning 20 blocks with 70 retailers involved. The neighborhood is also home to the Kauffman Center for the Performing Arts, which stages theatrical performances, music and dance recitals.
The area has plenty of breweries and bars to make a whole evening out of the arts, along with great restaurants, too. Hipsters and young professionals flock to the area for its creative vibes and good times.
- Median 1-BR rent: $1,735
- Median 2-BR rent: $2,420
- Walk score: 69/100
Home to LEGOLAND, the city’s aquarium, the Money Museum and a covered ice rink in the winter, there are tons of things to do in Crown Center for families and singles.
Just south of Downtown, this neighborhood also has the Crown Center Mall where there’s plenty of shopping opportunities and local retailers, too. Obviously, the area has plenty of great dining options to boot.
- Median 1-BR rent: $1,135
- Median 2-BR rent: $1,410
- Walk score: 48/100
As one of America’s leading best downtowns, Downtown Kansas City has a lot to offer to keep itself in the ranks. Home to a year-round, Saturday-and-Sunday City Market, come rain or shine, residents have every excuse to go downtown on the regular.
Downtown also hosts about 130 free events each year and boasts dining options from across the world.
- Median 1-BR rent: N/A
- Median 2-BR rent: N/A
- Walk score: 48/100
East Bottoms was a booming neighborhood closer to its founding back around 1800. It was well known for its J. Rieger & Co. Distillery, producer of over 100 different products, founded in 1887.
The distillery was eventually forced to shut down during the prohibition, but in 2014, the original owner’s great-great-great-grandson got the distillery up and running again. In addition to its specialty spirits you can taste all over the country in craft cocktails, this distillery opened up its own tasting and dining rooms which revitalized the area and urged other pubs and breweries to join the mix, making it one of the best neighborhoods in Kansas City.
This is a great area in Kansas City to meet up with friends to have a great time.
- Median 1-BR rent: N/A
- Median 2-BR rent: N/A
- Walk score: 54/100
Two of KCMO’s most notable, must-see museums are in the 18th & Vine District: The Negro Leagues Baseball Museum and the American Jazz Museum. Throw in some barbecue (there are plenty of options in the area), and you have three of Kansas City’s biggest passions: Baseball, jazz and barbecue.
Since it’s such a storied area, residents and visitors can enjoy live entertainment and music regularly.
- Median 1-BR rent: N/A
- Median 2-BR rent: N/A
- Walk score: 48/100
In recent years, after a stint marked by crime, Manheim Park has gone under a reconstruction period. Merging together old historic constructions with modern designs, there’s a visual flow and continuity in this little neighborhood. This community-member-lead reinvigoration has even been published nationally.
Manheim Park has put in the work to transform itself into an upcoming area with ample easy-living apartments, and the momentum isn’t slowing down anytime soon.
Source: Rent./The Briarcliff City Apartments
- Median 1-BR rent: $1,023
- Median 2-BR rent: $1,200
- Walk score: 28/100
This quiet suburban area of Northland packs a punch thanks to the riverboat casinos, Worlds of Fun amusement park and a shopping district. Along with local retailers are art galleries, festivals and firework shows.
There are also a couple of indoor sporting venues, like rock climbing, or the restaurant-and-play duo that brought pickleball to Kansas City, Chicken N Pickle.
- Median 1-BR rent: N/A
- Median 2-BR rent: N/A
- Walk score: 66/100
Another cove for older, architecturally rich and Victorian homes, Pendleton Heights is definitely worth checking out. Young professionals, families just starting out, artists and creatives tend to flock to this area, and its residents seem to stick around for the long haul.
This rather diverse neighborhood is a tight-knit community where residents tend to look out for one another, and one of the best neighborhoods in Kansas City is also the perfect area to call home.
- Median 1-BR rent: $1,504
- Median 2-BR rent: $2,187
- Walk score: 85/100
Butting up against the Missouri River, River Market has gone by many names in the past, but was the city’s first incorporated district. Its name aptly implies that long ago, the river-side access lent this area to a lot of trade. That still carries into today, though it looks a little different now thanks in part to its bustling open-air farmer’s market.
