A new year often sparks urges for a refresh — toward healthy habits, goal setting, clutter clearing and bringing in more positive energy. For home decor enthusiasts, that all translates to the home, and often means clearing out the old and bringing in the new. Unlike fashion, though, home decor trends tend to take their time easing into major seasonal shifts (it’s easier and cheaper to swap out your wardrobe than your decor — sustainable too!). Some home decor trends that are here to stay going into 2024? Sustainability and indoor-outdoor living, the former driven by millennials and Gen Z, according to a new design report by global surfacing company Cosentino.
They pulled designer and homeowner data to forecast top trends for 2024 and beyond, along with insights from some of the country’s top designers. We asked some of our favorite designers too what they think will be hot next year. Here are new trends to watch and incorporate into your home – plus, rental hacks to try if you’re not down with a whole renovation!
Spas are all about relaxation and self care, not rushing out in the morning to work. Big bathtubs, open showers, saunas, and spa-like amenities are all going to be a big trend in 2024. According to the report, designers and homeowners agreed that a spa-inspired bathroom was among their top 3 home priorities overall.
Photo by Viktorya Sergeeva for Pexels
Rental hack: If you’re not ready to remodel or you rent, things like marble or stone accessories, plants, and if there’s room, a chair or settee will give your bath an elevated sanctuary feel. Adding a bath shelf is an easy and affordable way to create an ultimate spa bath too!
Bold Dramatic Moves
Design: Maestri Studio | Photo: Jenifer McNeil Baker
The neutral trend transitioned into more earthy tones in 2023 and will get even bolder come the new year. “I think 2024 is going to be all about bold, dramatic moves,” says Devon Wegman, founder and design director of Devon Grace Interiors in Chicago. “People are tired of playing it safe and sticking with neutrals, soft textures everywhere. Today, we’re incorporating more and more graphic stone, provocative artwork, area rugs and large statement chandeliers in spaces.”
Glam Metallics Are A Go
Cosentino Le Chic Eclectic Pearl Collection
Metallics always add a bit of luxe glamour to a space and 2024 takes them up a notch, using them in areas like kitchens and baths. According to the design report, designers chose metallic accents as their top up-and-coming trend, while homeowners rated it number two.
Photo by Sammsara Luxury Modern Home for Pexels
Rental hack:Add a vintage mirror, gold-based vase or lamps, or metallic drawer pulls to upgrade your decor.
Hotel Vibes
Design: JOSHUA SMITH | Photo: Lance Gerber
Travel can bring major inspo to your decor. According to the report, 70 percent of designers find inspiration from resorts and hotels. Look at bedding, art, and elegant details next time you’re staying at or just dining at a resort or hotel. Even a thoughtfully designed Airbnb can inspire your design to upgrade your personal home style.
Photo by Kader D. Kahraman for Pexels
Rental hack:“Grand, luxurious floral arrangements are a hallmark of hotel lobbies,” says Sarah Eilers of Houston-based Lucas/Eilers Design Associates. “Placing a floral arrangement on a console table or in an elegant vase in your entryway can set the tone for your entire home.”
Kitchen Is King
Design: Living with Lolo | Photo: Life Created
The central headquarters of any home, the kitchen remains a focal point for design. Homeowners are looking to upgrade their kitchens for their own use (the best appliances and conveniences) but also for entertaining their guests with comfortable spaces to sit and have conversation.
Investment in the kitchen remains the number one priority for homeowners and designers in terms of budget too. More than 80 percent of designers are now bringing kitchens to the backyard as well, says the Cosentino report.
Photo by Alexy Almond for Pexels
Rental hack: Bring in furniture you can take with you that creates an inviting space for you and your guest; add a chandelier or pendant to replace rental “boob” lights; and create a counter “scape” with cutting board, vase, and cookbooks as a focal point.
Brown In All Its Shades
Design: Living with Lolo | Photo: Life Created
“We’ll be drowning in brown in all the best ways in 2024,” says Brad Ramsey, principal and founder of Nashville-based Brad Ramsey Interiors. “Think about coffee, cappuccino, and lattes and how those warm colors hit the spot just like your afternoon Starbucks fix.”
Design: Living with Lolo | Photo: Life Created
Look to make brown your next color accent. Pair your woods and leathers with a complimentary color to offset the mix of brown tones. Greenery always helps to infuse more color too!
Patterns and Bold Marble
Design: Urbanology Designs | Photo: Matti Gresham
Designers all agree that the rustic farmhouse aesthetic is out for 2024. “I think it’s time for the coastal California look to step aside. This came in hot after Modern Farmhouse faded away, and I think people are ready for more drama and uniqueness,” adds Wegman. Don’t second guess yourself in 2024 in all the ways, including decor — the bolder you are, the better!
Biophilic Design Elements
Photo by Charlotte May for Pexels
Bring the outdoors in for a healthy, happy home in 2024. “Biophilic design will thrive in 2024,” says Ginger Curtis, CEO and founder of Urbanology Designs in Dallas. “This trend centers around bringing the outdoors inside, creating spaces that foster a stronger connection with nature. Expect to see more indoor plants, living green walls, natural materials like stone and wood, and large windows to maximize natural light and reduce the barrier between the interior and exterior.”
What trends are you most excited about? For even more home decor inspo, sign up for our weekly email newsletter!
Buying a house is a dream for many Americans, but it can feel very out of reach for some people. To qualify for a mortgage, you’ll need an adequate credit score and down payment, which many people just don’t have.
That is where the Neighborhood Assistance Corporation of America (NACA) comes in. The NACA has helped hundreds of thousands of people find affordable housing with no money down and no minimum credit score. NACA also provides financial assistance for approved homeowners that encounter financial difficulties.
If you’ve been struggling to figure out how you’ll afford to purchase a home, then the NACA program could help. This article will explain how the NACA mortgage process works and how the organization could help you find your next home.
What is the NACA mortgage program?
The Neighborhood Assistance Corporation of America (NACA), a non-profit organization established in 1988, is dedicated to providing affordable housing options to Americans. Its mission is to combat discriminatory and unjust lending practices. With 45 branches across the United States, NACA assists borrowers with low credit scores in securing affordable mortgages.
NACA offers various solutions such as property improvement and foreclosure avoidance to help achieve this goal. Additionally, the organization helps homeowners reorganize their existing mortgages, preventing them from losing their homes to foreclosure. Nevertheless, NACA’s signature mortgage program remains the most sought-after offering among its services.
How does the NACA program work?
The NACA is known for its purchase program, which it calls the Best in America Mortgage Program. This program is designed to make homeownership more affordable for everyone.
If you applied for a mortgage through a bank or credit union, you would undergo an extensive credit check. But the NACA makes it possible to buy a home with:
No down payment requirement
No closing costs
No requirement for perfect credit
No limits on your income
No fees – The lender pays the appraisal costs, attorney fees, title insurance, transfer tax, settlement agent fees, and buyer closing costs.
All of this is available at a below-market interest rate. Currently, the NACA is offering a 30-year fixed-rate mortgage of 2.125% APR and a 15-year fixed-rate mortgage of 1.75% APR. You’d be hard-pressed to find a better deal anywhere else.
Bank of America stands as NACA’s largest and most significant partner, providing a major portion of the funding for the loans.
NACA Requirements and Qualifications
Before you assume the NACA mortgage program is too good to be true, there are certain requirements you’re going to have to meet to qualify. Unlike traditional lending practices, NACA evaluates creditworthiness based on character, rather than solely relying on credit scores.
For instance, NACA members won’t be penalized for financial hardship caused by an injury or illness. But you must demonstrate that you can afford to pay your monthly housing expenses.
These expenses include your mortgage payments, property taxes, homeowners insurance, and HOA dues. And your income can’t fluctuate from month to month.
While there are no income restrictions in the NACA purchase program, earning higher than the median income could limit your home buying options to specific regions. It’s also worth noting that owning another property while closing on a NACA mortgage is strictly prohibited.
Furthermore, as a NACA mortgage recipient, you are expected to engage in a minimum of five membership activities annually. These activities include volunteering at NACA offices, participating in protests, or offering support to other members during the home buying process.
Eligible States
Unfortunately, the NACA mortgage program still isn’t available everywhere, though the organization is working hard to expand across the U.S. It’s currently available in the following states:
Alabama
Arkansas
Arizona
California
Colorado
Connecticut
District of Columbia
Florida
Georgia
Hawaii
Illinois
Louisiana
Massachusetts
Maryland
Michigan
Minnesota
Missouri
Mississippi
North Carolina
New Jersey
Nevada
New York
Ohio
Pennsylvania
South Carolina
Tennessee
Texas
Virginia
Wisconsin
NACA Program Pros and Cons
Here are some of the biggest advantages and disadvantages of taking out a mortgage through the NACA.
Pros
Buying a home with no down payment or standard closing costs
Snag a below-market interest rate on a 15-year or 30-year mortgage
No credit requirements or income limits to apply
Receive extensive borrower education and training
Cons
Time-consuming application process
Program isn’t available in all 50 states
There are limits to how much you can borrow
You’ll have to pay for property taxes and homeowners insurance
NACA Loan Limits
The NACA home buying program has loan limits that cap your mortgage amount. The purchase price of a home cannot exceed the conforming loan limit, which is $647,200 for a single-unit property in most states. The conforming loan limit for a single-unit home in Alaska and Hawaii is $970,800.
Who qualifies for the NACA program?
The NACA mortgage program is very generous, but there are several steps you’ll need to take before you can close on your home. Here are the seven steps you’ll take to complete the NACA loan qualification process.
1. Attend a free homebuyer workshop
If you’re considering applying for a NACA mortgage, you’ll first have to attend a homebuyer workshop. During this free workshop, you’ll learn more about homeownership and how to qualify for the NACA mortgage program. Then, you can register on the company’s website to reserve your spot.
2. Meet with your housing counselor
Once you’ve completed the homebuyer workshop, the NACA will assign you a housing counselor to guide you through this process. Your housing counselor will help you determine an affordable monthly mortgage payment and help you come up with a reasonable monthly budget. You’ll continue to meet with your counselor until you’ve qualified for the NACA housing program.
3. Attend a NACA purchase workshop
Once you’ve qualified for the mortgage program, you must attend a purchased workshop at the NACA office. During this workshop, you’ll review the home purchase process and work with a real estate agent to help you find the right home.
4. Receive a property qualification letter
Once you’ve chosen the home you plan to buy, you’ll have to get in touch with your housing counselor again. They will help you secure your qualification letter.
This letter states that you are qualified to purchase the home you’re interested in. Your NACA counselor and real estate agent can also help you draft an offer on the home.
5. Get your home inspected
Before you can purchase a home, it must pass a NACA home inspection and pest inspection. If the inspection reveals any problems with the home, you must resolve those issues before you can close on the home.
6. Meet with your mortgage consultant
Throughout this entire mortgage process, you should be saving money, maintaining your income level, and paying your bills on time. At this point, you’re going to meet with your mortgage consultant to prove that you’ve met the required guidelines and are ready to move forward with the mortgage application.
7. Close on your mortgage
Now it’s time to close on your home! There are no closing costs for a NACA mortgage. Additionally, NACA members do not pay private mortgage insurance (PMI).
Instead, your NACA membership provides you with a post-purchase assistance program through NACA’s Membership Assistance Program (MAP). But this is the final step that allows you to close on your new home and finalize the process.
Alternatives to the NACA program
The NACA program may not be suitable for everyone, or you may not qualify. If this is the case, consider other mortgage programs that may be available to you.
