Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Housing experts say mortgage rates are likely to hover in the 7 percent range in May, amid elevated inflation that is keeping the Federal Reserve from reducing borrowing costs.
The high cost of home loans may keep buyers at bay as they await the decline of rates before they can make the leap toward homeownership.
Read more: Find the Lowest Rates From Top Mortgage Lenders
The Federal Reserve raised interest rates starting in March 2022 to its current two-decade high of 5.25 to 5.5 percent, a move geared to fight soaring inflation. This contributed to the push-up of borrowing costs, including for home loans. Inflation is still struggling to cool down to the 2 percent central bank target, which has forced policymakers to retain the high interest rate environment.
The 30-year fixed rate, for the week ending April 19, rose for the third week in a row to 7.24 percent—the highest level since November 2023.
Economic data, particularly around inflation, have come in higher than expected over the last few weeks. In March, inflation jumped to 3.5 percent on a yearly basis, up from 3.2 percent the prior month.
Unless inflation surprises in the coming weeks, mortgage rates are likely to stay in the 7 to 7.5 percent range, according to Realtor.com’s chief economist Danielle Hale. Fed policymakers are set to conclude their latest meeting on May 1, and they are unlikely to change their current stance on rates.
“Of all the data, I think that the inflation, specifically the [Consumer Price Index] out May 15, will have the biggest impact,” Hale told Newsweek. “Inflation and labor market data has come in higher and hotter than expected. This change in the data, which is driving a change in the outlook, has pushed interest rates, including mortgage rates, higher across the board.”
Read more: How to Get a Mortgage
High mortgage rates will depress buyers’ ability to buy homes.
“I expect homebuyers to approach the housing market more tepidly, and sales will reflect that trend,” Hale told Newsweek.
Orphe Divounguy, a senior economist at Zillow Home Loans, echoed Hale’s perspective on what will drive mortgage rates as inflation remains elevated.
“The fact that government borrowing remains high relative to demand for U.S. Treasury bonds is likely to continue to push yields—which mortgage rates follow—elevated,” he told Newsweek. “Looking into May, we can expect more rate volatility as investors and the Fed wait for more conclusive evidence of a return to low, stable and more predictable inflation.”
Buyers are still likely to be waiting for rates to fall but the key to the trajectory of rates will be how inflation performs over the coming months, said Holden Lewis, a home and mortgage expert at NerdWallet.
“Inflation remains stubbornly above the Fed’s target of 2 [percent], and mortgage rates won’t fall significantly until the inflation rate consistently drops for multiple months in a row,” Lewis told Newsweek. “Potential home buyers are holding back and waiting for mortgage rates to decline. The slowdown in home sales will allow the inventory of unsold homes to increase. That won’t stop home prices from going up, but it might slow down the pace of home price increases this summer.”
In May, policymakers from the Fed will reveal their latest rate decision and provide insights on the trajectory of borrowing costs. Also in May, the CPI inflation data reading for April will give insight into how prices are performing, which will give a signal to how rates might unfold over the next few weeks.
For the housing market, one silver lining may come from buyers who have to acquire homes due to personal situations.
Read more: How to Buy a House if You Have Bad Credit
“Purchases are likely to be dominated by movers who feel like they don’t have a choice to wait out higher rates, but rather, they have to move now for personal reasons,” Hale said.
Zillow’s Divounguy suggested that with mortgage rates expected to stay high, lower-priced homes could see escalated competition.
“We continue to expect significant competition this spring, especially for attractive listings on the lower end of the price range. New construction homes are selling well too; they’re available, and builders are offering financial incentives—such as rate buydowns and covering closing costs—to potential home buyers,” he said. “Remember, higher rates mean the home price a buyer can afford is lower, so if you’re shopping for a home in the mid-tier or lower, it’s best to assume you’ll run into some competition.”
Hale suggested that sellers, who can also be buyers, enter the housing market.
“With 80 [percent] of potential sellers having thought about selling for 1 to 3 years, it could be that higher rates are less of a deterrent this year than in the recent past,” she said.
The perspective from lenders appears to be that the 10-year treasury yields, currently at around 4.7 percent, will drop in the coming weeks to 4 percent and narrow the difference between mortgage rates and treasury rates.
“We expect the spread will tighten further by the end of 2024. The combination implies a 30-year fixed mortgage rate mostly unchanged in the coming weeks but eventually moving closer to 6.5 percent by the end of 2024,” Joel Kan, Mortgage Bankers Association’s deputy chief economist, told Newsweek.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Source: newsweek.com
Spokane is a special city with a lot to brag about. Located in Eastern Washington, there are more than a few things this sweet spot is known for. From the scenic views at Mount Spokane to the sprawling grounds of Gonzaga University, there’s a place for everyone to feel at home in Spokane.
Whether you’re biking along the Spokane River or watching a performance at the Bing Crosby Theater, it’s easy to see why people from all over are clamoring to find an apartment in Spokane.
Let’s take a few minutes to explore ten of Spokane’s top attractions to understand what this often-overlooked city is really known for.
The majesty of Mount Spokane looms over Spokane at all times. At an elevation of 5,883 feet, it supports tons of recreational activities, including skiing, snowboarding, and hiking. The park around the mountain has over 100 miles of trails and is a favorite spot for locals looking to spend a day outside under the Spokane sun.
Gonzaga University is known far and wide for its rigorous academics and world-class basketball team. Situated along the Spokane River, the university’s beautiful campus draws students from all over. The university’s commitment to education and its strong student life make it a soaring pillar of the Spokane community.
Manito Park is a public garden paradise sprawling over 90 acres. It has thematic gardens like the Japanese Garden, Duncan Garden, and the Rose Hill Garden. Whether you’re enjoying a leisurely walk, looking for the perfect photo, or chatting with an old friend, Manito Park is a welcome escape from city life.
The Spokane River Centennial Trail stretches for 37 miles along the Spokane River. The trail is a great route for biking and jogging in a peaceful setting. This trail links Idaho to Washington and offers people the rare opportunity to work out while surrounded by some of the prettiest scenery in the state.
Once the site of Expo ’74, Riverfront Park is now a central gathering place in Spokane. The park features the Numerica SkyRide over the falls, the historic Looff Carrousel, and public art throughout the space. Seasonal events, like outdoor concerts and the winter ice rink, make it a year-round destination for families in the area.
The Bing Crosby Theater, named after Spokane’s own, Bing Crosby, is a landmark of the city. This historic theater, originally built in 1915, hosts performances of all types, from concerts to plays and film festivals. Its ornate architecture and intimate setting create the perfect atmosphere for enjoying the arts.
Spokane Hoopfest is the largest 3-on-3 outdoor basketball tournament in the world. The tournament transforms the streets of downtown Spokane into a bustling arena every June. This event celebrates sportsmanship and community while supporting local charities.
Opened in 1914, the historic Davenport Hotel is a symbol of Spokane’s grandeur and elegance. This hotel has hosted celebrities, presidents, and dignitaries, thanks to its luxurious accommodations and upscale dining. Its beautifully restored ballrooms and lobby reflect the early 20th-century craftsmanship, making it a must-visit for those interested in history and architecture.
