San Jose

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MOMENT Marketplace is a pop-up retail shop at Google Visitor Experience showcasing work by local small businesses and artists. Courtesy MOMENT.

At the new Google Visitor Experience, which opened at the company’s Gradient Canopy campus in Mountain View in October, you can, as you might expect, check out the Google Store, full of the latest tech products and branded Google merch. But nearby, tucked next to a cafe and community space, is a quite different type of store. Here, quirky, handmade art, home decor, skin care products, jewelry and much more are on display – from scented candles to crochet keychains. 

This is the MOMENT Marketplace pop-up shop, showcasing the work of more than 75 Bay Area indie makers with a theme that changes every three months. The pop-up is curated and operated by the team behind San Jose Made (SJMADE), which has a long history of working with artists and small businesses (the MOMENT brand also operates several micro-retailer projects in San Jose.)

Featured now is the Clay & Craft Pop-up Shop, highlighting clay-based goods as well as other products featuring “natural and Earth elements,” which will be up through April 22, according to MOMENT project coordinator Audrey Yeung.

Read on to meet a few of the makers featured at the MOMENT Marketplace right now.

Light & Flicker is based in Redwood City and is inspired by “everything cozy.” Courtesy Light & Flicker.

‘Everything cozy’: Light & Flicker

@lightandflicker.

Midnight Cottage Co.’s aesthetic is “witchy, cottage-core.” Courtesy Midnight Cottage Co.

‘Mushrooms and moons’: Midnight Cottage Co.

Melissa Szwec-Rowland, the maker behind Midnight Cottage Co., describes her work as having a “witchy, cottage-core” aesthetic with natural elements and celestial vibes.

midnight_cottage_co.

Erin Salazar’s one-stroke floral painting adorns everything from vinyl records to jewelry. Courtesy Erin Salazar.

‘Unabashedly feminine’: Little Shop of Florals

Erin Salazar’s “unabashedly feminine” work – stylized, colorful florals, often against bold black backgrounds, hand-painted on candles, earrings and even vinyl records – immediately stands out amongst the MOMENT Marketplace offerings, with each piece one of a kind.

“My work in that context revolves around this particular type of folk painting called one-stroke floral painting, a technique that is largely used in the decorative arts” (such as on bowls, plates and other decorated utilitarian objects), said Salazar, who is also a muralist. She paints with awareness of and appreciation for the generations of uncredited female artisans who came before her.

“Women’s work has not historically been valued in the way men’s has,” she noted, so for her, “the essence of the work is rooted in paying homage to the anonymous women who helped define visual culture through the decorative arts.”

The technique also helps her keep up an active painting practice even when life gets hectic. In addition to being a working artist, Salazar is the executive director of the San Jose-based arts nonprofit Local Color (which, among many other endeavors, hosts community art-making experiences at the Google Visitor Experience).

Artist Erin Salazar is a painter and leader of Local Color, an arts nonprofit. Courtesy Erin Salazar.

“I just like to paint a whole lot,” she said, but since she’s extremely busy, “I need something that goes fast, that’s rewarding immediately.” 

She sees the “little commodifiable goods” she makes for spaces like MOMENT Marketplace under the name Little Shop of Florals as creating “an entry point into seeing my bigger, more expressive studio and gallery-related work,” she said. 

“It’s been really wonderful to watch our businesses grow at the same point,” she said of San Jose Made and Local Color, “doing the good work of keeping the creative community going.” 

Instagram: @mauv.es.

MOMENT Marketplace (at Google Visitor Experience),  2000 N. Shoreline Blvd., Mountain View; Monday-Saturday 9 a.m. to 6 p.m., Sundays from 10 a.m. to 5 p.m.; Instagram: @momentpopup.

Source: paloaltoonline.com

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The disco ball, while always beautiful, has undergone a glow-up in the 21st century. No longer relegated to the nightlife scene that birthed it, the mirrorball crept into our weddings, our homes, our earlobes. Then it escaped its spherical form entirely—now martini glasses, cowgirl boots, even mushrooms gleam with silver-tiled radiance. What could they possibly disco next?

Sofie Berarducci has some ideas. 

The 24-year-old entrepreneur honed her design savvy building furniture in her parents’ garage during the pandemic. When she returned to college in San Francisco, she had to settle for smaller projects. One night, while watching The Bachelor, she and a handful of friends covered a Styrofoam mushroom from Michaels in shiny, mirrored tiles. “Anytime someone would come over and see it in my room, they’d love it,” Berarducci recalls. “It was such a showstopper.” 

After graduating in 2019, Berarducci started crafting more disco mushrooms as Christmas presents. She posted surplus ’shrooms on Facebook Marketplace, where they sold out overnight. “People were messaging me, ‘Where can I buy more?’” Berarducci recalls. 

Berarducci capitalized on the disco fever with an Etsy shop and, eventually, a business account on Instagram. She developed new products, pivoting from Styrofoam bases to 3D-printed fruit, liquor bottles, and other fun shapes. Berarducci was still working full-time at a San Diego marketing agency, running her side hustle with help from family. “In the morning, my mom and I would pack orders together, go drop them off at UPS, and go do our nine-to-five,” she says. “Five would hit, and we would turn on a movie and get to tiling.” 

Six months in, she decided to launch the brand’s e-commerce site and quit her job to focus on Sofiest Designs. “It was kind of a huge risk,” she adds, “but I haven’t looked back.” After all, the gamble paid off handsomely: In addition to 80,000 Instagram followers, Sofiest Designs boasts partnerships with Urban Outfitters, Free People, Dormify, and Aerie. Berarducci has designed custom disco doodads for celebs such as Lizzo, Kourtney Kardashian, and Shania Twain, and outlets like Architectural Digest, HGTV, Apartment Therapy, and Time have taken notice. 

Though her company ships out 15 to 20 orders per day, Berarducci continues to hand-make each product in a San Marcos warehouse with the help of a small team of family and friends. “My business is part e-commerce manufacturer and part art,” she explains. “It’s still really time intensive. I’m touching every single [piece].” 

All those hours tiling haven’t stopped her from pushing Sofiest Designs forward. She added additional, less shiny homewares in the form of surreal shelving and pastel lamps and partnered with other woman-owned small businesses to expand the company’s e-commerce offerings. You can shop seven other makers’ products on Berarducci’s site. 

Courtesy of Sofiest Designs

Nevertheless, what Berarducci calls “disco therapy” remains core to her company’s ethos. “The disco ball is timeless and gorgeous, but it hadn’t been remodeled in, like, 50 years,” she says. “We wanted to make something more appropriate for Gen Z. Our goal is to make disco items that double as art for your home that you can have forever.” 

We tapped Berarducci to share some of her favorite home décor products from small businesses (including her own). Here are 10 fun finds to spruce up your bedroom, bar cart, or coffee table. 

10 Unique Room Décor Accents to Spice Up Your Space

Courtesy of Big Night

Big Night Clock, $110

Big Night

This cheeky clock is “so cute for your kitchen area—I love the pop of red,” Berarducci says. “The martini at the five o’clock hand is the perfect little detail.” The timepiece captures two trends: the fervor for food-centric décor and, of course, Gen Z’s love for disco-inspired details.