FHA Loans
For low-to-moderate income borrowers who may not meet the stringent requirements of conventional loans, the Federal Housing Administration offers the FHA loan program. With lower down payment needs and more lenient credit score standards, these loans provide a viable option for those looking to finance their first home.
USDA Loans
The U.S. Department of Agriculture extends its support to those seeking to purchase a home in rural or suburban areas through its USDA loan program. These loans offer attractive terms such as low or no down payment options and competitive interest rates, with the aim of fostering home ownership in less densely populated regions.
VA Loans
As a way to show appreciation for the sacrifices made by military service members, veterans, and their surviving spouses, the Department of Veterans Affairs provides VA loans.
These loans, exclusive to eligible individuals, boast features such as no down payment requirement, no private mortgage insurance, and interest rates that are often more favorable than those of traditional loans.
First-Time Homebuyer Programs
For those entering the housing market for the first time, many states and local governments offer programs tailored to their needs. First-time homebuyer programs often provide financial assistance in the form of lower interest rates and down payment assistance, as well as other incentives, making homeownership a reality for those who may not have the funds for a down payment otherwise.
Down Payment Assistance
To help alleviate the burden of the upfront costs of buying a home, down payment assistance (DPA) programs are available from government agencies, non-profit organizations, and private lenders.
These programs provide homebuyers with the necessary funds to cover their down payment, allowing them to get one step closer to affordable homeownership.
National Homebuyers Fund
As a non-profit organization, the National Homebuyers Fund offers down payment assistance to low-and moderate-income homebuyers in the form of grants that do not need to be repaid. Their mission is to provide a helping hand to those who may not have the resources to make a down payment on their own.
Chenoa Fund
The CBC Mortgage Agency’s Chenoa Fund is a down payment assistance program that provides low-and moderate-income homebuyers with up to 3.5% of the home’s purchase price. This support is provided through either forgivable or repayable second mortgage loan options.
Bottom Line
If you’re concerned that you don’t have the down payment or credit requirements necessary to apply for a traditional mortgage, a NACA mortgage may be a suitable option. Borrowers that qualify could receive low-interest mortgages with no down payment, closing costs, or fees. The application process is tedious, but the benefits can help you achieve the dream of homeownership.
Frequently Asked Questions
Is there a minimum credit score requirement for the NACA program?
No, NACA does not consider credit scores for mortgage approval. Instead, they look at your payment history and ability to make future mortgage payments.
Is there an income limit to qualify for the NACA program?
There is no strict income limit to qualify for the NACA program. The program is designed primarily to assist low- to moderate-income individuals and families, but it does not set an upper limit on income. The focus is more on your ability to afford the mortgage payments, and whether you meet other program criteria.
How long does the NACA mortgage process take?
The time frame can vary depending on individual circumstances, but generally, it takes several months from attending the initial workshop to closing on a home. The more promptly you can provide the required documentation and fulfill program requirements, the quicker the process will likely be.
How does the NACA mortgage differ from a traditional mortgage?
NACA mortgages typically offer more favorable terms compared to traditional mortgages. They come with no down payment, no closing costs, and no requirement for private mortgage insurance (PMI). The interest rates are often below market rate as well.
Can I use a NACA mortgage to refinance my existing loan?
No, NACA mortgages are designed for the purchase of a primary residence only. They cannot be used for refinancing existing loans or for investment properties.
What a difference four years make. Back in 2007, the only subject the presidential hopefuls talked about was mortgages.
In fact, it got to a point where it became nauseating, all the talk about mortgages and loan modifications and foreclosures and housing woes.
At the time, the candidates’ lack of knowledge surrounding those subjects was also painfully clear; they stumbled when trying to explain what exactly was going on, but pledged to do whatever it took to help turn things around.
Leading up to this year’s round of debates, I had paper and pen out, ready to jot down all the interesting mortgage references, and then pick them apart.
But as the night went on, I pushed my pad of paper to the side of me, capped my pen, and realized there weren’t going to be any mentions of housing woes or foreclosures or any of it.
Apparently such talk is “so four years ago.”
What Exactly Was Said?
Well, funnily enough, the first mention of “mortgage” didn’t even come from one of the candidates, but rather from an audience member, who asked about the future of the mortgage interest deduction, along with other deductions.
The question was for Romney, who responded by saying deductions would be reduced, perhaps to a fixed number such as $25,000, and then you could decide which deductions to take using that money.
So you could use it all on the mortgage deduction, or spread it among charitable and child tax deductions as well.
Of course, Romney also pledged to lower the tax rate, so even though deductions were on the chopping block, theoretically you’d save money.
And that was that. Not another word about mortgage or housing or foreclosures or anything else. Obama didn’t even take the opportunity to tout the record low mortgage rates or the recent drop in foreclosures.
Why It’s Good
So, what to make of all this? Well, an optimist would say that because it wasn’t discussed, the worst must be behind us.
Perhaps the mortgage crisis is in our rearview mirror now, and we can focus on other, more important issues, such as nagging unemployment.
After all, home prices are on the up and up, and millions of existing homeowners are getting their heads back above water as a result.
Demand for housing is also strong, perhaps because of the lack of inventory, and homebuilders are the most optimistic they’ve been in six years. Maybe they’ll build more homes to satisfy our hunger.
Additionally, the bevy of loan modification and large-scale refinance programs available seem to be working, as evidenced by the latest HARP figures released yesterday.
Even Bank of America’s chief financial officer believes we have turned the corner on housing, “clearly.”
Why It’s Bad
At the same time, the lack of any housing talk could be interpreted as bad news as well, depending upon your situation.
Not in the sense that the candidates are avoiding the subject because it’s a scary topic, but rather that it might mean no more help is on the way, or in the barrel.
If Obama and Romney aren’t talking about housing woes anymore, what would the motivation be to introduce new initiatives to help existing homeowners?
Have all the cards been played? What happened to that last-minute mega refinance program aimed at helping every single struggling homeowner save money on their monthly mortgage payment, even those without government-backed mortgages?
Maybe the candidates assessed the situation and decided no further action was necessary, or worthy enough to push for in order to get a few million votes.
Or perhaps they just realized it would be impossible to introduce any new measures to combat the problems, as bipartisan support would be needed.
Long story short, you got your help and you’re on your own now. That is, unless there is an eleventh hour gift yet to be unveiled.
For the record, the word “mortgage” was only uttered eight times in the first debate, and nothing noteworthy was said that time either.
There are numerous ways to invest for college students, including using brokerage accounts, or even retirement accounts like individual retirement accounts (IRAs) or 401(k)s. But there are many other things that college students should take into account before or while investing, too.
For college students, it’s never too early to start investing your money. In fact, the earlier you start, the faster you may be able to meet long-term goals such as a graduate degree, buying a house, or even retirement.
Why You Should Start Investing Early
There are a number of reasons to start investing early. Chief among them is potential return. The average annual return offered by the S&P 500 — a market-capitalization-weighted index of the 500 largest companies in the U.S. – is around 10%.
That’s considerably more than you’re likely to generate from putting your money in a savings account – even a high-yield savings account. That means that while money in a savings account is accruing interest, it’s actually losing value at the same time. Investing may help you outpace inflation and give you an extra boost towards your long term goals. 💡 Quick Tip: Look for an online brokerage with low trading commissions as well as no account minimum. Higher fees can cut into investment returns over time.
3 Ways to Invest While in College
There are numerous ways for college students to invest their money, including the use of tax-advantaged retirement accounts, and traditional brokerage accounts.
IRA
Traditional and Roth IRAs are a type of retirement account that almost anyone can open up and start contributing to. There are rules regarding how much you can contribute every year, and when you can take withdrawals (depending on the type of IRA you open), but they can be relatively easy ways to kick-start a college students’ investment portfolio.
Brokerage Account
A brokerage account allows you to make investments through a brokerage firm by depositing funds with them. Your bank may already have brokerage options, or you may consider other outside firms.
A brokerage account allows students to buy and sell stocks, bonds, mutual funds, and other assets through a brokerage firm. Be aware that selling assets can trigger short-term or long-term capital gains taxes. Short-term taxes are charged at your regular income tax rate, and long-term rates are either 0%, 15%, or 20% depending on your tax bracket.
401(k)
A 401(k) is a type of retirement account offered through an employer, though there are some versions, such as Solo 401(k)s, you can open yourself. Like IRAs, there are annual contribution limits, and traditional and Roth 401(k)s to choose from.
The money you put in the account is tax deductible and it grows tax-free while it’s invested. That said, generally, you can’t withdraw money from the account until you reach age 59 ½, or you’ll be subject to a 10% early withdrawal penalty.
Steps to Start Investing as a College Student
For college students getting started investing, there are several steps that they can take to find their footing. It starts by giving some thought to your overall financial goals, determining what you can afford to invest, and then building your portfolio.
Set Clear Financial Goals
It’s important, before you make your first investment as a college student, to give some serious thought and consideration to your financial goals. Do you want to hit a total net worth or dollar amount by a certain age, for instance? Or, do you want to save up enough to buy a home or start a family?
These are the types of financial goals you should think about. Having clear financial goals in mind before you start investing can help guide your decision-making in regard to what types of investments you make.
Determine How Much Money You Can Set Aside
With your goals in mind, you’ll want to think about how much money you realistically can set aside to invest. Odds are, you won’t be able to invest your entire paycheck – there’s rent to pay and groceries to buy, after all. But if you can free up some additional money in your budget for investing, that should help you get your portfolio started. Again, think about how much you can realistically use for investment purposes.
Choose the Right Investment Account
Knowing how much you have to invest and some end-goals in mind, you’ll need to decide what type of investment account will best help you reach those goals. As discussed, this might be a retirement account like an IRA or 401(k), or a brokerage account, which will allow you to buy and sell stocks, or even day trade, if you’d like – though most financial professionals may caution against it.
Understand Types of Investments
You’ll also want to review and deepen your understanding of the various types of investments out there. That can include a variety of asset types such as stocks, bonds, cash, real estate, commodities, precious metals, and more. Not all types will be best for each and every investor – again, it depends on your goals.
Fund Your Investments
The rubber is finally starting to meet the road! You’ll finally want to actually fund your chosen account (be it a brokerage account, etc.) and make your initial investments. This marks the start of your investment portfolio.
Tips for Investing as a College Student
Investing as a college student may seem relatively easy – particularly to get started – but it never hurts to accept some guidance. Here are a few tips for investing as a college student.
Stay Diversified
A good rule of thumb for investors of all stripes is to try and stay diversified by investing in many types of assets and asset classes. The basic idea of portfolio diversification is that the fewer investments you expose yourself to, the more risk you take on should they perform poorly.
Imagine you invest in only one stock and that company folds — if that happens, you’ve lost your entire investment. However, if you invested in 100 different stocks, one company failing would affect you far less. Diversification, however, does not eliminate all risks, including the risk of loss.
One way to stay diversified is by investing in mutual funds or exchange traded funds, which bundle groups of stocks together, essentially doing the work of diversification for you.
Avoid Emotional Investing
The market experiences natural ups and downs. As these fluctuations occur, it’s important to try to avoid letting your emotions impact your investing.
When the market makes a big dip, you may feel the urge to sell investments. However, by doing so you’re actually locking in your losses. Examine what is motivating you to sell, as it’s usually a good idea to let reason prevail so you don’t miss out on any future upturn that may take place. 💡 Quick Tip: Did you know that opening a brokerage account typically doesn’t come with any setup costs? Often, the only requirement to open a brokerage account — aside from providing personal details — is making an initial deposit.