Located in the heart of the city, Spokane Falls is one of the most picturesque natural landmarks in the area. These powerful falls can be viewed from a few spots in downtown Spokane, offering a spectacular backdrop, especially during the spring runoff. The area around the falls has walking paths and gondola rides that provide an up-close experience with this natural wonder.
The Spokane Symphony holds a cherished spot in the city, performing at the historic Martin Woldson Theater at The Fox. Performing a variety of classical and contemporary shows throughout the season, the symphony enriches the Spokane art scene.
Have you been asking yourself, “Should I move to Wichita?” If you’re looking for a city that offers a high quality of life and a welcoming atmosphere, this city may be the perfect place for you. Located in the heart of the Midwest, Wichita offers a special blend of urban amenities and small-town charm. From its dynamic arts and culture scene to its rich aviation history, there’s always something to explore in this bustling city. So, before making the move to Wichita, it’s important to know if your lifestyle is compatible with the area. In this article, we’ll discuss the pros and cons of living in Wichita to help you decide if it’s the right place for you. Let’s jump in.
Walk Score: 35 | Bike Score: 44 | Transit Score: 20
Median Sale Price: $232,000 | Average Rent for 1-Bedroom Apartment: $860
Wichita neighborhoods | Houses for rent in Wichita | Apartments for rent in Wichita | Homes for sale in Wichita
This city stands out for its affordability with the cost of living in Wichita 11% lower than the national average. This allows many residents to enjoy a comfortable lifestyle without breaking the bank. This affordability extends to various aspects of life, including groceries, utilities, and entertainment options. Additionally, the median home price in Wichita is about $200,000 less than the national average, making homeownership more accessible to a broader range of people.
With a Transit Score of 20, one of the drawbacks of Wichita is the limited public transportation options. The city relies heavily on buses, with a lack of extensive subway or tram systems found in larger cities. This can make commuting challenging for those without a vehicle, particularly in areas not well-served by the existing bus routes. Additionally, the frequency and coverage of bus services can be limited, especially on weekends and evenings, further complicating mobility for residents without cars.
Wichita is home to an exciting cultural scene boasting a variety of museums, galleries, and theaters. For example, the nearby Wichita Art Museum houses one of the largest collections of American art in the country. There are also numerous festivals and events throughout the year, including the Wichita River Festival, which attracts visitors from all over with its concerts, food, and fireworks. These cultural attractions provide residents with enriching experiences and opportunities to engage with the community.
Residents of Wichita must be prepared to face weather extremes throughout the year. The city experiences hot, humid summers with temperatures often soaring above 90 degrees Fahrenheit, while winters can be bitterly cold and snowy. Additionally, Wichita is located in an area prone to severe weather. This includes thunderstorms and tornadoes, particularly during the spring and early summer months. These weather extremes can be a significant drawback for those not accustomed to such variability.
Wichita possesses a strong job market, especially in the aviation, healthcare, and manufacturing sectors. The city is known as the “Air Capital of the World,” hosting numerous aerospace companies, including Spirit AeroSystems and Textron Aviation. This specialization has created a wealth of job opportunities for engineers, mechanics, and other skilled professionals. Additionally, the city’s healthcare system is a major employer, providing a range of career options for those in medical and allied health professions.
For those seeking a bustling nightlife, Wichita may fall short of expectations. While there are bars and entertainment venues, the variety and scale of nightlife options are limited compared to larger cities. However, the city has been making efforts to revitalize its downtown area. These efforts have introduced new venues and events aimed at enhancing the nightlife experience.
Wichita boasts a strong sense of community spirit, with friendly residents and a welcoming atmosphere. The city holds volunteerism and community events, which foster a sense of belonging and involvement among locals. Neighborhood associations and local groups are active in organizing events, beautification projects, and other initiatives that enhance the quality of life. This community-minded approach makes Wichita a great place to live for those who value connectivity and a supportive environment.
While Wichita has a growing food scene, the diversity in dining options can be limited compared to larger metropolitan areas. Residents looking for international cuisine might find the choices somewhat restricted, with a heavier focus on traditional American and barbecue fare. However, the city has seen an influx of new restaurants and food trucks in recent years. This has been slowly broadening the culinary landscape to include more varied and international dishes.
Wichita is surrounded by natural beauty and offers numerous parks and recreational areas.The city’s location along the Arkansas River includes scenic paths and parks perfect for walking, biking, and picnicking. Sedgwick County Park and the Great Plains Nature Center offer additional spaces for hiking, bird watching, and connecting with nature. These green spaces are a significant advantage for those who enjoy spending time outdoors.
Wichita sometimes struggles with the perception of being a “flyover” city, overlooked by those traveling between the coasts. This perception can impact the city’s ability to attract new businesses and tourists, who may not realize the cultural, recreational, and economic opportunities available. However, those who take the time to explore Wichita often discover a vibrant community full of surprises and hidden gems.
Wichita’s economy is not only strong in traditional sectors like aviation and healthcare but is also fostering an innovative business environment. The city is becoming a hub for startups and entrepreneurship, supported by initiatives like the e2e Accelerator and Wichita State University’s Innovation Campus. These efforts are creating a dynamic atmosphere for business development and innovation, attracting new talent and investment to the city. This entrepreneurial spirit is a significant pro for Wichita, signaling a bright future for its economy.
While Wichita offers beautiful parks and outdoor areas, the distribution of these public spaces can be uneven across the city. Some neighborhoods lack easy access to parks or recreational facilities, which can affect residents’ quality of life, particularly in more densely populated or underserved areas. Efforts are underway to address this imbalance, with plans for new parks and improvements to existing ones, aiming to ensure all Wichitans can enjoy the benefits of public spaces.
Source: rent.com
In the Midwest, Kansas is an American experience with its wide-open spaces, friendly communities, and rich cultural heritage. Living in Kansas means embracing a laid-back lifestyle amidst the sprawling plains and lively cities. From the bustling metropolis of Wichita, known for its aerospace industry and cultural attractions, to the charming college town of Lawrence, home to the University of Kansas, the Kansas offers various experiences for residents to enjoy. However, there are cons to living there. In This ApartmentGuide article, we’ll uncover the pros and cons of living in Kansas, so you can learn what life is like in the “Sunflower State.”
Kansas has a rich historical heritage, deeply intertwined with the story of the American West. From its role in the Civil War to its iconic cowboy culture depicted in countless tales, the state’s history is both diverse and captivating. Visitors can explore historic sites such as the Brown v. Board of Education National Historic Site in Topeka or the Old Cowtown Museum in Wichita, offering a glimpse into the past.
Kansas, situated in Tornado Alley, experiences a high frequency of severe weather events, which can pose a safety concern for residents. The state’s susceptibility to tornadoes, particularly during the spring and summer months, necessitates preparedness and vigilance among its inhabitants.
Kansas faces challenges in public transportation infrastructure, with limited options available for residents, particularly in rural areas. While major cities like Wichita and Kansas City have some public transit systems in place, they may not be as extensive or efficient as those found in larger metropolitan areas. Consequently, cities like Lawrence has a transit score of 35, meaning there is only some transit available.
Kansas is home to expansive natural beauty, characterized by its sweeping plains, rolling hills, and scenic landscapes. From the picturesque Flint Hills in the eastern part of the state to the rugged beauty of the Gypsum Hills in the west, Kansas offers residents abundant opportunities for outdoor recreation and exploration.
