products


With its collection of quirky and unique independently run shops, Etsy is where I go when I’m searching for items that will bring a wow-factor to my home. And even though I’m buying unique things, there are still a ton of shops that are affordable.

These are some of our favorite Etsy shops selling modern home decor even for those of us on a budget — proof positive your home can be unique and chic without depleting your savings account.

A version of this article was originally published in September 2017.

Source: sheknows.com

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You can get a personal loan from many banks, online lenders, and credit unions. A type of unsecured loan, personal loans can be used to pay for just about any large expense.

You might use it to pay off credit card debt, an unexpected medical bill, or the cost of home renovations. Some people use these loans to fund a wedding or big vacation. Given the many ways these versatile loans can be spent, it’s no surprise that personal loans are a popular choice. Currently, 23.5 million Americans have unsecured personal loans, totaling about $245 billion.

If you’re thinking of getting a personal loan, read on to learn more about where you can get one and the pros and cons of each option.

Where Can You Get a Personal Loan?

In terms of where to get a personal loan, these loans are generally available through three main markets: banks, credit unions, and online lenders. (There are other types of personal loans available through physical storefronts and online, such as payday loans and pawnshop loans, but it’s wise to avoid these options. You’ll learn why in a minute.)

Banks

National and regional banks often offer personal loans, which you can typically apply for online or in person. A bank may be the first choice for consumers who are already account holders at that institution, especially since the loan amount can usually be deposited quickly and directly into their checking account.

Credit Unions

Credit unions are another popular option for where to source a personal loan — though generally, these loans are only available to those who are already credit union members.

Each credit union has its own eligibility requirements to open an account or otherwise do business with it, which may be based on where you live or what industry you work in. However, if you do have access to a credit union, you may find lower interest rates and more favorable terms there than at other financial institutions.

Recommended: Is It Hard to Get a Personal Loan?

Online Lenders

Online lenders have proliferated over the years. These days, a personal loan can be easy to find from one of these sources with just a few clicks.

Online lenders may offer instant or near-instant loan decisions. They also don’t require you to be a member of or an account-holder at any specific financial institution. That said, it may take longer to receive your check or transfer than it would if you were borrowing from a bank or credit union where you already hold an account.

Of course, you will want to carefully review the personal loan interest rates and fees you are offered.
💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.

Where Can You Get a Personal Loan With Bad Credit?

You can get a personal loan with bad credit from a few lenders, such as online ones and payday lenders, but it’s important to proceed with caution.

First, a little important background intel:

•   A personal loan with no collateral, also known as an unsecured personal loan, can be tough to qualify for if your credit history is less than perfect.

•   Since there’s no collateral, like a house or a car, for the lender to take if you fail to repay the loan, unsecured personal loans often come with steeper qualification requirements than other types of loans.

•   They may also have higher interest rates, especially for those whose credit could use some improvement. There are some lenders out there who specifically market their products to folks with lower credit scores — but beware. Sometimes these loans come with predatorily high interest rates and other drawbacks.

Online Private Lenders

The convenience and ubiquity of the online personal loan market is a mixed blessing. Sure, it’s easy to find a loan when you need one, but it’s also easy to fall into a bad deal.

Some online lenders specialize in offering loans for poor or no credit, but be sure to read all the fine print before you hit “submit” on your application. The loans may come with soaring interest rates, high origination fees, or hidden costs. Do your homework and vet the business you are borrowing from to make sure it’s legitimate. You may want to check with the Better Business Bureau to search for any complaints on file and for reliable, verified reviews.

Payday Lenders

Payday loans have been around for a long time, but that doesn’t mean they’re a good option.

Designed to be repaid quickly (i.e., at the borrower’s next payday), these short-term cash loans may be for small amounts, but often come with astronomical interest rates. According to the Consumer Financial Protection Bureau, it’s not uncommon for these quick-turnaround loans to have APRs as high as 400%!

In almost every instance, when comparing payday loans vs. personal loans, payday loans are worth avoiding. Other forms of unsecured loans will likely come with lower interest rates and more favorable repayment terms. Fortunately, it is possible to find loans from reliable lenders — even with imperfect credit.

Banks and Credit Unions

You can get a personal loan with bad credit from a few lenders, such as online ones and payday lenders, but it’s important to proceed with caution.

First, a little important background intel:

•   A personal loan with no collateral, also known as an unsecured personal loan, can be tough to qualify for if your credit history is less than perfect.

•   Since there’s no collateral like a house or a car, for the lender to take if you fail to repay the loan, unsecured personal loans often come with steeper qualification requirements than other types of loans.

•   They may also have higher interest rates, especially for those whose credit could use some improvement. There are some lenders out there who specifically market their products to folks with lower credit scores—but beware. Sometimes these loans come with predatorily high interest rates and other drawbacks.

Another place where you can go to get a personal loan of this sort is a bank or credit union. Each financial institution sets their own qualification requirements for their unsecured personal loans, so it’s worth shopping around to find the best fit for your financial needs. Additionally, they may have other products that could work for you, like secured credit cards or share-secured loans.
💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.

What Are Some Pros and Cons of Different Types of Lenders?

Now that you’ve learned about the main options for personal loan shopping, you can figure out which kind of lender is right for you. Each alternative comes with its own pros and cons. Here are some things to consider while you’re browsing.

Personal Loans From Banks

Pros of Personal Loans From Banks Cons of Personal Loans From Banks
You may get a discounted rate if you’re already a member. You may need to be an existing customer or have good credit to qualify.
Funds may show up more quickly if you have an existing account there. You may have to go to the physical bank to apply.

Personal Loans From Credit Unions

Pros of Personal Loans From Credit Unions Cons of Personal Loans From Credit Unions
Loans may come with lower interest rates and fees than other financial institutions. You’ll need to meet whatever eligibility requirements are necessary to be a credit union member in the first place.
Qualification requirements may be minimal. You may have to go to the physical credit union to apply.

Personal Loans From Online Lenders

Pros of Personal Loans From Online Lenders Cons of Personal Loans From Online Lenders
Online lenders make it convenient and easy to apply for a personal loan from the comfort of your home. It can be difficult to know for sure if you’re borrowing from a reliable, legitimate source.
A wide variety of lenders can be shopped for and compared easily through an online search. Some online lenders may charge high interest rates and other fees.

Choosing a Personal Loan Lender

No matter where you choose to apply for a personal loan, the best way to determine whether it’s the right loan for you is to look at the fine print. The lender matters less than the loan, and knowing what you’re agreeing to ahead of time is key to avoiding an unpleasant financial surprise.

Here are the most important factors to look for when shopping around for a personal loan:

•   Fees, such as origination fees, early repayment penalties, and late fees, can increase the total amount you’ll spend on your loan in no time. Ideally, you’ll want to look for a lender that charges few fees — or none at all.

•   Interest rates can vary widely with unsecured personal loans, from as low as 4% to as high as 30% or more. While your specific options will vary based on your credit history and other financial information, it’s good to shop around for the lowest possible interest rate.

