If you’ve been shopping mortgage rates online lately, perhaps via the Zillow marketplace, you may have stumbled upon “First Mortgage Direct.”
The online mortgage lender appears to advertise quite a bit on Zillow, so I thought we’d take a deeper dive to see what this lender is all about.
They’re a family-owned direct-to-consumer mortgage lender that says it’s driven by three founding principles, including honesty, integrity, and experience.
That involves a “consultative approach to lending” to find the perfect loan program for each homeowner, with no nonsense or hidden fees.
First Mortgage Direct Fast Facts
Direct-to-consumer mortgage lender founded in 2007
Family owned and headquartered in Kansas City, Missouri
Offer home purchase loans and mortgage refinances
Licensed in lend in 17 states nationwide
A DBA of First Mortgage Solutions, LLC
Their lending team boasts over 75 years of experience in the mortgage industry
First Mortgage Direct, which is actually a dba of First Mortgage Solutions, LLC, has been around since 2007.
They are a small family-owned and operated lender headquartered in Kansas City, Missouri.
At the moment, they are licensed just a handful of states, including California, Colorado, Connecticut, Florida, Georgia, Illinois, Kansas, Missouri, New Jersey, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and Washington.
How to Apply for a Home Loan with First Mortgage Direct
As an online-only mortgage lender, the application process is pretty no-frills and straightforward. You simply visit their website and hit “Apply Now.”
Their digital mortgage application is powered by Ellie Mae, which is one of the most common and popular forms out there.
It allows you to complete much of the process from your computer or smartphone in just minutes, including ordering a credit report and eSigning documents.
Once your loan is approved, you’ll be able to log in via their website to track loan progress and see your updated to-do list.
A loan officer and loan processor will assist you as you inch closer to the finish line.
They do not have physical branches, but you can call or email them directly if you need assistance or loan pricing.
Loan Programs Offered by First Mortgage Direct
Home purchase loans
Refinance loans: rate and term and cash out
Home renovation loans: FHA 203k and Fannie Mae HomeStyle
Conforming loans backed by Fannie Mae and Freddie Mac
Government loans backed by the FHA, USDA, and VA
Available on primary residences, second homes, and investment properties
Fixed-rate and adjustable-rate mortgage options available with various loan terms
First Mortgage Direct Mortgage Rates
While they don’t advertise their mortgage rates on their own website, you can often catch them in the wild if you compare lenders on the Zillow marketplace.
And they tend to offer the lowest rates of all the lenders listed, at least for the sample scenarios I ran through the engine.
That tells us they are competitive lender relative to other online mortgage lenders, which seem to offer lower interest rates than the bigger brick-and-mortar banks and brand-new lenders you’re probably more familiar with.
Ultimately, you should get a discount when using an online-only lender because their costs should be lower, with saving passed onto consumers.
If they aren’t competitive and you haven’t heard of them, it’d be pretty difficult for them to make an argument to use them versus a company you know and are comfortable with.
So my assumption is their rates are likely pretty good relative to other options. But you’ll need to get in touch for pricing to be sure.
First Mortgage Direct Reviews
On Zillow, they’ve got a 4.83-star rating out of 5 based on nearly 600 customer reviews, with many indicating that both rates and fees were lower than expected.
On SocialSurvey, they have a 4.79-star rating out of 5 from nearly 3,000 reviews, which again is a very favorable number considering the large sample size.
They are also a Bankrate Select Lender for 2020 and have a 4.8-star rating on Bankrate based on 126 customer reviews.
First Mortgage Direct is Better Business Bureau accredited and has been since 2010 – they currently have an ‘A+’ rating.
All in all, they come highly-rated and seem to be a no-frills online lender that offers low mortgage rates, which could be a good choice for homeowners with straightforward loan scenarios looking to save money.
They are probably a better fit for a seasoned homeowner looking to lower monthly payments via a refinance, but may not provide enough support for first-time home buyers who may require more hand-holding.
First Mortgage Direct Pros and Cons
The Pros
Can apply directly from their website
Use a digital mortgage application powered by Ellie Mae
Lots of loan programs to choose from
Appear to offer low rates as evidenced by sample searches on Zillow marketplace
The October 2009 issue of Consumer Reports contains an article extolling the virtues of generic store-brand products. While shoppers used to sacrifice quality when choosing generic, that’s no longer the case. From the article:
If concern about taste has kept you from trying store-brand foods, hesitate no more. In blind tests, our trained tasters compared a big national brand with a store brand in 29 food categories. Store and national brands tasted about equally good 19 times. Four times, the store brand won; six times, the national brand won.
In other words, store brands offer roughly the same quality as national brands, but at a much-reduced cost. How much reduced? Consumer Reports says that the store brands they tested cost an average of 27 percent less than the name brand equivalents.
How Much Can You Save?
Sometimes theory is one thing and reality another. It’s nice that Consumer Reports can score great deals on store brands. But could I? Last week, I walked to two local grocery stores to do my own research. First I looked at Safeway, where Kris and I shop most often. Next, I walked across the street to Fred Meyer, a store we usually try to avoid. (The store is huge and its layout makes little sense to me.)
I spent an hour in each store, roaming the aisles, looking for representative prices on a variety of items. I tried to pick one item at random from every section of the store. When I’d finished, I had a list of 25 products for which each store carried the same name brand and their own store-brand equivalent.
The results actually surprised me. You can save a lot of money with store-brand products — far more than I suspected. Here’s the raw data from my research:
Click to open larger image in new window
The first column lists the name-brand item I used as a basis for comparison. I’ve given each store two columns, one for the price of the name-brand item, and one for the generic item. On each line, red text indicates the highest-priced option and green text indicates the least expensive option.
Here’s a closer look at some of these comparisons:
I’m out of my Head and Shoulders shampoo. I just threw away the bottle this morning. Normally I buy actual Head and Shoulders at Safeway, which costs me $5.99 if it’s not on sale. If I were to instead buy the Fred Meyer store brand, I’d only pay $2.49 — a savings of nearly 60%!