The “Sunflower State” experiences hot summers, with temperatures often soaring above 90°F and occasionally reaching triple digits, creating discomfort for some residents. The combination of high temperatures and humidity can make outdoor activities challenging, leading to increased risk of heat-related illnesses. If you’re moving to the area, you’ll want to take some time to adjust to the high temperatures in the summer.
Cities like Wichita host annual events such as the Wichita River Festival, featuring live music, food vendors, and cultural performances, while Lawrence’s eclectic arts scene includes galleries, theaters, and music venues like the iconic Liberty Hall. These are just a few examples of how Kansas has a great cultural scene that has something in store for all.
The economic dependence on agriculture can present challenges for residents, as fluctuations in crop prices and weather conditions directly impact the state’s economy. Reliance on agriculture can lead to economic instability during times of drought, floods, or market downturns, affecting job opportunities for some.
The state exudes small-town charm, with many communities offering tight-knit neighborhoods, friendly locals, and a relaxed pace of life. Towns like Lindsborg, known as “Little Sweden,” showcase unique cultural heritage through festivals, local artisans, and quaint Main Streets lined with shops and cafes.
Kansas’ predominantly flat terrain can be perceived as a drawback for some residents, lacking the dramatic landscapes found in other regions. The absence of geographical features such as mountains or coastlines may limit outdoor recreational opportunities and scenic views.
Residents often enjoy a laid-back atmosphere, where stress levels tend to be lower compared to more densely populated areas. Whether it’s leisurely conversations with neighbors on the front porch or enjoying outdoor activities like fishing in one of the state’s many lakes, Kansas fosters a sense of tranquility.
Kansas is renowned for its windy conditions, with gusts frequently sweeping across the plains, especially during the spring months. While wind can be invigorating, it also presents challenges such as blowing dust and debris, making outdoor activities like picnics or gardening more difficult.
Methodology : The population data is from the United States Census Bureau, walkable cities are from Walk Score, and rental data is from ApartmentGuide.
Source: apartmentguide.com
Despite being a city with a whole lot to offer, Toledo often flies under the radar. From its world-class art museum to its undeniably friendly people, there’s a place for everyone to feel at home in Toledo.
Home to a well-respected university, a handful of pristine parks, and a great local restaurant scene, Toledo is on the rise. From afternoons at Fifth Third Field to lunch at Tony Packo’s we’re here to find out what Toledo is really known for through ten of its top attractions. Enjoy!
The Toledo Museum of Art is a beacon for the arts in the city. Known for its extensive collection spanning all corners of the globe, the museum gives visitors a profound look at classical and contemporary works. Noteworthy is the Glass Pavilion, which houses a stunning collection of glass art, reflecting Toledo’s historic connection to the glass industry.
Toledo takes immense pride in the Toledo Mud Hens, the beloved Minor League Baseball team affiliated with the Detroit Tigers. The team’s games are held at Fifth Third Field, a state-of-the-art ballpark in downtown Toledo, which provides a perfect family-friendly atmosphere. The Mud Hens are a cornerstone of Toledo’s sports scene.
The University of Toledo is a stellar Ohio college, with a wide range of undergraduate and graduate programs. Known for its research and innovation, particularly in areas like engineering, medicine, and business, the university is a hotspot of academic activity and student life.
Oak Openings Preserve Metropark is a natural treasure of Toledo, covering over 5,000 acres. It is renowned for its unique sand dunes and oak savanna ecosystems. The park offers tons of trails for hiking, biking, and horseback riding, making it a favorite among outdoorsy types.
Wildwood Preserve Metropark is another stellar Toledo park. Known for its beautiful manor house and well-maintained trails, the park is a scenic escape with plenty of shade thanks to the lush foliage soaring overhead.
Tony Packo’s Cafe has been a Toledo staple since 1932, famously recognized for its Hungarian hot dogs and pickles. This iconic eatery gained national fame when mentioned in the television show MASH*. Visitors to Tony Packo’s can enjoy a taste of local history alongside their meals, which include a variety of Eastern European dishes, making it a must-visit for all foodies.
Home to the Toledo Mud Hens, Fifth Third Field is not just a ballpark but a centerpiece of downtown Toledo’s revitalization. This modern facility is designed with fan experience in mind, offering great views of the game and the skyline.
Imagination Station adds a scientific twist to Toledo. This interactive science museum engages all with hands-on exhibits and activities that make learning more fun than it is in the classroom. From physics to biology, the museum covers a broad spectrum of scientific fields, fostering curiosity in young Ohio minds.
The Maumee River is integral to Toledo’s identity. Fishing, boating, and riverside dining are popular here, drawing locals and tourists to enjoy the natural and scenic beauty of the river. The annual Walleye Run is a particularly exciting time to visit, attracting anglers from across the nation.
The Valentine Theatre is a historic venue in Toledo that hosts an array of performing arts. From ballets and musicals to dramatic plays, the theater is a destination that brings high-quality performances to the community.
You can get a personal loan from many banks, online lenders, and credit unions. A type of unsecured loan, personal loans can be used to pay for just about any large expense.
You might use it to pay off credit card debt, an unexpected medical bill, or the cost of home renovations. Some people use these loans to fund a wedding or big vacation. Given the many ways these versatile loans can be spent, it’s no surprise that personal loans are a popular choice. Currently, 23.5 million Americans have unsecured personal loans, totaling about $245 billion.
If you’re thinking of getting a personal loan, read on to learn more about where you can get one and the pros and cons of each option.
In terms of where to get a personal loan, these loans are generally available through three main markets: banks, credit unions, and online lenders. (There are other types of personal loans available through physical storefronts and online, such as payday loans and pawnshop loans, but it’s wise to avoid these options. You’ll learn why in a minute.)
National and regional banks often offer personal loans, which you can typically apply for online or in person. A bank may be the first choice for consumers who are already account holders at that institution, especially since the loan amount can usually be deposited quickly and directly into their checking account.
Credit unions are another popular option for where to source a personal loan — though generally, these loans are only available to those who are already credit union members.
Each credit union has its own eligibility requirements to open an account or otherwise do business with it, which may be based on where you live or what industry you work in. However, if you do have access to a credit union, you may find lower interest rates and more favorable terms there than at other financial institutions.
Recommended: Is It Hard to Get a Personal Loan?
Online lenders have proliferated over the years. These days, a personal loan can be easy to find from one of these sources with just a few clicks.
Online lenders may offer instant or near-instant loan decisions. They also don’t require you to be a member of or an account-holder at any specific financial institution. That said, it may take longer to receive your check or transfer than it would if you were borrowing from a bank or credit union where you already hold an account.
Of course, you will want to carefully review the personal loan interest rates and fees you are offered.
💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.
You can get a personal loan with bad credit from a few lenders, such as online ones and payday lenders, but it’s important to proceed with caution.
First, a little important background intel:
• A personal loan with no collateral, also known as an unsecured personal loan, can be tough to qualify for if your credit history is less than perfect.
• Since there’s no collateral, like a house or a car, for the lender to take if you fail to repay the loan, unsecured personal loans often come with steeper qualification requirements than other types of loans.