•   Loan amount caps may be relatively small (e.g., $1,000) or very large ($100,000 or more). Whatever your financial need, you want to ensure your lender will offer enough for you to cover whatever expense you’re paying for.

Recommended: Personal Loan Calculator

The Takeaway

There are many personal loan lenders to choose from, including banks, credit unions, and online lenders. Whether you need money to pay for an unexpected expense, such as a car repair, or you’re planning the ultimate 40th birthday party, it’s wise to shop around and compare interest rates, fees, and speed of funding.

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 2024 winner for Best Personal Loan overall.

FAQ

Where is the best place to get a personal loan?

In terms of where to get a personal loan, there isn’t one “best” place. When comparing banks, credit unions, and online lenders, look at interest rates, fees, customer reviews, and how quickly the loan would fund to determine the option that suits you best.

Where is the best place to get a small personal loan?

Where to go to get a personal loan depends on a variety of factors. Would you be more comfortable working with a large lender or a small, community-based lender for your small loan? Do you already have an account at a financial institution that also makes personal loans? It might also depend on how much you want to borrow because different lenders have different borrowing ranges.

Where is the easiest place to get a personal loan?

If you’re looking for where you can go for a personal loan, it might be best to start at a financial institution where you already have an account. In that case, your financial information will be on record, making the process faster and easier. Although online lenders may promise super-fast funding, be sure to research options carefully and make sure the business is legitimate and interest rates are affordable.

Photo credit: iStock/solidcolours

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.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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Source: sofi.com

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Borrower Outreach, Servicing Oversight Products; TPO News; Bank Merger Announced; Brokers and RESPA

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Borrower Outreach, Servicing Oversight Products; TPO News; Bank Merger Announced; Brokers and RESPA

By:
Rob Chrisman

Mon, Apr 29 2024, 11:52 AM

“I accidentally rubbed ketchup in my eyes. Now I have Heinzsight.” In terms of foresight, looking ahead, there are some interesting things going on out there in Mortgage Land! How ‘bout the CapitalW Collective non-profit for women in mortgage capital markets? And Beeline’s Miguel Vega has been in the press lately with, “The Dream of Owning a Piece of America is a Dominant Theme in the Latino Community” and the company launching a Spanish-language version of its home loan experience this week. Something else that continues to be “interesting” is the question, “Are brokers violating RESPA every day?” This question is asked because brokering is a referral of a customer to a lender, right? HUD identified fourteen services normally performed in the origination of a loan (Section II, subsection C of the link above), and brokers usually do five out of the fourteen services, including taking the application, to get around RESPA. Mortgage attorney Brian Levy addresses the broker/RESPA issue in “RESPA, a whole(sale) lot of trouble.” Brokers, be careful that you’re the person actually originating the loan in terms of regulations! (Found here, this week’s podcasts are sponsored by Essex Mortgage. Essex specializes in providing exceptional mortgage subservicing solutions tailored to meet your specific needs. Looking to capitalize on your excess servicing strip? Check out Essex’s servicing offerings today!)

Lender and Broker Products, Software, and Services

In today’s regulatory environment, audits seem to be nonstop: Is your team ready? Clayton’s Servicing Oversight specialists can support your associates as they prepare for regulatory, GSE and investor audits, including customer contact evaluations, yearly validation of PRCI and RCSA and focuses on loss mitigation and foreclosure. Whether you need staff augmentation or help with audit responses, our experts are there for you. Clayton’s Servicing Oversight team provides audit support services across the entire mortgage servicing lifecycle. Contact Clayton’s Samantha Shanaberger to learn more about how Clayton Servicing Oversight can help your team tackle audits.

Winning Agent Business: The lender’s guide to building a strong referral network, updated for 2024! In the aftermath of the NAR ruling, agents are more incentivized than ever to show their clients value. That means they’re actively looking to partner with top-tier lenders in their market. Want to take advantage and grow your referral business? Maxwell just updated its Winning Agent Business eBook with new tips straight from agents to help you better network to create a strong funnel of referral leads. Download your free copy to learn qualities agents value in their lending partners, networking dos and don’ts, ways to become a go-to lender, and more.

In today’s competitive purchase market, the lenders who stand out are providing excellent, personalized, and consistent communication. This approach is key to attracting new business, keeping your current borrowers happy and retaining clients for life. In our new blog, we’re sharing how the Surefire℠ CRM and Mortgage Marketing Engine can help you streamline and improve your borrower outreach even further, so you’re prepared to thrive in today’s competitive purchase market. And by leveraging both Surefire and Encompass®, you’re able to deliver targeted content to the right contacts at the right moment. Read the full blog to gain all the insights.

Mergers and Acquisitions

UMB Financial Corporation (Nasdaq: UMBF) and Heartland Financial, USA Inc. (Nasdaq: HTLF) announced today that they have entered into a definitive merger agreement under which UMB Financial Corporation (UMB) will acquire Heartland Financial USA, Inc. (HTLF), in an all-stock transaction valued at approximately $2.0 billion.

HTLF is headquartered in Denver and has $19.4 billion in assets, $16.2 billion in total deposits and $12.1 billion in total loans, as of March 31, 2024. The combination of companies will create an entity spanning a 13-state branch footprint, adding California, Minnesota, New Mexico, Iowa and Wisconsin to UMB’s existing eight-state footprint, which includes Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas.

Within its 11-state footprint, HTLF does business as: Minnesota Bank & Trust, Wisconsin Bank & Trust, Dubuque Bank & Trust, Illinois Bank & Trust, Bank of Blue Valley, Citywide Banks, Premier Valley Bank, Arizona Bank & Trust, New Mexico Bank & Trust and First Bank & Trust.

UMB will host a call for the investment community on Monday, April 29, at 7:30 a.m. (CT) / 8:30 a.m. (ET). Interested parties may access the call by dialing (toll-free) 833-470-1428 or (international) 404-975-4839 and requesting to join the UMB Financial call with access code 397231. The live call may also be accessed by visiting investorrelations.umb.com or by using the following link: UMB Financial Conference Call. A replay of the conference call may be heard through May 13, 2024, by calling (toll-free) 866-813-9403 or (international) 929-458-6194. The replay access code required for playback is 182605. The call replay may also be accessed at investorrelations.umb.com.

If Borrowers Opt Out of DU and LP…?

I ran this note on Friday, and it caused a bit of a stir given the implications so I thought it was worth mentioning again. If this bill passes, what will it do to your underwriter staffing and efficiency?