At Safeway, standard Charmin two-ply toilet paper costs $10.99 for 12 rolls. At $9.49, the store brand isn’t much cheaper. But if I were to go across the street to Fred Meyer, I’d pay just $4.89 for the store brand. (Actually, Kris and I get our toilet paper at Costco, and I have no idea what we pay.)
Hungry? For $2.17, you could buy a can of generic chicken noodle soup, a box of generic saltine crackers, and a bottle of generic root beer at Fred Meyer. To buy name-brand equivalents at Safeway would cost you $6.18. (You could eat three of those meals using generic Fred Meyer food for the price of one meal from Safeway.)
You get the idea. Buying store brands at Safeway would save nearly 22% for the items on this list. At Fred Meyer, I could save over 36%. And Fred Meyer store brands cost 44% less than name brands at Safeway — without the need for a “loyalty card”.
A note on methodology: While conducting this survey, I faced a tough choice. Which price should I list? The non-sale price for each item? Or the sale price? Of the 25 name-brand items listed, 15 were on sale at Safeway and 14 were on sale at Fred Meyer. (There was a lot of overlap on the sales, too.) At Safeway, 20 of the generics were on sale; 10 were on sale at Fred Meyer. I chose to list non-sale prices because it’s impossible to know which items are on sale when.
Running the Numbers
I learned a number of things from this project. First off, we’re shopping at the wrong grocery store. Buying name-brand products at Safeway is the most expensive way to go. Based on this list, shopping at Fred Meyer instead would save us nearly 12%, even without moving to generics.
Second, generics are not always a bargain. On 10 out of the 25 items, the Safeway generic cost as much (or more!) than the name-brand equivalent at Fred Meyer. On the other hand, Fred Meyer store-brand items offer fantastic savings, especially when compared to Safeway’s name-brand selections. (The items on this list were 44% less expensive!)
Another factor to consider is that some stores have a better selection of store brands than others. Subjectively speaking, Fred Meyer seemed to have about double the number of generic items that Safeway had — and often had multiple sizes or varieties. They carried several types of store brand salsa, for example, while Safeway’s selection was more limited. At both stores, the generics were generally staple items: rice, toilet paper, tomato sauce, etc.
Conclusions
“We should buy more generics,” I told Kris after collating my data.
“We do buy generics,” she said.
“We do? Like what?”
“…” she said (proving for once that Kris is not always right!).
Though Kris and I do a lot of things to save money, we don’t actually buy a lot of store brands. We’re not opposed to them — we just stick to brands we trust. This brand loyalty costs us money. Here’s how Consumer Reports put it in the article that inspired my research: “Switching to store brands can be a painless way to cut your grocery bill.” They’re right.
After conducting this experiment, I realize there are four key steps to saving big bucks on groceries. More than anything else, these actions can help struggling families cut costs:
Grow whatever produce you are able. The more you grow, the more you save.
Buy store brands whenever possible.
For everything else, do your best to purchase items only when they’re on sale. (This may mean developing a grocery price book.)
Learn to clip coupons, especially for processed foods.
This exercise was eye-opening in another way. I discovered that shopping at Safeway costs us money. If the data here is representative, then switching to Fred Meyer could save us over 10% on our grocery bill. That’s enough to let us dine out one extra time per month. Or it’s more money we can save for our trip to France next year.
Kris and I are both wary of switching from Safeway to Fred Meyer — as I mentioned, there’s more to this decision than price — but I suspect that if we give it a chance, we’ll find ways to deal with Fred Meyer’s annoyances and save money in the process.
Being a parent can be one of the most rewarding and difficult times of your life.
You’re no longer responsible for just yourself, but for the life of your child as well. This brings a lot of new worries and aspects that you had never thought of before.
We quickly found that out with our first child and was then reinforced with our second and third.
Buying life insurance can help make that time a little easier, whether you want to leave something behind for your family when you’re gone or need to secure a policy for your children. Knowing what kind of policy you need is invaluable to ensuring that you have exactly what you need for the years ahead of you, whether your children are still at home or have left the nest.
Life Insurance For Your Adult Child
Even when a child turns 18, financial responsibility doesn’t end for the parent, especially so for those with college-bound children. When they’re out on their own, it’s more important than ever to have a life insurance policy ready. Term life policies are basic and always good for children leaving home for the first time.
With a term life policy in place they can change to a permanent policy when they find a career and can begin paying the premiums on their own. Whole life, universal life, and variable universal life policies can also be helpful, and some companies will allow you to change the policyholder from yourself to your child. Handing over control of your child’s life insurance policy to them is a great way to teach them about being responsible with a policy, something that you might need one day.
If you’re looking to apply for an insurance policy for your adult child, there are several different things that you should talk about first. Sure, it probably isn’t going to be the most fun conversation, but it’s an important one to have. Before you take out the policy, discuss the different life insurance options such as whole life vs term life with your child. Talk about the pros and cons of a term versus a whole life insurance. Get their input on the decision, because more than likely they will be paying for the plan eventually.
In most cases, a term insurance policy is going to be the cheapest, especially for your college-aged kids. Because most young adults are in excellent health with no health conditions, they pose very little risk to the insurance company. With most insurance policies, you’ll be able to get a plan for your child for less than $20 a month, maybe even $10. Sounds like a great investment for the peace of mind it will bring.
Retirement brings both benefits and drawbacks, and makes getting life insurance more difficult than before. Thankfully, your child can purchase a policy on your behalf. Most companies simply require them to fill out an application and a medical examination before you can be insured, and there are a number of policies available for accepted applicants.
The medical exam isn’t as scary as it sounds. The insurance company will send out a paramedic to take basic vitals like your weight, blood pressure, a blood sample, and a urine sample. You will also have to answer a health questionnaire. These questions will be basic questions about your health and any chronic conditions that you may have and also about your family history. The medical exam will have a significant impact on the monthly premiums of the life insurance policy.
In this case, since the policy will be for your parents, the insurance company will require that your parents take the medical exam. If they have any chronic health conditions or diseases, it could cause your monthly premiums to go up. If their health is poor, you can always go with a plan that doesn’t require a health exam. These plans are more expensive, but just about anyone can be accepted.