• They may also have higher interest rates, especially for those whose credit could use some improvement. There are some lenders out there who specifically market their products to folks with lower credit scores — but beware. Sometimes these loans come with predatorily high interest rates and other drawbacks.
The convenience and ubiquity of the online personal loan market is a mixed blessing. Sure, it’s easy to find a loan when you need one, but it’s also easy to fall into a bad deal.
Some online lenders specialize in offering loans for poor or no credit, but be sure to read all the fine print before you hit “submit” on your application. The loans may come with soaring interest rates, high origination fees, or hidden costs. Do your homework and vet the business you are borrowing from to make sure it’s legitimate. You may want to check with the Better Business Bureau to search for any complaints on file and for reliable, verified reviews.
Payday loans have been around for a long time, but that doesn’t mean they’re a good option.
Designed to be repaid quickly (i.e., at the borrower’s next payday), these short-term cash loans may be for small amounts, but often come with astronomical interest rates. According to the Consumer Financial Protection Bureau, it’s not uncommon for these quick-turnaround loans to have APRs as high as 400%!
In almost every instance, when comparing payday loans vs. personal loans, payday loans are worth avoiding. Other forms of unsecured loans will likely come with lower interest rates and more favorable repayment terms. Fortunately, it is possible to find loans from reliable lenders — even with imperfect credit.
You can get a personal loan with bad credit from a few lenders, such as online ones and payday lenders, but it’s important to proceed with caution.
First, a little important background intel:
• A personal loan with no collateral, also known as an unsecured personal loan, can be tough to qualify for if your credit history is less than perfect.
• Since there’s no collateral like a house or a car, for the lender to take if you fail to repay the loan, unsecured personal loans often come with steeper qualification requirements than other types of loans.
• They may also have higher interest rates, especially for those whose credit could use some improvement. There are some lenders out there who specifically market their products to folks with lower credit scores—but beware. Sometimes these loans come with predatorily high interest rates and other drawbacks.
Another place where you can go to get a personal loan of this sort is a bank or credit union. Each financial institution sets their own qualification requirements for their unsecured personal loans, so it’s worth shopping around to find the best fit for your financial needs. Additionally, they may have other products that could work for you, like secured credit cards or share-secured loans.
💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.
Now that you’ve learned about the main options for personal loan shopping, you can figure out which kind of lender is right for you. Each alternative comes with its own pros and cons. Here are some things to consider while you’re browsing.
Pros of Personal Loans From Banks | Cons of Personal Loans From Banks |
---|---|
You may get a discounted rate if you’re already a member. | You may need to be an existing customer or have good credit to qualify. |
Funds may show up more quickly if you have an existing account there. | You may have to go to the physical bank to apply. |
Pros of Personal Loans From Credit Unions | Cons of Personal Loans From Credit Unions |
---|---|
Loans may come with lower interest rates and fees than other financial institutions. | You’ll need to meet whatever eligibility requirements are necessary to be a credit union member in the first place. |
Qualification requirements may be minimal. | You may have to go to the physical credit union to apply. |
Pros of Personal Loans From Online Lenders | Cons of Personal Loans From Online Lenders |
---|---|
Online lenders make it convenient and easy to apply for a personal loan from the comfort of your home. | It can be difficult to know for sure if you’re borrowing from a reliable, legitimate source. |
A wide variety of lenders can be shopped for and compared easily through an online search. | Some online lenders may charge high interest rates and other fees. |
No matter where you choose to apply for a personal loan, the best way to determine whether it’s the right loan for you is to look at the fine print. The lender matters less than the loan, and knowing what you’re agreeing to ahead of time is key to avoiding an unpleasant financial surprise.
Here are the most important factors to look for when shopping around for a personal loan:
• Fees, such as origination fees, early repayment penalties, and late fees, can increase the total amount you’ll spend on your loan in no time. Ideally, you’ll want to look for a lender that charges few fees — or none at all.
• Interest rates can vary widely with unsecured personal loans, from as low as 4% to as high as 30% or more. While your specific options will vary based on your credit history and other financial information, it’s good to shop around for the lowest possible interest rate.
• Loan amount caps may be relatively small (e.g., $1,000) or very large ($100,000 or more). Whatever your financial need, you want to ensure your lender will offer enough for you to cover whatever expense you’re paying for.
Recommended: Personal Loan Calculator
There are many personal loan lenders to choose from, including banks, credit unions, and online lenders. Whether you need money to pay for an unexpected expense, such as a car repair, or you’re planning the ultimate 40th birthday party, it’s wise to shop around and compare interest rates, fees, and speed of funding.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
In terms of where to get a personal loan, there isn’t one “best” place. When comparing banks, credit unions, and online lenders, look at interest rates, fees, customer reviews, and how quickly the loan would fund to determine the option that suits you best.
Where to go to get a personal loan depends on a variety of factors. Would you be more comfortable working with a large lender or a small, community-based lender for your small loan? Do you already have an account at a financial institution that also makes personal loans? It might also depend on how much you want to borrow because different lenders have different borrowing ranges.
If you’re looking for where you can go for a personal loan, it might be best to start at a financial institution where you already have an account. In that case, your financial information will be on record, making the process faster and easier. Although online lenders may promise super-fast funding, be sure to research options carefully and make sure the business is legitimate and interest rates are affordable.
Photo credit: iStock/solidcolours
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Homeowners coming off fixed rate mortgages faced huge rises in their monthly payments, latest figures have revealed, with the costs severely biting into household disposable income.
With the Bank of England base rate rising to 5.25 per cent in the summer of last year, families faced soaring mortagage rates with the average two-year fixed rate reaching 6.9 per cent.
The new rates meant many homeowners, especially those with large mortgages still to pay, faced challenging increases in monthly payments.
Last year, more than 1.4m households in the UK had fixed rate mortgage up for renewal, with more than half coming off rates of less than two per cent.
Ken James, director at Contractor Mortgage Services, told The Independent that the change in payments meant some were forced to either extend their mortgages or even sell up and move elsewhere.
“And while they may have had money in previous years for a holiday or a new car, they are now having to hold back as their monthly mortgage payments rise,” he added.
The Office for National Statistics has published estimates on the impact of the rising mortgage rates for those impacted in 2023, breaking the figures down by region to calculate which areas were most exposed.
In Kensington and Chelsea, in London, the ONS estimates that the average increase in monthly mortgage payments for households impacted by rate changes was a jump of £1,193 to £5,100, the equivalent of more than £14,000 in a year.
The area was followed by Camden with a £924 monthly increase, Islington with a £803 rise and Hammersmith with a £776 increase. Outside London, homeowners in Elmbridge in Surrey saw their monthly mortgage payments rise by £456.
The huge increase in Kensington and Chelsea equated to 27 per cent of the disposable income for an average household in the area – however just six per cent of households were impacted by rate changes last year since they either rented, owned their homes outright, or had fixed mortgages.
Far from the capital, homeowners living in areas in the north of the country saw the lowest increases in mortgage payments.
In Allerdale, in Cumbria, the average increase in monthly payments was £80 to £453 in 2023. It was followed by Barrow-in-Furness, also in Cumbria, where homeowners saw an increase of £83 in monthly payments, then Copeland, also in Cumbria, and Stoke-on-Trent, which both saw a £87 rise.