If you’re into old mobster histories, this district has plenty of that, thanks to its River Quay (just one of the area’s many previous names) era now long ago. A mob war broke out and resulted in burning buildings and businesses, along with a few mob members’ deaths. After the fiasco, the mob left the area, as depicted in “Casino.”
If you lean away from all things true-crime, River Market’s fresh and bustling food, bar and boutique scenes serve as plenty of an attraction, too.
Source: Rent./Gladstone Pointe
- Median 1-BR rent: $645
- Median 2-BR rent: $750
- Walk score: 63/100
About two miles east of downtown, overlooking the Missouri River, Scarritt Point is a well-located neighborhood full of history. With well-manicured streets and sidewalks, overhung with large shady trees, this area was prominent back in the day among affluent families who built large homes.
If old historical residences are what you’re after, this neighborhood is right for you. It’s chock full of local flavors and good dining, too.
- Median 1-BR rent: $940
- Median 2-BR rent: $1,340
- Walk score: 86/100
If you’re looking for a beautiful, well-manicured area loaded with parks, creeks and lush greenery, maybe even a rose garden, then the South Plaza area is the ideal neighborhood for you.
It’s home to the University of Missouri – Kansas City, the Kansas City Repertory Theatre and the National Museum of Toys and Miniatures, so residents have plenty to keep busy. Not to mention the creative and trendy restaurants on-hand in this neighborhood, too. All that goes a long way to help it stay one of the best neighborhoods in Kansas City.
- Median 1-BR rent: N/A
- Median 2-BR rent: N/A
- Walk score: 48/100
The Sunset Hill area is a beautiful neighborhood with great parks and lovely, Colonial- and Tudor-styled homes. This well-maintained area is where young families tend to gravitate, so there are plenty of amenities at hand.
A quick 10-minute drive will bring you right to Country Club Plaza’s offerings, without having to sacrifice the quiet nature of this little suburban haven. With great food and drinks nearby, it’s hard to say no to Sunset Hill!
Source: Rent./The Ridge at Chestnut
- Median 1-BR rent: $765
- Median 2-BR rent: $870
- Walk score: 58/100
Waldo is one of the main entertainment districts in Kansas City. It tactfully balances nightlife with family-friendly events, like the Waldo Fall Festival. Where good drinks are pouring, good plates are easy to find, as is shopping.
Each year, Waldo is home to the Trolley Run, a race following the historic streetcar or trolley tracks throughout the neighborhood. There’s a tight-knit feeling in Waldo, where residents look out for each other and have fun together.
The best neighborhoods in Kansas City — find one that’s right for you
If you found a neighborhood that sounds like your own personal hiatus, check out these apartments for rent in Kansas City!
The rent information included in this article is based on a median calculation of multifamily rental property inventory on Apartment Guide and Rent. as of November 2021 and is for illustrative purposes only. This information does not constitute a pricing guarantee or financial advice related to the rental market.
Source: rent.com
Apache is functioning normally
Both personal loans and credit cards provide access to extra funds and can be used to consolidate debt. However, these two lending products work in very different ways.
A credit card credit is a type of revolving credit. You have access to a line of credit and your balance fluctuates with your spending. A personal loan, by contrast, provides a lump sum of money you pay back in regular installments over time. Generally, personal loans work better for large purchases, while credit cards are better for day-to-day spending, especially if you are able to pay off the balance in full each month.
Here’s a closer look at how credit cards and personal loans compare, their advantages and disadvantages, and when to choose one over the other.
Personal Loans, Defined
Personal loans are loans available through banks, credit unions, and online lenders that can be used for virtually any purpose. Some of the most common uses include debt consolidation, home improvements, and large purchases.
Lenders generally offer loans from $1,000 to $50,000, with repayment terms of two to seven years. You receive the loan proceeds in one lump sum and then repay the loan, plus interest, in regular monthly payments over the loan’s term.
Personal loans are typically unsecured, meaning you don’t have to provide collateral (an asset of value) to guarantee the loan. Instead, lenders look at factors like credit score, debt-to-income ratio, and cash flow when assessing a borrower’s application.
Unsecured personal loans typically come with fixed interest rates, which means your payments will be the same over the life of the loan. Some lenders offer variable rate personal loans, which means the rate, and your payments, can fluctuate depending on market conditions.