Term life, universal life, and whole life policies are all fantastic choices for children that are looking at life insurance policies for senior parents. A term life policy can help for short periods of time, and will save money; whole and universal life policies are still permanent, covering the insured client until the day they pass on.
If you’re looking to save money, term life insurance is probably the best option, but be warned, it is only effective for the listed time, after that you’ll no longer have coverage on the insured person. You will pay more for whole life, but a lot of consumers enjoy knowing that the plan will never expire and they will always have life insurance coverage.
All of these policies are a great way to cover any expenses left behind in case of a tragedy. Without one of these policies you could be left with thousands of dollars in unpaid debt. Losing a parent is a difficult time to get through, don’t make it worse on yourself by having piles of bills that you have to pay for.
Deciding How Large of a Policy you need
After you decide what type of policy you’re going to purchase as well as the life insurance company, it’s important to decide how much you’ll need. You need to find a balance of having enough coverage and not paying too much in monthly premiums. The best way to do this is to talk with your parent about how much debt they would leave at their passing. Things like mortgages, car payments, credit card bills, funeral costs, etc. should all be calculated to see how large of a policy you’ll need to apply for.
If anyone relies on the income of the insured person, you should also take that into account. If your parents are still working and the other spouse needs that income to survive, you should calculate the annual income with the life insurance policy.
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Term Life For Parents
Choosing the right type of policy can be difficult, and many factors should be taken into account, though most companies will approve a $100,000 policy with no difficulties, a more expensive policy will require justification,which they call “insurable interest”. As the child of the parent, showing this interest will be simple and you shouldn’t have any problem. You only have to show that you would suffer financially if the insured person were to die, in this case, you would because of having to pay the final expenses.
Whether you’re searching for a policy for your child, or helping your child find one for you, life insurance for parents is an important aspect of life that will always come into play.
Getting Lower Life Insurance Rates
If you’re looking to get the lowest life insurance rates (and who isn’t?), then there are a few things that you can do to make sure you’re getting the most for your money. The easiest way to save money on the policy is to get the plan from the insurance company that you already hold plans with. Having more than one plan with the same company tends to get you a multi-policy discount. The more policies you have, the more you save. The company that you already have policies with should be the first place you start when looking to buy an insurance policy for your parents.
With that being said, don’t automatically purchase a policy from the company you already know. Even with the multi-policy discount, there could be lower rates available for you and your loved ones. Shopping around for your policy is an excellent way to ensure that you’re getting the most bang for your buck. Because each company is different, they all will have different rates for your policy. Each of them has different standards for their policies.
Life Insurance for Parents
Life insurance is an important purchase in all stages of life. If you’re planning on buying a policy for your child or a parent, it’s a great way to provide security and peace of mind for you and your loved ones.
Every year we hear countless stories of parents and children that lost a loved one. These stories are difficult to hear, but not having life insurance make those times even more difficult. Not only are you emotionally strained because of the recent loss, but all of a sudden you’re financially strained. The bills keep piling up and you have no way to pay for them.
Sure, nobody wants to think about the awful things that could happen to your or your family, but discussing these difficult topics is one of the best things you can do
Plainfield, formally known as the Village of Plainfield, is a small suburb of Chicago known for its rich history and sense of community. The area is home to over 44,000 people, and is close to both major cities and untouched nature. But is Plainfield, IL, a good place to live? We’ve got you covered.
If you’re looking at homes for sale in Plainfield or are just curious about what the area has to offer, this Redfin guide is for you. Here are 10pros and cons to consider before moving to Plainfield, IL.
5 pros of living in Plainfield, IL
There’s a lot to love about living in Plainfield. Here are five of the best.
1. Affordable cost of living
Plainfield has a relatively affordable cost of living compared to other cities in the United States. Housing costs, in particular, are on par with the national average, which makes it an attractive option for those looking for an affordable place to live near a major city. For example, the median sale price of a house in Plainfield is $429,900,
Renting is also more affordable than a majority of the country; the average one-bedroom apartment costs $1,750, which is $200 below the national average.
2. Community and culture
The community in Plainfield is tight-knit and enjoys celebrating together. Community events are common, with festivals, parades, and other public gatherings being organized throughout the year.
Consider visiting Settlers’ Park for concerts and movies during the summer, or strolling through the local farmers’ market on Sundays. During the winter, there are plenty of holiday events, including parades, light festivals, and holiday markets.
3. Natural beauty
Plainfield is blessed with a variety of natural spaces, including parks like Settlers’ Park and Lake Renwick Preserve. There are also numerous trails for biking and hiking, such as the Van Horn Woods, along with opportunities for fishing and boating along the DuPage River. These spaces offer residents plenty of opportunities for outdoor recreation and relaxation.
4. Historic downtown
Downtown Plainfield is the heart of the city. The area is rich in historic charm, featuring buildings with history and significance. There are also a variety of small, locally-owned shops, boutiques, and restaurants, providing residents with unique shopping and dining experiences. And if you prefer to drive, there is free parking most days of the week.
5. Location
Located about 35 miles southwest of downtown Chicago, Plainfield is a commuter city that offers the advantage of a small-town feel with relatively easy access to big-city amenities. The access to cultural institutions, diverse food scene, major sporting events, and a wide range of job opportunities in Chicago can be attractive to many people.
5 cons of living in Plainfield, IL
Plainfield has a lot of benefits, but it also has a few downsides. Here are five to keep in mind.
1. Limited public transportation
Plainfield doesn’t have a local public transportation system, and instead offers bus routes to and from Chicago and other nearby cities. The limited public transportation means the area is car-dependent, which can be a drawback for those who prefer to use public transit or don’t own a vehicle. Walkability is also an issue outside of downtown.
2. Minimal nightlife
As a smaller suburban town, Plainfield lacks the nightlife scene you might find in larger cities. It doesn’t have a large selection of bars, clubs, or late-night eateries, and most establishments close earlier in the evening. If you thrive on nightlife, you’ll likely have to commute to Chicago for evening adventures.