Despite the lowest rise in payments, homeowners in Allerdale were among the most exposed in the country with the jump in costs equating to 17 per cent of a household’s disposable income.
In Allerdale, 13 per cent of households remortgaged last year.
The year 2024 started off with hopes homeowners faced a brighter picture with many lenders cutting their rates in January.
That was followed by top economists predicting the 5.25 per cent Bank of England base rate would fall in May, with two-year fixed mortgages rates dropping to nearly four per cent at the start of the year.
However, since then rates have risen. This week, five mortgage lenders increased their rates as inflation slowed less than expected in March. The central bank is using higher rates for longer to keep inflation under control.
This marked another blow for homeowners, with many coming off fixed rate mortgage set more than two years ago when costswere much lower.
Ken James, director at Contractor Mortgage Services, said he feared banks had jumped the gun at the start of the year.
“The banks took a little bit of a gamble by thinking the market was looking good and the base rate was going to be coming down [it remains at 5.25 per cent], because of that they started to bring in lower rates and we saw movement.”
He said the increase had “concerned” clients with some having to make difficult choices against rising monthly payments, such as extending their mortgage terms or even selling and moving home.
Some were looking to sell and go into rented accommodation, but then they faced rising costs again, said Mr James, who added: “I don’t see the situation changing for a while, I think people are prepared to wait out this difficult period and hope for better news in a couple of years’ time.”
Source: independent.co.uk
The Chase Sapphire Preferred® Card and the Chase Sapphire Reserve® are two of the most popular travel rewards credit cards on the market. To make sure they stay popular, Chase has repeatedly tweaked their benefits and features over the years. This page tracks some of the most significant changes, including their rewards rates, perks and bonus offers. Offers that have expired are marked.
First, here’s a look at what the cards currently offer:
Chase Sapphire Preferred® Card
on Chase’s website
Chase Sapphire Reserve®
on Chase’s website
Annual fee
Sign-up bonus
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Travel℠.
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $900 toward travel when you redeem through Chase Travel℠.
Rewards
5 points per $1 spent on travel booked through Chase.
3 points per $1 spent on dining (including eligible delivery services and takeout).
3 points per $1 spent on select streaming services.
3 points per $1 spent on online grocery purchases (not including Target, Walmart and wholesale clubs).
2 points per $1 spent on travel not booked through Chase.
1 point per $1 spent on other purchases.
Through March 2025: 5 points per $1 spent on Lyft.
Points are worth 1.25 cents apiece when redeemed for travel through Chase.
10 points per $1 spent on Chase Dining purchases.
10 points per $1 spent on hotel stays and car rentals booked through Chase.
5 points per $1 spent on air travel booked through Chase.
3 points per $1 spent on travel and dining not booked with Chase.
1 point per $1 spent on other purchases.
Through March 2025: 10 points per $1 spent on Lyft.
Points are worth 1.5 cents apiece when redeemed for travel through Chase.
Other benefits
A $50 annual credit on hotel stays booked through Chase.
Each account anniversary, cardmembers earn bonus points equal to 10% of total purchases made the previous year.
1:1 transfer partners, including United, Southwest, JetBlue, Marriott and Hyatt.
$300 annual credit, automatically applied to travel spending.
1:1 transfer partners (same as the Chase Sapphire Preferred® Card).
Access to more than 1,000 airport lounges worldwide through Priority Pass Select, including Chase Sapphire lounges.
Up to $100 reimbursement every four years for NEXUS, Global Entry or TSA PreCheck application fees charged to your card.
Access to “Reserved by Sapphire” restaurant-booking feature.
Learn more
Still not sure?
From Feb. 1, 2023, through March 31, 2025, holders of the Chase Sapphire Reserve® can earn 10 points per dollar spent on eligible Peloton purchases, up to a maximum of 50,000 points. Eligible purchases include equipment or accessories over $250, such as Peloton bikes, treadmills and rowing machines, as well as Peloton Guide, a strength-training program that uses a camera to help you work on your form. Purchases must be made directly through Peloton and paid in full at the time of purchase. (This means that financing equipment with Affirm will not result in extra points.) Apparel and app memberships also aren’t eligible.
Chase Sapphire Reserve® cardholders had previously been offered a free year’s membership in the “Lyft Pink” loyalty program. Effective Nov. 15, 2022, that offer was upgraded. Cardholders would then receive complimentary Lyft Pink All Access membership for two years and 50% off for their third year. All Access is the highest tier membership available from Lyft and retails for $199. It includes:
Faster pickups with Free Priority Pickup upgrades.
10% off all luxury ride types.
Free ride cancellation, up to three times per month.
Free roadside assistance for your own car up to four times per year.
Free SIXT car rental upgrades.
Unlimited free 45-min classic bike rides.
Free unlimited e-bike and scooter unlocks, plus discounted rates.
3 bike or scooter guest passes per year.
Cardholders continue to earn 10 points per dollar spent on Lyft rides, a promotion that began in 2020 and has been extended through March 2025.
Expired offer: In mid-October 2022, the Chase Sapphire Reserve® offered a sign-up bonus of 80,000 points, which was available until Dec. 1, 2022. This was the biggest sign-up incentive on the card since the 100,000-point bonus it debuted with (to great fanfare) in 2016.
On Aug. 16, 2021, Chase rolled out the biggest set of changes to the Chase Sapphire Reserve® since the card’s debut five years earlier. Those changes included new bonus categories:
10 points per dollar spent on Chase Dining purchases.
10 points per dollar on hotel stays and rental cars booked through Chase.
5 points per dollar on airfare booked through Chase.
The card continued to earn 3 points per dollar on dining and on travel not booked through Chase, and 1 point per dollar on other purchases. Other benefits of the card were largely unchanged, and its annual fee remained $550.
Expired offer: The sign-up bonus on the Chase Sapphire Reserve® got a temporary bump in March 2021. That offer: Earn 60,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. That was 10,000 points bigger than the standard bonus at the time.
Expired offer: From March 2021 through March 2022, the Chase Sapphire Reserve® earned 10 points per $1 spent on each Peloton Bike, Tread and accessory purchase of over $1,800, for a maximum of 50,000 points.
Expired offer: In a limited-time promotion that began in early 2021, holders of the Chase Sapphire Reserve® could earn 10 points per dollar spent on Chase Dining purchases (including takeout and prepaid reservations), on up to $500 in spending. The promotion ended on June 30, 2021, but 10x rewards on Chase Dining purchases later became a standard benefit of the Chase Sapphire Reserve®. Also, through Sept. 30, 2021, Chase Sapphire Reserve® holders could redeem points for Chase Dining purchases at a rate of 1.5 cents per point.
Expired offer: Chase added another round of bonus grocery rewards as the COVID-19 pandemic lingered. From Nov. 1, 2020, through April 30, 2021, the Chase Sapphire Reserve® earned 3 points per dollar spent at grocery stores, up from the usual 1 point per dollar.
Expired offer: Starting in October 2020 and running through June 2022, Chase Sapphire Reserve® cardholders could earn up to $120 in statement credits on Peloton Digital and All-Access memberships. Digital memberships cost about $13 a month at the time; All-Access memberships, $39 a month.
