Buying a house in Michigan can be an exciting and fulfilling experience. Known for its diverse landscapes, vibrant cities, and affordable housing options, Michigan offers prospective homebuyers a range of opportunities. Whether you’re looking for charming suburban homes in Grand Rapids, a bustling urban condo in Ann Arbor, or a serene rural retreat, Michigan has something to offer. However, navigating the homebuying process in Michigan requires careful consideration of factors such as location, market conditions, financing options, and legal requirements. Understanding the local real estate market, working with knowledgeable professionals, and conducting thorough research is vital to making informed decisions and finding the perfect home in Michigan.
If you’re a first-time homebuyer and want to know more about the market, Redfin has your back. From market insights to the homebuying process, read on to get started.
What’s it like to live in Michigan?
Michigan is known for its breathtaking natural beauty, including the Great Lakes, stunning forests, and picturesque landscapes. Residents can enjoy various outdoor activities like hiking, camping, boating, and skiing. Furthermore, Michigan boasts excellent educational institutions, including renowned universities like the University of Michigan and Michigan State University. The cost of living in many areas of Michigan is relatively affordable compared to other states, allowing residents to enjoy a comfortable lifestyle. Check out this article to learn more about the pros and cons of living in Michigan.
Michigan housing market insights
The housing market in Michigan continues to show increased median sale prices. As of recent data, the median sale price stands at $252,200, reflecting a 1.6% year-over-year increase. However, Due to the growth in prices, certain metros within the state are experiencing high levels of competition. Areas such as Fraser, Walker, and Clawson have become particularly competitive for homebuyers. Additionally, the number of homes available for sale has declined, down 8.3% year-over-year. This reduced inventory can contribute to a more competitive market and potentially drive up prices further. These insights indicate a dynamic housing market in Michigan, with rising costs, pockets of intense competition, and limited inventory, making it essential for prospective buyers to stay informed and be prepared for the market’s challenges and opportunities.
Finding your perfect location in Michigan
Finding the perfect location in Michigan is crucial when buying a house in the state. Michigan offers a diverse range of communities, each with its unique characteristics and amenities. Factors such as proximity to schools, job opportunities, recreational activities, and community services play a significant role in determining the suitability of a location.
If you’re between two cities you love, don’t fret; using tools like a cost of living calculator will provide insight into which city aligns with your budget. And to help you get started, we’ve compiled a list of five sought-after Michigan cities, highlighting market insights and their unique offerings.
#1: Detroit, MI
Median home price: $75,000 Detroit, MI homes for sale
As the largest city in Michigan, moving to Detroit offers a unique experience that is shaped by its rich history, cultural diversity, and ongoing revitalization efforts. Detroit’s sports culture runs deep, with passionate fan bases for teams like the Detroit Tigers, Pistons, and Red Wings. Additionally, Detroit’s revitalization efforts have led to the revitalization of neighborhoods such as Midtown and Corktown, where new businesses, art galleries, and entertainment venues have emerged.
#2: Kalamazoo, MI
Median home price: $190,500 Kalamazoo, MI homes for sale
The cost of living in Kalamazoo, MI is 21% lower than the national average, perfect for those on a budget. The city is known for its lively arts scene, with the Kalamazoo Institute of Arts, the Kalamazoo Symphony Orchestra, and numerous theater companies providing a rich cultural experience. Residents can explore the vibrant downtown area, filled with local shops, restaurants, and breweries, including the popular Bell’s Brewery. Kalamazoo offers a range of outdoor recreational activities, with parks, hiking trails, and proximity to scenic areas such as the Kalamazoo River Valley Trail and the Kal-Haven Trail. So if you’re looking for a small town with a low cost of living, moving to Kalamazoo could be for you.
#3: Grand Rapids, MI
Median home price: $290,000 Grand Rapids, MI homes for sale
Moving to Grand Rapids offers a rich and fulfilling experience with a unique blend of urban amenities and natural beauty. Grand Rapids is known for its thriving craft beer scene with numerous breweries and festivals. It was even named Beer City, USA. The city boasts a rich cultural landscape, including the renowned Frederik Meijer Gardens and Sculpture Park, the Grand Rapids Art Museum, and the Gerald R. Ford Presidential Museum. With a strong emphasis on the arts, Grand Rapids hosts ArtPrize, one of the world’s largest art competitions.
#4: Novi, MI
Median home price: $390,000 Novi, MI homes for sale
Moving to Novi offers a delightful experience with its upscale shopping destinations. You’ll find the Twelve Oaks Mall and the luxurious Novi Town Center, providing residents with a wide range of shopping and dining options. The city also boasts several parks and recreational areas, including the picturesque Lakeshore Park, which offers trails, picnic spots, and beautiful views of Walled Lake. Moreover, Novi is renowned for hosting the annual Michigan State Fair, a lively event showcasing agricultural exhibits, captivating entertainment, and exhilarating rides.
#5: Ann Arbor, MI
Median home price: $496,250 Ann Arbor, MI homes for sale
As the home of the University of Michigan, Ann Arbor has a lively and intellectual atmosphere. The city is renowned for its top-tier education, world-class research facilities, and a strong emphasis on innovation and entrepreneurship. Residents can take advantage of various cultural events, including the Ann Arbor Film Festival, the Ann Arbor Art Fair, and the renowned University Musical Society, which brings diverse performing arts to the community. The vibrant downtown area is filled with local shops, restaurants, and cafes, creating a lively and welcoming environment for anyone moving to Ann Arbor.
The homebuying process in Michigan
Let’s explore the homebuying process if you’re ready to put down roots in Michigan.
1. Prioritize your finances
Prioritizing your finances when buying a home in Michigan is crucial for several reasons. First and foremost, it ensures that you can comfortably afford the financial obligations associated with homeownership. By assessing your income, expenses, and budget, you can determine a realistic price range and avoid overextending yourself financially. Along with prioritizing your finances to help secure a favorable mortgage loan with competitive interest rates and terms. If you’re not sure where to start, using tools like an affordability calculator will point you in the right direction.
Various programs are available for first-time homebuyers in Michigan, including the MI Home Loan, which can assist with up to $7,500 in down payment assistance.
2. Get pre-approved from a lender
Getting pre-approved from a lender is an essential first step when starting the homebuying journey. By seeking pre-approval, you gain a clear understanding of your budget and financial limitations, which allows you to search for homes within your price range. Pre-approval involves a lender evaluating your financial situation, credit history, and income to determine the loan amount you qualify for.
3. Connect with a local agent in Michigan
When buying a house, connecting with a local real estate agent in Michigan is essential, as they bring valuable expertise, guidance, and local market knowledge. A local agent understands the nuances of the Michigan real estate market, including neighborhood trends, property values, and inventory availability. They can help you identify suitable neighborhoods that align with your preferences and budget. So whether you’re looking for real estate agents in Grand Rapids or agents in Detroit, they’re here to help.
4. Start touring homes
Touring homes is a crucial step in the homebuying process, as it allows you to experience and evaluate properties first hand physically. It provides an opportunity to assess a home’s condition, layout, and overall appeal before making a purchasing decision. During home tours, paying attention to several key factors is essential. First, consider the home’s structural integrity and potential maintenance issues. Look for signs of water damage, cracks in the foundation, or any other red flags that could indicate significant repairs or maintenance expenses down the line.
5. Make the offer
Making an offer signifies the buyer’s serious intent to acquire the home and initiates the negotiation phase. When crafting an offer, prospective buyers must consider the property’s market value, comparable sales in the area, the seller’s asking price, and their budget and preferences. The offer should be presented in writing and include essential details such as the proposed purchase price, desired contingencies, and the seller’s response deadline.
6. Close on the house
The closing process is the final stage, where all the necessary legal and financial transactions are completed, and property ownership is officially transferred from the seller to the buyer. During the close, various important tasks take place, including reviewing and signing the final purchase agreement, verifying the title and property records, completing the mortgage paperwork, and paying closing costs and fees. Additionally, the close allows the buyer to conduct a final walkthrough of the property to ensure its condition is as expected.
If you’re new to the process, Redfin has insights for you. The First-Time Homebuyer Guide has everything you need to know about each step of the process.
Factors to consider when buying a house in Michigan
When going through the homebuying process, you’ll want to understand the unique considerations of buying a home in Michigan.
Water rights
Michigan has strict regulations regarding water rights, particularly in properties with access to lakes, rivers, or streams. When purchasing a house, understand the extent of your water rights, restrictions, and availability for everyday use or irrigation.
Flood risks
Michigan faces significant flood risks due to its unique geographical features and weather patterns. The presence of the Great Lakes exposes many areas to potential flooding. Additionally, Michigan has numerous rivers, streams, and inland lakes, which can contribute to the likelihood of flooding during heavy rainfall or snowmelt events. The state’s climate, characterized by cold winters and frequent precipitation, can lead to rapid snow accumulation and subsequent spring thaws, increasing the risk of flooding. Knowing if your house is in a flood zone is essential, so you can be prepared.