Courtesy of Sofiest Designs

Glass Tile Decorative Tray, $65

Subtle Art Studio

“This tray makes for the most stunning accent piece on your vanity or bar cart,” Berarducci says. “It’s an easy way to elevate your space.” San Jose–based Subtle Art Studio slings several products made with retro-inspired glass tiles, including coasters, incense holders, and photo stands.

Courtesy of Nata Concept Store

Olive Candle, $21

Nata Concept Store

“Why not add an olive candle to your home décor?” Berarducci suggests. “Style with your martini glasses and mixers on a bar cart. So cute!” Novelty candles have made a splash as a playful, affordable way to accessorize your house, and this one stands out for its lovely floral scent.

Courtesy of Sofiest Designs

Checkered Ceramic Vase, $120 

Alicja Ceramics

Another of Berarducci’s small business partners, Alicja Ceramics crafts and paints each of her funky vases by hand. “These are my go-to for all my flower arrangements,” Berarducci adds. “The checkered print against the florals makes for the coolest contrast.” 

Courtesy of Sofiest Designs

Disco Strawberry, $52.50

Sofiest Designs 

TikTok’s beloved “unexpected red” theory holds that introducing a touch of crimson will enliven any room. Try out the technique with Berarducci’s sparkly strawberry. “My favorite way to show off this strawberry is to style it on a kitchen shelf or use it as a dining-table centerpiece,” she says.

Courtesy of Abbode

Custom Icons Pillow, $155

Abbode

New York embroidery shop Abbode is all about customization. This pillow case takes things a step beyond monogramming, allowing customers to select and request symbols that represent their most formative experiences or favorite things. “These make for the perfect customized housewarming gift—for your friend or for yourself,” Berarducci says.

Courtesy of Piecework Puzzles

Buns Out, $40

Piecework Puzzles 

“Boring puzzles are out,” Bararducci declares. “Challenge your brain and create a masterpiece with Piecework’s ‘Buns Out’ puzzle.” After you’ve put the final piece in place, brush Mod Podge over the lot and frame it as a conversation-starting work of art.

Courtesy of Yellowpop

Custom Neon Sign, from $159

Yellowpop 

Whatever your catchphrase is, immortalize it in neon lights. Yellowpop offers one-of-a-kind LED signs with 14 different color options. “This is a great way to personalize your space in a unique and timeless way,” Berarducci says. “I created a custom ‘Sofiest Designs’ sign for my warehouse and absolutely love it!” 

Coutesy of Sofiest Designs

Wobble Table Lamp, $120

Sofiest Designs 

This wiggly lamp from Sofiest Designs comes in four easy-to-style colors: powder pink, muted orange, soft green, and creamsicle orange. You can select a lampshade in one of those same hues to mix and match. “This is my favorite of our lamps,” Berarducci says. “It looks good in any space and any colorway.” 

Courtesy of Coming Soon

Concrete Shelf, $650

Concrete Cat

This eye-catching shelf is an art piece in itself. “The concrete coloring brings [it] to the next level,” Berarducci adds. A groove at the back of the shelf helps secure thin items like records, photos, and (SDM’s personal favorite) magazines for display.

Source: sandiegomagazine.com

Mortgage interest rates on the 15-year and 30-year mortgages are down from last week, Freddie Mac reported.

“The 30-year fixed-rate mortgage decreased again this week, with declines totaling almost a quarter of a percent in two weeks’ time,” Freddie Mac Chief Economist Sam Khater said.

For 30-year, fixed-rate mortgages, the average interest rate was 6.74% this week, a decent drop from last week when rates averaged 6.88%. Rates aren’t down quite as much as last year when they were 6.6%, on average.

Additionally, 15-year mortgages averaged 6.16%, down slightly from last week when they averaged 6.22%. These mortgages also aren’t as low as last year when they averaged 5.9%.

“Despite the recent dip, mortgage rates remain high as the market contends with the pressure of sticky inflation,” Khater said. “In this environment, there is a good possibility that rates will stay higher for a longer period of time.”

If you want to take advantage of lowering interest rates, consider using Credible to help you easily compare interest rates from multiple lenders in minutes.

HOMEBUYERS FEEL GOOD ABOUT WHERE MORTGAGE RATES ARE HEADED: FANNIE MAE

Spring likely to bring higher home prices

Warmer weather tends to bring a booming housing market as more homebuyers start looking for homes and inventory grows.

Sellers who list their homes in the spring and summer months often make more money when their home sells because the market is more competitive. A Zillow study found that June was the most profitable month for sellers. Homes listed in the first half of June sold for 2.3% more, on average, putting about $7,700 more in the pocket of sellers.

Location matters when it comes to selling power. In San Francisco, the best time to list is the second half of February, but the first half of July is the best time to sell in New York and Philadelphia.

Certain locations also boast even higher profits during warmer months. During the hottest time of the year, homes in San Jose sold for 5.5% more, boosting profits by $88,000 on an average home, according to Zillow. However, homes in San Antonio sold for just 1.9% more during the same time frame.

“Most sellers don’t have the luxury of timing the market,” Zillow Chief Economist Skylar Olsen said. “The best time to list is when it makes the most sense for their lives.” 

“Regardless of the month, sellers who list their home for sale this spring can expect plenty of interest if their home is marketed and priced right.,” she contined. “That’s why it’s more important than ever to hire a real estate agent with the experience to localize your strategy when comparable sales might be further afield.”

If you’re looking to compete with other buyers this spring, you can explore your mortgage options by visiting Credible to compare rates and lenders and get a mortgage preapproval letter in minutes.

HOMEBUYERS GAINED THOUSANDS OF DOLLARS AS MORTGAGE INTEREST RATES FALL: REDFIN

To afford homes, buyers need higher incomes than they did a few years ago

Buyers are facing a tougher market than they did a few years ago. To comfortably afford a home, buyers need to make more than $106,000 annually, another Zillow study showed. This income requirement is 80% higher than in 2020.

Monthly mortgage payments are higher than ever and have doubled since 2020. Payments average $2,188, assuming the buyer puts 10% down. With such high prices, affordability has become a major issue. In 2020, households earning $59,000 annually could afford the median-priced home without spending more than 30% of their income.

The $106,000 income needed today is well above the average household income in the U.S. The average household earns about $81,000.

Some areas are more affordable than others and require a much lower income to afford the average-priced home. Pittsburgh buyers need to earn just $58,232 to afford the average home. Memphis residents need $69,976 and Cleveland residents need $70,810.

Costlier cities like San Jose and San Francisco require much more in annual income to afford a home. San Jose requires an average annual income of $454,296 while San Francisco requires $339,864, according to Zillow.

To see if you qualify for a mortgage based on your current credit score and salary, consider using Credible, where you can compare multiple mortgage lenders at once.

15% OF AMERICANS HAVE CO-PURCHASED A HOME WITH A NON-ROMANTIC PARTNER, EVEN MORE WOULD CONSIDER IT

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Source: foxbusiness.com

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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

To build credit as an immigrant, you need an SSN or ITIN to open a bank account and apply for credit cards. You may also be able to transfer your credit score from your home country with a global credit scoring bureau.

Immigrants have always been a key part of what makes the United States a great country. A recent study shows that roughly 13.7 percent of the U.S. population consists of immigrants. Unfortunately, as an immigrant, it can be difficult to build a credit score and get access to funds, as well as other services that might require individuals to have a credit score.