Expired offers: From July 1 to Sept. 30, 2020, Chase Sapphire Reserve® cardholders could earn bonus rewards on spending that was soaring in the midst of the COVID-19 pandemic:
Instacart: 5 points per $1 spent on Instacart delivery and pickup orders, on up to $3,000 in spending during the three-month promotional period.
Gas stations: 5 points per dollar, on up to $1,500 spent at gas stations over the three-month period.
Streaming: 10 points per dollar, on up to $1,500 in purchases with select streaming services like Spotify and Netflix during the promotional period.
Expired offer: As the COVID-19 pandemic took hold and Americans quarantined at home, Chase added bonus rewards on groceries to a host of travel credit cards that might have otherwise seen little use. Holders of the Chase Sapphire Reserve® would earn 5 points per dollar spent at grocery stores, on up to $1,500 a month in spending, from May 1 to June 30, 2020.
Expired offer: With most travel on hiatus due to the COVID-19 pandemic, Chase gave cardholders new options to redeem points for statement credit against certain purchases. Notably, holders of the Chase Sapphire Reserve® were able to get the same 1.5-cents-per-point value as they received when redeeming points for travel bookings. Eligible categories for the “Pay Yourself Back” program have included grocery stores and gas stations. The program evolved as time went on, with categories and redemption options changing. Find the latest on Pay Yourself Back here.
The annual fee on the Chase Sapphire Reserve® increased from $450 to $550 in January 2020. It was the first time the fee had increased since the card launched in 2016. For new applications, the higher fee took effect on Jan. 12. For existing cardholders, the new fee was charged the first time their account came up for renewal after April 1, 2020. Meanwhile, Chase also added two new perks for holders of the Chase Sapphire Reserve®:
Lyft: Chase announced that cardholders would earn 10 points per dollar spent on Lyft rides, a significant boost from the 3 points per dollar that cardholders earn for other travel purchases. (This 10x promotion remains in effect through March 2025.) Cardholders also got a free year of “Lyft Pink,” the rideshare company’s paid membership program, with benefits including discounts on rides, priority pickups and a number of free bike and scooter rentals. (The Lyft Pink offer has expired.)
DoorDash: Chase also announced that Chase Sapphire Reserve® cardholders would get a $60 statement credit in 2020 and 2021, for a total of $120, as well as a one-year subscription to DashPass. (This offer has expired.)
Chase announced that it had partnered with hospitality company SBE to provide benefits to Chase Sapphire Reserve® cardholders who stay at select SBE luxury hotels, including locations in the Bahamas, Istanbul, Miami and Las Vegas. Cardholders who book through SBE’s promotional reservation page using their Chase Sapphire Reserve® can qualify for certain benefits, including: the fourth night free for every four consecutive nights booked; a $30 hotel credit per room, which can be used toward food and beverage; complimentary room upgrades, when available; daily continental breakfast for two people; free Wi-Fi; and late checkout, when available.
In May 2018, Chase announced three noteworthy changes to some of the signature perks on the Chase Sapphire Reserve®. These changes would take effect Aug. 26 of that year.
$300 travel credit: Purchases that qualify for this credit would no longer earn points. In other words, cardholders got an automatic statement credit for the first $300 in travel purchases each year. Once they’d spent $300, they’d earn 3 points per dollar on spending. Previously, you earned 3x points on all travel spending — including those purchases reimbursed via the automatic credit.
Price protection: Chase discontinued this perk, which refunded a portion of the purchase price of an item you had bought if you found it advertised for less.
Priority Pass: Cardholders who activated and used the card’s airport lounge benefit — a complimentary Priority Pass Select membership — would be limited to two guests per membership card. Previously, the card didn’t set a limit. Cardholders would be charged $27 per additional guest.
Chase Sapphire Reserve® cardholders who had activated the card’s complimentary Priority Pass Select membership gained the ability to set up a digital membership card on their phone. That reduced the risk that they would be unable to access airport lounges because they had forgotten to bring along their physical membership card.
In a policy change that took effect Aug. 27, 2017, Chase prohibited consumers from holding more than one Sapphire-branded card. Cardholders who already had more than one Sapphire card were allowed to keep them, but the door was shut on new approvals for people already carrying one. So if you have only a Chase Sapphire Reserve®, you won’t be approved for a Chase Sapphire Preferred® Card, and vice-versa.
The $300 travel credit on the Chase Sapphire Reserve® originally operated on a calendar-year basis. The first $300 in travel purchases each calendar year would get reimbursed through statement credits. That created an opportunity for opportunists and optimizers: Apply for the card late in the year, get $300 in credit, wait just a few weeks for the credit to reset, then get another $300 in credit. Chase put a stop to that for applications received from May 21, 2017, onward. For those cardholders, the credit operates on a “cardholder year” basis. If you open your account on, say, Oct. 12, then that’s when the credit resets each year.
Expired offer: From about May until August 2017, holders of the Chase Sapphire Reserve® who closed a new mortgage with Chase were eligible to receive 100,000 bonus points. This offer was good only for new mortgages — not refinancings or home equity loans. The offer expired Aug. 6, 2017.
Expired offer: Five months after it debuted with an astounding 100,000-point bonus offer (which was worth $1,500 when redeemed for travel booked through Chase), the Chase Sapphire Reserve® came back to Earth a little. On Jan. 12, 2017, the bonus offer dropped down to 50,000 points for online applications. The 100,000-point offer remained available in person at Chase bank branches for a little longer — until March 11.
Expired offer: The launch of Chase’s premium travel credit card was easily the biggest credit card story of 2016. The $300 automatic travel credit made up for a large chunk of the annual fee (initially $450), and the 100,000-point bonus offer at launch made up for the rest of it for years to come. The card proved so popular that Chase temporarily ran out of the special metal used to make the card. Chase CEO Jamie Dimon said in December of that year that the overwhelming interest in the card and the sign-up bonuses paid out would likely cut Chase’s profit by $200 million to $300 million in the fourth quarter of 2016, according to a Bloomberg article.
Expired offer: For the second April in a row, the Chase Sapphire Preferred® Card offered an 80,000-point sign-up bonus in April 2023. The offer expired May 25, 2023.
From Feb. 1, 2023, through March 31, 2025, holders of the Chase Sapphire Preferred® Card can earn 5 points per dollar spent on eligible Peloton purchases, up to a maximum of 25,000 points. Eligible purchases include equipment or accessories over $250, such as Peloton bikes, treadmills and rowing machines, as well as Peloton Guide, a strength-training program that uses a camera to help you work on your form. Purchases must be made directly through Peloton and paid in full at the time of purchase. (This means that financing equipment with Affirm will not result in extra points.) Apparel and app memberships also aren’t eligible.
Expired offer: The sign-up bonus on the Chase Sapphire Preferred® Card increased to 80,000 points in mid-April 2022, then returned to the previous amount (60,000 points) at the end of May 2022.
On Aug. 16, 2021, the Chase Sapphire Preferred® Card received the most significant upgrade to its ongoing benefits in years. Those included new bonus categories:
5 points per dollar spent on all travel booked through Chase.
3 points per dollar on dining (up from 2 points per dollar previously).