Dual agency
A dual agency is permitted when buying a house in Michigan. A dual agency is when a real estate agent or broker represents the buyer and seller in the same transaction. In Michigan, this practice is allowed as long as it is disclosed and agreed upon by all parties involved. However, it is advisable for buyers to carefully consider the implications of dual agency, as the agent’s loyalty and fiduciary duty may become divided between the buyer and the seller.
High closing costs
Michigan is known for having relatively high closing costs when buying a home. On average, homeowners will spend around $5,714. Closing costs encompass various fees and expenses that buyers incur during the final stages of a real estate transaction. In Michigan, these costs typically include property taxes, title insurance, attorney fees, appraisal fees, loan origination fees, and recording fees.
Buying a house in Michigan: Bottom line
Michigan’s real estate market provides a diverse selection of housing options, encompassing both affordable areas and higher-priced cities. The affordability and availability of homes depend on factors such as location, market conditions, and individual budgets. To navigate this market successfully, it is crucial to conduct thorough research on the desired area, track market trends, and assess personal financial readiness, including credit score and down payment savings. By gaining a comprehensive understanding of the homebuying process, you can embark on your journey towards homeownership in Michigan with confidence.
Buying a house in Michigan FAQ
What credit score is needed to buy a home in Michigan?
The credit score needed to buy a home in Michigan, as in any other state, can vary depending on the lender and the type of mortgage loan. However, generally speaking, a higher credit score is advantageous when applying for a mortgage. Most conventional lenders prefer borrowers to have a credit score of 620 or higher. This shows a strong credit history and a lower loan default risk. Additionally, loan programs are available that cater to borrowers with lower credit scores, such as FHA loans, which typically require a credit score of 500 or higher.
What is the required down payment for buying a house in Michigan?
The down payment required to buy a house in Michigan, as in other parts of the United States, can vary depending on several factors, including the type of mortgage loan you’re using and the lender’s requirements. Typically, conventional mortgage lenders may require a down payment of 3% to 20% of the home’s purchase price. For example, if you’re buying a $200,000 home, a 3% down payment would amount to $6,000, while a 20% down payment would be $40,000. However, it’s important to note that there are loan programs available that may require lower down payments. For instance, FHA loans often require a down payment of 3.5% of the purchase price, while VA loans and USDA loans offer the option of zero down payment for eligible borrowers.
Are home prices affordable in Michigan?
Whether buying a house in Michigan is considered cheap depends on various factors, including the specific location within the state, the local real estate market conditions, and individual budget constraints. For example, in Kalamazoo, housing costs 47% less than the national average, whereas housing in Ann Arbor is 16% more than the national average. As a whole, Michigan has been known to offer more affordable housing options compared to some other states in the United States. However, prices can still vary significantly depending on the city or region. Consulting with a local real estate agent or professional can provide valuable insights into the desired area’s current market conditions and pricing trends.
Federal Reserve analysts have published a paper describing what they call the Twitter Financial Sentiment Index, or TFSI. The tool aims to gauge how investors and consumers feel by tracking social media posts about finances and credit markets. The Fed stresses that the document’s conclusions are tentative and preliminary.
A financial advisor can help you build a long-term investment plan.
What Is the Twitter Financial Sentiment Index?
The TFSI is a new tool in development by a group of economists at the Federal Reserve. While preliminary and, as the authors stress, still tentative, this tool measures investor sentiment and the consumer marketplace based on information gathered from social media posts.
The research is titled More than Words: Twitter Chatter and Financial Market Sentiment, written by Federal Reserve economists Travis Adams, Andrea Ajello, Diego Silva and Francisco Vazquez-Grande. It’s part of a discussion series run by the Federal Reserve in which economists explore new ideas, so this research doesn’t necessarily reflect the positions of the Federal Reserve or Board of Governors themselves.
In this case, the economists behind the TFSI wanted to explore whether “social media activity [can] carry any meaningful signal on credit and financial markets’ sentiment.” Essentially, when people post about the market online, does this accurately reflect their opinions? And furthermore, can economists pull any useful data from what is, effectively, a massive, real-time survey?
To answer that question, they turned to Twitter. The economists built a real-time sentiment index that pulled more than four million single tweets from 2007 to April 2023, searching specifically for posts that contained words and phrases pulled from financial and market dictionaries. So, for example, their system might flag a tweet with the phrase “bonds” or “assets” to include in the index.
Using a natural language processor, which is software that analyzes text for what the author intended to communicate, the index gives each tweet in its database a positive or negative flag depending on how the post talks about the market. Then, in aggregate, the index produces an overall current sentiment of the market. If most of the recent tweets are talking about the market confidently, the TFSI registers a positive sentiment. If lots of people are tweeting about selling or hoarding cash, the TFSI registers a negative sentiment.
The authors say that this binary approach of positive and negative works better than trying to assess how positive or negative a given tweet seems. Their goal isn’t to judge the strength of an individual poster’s emotions, but rather to judge the overall emotional state of the market at large. And, they say, it appears to work.
What Exactly Does the TFSI Measure?
Among other sources of data, economists rely heavily on surveys and price trends to make predictions and policy assessments. Surveys like the famous University of Michigan Consumer Sentiment Index gather data by directly asking people about their financial situation and choices. Price trends measure the current prices in a market and compare them to historic patterns to make predictions about what will happen next. In both cases, economists effectively look for massive amounts of data from which to pull trends.
The TFSI takes a similar approach. It is, in effect, an always-on survey, in which the authors look for patterns in how people talk about their finances and market issues. As with all matters related to social media, though, the question is whether this information is reliable. When people post on Twitter, does it reflect their true position? According to the economists involved, the answer is yes.
What the TFSI Reveals
“We find,” wrote the authors of the index, “that the Twitter Financial Sentiment Index (TFSI) correlates highly with corporate bond spreads and other price- and survey-based measures of financial conditions.”
The authors also state that they “document that overnight Twitter financial sentiment helps predict next day stock market returns. Most notably, we show that the index contains information that helps forecast changes in the U.S. monetary policy stance: a deterioration in Twitter financial sentiment the day ahead of an FOMC statement release predicts the size of restrictive monetary policy shocks. Finally, we document that sentiment worsens in response to an unexpected tightening of monetary policy.”
Among other correlations, they say, the TFSI has a few key uses.
First, it is quite adept at predicting next-day stock market returns. Strong real-time sentiment tends to correlate with gains in the next 24 hours, while a negative sentiment tends to precede losses. “This fact,” the authors write, “speaks to the ability of tweeted sentiment to reflect information that will later be included in stock prices once U.S. markets open.”
Second, and of more interest to economists, the TFSI “correlates highly with market-based measures of financial sentiment.” This includes indicators like bond and corporate bond spreads, as well as survey-based metrics like the Michigan sentiment index.
Potential Uses of the TFSI
This makes the new index a potentially useful tool for monetary policymaking. Based on how people discuss monetary policy and financial sentiment, the authors suggest that the TFSI can help “predict the size of restrictive monetary policy shocks.” In other words, it can “predict the market reaction around the FOMC statement release. We also find that the TFSI worsens in response to an unexpected tightening in the policy stance.”
Essentially, it can help the U.S. central bank measure how much the economy will slow down after it reduces the money supply (typically by raising interest rates).
Of course, there are limits to even the best tools. The TFSI is a new metric, and as such its results are still preliminary. It remains to be seen whether this will remain a valuable tool, especially once social media posters can access the TFSI itself, which could create a sort of feedback loop where index results begins to influence the index’s underlying data.
And the TFSI is a linear tool. It can signal whether people feel good or bad about the market, and the strength of that general sentiment but doesn’t provide context or lateral details such as whether they feel good about some issues and negative about others.
Still, in its early applications, it looks like the TFSI might have found a use for social media after all.
Bottom Line
Federal Reserve analysts have developed a tool for gauging investor and market sentiment around the bank’s policies and pronouncements. Called the Twitter Financial Sentiment Index, it measures the economy by listening to millions of tweets. According to the paper, the tool “helps predict the size of restrictive monetary policy surprises, while it is uninformative on the size of easing shocks,” when the FOMC eases its federal funds rate.
Investing Tips
A financial advisor can help you build a comprehensive investing plan. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investors use a wide range of metrics and indices to make their decisions. Whether you’re buying assets that you’ll hold for years to come or looking to make a profit day trading, it’s worth familiarizing yourself with some of the most common, like the Consumer Price Index.
Eric Reed
Eric Reed is a freelance journalist who specializes in economics, policy and global issues, with substantial coverage of finance and personal finance. He has contributed to outlets including The Street, CNBC, Glassdoor and Consumer Reports. Eric’s work focuses on the human impact of abstract issues, emphasizing analytical journalism that helps readers more fully understand their world and their money. He has reported from more than a dozen countries, with datelines that include Sao Paolo, Brazil; Phnom Penh, Cambodia; and Athens, Greece. A former attorney, before becoming a journalist Eric worked in securities litigation and white collar criminal defense with a pro bono specialty in human trafficking issues. He graduated from the University of Michigan Law School and can be found any given Saturday in the fall cheering on his Wolverines.