Although it’s difficult to build credit as an immigrant, it’s possible. Here, we go over how to start building credit, the importance of having a credit score, and ways to improve it. With this information, you may be able to access credit cards, get loans, and potentially purchase a home. Keep reading to learn more about building credit as a new immigrant.

Why should immigrants build their credit score?

Having a credit score and good credit history can help you rent an apartment and purchase a vehicle or a home. Some employers might check your credit, and your credit may also affect how much of a deposit you need to put down to rent or access services like utilities.

Once you establish credit, it’s important to continue improving your credit score. A better credit score means lower interest rates, lower deposit amounts, and access to more funds. A good credit score starts at 670 using the FICO® scoring model, but it can go as high as 850 and as low as 300.

To get started, you can either transfer your credit score from a global bureau or go through the process of getting a Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).

Does your credit history transfer from your country of origin?

The United States isn’t the only place that uses credit scores, so you may have a credit score from another country. Credit scoring models can vary between countries, so if you have a credit score from your home country, you’ll need to work with a global credit scoring bureau to transfer it.

Where to start building credit in the U.S.

To start building credit as an immigrant in the United States, there are steps that you need to take. You can then build credit to buy a home or a vehicle or use it to access additional funds to start a business or make purchases.

  1. Apply for a Social Security number (SSN): An SSN is often needed to open bank accounts and apply for loans. If you can’t get an SSN, you may be able to use an Individual Taxpayer Identification Number (ITIN).
  2. Open a U.S. bank account: Bank accounts don’t affect your credit, but some credit card issuers require a bank account. You may also be able to use the bank from your home country if they have locations in the U.S.
  3. Apply for a credit card: A credit card is the first big step toward building credit. Without credit history, the amount may be low. If you have a low score or no credit history, you can get a secured credit card.

5 ways to build credit as a new immigrant

Once you establish a credit score, there are some credit hacks that you can use to strengthen it. Below are five ways to start building credit or improve poor credit.

1. Get a secured credit card

There aren’t specific credit cards for immigrants, but as we mentioned, if you have no credit or bad credit, a secured credit card can be one of the best ways to start building it.

Unlike a standard credit card, where you borrow money from the issuer, a secured credit card uses your own funds. With a secured credit card, you make an initial deposit, which becomes your credit limit. As you use it, your issuers will report the payments (or lack thereof) to the credit bureaus, impacting your score.

2. Become an authorized user

One of the reasons it’s difficult to get a credit card as an immigrant with no credit history is that banks may see you as high risk. If you have a friend or family member with a credit card, they can add you as an authorized user to their account. Becoming an authorized user gives you a credit card that’s linked to the primary cardholder’s account. As long as this person is making the payments on time, you benefit from their credit history.

You don’t have to use the card to benefit from the primary cardholder spending and making payments. However, you can harm their score if you’re late or miss payments for transactions you made with the card.

3. Report your rent and bills

Typically, rent and bills don’t impact your credit score, but some services allow you to report your rent and other bills for a slight boost. These services include Credit.com’s ExtraCredit service or Experian® Boostcredit builder loans can help. These loans are specifically for those trying to build credit—as you repay your loan, the creditor reports the payments to the credit bureaus. Unlike a traditional loan, you get access to the funds after you pay it off.

How long does it take to build credit in the U.S.?

The amount of time it takes to build your credit will differ for everyone. For example, if you can transfer your good credit score from your home country, it may not take much time. If you’re starting with bad or no credit, it may take months to build your credit. Once your payments start getting reported, you should begin seeing changes to your credit score.

Start building credit as a new immigrant today

If you’re a new immigrant trying to build your credit in the United States, the best place to start is educating yourself. Your credit score, as well as the details of your credit report, can give you an idea of where you stand and where you need to improve. Here at Lexington Law Firm, we have various tools to help you better understand your credit score. Get your free credit assessment today.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Reviewed By

Paola Bergauer

Associate Attorney

Paola Bergauer was born in San Jose, California then moved with her family to Hawaii and later Arizona.

In 2012 she earned a Bachelor’s degree in both Psychology and Political Science. In 2014 she graduated from Arizona Summit Law School earning her Juris Doctor. During law school, she had the opportunity to participate in externships where she was able to assist in the representation of clients who were pleading asylum in front of Immigration Court. Paola was also a senior staff editor in her law school’s Law Review. Prior to joining Lexington Law, Paola has worked in Immigration, Criminal Defense, and Personal Injury. Paola is licensed to practice in Arizona and is an Associate Attorney in the Phoenix office.

Source: lexingtonlaw.com

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The Capital One Venture X Rewards Credit Card is a premium credit card that offers cardholders a host of benefits, such as a $300 annual travel credit, 10,000 anniversary bonus miles, 10x miles on hotels and rental cars booked through Capital One Travel and Priority Pass membership.

Below we dive into the specifics of the Priority Pass membership benefit so you can take full advantage of it when traveling with your Capital One Venture X Rewards Credit Card.

Overview of the Capital One Venture X Rewards Credit Card Priority Pass benefit

For frequent flyers, the Capital One Venture X Rewards Credit Card Priority Pass membership is one of the card’s most useful benefits as it gives cardholders access to the global Priority Pass airport lounge network.

Authorized users of the card are also eligible to sign up for a Priority Pass membership, meaning that if you have a Capital One Venture X Rewards Credit Card and add someone as an authorized user (for instance, a spouse or relative), that individual can also access Priority Pass lounges when traveling.

How to enroll in Priority Pass as a Capital One Venture X Rewards Credit Card holder

The Primeclass Lounge, a Priority Pass lounge located at Rome’s Leonardo da Vinci–Fiumicino Airport (Photo courtesy of Josh Garber)

To take advantage of the Priority Pass benefit, you’ll need to enroll by following these steps:

  1. Receive your Capital One Venture X Rewards Credit Card in the mail, which can take up to two weeks after you’ve been approved for the card.

  3. Enter your Capital One card number, country of residence and address to create your Priority Pass account.

  4. Enter your billing details, which will be used to identify you when you arrive at a Priority Pass lounge.

  5. Review and accept the membership declaration, then click “Join.”

Once you’re enrolled, you can access your account through the Priority Pass website or the mobile app.

🤓Nerdy Tip

We recommend downloading the Priority Pass mobile app, which makes it easy to find Priority Pass lounges while you’re traveling. You can also take advantage of the digital card on the app to enter eligible lounges.

How to enter Priority Pass lounges with your membership

To enter a Priority Pass lounge using your membership, you’ll first need to locate a lounge to visit.

Priority Pass has plenty of lounges — over 1,500 internationally. As of this time, the lounges are available in 44 U.S. cities.

Some airports may have several Priority Pass lounges, and some have none at all.

Once you find a Priority Pass lounge to visit, you’ll need the following to get in:

  • A same-day boarding pass.

  • An ID, such as a driver’s license or passport.

  • One of the following: 

    • YourCapital One Venture X Rewards Credit Card.

    • Your physical Priority Pass membership card.

    • Your digital Priority Pass membership card.

Keep in mind that Priority Pass lounges have capacity limits and can fill up, so we recommend having a back-up lounge or plan in mind if the Priority Pass lounge you want to visit is full.

Are there limits on guests or visits to Priority Pass lounges with the Capital One Venture X Rewards Credit Card?

One of our favorite features of the Capital One Venture X Rewards Credit Card Priority Pass benefit is that there is no limit to the number of lounges you can visit in a year.