3 points per dollar on select streaming services.
3 points per dollar on online grocery purchases (not including Target, Walmart and wholesale clubs).
The card continued to earn 2 points per dollar on travel not booked through Chase and 1 point per dollar on other purchases. The card also added two significant benefits:
A $50 annual credit on hotel stays purchased through Chase.
Each account anniversary, cardmembers will earn bonus points equal to 10% of total purchases made the previous year.
Other benefits of the card were largely unchanged, and the annual fee remained $95.
Expired offer: The Chase Sapphire Preferred® Card rolled out its most lucrative offer up to that point on June 4, 2021. For a limited time, cardholders who spent $4,000 on purchases in the first three months could get 100,000 bonus points. That was a 20,000-point jump from the previous special offer and 40,000 points higher than the standard offer at the time.
Expired offers: The sign-up bonus on the Chase Sapphire Preferred® Card got a decent boost in March 2021. That offer: Earn 80,000 bonus points after you spend $4,000 on purchases in the first three months from account opening. That was 20,000 points bigger than the standard bonus at the time. The $50 grocery credit for new cardholders that had been added in January 2021 remained in effect (although it has since expired).
Expired offer: From March 2021 through March 2022, the Chase Sapphire Preferred® Card earned 5 points per $1 spent on each Peloton Bike, Tread and accessory purchase of over $1,800, for a maximum of 25,000 points.
Expired offers: In a limited-time promotion that began in early 2021, holders of the Chase Sapphire Preferred® Card could earn 10 points per dollar spent on Chase Dining purchases (including takeout and prepaid reservations), on up to $500 in spending. The promotion ended on June 30, 2021. Also, through Sept. 30, 2021, Chase Sapphire Preferred® Card holders could redeem points for Chase Dining purchases at a rate of 1.25 cents per point.
Expired offer: As an incentive to apply for a travel credit card at a time when travel was drastically curtailed by the COVID-19 pandemic, the Chase Sapphire Preferred® Card offered new cardholders an automatic $50 statement credit for grocery store purchases. The credit was available for 12 months from account opening, with no activation required or spending threshold to meet.
Expired offer: Chase added another round of bonus grocery rewards as the COVID-19 pandemic lingered. From Nov. 1, 2020, through April 30, 2021, the Chase Sapphire Preferred® Card earned 2 points per dollar spent at grocery stores, up from the usual 1 point per dollar.
Expired offer: Starting in October 2020 and running through June 2022, Chase Sapphire Preferred® Card cardholders could earn up to $60 in statement credits on Peloton Digital and All-Access memberships. Digital memberships cost about $13 a month at the time; All-Access memberships, $39 a month.
Expired offer: Chase temporarily sweetened the bonus offer on the Chase Sapphire Preferred® Card starting Sept. 15, 2020. Cardholders who spend $4,000 in the first three months could earn 80,000 bonus points — up from the 60,000-point offer that was standard at the time. The offer ended a few months later.
Expired offers: From July 1 to Sept. 30, 2020, Chase Sapphire Preferred® Card holders could earn bonus rewards on spending that was soaring in the midst of the COVID-19 pandemic:
Instacart: 3 points per $1 spent on Instacart delivery and pickup orders, on up to $3,000 in spending during the three-month promotional period.
Gas stations: 3 points per dollar, on up to $1,500 spent at gas stations over the three-month period.
Streaming: 5 points per dollar, on up to $1,500 in purchases with select streaming services like Spotify and Netflix during the promotional period.
Expired offer: As the COVID-19 pandemic took hold and Americans quarantined at home, Chase added bonus rewards on groceries to a host of travel credit cards that might have otherwise seen little use. Holders of the Chase Sapphire Preferred® Card would earn 3 points per dollar spent at grocery stores, on up to $1,500 a month in spending, from May 1 to June 30, 2020.
Expired offer: With most travel on hiatus due to the COVID-19 pandemic, Chase gave cardholders new options to redeem points for statement credit against certain purchases. Notably, holders of the Chase Sapphire Preferred® Card were able to get the same 1.25-cents-per-point value as they received when redeeming points for travel bookings. Eligible categories for the “Pay Yourself Back” program have included grocery stores and gas stations. The program evolved as time went on, with categories and redemption options changing. Find the latest on Pay Yourself Back here.
Chase announced that several cards would begin earning extra rewards on Lyft rides. Chase Sapphire Preferred® Card holders would earn 5 points per dollar spent on Lyft rides. The end date for this promotion has been extended, and it is now available through March 2025.
Expired offer: On March 19, 2018, Chase temporarily bumped up the sign-up bonus on the Chase Sapphire Preferred® Card, offering 60,000 points if you met the requirement of spending $4,000 in the first three months your account was open. That was 10,000 more points than the standard offer at the time. Keeping in mind that points were worth 1.25 cents when redeemed for travel booked through Chase, that made the bonus worth an extra $125. However, at the same time, Chase announced that the annual fee on the Chase Sapphire Preferred® Card (which was $95 at the time) would no longer be waived in the first year. So for new cardholders, the net effect was a $35 boost in value.
Holders of the Chase Sapphire Preferred® Card used to be able to earn 5,000 points by adding an authorized user and having that person make a qualifying purchase. As of Sept. 11, 2018, that opportunity was eliminated.
Expired offer: A limited-time offer that took effect on the Chase Sapphire Preferred® Card in May 2018 dangled the biggest publicly available sign-up bonus the card had seen to that point. The offer was available only on Chase’s site, not through marketplaces like NerdWallet. New cardholders could earn up to 80,000 points, which were doled out in two chunks:
50,000 bonus points after spending $4,000 on purchases within the first three months of account opening. This part was the same as the standard bonus on the card at the time.
30,000 additional bonus points based on total spending within the first year. The amount a cardholder had to spend varied depending on the offer they were presented with on the Chase site. In some cases, it was $20,000; in others, $30,000.
In a policy change that took effect Aug. 27, 2017, Chase prohibited consumers from holding more than one Sapphire-branded card. Cardholders who already had more than one Sapphire card were allowed to keep them, but the door was shut on new approvals for people already carrying one. So if you have only a Chase Sapphire Preferred® Card, you won’t be approved for a Chase Sapphire Reserve®, and vice-versa.
Expired offer: From about May until August 2017, holders of the Chase Sapphire Preferred® Card who closed a new mortgage with Chase were eligible to receive 100,000 bonus points. This offer was good only for new mortgages — not refinancings or home equity loans. The offer expired Aug. 6, 2017.
Source: nerdwallet.com
Have you ever asked yourself, “Should I move to Omaha, NE?” If you’re considering it, you’re looking at a city that’s a blend of unique culture and quiet, friendly neighborhoods. Living in Omaha means experiencing the warmth of a community that values connection. From the bustling Old Market district with its cobblestone streets to the tranquil paths along the Missouri River, Omaha offers a one-of-a-kind lifestyle that balances urban convenience with natural beauty. In this article, we’ll dive into the pros and cons of living in Omaha to help you figure out if this city is the right fit for you. Let’s explore together.