Looking to spruce up your home with DIY decor? If you’ve always been curious about crafts, now is the time to tackle 3D SVG crafts! Giving a whole new perspective to crafting, 3D SVG presents a fun challenge to crafters and DIY-ers everywhere.
What are 3D SVG Files?
3D SVGs are craft templates you can cut and assemble to achieve depth and perspective, i.e., the 3D effect. The SVG is 3D SVG stands for Scalable Vector Graphic, a type of graphic format that is infinitely expandable.
These awesome templates are typically made with paper, cardstock, and cardboard, though you can also use plywood in some projects. There are many ways to achieve the 3D effect, depending on the type of project you are working on. Among the most popular are layering, interlocking, and modeling.
Where Can You Find 3D SVG Files or Templates?
You can find 3D SVG files and templates in crafting or digital asset websites such as Creative Fabrica. Creative Fabrica has a dedicated library filled with 3D SVG files you can purchase and download with a subscription.
The best thing about getting SVG files from Creative Fabrica is that your download comes with a commercial license, which means you can sell the products you make with the templates (though not the templates themselves).
TIP: When downloading 3D SVG files from any website, make sure you check the usage license, especially if the files are for free.
3D SVG Crafts for Home Decor
3D SVG crafts are quite versatile, but they’re especially lovely additions to your DIY home decor. Here are some fun 3D SVG craft ideas you can create to deck out your living space.
3D paper flowers
Paper flowers are quite beginner-friendly and easily add a touch of daintiness to any space. You can make a flower bouquet arrangement to put in a vase or a wreath to hang on your door or as a table arrangement. It makes for a lovely gift as well.
Shadow Boxes/Lanterns
3D shadow boxes and lanterns make for great conversation pieces! They’re very versatile – you can hang them on a wall or deck out a bookshelf with them.
Because they’re fun to make, you’ll find yourself customizing a shadow box or lantern for different occasions. To bring them to life, beam them up with LED lights.
Seasonal/Holiday 3D Decor
If you want to veer away from store-bought holiday decor, going 3D SVG is the right path. 3D paper crafts offer plenty of 3D decor variety, from seasonal shadow boxes, wall decor, to small hanging ornaments and table centerpieces.
Hanging Decors
If you’re planning a themed party at home, commit to the theme by creating 3D hanging decors for your party space. They’re infinitely prettier than posters and balloons and will wow your guests.
Paper Sculpture
If you’ve always loved sculpture, you can make one yourself with paper! You can find 3D SVG templates for paper sculptures in various shapes, creatures, and sizes. They make interesting wall decor for your child’s room.
Basic Tools and Supplies for 3D SVG Crafting Projects
3D SVG crafts look very intricate so you might think that making them for the home requires complicated tools and supplies. While some may call for extra ornaments or pieces, most templates require basic crafting materials. If you’re still a newbie, here are the basics you’ll need for your crafting table:
Paper/Cardstock
The most recommended paper weights for 3D SVG crafting are from 65 lb to 110 lb, with 80 lb being the safest choice. However, the paperweight still varies per project, so it’s best to follow what the template calls for.
Glue/Adhesives
For adhesives, it’s best to have a few options at hand. Most 3D paper crafts will look best with PVA craft glue or any clear quick-drying glue. You’ll also want a hot glue gun, tape adhesive, and foam adhesives. For detail work, glue dots and foam tape work best.
Cutting Mat
Having a cutting mat is a must for crafting. It serves many purposes: it protects your table from your cutting implements, helps secure your materials in place when cutting, and keeps your cutting more accurate. If you use a cutting machine, you’ll also need a cutting mat that’s appropriate for your cutting machine model.
Tweezers
Tweezers are important for picking up tiny pieces of ornaments and arranging them on your papercraft with precision and ease. There are many types of tweezers available for crafting, so buying a set would be best for starters.
Cutting Machine
While you technically don’t need a cutting machine to craft, having one allows you the confidence to tackle more complex projects. The most popular cutting machines are Cricut and Silhouette.
Craft Knife/Scissors
Whether or not you’ll be using a cutting machine, having a craft knife or a pair of crafting scissors is a must for your basic crafting table. If you work with fabric, paper, and vinyl, be sure to have separate cutting implements for either material to keep your cutters in tip-top shape.
These are just the basics, and you’ll probably add more to your crafting arsenal as you go along. The best way to learn which tools and materials you need for a certain project is to follow the instructions in the template and match their recommendations as best as you can.
5 Tips for 3D SVG Crafting
New to 3D SVGs and want to elevate your craft? Here are some tips and tricks you’ll find helpful in your foray into the 3D crafting world.
Practice correct glue application
Excess glue or badly applied glue can ruin a project. This is quite hard to master so the only thing you can do is be patient with yourself to find the correct balance. A good tip is to apply tiny beads of glue. If you need to glue near the seams or edges, be extra careful and apply a thin layer to avoid leakage.
Have separate cutters and blades for paper and fabric
Different materials call for separate cutting implements, whether you’re using a pair of scissors or a cutting machine. Using fabric shears to cut paper will dull your blade, while paper knives may not be sharp enough to cut fabric cleanly.
Keep your hands glue-free
It’s easy to get glue everywhere when you’re crafting, especially if you’re not careful. Always have a paper towel nearby to clean your hands so you don’t get glue everywhere.
Follow instructions to a T
Craft designers take time to create detailed step-by-step instructions for a reason. Though you’re not required to follow everything, including the recommended materials, it’s best to keep faithful to the instructions, especially the sequence of assembly. How then can you practice your creativity? By adding your own touch to the materials or decor, whether it’s by switching up the colors or adding embellishments.
Start simple
As with any art or craft, mastering the basics is important. Be patient with yourself and start small. Once you’ve gotten the hang of things, you can then progress to more complex designs.
Deck Your Halls with 3D SVG Crafts
If you want to spice up your home with decorations you created yourself, crafting with 3D SVG is one excellent way to start. You can do it yourself or inspire the rest of your family or house members to collaborate. Once you’ve mastered the art, you might even want to try selling your creations or giving them away as gifts!
They say the average mortgage application contains some 500 pages, which explains part of the frustration mortgage borrowers feel when going through the loan process.
But Fannie Mae and Freddie Mac want to ease that burden by finally digitalizing the mortgage experience.
Both companies announced upcoming changes that will go live in December and next spring.
Come December 10th, Fannie Mae will add both asset and employment validation to its stable of useful loan origination tools.
That means borrowers will no longer need to provide work paystubs, bank statements, or investment account statements.
Well, that’s the theory at least. We will see how it actually pans out…
‘A Dramatically Better Mortgage Experience’
Currently, borrowers are often asked to fax or e-mail these types of documents to verify income, assets, and employment.
But as with most things, it can get complicated when pages go missing, are illegible, lost, etc.
The most common complaint I hear about when attempting to get a mortgage is having to send the same document twice (or three times or more).
At the moment, Fannie Mae is already validating income electronically, and in just over a month assets and employment will get the digital treatment too.
Fannie expects these changes to result in “a dramatically better mortgage experience.”
Again, we’ll see how it turns out because technology has its own problems, but it’s certainly welcome news for both borrowers and lenders.
Greater Certainty for Lenders
While borrowers will be less burdened with paperwork demands, banks and lenders will feel more comfortable delivering loans to Fannie Mae and Freddie Mac knowing the information is being verified upfront by their own systems.
Instead of relying on some paperwork from the borrower that may or may not be valid (or current), they can run it through the automated system to reduce uncertainty and risk.
Fannie refers to this as “Day 1 Certainty,” which in a nutshell give lenders “certainty on Day 1” that they’ll be free from reps and warranties for income, assets, and employment information that is validated through Desktop Underwriter (DU).
This Day 1 Certainty will also allow lenders to forego an appraisal on certain transactions, such as rate and term refinances with lower LTV ratios.
They say this will allow lenders to focus their attention on those higher-risk appraisals instead, while also streamlining the process with loan underwriters.
Loans are often delayed by appraisals, and the costs of an appraisal has risen dramatically in recent years.
Freddie Mac is making similar updates that will roll out next spring.
They include:
• A no-cost automated appraisal alternative • Automated borrower income verification • Automated borrower asset verification • Automated assessment of borrowers without credit scores
Faster, Easier Mortgages for All?
It sounds like anyone who gets a mortgage backed by Fannie or Freddie (the majority of mortgages other than FHA and portfolio) will get the rocket treatment.
Still, you’ll have tons of pesky disclosures to sign along the way, which is never fun, albeit necessary.
The end result should be lower origination costs for lenders, which may or may not get passed along to customers.
Hopefully they will – but if anything, it should keep borrower costs from rising. Additionally, the home loan process should speed up as a result of these changes.