Additionally, all guests traveling with you also receive complimentary access to the lounge.

Is it worth getting a Capital One Venture X Rewards Credit Card for the Priority Pass benefit?

The annual fee on the Capital One Venture X Rewards Credit Card is $395, while a Priority Pass membership that offers unlimited visits costs $469 per year, making the Capital One Venture X Rewards Credit Card Priority Pass membership a great value.

But if you’re able to take advantage of the other benefits offered by the Capital One Venture X Rewards Credit Card, like the card’s $300 annual travel credit, 10x miles on hotels and rental cars booked through Capital One Travel and the 10,000 miles anniversary bonus, then it makes sense to sign up for Priority Pass and the card’s other benefits.

Capital One Venture X Rewards Credit Card Priority Pass, recapped

Cardholders need to enroll in Priority Pass to gain access, but the process is straightforward. Once enrolled, you’ll be able to access a global network of Priority Pass lounges with no limit on the number of visits you can make or guests that you can bring each year.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:

Source: nerdwallet.com

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In the vast and sun-kissed state of California, the allure of urban living is redefined by its major cities, each offering a diverse culture and lifestyle. This ApartmentGuide article takes you on a journey through the vibrant streets of Los Angeles, where the entertainment industry meets a melting pot of cultures, to the scenic beauty and laid-back vibe of San Diego, showcasing the state’s dynamic rental markets. Renters are drawn to California not just for its weather but for the promise of a lifestyle that blends urban convenience with natural beauty, from the sprawling beaches to the bustling city centers. Here are the major cities in California to consider moving to.

1. Los Angeles, California

Population: 3,898,747
Average rent for a one-bedroom apartment: $2,614
Average rent for a two-bedroom apartment: $3,700
Los Angeles, CA apartments for rent
Los Angeles, CA homes for sale

Los Angeles is known for the Hollywood Sign, Griffith Observatory, and the Santa Monica Pier. Visitors flock to Universal Studios Hollywood for a glimpse behind the scenes of their favorite films and television shows, while art enthusiasts explore the prestigious Getty Center for its impressive collection spanning centuries.

2. San Diego, California

Population: 1,386,932
Average rent for a one-bedroom apartment: $2,744
Average rent for a two-bedroom apartment: $3,617
San Diego, CA apartments for rent
San Diego, CA homes for sale

With a desirable climate, miles of sandy beaches, and natural deep-water harbor, San Diego is a perfect place to live. The city offers a laid-back lifestyle with a strong focus on outdoor activities, including surfing, boating, and hiking. Cultural attractions like the San Diego Zoo, Balboa Park, and numerous museums provide enriching experiences.

3. San Jose, California

Population: 1,013,240
Average rent for a one-bedroom apartment: $2,711
Average rent for a two-bedroom apartment: $3,255
San Jose, CA apartments for rent
San Jose, CA homes for sale

San Jose, the heart of Silicon Valley, is a global tech hub with a bustling economy. The city is home to numerous tech companies like Meta, innovative startups, and a diverse population. Residents enjoy a high quality of life, great educational institutions, and a variety of cultural and recreational activities.

4. San Francisco, California

Population: 873,965
Average rent for a one-bedroom apartment: $3,479
Average rent for a two-bedroom apartment: $4,518
San Francisco, CA apartments for rent
San Francisco, CA homes for sale

San Francisco is known for its iconic Golden Gate Bridge, historic cable cars, and vibrant cultural scene. The city’s diverse neighborhoods offer a wide range of dining, shopping, and entertainment options. The city’s scenic beauty and cultural richness make it a captivating place to call home.

5. Fresno, California

Population: 542,107
Average rent for a one-bedroom apartment: $1,337
Average rent for a two-bedroom apartment: $1,652
Fresno, CA apartments for rent
Fresno, CA homes for sale

Fresno serves as the agricultural heartland of California, offering a blend of urban and rural living. The city is a gateway to the Sierra Nevada mountains, providing easy access to outdoor adventures in Yosemite National Park and beyond. Fresno’s cultural scene is growing, with local wineries, farm-to-table restaurants, and art venues enriching the community.

6. Sacramento, California

Population: 524,943
Average rent for a one-bedroom apartment: $1,872
Average rent for a two-bedroom apartment: $2,087
Sacramento, CA apartments for rent
Sacramento, CA homes for sale

Sacramento, the state capital, is rich in history and political activity. The city has many beautiful parks like Capitol Park, and a growing farm-to-fork movement. Sacramento’s riverfront location offers scenic beauty and recreational activities, making it an appealing place for those seeking a dynamic yet laid-back lifestyle.

7. Long Beach, California

Population: 466,742
Average rent for a one-bedroom apartment: $2,230
Average rent for a two-bedroom apartment: $2,885
Long Beach, CA apartments for rent
Long Beach, CA homes for sale

Long Beach is a coastal city with a diverse population and a strong sense of community. The city is known for its waterfront attractions, including the historic Queen Mary and the Aquarium of the Pacific.

8. Oakland, California

Population: 440,646
Average rent for a one-bedroom apartment: $2,460
Average rent for a two-bedroom apartment: $3,325
Oakland, CA apartments for rent
Oakland, CA homes for sale

The city of Oakland offers a rich culinary landscape, with an array of international cuisines. Oakland’s parks and green spaces, including the expansive Redwood Regional Park, provide residents with ample outdoor recreation opportunities.

9. Bakersfield, California

Population: 403,455
Average rent for a one-bedroom apartment: $1,445
Average rent for a two-bedroom apartment: $1,632
Bakersfield, CA apartments for rent
Bakersfield, CA homes for sale

Bakersfield is known for its strong agricultural industry and as the birthplace of the Bakersfield sound, a genre of country music. The city offers a close-knit community with a slower pace of life. Residents enjoy a variety of outdoor activities, including exploring the nearby Sequoia National Forest.

10. Anaheim, California

Population: 346,824
Average rent for a one-bedroom apartment: $2,055
Average rent for a two-bedroom apartment: $2,550
Anaheim, CA apartments for rent
Anaheim, CA homes for sale

Anaheim is globally renowned for its theme parks, including the iconic Disneyland Resort. Beyond the parks, the city offers a vibrant sports scene, with professional hockey and baseball teams. The city’s mix of entertainment, sports, and dining makes it a lively place to live.

Methodology : The population data was retrieved from the United States Census Bureau for 2021, while the average rental data was sourced from Rent.com in March 2024.

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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

There are several possible reasons why your credit score won’t go up, such as the lender hasn’t reported to the credit bureaus yet, you have fallen behind on payments, you have high credit utilization or you have a short credit history.

A good credit score can help you get approved for loans, secure low interest rates, and receive the best terms. However, improving your credit can be tricky, especially if you feel stuck at a certain number.

If you frequently check your credit score and don’t see the number change, you may wonder, “Why won’t my credit score go up?” In this post, we’re going to dive into 10 potential reasons why your credit score is stagnant and what to do about it. Read on to learn more.

Table of contents:

1. Your credit score hasn’t been updated yet

Lenders typically report to the three credit bureaus every 30 to 45 days. Therefore, it can take up to a month for your credit score to reflect new changes. If you recently paid off an account and haven’t seen a change in your score yet, there’s no need to worry.

What to do about it: If you don’t see the update reflected in your credit report after a month or two, consider contacting your lender.