Walk Score: 48 | Bike Score: 42 | Transit Score: 24
Median Sale Price: $266,500 | Average Rent for 1-Bedroom Apartment: $1,155
Omaha neighborhoods | Houses for rent in Omaha | apartments for rent in Omaha | Homes for sale in Omaha
Omaha boasts a vibrant cultural scene that’s both diverse and engaging. From the renowned Omaha Community Playhouse, the largest community theater in the U.S., to the annual Omaha Blues, Jazz, & Gospel Festival, the city offers a plethora of artistic and musical events. The Joslyn Art Museum showcases an impressive collection of both permanent and traveling exhibits. This cultural richness provides residents with an array of activities and experiences unique to the city.
With a Transit Score of 24, one of the challenges of living in Omaha is the limited public transportation options. While the city has a bus system, the routes and frequencies may not cater to everyone’s needs, especially those living outside the central areas. This situation often necessitates owning a car to navigate the city efficiently, which can add to one’s cost of living through car payments, insurance, and maintenance expenses.
Omaha’s economy is robust, with a thriving job market that’s attractive to people across various industries. Home to five Fortune 500 companies, including Berkshire Hathaway, Union Pacific Railroad, and Mutual of Omaha, the city offers ample employment opportunities. Additionally, Omaha’s startup scene is growing, supported by a strong ecosystem of investors and incubators. This economic diversity makes Omaha an appealing place for career growth and stability.
Residents of Omaha experience the full spectrum of seasonal changes, from hot, humid summers to cold, snowy winters. While the changing seasons can be beautiful, they also present challenges. Summers can see temperatures soaring above 90 degrees Fahrenheit, requiring reliance on air conditioning. Conversely, winters can be brutally cold, with significant snowfall and ice. This often necessitates a robust winter wardrobe and potentially impacts daily commutes. These weather extremes can affect outdoor activities and overall comfort.
Omaha is home to a number of highly regarded educational institutions. Creighton University and the University of Nebraska at Omaha offer top-tier higher education with a variety of programs. The city also boasts a strong public school system, with several schools receiving high rankings at both state and national levels.
One downside to living in Omaha is the relatively high property taxes. Nebraska ranks among the states with the highest property tax rates, which can significantly impact homeowners. These taxes contribute to the overall cost of living and can be a burden for homeowners on a fixed income or those budgeting carefully.
Omaha is rich in green spaces and recreational opportunities, making it an ideal city for outdoor enthusiasts. The city’s crown jewel, Lauritzen Gardens, offers a tranquil escape with its botanical center and beautiful landscapes. Zorinsky Lake Park provides a haven for fishing, boating, and hiking. Moreover, the city’s commitment to maintaining and expanding its parks ensures that locals have ample space for leisure and outdoor activities.
Despite its many amenities, Omaha’s geographical location in the Midwest can feel isolating to some. The city is several hours away from other major metropolitan areas, which can limit access to larger cultural and recreational events. This isolation can also impact travel plans, as flights to and from Omaha might not offer as many direct routes as those in coastal cities. For those used to a more connected urban environment, this can be a significant adjustment.
Omaha has a strong sense of community, with high levels of engagement and volunteerism. The city hosts the annual Berkshire Hathaway shareholders meeting, which not only attracts global attention but also fosters a sense of pride and participation among locals. Numerous nonprofits and community organizations offer opportunities for residents to get involved, making it easy to make a difference. This community spirit is a defining characteristic of Omaha, enhancing the city’s livability.
Source: rent.com
For many aspiring homebuyers, the dream of homeownership has become increasingly difficult to attain in recent years. A combination of soaring home prices and rising mortgage rates has made purchasing a property significantly more expensive, stretching budgets to their limits. For example, the median home price nationwide hit $417,700 in Q4 2023 — up from an average of $327,100 in Q4 2019. And, 30-year fixed mortgage rates currently average 7.30%, more than double what they were just a few years ago.
That said, it can still make sense to buy a home right now, even with today’s unique challenges looming. After all, high rates generally mean buyer competition is down, so it could be a good time to make your move. And, while you may be thinking about waiting for rates to fall, there’s no guarantee that will happen in the near future. Plus, you always have the option to refinance your mortgage loan at a lower rate if mortgage rates do eventually decline.
But getting approved for a mortgage in today’s unique landscape can prove challenging even for borrowers with strong credit and stable employment. Lenders have understandably grown more cautious in the face of economic headwinds, making the application process more rigorous. So what should you do if your mortgage loan application is denied by a lender?
Find out how affordable the right mortgage loan could be today.
If your mortgage application has been denied, it’s important not to lose hope. There are steps you can take to improve your chances of approval:
By law, lenders must provide you with the specific reasons for denial in writing upon request. This documentation is essential, as it will allow you to precisely identify and address the problem areas that led to the rejection. Never assume you know the reasons; get them directly from the lender so you know what to focus on instead.
Explore your top mortgage loan options and apply for preapproval now.
Mistakes and inaccuracies on credit reports are surprisingly common. If your mortgage loan application is denied, obtain your free annual credit reports from all three major bureaus (Experian, Equifax and TransUnion) and scrutinize them carefully. If you find any errors, dispute them with the credit bureaus to have them corrected or removed, as this could significantly boost your approval chances.
For many buyers, a subpar credit score is the roadblock to mortgage approval. If a low credit score causes your mortgage application to be denied, take proactive steps like paying all bills on time each month, reducing outstanding balances on credit cards and other loans and avoiding opening new credit accounts in the short term. Improving your credit profile can rapidly enhance your mortgage eligibility.
Many lenders favor borrowers who can make larger down payments upfront. Not only does this lower the overall mortgage loan amount, but it demonstrates your commitment and ability as a borrower. Options to boost your upfront contribution include tapping employment bonuses, tax refunds, gifts from relatives or simply saving more aggressively.
If your own income and credit aren’t adequate for mortgage approval, applying jointly with a creditworthy co-signer could be the solution. A spouse, parent or other party with strong finances can boost the overall application through their positive profile. However, it’s imperative that all parties understand and accept the legal obligations before proceeding.
While conventional mortgages from banks and lenders typically have stringent requirements, loans insured by government agencies tend to have more flexibility. If you meet the eligibility criteria for an FHA, VA or USDA loan based on income limits, military service or rural location, these could represent a pathway to homeownership.
If you’re denied due to a high debt-to-income (DTI) ratio, finding ways to boost your monthly earnings could be the deciding factor. Options to do this include requesting a raise from your current employer, finding a higher-paying job or establishing steady side income from a second job or freelance work.
Not all mortgage lenders evaluate applications through the same underwriting models or with the same risk appetite. While one bank may deny you, another lender could give you a green light after reviewing the exact same financial information. So, if you’re denied a mortgage loan with one lender, it makes sense to shop around, ask questions and get multiple assessments to find the right fit.
Mortgage approvals are based on a specific snapshot of your finances at one point in time. If rejected, sometimes the best recourse is to press pause, work on improving weak areas over several months and then reapply with an updated financial profile for a fresh evaluation.
A denied mortgage can be disheartening, but don’t give up hope. With diligent preparation, an openness to explore alternative pathways and a willingness to make difficult but necessary changes, you may still have options to secure financing and make your homeownership dreams a reality. Ultimately, perseverance and knowledge are key when faced with today’s uniquely challenging housing market.
Source: cbsnews.com