Instead of lenders fretting about loan quality, they’ll have more confidence to push loans through and close them with less delay.
Now they just need to figure out how to let borrowers e-sign all those mortgage documents to make the process really easy. It’d be nice to ditch the printer and the fax machine entirely.
Of course, this new era of automation means it’ll be more difficult to get away with nonsense going forward. That means less fraud, but perhaps less wiggle-room too.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
If you’re a seasoned trader who spends hours watching the markets every weekday and relies on your portfolio to supplement or even provide the bulk of your income, low-cost robo-advisors and most mass-market DIY brokerages don’t cut it for you. You need a powerful trading platform that lets you execute at a level commensurate with your skill.
Tastytrade is just such a trading platform. It’s designed for experienced, confident traders who actively play the markets and, in many cases, trade in riskier asset types like options, futures, and cryptocurrencies.
Tastytrade has a lot of benefits for market participants who know what they’re doing. It also has some important gaps and drawbacks, so don’t automatically assume it’s ideal for you. Learn more about how it works and what to expect from it first.
What Is Tastytrade?
Tastytrade is an online trading platform for experienced, active traders. It has a broad lineup of available asset types, including stocks, exchange-traded funds, options, futures, and cryptocurrencies. Stock and ETF trades are free, with variable commissions and fees for other asset types.
Tastytrade’s core features enable quick construction and execution of simple or complex trades. Unlike more beginner-friendly brokerages, Tastytrade is designed for traders deeply familiar with the markets and confident in their trading strategies. Though it does have social features that allow regular users to follow experts as they play the markets, it lacks extensive educational resources.
What Sets Tastytrade Apart?
Tastytrade stands out from many other online brokerages in ways both positive and negative:
Excellent account opening bonus. Tastytrade offers an account opening bonus worth up to $3,000 for new users. You can get the maximum bonus amount with a new money deposit of just $250,000, lower than comparable thresholds for similar bonus amounts elsewhere.
Sophisticated features for active traders. Tastytrade is designed for active traders in scenarios where seconds (or even milliseconds) count. Its ordering interface prioritizes speed and accuracy.
Access to advanced asset types like futures and futures options. Tastytrade allows stock and ETF trading, but so do most online brokerages. Its futures, futures options, and cryptocurrency offerings are less common in this market, and quite welcome for serious traders looking to diversify.
Limited trader education resources. The other side of Tastytrade’s appeal to experienced traders is its relative lack of trader education resources. It’s not the best place to learn investing basics.
Key Features of Tastytrade
Before opening a Tastytrade account, understand how its platforms work and what to expect from its trading features. Familiarize yourself with its pricing and account opening bonus opportunity too.
Account Opening Bonus
For a limited time, Tastytrade has an exciting account opening promotion* for new customers. To earn it, complete the following qualifying activities:
Open and fund your account by the stated offer end date, currently September 30, 2023
Make a qualifying new money deposit of at least $5,000 — but you must deposit at least $250,000 to earn the full $3,000 bonus
Meet other bonus requirements as spelled out in Tastytrade’s offer terms
Bonus tiers are as follows:
Deposit
Cash Bonus
$5,000 to $24,999
$100
$25,000 to $99,999
$500
$100,000 to $249,999
$2,000
$250,000 or more
$3,000
Your deposit can be cash, securities, or some combination of the two, but all of it must be new to Tastytrade. Funds transferred from another Tastytrade account don’t count toward the bonus amount.
Account Types
Tastytrade offers two taxable account types: individual and joint. You hold an individual account in your name only and a joint account with one other individual.
Tastytrade offers several types of tax-advantaged accounts as well, including traditional, Roth, and SEP IRAs.
Products Available to Trade
Tastytrade offers a comprehensive lineup of asset types to trade:
Stocks (including fractional shares)
ETFs
Options contracts
Futures contracts
Options contracts for futures
Cryptocurrencies
Commodities
Note that you can only trade stocks and ETFs in a basic account. You need to complete separate applications to get permission to trade other asset types, like options and futures. Standards vary by asset type, but you generally need to have a minimum amount of cash in your account at all times to trade more advanced asset types.
Commissions & Fees
Tastytrade charges no commissions at all on stock and ETF trades and no direct commissions on most other trades.
However, options and futures trades carry variable per-contract fees that are a few ticks above the industry average. These range from $0.25 to $2.50 per contract, depending on the contract type and underlying asset.
Cryptocurrency trades carry a flat 1% commission. It’s capped at $10 per transaction, regardless of the size of the trade. Cryptocurrency trades may involve other fees that Tastytrade can’t control.
Trading Platforms & Tools
Tastytrade has three distinct platforms: a desktop platform that you download once and run on your computer, a web browser that you can use on any machine as long as you have your login credentials, and a mobile app for on-the-go trading from your phone.
All three platforms have a comprehensive array of features and capabilities for serious traders:
Percent-of-profit orders, which allow you to set a strike price with a higher probability of occurring (and thus locking in your profits)
A rapid order adjustment feature that allows you to change pricing and trade structure on open orders without placing the order again
Curve analysis, a visual representation of expected profit or loss for a given trade based on the strike price
Quick roll, a fast way to roll open options orders into the next expiration month without reopening the trade
Social features like the Follow Feed, where you can follow expert traders’ moves in real time, and an in-platform video feed where expert traders narrate their trades
The mobile trading app has separate versions for Android and iOS. It’s essentially the desktop and browser trading platforms in miniature, with all the same features and capabilities. The user experience is excellent and execution speed (which is critical for serious traders) is on par with the other platforms as long as you have a strong Wi-Fi or LTE signal. Both versions have high marks from thousands of verified users.
Pros & Cons
Tastytrade has some key pros and cons to understand before opening your account.
No trading commissions on stocks and ETFs
Access to less common asset types
Excellent account opening promotion
Not ideal for beginners or hands-off investors
Some missing asset types
Above-average pricing on certain assets
Pros
Tastytrade is a comprehensive, social, and overall well-designed online brokerage for experienced traders.
No trading commissions on stocks and ETFs. Tastytrade charges no commissions on stock or ETF trades. If these are the only assets you buy and sell on Tastytrade, you’ll pay almost nothing (other than unavoidable regulatory fees) to use it.
Access to some less common asset types. Tastytrade’s less common asset types include futures, futures options, cryptocurrencies, and commodities that you can buy and sell directly. Many competing brokerages offer only stocks, funds, and options.
Potentially generous account opening promotion. Tastytrade’s account opening promotion is worth up to $3,000 with a qualifying new money deposit. You can earn the full amount with as little as $250,000 in new money, compared with $1 million or more for similar bonuses elsewhere.
Powerful order construction and execution tools. Tastytrade is built for sophisticated order construction and rapid execution. If your income depends on getting in and out of trading positions quickly, this is a key advantage.
Available anywhere with an Internet connection. Tastytrade’s three trading platforms are available anywhere with an Internet connection. The mobile apps offer Tastytrade’s full capabilities on the go.
Cons
Tastytrade isn’t appropriate for beginner and intermediate investors, which means it’s not appropriate for most market participants. It also has some gaps in asset availability and higher-than-average pricing in some asset types.
Not ideal for beginners. Tastytrade isn’t designed for beginners or even intermediate investors. It’s meant for active traders who know what they’re doing. If that’s not you, consider another online brokerage.
Not designed for passive investors. You can use Tastytrade to build a long-term stock and ETF portfolio that you occasionally write options against. But you can do that with dozens of other online brokerages as well. And Tastytrade lacks basic research and education features that long-term investors need.
Some missing asset types. Though Tastytrade has some bond ETFs, you can’t buy or sell government or corporate bonds directly on Tastytrade. The platform also lacks mutual funds. Truly comprehensive brokerages have both asset types.
Above-average pricing on certain assets. Tastytrade’s options and futures pricing is a bit higher than average in some cases. Futures option pricing ranges up to $2.50 per contract, nearly double what more reasonable brokerages charge.
How Tastytrade Stacks Up
Tastytrade is one of several high-quality online brokerages serving experienced, active traders. One of its closest competitors is TradeStation, which has a similar breadth of assets. Before opening an account with either, see how they compare.
Tastytrade
TradeStation
Account Opening Promo
Yes
Yes
Stock Commissions
$0
$0
Options Contracts
$1 per contract
$0.50 per contract
Futures Contracts
$0.25 to $1.50 per contract
$0.50 to $1.50 per contract
Cryptocurrency Available
Yes
Yes
Bonds Available
No
No
Tastytrade is roughly equivalent to TradeStation on stock, ETF, and cryptocurrency trading. Both lack direct bond access as well. But TradeStation is superior overall thanks to more competitive pricing on certain asset types.
Final Word
Tastytrade has a powerful trading interface built for experienced, active market participants. It’s fast, intuitive, and effective.
If that sounds like everything you need in an online brokerage, Tastytrade could be the right platform for you. Unfortunately, most investors aren’t super-experienced or particularly active. Tastytrade isn’t designed with them in mind.