Timing the Market vs Time in the Market
When the market is doing well, you may find yourself tempted to get in on the action and end up buying investments that are too expensive. This type of buying and selling is known as timing the market. You may want to avoid checking the market multiple times a day to help keep your emotions in check and avoid the temptation to time the market.
It might help to think of investing as a long-term proposition. The longer you allow your investments to stay in the market, the more opportunity they have to ride out downturns — and the more opportunity you have to take advantage of an upswing.
Balancing Investing With Academic Responsibilities
As a college student, you should keep your studies in mind, first and foremost. Your academic responsibilities, in most cases, should probably take precedence over your investing activity – though you should keep an eye on your portfolio and learn as much as you can about the markets, too. Everyone is different, but the main point is to not ignore your studies in lieu of watching the market fluctuate.
Investing with SoFi Invest®
Investing as a college student isn’t necessarily difficult, and there are many ways to get started. But given that college students are often working with a limited budget, there may be constraints. Even so, it’s important for relatively young investors to take advantage of the time they have on their side, as the market tends to rise over the years.
College students can look at various retirement accounts, or even a simple brokerage account to get started investing. Investing involves risk, however, which is something students should keep in mind, too. It never hurts to consult with a financial professional, either.
Ready to invest in your goals? It’s easy to get started when you open an investment account with SoFi Invest. You can invest in stocks, exchange-traded funds (ETFs), and more. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).
For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.
SoFi Invest® The information provided is not meant to provide investment or financial advice. Also, past performance is no guarantee of future results. Investment decisions should be based on an individual’s specific financial needs, goals, and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below. 1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC registered investment advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).
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Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or prequalification for any loan product offered by SoFi Bank, N.A.
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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The Philadelphia suburbs stand as beacons of charm, history and modern sophistication. Each suburb featured below paints a picture of life that’s equal parts enchanting and enviable. Whether it’s the academic air of Swarthmore, the historic tales of Doylestown, or the sweet treats of Ambler, the Philadelphia suburbs have something for everyone.
Population: 5,611
Average age: 26.7
Median household income: $71,397
Average commute time: 20,5 minutes
Walk score: 67
One-bedroom average rent: $1,870
Two-bedroom average rent: $2,320
In the picturesque landscape of Philadelphia suburbs, Bryn Mawr stands out as a gem of the Main Line. Famous for its prestigious Bryn Mawr College, this suburb offers an eclectic mix of historic charm and modern appeal. From its tree-lined streets to the iconic Bryn Mawr Film Institute, this town offers residents a refined yet relaxed environment just a stone’s throw away from the hustle and bustle of Philadelphia.
Three great apartment complexes in Bryn Mawr
Bryn Mawr’s unique blend of top-notch educational institutions, chic boutiques and great eateries make it a top choice for those seeking a touch of sophistication amidst the Philadelphia suburbs. Add to that the easy accessibility to the city and surrounding scenic spots, and it’s no wonder Bryn Mawr has become synonymous with the best of suburban living.
Population: 13,567
Average age: 38.9
Median household income: $107,087
Average commute time: 28.7 minutes
Walk score: 91
One-bedroom average rent: $2,743
Two-bedroom average rent: $3,678
Ardmore stands tall with its distinctive allure. As part of the renowned Main Line, Ardmore boasts a blend of historic significance and contemporary attractions. The iconic Suburban Square, one of the nation’s earliest shopping centers, gives residents and visitors a taste of upscale retail, mouth-watering restaurants and open-air entertainment. Yet, it’s the community spirit and tree-canopied streets that truly underscore its desirability among the Philadelphia suburbs.
Three great apartment complexes in Ardmore
Ardmore’s winning combination includes excellent schools, parks brimming with greenery and a bustling music scene anchored by the legendary Ardmore Music Hall. Proximity to Philadelphia means urban amenities are within reach, while still preserving that cherished suburban ambiance.
Population: 49,391
Average age: 40.5
Median household income: $144,205
Average commute time: 28.2 minutes
Walk score: 10
One-bedroom average rent: $1,901
Two-bedroom average rent: $2,535
Haverford shines brightly as a beacon of refined suburban living. Notably home to Haverford College, an elite liberal arts institution, this suburb exudes an air of academic excellence blended seamlessly with historic charm. The serene walking trails of the Haverford College Arboretum provide residents with an oasis of tranquility, while the high-end boutiques and cafes add a little something extra to this Philadelphia suburb.
Three great apartment complexes near Haverford
One of Haverford’s standout qualities is its commitment to preserving green spaces, evident in the beautifully maintained Haverford Reserve. Here, locals enjoy everything from sports to serene nature walks, bringing the community together in active camaraderie.
Population: 4,496
Average age: 41.1
Median household income: $128,889
Average commute time: 26.3 minutes
Walk score: 88
One-bedroom average rent: $1,800
Two-bedroom average rent: $2,100
Narberth emerges as a captivating pocket of charm and community spirit. This borough, smaller than many of its suburban counterparts, has an undeniably magnetic appeal. Its downtown, often likened to a scene from a Hallmark movie, is packed with quaint shops, inviting cafes and the unmistakable charm of the Narberth Train Station, making it a hub for locals and visitors from other Philadelphia suburbs.
Three great apartment complexes near Narberth
What really sets Narberth apart is its unparalleled sense of community. Events like the legendary Narberth Dickens Festival transport residents to Victorian England right in the heart of the Philadelphia suburbs, creating enchanting memories for families year after year.
Population: 7,425
Average age: 48.5
Median household income: $106,590
Average commute time: 25.0 minutes
Walk score: 37
One-bedroom average rent: $2,522
Two-bedroom average rent: $2,410
On the coveted Main Line, Wayne boasts an impeccable streetscape dotted with historic buildings, trendy boutiques and beloved restaurants ranging from cozy coffee shops to upscale dining experiences. The Wayne Art Center offers classes and exhibitions, making it a beacon for creativity within the Philadelphia suburbs.
Three great apartment complexes in Wayne
Wayne’s appeal isn’t just skin deep. This suburb is renowned for its events, like the Wayne Music Festival, which fills the air with melodies and draws crowds from all corners of the Philadelphia suburbs. With the added convenience of the Wayne Train Station, city amenities are just a short ride away.
Population: 5,858
Average age: 43.2
Median household income: $77,750
Average commute time: 26.0 minutes
Walk score: 60
One-bedroom average rent: $1,500
Two-bedroom average rent: $1,575
Media proudly declares itself as “Everybody’s Hometown,” and for good reason. This suburb takes charm to a whole new level, from its historic courthouse to the renowned Media Theatre, which stages some of the region’s most sought-after performances. As the only suburban town in the area with a bustling trolley running down its main street, State Street, Media is a nod to yesteryears and a testament to the conveniences of today’s world, making it stand out in the spectrum of Philadelphia suburbs.
Three great apartment complexes near Media
Beyond the trolley tracks, Media’s community-driven spirit shines brightly. Monthly events, like Dining Under the Stars, where diners savor meals alfresco in the middle of the street, encapsulate the strong communal vibe this suburb restlessly champions.
Population: 6,595
Average age: 37.0 minutes
Median household income: $128,995
Average commute time: 23.6 minutes
Walk score: 77
One-bedroom average rent: $990
Two-bedroom average rent: $2,400
Within the panorama of Philadelphia suburbs, Swarthmore emerges with an intellectual sparkle, thanks in part to the renowned Swarthmore College. This suburban gem, with its sprawling college grounds, features the breathtaking Scott Arboretum, an expansive garden that invites contemplation and leisurely strolls. Residents enjoy this verdant retreat, making Swarthmore a green oasis among the Philadelphia suburbs.
Three great apartment complexes near Swarthmore
But Swarthmore isn’t just for the academically inclined. The town center, home to the delightful Swarthmore Co-Op, brings a communal warmth that’s hard to resist. The community’s commitment to sustainability and local engagement, combined with its picturesque surroundings, ensures Swarthmore’s place as a premier destination within the Philadelphia suburbs.
Population: 18,630
Average age: 24.9
Median household income: $65,027
Average commute time: 22.7 minutes
Walk score: 74
One-bedroom average rent: $1,947
Two-bedroom average rent: $2,382
Brimming with well-preserved 18th-century buildings, West Chester has a delightful downtown that’s been recognized as one of the best main streets in the country. From gourmet restaurants to boutique shopping, West Chester is a hub of activity, making it a solid option in the large realm of Philadelphia suburbs.
Three great apartment complexes in West Chester
It’s not just the aesthetics, however, that define West Chester’s appeal. The suburb hosts a range of events, including the whimsical West Chester Restaurant Festival and the annual Christmas parade, which rivals those in much larger cities.
Population: 8,250
Average age: 48.1
Median household income: $139,270
Average commute time: 28.7 minutes
Walk score: 95
One-bedroom average rent: $1,760
Two-bedroom average rent: $2,237
As the seat of Bucks County, Doylestown boasts architecturally significant buildings, like the Mercer Museum and Fonthill Castle, which stand as reminders of its rich past. But Doylestown isn’t just about looking back. Its downtown pulses with contemporary energy, making it a favorite among Philadelphia suburbs.
Three great apartment complexes in Doylestown
Beyond its brick-lined streets, Doylestown has a lively arts scene anchored by the County Theater, where classic films and indie hits find an enthusiastic audience. Add to this mix, the engaging festivals that pepper its calendar year-round, and it’s clear that Doylestown isn’t just another name on the list of Philadelphia suburbs.
Population: 6,803
Average age: 35.6
Median household income: $74,868
Average commute time: 23.7 minutes
Walk score: 71
One-bedroom average rent: $1,269
Two-bedroom average rent: $1,579
Ambler stands out with a mix of small-town charisma and cosmopolitan flair. Known for its revitalized downtown, Ambler teems with indie theaters, like the Ambler Theater, and a range of eateries from cozy bistros to trendy bars. This zest for local arts and eats positions Ambler as a foodie’s paradise and an arts enthusiast’s haven in the lineup of Philadelphia suburbs.
Three great apartment complexes near Ambler
But what truly elevates Ambler is its community spirit. The annual Ambler Fest, with its street vendors and live music, is a great example of this and showcases the suburb’s commitment to camaraderie and local talent.
Find the Philadelphia suburb for you
The Philadelphia suburbs featured above offer a captivating blend of the old and the new, from tranquil streets to contemporary hotspots. As this exploration has shown, there’s more to these suburbs than just their proximity to the City of Brotherly Love.
Each town described above promises a life of richness, community and endless discovery. For those considering a move or simply looking for an excursion, the Philadelphia suburbs extend an open invitation to experience their magic firsthand.
When you’re ready to find the perfect apartment in the ideal Philadelphia suburb, start your search with Rent.
A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.
When you purchased your first home, it likely checked off all the boxes. But over time, perhaps your lifestyle has changed and your family has grown, and now you’ve started asking yourself, “Should I buy a bigger house?” Whether you’re looking for larger bedrooms, expanded family space or more storage solutions, buying a bigger home — or even just moving to a different layout or location — might be a change you’re ready to make.
Scott Bridges, Senior Managing Director of Consumer Direct Lending at Pennymac, says that upsizing happens frequently. He explains that a “healthy percentage of buyers are looking to buy up for space, neighborhood, school district and work proximity reasons. It’s a great pursuit and one of the more exciting chapters in one’s homeownership journey.”
Here’s how to figure out if you’ve outgrown your current home and how to determine how big a house you actually need.
The Signs You’ve Outgrown Your Home
While starting a new chapter in a bigger home may sound appealing, moving is a big decision that can come with a hefty price tag. How do you know if you’ve really outgrown your house? Bridges says the following are some of the most important items to consider.