California, which accounts for 20-25 percent of residential lending in the U.S. is considering AB 2930, basically giving consumers the right to “opt out” of automated underwriting tools. It could massively disrupt lending because of the ubiquitous use of DU/LP. California MBA CEO Susan Milazzo writes, “California MBA has concerns with AB 2930 (Bauer-Kahan), a bill that would require lenders to perform impact assessments related to automated decision tools (ADT), provide borrowers disclosure notices on the use of ADTs, and provide alternative manual underwriting options to consumers upon request. The bill would disrupt the availability of credit for California residents by imposing potentially conflicting regulations upon lenders who are already highly regulated by existing federal and state consumer protection laws, and are subject to regulatory oversight for identifying, monitoring, and controlling the risk of discrimination or bias. (Reach out to Susan with questions or to lend support defeating it.)

TPO and Investor News with Planet Home Details

Pennymac updated Jumbo LLPAs, effective for all Best-Efforts Commitments taken on or after Monday, April 29, 2024. View Pennymac Announcement 24-38 for more information.

In conjunction with enhanced enforcement from the GSEs, Pennymac will begin the review and remediation of inaccurate or improperly executed 4506-Cs at loan delivery. In addition to the requirements and best practices that were provided in Announcement 23-37, new requirements are listed in Pennymac Announcement 24-39.

Plaza Home Mortgage® has made updates in BREEZE: Appraisal Reconsideration new link, VVOE Fee Disclosed Upfront and New Buttons added.

Carrington Mortgage Services (CMS) added to its diverse non-QM lending offerings introducing Individual Taxpayer Identification Loans (ITIN) for its retail, wholesale, and correspondent lending customers. Although historically, borrowers seeking ITIN loans have sometimes been vulnerable to excessive interest rate loans, the ITIN loans offered by Carrington provide access to homeownership at fair interest rates for mortgages and normal terms. The product demonstrates the unique benefits of The Carrington Companies’ position as an asset manager gives homeowners, brokers, and sellers access to the company’s respectable liquidity as well as Carrington’s dedication to continually innovate as market conditions evolve.

ITIN borrowers can buy, refinance or invest in real estate with Carrington Mortgage Services.

Non-U.S. citizens who do not have a Social Security Number, but live and pay taxes in the United States and have an Individual Taxpayer Identification Number (ITIN) can now qualify for Carrington’s full suite of non-QM loan products. ITIN borrowers are now eligible for all four of our non-QM loan programs: Carrington Prime Advantage, Carrington Flexible Advantage Plus, Carrington Flexible Advantage, and Carrington Investor Advantage.

In accordance with the recently announced temporary enhancements the GSEs made to the HomeReady and Home Possible programs, Citi Correspondent Lending is accepting loan submissions for these programs with VLIP credit. View the complete announcement addressing both Best Efforts and Mandatory Desk loans.

Introducing a unique opportunity from Angel Oak Mortgage Solutions, a First Lien Business Bank Statement Home Equity Line of Credit (HELOC) tailored specifically for homeowners who own their homes free and clear. Compelling benefits for these homeowners: Competitive rates and terms, Convenient access to funds for various needs, Streamlined application and approval process. If you have clients who own their homes outright and are interested in leveraging their equity with a First Lien HELOC, Angel Oak Mortgage Solutions can assist.

Planet Financial Group, LLC, parent of national mortgage lender and servicer Planet Home Lending, LLC and Planet Management Group, LLC, had quite a first quarter. In the first three months of the year, Planet earned Fannie Mae’s coveted Servicer Total Achievement and Rewards (STAR™) Program recognition, brought to market a suite of proprietary home loan programs targeting the unique challenges facing today’s homebuyers, was awarded Top Workplace USA for the fourth year in a row, and became the #4 Ginnie Mae correspondent lender and #8 Ginnie Mae servicer. The company saw volume grow by 255 percent for the retail retention division, which continues to hold an 89 percent recapture rate, and sub-servicing AUM increase by 33 percent, $11B of non-agency assets.

Planet’s total servicing portfolio ended the quarter at $106.44 billion, up 2 percent from $104.69 billion in the fourth quarter of 2023. At quarter end, Planet was the #8 Ginnie Mae servicer, and #14 servicer overall, according to Refinitiv. Since 2019, Planet’s Servicing division has posted a compound annual growth rate (CAGR) of 42 percent. Residential sub-servicing volume ended the quarter at $10.8 billion, up 33 percent from $7.2 billion at quarter end 2023. Planet manages and services a diverse range of residential and commercial asset classes, including non-QM, Debt Service Coverage Ratio loans, Residential Transition Loans, small-balance commercial properties, multifamily and Single-Family Rental. Planet moved into the Top 10 nonprime servicers and the Top 20 non-agency MBS issuers. Over the past year, Planet’s market share in nonprime has more than doubled from 1.1 percent to 2.4 percent, the latest available Inside Nonconforming Markets data shows.

Planet’s residential origination volume was $4.39 billion for Q1 2024, down 6 percent from the prior quarter, on par with the MBA’s projection for overall origination volume. Recapture originations increased to $323 million in Q1 2024, a rise of 255 percent compared to $91 million in Q4 2023. Planet’s verified recapture rate continued to outpace industry benchmarks, rising to 89 percent for loans originated by the company’s retail branches and 62 percent overall.

Correspondent volume was $3.94 billion, down 11 percent from the prior quarter volume of $4.41 billion. Planet’s correspondent market share rose from 4.2 percent at yearend 2022 to 6.0 percent at yearend 2023, according to the latest data available from Inside Mortgage Finance. Since 2019, the Correspondent division’s CAGR was 32 percent.

The correspondent customer base held steady despite continuing M&A activity and exits in the retail market. Nearly two-thirds of Planet’s correspondent partners lock loans on a monthly basis. Ending the quarter, Planet was the #5 correspondent lender overall and the #4 government correspondent lender, according to data from Refinitiv.

Capital Markets

Last week we learned that in the first quarter Gross Domestic Product growth fell short of expectations at a 1.6 percent annualized pace despite strong consumer spending. Personal consumption increased by 2.5 percent, driven by a 4 percent rise in spending on services. Personal incomes rose by 0.5 percent, while personal consumption increased by 0.8 percent, driven by healthcare and housing. The Personal Consumption Expenditure (PCE) deflator reading rose to a 3.7 percent annualized rate, but March’s personal income report suggested inflation peaked in January and didn’t steadily rise throughout the quarter.

Accordingly, this news, and the news for some months now, suggests that the Fed is expected to remain patient in shifting to a less restrictive monetary policy, with markets adjusting expectations to fewer rate cuts later in the year. Separately and fortunately, home builders are still delivering completed homes despite higher rates, evidenced by new home sales being up 8.8 percent in March.

It’s a big week this week for scheduled economic news, as all eyes will be on the Federal Reserve on Wednesday and the jobs report on Friday. Investors will look for more direction on whether the economy is heating or cooling as well as the Fed’s updated thoughts on inflation. Other highlights this week include the Quarterly Refunding announcement, house prices, consumer confidence, PMIs, ADP employment, construction spending, productivity / unit labor costs, and factory orders. The week gets off to a quiet start with one data point due out later today, the non-market moving Dallas Fed Texas manufacturing for April. We begin the last week of April with Agency MBS prices better .125-.250 from Friday’s close, the 10-year yielding 4.61 after closing Friday at 4.67 percent, and the 2-year at 4.97.