On the bright side, there’s an abundance of beginner-friendly online brokerages for DIYers, plus even more low-cost, easy-to-use robo-advisors built for passive investors. You don’t have to use Tastytrade just because it’s a well-designed product. In fact, if you have to stop and think about whether it makes sense for you, it probably doesn’t.
*This offer is valid for legal residents of the 50 U.S. states and D.C. It’s not valid for IRA or trust accounts. You must be 18 or older to qualify. For complete rules and additional eligibility requirements, see the Official Terms and Conditions.
tastytrade, Inc. (“tastytrade”) has entered into a Marketing Agreement with Money Crashers (“Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’s brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade and/or any of its affiliated companies. Neither tastytrade nor any of its affiliated companies is responsible for the privacy practices of Marketing Agent or this website. tastytrade does not warrant the accuracy or content of the products or services offered by Marketing Agent or this website.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
Tastytrade
Tastytrade is an excellent online brokerage for experienced, active traders who don’t need much support or education. It offers access to less-common asset types like futures and futures options and boasts one of the best, most accessible account opening bonuses in the industry. However, its lack of beginner- and intermediate-friendly resources mean it’s not appropriate for most traders, and its pricing is a bit high on some asset types.
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Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Permit me to introduce a new term into the financial planning lexicon: goals-based budgeting. (Well, a Google search turned up a few other instances of its use, but they’re on government websites, so no one has seen them.) I came up with the term after reading through the comments of my last article (“The High Cost of Modern Living”) and reading J.D.’s recent article about his entry into the Third Stage of personal finance, which he explained thusly:
I’ve paid off my debt, built a cash cushion in savings, and am maxing out my retirement accounts. And after doing all of these things, I have money left over to spend on comic books and travel.
In my previous article, I listed several items we spend our money on — for instance, cell phones, cable TV, chocolate-covered pork fat — that didn’t exist in the past, and suggested that the allure of these modern inventions may explain why some people haven’t saved enough for retirement.
A few readers rose to defend their expenditures, arguing that many modern devices and services save time, increase efficiency, and replace older/costlier/less-efficient Stuff. Those are all valid points…if those purchases are aligned with your financial goals, or you’re saving enough to meet your financial goals and have money left over to spend on thingamajigs, doohickeys, and whatchamaspankits. This is J.D.’s “third stage” — the point at which you can relax a little bit with your spending.
Which brings us to this reader comment appended to J.D.’s article:
Whenever I hear that someone is “maxing out retirement accounts”, a red flag goes up. Depending on how late in life you’re starting and how much it will take to sustain your lifestyle, “maxing out” may not be enough. I hope that instead you are looking at how much you’ll need to accumulate and feel you are on track with that.
A very important point, indeed. If the analysis cited in a recent Wall Street Journal article is to be believed, nearly three of five baby boomers will run out of money in retirement. These folks have been walloped by stinky stocks, evaporating home equity, and interest rates that pay no interest. But many of them just didn’t save enough. For all of them, saving more is the solution.
Running Your Retirement Numbers How do you know if you’re saving enough for retirement, or any other money-reliant goal? The best (though still imperfect) way is to use some sort of financial calculator, be it online tool, software program, or spreadsheet. There are loads of these available. Do a Google search on “retirement calculator” and you get 84,700 hits. No, wait — that’s what you get when you search on “Goldman Sucks.”
Well, no matter; you don’t need to search for a retirement calculator because I’m going to point out a few in this post. In fact, I’ll walk you step-by-step through my favorite among The Motley Fool’s calculators. Click on “Retirement,” and then on “Am I saving enough? What can I change?” This calculator can handle all kinds of variables: Social Security, pensions (and whether they adjust for inflation), anticipated spending levels in retirement, and Roth and traditional retirement accounts.
So gather your retirement account statements, pull up the online calculator, and get ready to peer into your possible future.
Getting Cozy With the Calculator This calculator has input boxes, most of which have been completed with default data. You can get rid of those by typing in your own numbers (or zero if that field doesn’t apply). Certain areas are accompanied by a question mark. Click on one, and you’ll get an explanation of the desired data. Now, let’s start entering.
Personal information. The first few fields are pretty self-explanatory. If you plan to work part-time in retirement, enter your expected income and how long you plan to work.
Social Security benefits. Yes, you will receive Social Security (a topic I will cover in my next post). If you’re 55 or older, assume you’ll receive your estimated benefits. If you’re younger, be conservative by assuming you’ll receive 25% to 75% of your projected benefits, depending on the margin of safety you want to build into your analysis. The calculator will estimate your benefit, though you can enter the amount you received from your most recent Social Security statement (which arrived in the mail a few months before your last birthday) or visit the official government Social Securituy calculator to get an estimate.
Pension or defined-benefit plan. Make sure to indicate if your benefit will increase with inflation. This is also where you’d enter the payments you’ll receive from any other source of lifelong income, such as from an immediate annuity, reverse mortgage, or trust.
Your projections. For inflation, enter a number between 3% and 4%. Yes, inflation may go nuts down the road, but it hasn’t happened yet. What’s more likely (nay, inevitable, in my opinion) is that tax rates will rise. Soon-to-be retirees can expect their tax rates to drop once they retire. However, for my analysis, I’m assuming that won’t happen to me (I don’t plan to retire for 30 years). As for your income, assume it will increase at the same rate as inflation, unless you’re on the proverbial fast track. Finally, unless you know the day you’re going to die, choose an age between 90 and 100, depending on your health and family history. (If you’re looking for an estimate of your life expectancy, visit LivingTo100.)
Your projected monthly living expenses. The calculator allows you to break up your retirement spending in three phases. Generally, retirees spend more in their first five years as they enjoy their newfound freedom. Then, spending tends to decline in most categories (health care is the notable exception). Plug in the number in today’s dollars; the calculator will adjust for inflation. One big determinant of your retirement spending: Will your mortgage be paid off?
Your future, one-time investments. Expect an inheritance or to sell a business down the road? Enter those windfalls here. Just be realistic — many expected inheritances don’t materialize, often due to end-of-life medical expenses.
Your monthly savings (taxable accounts). This is where you enter the values and contribution amounts to non-retirement accounts, such as savings accounts and brokerage accounts that aren’t IRAs.
Your monthly savings (tax-advantaged accounts). Here’s where you input the values and contribution amounts to your retirement accounts. If you or your spouse has a 403(b), 457, or other defined-contribution plan, enter those values in the 401(k) fields. This is important: Enter future contributions to employer-sponsored retirement plans as a monthly amount, but enter future contributions to IRAs as an annual amount.
A note on returns: Be conservative when projecting investment returns. Young investors with stock-heavy portfolios shouldn’t assume more than 6%, and retirees with a mix of stocks and bonds should cap their assumed returns at 4%. I certainly hope that returns are higher, but I’m not betting my retirement on it.
And the Verdict Is… It’s time to score your test. At the bottom of the page, click “get your results.” The analysis will be expressed in months, e.g., “Your living expenses after retirement will be fully funded for 173 months.” Divide that number by 12, and you’ll get how many years your savings will last.
If the calculator gives your retirement plan high marks, congratulations! If not, click on the “inputs” tab at the top and adjust the variables to see what combination of increased savings, reduced retirement income, and later retirement age will give your plan an acceptable score.
Don’t Take One Tool’s Word for It While I think crunching your numbers is important, the truth is, the analysis will be wrong. There are just too many variables — such your rate of return, the rate of inflation, and how long you’ll live — that are unknowable. The best this tool will be able to do is give you a rough idea of whether you’re on track. Therefore, it’s important to do two things: 1) Run an analysis every year to see if you’re still on track, and 2) try other tools to get a second and third and fourth opinion. Here are a few others to consider:
If you’re looking for calculators that aren’t exclusive to retirement, head to Dinkytown (which, it should be noted, is not as fun as Funkytown).
Each calculator will give you a different result, due to how they run the numbers. You’ll be looking to see if a consensus emerges from the tools. If three of four calculators indicate that your retirement plan will succeed, then you’re probably on the right track. If three of four say you’ll run out of money, it’s time to plan to save more or work longer — or both. The same goes for your other financial goals.
Which brings us back to goals-based budgeting: If you’re saving enough for your priorities, then go nuts with the rest of your money. But I can tell you that there are millions of people in their 50s and older who wish they could turn back time and trade their purchases of yore for more savings today.
Inside: Are you looking for a remote job? This guide will help you find the best remote jobs for college students, with information on industries, pay, hours, and more.
The internet has made it possible to work from anywhere in the world.
This is great news for college students who want to earn some money while they study.
Back when I was in college, working remotely wasn’t even considered a possibility. But, now, there are a number of online jobs available that are perfect for college students.
In addition, remote jobs are one of the best ways for college students to make money and gain experience.
With a remote job, you can work from anywhere in the world, which is perfect for students who want to travel or live at home with their parents while transitioning to and from a college campus.