Physical Aspects
One of the first things you’ll want to assess is the number of bedrooms and bathrooms you have versus the number you need. Bridges notes, “If your family is growing, if you have kids or parents moving in, you will need additional space for the new members of the household.”
Evolving household dynamics can also change your idea of an optimal home layout. If you currently have a one-story home, do you want to move to a two-story residence or vice versa? Do you want your children’s bedrooms on the same floor as yours? Do you need a separate entrance and living area for mom and dad or grandma and grandpa?
You’ll also want to think about your outdoor space. Bridges recommends asking yourself how much space you’ll need. For example, will you want to entertain, maybe have a pool, how much yard would you like to manage? All things to consider when looking to buy a bigger house.
Future Plans
Even if you’re comfortable in your home right now, do you foresee life events on the horizon that may lead to things getting cramped? Think carefully about your future plans and determine if they align with your current living environment. Consider the following:
Will you be having more children or expanding your family?
How long will your kids be living in the house before they leave for college or work?
Will you need a larger garage or driveway as your children get their driver’s licenses?
Do you envision an elderly parent moving in with you at some point?
Your answers to these questions will help you decide if moving to a bigger home is right for you.
Daily Life
Your home’s physical size may be the primary factor when deciding if you’ve outgrown it, but there are other lifestyle factors to consider as well. For example, do you have a short or a long commute from your current home? Bridges points out, “Most people don’t want to add significant time to their commute, even if it is for a larger home.” Others, however, may feel a longer commute is an adequate trade-off for increased space.
Or maybe you aren’t commuting as much because you work or attend school from home. Could a dedicated work area in a larger home reduce distractions?
Consider, too, the benefits and drawbacks of your present location. Even if you love your neighborhood, perhaps you want to move to a quiet, traffic-minimal cul-de-sac. Or maybe you’d like to be within walking distance of stores, restaurants or public transportation.
Quality of life is key. If your current home is causing you stress and not providing you the comfort you need, it may be time to upsize. Bridges urges, “Carefully think about how much better your day could potentially be with more space, a bigger kitchen, larger yard and more rooms.”
Considerations for Staying Put
There are many reasons why you may want or need to move to a bigger house. But that increase in square footage will likely increase your expenses and responsibilities. Here are a few reasons why staying put may be a better option for some homeowners.
Difficulty Finding a Home in Your Ideal Location
Depending on your desired location, a larger home in your price range may be difficult to find. If you want to remain in the same neighborhood or school district, you’ll have to decide whether moving away from your preferred area for a bigger space is worth the sacrifice.
Higher Costs Beyond the Mortgage
Even if you can comfortably afford your down payment and monthly mortgage payment, there are other expenses you’ll need to consider when moving to a bigger house. “If you live in an area with colder winters, understand your heating costs will go up,” Bridges says. “In a warmer climate, think Arizona and Texas in the summer, AC costs can run very high electric bills in bigger homes.”
Increased Responsibilities
A larger home requires more interior and exterior upkeep. There’s more to clean, furnish, repair, landscape and maintain, which takes time, money and energy.
Not a Guaranteed Investment
If you’re purchasing a home based on an anticipated greater return on investment, keep in mind that real estate values can be unpredictable. There’s no guarantee that your larger home will increase in value when you’re ready to sell.
Commute
Housing costs are often less the further you move away from city centers, giving you more bang for your real estate buck. But if it takes you longer to get to your job, the added time, hassles and transportation expenses may not be worth it. Bridges notes, “If you’re extending your commute to live in a bigger house in the suburbs, the drive may be just too hard.”
Financial Tips for Buying a Larger Home on a Budget
Moving involves a considerable amount of expense, stress and time. Many people try to avoid it by buying a home that will meet their needs for many years to come. However, it’s also important not to buy a house bigger than what you really need. Maintenance requirements, increased utility bills and expensive mortgage payments can be significant burdens. When purchasing a home, how can you be prepared for a growing family without overstretching your budget? Here are a few tips.
Anticipate Costs
Try your best to forecast the additional costs of a bigger home. “When you buy a larger home, you can easily anticipate your mortgage, taxes and insurance costs increasing, but many people don’t anticipate the additional costs of a larger home,” Bridges explains. “Your utilities will be more expensive, lawn and landscaping and amenities like pools will increase your monthly expenses as well. Lastly, repair costs can be much more expensive on bigger homes. Think of a roof replacement on a 2,000 square foot house versus a 4,000 square foot house.”
Consider Your Income and Employment Stability
While more space may support your plans, Bridges stresses that stability of income and employment must be part of the discussion when considering moving to a larger home. Your household income will need to cover the higher costs of owning a bigger house — now and in the days ahead.
Rent Out Your Original House for Income
It may make sense to sell your current home and use the proceeds for the down payment. But if you don’t have to do that, consider keeping it as a rental. Some homeowners move to a bigger home while renting out their old home, creating what can be a lucrative income stream in the future. Bridges advises, “Depending on how much you owe on your house, sometimes it makes sense to keep the original house and rent it out, as it can represent a good income source in the long run. Over time, real estate tends to appreciate and rents tend to rise, so holding the property as a rental can add to your overall wealth as the years go by.”
What to Look Out for When You’re Ready to Buy a Bigger House
Moving to a larger home is a significant change and takes careful thought. If you’re ready to upsize, think about how your prospective new home could adapt as your needs evolve. Bridges says that during the buying stage, homeowners with growing families often look for the following:
Bedrooms on the same floor
A bigger kitchen, a nursery or a media room
Backyard space for kids and pets
A better school district, which generally speaking, impacts home value stability
Want to start your new home search now? See how much your current home is worth, and then go beyond home affordability calculators to determine how much house you can actually afford.
Are You Ready to Move to a Larger Home?
So, should you move to a bigger home? “Every buyer has to make their own decision, as their circumstances vary,” Bridges says. Moving may be challenging, and selling is a process, but he adds, “At the end of the day, buying a bigger home might be one of the more memorable and enjoyable things you can do in your life, so don’t wait too long, if you can!”
Choosing a home that is the right size for your life today and tomorrow involves balancing both your family needs and your budget. If you’re ready to take the next step toward a larger home and are looking for expert guidance in the mortgage loan process, get a custom instant rate quote from Pennymac today.
Inside: Looking for a job that pays at least $25 per hour? This list has the best jobs that fit that description. Each job offers unique benefits and opportunities, so take a look and see if any of them match your interests and skills.
Making $25 an hour is not a pipe dream; it’s a viable reality for thousands of people worldwide.
Earning such an income not only instills a sense of financial well-being but also provides a robust platform to plan for the future.
Today, we dive into elucidating the different opportunities potential jobs offer, aligning your skills and experience with an hourly rate that feels just right for your wallet.
Hence, securing such a job is not a function of luck but more a strategic alignment of skills, passion, and industry demands. But if you’re not entirely sure about where to begin or how to hone your skills for these high-paying jobs, don’t worry.
Imagine earning smooth entry-level jobs 25 an hour, all from the comfort of your workspace. Sounds enticing, right?
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Best Jobs That Pay $25 an Hour
This section will highlight various professions across distinct fields that provide such a desirable pay rate.
Looking for jobs that pay $25 per hour? We’ve got you covered.
Whether you’re transitioning careers or just starting, this list could help you discover a role that fits your skills and experience.
1. Paralegal
A paralegal role is an excellent job choice due to the vast knowledge gained in the field of law and legal procedures.
Being a paralegal involves a variety of interesting tasks, such as helping lawyers prepare for hearings, trials, and corporate meetings.
This position is not solely monetarily advantageous, it also presents opportunities for growth and professional development in the legal sector.
Earning Potential: It offers rewarding prospects with an average pay of $25 per hour, with the potential to earn up to $40 an hour depending on experience and expertise.
2. Landscaper
Why toil in a stuffy office when the great outdoors can be your workspace? Relish the satisfaction of planting, pruning, and mowing yourself into a healthier, happier lifestyle.
Ideal for nature enthusiasts and people persons out there, landscaping combines green-thumbed work with personnel management. A knack for the outdoors and previous work experience will be your stepping stones, while a certificate in grounds maintenance can make your application stand out.
Start by volunteering in your local community gardens or offering your services to neighbors. Through this, not only will your skills blossom, but your resume will flourish, too.
Earning Potential: You can expand your lucrative landscaping journey by owning your own company and training others to be laborers.
3. Truck Driver
Why is it a top-tier job, you ask? Consider this: truck drivers are the beating heart of global commerce, pivotal figures in ensuring warehouses stay stocked and goods reach their desired destinations. Plus, you’re free of the traditional office environment.
This job is perfect for those who prefer to work alone as well as those who prefer delivery routes that often stretch into the night.
You must be over the age of 21 years old and able to pass a CDL exam. Many truck drivers to a training course to get a jumpstart in the industry.
Earning Potential: Many truck drivers start their own company and will employ a couple of rigs to make passive income.
4. Social Media Marketing
Do you have a knack for creating engaging captions or a Sherlockian eye for data? Then Social Media Marketing could be your calling.
This position, hot in demand and rewarding, calls for creativity and analytical prowess.
Why is it a top job? Well, it’s not for the adrenaline rush of its fast pace. It’s the fact that you get to put your tech-savviness to great use. Social media marketers nurture and grow brands through smart strategies and engaging content.
Earning Potential: Many people start working for someone else as a Social Media Coordinator and then go on to open up their own business.
5. Event Planners
As an event planner, you are the unseen forces behind flawless galas, memorable weddings, and standout corporate functions. If you thrive on creativity, organization, and people skills, you will ensure that each event is meticulously executed.
This role allows you to blend creativity with pragmatic decision-making: from the captivating process of selecting venues, and coordinating with caterers
It’s a dream job for you if you love putting smiles on people’s faces and making their day unforgettable.
Earning Potential: An enticing reason is its attractive pay rate: on average, $24-28 per hour, peaking up to $40, with the potential of a quick pay raise. Plus those lucrative tips!
6. Mechanical Technician
If you’re seeking a rewarding, high-paying role that gets you hands-on with varied machinery, then a Mechanical Technician career.
This role is particularly apt for those with a fascination for machinery and a problem-solving mindset. To climb the ladder to success, one needs to keenly understand how to operate and maintain industrial machines, prevent damage, and optimize performance.
So gear up to diagnose, adjust, repair, and don’t forget – your hands, mind, and machines are a team.
Earning Potential: With an average pay of $26 per hour, you can start repairing machines and set up your own company.
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7. Maintenance Technician
This job is best suited for those who enjoy diagnosing technical puzzles and are adept at hands-on solutions.
By developing a strong mechanical aptitude, attention to detail, and top-notch problem-solving skills. Remember, your primary duty is ensuring machinery and equipment operate smoothly – the backbone of any industry.
Start by checking out some free online webinars or training programs related to industrial maintenance.
This is a low-stress job that pays well without a degree.
Earning Potential: As an entry-level worker, you can start by having a vocational certification or general education diploma (GED).
8. HVAC Technician
This role is perfect for those who love hands-on work and can’t get enough of problem-solving – who wouldn’t enjoy the thrill of being an office’s last defense against an impending heatwave?
The key to thriving in this breezy career path is training – dive into an HVAC training program at a vocational school or consider an associate degree in RACH (refrigeration, air conditioning, and heating).
Earning Potential: Being an HVAC technician pays around $25.75 an hour, which will keep your bank balance healthily ‘ventilated’. By having experience, your hourly wage can increase more.