Brokers Wanted

“Mortgage Brokers! 2024 is the year to grow and we want you to join our movement, the #KindMovement! Hear from subject matter experts and leaders about market trends, broker technology, and what’s happening here at Kind and within the mortgage industry. Join us on Friday, May 10th at noon PST (2 CST/3 EST) and hear from our very own Kind Ambassadors, Mary Malloy, EVP of Capital Markets, Mark Russell, CTO and technology visionary, and Delfino Aguilar, Chief Production Officer of TPO. Visit our events page to register and reserve your seat or click here! We hope to see you there!”

Don’t forget that anyone can post a resume for free at www.lendernews.com. Employers can view resumes for several months for the nominal charge of $75.

 Download our mobile app to get alerts for Rob Chrisman’s Commentary.

Source: mortgagenewsdaily.com

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Known by its initials, KC, Kansas City is known far and wide for more than a few things. From its world-famous barbecue to its pivotal role in the jazz world, the city presents an intriguing mix of old and new. 

Whether you’re a sports fan, history buff, or patron of the arts, you’ll find a place to feel at home in Kansas City. 

Join us as we check out the museums, stroll the parks, and see the sights that make Kansas City such a special place to visit and such a desirable place to find the perfect apartment.

1. KC BBQ

Kansas City takes its barbecue seriously. Characterized by its slow-smoked meat slathered in a thick, tomato-based sauce, the city’s barbecue joints, ranging from old-school pitmasters to new-age innovators, offer a mouthwatering variety of meats. This food is celebrated annually at the American Royal, a major barbecue competition that attracts pitmasters and foodies throughout the country.

2. American Jazz Museum

Located in the historic 18th and Vine district, the American Jazz Museum pays homage to the city’s legacy in the development of jazz music. Interactive exhibits, visual displays, and rare memorabilia, like Charlie Parker’s saxophone, provide a comprehensive look at the genre’s evolution. 

3. The Kansas City Chiefs

The Kansas City Chiefs, the city’s beloved NFL team, play their home games at the Arrowhead Stadium. Known for its electrifying atmosphere and passionate fan base, you can feel the energy throughout the city when the Chiefs have a home game. The franchise has a storied history, including multiple Super Bowl appearances, making game days a major local event.

4. Hallmark Cards HQ

Kansas City is home to the headquarters of Hallmark Cards, Inc., the largest manufacturer of greeting cards in the U.S. Founded in 1910, this family-owned business has grown into a global enterprise, shaping how people celebrate holidays and special occasions. 

5. Kauffman Memorial Garden

The Ewing and Muriel Kauffman Memorial Garden is a tranquil oasis in the heart of the city. This beautifully maintained garden features a stunning amount of plants, flowers, and sculptures set amidst winding pathways and serene water features. It serves as a peaceful retreat for those seeking a break from the city’s buzz, as well as a popular location for photography and private events.

6. River Market

River Market is a bustling neighborhood known for its farmers market, one of the largest and longest-running in the Midwest. Every weekend, locals and tourists alike flock to the market to shop for fresh produce, specialty foods, and artisan products. The surrounding district also has plenty of restaurants, shops, and more, making it a popular spot for a casual day out.

7. The National World War I Museum and Memorial

This National World War I Museum and Memorial is dedicated to remembering and understanding the Great War and its enduring impact. With its sizable collection of artifacts, immersive displays, and educational programs, the museum offers insights into one of the most significant conflicts in human history.

8. Union Station

Once a busy rail terminal opened in 1914, Union Station now serves as a multi-purpose hub. This historic landmark houses science exhibits, traveling national exhibits, and features a mixed selection of dining and shopping options. Its grand architecture and busy schedule of events make it a focal point for social activities in the city.

9. The Nelson-Atkins Museum of Art

The Nelson-Atkins Museum of Art is renowned for its comprehensive collection that spans thousands of years and includes everything from ancient artifacts to modern art. Its massive collection of Asian art and the iconic Shuttlecocks installation on its lawn are just two highlights. The museum is a cornerstone of Kansas City’s arts scene.

10. Country Club Plaza

Opened in 1923, Country Club Plaza is recognized as one of the nation’s first shopping centers designed to accommodate shoppers arriving by automobile. This district is famed for its Spanish-inspired architecture and features numerous high-end retail shops, restaurants, and seasonal events. The annual lighting of the Plaza’s buildings during the winter holidays is a cherished local tradition that attracts visitors from across the region.

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“Our partnership with Ares is a testament to the confidence we have in our operating platform and our strategy of building and developing Park Capital Management,” AmWest chief executive officer Kenneth Jo said in a media release. “We look forward to working with the Ares team to source and securitize attractive residential mortgage investments together … [Read more…]

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Do you want to learn how to turn $1,000 into $10,000? Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity. Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K…

Do you want to learn how to turn $1,000 into $10,000?

Turning $1,000 into $10,000 might seem like a big challenge, but it’s possible with the right plans and some creativity.

Whether you want to make extra income, run a full-time business, or if you are just looking to learn how to turn your $1K into $10K quickly, there are many options that may interest you.

Best Ways To Turn $1,000 Into $10,000

Below are the best ways to turn $1,000 into $10,000.

Recommended reading: 22 Ways To Make Money Online Without Paying Anything

1. Flip items for profit

Turning your $1,000 into $10,000 might sound like a dream, but one practical way to work toward this goal is by flipping items for profit. Start by searching your home for things you don’t use anymore.

You’d be surprised how much money you can make from selling stuff like old phones, laptops, fancy clothes, and even that couch you never sit on.

I have flipped many items for resale over the years, and I even had a small reselling business at one point. It’s a fun way to make extra money!

Here are some ideas:

  • Sell electronics and furniture – Websites like Craigslist and Facebook Marketplace are perfect for selling bigger things like furniture due to easy local pickups. Make sure your items are in good shape to get the best price.
  • Fashion and accessories – For clothes, especially if they’re branded, platforms like eBay or Facebook Marketplace are great. These sites help you reach a wide audience and ship items easily. And for those special pieces of jewelry you never wear, a site like Worthy can help you find them a new home.
  • Yard sales – Sometimes old-fashioned is best. A yard sale can be a quick way to make money, especially when you have lots of items. You might get less money per item, but it adds up!

Then, to take it a bit further, you can start buying items to flip for a profit. So, you might find furniture that needs a little bit of cleaning up, high-end clothing that needs to be repaired, or an appliance that needs a new part. Fix them up and sell them for a higher price.

One of my friends does this for a living.

Some of the best flipped items that they’ve done include:

  • An item that they bought for $10 and flipped for $200 just 6 minutes later.
  • A security tower they bought for $6,200 and flipped for $25,000 just one month later.
  • A prosthetic leg that they bought for $30 at a flea market and sold for $1,000 on eBay the next day.