There are many different types of remote jobs available, so there is sure to be something that suits your skillset and interests.
In this article, we will explore the best remote jobs for college students.
How can a college student make money remotely?
Remote work has become increasingly popular among college students and for good reason.
Many students today have grown up with technology and possess the skills necessary to excel in remote jobs.
Not only does remote work provide a flexible schedule that can be easily adjusted to accommodate class schedules, but it also offers numerous benefits such as the ability to work from anywhere, reduced transportation costs, and the opportunity to contribute to environmental sustainability by reducing carbon emissions.
Additionally, remote work allows students to earn extra income, potentially reducing their reliance on student loans and minimizing post-graduation debt.
Can I work remotely in college?
Yes! Working remotely in college can be a great way to earn some extra money and gain some work experience.
Remote work has gained immense popularity across the globe, with its adoption nearly doubling since the pandemic.
As college students, you often possess the necessary tools for remote work, such as a laptop, making it a convenient option for them.
This is a great idea if you are looking at how to pay for college without loans.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
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The 15 best remote jobs for college students
Working remotely is a great way for college students to earn money and gain experience in their chosen field.
Whether you are looking for a way to make some extra money, or maybe you need a flexible job that will fit around your studies. Whatever the reason, there are plenty of remote jobs out there that could be perfect for you.
Also, you can review these non phone work from home jobs for more ideas.
Here are 15 of the best remote jobs for college students.
1. Virtual Assistant
A virtual assistant is one of the best remote jobs for college students due to its versatility and learning opportunities. Plus there are plenty of virtual assistant jobs with no experience out there.
As the demand for remote administrative support services continues to grow, virtual assistants play a crucial role in helping companies and individuals with various tasks. Working from a remote location, virtual assistants provide administrative assistance by handling phone calls, scheduling appointments, managing emails, and more.
By finding a position as a virtual assistant in their desired industry or with a respected professional, students can make their side hustle more beneficial to their future.
Benefits:
Provides an opportunity to gain professional experience and develop essential skills such as communication, time management, and resourcefulness.
Requires quick thinking and the ability to switch between diverse tasks, which enhances cognitive flexibility and adaptability.
Allows students to learn about different industries and gain insights into their chosen career paths.
Pay: Most virtual assistants average about $20 an hour.
2. Online Tutor
Online tutoring is widely regarded as one of the best remote jobs for college students. With its flexibility and convenience, it offers students the opportunity to work from anywhere at their own pace.
Whether they excel in a specific subject or want to gain teaching experience, online tutoring provides a platform for college students to share their knowledge and help others succeed academically.
Benefits:
A high degree of flexibility it offers.
Freedom to choose their own hours, instruction topics, and the number of students they want to work with.
Balance their tutoring responsibilities with their academic commitments, ensuring they can effectively manage their time.
Pay: Although the reported median hourly wage for tutors was $17 an hour. The actual pay can vary depending on factors such as the subject being taught, the level of expertise required, and the platform through which tutoring is conducted.
3. Proofreader
Proofreading is a crucial role in the final stages of the written content production process, making it one of the best remote jobs for college students. A proofreader possesses a keen eye for detail and a strong command of the language, allowing them to identify and rectify errors that may have eluded the writer or editor.
They play a vital role in ensuring the accuracy, clarity, and coherence of written materials across various industries.
Benefits:
Offer the flexibility to work from anywhere, making it ideal for college students who need to balance their studies with work.
Enhances skill development such as language skills, attention to detail, and critical thinking abilities, which are valuable in various fields.
Networking opportunities to build professional connections and expand one’s network.
Pay: The average pay for proofreading jobs is $22 per hour, providing college students with a valuable source of income.
4. Social Media Manager
In today’s digital world, social media has become an essential tool for businesses to connect with their target audience, build brand awareness, and drive engagement. With the increasing importance of social media, businesses are in need of skilled professionals who can effectively manage their social media presence.
This makes the role of a social media manager one of the best remote jobs for college students, providing them with the opportunity to earn money while gaining practical experience in online promotion.
Benefits:
Enjoy being paid to be on your favorite social media apps.
Ideal remote job for college students due to its flexibility.
Gain practical experience in online promotion, which can be valuable for those studying marketing, journalism, or communications. Benefits:
Pay: The pay for social media management can vary significantly, but you can expect $15 an hour to $25 an hour.
5. Freelance Writer
Remote writing jobs are an excellent option for college students looking to earn extra income while honing their writing skills.
As writers, college students have the opportunity to create a wide range of written materials that can be distributed through various channels, such as articles, blogs, website copy, and more.
The demand for remote freelance writers is high, making it a popular choice among college students seeking flexible work options.
Benefits:
Freelancers can work on short and long-term projects.
As long as you have a computer and internet connection, you can work from anywhere.
Showcase writing skills and earn income.
Pay: The pay for freelance writers is by the word (.01-$1.50 per word). With most freelance writers averaging about $29 an hour.
6. Social media influencer
Social media influencers have become a prominent and lucrative career option in today’s digital age.
For college students, becoming a social media influencer can be an excellent remote job opportunity that allows them to leverage their online presence and pursue their passions while earning money.
To stand out as a social media influencer, it’s essential to create content that is visually appealing and captures the attention of your audience. Experiment with different types of content, such as photos, videos, stories, and live streams, to keep your followers engaged.
Benefits:
Be creative, and authentic, and share valuable information or entertainment that aligns with your niche.
Foster a sense of community.
Monetize your social media presence with sponsored posts, brand partnerships, and affiliate marketing.
Offers flexible working hours, allowing you to manage your studies and other commitments effectively.
Provides opportunities for personal branding and networking, which can open doors to other remote job opportunities in the future.
Pay: Potential for high earnings. This is more passive income than an hourly job.
7. Website or App Tester
Website and app testing is a highly sought-after remote job option for college students due to its flexibility and the opportunity to gain valuable experience in the tech industry.
As designers and developers strive to create the best user experience possible, they often hire individuals to find bugs and issues in their websites and apps. The role of a website or app tester is crucial in ensuring the functionality and usability of these digital platforms.
This feedback is invaluable for designers and developers as it allows them to make necessary improvements and optimize the performance of their websites and apps.
Benefits:
Excellent opportunity for college students to develop and showcase their skills in a professional setting.
Gain practical experience in the tech industry while balancing their academic commitments.
The flexible hours offered by these remote positions allow students to work at their own pace and manage their time effectively.
Pay: Platforms like UserTesting offer a payment of $10 per website tested. You can also find remote hourly wages ranging from $12 an hour to $16 an hour, with potential bonuses based on quality and productivity goals.
8. Video Editing
With the increasing demand for video content across various platforms, video editors play a crucial role in creating engaging and impactful visuals. This profession offers the opportunity to work from anywhere, making it ideal for college students who may have limited availability or prefer a flexible work schedule.
By adhering to the overall video brand messaging strategy, you can shape the final product and captivate the audience. This creative aspect of video editing allows college students to explore their artistic talents and develop their skills in storytelling and visual communication.
Benefits:
One of the key advantages of video editing as a remote job is the ability to work from any location.
Provides a platform for creative expression.
Video editing is a profession that is in high demand.
This high demand translates to a wide range of job opportunities and the potential for steady work, even for college students.
Pay: When it comes to money, beginner video editors can typically charge up to $45 an hour. However, it’s worth noting that rates can vary depending on factors such as experience, the complexity of the project, and client’s budget.
As college students gain more experience and build a strong portfolio, they can potentially increase their rates and earn a higher income from video editing projects.
9. Remote Research Assistant:
Many professors and researchers hire remote research assistants to help with data collection, literature reviews, and other research tasks. This type of job requires strong research and analytical skills, as well as the ability to work independently.
As a research assistant, you will have the opportunity to delve deeper into a specific subject or area of interest.
This can be particularly beneficial if you are considering pursuing further education or a career in that field. By immersing yourself in research projects, you will gain a comprehensive understanding of the topic and develop expertise that can set you apart from others.
Benefits:
Opportunity to work closely with experienced researchers and professionals in your field of interest.
Gain valuable insights, knowledge, and skills that can enhance your academic and professional development.
Learn research methodologies, data analysis techniques, and critical thinking skills that are highly transferable to future career opportunities.
Hands-on experience in conducting research projects.
Build a network of professional contacts in your field.
Depending on the nature of the research projects you are involved in, there may be opportunities to contribute to academic publications or presentations. This can be a significant achievement that adds to your academic portfolio and demonstrates your research skills to potential employers or graduate school admissions committees.
Pay: Compensation for remote research assistant positions varies depending on the project and the level of responsibility. This is a great way to be paid to go to school.
10. Audio Transcription
Audio transcription is a popular remote job for college students that involves listening to audio files and accurately transcribing the spoken content into written form. Additionally, it provides an opportunity to develop valuable skills such as speed and accuracy in typing, excellent listening skills, and efficient time management.