9. IT Support Specialist
If terms like configuring, maintaining, and troubleshooting tech equipment are your weekend chat topics, you’re the perfect match for this.
Thanks to Google’s free certification program, you can start this job by having online training in your spare time.
Start your journey by heading over to Google’s free IT certification program today. Master the IT realm, earn well, and enjoy your work- the trifecta is right there!
Earning Potential: An IT Support Specialist has an average above $25 an hour wage and could rise to $51 an hour for having experience.
10. Day Trader
By poised as a top job due to its flexibility and potential for high earnings, day trading allows you to take full control of your income by making well-informed decisions about the financial market.
It’s perfect for those with an acute mind for numbers, an unflappable nerve, and those who enjoy working from the comfort of their study.
All it takes to get started is some knowledge about the stock market – something you can easily acquire by attending a free webinar or training, which is accessible online!
Of course, remember the golden rule – never invest money you can’t bear to lose. Now, conquer the finance world, one trade at a time!
Earning Potential: By having the eagerness to be a learner and acquire more knowledge about this job, you can earn way higher than you thought. But, there will always be a risk when trading stocks.
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11. Bartender
This job is perfect for friendly individuals! As you’re the life of the party.
Your life will be as vibrant as a well-mixed cocktail—chock-full of lively conversations and new friendships.
Bartending has a steep learning curve, but the payoff is big as it is a job that pays weekly and even daily. Know your spirits, perfect your pour, and master the mix—each skill is a toast to your increasing bank balance.
So, roll up your sleeves, flash that charismatic smile, and prepare to shake things up in the bustling world of bartending.
Earning Potential: With an entry-level job—at a local pub or a fine dining restaurant, you’ll get paid handsomely, at least $25 an hour.
12. Mechanic
The job is a perfect blend for those with a knack for solving complex issues and have the stamina to be on their feet for prolonged periods.
If you’re not averse to the roar of engines and the smell of oil, you might be the grease monkey we’re looking for.
This job is perfect for dipping your toes in oily water. So, go ahead, rev up your career with a mechanic job!
Earning Potential: Personally, my independent auto mechanic makes way more than $25 an hour, but he has years of expertise and opened his own shop.
13. Transcription
Transcription suits anyone craving flexibility or looking to dip their toes into fields like legal, medical, and entertainment.
To shine, you’ll need to master speed, accuracy, and the art of capturing every ‘um’ and ‘ah.’ Noise-canceling headphones and a quiet workspace are your best friends.
Kickstart your move to transcription with free training like a mini-course to see if you like it. Gain insights into making money and build your portfolio.
This high-demand job needs skills you convert audio into text.
Earning Potential: By working remotely as a transcription, you can earn an impressive $25 an hour or more.
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14. Accountant
Start your second act as an accountant today. The balance sheets await your expertise.
By aiding your clients in reviewing their financial information, preparing tax and finance documents, and updating their changes in tax laws or governmental regulations. Certified Public Accountants (CPAs) can earn exceptionally well.
The longer you’re in the industry, the more you can be able to demand potential compensation for your service. Just by conducting audits, successful financial and bookkeeping strategies. CPAs perform a pivotal role that justifies their earnings.
Earning Potential: Right now, there is a severe shortage of accountants graduating from college. So, your earning potential will substantially increase with each year of experience, and possibly earn up to $50 an hour.
15. Proofreader
Proofreader is an ideal job for detail-oriented individuals with a passion for perfect punctuation, splendid spelling, and grandiose grammar.
Did you get a degree in English or similar? Perfect! But remember, while it helps, it isn’t a must-have.
It’s an excellent stepping stone for a stay-at-home parent or anyone seeking to make some extra cash it is one of the best jobs for moms. So hop on the proofreading wagon and ride your way to a more profitable future!
Earning Potential: Just by sitting and reading on your couch, you can now hop on and start earning $25 an hour depending on experience.
16. Recreational Therapist
Bring great immense job satisfaction by improving the lives of those grappling with illness and disability.
To get started, all you need is a bachelor’s degree in recreational therapy and then obtain a Certified Therapeutic Recreation Specialist credential.
So, why wait to become an everyday hero with a salary that smiles back at your bank account?
Earning Potential: You can earn more than $25 an hour by being a Certified Therapeutic Recreational Therapist.
17. Dental Assistant
Do you have strong communication skills, and the ability to partake in a hands-on career?
Just sterilizing equipment or lending a diligent hand during treatments will be part of your daily grind. Ensure every instrument screams ‘clean’ before the dentist reaches for it.
To become a dental assistant, you typically need to earn a certification or diploma through a dental assisting program, which often takes about a year to complete.
On-the-job training may also be required, during which you’d learn about dental procedures, patient care, and office duties under the supervision of a dentist.
You may have found the tooth fairy’s best job yet! Dive in!
Earning Potential: With a wage average of $19 an hour and earning up to $25 just being a Dentist Assistant.
18. Certified Nursing Assistant
Have a career dream to dive into the healthcare industry? Familiarize yourself with basic health practices, hygiene, and safety procedures.
Start your journey as a Certified Nursing Assistant by attending to patients, assisting nurses, and providing emotional support to everyone. You will have to start a training program, but thankfully there are many to choose from.
Earning Potential: This career pays more than $25 an hour and might increase through experience and skills.
19. Housecleaners
According to Zippia, 48.9% of the housecleaner’s qualification is to have a high school diploma, but experience could help. You must have a strong understanding of cleaning procedures and practices.
Also, you can consider taking a course to learn about safety guidelines and recommendations.
Other important attributes include attention to detail, physical stamina, and excellent time management skills.
Earning Potential: Whether you’re a single mom or a high school graduate, you can potentially earn up to $25 an hour.
20. Nanny
Fascinated by child psychology or studying pedagogy? Or just love kids? Then, this job is tailored for you; it offers both consistent income and practical field experience.
Getting started can seem daunting, but it doesn’t have to be. Step into the kiddie world, it might just be the best move you make. Where you are not required to pass any school diploma.
You can find plenty of nanny gigs on Sittercity.
Earning Potential: If being a nanny is just a child game then I want in and earn up to an incredible $1000 to $1100 a week.
21. Delivery Drivers
Welcome to the job of a delivery driver, a blend of independence and earning potential on wheels. When you are good at your job, you don’t have customers wondering how late does Amazon deliver.
This career is a perfect fit for introverts who prefer their own company, the job offers flexibility with the ability to set your hours.
But, keep in mind that larger roles, such as FedEx, may require truck driving experience, the ability to lift heavy boxes, and the completion of a few additional checks.
Earning Potential: Most delivery drivers for FedEx and UPS are union workers. Thus, they have the union to fight for pay increases. Plus you can increase your salary by moving up in the ranks.
22. Licensed Plumbers
Get ready to hop into commercial, residential, and industrial projects, working flexibly based on your schedule.
If you love problem-solving and can handle the occasional wade through the muck, then this amazing career is for you! Don’t worry about your expertise level; It’s the perfect time for you to dip your toes into the world of plumbing.
Earning Potential: Don your gloves, grab your tool kit, and join the ranks of expert plumbers making upwards of $25 an hour.
23. Athletic Trainers
Are you into sports and fancy being in the thick of the action?
You are considering becoming an Athletic Trainer – a well-paid role that combines both your passions brilliantly. Then, get to work closely with athletes, which means you’re right at the heart of the sports action.
You’ll need to be certified and licensed in healthcare to offer your professional services. The ball’s in your court!
Earning Potential: Earning about $25 per hour, it’s among the few amazing careers that can up your game financially and health-wise. Also, it may take you to the Super Bowl as the team’s athletic trainer!
24. Customer Service Managers
So, you’re a people person with a knack for solving problems? Consider a job as a Customer Service Manager.
This job is best for ambitious, empathetic individuals who love making a difference in customer experience, enhancing team performance, and ensuring business profitability.
Want to up your game? Brush up on customer relationship tools like Hubspot or project management tools like Asana. Then, prepare to rule the customer service realm as an expert Customer Service Manager.
This can be a great non-phone work-from-home job as many customer service requests are handled through chat and email.
Earning Potential: One of the amazing careers that pay a satisfying $25 per hour, it’s a chance to flex those crucial customer service muscles while managing a team.
25. Freight Broker
With an average pay topping most traditional roles, this often-overlooked profession is a gem amidst the rubble.
Here’s why: Despite its lucrative nature, competition in freight brokerage is surprisingly low.
Jumpstart your journey with a free webinar or training – there are many available online. This will equip you with vital information about the ins and outs of the role and the industry.
Earning Potential: You will be surprised to learn what a freight broker’s salary can be.
Freight 360
Designed as a 101-level course on freight brokerage, you’ll learn the basics of freight brokering in this online course.
This course is designed for freight brokers in any setting, regardless of their employment status.
This course is designed to help you source more leads and move more freight. Or even start your brokerage!
Start Now
FAQs
Have you ever dreamt of earning $25 an hour with flexible hours at your convenience?
The list above are some of the jobs that can earn $25 an hour. However, try to evaluate yourself if the requirements perfectly suit you. By having skills and experience on the said job you can ace up and boost your chances of getting one of the high-paying jobs above.
Unlock and upgrade your skills now by attending any training that aligns with your dream job. Be able to receive a rewarding amount of earnings in your pocket!
These amazing careers above can fetch you at least $25 per hour. Start earning big and turn your dream into your paycheck.
Improving your skills through attending training, updating certificates, and seeking additional knowledge in your field. Plus, It increases your chances of landing a job that pays $30 an hour.
Actively applying for new jobs, particularly those that value your enhanced skills, can open the door to higher-paying opportunities potentially enabling you to reach that $30 an hour wage.
So master the craft, build your credibility, and let your work do the talking.
The ball is in your court now. Step up and start crafting your destiny, one skill (and dollar) at a time. So, start attending any training that is aligned with the career you’re looking for.
Find out what should I do for a living. Sign up for a free webinar or training. Sites like Udemy and Coursera offer a plethora of free courses to help you fine-tune your skills or discover new ones.
Which Applications will you Submit for jobs paying 25 an hour?
The possibilities in today’s remote job market are exhilarating. Amid the myriad of options, some rake in at least a solid 25-dollar-an-hour job.
Begin by brushing up on your skills or discovering new ones through free webinars or training sessions that align with your chosen profession to increase your qualifications. Make sure your resume is polished and start applying to suitable jobs in your field. The next step is nailing that job interview.
Thus, finding and applying for such lucrative positions is not just an aspiration for a better standard of living, but a practical step towards improved financial stability.
Remember to job-seek smartly and relentlessly. The end game is finding that perfect remote job – working on your terms, from your comfy corner of the world, and padding your bank account one $25 hour at a time. It’s time to get cracking!
Know someone else that needs this, too? Then, please share!!
Online banking has made managing money easier than ever. However, it has also led most people to rely solely on digital assets.
Precious metals are a popular investment choice for people wishing to buy a tangible asset that retains its value over time. In particular, gold and silver generally maintain their value even when the stock market faces major financial fluctuations.
They also do well in times of inflation and political uncertainties. When traditional stocks fluctuate due to these external factors, precious metals only become more valuable.
Investors who prefer a hands-off approach have the option of purchasing gold and silver stocks. These stocks are traded daily just like any other stock. However, many people prefer to keep a physical store of their precious metal.
While relatively illiquid, buying physical gold and silver is typically viewed as a long-term investment. It’s certainly a practical option if you’re concerned about inflation or the future of fiat currency.