However, if you’re looking for great local restaurants, there are plenty of options, including Sovereign, Backroads Burger & Bar, and Urban Kitchen.
3. Winter weather
The winters in Plainfield can be harsh and unpredictable. Temperatures often drop well below freezing, and the area experiences significant snowfall. If you’re not a fan of cold weather, snow shoveling, or driving in winter conditions, this could be a major drawback. The winter season can also be quite long, typically lasting from late November until March.
Summers are not as hot as some other parts of the US, but they are quite humid. The best weather is typically in the early summer and fall.
4. Relative affordability
While Plainfield is an affordable city relative to the US average, it’s actually much more expensive than nearby cities, such as Chicago and Aurora. The median house price in Chicago is $340,000, nearly $100,000 less than Plainfield, and the median house price in Aurora is $307,000, over $100,000 cheaper than Plainfield. This can be a drawback for those on a tighter budget.
5. Population growth
Over the past two decades, Plainfield has been experiencing a significant increase in population. From 1990 to 2021, the city’s population increased from 4,557 to over 44,000. While this growth has led to better amenities, it can also lead to overcrowded schools, increased traffic, and strained public resources. Rapid growth can also impact the small-town feel that many residents value and are used to.
On average, American consumers only spend five hours researching their home loan options, despite the fact that such transactions are arguably the largest in most borrower’s lives.
That compares to two hours for a television, four hours for a computer, and 10 hours for a car, according to a new survey from Zillow, which offers mortgage rate shopping via its Mortgage Marketplace platform.
The average cost of a mortgage is $145,920, so if just five hours of research are put in, each hour is worth $29,184.
Those surveyed actually spent the same amount of time planning a week-long vacation, which has an average cost of $1,708, or $341 per hour.
At least those surveyed spent more time searching for a house, though at 40 hours, it’s still pretty light relative to other seemingly everyday purchases.
Despite the ongoing mortgage crisis, borrowers are spending no more time researching home loans than they did two years ago.
And borrowers are actually gathering fewer mortgage rate quotes, with the average number down to three versus four in 2008.
It doesn’t hurt to get estimates from both mortgage lenders and mortgage brokers.
“The last few years should have driven home the lesson that understanding one’s home loan is critically important, but mortgages continue to be something that most people don’t want to spend time thinking about,” said Zillow Chief Economist Dr. Stan Humphries, in a statement.
“Not understanding a home loan can have catastrophic consequences.”
For example, a half percentage point in loan rate could save a borrower with a $400,000 mortgage more than $44,000 (how to buy down your mortgage rate).
Whether you are a freelancer, side hustler, or run a full-time business, opening a separate business bank account should be your first move after starting your business.
A business bank account helps you keep your business finances and personal income and expenses separate. Having a business bank account for all your business finances makes it easy to run records and track your costs and deductions at tax time.
Business checking accounts can also help business owners establish credit, which they can use for net terms with suppliers or to take out business loans or business credit cards.
But which business checking account is best? And can you find good options with free business checking accounts?
12 Best Free Business Checking Accounts
We’ve done the legwork for you, compiling a list of the 12 best free business checking accounts available in the U.S. today.
1. Bluevine: Best Free Business Checking Account Overall
Bluevine offers one of the most comprehensive and best free business checking accounts you’ll find. It has no monthly maintenance fees, no overdraft fees, and an annual percentage yield APY of 2% on up to $250,000 of your balance if you meet monthly activity goals. To qualify, simply make $500 in debit card purchases with your Bluevine business debit or receive $2,500 per month in customer payments to your account.
Bluevine offers features that make it great for a team, including the ability to open multiple sub-accounts and even have separate logins for employees or contractors, like accountants and virtual assistants.
While some free business checking accounts have transaction limits, your Bluevine business checking account does not. Funds are backed by Coastal Community Bank, Member FDIC. Coastal Community Bank provides business banking services for Bluevine customers.
2. Capital One Business Bank Account: Best for Local Branches
If you’re looking for personalized service at local branches, consider Capital One business checking. Capital One offers two tiers of checking accounts: Basic and Enhanced. Both accounts offer unlimited digital transactions, free overdraft coverage, access to Capital One’s mobile app, no ATM fees at 70,000 Capital One, Allpoint, and MoneyPass ATMs, and low monthly fees that are easily waived when you meet minimum balance requirements.
Capital One Enhanced business checking is designed for larger businesses who can meet $25,000 average daily balance requirements needed to waive the $35 monthly service fee. Enjoy free incoming wire transfers, five free outgoing wire transfers monthly, and a remote scanner for mobile check deposits.
3. GO2bank: Best for Online Banking
GO2bank is a complete mobile banking solution with digital banking services provided by Green Dot Bank. The bank offers many features in its online business checking account that will appeal to business owners and their employees, including co-branded debit cards, optional overdraft protection, and a co-branded app for businesses. You can also get a secured business credit card through GO2bank.
Waive the monthly fees with qualifying direct deposits, and receive ACH payments up to two days early. You can also purchase eGift cards for yourself or as employee incentives and earn up to 7% cash back.
4. Found: Best for Freelancers
Hailed as the debit card for the self-employed, we rate Found as the best free business account for freelancers. It has no monthly maintenance fees, no minimum deposit or minimum balance requirements, and no credit check to open your account.
Found has a few features that can help you streamline your business. By evaluating your income and expenses, Found can calculate your tax bill, categorize tax write-offs, and even auto-save the correct amount from each deposit to cover your quarterly taxes. You can also send invoices from the app.
Found is a financial technology company, not a bank. Deposits are FDIC insured through Piermont Bank.
5. First Citizens Bank Basic Business Checking: Best for Checking Account Choices:
Most business checking accounts have one option for a business owner. First Citizens has four choices to help you choose the right business checking account with the features you need. The basic business checking account offers 100 transactions with no monthly fee, and has a minimum opening deposit of $100.