2. Start an online business

Launching your own online business is a solid path to multiply your money.

Some service-based businesses you can try include online businesses such as freelance writing, proofreading, transcription, or bookkeeping, as well as in-person businesses like car detailing, meal prep service, lawn care, dog walking, tutoring, and local tour guide.

These are in high demand and don’t require much to start – usually just a good laptop or some equipment (like car washing soap and a sponge).

To start your own business with just $1,000, marketing is key. You can use social media to reach your target audience (such as by simply just posting something on your personal Facebook page) or add flyers to local bulletin boards.

3. Real estate investing

There are many ways to turn $1,000 into $10,000 in real estate.

I’ve tried out a few real estate side gigs myself, and I know plenty of others who do the same. Starting in real estate doesn’t have to be expensive. There are several side hustles in real estate that you can begin even if you’re new or working with a tight budget.

These include:

  • House hacking – Buy a home, live in part of it, and rent out the rest. This way, other people’s rent helps pay your mortgage. Look for multi-unit properties where you can stay in one spot and lease the others.
  • REITs, or Real Estate Investment Trusts, are another way to dive in. These trusts own types of properties, from apartments to shopping centers. When you invest in REITs, you spread your money across different properties without the hassle of managing them.
  • Airbnb rentals open doors to earning from a spare room or your entire place for travelers. Set up your space to be cozy and welcome guests looking for a stay. Remember to look into the laws in your area about renting your place, and set a competitive price to attract visitors.
  • Rent out your storage space – Rent out your unused land or space for storage to earn extra income. Whether it’s a parking spot, closet, basement, attic, or any unused area, people are looking for storage and are willing to pay for it. List your space on platforms like Neighbor to earn anywhere from $100 to $400 or more monthly, depending on demand and the size of the space you offer.
  • Flipping homes – Flipping residential properties will typically cost you a lot more than $1,000 to get started, but I still wanted to include this because this is a popular way to turn a small amount of money into a lot. If you’re handy and love a project, buy a house, fix it up, and sell it for more. You’ll also want to pay attention to things like location and opportunity in the market.

You can learn more about this at 23 Best Real Estate Side Hustles.

4. Peer-to-peer lending

Turning $1,000 into $10,000 might seem like a dream, but you can try peer-to-peer (P2P) lending platforms to help grow your money. These platforms connect people who want to borrow money with those who are willing to lend it.

Peer-to-peer lending is like helping out a friend who needs a loan. For example: You have extra money and a friend asks to borrow some. You lend it to them, and they pay you back with interest – more than what you gave them. P2P lending works similarly but on a bigger, online level where individuals lend money to others through a platform, earning interest on the loans they provide.

Getting started with peer-to-peer lending is fairly straightforward. Here’s how:

  1. Choose a reputable P2P platform that fits your needs.
  2. Deposit your $1,000 to fund loans.
  3. Before committing, make sure to read and understand all terms and conditions, including the potential earnings and risks.
  4. The interest you earn from the loans becomes your profit over time.

Remember, investing has risks and loans might not be paid back, impacting your return.

5. Stock investing

Stock investing is an investment strategy when you buy a share of ownership in a company, like Microsoft, Apple, or Tesla. Individual company stock prices can go up or down, but if it goes up, then you may be able to turn $1,000 into $10,000.

This may take a year, 10 years, or even longer. All stocks are different, but it is possible to learn how to turn $1,000 into $10,000 in stocks.

Stocks give you a chance to make more money than by just putting it in the bank. Over time, companies grow and can pay you back more than what you started with.

Usually, long-term investors (this is the type of investing I personally do) like to diversify their portfolios so that all of their eggs aren’t in one basket. This way, if one company doesn’t do so well, then you won’t lose all your money.

One option is to invest in funds (like exchange-traded funds or mutual funds) instead of individual stocks. A fund is a bunch of stocks wrapped up in one package and this can make things less risky for you.

Recommended reading: How To Start Investing For Beginners With Little Money

Note: Some people do short-term investing to make money in the stock market. Yes, this is another way, but you’ll want to do a lot more research about your investment decisions, the different fees you may come across, understand your risk tolerance, and more before opening up a brokerage account. This is because while the right strategy can make you money in the stock market, the wrong strategy can lose you a ton of money.

6. Create digital products

Creating digital products is a way to turn your $1,000 into $10,000 (and even make passive income). By designing products that people can download and use, you tap into a market with very low overhead costs.

You can start by thinking about what skills or knowledge you have that others might pay for. It could be anything from a guide on how to care for exotic plants, templates for social media branding, weekly routine printables, printable wall art, and more.

Your earning potential can vary, and digital product sellers can typically start this business side hustle with little needed.

You can learn more about this at How I Make Money Selling Printables On Etsy.

7. Flip domains

Flipping domains is similar to flipping houses: You buy domain names at a lower price and sell them for more. Domain names are the web addresses people use to visit websites.

For example, my domain name is “makingsenseofcents.com.”

Now, this can be risky, because you don’t know what domains will eventually sell. Someone has to want it in order for you to sell it.

Some ways to brainstorm domain ideas include looking for catchy, short, and easy to remember names. Think about what’s trending or might become popular soon.

You can hold on to the domains until you’re ready to sell, or you can list them on sites like Flippa right away.

Just like with all ways to make money (especially if you want to turn a small amount of money into $10K), this is risky. You have to be smart with the domain you choose to buy (and a little lucky), and there can be legal issues as well, such as trademark problems.

Recommended reading: How I’ve Made $80,000 Selling Blogs

8. Start a blog

Starting a blog can be a great option if you’re looking to grow your $1,000 into $10,000.

A blog is essentially an online journal or informational website where you share your thoughts, knowledge, or experiences. You create posts that people can read, engage with, and share. And yes, blogging can be profitable!

Blogging is what I personally do to make money online, and I started by spending $0, actually. It took me around 2 years to start making $10,000 each month.

I started this website, Making Sense of Cents, back in 2011, and it has helped me earn over $5,000,000 since then. I started my blog on a whim to share my own money journey, not even knowing that people could make money with websites.

You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).

Frequently Asked Questions

Below are answers to common questions about how to turn $1,000 into $10,000 (and other ways to grow your money).

How to turn $1,000 into $5,000 in a month?

Turning $1,000 into $5,000 in one month would be hard but not impossible. You could create a product that you sell (such as an online course), sell something that you already make (for example, if you are a photographer, you may be able to sell prints of a picture that you’ve taken), buy something to flip and resell for a higher price, and more.

How to turn $1,000 into $10,000 in 6 months?

Increasing your money to $10,000 in six months can be challenging but may be possible. You might look into starting a side business such as selling items online.

How to invest $1,000 dollars and double it?

To double your $1,000, investing in a diversified portfolio of stocks and bonds could be a smart move, with the potential to grow over time. With this, though, patience is key, as doubling your investment won’t happen overnight.

How to use $1,000 dollars to make money?