Best Places to Buy Gold and Silver Online
eBay and Craigslist are both great places to start. But unless you’re confident that you’re dealing with a reputable seller, you might want to look into other sites that specialize in precious metals.
To help you find the best place to buy gold and silver, we’ve compiled a list of the best online gold dealers.
Money Metals Exchange
Money Metals Exchange, or MoneyMetals.com, has received several accolades, including the “Best Overall Gold Dealer” by Investopedia.
They’ve also done over $2 billion in transactions.
Money Metals Exchange has an A+ rating from the BBB. They offer 24/7 online support, indicating a strong commitment to customer service.
Products include gold, silver, rhodium, palladium, and platinum. You can also invest in a self-directed precious metals IRA.
You can often find great deals and promotions on Money Metals Exchange, so it’s a site you may want to bookmark.
Silver Gold Bull
Silver Gold Bull offers a suite of services for their customers. In addition to buying and selling through the company’s website, you can also store your hard assets in their secure facilities.
Another helpful feature is an automated spot alert. You can get up-to-the-minute data on where prices are throughout the day and buy when they hit your target price.
Plus, the Silver Gold Bull sales team is full of seasoned veterans, so you can get answers to your questions from people who truly know their stuff.
The company sells a wide range of gold, silver, platinum, palladium, copper, and collectibles online and over the phone.
Gainesville Coins
With an A+ rating from the Better Business Bureau, Gainesville Coins has been keeping customers happy for more than ten years.
In fact, the company has also received a five-star rating from the National Inflation Association—the only bullion dealer to receive such a distinction.
You’ll find a wide selection of gold, silver, platinum, and other metals like copper, palladium, and rhodium on the Gainesville Coins website.
The company also sells pre-1933 gold and has an extensive clearance section with time-sensitive deals. In addition, you can calculate shipping based on your zip code and items placed in your cart. Only Florida residents pay sales tax on their purchases.
Gainesville is one of the best places to buy gold online.
Golden State Mint
Golden State Mint is a trusted source for premium precious metal products, providing buyers direct access to top-notch items straight from the manufacturer.
With 40+ years of experience, the company inspects each piece with precision before shipment, ensuring its authenticity and quality.
Customers can rest assured that all products are brand-new, never previously owned or circulated.
Investing in precious metals for retirement? Golden State Mint offers expert support in establishing an IRA account, stocked with an array of products that fully comply with IRS standards.
Whether you’re a seasoned pro or just starting out, Golden State Mint is committed to helping you achieve your investment objectives through purchasing physical gold and silver.
Provident Metals
What started as a precious metals trade show business has launched into one of today’s largest online bullion dealers.
Provident Metals holds several professional memberships. These include the American Numismatic Association, the Professional Coin Grading Service, and the Numismatic Guaranty Corporation.
Provident’s collections include gold, silver, copper, platinum, and palladium, with an extensive selection of each one. In addition to coins, rounds, and bullion bars, Provident Metals also sells U.S. and foreign coins, wholesale products, and IRA bullion products.
You’ll appreciate the company’s attentive service and timely delivery. And if you order $99 or more, shipping is free; otherwise, it costs just $5.95 to ship.
APMEX (American Precious Metals Exchange)
APMEX is one of the largest online dealers in the world, which allows it to pass along savings to its customers. This is due to the sheer volume of business it does each day. Not only can you buy silver, gold, and other metals, you can also sell or trade from your current holdings.
The selection is huge, covering the major precious metals, historic gold coins, “elite” coins, old banknotes, and foreign coins. It also has an extensive collectibles section with rare coins and currency from around the world.
Scottsdale Mint
Scottsdale Mint (formerly Scottsdale Silver) focuses on silver and gold while also offering each in different collectible series. They sell both types of metal in coins, bullion bars, and rounds, with a particular premium set on artistic minting.
For example, some recent popular collectible sets include a Vikings series and a Godfather set featuring images from the iconic movie franchise.
To qualify for free shipping with insurance, you must make a minimum purchase of $500. This may seem steep compared to some other companies providing free shipping at $99. However, much of the allure of Scottsdale Mint comes from the company’s creative minting process.
JM Bullion
Shipping is free on all JM Bullion orders over $199. They sell physical gold, silver, platinum, and other bullion that arrive directly at your door. They inspect every inventory item to ensure only quality products are sold. Payment options include Visa, MasterCard, PayPal, PayPal Credit, bank wires, paper checks, and Bitcoin.
JM Bullion is fully accredited at both state and federal levels. They also have reliable customer service that you can reach via phone or 24-hour Live Chat. Sign up for email, and they will mail you exclusive sales and promotions.
Kitco
Kitco has many precious metal types, including gold, silver, palladium, platinum, and rhodium.
The website also provides a slew of data and news to help you with your portfolio decisions. You can even download apps for gold news, market alerts, and scrap value calculations for your smartphone.
GoldSilver.com
As its name implies, GoldSilver solely sells gold bars, coins, and jewelry and silver bars and coins. They also sell products such as safes and storage containers. You can also create an account to sell back your gold bullion, gold coins, and silver bars through the website.
There’s a flat rate shipping fee of $25 for any order under $500. Otherwise, shipping, handling, and insurance are free. In addition to traditional payment options, GoldSilver also accepts PayPal.
Silver.com
Don’t be fooled by the name. While Silver.com could be the best place to buy silver online, they also sell various gold, platinum, and copper products. In addition to government mints, you can also find gold coins, gold bullion, silver coins, silver bars, and more from private domestic and foreign mints.
The order threshold for free shipping is high at $3,000, but their tiered flat rate shipping fees are reasonable. Smaller orders up to $299 cost just $4.95 for shipping and insurance. The highest tier of orders from $1,000 to $2,999 cost just $9.95.
SD Bullion
Silver, gold, platinum, and copper comprise SD Bullion’s core product line, with coins, bars, and rounds from around the world.
They also sell lead bullion in the form of ammo as well as vaults, survival food, and herbal medicine. In addition, SD Bullion offers weekly specials and currently has a promotion for all orders shipped at just $7.77.
Texas Precious Metals
Texas Precious Metals offers several unique features, including the ability to sign up for limit orders. For example, you can automatically place a standing order if gold or silver reaches your desired value.
All orders ship for free using UPS Next Day Air, and all orders ship within three business days of payment. The website offers a curated selection of gold coins, gold bars, silver coins, silver bars, and pre-1933 gold.
Golden Eagle Coins
Golden Eagle Coins is a place for gold and silver investors and collectors alike. Take one look at their website, and you’ll see why — their inventory is enormous.
Prices are updated in real time as their quotes come directly from the commodities exchange. This is a great site to use if you are researching when to buy.
Shipping is free on orders $99 and over. Also, be sure to check out their bi-monthly blog for new items and savings.
Gold Dealer
Quoted on CNN, CNBC, and PBS, Gold Dealer offers a complimentary newsletter written by industry masterminds Ken Edwards and Richard Schwary.
They have a physical office moments away from LAX. However, if you don’t want to travel to Los Angeles, you can visit website instead. It has everything you’d expect from a reputable gold dealer.
Gold Dealer offers free, insured shipping on every order. Their low prices are the result of reducing operating expenses over time.
Monarch Precious Metals
Monarch Precious Metals is a newer company established in 2008 to help with the immense public demand for gold bullion. They only use quality metals, so anything you buy from them will be .999+ fine.
They triple-check the weight of every bar they ship. If it is ever underweight, they re-melt it. If it’s ever overweight, it’s a win-win for you because they always let it pass and ship it as is.
Everything is custom hand-poured and marked in the old way, giving their metals a unique, old-fashioned look. They accept all methods of payment except PayPal, and every order is properly insured.
CMI: Gold & Silver
An A+ Accredited Business, CMI is located in Phoenix, Arizona. However, CMI will buy and sell precious metals online to investors all over the United States.
Its president, Bill Haynes, considers it his responsibility to educate the public about the dangers and benefits of buying gold and silver products.
He regularly updates his blog on global factors that influence the prices of metals. It’s a helpful resource for determining when to buy.
With solid prices, IRAs, and a plethora of educational material to read, CMI should be a website you routinely check if you are a serious investor.
BGASC: Buy Gold and Silver Coins
With thousands of positive customer reviews, it’s not hard to realize why BGASC is an A+ BBB accredited business. They offer free shipping on orders $99 and up. Every order is insured while in transit. Additionally, they always ship your order the next business day.
BGASC is one of the largest coin and bullion dealers in the US. They sell nearly every type of US coin ever made. They also have a large selection of mints from other countries, such as China, Mexico, and Canada.
The Basics of Precious Metals
Before buying gold or silver, it’s important to understand the different forms they come in. Each type has its pros and cons. Some people focus on one kind they prefer, while others create a diverse mix of different kinds. Before you buy precious metals, figure out which strategy is best for you.
Silver
Let’s start by talking about silver. Typically, you can buy silver either in the form of bullion or junk silver. Silver bullion refers to silver as a bar, coin, ingot, or round.
Silver Coins
The most popular silver coins you’ll come across are as follows:
American Silver Eagle
Canadian Silver Maple Leaf
British Silver Britannia
Mexican Silver Libertad
Austrian Silver Philharmonic
South African Silver Krugerrand
Australian Silver Kangaroo
Chinese Silver Panda
Junk Silver
Junk silver, on the other hand, is any type of old U.S. currency containing real silver. Any U.S. half-quarters, quarters, or dimes minted before 1965 are considered junk silver. However, in reality, they aren’t very junky at all.
You can sometimes find junk silver below the spot price. This can often allow you to start with a profit on your investment.
Silver Rounds
Silver rounds are privately minted silver pieces shaped like coins but produced by private mints. They are not government minted or legal tender, so they are not referred to as coins. The most popular silver round is the American Silver Buffalo. However, Scottsdale Mint also produces some beautiful rounds called “Omnia.”
Gold
Gold also comes in bars and coins, each one giving you a different type of entry point into precious metal investing. Buying gold coins is the easiest way for gold investors to start because you can begin by just purchasing a few at a low price point.
Gold Coins
The most popular gold coins to buy are as follows:
American Gold Eagle
Canadian Gold Maple Leaf
British Gold Britannia
British Gold Queen’s Beast
Mexican Gold Libertad
Austrian Gold Philharmonic
South African Gold Krugerrand
Australian Gold Kangaroo
Chinese Gold Panda
Gold Rounds
Similar to silver rounds, the most popular is the American Gold Buffalo.
Perhaps you’re stocking up as a hedge against inflation or to use as currency in a potential crisis. If so, you’ll find that coins of any type (gold or silver) will be easier to barter with than bars.
If you decide to buy bars, you can get them in different sizes to suit your space or budget. For example, you can purchase 1 to 10-ounce gold bars or up to 100-ounce silver bars. You can even find bars at just a fraction of an ounce if you want to start small.
One of the most significant advantages of this tactic is that you get the lowest premium when you buy larger bars. So while they might not be as easy to sell when you’re ready, you’ll get a better value if you can make that large of an investment upfront.
Copper
While silver and gold are the most popular, there are other precious metals to consider as well. For example, copper also comes in bars, rounds, and coins and is very affordable for novice investors.
Some experts believe it’s a wise investment opportunity because of its rising demand and shrinking supply.
Platinum and Palladium
Platinum is perhaps the most precious of all metals. It’s 15x rarer than gold, and its value exceeds that of gold. Platinum is usually sold as coins minted in the U.S., Canada, or Australia.
Palladium is similar to platinum in its properties and is actually 30x rarer than gold. Because these metals are so rare, not many people invest in them. However, a growing number of investors are adding them to their portfolios. It’s something you may want to consider as well.