Determine the type of transcription work you want to specialize in, such as technical legal transcription or educational podcast transcription. This will help you target specific clients and tailor your skills accordingly.
Benefits:
Offers flexibility in terms of scheduling, allowing students to work around their classes and other commitments.
Opportunity to develop valuable skills such as listening, typing, and time management, which can be beneficial in various professional settings.
Create a portfolio showcasing your transcription skills and experiences.
Pay: Transcription can be a well-paying job, with freelancing gigs offering up to $0.36 per minute of transcribed audio.
11. Data Entry
Data entry is a popular remote job option for college students due to its flexibility and convenience.
This role involves managing electronic data by entering and updating information in computer systems. It is a job that can easily be done remotely, allowing students to work from the comfort of their own homes or dorm rooms.
However, it is important to be cautious when seeking data entry jobs online to avoid scams.
Benefits:
Minimal specialized skills are required.
Data entry skills can also be beneficial for future career opportunities.
Employers often value individuals with data entry skills, as it showcases their ability to handle and organize large amounts of information accurately and efficiently.
Valuable experience in working with digital documents and databases.
Pay: The average pay for data entry is $18 an hour.
12. Virtual Recruiter
A virtual recruiter is a professional who is responsible for posting online job advertisements and searching for potential candidates to fill various positions.
This remote job opportunity can be particularly beneficial for college students as it offers flexibility in terms of working hours and allows them to gain valuable experience in the field of recruitment while still pursuing their education.
Benefits:
Collaborating with hiring managers and clients to understand their specific requirements and preferences for potential candidates.
This role provides hands-on experience in recruitment, which can be beneficial for your future career in HR or related fields.
Building relationships with candidates, hiring managers, and clients can expand your professional network and open doors for future opportunities.
Pay: The average pay for virtual recruiters is around $20 to $30 per hour, providing the potential for a lucrative income.
13. Blogger
College students can create their own blogs and build an audience by regularly posting content in a unique niche.
While this may not be the easiest route to make money fast, it provides an opportunity to showcase writing skills and develop a cohesive writing style. Once a blog gains a solid stream of visitors, it can be monetized through ads and affiliate links.
However, you will be starting a small online business which has its perks.
Benefits:
This is 100% passive income.
Works as much as you want or as little as you want on your site.
A simple way to help your readers while making money.
Your site can grow as you graduate college until you decide to sell it.
Pay: Various based on traffic and monetization. But it is an easy way to invest $100 to make $1000.
14. Course Creator
As a course creator, you have the chance to teach others about a topic or course that you are passionate about while earning a steady passive income. This job allows you to create online tutorials or how-to videos to educate and engage students from all over the world.
You will be responsible for creating and managing the content on your website and other online platforms. This includes developing blog posts, videos, podcasts, and other educational materials to enhance the learning experience for your students.
Make use of hosting platforms like Thinkific, Teachable, or Kajabi to facilitate easy access to course-related information for your students. These platforms offer features such as course management, student progress tracking, and payment processing, making it convenient for both you and your students.
Benefits:
Opportunity to earn a steady income while pursuing your passion and sharing your knowledge with others.
Working remotely offers flexibility in terms of working hours, allowing students to manage their time effectively and balance their studies with their job.
Gain valuable experience in content creation, marketing, and online teaching, which can greatly enhance their resume for future career opportunities.
Pay: This is a passive income job where you will put the work in upfront and have less ongoing maintenance to run your course.
15. Stock Trader
Stock trading is a lucrative and dynamic field that offers college students the opportunity to work remotely and earn a substantial income. With the rise of online trading platforms and the increasing popularity of investing, stock trading has become a highly sought-after skill in today’s market.
Honestly, I know more and more high school students waiting to turn 18, so they can start life as a stock traders.
As a stock trader, you will be responsible for buying and selling stocks, bonds, and other financial instruments for your own portfolio. This role requires a combination of analytical skills, market knowledge, and the ability to make quick decisions under pressure.
Continuous learning and staying updated on market trends and strategies are crucial to staying competitive in this field. I highly recommend taking the Trade and Travel course to learn the basics of stock market investing.
Successful traders can earn substantial profits, but it is important to note that trading also involves the risk of financial losses.
Benefits:
Stock traders have the potential to earn significant income through their trading activities. Learn how fast you can make money in stocks.
Flexibility to trade before class and work from anywhere with an internet connection.
Opportunity to work independently and be your own boss, setting your own schedule and goals.
However, it is important to acknowledge the challenges that come with being a stock trader. The stock market is highly volatile and unpredictable, requiring constant monitoring and adaptation to changing market conditions.
Pay: Various significantly with your profit /loss ratio. But, a great way to make $1000 a day.
16. Customer Service Agents
Customer service agent remote jobs are a great option for college students looking to gain work experience while studying. These jobs allow students to provide excellent customer service from the comfort of their own homes, offering flexibility and convenience.
Remote customer service agents interact with customers through various communication methods such as phone, chat, and email. They answer customer questions, solve problems, and direct customers to the appropriate resources when needed. These jobs can be done part-time, making them ideal for students with busy schedules.
Benefits:
Require little experience or education.
Develop valuable skills such as communication, problem-solving, and time management.
Showcase their communication skills to future employers, which is a highly desirable quality in any job.
Pay: Earnings can range from $10 to $25 per hour, depending on the role and experience.
17. Photography
Photography is a form of artistic expression that allows college students to showcase their creativity.
You can experiment with different styles, compositions, and subjects to capture unique and visually appealing images. This creative aspect of photography can be fulfilling and enjoyable for college students who have a passion for visual arts.
Benefits:
Choose when and where to take photos, giving them the freedom to balance their academic and personal lives effectively.
Build a portfolio of their best work. A strong portfolio can open doors to more significant opportunities in the future, such as exhibitions, collaborations, or even full-time photography careers.
Earn income while honing their skills in product, stock, or event photography.
When stock images are licensed, earn passive income from the sales.
Pay: When it comes to pay, the average rate for a photographer is $24 per hour. However, it’s important to note that pay can vary depending on factors such as experience, location, and the type of photography gig.
18. Virtual Internships
Virtual internships provide valuable work experience and allow you to gain industry-specific skills while working remotely. Many companies offer virtual internships in fields like marketing, finance, and technology.
Having an internship in the field you want to pursue is an invaluable opportunity to gain practical experience and enhance your career prospects.
Additionally, virtual internships can provide you with a unique perspective on the field you want to pursue (and if you still want to pursue it).
Benefits:
Gain relevant work experience in your desired career field.
Practical experience will not only enhance your understanding of the industry but also demonstrate your competence and dedication to potential employers.
Greatly strengthen your resume.
Build a network of contacts in your desired field.
Pay: These internships may be paid or unpaid, but the experience and connections you gain can be invaluable for your future career.
Looking for Online Summer Job?
There are a plethora of online summer temporary jobs available for college students. You just have to decide what is interesting for you to do.
Also, think about ways you can build your resume for future employment after graduation.
If I could go back to college, I would focus on learning how to make your money work for you. That is one of the best life skills you can truly understand.
This list above has plenty of options for you to consider.
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FAQ
Many colleges and universities have career centers or job boards that specifically cater to remote job opportunities for college students.
Networking is crucial for college students when it comes to finding remote job opportunities. Reach out to your professors, classmates, and alumni who may have connections or knowledge of job opportunities.
This is smart if you want to know how to move out at 18.
Remote work requires a unique set of skills that allow individuals to effectively perform their job duties from a distance. In order to succeed in a remote job, college students should possess the following skills:
Time management: Remote work often provides flexibility in terms of scheduling, but it also requires individuals to manage their time effectively. College students need to be able to prioritize tasks, set deadlines, and stay organized to ensure they meet their work obligations.
Communication skills: Since remote work involves limited face-to-face interaction, strong communication skills are essential. College students should be able to effectively communicate through various channels such as email, instant messaging, and video conferencing.
Self-motivation: Working remotely requires a high level of self-discipline and motivation. College students need to be able to stay focused and productive without direct supervision. They should have the ability to set goals, stay on track, and meet deadlines without constant oversight.
Adaptability: Remote work often involves working with different tools, technologies, and platforms. College students should be adaptable and willing to learn new software or applications that are necessary for their role.
Problem-solving: Remote work may present unique challenges and obstacles that require critical thinking and problem-solving skills. College students should be able to analyze situations, identify potential issues, and come up with innovative solutions. This skill is particularly important when faced with technical difficulties or communication issues.
By honing these skills, college students can position themselves as valuable assets to remote employers and increase their chances of securing remote job opportunities.
When you’re applying for remote jobs, most of the time your potential employer will want to see some kind of portfolio that showcases your skills and experience.
You can create a portfolio by using a free online portfolio builder or by creating your own website.
With a visually appealing and user-friendly portfolio, you can make a lasting impression and increase your chances of landing your dream remote job.
Which Online Jobs for College Students Are Interesting To You?
There are a lot of great remote jobs for college students out there!