Business Banking I is free with a merchant account or a minimum daily balance of $25,000. It offers processing of up to $250 transactions per month, plus $10,000 in cash processing, including cash deposits. Business Banking II has similar features with 500 free transactions and $15,000 in cash processing, including cash deposits. There is a $50 monthly fee unless you have a merchant account or an average daily ledger balance of $50,000.
Business Banking III is best for larger enterprises who want choices and do a high volume of business. Process up to 750 transactions free each month, with $20,000 in cash deposits. You’ll need a merchant account or $75,000 in your average daily ledger balance to avoid the monthly maintenance fee.
Business Banking I, II, and III accounts also let you customize your plan with additional discounted services.
6. Novo Business Checking Account: Best for E-commerce and App Integrations
Novo is not a bank, it’s a financial technology company with deposits backed by Middlesex Federal Savings, Member FDIC. Novo is one of the most tech-forward financial institutions on our list, offering easy integration with apps like Shopify, Wise, Stripe, Square, and Quickbooks.
The Novo Business Checking account has no monthly fees, no minimum balance requirements, no cash deposit fees, and ATM fee reimbursement for out-of-network ATM use. Account holders can also get discounts on popular business software and services, including LegalZoom, Constant Contact, and Stripe.
7. Mercury Banking For Start-ups: Best for Start-ups
Bootstrapped and venture-backed startups of every size have unique needs in a business checking account. A Mercury free business checking account helps your money stretch further with no monthly fee, no minimum balance requirements, and no minimum deposit to open. You can earn 5.11% annual percentage yield APY with mutual funds invested through Mercury Treasury if you have an account balance of $250,000 or more.
Mercury free business checking offers unlimited free transactions, including no cash deposit fees, for businesses who process less than $200,000 per month. The account offers team management tools, debit cards for multiple employees, and capabilities to open multiple checking and savings accounts to manage cash flow.
Plus, your Mercury account is backed by up to $5 million worth of FDIC insurance through partner banks. Banking services are provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC and deposits are held in various partner banks.
8. U.S. Bank Silver Business Checking: Best for Sign-up Bonus
If you’re looking to earn free cash to boost your business, consider a U.S. Bank Silver Business checking account with a $100 minimum deposit before June 30, 2023. You can earn a $500 bonus when you make new deposits of at least $5,000 and maintain a minimum balance of at least $5,000 until 60 days after the account opening. Increase that to $15,000 in new money deposits and maintain that balance for 60 days and earn $750 deposited into your new business checking account.
U.S. Bank offers tons of benefits for business owners, including no transaction fees for up to 125 transactions each month, 25 free cash transactions (or up to $2,500 in free cash deposits, whichever comes first), no monthly maintenance fee, and 50% off on your first check order, up to $50.
Larger businesses may prefer a Gold Business Checking Account, with no transaction fees for up to 300 transactions per month. It also has a waivable $20 monthly fee.
There is also a Platinum Checking Account Package with 500 free transactions and a $30 monthly fee. This fee is waived by meeting monthly minimum balance requirements.
9. Chase Business Complete Banking: Best for Payment Processing
For those who want to avoid online only banks and are looking for a big bank with international recognition and branches and ATMs across the U.S., Chase Business Complete Banking offers a solid solution. It comes with many ways to waive the monthly service fee.
Chase also makes it easy to accept credit and debit card payments without using a third-party payment processor. Chase QuickAccept is a built-in feature as part of Chase Business Complete Banking. You don’t need to apply for a separate merchant account, and the transaction fees are competitive with other credit card processing companies.
QuickAccept also allows you to access money faster with same-day deposits with no added fees. If you need a merchant payment processing provider that works in synch with your bank account, Chase Business Complete Banking could be the best choice for you.
Right now through August 3, 2023, businesses can earn a bonus up to $500 when they open a Chase Business Complete Checking account and meet requirements, which including total deposits of $15,000 or more. Deposit just $2,000 or more and snag an easy $300 for your new business checking account.
10. Huntington Business Checking 100 (Midwest): Best for Community Banking
Huntington National Bank, headquartered in Columbus, Ohio, since 1866, offers three business checking accounts, including a business interest checking account, Unlimited Plus Business Checking.
The top-tier account includes unlimited transactions, plus cash deposits of up to $25,000. Waive the $40 monthly fee with up to $50,000 in total deposit relationship balances across business accounts. Designed for larger businesses, the Unlimited Plus Business Checking allows you to choose two bonus services such as a fraud tool, waived returned deposited items fees on up to 25 items per month, or two free incoming domestic wires monthly.
The Unlimited Business Checking account offers similar features, with unlimited transactions, free cash deposits on up to $10,000 per month, and a choice of one bonus service. Waive the $20 monthly fee by maintaining a minimum balance of at least $10,000. A Business Checking 100 account offers up to 100 transactions per month, and up to $5,000 in cash transactions with no monthly fee.
Huntington is devoted to the local communities it serves and spotlights small business owners on its website. It also specializes in SBA loans and offers a linked business money market account to earn interest on savings with no monthly maintenance fee if you maintain an average daily balance of $10,000+.
11. Relay Business Checking: Best for Money Management
Relay online banking offers up to 20 primary business checking accounts for members of your team or for different business expenses, plus 50 virtual or physical Visa debit cards. Designed to assist with cash flow and money management, your Relay online banking account allows automated transfers into the various checking accounts based on percentage of income or flat-rate dollar figures.
Your Relay online and mobile banking account also includes up to two business savings accounts with APYs of 1% to 3%. Best of all, unlike many free business checking accounts that are only free if you meet transaction or balance requirements, Relay has no monthly maintenance fee, no transaction fees, no overdraft fees, no ATM fees, and no minimum balance requirements.
12. Axos Basic Business Checking Account: Best for No Fees
Axos Bank has been voted best online bank by Money Magazine and its business offering stands out for small business owners as a straightforward business checking account with no transaction fees, no monthly maintenance fee, and no minimum opening deposit. You also don’t have to worry about balance requirements or ATM fees. You’ll even receive unlimited reimbursements for using out-of-network ATMs within the U.S.