Gold and Silver: Frequently Asked Questions
Where is the best place to buy gold?
The two best places to buy gold are online retailers and local coin shops.
Online retailers, such as the ones we’ve listed above, offer a wide selection of gold coins, bars, and rounds at competitive prices. These retailers often offer free shipping and insurance, making it easy and convenient to buy gold from the comfort of your own home.
Local coin shops are another great option if you want to prefer gold in person. These shops often have a knowledgeable staff who can help you find the right gold products for your needs and budget. You may also be able to negotiate on price of the gold.
Where is the best place to buy silver?
The best place to buy silver is typically also the best place to buy gold: online dealers and local shops. These options provide a wide range of products to choose from and allow you to compare prices and quality before making a purchase.
Online dealers offer the convenience of shopping from home, while local shops provide the advantage of in-person interaction with knowledgeable staff who can answer your questions and guide you towards the right products for your investment goals.
Whether you want to buy silver coins or silver bars, these options typically offer competitive prices, flexible shipping policies, and convenient payment options.
We recommend checking out at least a few of the best online gold dealers we mentioned above, regardless of what your needs are. Compare prices, selection, and shipping policies on numerous sites.
What is the cheapest way to buy gold and silver?
The most cost-effective method of acquiring gold and silver is by buying bars. They tend to have smaller markups compared to spot prices compared to coins, due to their lower production costs.
Buying in bulk is also a smart way to lower the cost per ounce as many online dealers offer discounts for larger purchases.
Is it safe to buy gold and silver online?
Buying precious metals online is as safe as any other transaction you make online. It’s also just as safe to buy online is as it is to buy from a physical retailer. The key is to buy gold and silver from a reputable gold dealer.
Is it better to buy gold coins or bars?
There is no right or wrong answer to this question. It depends on your situation, your needs, your budget, and what you prefer. As mentioned, it’s typically cheaper to buy gold bars. However, you will most likely get a better value from gold coins when it comes time to sell your gold.
Gold and silver coins and small bars offer more flexibility when it comes time to sell. Owning smaller units of gold and silver allows you to sell only a portion of your precious metals instead of your whole portfolio.
How much gold and silver should I own?
Experts recommend holding 5-25% of your net worth in precious metals. However, it depends on your goals, your situation, and risk tolerance. Precious metals can be a great addition to your portfolio as long as you know why you’re adding it.
Can I store gold at home?
Storing gold in your home offers a sense of security and privacy for your valuable assets. As a form of wealth preservation, it provides complete control without the need for outside storage. However, it’s crucial to be mindful of potential security threats and to ensure your assets are adequately insured.
To mitigate these risks, it’s advisable to implement a secure storage system. Ultimately, home storage is a viable solution for individuals who value personal ownership and control of their gold holdings.
There is a sinking feeling in your gut that comes with credit card debt, especially when it starts to feel unmanageable. While negotiating a credit card settlement might not sound like a fun solution, there are scenarios when it may make sense. Let’s dive in.
The Difference Between Secured and Unsecured Debt
First, let’s talk about the type of debt a credit card typically is. When a credit card company issues a credit card, it’s taking a big chance on getting its money back, plus interest. It’s more than likely that the credit card you have is considered “unsecured.”
All that means is that it isn’t connected to any of your assets that a credit card company can seize in the event that you default on your payments. Essentially, the credit card company is taking your word for it that you are going to come through with the monthly payments.
Secured debt works a bit differently. They’re backed by an asset, like your car or home. If you default on a secured debt, your lender could seize the asset and sell it to pay off your debt. Mortgages and auto loans are two common types of secured debt. 💡 Quick Tip: With lower fixed interest rates on loans of $5K to $100K, a SoFi personal loan for credit card debt can substantially decrease your monthly bills.
Credit Card Debt Negotiation Steps
The process of negotiating credit card debt usually begins when you have multiple late or skipped payments — not just one. A good first step is to find out exactly how much you owe, and then research the different options that may be available to you. Examples include a payment plan, an increase in loan terms or lowered interest rates.
Once you have that information, you’re ready to negotiate. You can start by calling your credit card company and asking for the debt settlement department. Or, you can send a note by email or regular mail.
You may have to go through a number of customer service reps and managers before striking a deal, but taking the initiative can show creditors that you are handling the situation honestly and doing what you need to do.
When you do reach an agreement, be sure to get the agreed-upon terms in writing.
Types of Credit Card Debt Settlements
Lump Sum Settlement
This type of agreement is perhaps the most obvious option. Essentially, it involves paying cash and instantly getting out of credit card debt. With a lump sum settlement, you pay an agreed-upon amount, and then get forgiveness for the rest of the debt you owe.
There is no guarantee as to what lump sum the credit card company might go for, but being open and upfront about your situation could help your cause.
Workout Agreement
This type of debt settlement offers a degree of flexibility. You may be able negotiate a lower interest rate or waive interest for a certain period of time. Or, you can talk to your credit card issuer about reducing your minimum payment or waiving late fees.
Hardship Agreement
Also known as a forbearance program, this type of agreement could be a good option to pursue if your financial issues are temporary, such as the loss of a job.
Different options are usually offered in a hardship agreement. Examples include lowering interest rate, removing late fees, reducing minimum payment, or even skipping a few payments.
Why a Credit Card Settlement May Not Be Your Best Option
Watching your credit card balance grow each month can be scary. Depending on your circumstances, a settlement may be the best solution for you.
However, it’s not without its drawbacks. For starters, a settlement may result in your credit card privileges being cut off and your account frozen until a settlement agreement is reached between you and the credit card company.
Your credit score could take a hit, too. This is because your debt obligations are reported to the credit bureaus on a monthly basis. If you aren’t making your payments in full, this will be noted by the credit bureaus.
That said, by negotiating a credit card settlement, you may be able to avoid bankruptcy and give the credit card company a chance to recoup some of its losses. This could stand in your favor when it comes to rebuilding your credit and getting solvent again.
Solutions Beyond Credit Card Debt Settlements
Personal Loan
Consolidating all of your high-interest credit cards into one low-interest unsecured personal loan with a fixed monthly payment can help you get on a path to pay off the credit card debt. Keep in mind that getting a personal loan still means managing monthly debt payments. It requires the borrower to diligently pay off the loan without missing payments on a set schedule, with a firm end date.
For this reason, a personal loan is known as closed-end credit. A credit card, on the other hand, is considered open-end credit, because it allows you to continue to charge debt (up to the credit limit) on a rolling basis, with no payoff date to work towards. 💡 Quick Tip: Before choosing a personal loan, ask about the lender’s fees: origination, prepayment, late fees, etc. SoFi personal loans come with no-fee options, and no surprises.
Transferring Balances
Essentially, a balance transfer is paying one credit card off with another. Most credit cards won’t let you use another card to make your payments, especially if it’s from the same lender. If your credit is in good shape, you can apply for a balance transfer credit card to pay down debt without high interest charges.
Many balance transfer credit cards offer an introductory 0% APR, but keep in mind that a sweet deal like that usually only lasts about six to 18 months. After that introductory rate expires, the interest rate can jump back to a scary level — and other terms, conditions, and balance transfer fees may also apply.
Credit Consumer Counseling Services
Credit consumer counseling services often take a more holistic approach to debt management. You’ll work with a trained credit counselor to develop a plan to manage your debt. Typically, the counselor doesn’t negotiate a reduction in debts owed. However, they may be able to have your loan terms increased or interest rates lowered, which would lower your monthly payments.
A credit counselor can also help you create a budget, offer guidance on your money and debts, provide workshops or educational materials, and more.
Many credit counseling agencies are nonprofit and offer counseling services for free or at a low cost. You can search this list of nonprofit agencies that have been certified by the Justice Department.
The Takeaway
When credit card debt starts to become unmanageable, negotiating a credit card debt settlement may be an option to consider. There are different types of settlement options to consider. Understanding what’s available to you — and what makes sense for your financial situation and needs — can help you make an informed decision. If a settlement isn’t right for you, there are other solutions, such as a personal loan or credit counseling services, that may be a better fit.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
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.
Home equity is one of the main benefits of owning a home. Renting puts money into a landlord’s pocket, but owning a home helps you increase the value of your investment over time. When you do build home equity, it opens up cash-out options that can be used for home improvements, education expenses, paying off debt or other projects.
How can you tap into this valuable equity and turn it into cash? Typically you can access equity through a second mortgage, such as a home equity line of credit (HELOC) or a one-time home equity loan, or by using an alternative option like a cash-out refinance.
Let’s take a look at what a HELOC is, how it works and how it differs from other products that allow you to take advantage of the equity you’ve built in your home, like a home equity loan or cash-out refinancing.
What Is a Home Equity Line of Credit (HELOC)?
A home equity line of credit allows you to take out funds based on your home equity and pay it back with a variable interest rate. You can think about it as a credit card: Homeowners have access to a credit line that they can take from and pay back while using their home equity as collateral if they’re unable to make payments. Essentially, HELOCs enable homeowners to borrow against their own home equity.
Generally speaking, HELOCs have lower interest rates compared to similar options, like home equity loans or personal loans. That said, because HELOCs use variable rates, the interest rate will change based on certain benchmark rates and the current market. This, along with the amount of money you’ve spent using the line of credit, will determine your payments.
Although Pennymac does not currently offer HELOCs, we are available to answer any questions you have about how they work or what your other options are. Don’t hesitate to get professional advice. Contact a Pennymac Loan Expert to determine just what you should be doing with your home equity.
How to Qualify for a HELOC
To qualify for a HELOC, you will need a sufficient amount of equity in your home, a good credit score and low debt-to-income (DTI) ratio. Here are some tips to help you start the HELOC process and increase your qualification chances.
Start Building Home Equity
Since you usually need at least 15-20% home equity to qualify for a home equity line of credit, start prioritizing increasing the value of your home. You can build your equity by making slightly larger payments on your principal balance for your current mortgage. You can also consider refinancing your existing mortgage into a shorter-term mortgage.
Know Your Credit Score and History
Your credit score affects your eligibility for a HELOC, similar to when you were a first-time homebuyer applying for a mortgage. Most lenders require a credit score between 580 and 620, although that is ultimately dependent on the type of loan you choose and other qualifying factors.
Decide Why You Need the Funds
You don’t want to be casual with your HELOC spending, so be specific and intentional with borrowing by having a plan in place. While you may use a HELOC to have flexible on-hand funds, that doesn’t mean you should be careless. Set boundaries from the beginning on what you can and can’t spend these funds on, how often you want to make payments, etc.
People often use a HELOC to pay for home renovations, debt consolidation, education and special events, like weddings.
Do Your Research
Talk to multiple lenders, compare rates and benefits and read reviews. Look for a credible lender who is upfront about fees, timelines and other expectations. When deciding who to work with, it’s important to carefully evaluate the HELOC’s fees and terms and the lender’s reputation.
You’ll also want to know the following:
The length of the draw period, i.e., how long you’ll be able to access the funds
The period of time you’ll have to pay the remaining balance after the draw period ends. Sometimes terms can be 15 years and you may have a steep payment.
Is the interest rate fixed once you can no longer access the credit line
Understand Typical Contracts and Look for Fees
Understand the terms of your HELOC agreement. Are there prepayment penalties that prevent you from paying off more of your credit during the draw period? Is there a minimum amount you have to take out, and does it make sense to take out that much with your financial goals? Are there annual fees? What about application fees? Make sure you know the overall cost before signing a contract.