There are many ways that you can use $1,000 to make money. You could start a business, such as a website, an online store, an in-person business like a lawn mowing business, an at-home business selling dog treats, or even a business where you sell soy candles at craft fairs. You don’t need to spend a ton of money to start your business, just $1,000 or less can help you start many different business ideas.

How To Turn $1,000 Into $10,000 – Summary

I hope you enjoyed this article on how to turn $1,000 into $10,000.

There are many ways to turn $1,000 into $10,000 such as investing in real estate or stock, starting an online business like a blog, and even reselling items for profit.

For me, I was able to start my own online business for less than $100, and I have turned it into a business that has earned me well over $10,000 a month for many years now – so I know that it is possible to get started with a low amount of money.

If you have a financial goal where you need to make more money, then there are plenty of side hustles, home-based businesses, and other ways to make money.

Why do you want to turn $1,000 into $10,000?

Recommended reading:

Source: makingsenseofcents.com

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Car sales professionals make an average of $103,042 a year, according to Salary.com. While that’s more than what the average American worker earns annually, the job often requires long hours and your income may depend on how many cars you sell.

Let’s dive into what car salesmen do and how much they can make.

What Are Car Salesmen?

Car salespeople help customers shop for cars. Typical duties include answering questions about the cars on the lot, arranging test drives, and explaining financing options, warranties, and specifications.

Being able to build relationships with customers and close deals can help you succeed as a car salesman. Since car salespeople work directly with customers, the job may not be the best fit for introverts.
💡 Quick Tip: Online tools make tracking your spending a breeze: You can easily set up budgets, then get instant updates on your progress, spot upcoming bills, analyze your spending habits, and more.

How Much Do Starting Car Salesmen Make a Year?

The average salary for entry-level car sales positions in the United States is $38,680 per year, according to ZipRecruiter data. The pay for entry-level jobs in car sales will likely differ based on the dealership’s size, location, and car brand.

While some employers pay a base wage, others offer commission-based pay. Base wages tend to provide a more consistent monthly income, usually between $2,000 and $4,000. With commission-based compensation, you may earn a portion of each sale, typically between 20% and 30%.

Check your score with SoFi

Track your credit score for free. Sign up and get $10.*

What Is the Average Salary for a Car Salesman?

If you’re looking to enter the field, you may wonder, how much does a car salesman make a year?

As mentioned above, the average annual salary for a car salesman is a competitive $103,042, per Salary.com, though pay can range between $88,987 and $119,501. High-achieving salespeople may make more than six figures, particularly if they are employed by luxury car dealerships or in regions with wealthy buyer demographics.

Commission-based arrangements are also a major factor in determining overall income.

Recommended: What Trade Makes the Most Money?

What Is the Average Car Salesman Salary by State for 2024?

A car salesman may not be the highest-paying job in most states, but it can provide a good living. This is especially true if you happen to work in a state like California, New Jersey, or Alaska, where the position tends to pay more. Let’s see how salaries in 2024 vary by state.

State Salary
Alabama $94,664
Alaska $112,418
Arizona $100,919
Arkansas $93,902
California $113,665
Colorado $104,103
Connecticut $111,058
Delaware $105,257
Florida $97,889
Georgia $99,984
Hawaii $108,111
Idaho $95,670
Illinois $105,875
Indiana $100,486
Iowa $98,611
Kansas $98,116
Kentucky $96,962
Louisiana $97,972
Maine $99,332
Maryland $106,242
Massachusetts $112,140
Michigan $102,195
Minnesota $105,597
Mississippi $91,892
Missouri $98,183
Montana $94,200
Nebraska $96,684
Nevada $104,154
New Hampshire $104,402
New Jersey $113,438
New Mexico $95,046
New York $109,956
North Carolina $98,920
North Dakota $98,941
Ohio $101,060
Oklahoma $95,273
Oregon $103,598
Pennsylvania $102,835
Rhode Island $107,988
South Carolina $97,283
South Dakota $90,800
Tennessee $94,726
Texas $101,290
Utah $97,499
Vermont $99,229
Virginia $102,423
Washington $110,553
West Virginia $92,787
Wisconsin $101,496
Wyoming $94,778

Source: Salary.com

Car Salesman Job Considerations for Pay and Benefits

Flexible schedules and possible commissions and bonuses are some attractive parts of being a car salesman. Plus, dealerships might provide extra incentives, such bonuses for hitting or exceeding sales goals, corporate cars, and expense reimbursements. Retirement plans, health insurance, and employee car discounts may also be included in the benefits package.

Recommended: Work-From-Home Jobs for Retirees

Pros and Cons of a Car Salesman Salary

As with any profession, there are advantages and disadvantages of working as a car salesman.

Pros:

•   Performance-driven earnings. Commission-based pay can boost your income, especially during strong sales periods.

•   Flexibility. Compared to standard 9–5 jobs, the position may offer flexibility in terms of work hours.

•   Career advancement. A successful car sales career can lead to managerial roles and a path for professional advancement within the dealership.

•   Diverse work environment. Helping customers find a car that fits their needs and budget can be professionally satisfying.

•   Incentives and perks. Dealerships often provide extra bonuses and perks, such car discounts for staff members or opportunities for career advancement.

Cons:

•   Income volatility. If you earn a commission, your earnings could decrease during slow times.

•   Pressure to perform. Reaching sales goals is essential, and the stress of closing deals might lower your level of job satisfaction.

•   Long hours. In order to accommodate consumers, you’ll likely need to work weekends and evenings.

•   Customer relations. Resolving complaints and interacting with a variety of client personalities can be difficult.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

The Takeaway

How much does a car salesman make? These professionals have the potential to earn $100,000 or more a year, especially if they can earn a commission based on their sales. They also have the chance to advance their careers and gain a variety of work experiences. That said, the job often requires long hours, income may not be steady, and there’s often a pressure to hit sales goals.

Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday living expenses. Establishing a budget — and using online tools to help monitor spending — can help you make progress toward your financial goals.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

With SoFi, you can keep tabs on how your money comes and goes.

FAQ

Can you make $100k a year as a car salesman?

Yes, it is possible to make $100,000 or more as a car salesman. Your salary may depend on your location, base pay, the car brand being sold and how many cars you sell each month.

Do people like being a car salesman?

Some people love being a car salesman, but the job is not a good fit for everyone. Those who enjoy making sales and building customer relationships may enjoy a career as a car salesman.

Is it hard to get hired as a car salesman?

The difficulty of getting hired as a car salesman depends on factors such as the dealership, car brand, location, and your experience. If you’re a people person, willing to put in time, and eager to make sales, you can likely find a position at a dealership.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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It’s no secret that the price tags of single-family homes — the ideal dwelling in terms of space, independence, and resale value — have spiked, and many current homeowners have been reluctant to let go, but a buyer whose heart is set on a single-family home may be able to follow a playbook to find their prize.

Buying a single-family home isn’t dramatically different from purchasing another type of property, but the process has a few variations. Here are some guidelines.