Personal loans generally work best when they are used to reach a specific, longer term financial goal. For example, you might use a personal loan to finance a home improvement project that increases the value of your home. Or, you might consider a debt consolidation loan to help you pay down high-interest credit card debt at a lower interest rate.
Key Differences: Credit Card vs Personal Loan
Both credit cards and personal loans offer a borrower access to funds that they promise to pay back later, and are both typically unsecured. However, there are some key differences that may have major financial ramifications for borrowers down the line.
Unlike a personal loan, a credit card is a form of revolving debt. Instead of getting a lump sum of money that you pay back over time, you get access to a credit line that you tap as needed. You can borrow what you need (up to your credit limit), and only pay interest on what you actually borrow.
Interest rates for personal loans are typically fixed for the life of the loan, whereas credit cards generally have variable interest rates. Credit cards also generally charge higher interest rates than personal loans, making it an expensive form of debt. However, you won’t owe any interest if you pay the balance in full each month.
Credit cards are also unique in that they can offer rewards and, in some cases, may come with a 0% introductory offer on purchases and/or balance transfers (though there is often a fee for a balance transfer).
Line of Credit vs Loan
A line of credit, such as a personal line of credit or home equity line of credit (HELOC), is a type of revolving credit. Similar to a credit card, you can draw from a line of credit and repay the funds during what’s referred to as the draw period. When the draw period ends, you’re no longer allowed to make withdrawals and would need to reapply to keep the line of credit open.
Loans, such as personal loans and home equity loans, have what’s called a non-revolving credit limit. This means the borrower has access to the funds only once, and then they make principal and interest payments until the debt is paid off.
Consolidating Debt? Personal Loan vs Credit Card
Using a new loan or credit credit card to pay off existing debt is known as debt consolidation, and it can potentially save you money in interest.
Two popular ways to consolidate debt are taking out an unsecured personal loan (often referred to as a debt or credit card consolidation loan) or opening a 0% interest balance transfer credit card. These two approaches have some similarities as well as key differences that can impact your financial wellness over time.
Using a Credit Card to Consolidate Debt
Credit card refinancing generally works by opening a new credit card with a high enough limit to cover whatever balance you already have. Some credit cards offer a 0% interest rate on a temporary, promotional basis — sometimes for 18 months or longer.
If you are able to transfer your credit card balance to a 0% balance transfer card and pay it off before the promotional period ends, it can be a great opportunity to save money on interest. However, if you don’t pay off the balance in that time frame, you’ll be charged the card’s regular interest rate, which could be as high (or possibly higher) than what you were paying before.
Another potential hitch is that credit cards with promotional 0% rate typically charge balance transfer fees, which can range from 3% to 5% of the amount being transferred. Before pulling the trigger on a transfer, consider whether the amount you’ll save on interest will be enough to make up for any transfer fee.
Using a Personal Loan to Consolidate Debt
Debt consolidation is a common reason why people take out personal loans. Credit card consolidation loans offer a fixed interest rate and provide a lump sum of money, which you would use to pay off your existing debt.
If you have solid credit, a personal loan for debt consolidation may come with a lower annual percentage rate (APR) than what you have on your current credit cards. For example, the average personal loan interest rate is 11.31% percent, while the average credit card interest rate is now 24.37%. That difference should allow you to pay the balance down faster and pay less interest in total.
Rolling multiple debts into one loan can also simplify your finances. Instead of keeping track of several payment due dates and minimum amounts due, you end up with one loan and one payment each month. This can make it less likely that you’ll miss a payment and have to pay a late fee or penalty.
Both 0% balance transfer cards and debt consolidation loans have benefits and drawbacks, though credit cards can be riskier than personal loans over the long term — even when they have a 0% promotional interest rate.
Is a Credit Card Ever a Good Option?
Credit cards can work well for smaller, day-to-day expenses that you can pay off, ideally, in full when you get your bill. Credit card companies only charge you interest if you carry a balance from month to month. Thus, if you pay your balance in full each month, you’re essentially getting an interest-free, short-term loan. If you have a rewards credit card, you can also rack up cash back or rewards points at the same time, for a win-win.