2. You’ve fallen behind on payments

Payment history is a fundamental factor that affects your credit—accounting for 35 percent of your FICO® score. If a payment is over 30 days past due, your lender will report it to the credit bureaus. Even one late payment can hurt your credit significantly. Late payments also stay on your credit report for up to seven years, although their influence on your credit report declines over time.

What to do about it: Get in the habit of making consistent on-time payments.

3. You have high credit utilization

Your credit utilization, or the amount of money you owe compared to your credit limit, is another factor that influences your credit. For example, if your credit limit is $12,000 and you owe $3,000, your credit utilization rate is 40 percent.

While using your available credit isn’t necessarily bad, a high credit utilization rate can signal to lenders that you’re reliant on credit and, therefore, are a high-risk borrower.

What to do about it: Aim to keep your credit utilization under 30 percent by reducing your spending or increasing your credit limit.

4. You have a short credit history

Your length of credit history, or the amount of time your accounts have been established, accounts for 15 percent of your FICO score. A long credit history is helpful to your credit because it provides lenders with enough data to accurately determine your credit risk. Remember that while a long credit history is beneficial, FICO assures that it’s “not required for a good credit score.”

What to do about it: Be patient and keep old credit accounts open.

5. You have negative items on your credit report

Delinquent accounts, bankruptcies, charge-offs, and collection accounts are all major negative items. If you have any of these on your credit report, they may be preventing you from improving your credit.

Although negative information will eventually fall off your credit report, the amount of time that takes depends on the type of negative item. Most negative information stays on your credit report for about seven years.

What to do about it: While not guaranteed, you can try sending a pay for delete letter or request a goodwill deletion from your creditor to get the negative items removed.

6. Your credit mix isn’t diverse

Credit mix refers to the variety of credit accounts you hold. Examples of credit accounts include credit cards, mortgages, auto loans, credit cards, installment loans, and so on. Credit mix determines 10 percent of your credit score.

What to do about it: While you don’t necessarily need one of each type of credit, consider opening new accounts to diversify your credit mix.

7. You have multiple new hard inquiries

When you submit a new credit application, the creditor will perform a hard inquiry on your credit file, which can temporarily lower your score. While the impact of a hard inquiry is only around 5 points, multiple credit inquiries can add up and cause a significant drop in your credit.

If you frequently apply for new credit, the compounding hard inquiries may be preventing you from improving your score.

What to do about it: Wait at least six months between each new credit application to limit the effect of hard inquiries on your credit.

8. Your credit score is already high

Those with very good or excellent credit scores may struggle to advance their credit standing. The better your credit score, the harder it becomes to raise it because there is less room for improvement. Once your score is in the 700s or 800s, increasing it can be challenging.

What to do about it: Keep up with your good credit habits, but be aware that progress may slow as your score increases.

9. You have errors on your credit report

Errors on your credit report can damage your credit. Review your credit report at least once a year to check for inaccurate information. According to the Consumer Financial Protection Bureau, common errors include:

  • Identification errors
  • Misreported account status
  • Data management errors
  • Inaccurate balances

What to do about it: If you find an error on your credit report, file a dispute with the credit bureaus to get it corrected.

10. You’ve been a victim of identity theft or fraud

Identity theft can wreak havoc on your credit score. Scammers can open new accounts in your name, purchase items with your credit card and more. That’s why it’s important to keep an eye out for the following warning signs of identity theft:

  • Charges for purchases you didn’t make
  • Calls from debt collectors regarding accounts you didn’t open
  • Accounts on your credit report that you didn’t open
  • Loan applications getting rejected
  • Mail stops being delivered to, or is missing from, your mailbox

What to do about it: If you suspect you’ve been a victim of identity theft, make sure to set up fraud alerts and freeze your credit. Ready to move the needle on your credit score? At Lexington Law Firm, we’ll determine what inaccurate negative items might be hurting your credit and address them with the credit bureaus. Among our services, we offer an Identity Theft Focus Track, created specifically for individuals financially recovering from identity theft. Get started today.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Reviewed By

Paola Bergauer

Associate Attorney

Paola Bergauer was born in San Jose, California then moved with her family to Hawaii and later Arizona.

In 2012 she earned a Bachelor’s degree in both Psychology and Political Science. In 2014 she graduated from Arizona Summit Law School earning her Juris Doctor. During law school, she had the opportunity to participate in externships where she was able to assist in the representation of clients who were pleading asylum in front of Immigration Court. Paola was also a senior staff editor in her law school’s Law Review. Prior to joining Lexington Law, Paola has worked in Immigration, Criminal Defense, and Personal Injury. Paola is licensed to practice in Arizona and is an Associate Attorney in the Phoenix office.

Source: lexingtonlaw.com

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Lawyers are highly educated and command high salaries to match. How much a lawyer earns a year depends on what type of law they practice, what school they attended, as well as their competence and experience.

According to the U.S. Bureau of Labor Statistics (BLS), the average salary for a lawyer in May 2022 (the latest data available) was $135,740 per year, or $65.26 per hour.

Corporate lawyers who work in the private sector tend to earn more than those in the public sector (such as district attorneys or public defenders), and sole practitioners typically earn less money than lawyers at large firms.

Read on to learn more about how much a lawyer makes, where you can find top-paying jobs for lawyers, and the benefits and drawbacks of becoming a lawyer.

What Does a Lawyer Do?

Lawyers advise and represent clients on legal proceedings or transactions. They typically conduct in-depth research into law, regulations, and past rulings. They also prepare legal documents, including lawsuits, wills, and contracts.

Not an ideal job for people with social anxiety, lawyers will often appear in court in support of their clients and present evidence in hearings and trials, including arbitration and plea bargaining. Lawyers also counsel their clients in legal matters and suggest courses of action.

A lawyer’s exact duties will vary depending on the type of law they practice. For example, criminal defense attorneys advocate on behalf of those accused of criminal activity; family lawyers handle family-related legal issues like divorce, adoption, and child welfare; and corporate lawyers handle legal matters for businesses.
Some lawyers work for the government or in the public’s interest, and are known as public interest lawyers. Public defense attorneys, for example, represent criminal defendants who cannot afford to hire a private attorney. Public interest lawyers also work for nonprofit organizations to support civil rights and social justice causes.

Other types of lawyers include:

•   Environmental lawyers

•   Bankruptcy lawyers

•   Immigration lawyers

•   Intellectual property lawyers

•   Entertainment lawyers

•   Tax lawyers

•   Personal injury lawyers

•   Estate planning lawyers
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How Much Do Starting Lawyers Make a Year?

Lawyers tend to be well paid even at the entry level because they are highly educated. And, the more experience a lawyer gains, generally the more they will earn. According to ZipRecruiter, entry-level lawyers make $100,626 a year, on average, with a range from $47,000 to $138,000.

Those who choose to invest the time, money, and work into becoming a lawyer can feel relatively confident about being able to get a job when they graduate: The BLS projects an increase of 62,400 attorney jobs between 2022 and 2032, representing an 8% growth (which is faster than the average for other occupations).

Recommended: What Trade Job Makes the Most Money?

How Much Money Does a Lawyer Make a Year on Average?

According to the BLS’s most recent data, the average salary for a lawyer in 2022 was $135,740. The best-paid 25% made $208,980 that year, while the lowest-paid 25% made $94,440.