You will need to maintain a minimum balance of at least $5,000 for the first five statement cycles to earn a $100 account opening bonus. You will receive $25 into your business account each month you maintain the minimum requirements. However, if you close the account within 120 days, you might have to pay a $100 early closure fee.
What to Consider When Choosing the Best Free Business Checking Account
The best free business checking account for your business depends on the volume of cash deposits, number of transactions, the size of your company and your general banking needs.
It’s important for a business of any size, including a sole proprietor or 1099 contractor, to open a business checking account to keep business funds separate from your personal checking account and other personal finances. This is especially important at tax time.
Many of the business bank accounts on our list of best free business checking accounts make it easy for you to track your business finances. They offer end-of-month or quarterly reports or integrate with QuickBooks or other accounting software to make money management easy. This, along with costs, quality of customer service, mobile apps, and more should factor into your decision when you choose a small business checking account.
Monthly Maintenance Fee
Account fees have long been a fact of life for individuals and business owners, but they no longer have to be with so many free checking accounts available today. Some of the banks on this list, including Axos and Relay, offer no monthly fee of any kind. Others make it easy to waive the monthly fee by meeting balance requirements.
See if there are any balance requirements, direct deposit requirements, or minimum debit card purchases to avoid the monthly service fee, and if you will be able to meet those minimums easily each month.
Easy-to-use Online and Mobile Banking
Even basic business checking today should have a robust app and mobile banking solutions, including mobile check deposits, capability to turn your debit cards on or off, and to monitor spending in a user-friendly app.
You may think online-only banks have better mobile capabilities, but that’s not always the case. All the best business checking accounts on our list have intuitive, user-friendly mobile apps.
Low Minimum Opening Deposit Requirements
Most of the free checking accounts on our list have low minimum opening deposit requirements. Some may have higher minimums to earn a bonus on your business checking account. Make sure to read the fine print and know the minimum deposit requirements if you want to earn that sign-up bonus.
Reasonable Fees
While it’s possible to find a business checking account with no monthly service fee, your bank may have some fees. Read the fine print so you know exactly what you’re getting for your money. It should be easy to avoid ATM fees, overdraft fees, and even monthly fees.
However, you may have to pay for wire transfers, out-of-network ATMs, and other transactions. Unlike personal accounts, it’s common for business bank accounts to have fees if you deposit cash. Sometimes, a certain number of cash transactions is included in your monthly fee.
Customer Service
It’s important to research the bank’s customer service before you commit to a business checking account. Online only banks, especially, may have limited ways to reach customer support. Find out if they offer 24/7 service. Many people prefer online banking for the convenience and low account fees. But if you experience a problem, you want to make sure you can get help promptly.
Positive Customer Reviews
When you’re looking for the best business checking account, it pays to research the opinions of other business owners like you. Customer reviews can give you a feel for the level of customer service, ATM fees, monthly fees, fraud protection, and more.
Practical Transaction and Cash Deposit Limits
Many of the best business checking accounts offer unlimited transactions and reasonable monthly limits to deposit cash. Many banks offer different tiers of business checking accounts, so you can pay a set monthly fee for the level of service you need.
Linked Business Savings Account or Business Interest Checking Account
If you want to earn interest on your cash reserves, look for a checking account that pays interest or for a bank with a high interest savings account. Pay attention to account fees, withdrawal limits, and
Consider the Need for a Bank With Physical Locations
Online banking offers lower monthly fees and convenience. But if your business needs to deposit cash regularly or you just want personalized service and relationship banking, you might prefer a bank account at a financial institution with brick-and-mortar locations.
Questions to Ask Before Deciding on a Business Checking Account
When you’re shopping around for a free business checking account, consider your needs, the number of transactions you conduct daily, your account balance, and whether you prefer a traditional bank or are willing to consider online only banks for your business checking needs. Ask yourself the following questions so you can compare your options.
Will you be making regular cash deposits?
Many business checking accounts charge a fee if you want to deposit cash. Sometimes, a number of cash deposits will be included in your monthly fee. Make sure to pick an account with the capabilities you need.
Do you prefer a bank or credit union?
You might prefer the personalized service of a credit union instead of choosing a large bank or an online bank. When you’re evaluating credit unions, compare all the features and fees the same as you would evaluate business bank accounts.
Do you need to process customer transactions?
Banks like Chase offer credit card processing as an add-on feature to their services. If you are using an online bank, you might want one that integrates with Stripe, Square, or other payment processors. The capability to process customer transactions is one element that sets a business bank apart from a personal checking account.
Do you want to earn interest on your balance?
Several banks on our list offer high yield savings accounts, which is a benefit for small businesses, start-ups, and any business that wants to earn free money from their balance. You might also consider an interest earning business checking account like Bluevine, which pays interest on your checking account balance.
Business Checking vs. Money Market Account
A money market account is a special savings account designed to hold money that you may need to access in the short term. Some money market accounts offer higher APYs than other savings accounts. A money market account often has limits on the number of fee-free withdrawals per month.
Most business owners will want to open a free business checking account and link it to a money market account to earn interest on cash reserves.
What You Need to Open a Small Business Checking Account
You may not need an Employer Identification Number or Tax ID number to open a business checking account. If you have one, you should open the account using that number instead of your Social Security number to help keep your business and personal funds separate.
But if you are a freelancer and file taxes as a sole proprietor/self-employed, you can open your business checking account with your SSN. However, if your business has a DBA (doing business as) you will need a certificate or paperwork showing that name.
Likewise, if you are an LLC, you’ll need your business registration along with your EIN. If you have a partnership, you’ll need your partnership agreement and paperwork showing the business name.
Beyond that, you can open a business checking account with your business address, a phone number, email address and the minimum deposit (if required). Visit a branch for personalized service or open your free business checking account online.
FAQs
See what people are asking about free business checking accounts.
Do you need to pay account or transaction fees?
Some business checking accounts have monthly fees that you can waive by meeting specific requirements. You may also pay ATM fees, fees for cash deposits, and fees for wire transfers or international transactions.
Read the fine print or speak to a personal banker to choose the account that’s right for you.