What Is a Single-Family Home?

The definition would seem easy enough, but it does vary according to real estate experts and government sources. The U.S. Census Bureau says single-family homes include fully detached and semi-detached homes, row houses, duplexes, quadruplexes, and townhouses. Each unit has a separate heating system and meter for public utilities, and has no units above or below.

According to other definitions of a single-family home, the building has no shared walls; it stands alone on its own parcel of land. In some places, the number of kitchens the home has informs the definition.

Unlike a multi-family property, a single-family home is meant for one person or household. Among the types of houses out there, including condos, co-ops, townhouses, and manufactured homes, the single-family home remains the holy grail for many Americans.
💡 Quick Tip: When house hunting, don’t forget to lock in your home mortgage loan rate so there are no surprises if your offer is accepted.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Benefits of Purchasing a Single-Family Home

While condos and townhouses may come with shared amenities and lower maintenance, traditional detached single-family homes come with different perks. When people buy a single-family home, they’re looking for benefits specific to this property type.

Spacious, Quiet, and Intimate

A single-family home is typically larger than a condo or townhome. Moreover, since the property is often on its own lot without shared walls, a single-family home offers more space and more privacy inside and outside the home.

Possibly No HOA

A co-op association or a condo or townhouse homeowners association sets and enforces rules and collects fees to pay for shared amenities. Anyone who buys into an HOA community must live by the CC&Rs: the covenants, conditions, and restrictions. They can be lengthy, and the ongoing fees can constantly rise.

You may be able to buy a detached single-family home with no HOA and paint your mailbox, or house, pink or purple — unless you live in a city like Palm Coast, Florida, that allows only earth tones and light or pastel hues but no colors that are deemed “loud, clashing, or garish.”

Then again, HOAs are becoming more common for detached single-family homes in planned communities. In fact, about 65% of single-family homes built in 2020 were in an HOA, Census Bureau data shows.

Single-Family Home Appreciation

Generally, single-family homes are in higher demand than multi-family or other properties. Because of both the building and demand, when a person buys a single-family home, the value may increase faster.

Possibilities for Renovation and Expansion

When people buy single-family homes, they’re buying into the potential to expand or renovate extensively. If the lot is big enough, single-family homeowners could put an addition on the property.

Single-family homes can be an attractive buy simply because of the option to expand in the future, unlike properties with shared lots or walls.
💡 Quick Tip: Not to be confused with prequalification, preapproval involves a longer application, documentation, and hard credit pulls. Ideally, you want to keep your applications for preapproval to within the same 14- to 45-day period, since many hard credit pulls outside the given time period can adversely affect your credit score, which in turn affects the mortgage terms you’ll be offered.

How to Buy a Single-Family Home

Ready to buy a single-family home? Anyone from a first-time buyer to a seasoned investor may find appeal in a single-family home.

Recommended: First-Time Homebuyers Guide

1. Draw Up Your Financial Priorities

First, it’s important to look at finances. Your credit scores can have a significant impact on getting approved for a mortgage. To get a clear read on credit, but not scores, buyers can request free credit reports from the three major credit bureaus.

Additionally, it can be helpful for a qualified first-time homebuyer — who can be anyone who has not owned a principal residence in three years, some single parents, and others — to look into specialty mortgages to see if they qualify for them.

A loan from the Federal Housing Administration (FHA) may allow a down payment as low as 3.5%. A USDA loan (from the United States Department of Agriculture) requires nothing down, and a VA loan (from the Department of Veterans Affairs) also usually requires nothing down. Some conventional lenders allow qualifying first-time buyers to put just 3% down.

It’s important to know, though, that all FHA loans require an upfront and annual mortgage insurance premium, regardless of the down payment size. VA loans require a one-time “funding fee.” And borrowers with conventional conforming loans who put down less than 20% will pay private mortgage insurance until their loan-to-value ratio drops to 80% and they request removal, or to 78%, when it falls off.

2. Decide on Your Preferred Type of Housing

No two houses are alike, just as no two homebuyers are. Everyone has different tastes and priorities about where they want to call home.

Before hitting every open house in town, consider deciding on must-haves for a single-family detached home, including privacy, proximity to businesses, size, and style. This could help determine if a single-family home is the right fit.

3. Arrive at Your Price Point

Armed with an understanding of the type of house, it’s time to think about the price point. In addition to thinking about the down payment, buyers will want to calculate a monthly mortgage payment and total loan costs.

Figuring out a price point before looking at homes can take the emotion out of the process. That way, buyers have a budget in mind and a “do not exceed” amount before they fall for a home.

4. Search for a Good Real Estate Agent

Buying a single-family home can be fun, stressful, and fast-paced. Working with a trusted real estate agent can make the process a little easier.

To find a real estate agent, you might consider:

•   Reaching out to friends for referrals

•   Checking out local real estate association websites

•   Using an agent selling homes in the area you want to buy in

You might want to interview more than one agent, asking about their experience, availability, and philosophy. The choice of agent will likely come down to a combination of personality match and experience.

5. Find Your Neighborhood

Armed with an agent and budget, it’s time to dive deeper into neighborhoods. Once again, the choice of where to search will come down to the buyer; there’s no one “right” place to buy a single-family home.

As buyers explore neighborhoods, they might prioritize the following:

•   School district

•   Walkability

•   Proximity to workplace

•   Community resources

•   Budget

An experienced agent can help buyers distill their priorities and even point them in the right direction. Typically, buyers will have to balance the above elements, as it might not be possible to check all the boxes in a single neighborhood.

6. Tour Homes With Your Agent

Once buyers decide what neighborhoods they want to buy a single-family home in, it’s time to start touring properties.

When touring a single-family home with an agent, try to allot between half an hour to an hour. In the case of open houses, prospective buyers can walk in at any time, but private home tours require a buyer’s agent to gain access to the property.

When buying a single-family home, everyone will have their own checklist of what they want, which might include:

•   Listing price

•   Number of bedrooms and bathrooms

•   Storage space

•   Floorplan

•   Plot of land

•   Deck and porch

•   Garage and driveway

It could help to take photos or notes while touring a home to refer to them long after you’ve left the property.

7. Choose a House and Bid

Found a place and ready to make an offer? Time to get a home loan in order. Luckily, buyers will have a good idea of what they can offer on a property based on their finances with the upfront legwork.

Your agent can help with negotiating a house price.

How to make an offer? It pays to understand comps and the temperature of the market, and then:

•   Figure out the offer price

•   Determine fees

•   Budget for an earnest money deposit

•   Craft contingencies

With an offer drawn up, it’s time to submit it to the seller and wait for the next steps.

8. Review the Process and Get Ready to Move

Buying a single-family home isn’t a done deal once an offer is submitted. Typically there will be a back and forth, perhaps over offer price or contingencies.

Once everything is agreed on, and the inspection is resolved, it’s time to tally moving expenses and pack up.