If you can qualify for a 0% balance transfer card, credit cards can also be a good way to consolidate high interest credit card debt, provided you don’t have to pay a high balance transfer fee and you can pay the card off before the higher interest rate kicks in.
With credit cards, however, discipline is key. It’s all too easy to charge more than you can pay off. If you do, credit cards can be an expensive way to borrow money. Generally, any rewards you can earn won’t make up for the interest you’ll owe. If all you pay is the minimum balance each month, you could be paying off that same balance for years — and that’s assuming you don’t put any more charges on the card.
Cash in on up to $300–and 3% cash back for 365 days.¹
Apply and get approved for the SoFi Credit Card. Then open a bank account with qualifying direct deposits. Some things are just better together.
When is a Personal Loan a Good Option?
Personal loans can be a good option for covering a large, one-off expense, such as a car repair, home improvement project, large purchase, or wedding. They can also be useful for consolidating high-interest debt into a single loan with a lower interest rate.
Personal loans usually offer a lower interest rate than credit cards. In addition, they offer steady, predictable payments until you pay the debt off. This predictability makes it easier to budget for your payments. Plus, you know exactly when you’ll be out of debt.
Because personal loans are usually not secured by collateral, however, the lender is taking a greater risk and will most likely charge a higher interest rate compared to a secured loan. Just how high your rate will be can depend on a number of factors, including your credit score and debt-to-income ratio.
The Takeaway
When comparing personal loans vs. credit cards, keep in mind that personal loans usually have lower interest rates (unless you have poor credit) than credit cards, making it a better choice if you need a few years to pay off the debt. Credit cards, on the other hand, can be a better option for day-to-day purchases that you can pay off relatively quickly.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2023 winner for Best Online Personal Loan overall.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SOPL0723030
Source: sofi.com
Apache is functioning normally
After you’ve debated the pros and cons of living with someone and decided to have a roommate, the next challenge is figuring out how to find one. If you don’t already have a potential roommate in mind, you’ll need to start looking for one, which is its own challenge. Here are tips on how to find a roommate who will be compatible with your lifestyle.
Ask around
You can ask your family, friends and other acquaintances if they know anyone looking for a place to live. At the very least, you can let others know you’re seeking a roommate, so they can pass along the word to their friends and family. There’s a good chance that your contacts know someone who needs a place to live.
Furthermore, you’ll have the benefit of a reference you know already. You can ask your friends and family about the potential roommates and what they think of them. If a friend says their old roommate is looking to move, you can get great insights on if the potential roommate is clean, easy to live with, etc., from your friend, rath
er than relying on unknown references provided to you by that potential roommate.
Leverage social media
This can be a farther-reaching method of asking friends and family if they know anyone looking for a place to live. You can make a post with details, such as the area you’ll be living in, how much rent will be and how many other people will be living in the apartment. Make sure that your post is shareable, then ask everyone to share your post to get the word out!
You can also do some searching on socials to see if others from your city are posting about looking for an apartment. Reach out to those individuals and let them know what your apartment and the living situation would offer!
Some social media platforms like Facebook have groups specifically for housing in certain cities or areas. You can post in these groups that you’re looking for a roommate and it will be seen by plenty of others.
Place ads and listings
There’s no shame in using platforms like Craigslist and Facebook Marketplace to find a roommate. It’s easy and usually free to create a listing and it’s searchable by location, so those who are actively seeking to live in your area will quickly find your listing. Many local or state news networks will have a place for classified listings and rentals, so check to see if your city has one where you can post your apartment.
Try an app
Using apps is one of the best ways to find a roommate. There are plenty to choose from, but some of the most popular are Cirtu, Roomster, Roomi and SpareRoom. Such apps often allow for a more personalized search where you can specify what qualities you want in a roommate (quiet and keeps to themselves, extroverted and likes to socialize, clean, etc.). They also often require background checks or multi-step verification for users, so it can be safer for you to use.
You’ve found a roommate, now what?
As much as you want to find a roommate, your personal safety, credit history and even your reputation matter. So, make sure you research every potential roommate thoroughly.