A lawyer working for a law firm or as in-house counsel will typically be paid with an annual salary versus an hourly wage, but the average hourly pay for a lawyer works out to be $65.26 an hour.

How much a lawyer makes, however, can vary widely depending on their experience, specialty, and location.

The highest paying legal specialties include:

•   Patent attorney

•   Intellectual property attorney

•   Trial lawyer

•   Tax attorney

•   Corporate lawyer

The cities that pay the highest lawyer salaries are:

•   San Jose, California ($267,840)

•   San Francisco, California ($239,330)

•   Washington, District of Columbia ($211,850)

•   Bridgeport, Connecticut ($209,770)

•   Oxnard, California ($207,970)

Recommended: 11 Work-From-Home Jobs Great for Retirees

How Much Money Does a Lawyer Make by State?

As mentioned above, how much money a lawyer makes can vary by location. What follows is a breakdown of how much a lawyer makes per year, on average, by state.

State Average Annual Lawyer Salary
Alabama $138,250
Alaska $120,590
Arizona $144,890
Arkansas $116,730
California $201,530
Colorado $168,680
Connecticut $174,520
Delaware N/A
District of Columbia $226,510
Florida $135,840
Georgia $165,560
Hawaii $106,520
Idaho $96,810
Illinois $158,030
Indiana $143,060
Iowa $117,500
Kansas $115,860
Kentucky $99,840
Louisiana $127,150
Maine $102,060
Maryland $158,150
Massachusetts $196,230
Michigan $127,030
Minnesota $163,480
Mississippi $101,240
Missouri $138,680
Montana $98,170
Nebraska $119,310
New Hampshire $130,130
New Jersey $163,690
New Mexico $110,970
New York $188,900
North Carolina $146,890
North Dakota $120,780
Ohio $130,320
Oklahoma $114,470
Oregon $144,610
Pennsylvania $144,570
Rhode Island $156,300
South Carolina $115,230
South Dakota $109,190
Tennessee $149,050
Texas $166,620
Utah $133,920
Vermont $101,610
Virginia $162,640
Washington $162,200
West Virginia $122,070
Wisconsin $147,530
Wyoming $88,570

Source: U.S. Bureau of Labor Statistics

Lawyer Job Considerations for Pay & Benefits

To get a job as a lawyer, you must complete a four-year undergraduate degree and then attend law school to earn a juris Doctor degree, or J.D. This can mean four years pursuing a bachelor’s degree, followed by three years of law school (or four years if you go to law school part time).

After graduating from law school, you’ll need to pass the multi-day bar exam for the state in which you want to practice. In addition, most states also require lawyers to keep up to date with law and take training courses throughout their career.

The hard work and financial investment can pay off, however. In addition to competitive pay, lawyers who work full time for a specific company or organization typically get a wide variety of benefits, including health insurance, retirement plans, paid time off, flexible scheduling, and more. They may also get bonuses for cases won, costs of bar association fees covered, and training and development opportunities.
💡 Quick Tip: Income, expenses, and life circumstances can change. Consider reviewing your budget a few times a year and making any adjustments if needed.

Pros and Cons of a Lawyer’s Salary

Becoming a lawyer can be a clear path to making more than $100,000 but, as with any profession, working as a lawyer comes with both benefits and drawbacks. Understanding the pros and cons of this role will help you determine if you’re well-suited for this career path.

Pros of Becoming a Lawyer

•   Multiple job opportunities: As a lawyer, you have a variety of career paths, giving you the opportunity to work in an area you feel passionate about, whether that is corporate law, family law, real estate law, criminal law, or immigration law.

•   Option to start your own practice: With a law degree and significant experience, you may be able to start your own business and determine the types of clients you want to represent and how many cases you want to take on at any one given time.

•   Earn a high salary: Lawyers have the potential to earn well over six figures a year. Though you may not earn this salary right out of the gate, there is ample opportunity for career advancement and salary increases over time.

•   Stimulating and challenging work: As a lawyer, your daily duties will likely be intellectually challenging. Lawyers typically need to understand complex legal theories, form a hypothesis and create a legal strategy to benefit their clients, and argue and debate in a courtroom.

Cons of Becoming a Lawyer

•   Work can be stressful: Lawyers must meet deadlines as well as the demands of their clients. You may also come across stressful and emotionally difficult cases, which can take a psychological toll.

•   Long hours: This professional is notorious for its long hours, particular for those who are just starting out in a prestigious law practice. It’s not unusual for an associate lawyer to put in 60 to 90 hours a week each week, depending on the demands of the case they’re working on.

•   High level of student debt: In addition to a bachelor’s degree, lawyers need to pay for law school, which often comes with a high price tag. Generally, the more prestigious the school, the higher the price. Even with a high salary, new lawyers may not be able to pay off their debt for many years.

•   Today’s clients have more options: The opportunity to get clients has gotten more competitive with the rise of self-help legal websites, legal document technicians, and virtual law offices. If a client seeks legal advice or counsel, they don’t always have to go to a lawyer for help.

The Takeaway

A law degree is a valuable credential that takes around seven years of study to achieve (including a bachelor’s degree). Lawyers can choose where they want to work and what type of law they would like to specialize in, whether it be criminal law, corporate law, environmental law, or immigration law.

The amount a lawyer makes will vary depending on the school they attended, experience, type of law they practice, and where in the country they practice. According to the BLS, the highest paid lawyers earn over $230,000, and the lowest paid lawyers earn around $66,500.

Whatever type of job you pursue, you’ll want to make sure your earnings can cover your everyday living expenses. To help ensure your monthly outflows don’t exceed your monthly inflows, you may want to set up a basic budget and check out financial tools that can help track your income and spending.

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

FAQ

Can you make $100k a year as a lawyer?

Yes. Most lawyers earn over $100k a year. The average salary for a lawyer, according to the U.S. Bureau of Labor Statistics, is $135,740 per year. The best-paid lawyers, however, can earn more than $200,000 a year.

Do people like being a lawyer?

Being a lawyer can be a great career choice if you enjoy working in a fast-paced and challenging environment and have an interest in upholding laws and defending an individual’s rights. According to a recent survey by Law360 Pulse, 83% of surveyed attorneys report they are stressed at least some of the time, nonetheless 68% percent say they are satisfied or very satisfied with their overall job.

Is it hard to get hired as a lawyer?

It’s generally not hard to find a job as a lawyer after you pass the bar exam, especially if you attended a top-rated law school, graduated in the top third of your class, and/or had strong internships and clerkships. Jobs for lawyers are expected to grow 8% between 2022 and 2032, which is faster than the average for other occupations (3%).

Photo credit: iStock/shapecharge

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

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San Jose stands out as a hub in the heart of Silicon Valley, where innovation meets a laid-back California lifestyle. It’s a city where tech giants rub shoulders with reformed hippies. Whether you’re considering renting an apartment in San Jose or just exploring what this city has to offer, you’ll discover that it’s a place of endless possibilities, from cutting-edge technology to outdoor adventures, and everything in between. 

This article will guide you through the top ten things San Jose is known for, providing a glimpse into the city’s unique blend of past and present, and perhaps answering the question, what is San Jose known for?