Can you open a business checking account with no credit check?
Most banks and credit unions will allow you to open a business checking account with no credit check. By maintaining a positive balance in your account, you can build your business credit. A credit check may be required for business loans, lines of credit, or “net” terms with vendors.
What are the most important features of business checking accounts?
Most business owners are looking for business checking with no ATM fees and no monthly fee or easy ways to waive the monthly fee. Beyond that, consider the type and number of transactions you complete monthly, whether you need payment processing capabilities, and if you want a linked savings account to earn interest.
What banks offer free business checking accounts?
Many online and traditional banks offer free business checking or easy ways to waive the monthly fee. The list above describes 12 of our favorite options in free business checking.
We do our fair share of running around our cities exploring, perusing, eating, shopping and drinking. We call it “work,” but really, it’s what our life goals are made of! It’s an especially good day when we stumble upon something so good, we name it the best. We discovered this sweet shop over a year ago and have been loyal to it since. Every couple of months we pop in to see what newly curated treasures adorn the shelves and every time, every time, we fall in love with it all over again. Properly named and popularly adored, I Love Neighbor is the best decor store in Oakland and here’s why!
You’re strolling down Piedmont Ave on what’s likely a gorgeous day in Oakland. The East Bay is always good for sunshine! On any particular day, the City Across the Bay is at least 5 degrees warmer and the sky much sunnier than fog-ridden San Francisco. As you pass all of the usual suspects, some that have occupied the street for years – decades, even – Fenton’s Creamery, Lost and Found Antiques, Issues, you mosey past something new, fresh, young: I Love Neighbor. You go in duh! and your eyes become as big as saucers as they proceed to soak up every little nook and cranny of this gorgeously curated space.
Brass chandeliers made by local artists, glass and ceramic mobiles, vintage paintings and antique taxidermy all hang from the walls or soar from the tall, wood beam ceilings above you. Black and white Icelandic sheepskins, classic striped foutas, colorful Moroccan rugs and handmade textiles from artists in Brooklyn adorn a mid-century chair or spill over a dip-dyed ladder.
Locally made candles, cocktail syrups and shrubs, organic soaps and detergents peach oil laundry detergent. hello! line the chic shelves. Grey washed live-edge bowls, smoothly carved horn spoons, unique candlesticks, tiny leather coin pouches, brass scissors in every size and rope dog leashes all make the cut in their well-stocked cabinets.
And, the staff! Well, they’ll become your new best friends not only because they are so friendly, but they’ll also indulge you as you jabber about loving everrrrr-y-thing. They’ll likely tell you about the item in your hand and somehow convince you, in a way your best friend would, that you need it. The store is inviting, never stuffy or intimidating and there’s a backyard luring you in for “just a peek through the back door” yet it enticies you to sit down and stay a while – a neighborly Oakland mentality if we’ve ever seen one!
So if you’re in the neighborhood, stop by Neighbor. And if you’re not, do yourself a favor and be in the neighborhood! To all our buddies in San Francisco who rarely find themselves breaking out of their norm, I Love Neighbor is worth the quick drive over the bridge and we dare you, just dare you, to not fall in love!
original photography for apartment 34 by aubrie pick
Homebuilder confidence has been rising over the past few months, and housing starts rose 21.7% from April. Strong new home sales have gotten the new construction industry back on track to deliver much-needed inventory for this undersupplied market. They now supply about 30% of the residential sales market.
“This spring shopping season has buyers searching for listings and affordability – both of which can be found in new construction – with many builders offering incentives and fresh inventory,” said Zillow Senior Economist Nicole Bachaud in a statement. “This has brought a resurgence to the new construction industry with sales rising and home builder confidence climbing.’
The new home market stands in contrast to the existing re-sales market, which has sputtered due to record-low inventory and high listing prices. Still, Zillow economists said, there are signs that the existing home sales market might be growing.
The median sales price of new homes sold in May 2023 was $416,300 versus $396,100 for existing home sales. The average sales price for new homes was $487,300.
The seasonally‐adjusted estimate of new houses for sale at the end of May was 428,000. This represents a supply of 6.7 months at the current sales rate.
Demand has been resilient as people grow accustomed to interest rates in the 6%-7% range, and existing inventory remains tight, economists said. These factors are making new homes more visible on the market, while homeowners looking to trade up are attracted by new floor plans, more technology, as well as higher efficiency, noted George Ratiu, chief economist at Keeping Current Matters.
Homebuilder confidence has been rising over the past few months, and housing starts rose 21.7% from April. Strong new home sales have gotten the new construction industry back on track to deliver much-needed inventory for this undersupplied market. They now supply about 30% of the residential sales market.
“This spring shopping season has buyers searching for listings and affordability – both of which can be found in new construction – with many builders offering incentives and fresh inventory,” said Zillow Senior Economist Nicole Bachaud in a statement. “This has brought a resurgence to the new construction industry with sales rising and home builder confidence climbing.’
The new home market stands in contrast to the existing re-sales market, which has sputtered due to record-low inventory and high listing prices. Still, Zillow economists said, there are signs that the existing home sales market might be growing.
The median sales price of new homes sold in May 2023 was $416,300 versus $396,100 for existing home sales. The average sales price for new homes was $487,300.
The seasonally‐adjusted estimate of new houses for sale at the end of May was 428,000. This represents a supply of 6.7 months at the current sales rate.
Demand has been resilient as people grow accustomed to interest rates in the 6%-7% range, and existing inventory remains tight, economists said. These factors are making new homes more visible on the market, while homeowners looking to trade up are attracted by new floor plans, more technology, as well as higher efficiency, noted George Ratiu, chief economist at Keeping Current Matters.
When you’re shopping for your next home, choosing the right mortgage lender is one of the most important decisions you’ll make (aside from choosing the right house, that is). The right mortgage lender can make the process more seamless. Not only that, but choosing the right lender can save you thousands on interest and other miscellaneous costs.
With so many lenders on the market, it can be challenging to choose just one. We’ll help narrow down your search by sharing the top 10 mortgage lenders in the industry.