1. Review references
Ask applicants for references from employers and previous landlords. Even notes from friends, clergy, professors and former roommates can help you get a sense of their character and habits.
Search each potential roommate’s social media pages to see if they’re respectful in their interactions with others and if they show good judgment in what they post publicly. If you see evidence of illegal activity, angry messages from friends or hostile, hateful, racist or sexist posts from your potential roommate, cross them off the list.
2. Check their criminal background
Search each applicant’s name and look for arrest records. Some states also have circuit court access websites available for your reference. People with common names are sometimes mixed up, so make sure you’re researching the right individual by cross-referencing details like photos and location.
If you find something questionable, you can reach out to the police department that made an arrest. They can offer clarification while still preserving privacy.
3. Do a financial check
Of all the questions to ask potential roommates, financial questions are among the most important. You’ll be paying bills with this person, so their bad credit and financial habits could affect you.
You can request a credit check from a potential roommate to make sure they have a solid payment history and ask about their job. Someone with a steady full-time job is likely more stable than someone who works sporadically or changes jobs frequently. You can ask for pay stubs as proof if you’re concerned.
Keep in mind that a potential roommate might have alternative sources of income, like alimony, savings, stipends and investments. Or, if they’re a student, they can typically get extra help via student loans or grants.
Other questions to ask potential roommates
Once you’ve narrowed down your list of candidates, it’s time to go a little deeper by discussing your personalities and habits to find the best fit.
Consider creating a rough outline of a roommate agreement and using it as a conversational guide. If you hit it off, you and your future roommate can edit it together before they move in.
1. Additional financial questions
You don’t have to be best friends to be successful roommates. But you do have to cooperate and be good financial partners.
Ask your roommate what they can spend on rent and utilities and how much they can contribute to the security deposit. Discuss how and when you’ll pay bills and what will happen if someone comes up short.
2. Chores and responsibilities
The bills aren’t the only thing you’ll be dividing — roommates need to split the chores, as well. Be honest about how often you plan to clean, which chores you’d like to handle and if you’re tidy or messy. If you’re on opposite sides of the spectrum, you could face an uphill battle.
Shopping, deep cleaning and other household management tasks like corresponding with your landlord also fall under this category. Hash out how you’ll allocate these tasks and figure out a system that will work for both of you.
3. Personalities and habits
An introvert and an extrovert can live together quite happily, as long as they establish ground rules. Figure out a communication style that works for both of you.
Little disagreements can cause big drama, so chat about seemingly insignificant things like how warm you like the apartment and what you consider a “normal” volume level before you move in. If your views on habits like drugs, alcohol and smoking don’t line up, that’s probably a deal-breaker.
4. Schedules
Get an idea of how often your potential roommate will be at home. A traveling sales rep has a very different schedule than someone who works and socializes on a laptop in their bedroom.
It’s also smart to talk about how they plan to use your joint living spaces. If they cook three-course dinners every evening, like to throw parties or plan movie marathons every weekend, find ways to make sure their activities don’t interfere with your at-home workout sessions or meditation time.
5. Personal relationships
How do you feel about friends and family members coming over or spending the night? What happens if you both want company at the same time? If they’re dating someone, discuss how often their partner will be in the apartment and expectations around what privacy will look like.
Pets are like family, so make sure you know the details about your potential roommate’s pets. Discuss how they’ll share the space with yours and brainstorm how you might split pet-related chores. If one of you is allergic to animals — or if pets aren’t allowed in the building — move on.
The best way to find a roommate
Once you’ve done your homework, it’s time to make your future roommate an offer. Eliminate anyone who gave you a bad feeling or people with whom you just didn’t click. Basic respect and good communication are the building blocks of a solid roommate partnership.
Figuring out how to find a roommate can be challenging. But it doesn’t have to be complicated. Ask smart questions, leverage your personal networks and use tools available to help you find someone with similar goals who will be a good fit.
Source: rent.com
Apache is functioning normally
Back in the 2000s, one of the most popular stays when traveling to the scenic Santa Rosa Beach in Florida was owned by none other than Vera Bradley co-founder, Barbara Bradley Baekgaard.