1. Silicon Valley’s heart

San Jose is synonymous with Silicon Valley, the global epicenter of technology and innovation. This city is home to some of the biggest names in the tech industry, including Adobe, Cisco Systems, and eBay, making it a magnet for tech professionals and enthusiasts from around the world. Beyond its economic impact, Silicon Valley’s influence permeates San Jose’s culture, inspiring a forward-thinking mindset and a community that’s always looking toward the future. It’s a place where groundbreaking ideas are as common as coffee shops, and the next big thing is always just around the corner.

2. Winchester Mystery House

A Winchester Mystery House stands as a testament to the eccentric and the extraordinary in San Jose. This sprawling mansion, built by the widow of the Winchester rifle fortune, is famous for its architectural oddities and lack of any master building plan. With stairways that lead nowhere, doors that open into walls, and windows overlooking other rooms, it’s a fascinating exploration of 19th-century superstition and a must-see for anyone who loves a good mystery or ghost story.

3. San Jose Jazz Summer Fest

The San Jose Jazz Summer Fest is an annual music festival held in downtown San Jose. The event showcases jazz music of all types, from traditional jazz to contemporary styles, as well as blues, Latin, and more. The festival, organized by San Jose Jazz, a non-profit organization, also features workshops, panel discussions, and community events, making it a comprehensive celebration of jazz and its influence on other music genres.

4. The Tech Museum of Innovation

A visit to The Tech Museum of Innovation, or simply The Tech, is like stepping into the future. This museum makes science and technology accessible and fun for people of all ages, with interactive exhibits that cover everything from robotics to biotechnology. It’s a place where curiosity is encouraged, and the potential of technology to improve our lives is showcased in ways that are educational and inspiring. 

5. San Jose Sharks

Sports fans living in San Jose rally behind their beloved San Jose Sharks, the city’s professional NHL hockey team. The Sharks bring a sense of pride and excitement to the city, with games at the SAP Center, affectionately known as the Shark Tank, drawing crowds filled with passionate fans. Whether you’re a die-hard hockey enthusiast or just looking for a thrilling sports experience, a Sharks game is a perfect way to immerse yourself in the local community spirit.

6. Downtown San Jose

The heart of the city, Downtown San Jose, is a bustling area filled with shops, restaurants, and entertainment venues, all framed by the city’s modern skyline. It’s where old meets new, with historic brick buildings like the beautiful California Theater standing alongside contemporary developments. The area is also a cultural hub, home to museums, galleries, and the San Jose State University campus, making it a lively spot for students, locals, and visitors to explore.

7. Alum Rock Park

For outdoorsy types, Alum Rock Park offers a natural retreat within the city limits. This park, one of California’s oldest, provides miles of hiking and biking trails, picnic areas, and mineral springs, set against the backdrop of the stunning Diablo Range. It’s a reminder of the natural beauty that surrounds those lucky enough to call San Jose home, offering a peaceful escape from the hustle and bustle of city life.

8. San Jose’s public art

San Jose takes pride in its public art programs, which add a layer of beauty and thought-provoking commentary to the city’s streets and parks. From murals that brighten up urban spaces to sculptures that challenge the viewer to think differently, San Jose is dotted with artworks that reflect its creativity and cultural values. This commitment to public art not only beautifies San Jose but also supports local artists and makes art accessible to all.

9. San Pedro Square Market

The San Pedro Square Market is a lively gathering place for foodies, offering a taste of San Jose’s culinary diversity. This market features dozens of vendors selling everything from artisanal cheeses to international street foods, making it a perfect spot for lunch, dinner, or just a casual stroll. With its outdoor seating and regular live music events, San Pedro Square Market encapsulates the city’s communal atmosphere and its residents’ love for good food and good company.

10. The Rosicrucian Egyptian Museum

Dedicated to Ancient Egypt, the Rosicrucian Egyptian Museum houses the largest collection of Egyptian artifacts on the West Coast. This museum not only educates visitors about the ancient world through its extensive exhibits but also offers a unique architectural experience, inspired by the Temple of Amon at Karnak. It’s a place where history comes alive, allowing visitors to step back in time and explore the mysteries of the Egyptian civilization right in the heart of San Jose.

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Automation, Pre-Approval, QC Products; Rent vs. Buy; More Proposed Paperwork for Lenders

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Automation, Pre-Approval, QC Products; Rent vs. Buy; More Proposed Paperwork for Lenders

By:
Rob Chrisman

7 Hours, 10 Min ago

Saturday was George Thorogood’s 74th birthday, and fans know that he wrote the classic tale of rent collection, land ladies, and payment avoidance. Time flies, but that may change. We’re faced with an actual five-day workweek this week, with no Federal holidays until Memorial Day, May 27th, two months away! Yikes. Here in Houston at the TMBA’s Southern Secondary Conference, the attendees are already making use of what time they have, discussing best execution procedures, warehouse tactics, management strategies, economic trends, the market for servicing, and operational efficiencies. I’m a capital markets guy, so arguably learned math good. But I didn’t learn math like this! MBS versus cash sales pick-ups is always a favorite topic, although last year the market was deluged by excess servicing trades. Flow and bulk purchasers of HELOCs and 2nds is search being undertaken by some, as well as climate change and insurance cost increases. (Found here, this week’s podcast is brought to you by nCino, makers of the nCino Mortgage Suite for the modern mortgage lender. nCino Mortgage Suite’s three core products – nCino Mortgage, nCino Incentive Compensation, and nCino Mortgage Analytics – unite the people, systems, and stages of the mortgage process. Today’s has an interview with Yardsworth’s Matt Lucido on creative ways that homeowners can leverage their tappable equity, and how we can see more supply hit the market.)

Lender and Broker Services, Products, and Software

Promising Updated MBA Forecast: The MBA released their recent forecasted predictions on mortgage originations (1 to 4 family). A welcome sight is that they predict a 25+ percent increase in 2Q over 1Q 2024 and a 13 percent increase in 3Q over 2Q 2024. In addition, the 3Q 2024 prediction is nearly 22 percent higher than the same quarter in 2023’s actual originations. As volumes continue to rise quickly, having a solid quality control program is as important as ever in order to continue to produce quality loans while mitigating risk. Quest Advisors has nearly 30 years of experience in assisting mortgage lenders with their quality control needs. Examples of services Quest Advisors provides, are Post-Closing and Prefunding loan QC reviews, along with Servicing, HMDA, and MERS audits. To find out more information on how Quest Advisors can help, please reach out to Matthew Reich at (336) 404-1409.

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Get a Sweetheart Deal with Loan Stream’s February Specials on FHA/VA and Non-QM price improvements! Get 37.5 BPS Price Improvement on all FHA and VA, Low Balance, and High Balance >=680 FICO, excludes DPA and 25 BPS Price Improvement on FHA Streamlines/IRRRLS. Plus, a Non-QM Price Improvement of 50 BPS on all Non-QM, not including Closed End Seconds and Select Programs. Valid for loans locked 2/1/2024 through 2/29/2024. Terms/Conditions apply see our site and talk with your Account Executive.

“Everyone wants to make their borrowers sticky and we’ve got the Krazy Glue. I’m talking ‘gotta get to the emergency room to get your fingers unstuck’ kind of glue. It’s called QuickQual, it integrates with Encompass® by ICE Mortgage Technology™ and once you pre-approve your borrower, they’re coming back.