9. Head to Closing and Move Into Your New Property

The final part of buying a single-family home is closing day. During closing, the buyer and seller meet with their agents to go over paperwork, and settle any outstanding costs, and formally turn over property ownership.

Next, it’s just moving everything in and settling in. Even after closing, homeownership may feel overwhelming, but there are plenty of resources to make it easier.

Ready to Buy a Home Quiz

The Takeaway

Ready to buy a single-family home? The process before you may seem daunting, especially if it’s your first home purchase. But if you break it down to small steps and keep your budget and dream-house priorities top of mind, home sweet home may be closer than you think.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

How much does it cost to buy a single-family home?

Zillow put the typical value of a single-family home at $354,000 in April 2024. New construction costs more. The median sales price of new houses sold in February 2024 was $400,500, according to the U.S. Census Bureau.

Can you buy a single-family home with no money down?

If a buyer qualifies for a mortgage backed by the Department of Veterans Affairs or Department of Agriculture, or one issued directly by those agencies, they may be able to purchase a home with no down payment.

What are the most important things to consider when buying a house?

Location (including property tax rate, quality of schools, walkability, crime rate, access to green space, and the general vibe), your ability to cover all the costs, duration of your stay, and square footage may be important.

How much should you have in savings to buy a single-family house?

You’ll need to have enough to cover a down payment, closing costs, and moving fees while ideally preserving an emergency fund.

Photo credit: iStock/jhorrocks

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.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

SOHL-Q224-1842723-V1

Source: sofi.com

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Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

  Home equity loan Home equity line of credit (HELOC) Interest rate Fixed Variable Monthly payment amount Fixed Variable Closing costs and fees Yes  Yes, might be lower than other loan types  Repayment period Typically 5-30 years Typically 10-20 years

FAQ

What is a rate lock?

Interest rates on mortgages fluctuate all the time, but a rate lock allows you to lock in your current rate for a set amount of time. This ensures you get the rate you want as you complete the homebuying process.

What are mortgage points?

Mortgage points are a type of prepaid interest that you can pay upfront — often as part of your closing costs — for a lower overall interest rate. This can lower your APR and monthly payments. 

What are closing costs?

Closing costs are the fees you, as the buyer, need to pay before getting a loan. Common fees include attorney fees, home appraisal fees, origination fees, and application fees.

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Trader Joe’s is a national chain of grocery stores with a bit of a cult following. There are dozens of social media accounts dedicated to Trader Joe’s shopping hauls and recipes using only items found at the store. Trader Joe’s even has its own podcast.

If you’ve never shopped at Trader Joe’s before, it can feel overwhelming. Our guide can help you find the best things to buy at Trader Joe’s and ways to save money.

What you should know before shopping at Trader Joe’s

Trader Joe’s features a large selection of organic and specialty items, as well as seasonal products. Its private label items contain no artificial flavors or preservatives, MSG, genetically modified ingredients or harmful food dyes, according to the grocer’s website.

Seeing few recognizable brand labels on the shelf can be disorienting for some shoppers, but for others like Anna Lisa Abarca, author of “Trader Joe’s 5 Items or Less Cookbook,” the store’s smaller scale simplifies decision making. Larger grocery chains “are a little too big for me. There’s too many choices. I get analysis paralysis,” says Abarca, who is not affiliated with Trader Joe’s.

However, the store’s small profile means you might not be able to get everything on your list, and you may need to visit another store. For Abarca, a second stop typically includes buying baby diapers and some home and personal care items.

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What to buy at Trader Joe’s

Now that you know what to expect, you can make your list. Here are some categories to consider to get the most value.

Frozen food

At Trader Joe’s, the “frozen fruits and veggies are always at a really good price point,” says Abarca, who relies on frozen food to make quick and affordable meals. “You can still make a really good, healthy meal that’s cost effective, and it’s not going to go bad.”

Trader Joe’s frozen food section is also full of perennial fan favorites at lower prices than some other grocers. The Mandarin Orange Chicken, for example, costs $4.99, compared with a similar size bag of P.F. Chang’s Orange Chicken for $7.78 at Walmart, as of this writing.

Cheese

If you are a cheese lover, shopping at Trader Joe’s might offer savings. An 8-ounce block of feta cheese is $3.49, compared with $4.96 at Walmart. A 1-pound wedge of brie costs $7.99 at Trader Joe’s, versus about $9.75 at Walmart.

Wine

Trader Joe’s is known for its “Two-Buck Chuck,” the nickname for its $2 bottles of Charles Shaw wine. Although it has exceeded that price point in recent years, people still rely on Trader Joe’s for lower cost wine. Not every store sells wine, but if yours does, Abarca recommends looking for ones with the “reserve” label because they’re of a similar quality to wines offered at a higher price elsewhere.

Beauty products

Trader Joe’s offers a range of beauty and skin care products, and some reviewers say they compete with more luxury brands. The Daily Facial Sunscreen ($8.99 for 1.7 fluid ounces) made headlines for being a cheaper but comparable alternative to Supergoop! Unseen Sunscreen ($38 at Sephora and Amazon). The Vanilla Lip Mask ($5.99) is likened to the popular Laneige Lip Sleeping Mask ($24 at Sephora and Amazon).

Flowers and greeting cards

Flowers are typically the first thing you see when you walk into a Trader Joe’s store. A seasonal bouquet there is $9.99, less than similar arrangements found at Kroger (about $12) and Ralphs (about $18). Pair it with a 99-cent greeting card (compared with drugstore card prices that typically start around $4.99) and you have a thoughtful gift that’s easier on your budget.

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How to stretch your dollar at Trader Joe’s

Some of the conventional wisdom about how to save money on groceries doesn’t apply to Trader Joe’s. There are no coupons to apply at the register, there’s no store app, and buying in bulk isn’t an option. But, there are other ways to get more value from Trader Joe’s:

Use online tools for meal planning. Websites like Pinterest can help you find free budget-friendly meal plans, some for which the food costs $50 or less per week, says Traci Williams, a certified financial therapist and clinical psychologist in Atlanta. Searching “Trader Joe’s” or #traderjoesrecipes on social media surfaces tons of posts dedicated to the store’s new products or ways to combine items for fresh meal ideas.

Subscribe to “The Fearless Flyer.” Trader Joe’s free newsletter offers updates on new and seasonal items and recipes. The digital option comes every few weeks while the paper newsletter comes less frequently.

Check your pantry first. Food waste is costly, as is buying duplicates, but there are some solutions. “There are apps that allow you to create meals based on the ingredients you already have,” Williams notes. Cooklist, for one, allows users to scan pantry items, find recipes using those ingredients and create grocery lists.

Leave room for a few impulse purchases. Seasonal items are part of the fun of shopping at Trader Joe’s, but “you can very easily get swept up in all the things you want to try,” Williams says. “Decide ahead of time how many new products you’re willing to pick out. … That way you’re not feeling too restricted by your budget.”

Source: nerdwallet.com