With a little bit of research, you can find the perfect job for your skills and interests.
Be sure to consider the pay, hours, and industry when you are looking for a remote job as well as career advancement.
For many students, working in college is a must! Because you know how to pay for college without parents is hard.
So, use these ideas to find the right job for you whether it is part-time or full-time.
And if all else fails, check out this list of low-stress jobs that pay well without a degree.
Know someone else that needs this, too? Then, please share!!
The average overdraft fee ranges from $20 to $35, Federal Deposit Insurance Corporation (FDIC). Banks charge overdraft fees if you spend more than the money you have in your account. If you lose track of your purchases – or if you expected a deposit to clear but it didn’t, leaving you short on funds – your bank could hit you with hefty overdraft charges.
It’s a high price to pay for an innocent money mistake. Even worse, if you leave your account in overdraft for several days, your bank could charge additional fees, leaving you in a deep financial hole.
Fortunately, you may be able to get those overdraft fees refunded. We’ve got some secrets that can help you do exactly that.
More importantly, you can learn how to avoid overdraft fees through account monitoring, low-balance alerts sent to your phone, or even finding a bank with no overdraft fees.
Can you get overdraft fees waived?
Yes, you can take steps to convince your financial institution to waive your overdraft fees. Banks and credit unions understand that errors can occur. An occasional miscalculation or a one-off oversight in managing your account doesn’t define your banking behavior. Most financial institutions recognize that.
If you’re a loyal customer who typically maintains a positive account balance, your bank or credit union may be willing to waive an overdraft fee as a gesture of goodwill. Typically, though, you’ll only receive this grace from your bank once per year or so. How do you do it?
Call customer service or stop into a branch and ask the representative to waive your fees. They will most likely check your bank account history to see if overdrafting is a habit or a one-time offense. If you haven’t hit overdraft recently, the bank is likely to waive the fee.
If the first person you ask says no, ask for a bank manager or a supervisor. Persistence – and kindness – is key to receiving the customer service you deserve. It also helps to bring your account balance positive before you ask for an overdraft fee to be waived.
How to Get Overdraft Fees Refunded: A Step-By-Step Guide
1. Know the Charges
Before contacting your bank’s customer service department, you want to know how much you were charged in overdraft fees. Review your bank statement or online account to identify each overdraft fee.
2. Prepare for the Phone Call
With the total amount of the fees in mind, get set to make your case with the customer service representative. Have your account information and the total charges available to save time. Be prepared to explain why you believe the overdraft fees should be refunded, including pointing out how quickly you rectified the negative balance.
3. Contact Your Bank
Next, reach out to your bank or credit union’s customer service department. Politely explain your situation, focusing on why the fees occurred and why you feel they should be refunded. Be kind and let the customer service representative know you appreciate their hard work.
4. Be Persistent
If the first person you speak with refuses to waive the fees, don’t give up. Ask to speak to a manager. If that doesn’t work, call again another day. Persistence can result in a successful overdraft fee refund.
Use an App That Helps with Getting a Refund
The digital age brings many tools to simplify personal finance management. Several mobile banking apps not only assist you in tracking your spending and balances, but can also negotiate overdraft fees with financial institutions on your behalf.
Other apps offer cash advances to help you avoid overdrafts on your bank account.
Here are a few personal finance apps to consider:
Trim: Trim is a financial management app that analyzes your account for recurring charges. It can negotiate with financial institutions to lower or eliminate unwanted fees, including overdraft charges.
Cushion: Known for their AI negotiation bot, Cushion scans your linked accounts for various bank fees, including overdrafts, and then initiates negotiations with your bank to get these fees refunded.
Dave: This app offers interest-free cash advances to avoid overdrafts. Dave also alerts you when your account is approaching a low balance. If necessary, the app can provide a small advance to tide you over.
Chime: Although primarily a fintech that offers banking services, Chime offers SpotMe, a feature that allows you to make transactions that exceed your account balance, up to a certain limit, without incurring overdraft fees.
Mint: While Mint doesn’t negotiate fees on your behalf, it provides comprehensive account monitoring and sends you alerts about low balances and upcoming bills, helping you avoid overdraft situations.
What to Do if You Can’t Get Your Overdraft Fees Covered
Even after your best efforts, the bank may not refund those fees. Here’s what you can do next:
1. Fix the Account as Quickly as Possible
If your account has a negative balance, deposit money as soon as you can to get back into the black. Leaving your account in the negative can lead to additional fees, like extended overdraft fees.
2. Sign Up for Alerts
Most banks and credit unions offer low balance alerts, which can help you avoid overdraft fees. These alerts notify you when your account balance is getting low, so you can deposit more money before any transactions push you into the red.
3. Get Free Overdraft Protection
Consider setting up overdraft protection, which can link your checking account to a savings account, credit card, or line of credit. If you don’t have enough money in your checking account to cover a transaction, your financial institution can transfer funds from your linked account to cover the difference, often for a smaller fee than an overdraft charge.
4. Stay Up to Date on Your Account Balance
Regularly checking your account balances can prevent surprises. You can do this through your bank’s mobile banking app, online banking, or by calling customer service. Also, be mindful of automatic payments that might be scheduled to come out of your account.
5. Consider Switching Banks if You’re Still Struggling
If you’re constantly receiving overdraft fees and can’t get them waived, it may be time to switch banks. Some online banks and credit unions offer accounts with no overdraft fees, while others might be more lenient when refunding overdraft fees.
How to Avoid Overdraft Fees in the Future
Track Your Account Balance
Maintaining an ongoing awareness of your account balance is the first line of defense in preventing overdraft fees. Make a daily habit of checking your account balances through your bank’s mobile banking app or online account. Consistent tracking can help you understand your spending habits better and ensure you’re never caught off guard by a lower-than-expected balance.
Turn Off Overdraft Protection
Overdraft protection is a feature offered by many financial institutions as a way to help you avoid non-sufficient funds fees. While it can be beneficial in some cases, it can also lead to a chain of overdraft fees if your linked accounts also run low on funds. If you find that overdraft protection is causing more harm than good due to associated fees, it might be worth turning it off.
Link Another Account
On the other hand, if you don’t have overdraft protection, consider turning it on. You can link your checking account to a backup account like a savings account or a secondary checking account. If your primary checking account ever lacks sufficient funds for a transaction, your bank can automatically pull funds from the linked account to cover the shortfall. This practice can provide a crucial safety net to prevent overdrafts, and the associated transfer fees are usually smaller than overdraft charges.
Set Up Alerts
Another effective way to avoid overdraft fees is by setting up low balance alerts. These alerts, usually customizable through your bank’s app or online interface, notify you when your account balance falls below a certain threshold. This early warning system gives you ample time to transfer or deposit money into your account before any transactions could potentially lead to an overdraft situation.
Switch Banks
If overdraft fees persist or if your bank’s policies aren’t aligned with your financial management style, don’t be afraid to shop around for other options. Several banks and credit unions do not charge overdraft fees, offering a more forgiving environment for occasional balance miscalculations.
In particular, online banks often have more customer-friendly fee structures because they save on the overhead costs associated with running physical branches. Making a switch could save you from future overdraft fees and potentially offer other financial benefits as well.
Reap the Benefits of Multiple Checking Accounts
Managing your finances across multiple checking accounts can be an effective strategy to curb overdraft fees. This approach allows you to segregate your funds based on their purpose, providing a clearer picture of your available balance for different types of expenses.
One strategy is to dedicate one account specifically to fixed expenses such as rent, mortgage payments, or utility bills. This account serves as a holding place for funds needed to cover these recurring costs and is replenished every time you receive income.
Then, you can set up a separate checking account for variable, everyday expenses such as groceries, dining out, or personal shopping. An unforeseen debit card purchase or ATM withdrawal from your everyday spending account won’t impact your ability to pay critical bills.
Multiple accounts can also help you visualize and manage your budget better. You’ll know exactly what portion of your income goes towards bills and what amount is left for discretionary spending, which can help you avoid spending beyond your means.
Conclusion
Overdraft fees can quickly eat into your bank account balance, but with the right strategies and habits, you can avoid these charges. Remember, it’s not just about managing your money today, but planning for a financially stable future.
With diligent account management, setting up low balance alerts, and even switching banks if necessary, you can keep more money in your pocket and avoid the stress and cost of dealing with overdraft fees.
[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: FBS.]
An employee-owned company with 40 years of MLS experience, FBS serves MLS and real estate professionals with a product suite that includes Flexmls, FloPlan, Spark, and Flexmls IDX.
Flexmls is a fully mobile MLS system with over 274k active subscribers. FBS also provides the Flexmls Academy, a resource center to learn the ins and outs of the platform.
Each year, FBS hosts the FBS summit as an opportunity for MLS leaders to network, collaborate, and learn from discussions focused on the Flexmls platform and other FBS tech. This year’s summit will take place from July 20 – 22.
What we like: Being 100% employee owned is a unique differentiator in a landscape dominated by private equity and venture capital.