Know Your Debt-to-Income Ratio (DTI)
The debt-to-income ratio is the percentage of your monthly income that goes toward your current debt. Keep in mind that you can only have so much debt before lenders no longer consider you eligible. Paying off debt is a good way to show lenders that you know how to manage your money. Having too much debt, especially compared to your income, will indicate to lenders that you can’t sustain a line of credit with interest. Lenders typically look for your DTI ratio to be less than 43-47%. Reach out to a licensed loan officer who can help you figure out where you stand.
What Can You Use a HELOC For?
Essentially, homeowners can use a HELOC for whatever they need to, though it’s not wise to use these funds for nonessentials or day-to-day expenses. HELOC funds are best used for the following:
Home improvement. Home improvement is one of the best uses of HELOC funds. From renovations to additions, projects that increase the value of your home also help contribute to your home equity. Plus, there are potential tax deductions for certain home improvement projects.
Emergency funds. If you find yourself without a job or facing other emergencies, HELOCs are a good source of revolving funds that can be carefully managed, even in the draw period. Because interest doesn’t accrue on unused funds, you can use and pay off only what you need.
Debt consolidation. Though you should be careful not to generate more unnecessary debt, you can use a home equity line of credit to consolidate current credit card debt. Instead of dealing with high-cost credit card loans, you switch to a low-cost line of credit.
Medical bills. Medical bills can add up quickly, especially for unexpected or ongoing health concerns. People often take advantage of the low cost and low interest rates of HELOCs for these types of health expenses.
Education costs. Some people also use a home equity line of credit to pay off student loans or pay for tuition, especially because HELOC interest rates can be lower than student loan interest rates.
How Much Can You Borrow?
Even if you have substantial home equity, most lenders only allow you to take out some of what your home equity is worth.
Typically, you can use up to 85% of your home equity value, though it could be less depending on your financial history and other personal qualifications. Factors that influence your overall eligibility, how much you can borrow and the interest rate you may qualify for include:
Credit score and credit history
Current debt
How much home equity you have
Reliable income
Payment history
How to Pay Back a HELOC
A home equity line of credit is paid back with interest on whatever you take out of your revolving funds. However, HELOCs have a unique two-phase repayment method. These two phases are the draw and repayment periods, though the names can be misleading since you will make payments during both periods.
Phase 1: The Draw Period
The first phase is the draw period. This is when the credit line is open and your funds are available to use.
During the draw period, you can borrow funds as needed and only have to make minimum payments, or sometimes even interest-only payments for what you have borrowed. However, funds aren’t limitless; they’re revolving. If you hit the limit of available funds, you’ll need to pay back some of the money before you can continue borrowing.
The draw period is usually between 5 and 15 years. Some borrowers, like investors, commonly take out the maximum amount of funds and pay it off several times over. More commonly for homeowners, HELOCs can just be paid in minimum payments. Any other payments made on the principal loan during this time will lessen the amount you have to pay back during the repayment period.
Phase 2: The Repayment Period
Once your draw period is over, the repayment period begins when you must make recurring monthly payments. You also can’t take anything more, as access to the home equity line is closed. Payments will vary depending on whether or not you paid any interest during the draw period and how long each period is. Since most HELOC loans use variable interest rates, how the rate changes also affects payments.
Minimum payments may become significantly larger if you choose interest-only payments, so even if you have an interest-only payment option during the draw period, consider both the current and future financial consequences. These two periods aren’t necessarily split evenly, either; a 30-year HELOC loan is common, with a 10-year draw period and a 20-year repayment period.
It’s important to know when your draw period ends and when your repayment period begins so you can properly prepare. If you aren’t prepared to adjust financially, it’s tempting (or necessary) to open other lines of credit to pay what you owe on the HELOC, which can bury you in debt. It’s also possible to refinance if you aren’t ready to or don’t want to enter the repayment period when it arrives.
Pros and Cons of a Home Equity Line of Credit
HELOCs are a great way to put the money sitting in your home to work, but there are both pros and cons that homeowners should be aware of. Not every scenario calls for a HELOC loan, so consider the following benefits and drawbacks.
Advantages of a HELOC
Lower upfront costs. Compared to home equity loans, HELOCs tend to have lower upfront costs, which may help a homeowner decide what type of cash-out option they prefer.
Low or no closing costs. There are typically no closing costs for HELOCs. If there are closing costs, they are very low.
Lower interest rates. Traditional credit cards tend to have higher interest rate fees, but HELOCs generally offer lower interest rates. This makes consolidating debt a bit easier.
Interest is charged sparingly. Interest accrues only on funds that you actually use. You may have $200,000 available, but if you’ve only used $20,000, interest is applied just to that 10% utilized.
Flexibility. Because you don’t have to pay interest on more than what you’ve taken out, homeowners have much more flexibility and opportunity with their spending. You’ll have affordable funding options if something unexpected pops up or a project costs more than anticipated. You can use it for what you need, even for education.
Tax deductions. In some instances, the government allows homeowners with HELOCs a tax deduction for interest payments. Please consult your tax advisor regarding the tax benefits of HELOCs.
Disadvantages of a HELOC
Minimum draws. Some lenders require you to use a certain amount of the equity funds for their own benefit. Even if you end up not needing the minimum, you still have to take out and pay back (with interest) that money. Most lenders also charge an inactivity fee if the account isn’t being used.
Upfront costs. Though lower cost than other loans, HELOCs may still require application fees, home appraisal costs and other procedures. Consider the upfront expenses and determine if they’re worth the funds you would have access to.
Variable interest rates. Variable rates can go up and down depending on the market and federal lending rate, which can affect your monthly HELOC payments. When they are low, it’s great for borrowers, but high-interest rates can take a toll.
Fees. Without properly vetting a lender, you may find yourself stuck with unexpected or overwhelming fees such as cancellation fees, application fees, annual fees and prepayment penalties.
Potential credit damage. If you are unable to make payments, as with any loan, your credit score will take a hit.
Risking your home. Remember, your home is the collateral. If a homeowner mismanages their funds, misses payments and ultimately defaults when the repayment period rolls around, they could lose their home.
Attraction to nonessentials. Having large amounts of available funds can be freeing, but some homeowners struggle to use their funds only for essential or intentional spending, which can lead to greater debt that’s harder to pay off. HELOCs are not meant for day-to-day expenses like a regular credit card.
The Difference Between a Home Equity Loan and Line of Credit
HELOCs and home equity loans are similar in that they are both loans that use the value of your house as collateral and tend to have lower interest rates. However, there are some key differences.
What Is a Home Equity Loan?
A home equity loan is a form of consumer debt that allows you to borrow money against your home’s equity. The loan is paid separately in addition to your first mortgage which is why a home equity loan is often called a “second mortgage.” The following are some of the main differences between a home equity loan and a HELOC.
Lump sum payment. Home equity loans aren’t a revolving source of funds like HELOCs are. Instead, homeowners still use their home equity funds, but are given the money as a one-time lump sum.
Fixed interest rate. Unlike a home equity line of credit, home equity loans usually come with fixed interest rates. A fixed interest rate also means a fixed payment — you’ll know exactly what you are going to pay every month regardless of what’s going on in the market.
Prepaid interest costs and closing costs. With a home equity loan, you may have prepaid interest costs that you’ll have to sometimes pay at closing time. You also usually have to pay 2-5% of the loan amount in closing costs, whereas a home equity line of credit doesn’t often have closing costs.
Home equity loans are often used when borrowers need a big sum of cash for a one-time expense. If you need more flexibility, a HELOC loan lets you acquire funds as needed. If you know exactly what you need the money for and prefer fixed payments, a home equity loan is probably best.
HELOC Alternative: Cash-Out Refinancing
HELOCs are flexible and offer a lot of freedom, but they aren’t for everyone. If homeowners don’t want to take out a second mortgage, there are other options like cash-out refinancing.
What Is Cash-Out Refinancing?
A cash-out refinance is a new “first” mortgage that replaces your original mortgage with a new one through refinancing. Unlike the original, a cash-out refinance allows homeowners to borrow cash that they can use as needed. The new mortgage loan will be higher than the old one, and the difference between the loan amounts is distributed directly to the homeowner.
Cash-out refinancing allows you to maintain just one mortgage rather than two while still getting the immediate cash you need. These also offer fixed rates, which some people prefer for consistency.
How do you decide between a cash-out refinance and a HELOC? Determine whether you’d like to replace your current mortgage to get the cash you want (cash-out refinance) or add a second mortgage to get that cash (HELOC). For help understanding which could be the best fit for your needs, talk to a Pennymac loan expert.
HELOC Rates
Most often, the interest rate on a HELOC is variable. Variable rates come with pros and cons, and they are largely dependent on the current market and economy. Your eligibility will also affect the kind of rate you qualify for. Rates usually start lower at the beginning of the loan, or in this case, at the beginning of the draw period.
However, the rates will change based on benchmark interest rates, which can lower or raise your payments in both HELOC phases. Still, many lenders offer caps so that your interest rate won’t exceed a certain percentage. This is especially important to look for in a contract and consider as you’re trying to decide on a lender or on applying for a HELOC.
Also consider that HELOCs are a type of second mortgage, and generally speaking, rates for second mortgages are higher because the lender is taking on more risk.
HELOC FAQs
Here are some of the common questions many homeowners have regarding home equity lines of credit.
How Does Home Equity Work?
Many people want their home equity to work for them instead of being stagnant. That’s why HELOCs, home equity loans and cash-out refinance options exist. Homeowners should understand that though home equity refinancing can be helpful, you’re putting your home at risk if you aren’t properly prepared for the payments. Done correctly, though, home equity can be a great alternative source of funds and debt management.
How Can You Use Your Home Equity?
You can use your home equity loan for all sorts of reasons, as long as the lender hasn’t set certain limitations. Some lenders do limit what the line of credit can be used for, so it’s always best to discuss such limitations with lenders before signing anything. Also remember that funds shouldn’t be used for nonessentials or like a traditional credit card. Most often, people use HELOC loans to add value to their home through home improvement, to pay off extensive bills or expenses or to consolidate their current debt to get a better rate and lower costs.
Can You Pay Off a HELOC Early?
As long as the lender sets no prepayment penalties, you should be able to pay off a HELOC early, even in the draw period. The more you pay off during the draw period, the less you’ll have to spend during repayment. If, for example, the variable interest rate is relatively low during the draw period, you could pay the interest plus a little extra on the principal balance. Again, some lenders will penalize you for paying more than the required minimums, so learn about the lender’s prepayment policies.
How Long Does the Closing Process Take for a HELOC?
Closing a home equity line of credit usually takes 1-2 weeks. However, it can take up to 4 weeks to get everything settled, and even after that, you may have to wait several days or weeks before accessing the available funds. It all depends on the appraisal process, documentation timeline and the lender’s underwriting process.
What’s the Difference Between a HELOC and a Home Improvement Loan?
The main difference between a HELOC and a home improvement loan is how you receive the funds. HELOCs allow borrowers to take out smaller amounts of money depending on how home projects change and evolve. Home improvement loans are also limited to specific home projects, whereas HELOCs can be used outside the home for any purpose.
Is a HELOC Right for You?
A home equity line of credit can be a great solution for established homeowners who need more flexible spending options. If funds are used carefully, for the right reasons and through a reliable lender, borrowing against your home equity is a viable option for many.
However, a home equity loan may be a better option if you could benefit from a lump sum of immediate funds and prefer fixed interest rates and predictable monthly payments. To learn more about turning your home equity into cash in hand, speak with a Pennymac loan expert today.