Just as Morpheus offered Neo the ultimate choice between reality and illusion in The Matrix, Dark Matter Technologies invites you to choose between the past and the future of mortgage lending in its “Choose Your LOS Experience” ad campaign. Take the blue pill and stay the course with old-school thinking and technology. Or take the red pill and join DMT to revolutionize your business with cutting-edge technology, unparalleled automation, and relentless innovation, as evidenced by the Empower® LOS and the AIVA® artificial intelligence solution. When it comes to your future, “choose wisely.” Schedule a demo with the Dark Matter team today to explore how the Empower LOS can transform your business.

Is More Paperwork Heading Our Way?

Do we need more rules and regulations and paperwork, or better rules and regulation and paperwork? The federal bank regulatory agencies announced their first of a series of requests for comment to reduce regulatory burden. The Economic Growth and Regulatory Paperwork Reduction Act of 1996 requires the Federal Financial Institutions Examination Council and federal bank regulatory agencies to review their regulations every 10 years to identify any outdated or otherwise unnecessary regulatory requirements for their supervised institutions.

To facilitate this review, the agencies divided their regulations into 12 categories and are first soliciting comments on their regulations in three categories: Applications and Reporting, Powers and Activities, and International Operations. Comments on the relevant regulations will be accepted for 90 days after publication in the Federal Register.

But Ballard Spahr reports that on February 16, the Financial Crimes Enforcement Center (“FinCEN”) published a Notice of Proposed Rulemaking (“NPRM”) regarding residential real estate. The final version of the NPRM published in the Federal Register is 47 pages long. We have created a separate document which more clearly sets forth the proposed regulations themselves, at 31 C.F.R. § 1031.320, here.

“FinCEN also has published a Fact Sheet regarding the NPRM, here. The Fact Sheet, slightly over four pages long, is helpful and walks through the basics of many of the proposed requirements. The NPRM proposes to impose a nation-wide reporting requirement for the details of residential real estate transactions, subject to some exceptions, in which the buyer is a covered entity or trust. Title agencies, escrow companies, settlement agents, and lawyers need to pay particular attention to the NPRM because, based on FinCEN’s “cascade” approach to who should be responsible for complying with the reporting requirements, these parties are the most likely to be responsible.

”Rent Versus Own” Economics

If you’re still paying off your mortgage, renting is likely cheaper than owning in each of the nation’s 50 largest metros. Median rent costs are lower than median homeowner costs for those with mortgages but higher than costs for homeowners without mortgages. LendingTree analyzed housing data to compare monthly rental and housing payments for homes with and without mortgages in the 50 largest metros in the U.S.

The difference between median housing costs for homes with a mortgage and median gross rent is $563 a month. The spread in costs between renting and owning a home with a mortgage is widest in the San Jose, Calif., San Francisco, and New York metros. The difference between the median monthly housing costs for homes with a mortgage and the median monthly gross rent in these metros is $1,341, $1,303, and $1,289, respectively. Phoenix, Orlando, Fla., Jacksonville, Fla., and Atlanta have the narrowest gaps between renting and owning a home with a mortgage. In Phoenix and Orlando, median gross rent costs are $87 and $145 less than median monthly housing costs for homes with a mortgage. In both Jacksonville and Atlanta, the difference is $216.

That said, Barron’s reports that, “Prospective buyers spent the President’s Day holiday last week window shopping, early data suggest. ‘Showing activity was strong,’ says Orphe Divounguy, a senior economist at Zillow, citing data from home tour software company Showingtime. Home touring activity was up 19.4% from the start of the year, pointing to a strong seasonal ramp-up.”

Capital Markets

Markets are known for “getting ahead of themselves,” and the latest example may be the “insatiable demand” for Nvidia’s artificial intelligence chips. The stock has shot up, resulting in the company briefly surpassing a $2 trillion valuation. But other equity prices have tagged along, boosting the general stock market.

That said, investors have been walking back expectations for Federal Reserve rate cuts. Goldman Sachs, for example, has pushed back expectations for a Fed rate cut to June. If you like rates where they are, fine. If you’re hoping for lower rates to jump start your business in the near future, well…

The dominating market narrative recently has been that while interest rate cuts may be appropriate at some point this year, it is not likely to be anytime soon. Resilient economic growth and optimism that inflation will continue to fall in the face of high interest rates has fostered household demand, bolstered expectations the U.S. will avoid a downturn in the near term and forced investors to ratchet back bets on early rate cuts. Philadelphia Fed President Harker warned against betting on early rate cuts late last week, saying “I will signal my belief that we’re ready for a rate decrease when all the data, both the hard and the soft, give me that signal.” Pricing in fed funds futures has all but erased the chance of a March rate cut, and the chance of a cut in June is currently a coin-toss. Economists now see a 40 percent chance of recession in the next year, the lowest reading since mid-2022.

Last week was fairly quiet in terms of economic releases and the few that came out did nothing to change the current narrative of U.S. economic conditions. The Leading Economic Index declined 0.4 percent versus a -0.3 percent forecast and is now just two points above its April 2020 low. Historically, the prolonged decline observed in this data set predates a recession, but at the moment, it appears this recession signal is out of step with current economic conditions. Elsewhere, existing home sales rose 3.1 percent in January thanks in part to declining mortgage rates in December.

Since then, rates have moved back up towards 7 percent. The FOMC has repeatedly indicated it is in no hurry to begin reducing the fed funds rate until they are fully confident inflation is sustainably moving towards their 2 percent goal.

This week opens with $169 billion in month-end supply over the first two days along with the usual $309 billion in Treasury bills. There are several important economic releases with the highlight being the Fed-favorite PCE price index for January is on Thursday. We will also receive durable goods for January, home price indexes for December, consumer confidence for February, the second reading on Q4 GDP, Chicago PMI for February, January construction spending, and final February consumer sentiment.

The deadline for Congress to avert a partial government shutdown is Friday. Today starts quietly with new home sales for January, expected to register 680k versus 664k in December, Dallas Fed manufacturing business index for February, and remarks from the new Kansas City Fed President Schmid. The Treasury will auction $63 billion 2-year notes, $70 billion 6-month bills, $63 billion 5-year notes, and $79 billion 3-month bills. We begin the week with Agency MBS prices roughly unchanged from Friday’s close and the 10-year yielding 4.24 after closing last week at 4.26 percent. Helping ARM rates, the 2-year is down to 4.68 percent.

Jobs and Transitions

Logan Finance is hiring! Non-QM Account Executives are in high demand at Logan Finance, especially those of you in Florida. Contact us today to learn more. Speaking of hiring, Logan is happy to announce that Ryan Rathert and Sarah Gonzalez have joined the executive team as Chief of Staff and Chief Operating Officer, respectively. Ryan is a proven mortgage finance wizard and Sarah a renowned industry maven, so put your sunglasses on, because the future at Logan is bright! And the spotlight will be on Logan’s SVP Business Development, Paul Jones, as he presents “Discover the DSCR Difference with Logan Finance”, session #2 in the monthly series, “The Modern Non-QM Experience”. Join Paul on March 6 at 2pm ET. Register here. If you’re looking for a Non-QM career boost, send your resume or check out LoganWholesale.com and LoganCorrespondent.com for more information. Join Logan and become a #LoganLeader today.

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Click n’ Close, a multi-state mortgage lender serving consumers and mortgage originators through its wholesale and correspondent channels and formerly known as Mid America Mortgage, announced Polly Cracchiolo has joined the organization’s third-party originator (TPO) sales team as an account executive.

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Source: mortgagenewsdaily.com