The boutique-style, 9-room inn prominently featured Vera Bradley’s signature floral designs throughout, attracting both fans of the famous design brand, as well as travelers looking to cozy up for a while in its charming rooms.
A 30A landmark, sitting merely steps away from the town square and beaches where the 1998 movie The Truman Show was filmed, the property once known as the Vera Bradley Bed and Breakfast attracted tourists from all over the country with its themed rooms and proximity to one of the most captivating beaches on the Gulf Coast.
In line with Vera Bradley’s playful designs, the inn’s rooms had colorful themes like key lime, true blue, posies, sunset patterns, checkerberry, and more.
And older reviews from travelers who stayed at the inn say their stay often included a colorful Vera Bradley bag that matched their room — and was theirs to keep.
But the magic was gone in 2012 when Barbara Bradley Baekgaard sold the inn.
Since then, despite several attempts to revive the inn to its former glory, the home fell into foreclosure in 2011.
Typically, it would’ve been torn down and replaced with a larger and more modern structure, but luxury agent Cindy Cole of Corcoran Reverie had other plans to save a piece of town history — and restore it to its former glory.
She reached out to the current owners who jumped at the opportunity to do some good for the town where they loved to vacation.
They then spent years lovingly restoring the Vera Bradley Inn to a more current look and feel, while keeping tasteful antique touches in honor of its historical significance and repurposing it for residential use. And the transformation is spectacular! (scroll down for some “before-and-after” pictures, to get a better idea of how it looked like prior to the makeover).
SEE ALSO: Mar-a-Lago Neighboring Mansion Sells for a Whopping $50 Million
Now, the antebellum-style property is being brought to market as an extra-charming residential home, priced at $6,495,000.
“With this being one of the most iconic homes in Seaside based on its history and prominent location, I’m thrilled to bring this home to the market,” says owner and broker, Hilary Farnum-Fasth of Corcoran Reverie, who holds the listing alongside Cindy Cole.
A Before-and-After look at the former Vera Bradley Inn in Santa Rosa Beach, Florida
Prior to its recent transformation, the property located at 38 Seaside Avenue boasted a charming yet outdated design that didn’t bode well with current interior trends.
Despite the appeal of the playful Vera Bradley-inspired designs that adorned its walls, the former inn was in dire need of upgrades.
But the current owners have spent years lovingly restoring the Vera Bradley Inn to a more current look and feel, while keeping tasteful antique touches in honor of its historical significance.
During the restoration process, the owners preserved the original flooring, staircase, fireplaces, and some furnishings from the inn, creating a warm and inviting feel.
And thanks to some old listing photos, we can see how some of the rooms inside the former Vera Bradley Bed & Breakfast have been transformed to accommodate its future residents.
The parlor – BEFORE
The parlor – AFTER
Bedrooms – BEFORE
Bedrooms – AFTER
Bathrooms – BEFORE
Bathrooms – AFTER
The house is now on the market for $6,495,000
The property at 38 Seaside Avenue in Santa Rosa Beach, Florida is now being brought to market as a single-family residence — though it can also be operated as a vacation rental, rebranded as the Feeling Good Again manor.
With a total of 5,476 square feet, 9 bedrooms, and 12 baths spread across the main residence and the separate carriage house (which features 2 guest suites, separate kitchenettes, and separate sitting rooms), there’s ample space to entertain (or host) guests.
The antebellum-style home has been equipped with everything it might need to serve as a loving family home including an updated, modern gourmet kitchen complete with a Thermador range and marble countertops.
However, future owners might still want to take advantage of the property’s earning potential. If not for the association with the Vera Bradley brand, for its short-lived on-screen presence in one of the most popular movies ever made: the house was featured as the backdrop for a scene in the 1998 movie The Truman Show, starring Jim Carrey.
In the scene, the house is lit up to help the townspeople find Truman. Unsurprisingly, the property is one of many places from the film that people still visit today — adding to its appeal as a lucrative vacation rental.
More stories
A $22 Million penthouse unit lists at the famed Fontainebleau Resort in Miami Beach
Serena Williams’ house in Florida has many unique features, but no living room
A $4.2M Florida home with cool ’80s vibes and Miami Vice credits hits the market
Source: fancypantshomes.com
Apache is functioning normally
The Halloween spirit began to possess Goodwill Southern California back in August.