Best Mortgage Lenders of 2023
There are many mortgage lenders to choose from, and they include online lenders, traditional banks, and local financial institutions. Some factors to consider when choosing the best lender include the loan types available, mortgage interest rates, fees and more.
Here are the top 10 mortgage lenders in 2023:
PNC Bank
Rocket Mortgage
Guaranteed Rate
Bank of America
Veterans United Home Loans
Navy Federal Credit Union
Chase
Ally
Better Mortgage
Northpointe Bank
1. PNC Bank
PNC Bank is available in all 50 states and offers a wide variety of mortgage options, including conventional loans, jumbo loans, FHA loans, VA loans and USDA loans. PNC also offers some specialty loans, including the PNC Community Loan and a Medical Professionals loan.
Pros:
Many loan types, including specialty loan programs
Online and in-person customer service
Digital preapproval process
Cons:
No renovation loans
In-person service isn’t available in all states
2. Rocket Mortgage
Rocket Mortgage received top marks in customer satisfaction in the J.D. Power 2022 U.S. Mortgage Origination Satisfaction Study. It offers a simple online mortgage process with a fully digital application and access to online home loan experts.
Pros:
Streamlined application process
Access to online loan experts
$10,000 off closing costs when you use Rocket Homes to buy
Cons:
No USDA loans or home equity lines of credit
No brick-and-mortar locations
3. Guaranteed Rate
Guaranteed Rate combines the online-only mortgage experience with the ability to meet with a mortgage officer in person at more than 400 branches nationwide. In addition to its standard loan options, Guaranteed Rate also offers HELOCs, renovation loans, interest-only loans and other specialty loan programs.
Pros:
Advanced online tools and application process
Online and in-person service
Transparent about its interest rates on its website
Cons:
No home equity loans
Higher credit score requirements
In-person service isn’t available in all states
4. Bank of America
Bank of America combines the benefits of a major national bank with the customer service of a smaller establishment. It offers a wide variety of mortgage types and helps connect buyers with down payment assistance, affordable housing assistance and more. And because it’s a national bank, you can find thousands of branches in the U.S.
Pros:
Offers various buyer assistance programs
Online and in-person service
Discounts for existing customers
Cons:
No renovation loans
No USDA loans or home equity loans
Lacking alternative mortgage programs
5. Veterans United Home Loans
Veterans United is one of the nation’s top VA loan lenders. The lender offers an easy online application process and the ability to track your loan progress through its app. It’s also one of the most highly rated companies for mortgage origination, according to J.D. Power. And while it specializes in VA loans, Veterans United also offers other loan types.
Pros:
Top VA loan lender
Free credit counseling to veteran and military families
Competitive interest rates
Cons:
No HELOCs or home equity loans
Limited transparency about non-VA loan rates
No physical branches in most states
6. Navy Federal Credit Union
Navy Federal Credit Union is only available to military households, meaning not just anyone can get a home loan through them. However, if you qualify, you’ll have access to competitive interest rates for VA loans and other mortgage types. Navy Federal also has a highly rated customer satisfaction rating from J.D. Power.
Pros:
Competitive interest rates
Top VA loan lender
Offers an interest rate match with competing lenders
Cons:
Only available to military families
No FHA loans
Limited number of branches
7. Chase
Chase is a large national bank and one of the country’s top mortgage lenders. It offers a wide variety of loan types, as well as down payment and closing cost assistance. And because the lender is so widely available, you can get in-person service no matter where you live. And as an added bonus, Chase has highly rated customer satisfaction for mortgage origination, according to J.D. Power.
Pros:
Online and in-person service
Many loan options, including low down payment options
Chase Homebuyer Grants for up to $5,000
$5,000 Chase Closing Guarantee for late closings
Cons:
Can’t complete the application process online
No USDA loans or HELOCs
8. Ally
Ally stands out from other mortgage lenders because it doesn’t charge any lender fees — no application fee, no origination fee, no underwriting fee, etc. It also offers a streamlined online application you can complete in as little as 15 minutes with the help of home loan experts.
Pros:
No lender fees
Get preapproved with no credit score impact
Preapproval in three minutes and closing 10 days faster than industry average
Cons:
No FHA, VA or USDA loans
No home equity loans or HELOCs
No physical branches
9. Better Mortgage
Better Mortgage prides itself on the one-day mortgage where you can complete your application, lock in your rate, and get a loan commitment letter within 24 hours. Better offers a fully online mortgage process and even offers added benefits like a network of real estate agents, attorney match, settlement services and more.
Pros:
Streamlined online mortgage process
No lender fees
See personalized rates before applying
Cons:
No physical branches
No USDA loans or home equity loans
10. Northpointe Bank
Northpointe Bank offers an impressive lineup of loan types and special programs for a regional bank. Unique options include physical loans, rural development loans, no-money-down loans, delayed financing and more. You don’t have to know what type of loan you want when you start your application — your loan advisor will help find the right loan for you based on your goals and finances.
Pros:
Many home loans and programs
Offers down payment assistance in some states
Loan options start at 0% down
Cons:
Can’t complete the application process online
Branches not available in all states
Lack of lender fee transparency
Which Lender Is Best for You?
With so many lenders to choose from, it would be easiest for someone to tell you which is best. But there’s no one mortgage lender that’s right for all borrowers. There are some that stand out from the rest, but each lender has some unique advantages and features. As a result, the best lender for you depends on the type of loan you need, your budget, and what characteristics you most want in a lender.
When you’re shopping for a mortgage, you can find the best lender for you by shopping around. Speak with loan officers from several different lenders and get interest rate quotes. You’ll get an idea of which lenders can offer you the best deal and which you’ll feel most comfortable working with while making this major purchase.
Information is accurate as of June 26, 2023.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
The information related to Chase Home Lending products was collected by GOBankingRates and has not been reviewed or provided by the issuer of these products. Product details may vary. Please see the issuer’s website for current information. GOBankingRates does not receive commission for these products.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
This article originally appeared on GOBankingRates.com: 10 Best Mortgage Lenders of 2023