In Lincoln Heights, a creepy doll with blood-red tears and a stuffed animal in a Grim Reaper cloak posed amongst the seasonal tchotchkes. At the regional flagship store in Glassell Park, a witch and a flapper were amongst the mannequins dressed in their Halloween party finest to welcome shoppers.
“Halloween is like Christmas for us,” says Marla Eby, director of marketing and media relations for Goodwill Southern California, which covers Los Angeles County north of Rosecrans, as well as Riverside and San Bernardino counties.
While seasonal items might pop up at one of the 80+ stores in Goodwill Southern California’s territory throughout the year, staffers often save Halloween donations for the two months leading up to the holiday. It’s a popular spot for costume shopping; in fact, that’s the focus of Goodwill Southern California’s September and October lookbooks. But like most thrift, vintage and antique shops, it’s also a great place to source decorations. As we toured the Glassell Park facility, I spotted a small chandelier, a smattering of goblets and an ornate mirror amongst the Halloween merchandise.
There are a lot of benefits to shopping secondhand for Halloween decorations. Choosing a pre-owned item over something new is an environmentally friendly option since you’re extending the lifespan of a good and potentially saving it from a landfill. Depending on when, where and how you shop, it can be easier on your wallet, too. But perhaps the most attractive benefit of shopping secondhand is the knowledge that you’ll find something far more interesting than the seasonal products at big box stores.
“They’re a statement piece,” says Chuck Garcera, who co-owns King Richard’s Antique Center in Whittier. “It’s exciting because it’s broken-in. It’s got some character.”
At King Richard’s, where more than 140 dealers occupy 302 spaces in the four-story complex, the Halloween season starts around mid-September. However, some vendors, like Creep & Kitsch, located downstairs from the main floor, offer spooky items all year. On a trip to King Richard’s in August, I came across potential Halloween decorations throughout the market, including a Wigglin’ Hand, a painting of a skull surrounded by candles and even a prop electric chair.
But shopping secondhand for Halloween can be tricky. If this is your favorite holiday, you might be on the lookout for themed goods all year. If not, know that you should start your shopping early. “Now is the time to shop because I promise, the closer it gets to Halloween, the more treasure hunting you have to do,” says Eby.
If you’re working with a small budget, Goodwill Southern California has a plenty of affordable options, including monthly coupons for those who sign up to their email list and discounts for military, seniors and students. They also have color tag sales. When you’re shopping, you’ll probably notice that the tags are coded in various colors. Each week, one of those colors is half-off. On Thursdays, a designated color tag will be sold for $1.99. “It’s a really great way to save,” says Eby.
This is also a good option for those who like to reimagine secondhand items for Halloween. Eby points to a recent social media trend where people paint spooky images on existing artwork. You can find base pieces for these projects amongst the home decor at Goodwill.
For those with a larger budget or who want items that can hang around the house long after October 31, vintage and antique shops might be the best option. Your choices here aren’t just the ones that scream Halloween. Vintage horror movie posters and memorabilia, memento mori and home items with a Victorian look are just a few things that can take you through the spooky season and beyond.
Wherever you shop, look beyond the designated Halloween displays. Pick up horror movies on VHS, DVD or Blu-Ray to play in the background at parties. Seek worn books, particularly ones with creepy cover illustrations, that can be used as coffee table decorations. Thrift clothes and accessories to outfit any prop witches and creatures you might be building. Look for old dolls and toys to reappropriate as Halloween decorations. Sift through photographs, film slides and postcards, which can be used in a variety of different projects.
Whether you are thrifting or antiquing, you should use the same plan. Note the best shopping options in your area, including both brick-and-mortar stores and events like flea markets. Make time to shop and break up the excursions over a period of weeks if that’s easiest on your schedule.
Be sure to shop with an open mind. You never know what you’ll find inside a thrift store or an antique shop. The most important advice, though, is to be prepared to buy what you love when you see it.
Says Garcera, “It’s like we tell customers, if you see something at an antique store, you better buy it now. It might not be there tomorrow.”
Source: sandiegouniontribune.com