Automation, ROI Calculation, Homeowner Engagement Tools; STRATMOR on AI Adaption; Rates and Builders
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Automation, ROI Calculation, Homeowner Engagement Tools; STRATMOR on AI Adaption; Rates and Builders
By: Rob Chrisman
Fri, Jun 23 2023, 10:43 AM
Time is an interesting construct. The solstice is officially behind us, and we can officially hum “The Boys of Summer” with impunity. Time… “5,000 years of eating bread. And in less than a decade it seems half the population is allergic to gluten!” Shifting times, and ages, mean a lot to LOs. If 10,000 people a day turn 62, does that mean reverse mortgages might be worth exploring? I don’t know when the terms “elderly” or “middle-aged” became politically incorrect. How about the term “geriatric millennial?” Although there appears to be a bit of a baby boom going on, no one’s getting any younger: The nation’s median age increased by 0.2 years to 38.9 years between 2021 and 2022, according to Vintage 2022 Population Estimates released by the U.S. Census Bureau. (“Median:” half above and half below.) A third (17) of the states in the country had a median age above 40.0 in 2022, led by Maine with the highest at 44.8, and New Hampshire at 43.3. Utah (31.9), the District of Columbia (34.8), and Texas (35.5) had the lowest median ages in the nation. Hawai’i had the largest increase in median age among states, up 0.4 years to 40.7. LOs ignore demographics at their own risk. (Today’s podcast can be found here and this week’s is sponsored by MCT and its Hedge Advisory division. Download their recently released whitepaper, Mortgage Pipeline Hedging 101, for more information on hedging in today’s market. Today’s has an interview with MCT’s Andrew Rhodes on assignment of trade – AOT – and loan sale automation.)
Broker and Lender Services, Products, and Software
Despite the doom and gloom in the headlines these days, there is a market to tap into. Nearly 10 million families will need to buy or sell a house this year, and Percy has helped its clients earn the business of 10,000 of them in the first quarter of 2023 alone. Percy’s private-labeled homeowner engagement solutions hook homeowners with equity and financing insights and have helped housing professionals start conversations representing $7.5 billion worth of business this year. You deserve a partner that will put your brand front and center and deliver. Check out Percy’s Equity Insights to learn how our clients average 400% ROI.
Ascertaining value can be difficult without the right expertise, as a 2004 visitor to Antiques Roadshow discovered when his great-grandfather’s pocket watch turned out to be a 1914 Patek Philippe worth nearly $250,000 at the time. To help LOs assess the value of their referral partnerships, Mobility Market Intelligence (MMI) has announced the release of its ROI Calculator. Using the ROI Calculator, LOs gain deep insights into their buy-side real estate agent relationships and measure the impact on production volume by increasing their agent wallet share. For example, a lender averaging $1B in annual volume would see that increasing wallet share 0.1% with their current partners results in nearly $10M in additional volume. That same lender could also see that in the last year, they left more than $9B in uncaptured partner volume on the table. Know your partners. Know their worth. Get the ROI Calculator from MMI here.
Are you tired of having to adjust head count every time the market changes? The Mortgage Automation Suite, brought to you by Richey May and Zoral, can help. With scalable automated solutions that improve accuracy while reducing repurchases and costs, your business will be well-equipped for any market cycle. Leveraging this powerful automation will allow your team to close loans more easily, helping to retain your best staff. Plus, it adds the extra layer of stability needed during difficult times; something we could all use a bit more of these days! Find out how the Mortgage Automation Suite from Richey May & Zoral can help you today. Email [email protected].
Need processing support for Non-QM or FHA manual underwrites? Carrington Wholesale has launched ProcessIQ to help expand broker capacity and increase capabilities for time intensive and/or complicated loans such as those with low FICO, high DTI, Non-QM (bank statements, DSCR, high balance) and FHA/VA manual underwriting loans. The Carrington ProcessIQ team handles all the logistics, jumps in and works directly with borrowers to process the loan. For more information contact Amy Marsh at (714) 642-2044.
STRATMOR, AI, and Originators
What will it look like to be an AI-powered loan officer? In the brave new world of AI, an originator’s main value will not be in their ability to gather borrower information, quote a rate or even convey periodic progress updates. Their value will, more than ever before, be centered around soft skills like creating rapport and building trust. How can mortgage professionals benefit from AI while also taking advantage of its limiting factors? In his June CX Tip, STRATMOR Group’s MortgageCX Director Mike Seminari outlines what originators can do to adapt and reinvent themselves by harnessing, not competing with, AI. He shares three steps originators can take now to AI-proof their careers in his article, “Mortgage Originators’ Guide to Success in the Age of AI.”
Capital Markets, Existing Home Sales, and Builders
Like frogs being cooked in cool water that gradually reaches boiling, rates have been edging higher as people realize that the Fed is actually doing what it has been talking about doing. As with anyone involved in real estate or lending, rising mortgage rates have trickled up to builders because many buyers can no longer afford the homes they ordered when rates were lower at current rates. Instead of cutting prices, builders are finding other ways (below market mortgage rates, free upgrades etc.) to give more value to the buyer without impacting the comps.
Historically, housing has been a critical driver of the broader business cycle. Existing-home sales (completed transactions that include single-family homes, townhomes, condominiums, and co-ops) increased 0.2 percent in May to a seasonally adjusted annual rate of 4.30 million, according to the National Association of Realtors. Sales were mixed among the four major U.S. regions, with the South and West posting improvements and the Northeast and Midwest experiencing pullbacks. All four regions experienced year-over-year sales declines, and aggregate sales nationally dropped 20.4 percent annually (down from 5.40 million in May 2022). Separately (and fortunately), the number of U.S. homes beginning construction unexpectedly surged in May by the most since 2016 and applications to build increased, suggesting residential construction is on track to help fuel economic growth. Homebuilders have responded to limited inventory in the resale market, and have grown more upbeat as demand firms up, and materials costs and supply chain pressures fade.
The housing market is likely to pull the economy out of any future slowdown, and mortgage rates heavily influence the direction of home sales. It’s widely known that millions of Americans are locked into their property through low mortgage rates from the QE4 program. It remains to be seen what happens in the coming months, but for June, borrowers have seen a slight stabilization of rates across a range of industries, which should be a tailwind for mortgages. Will steady rates spur those who have been holding off to finally engage in a new purchase or refinance? Consistent rates should lead to consistent home sales.
While volatility has dropped this month, affordability and credit availability issues remain. The shortage of skilled labor and cost of building materials means that new construction will have a limited effect on affordability, and wage growth will have to do the heavy lifting. The supply of homes available for sale sits at 2.9 months, well below the trailing average of 5.4 months seen over this millennium. A $300,000, 30-year 6.8 percent fixed rate mortgage has a monthly payment of about $2,000, up from around $1,300 at rates slightly above 3 percent as seen in January 2022. Lenders have pulled back on loan offerings for higher LTV and lower credit score loans, even as loan applications continue to run well behind last year’s pace. Reflecting higher mortgage rates and concerns about the economy, mortgage credit availability dropped 3.1 percent in May, according to MBA. The index has dropped ten of the past twelve months to now sit nearly 20 percent lower than it did one year ago and at the lowest level since January 2013.
And let’s remember the adage, “Don’t fight the Fed.” Yesterday’s market moves stemmed largely from overnight rate hikes from the Swiss National Bank (+25 basis points), Norges Bank (+50 basis points), Bank of England (+50 basis points), and the Central Bank of Turkey (+650 basis points), which served as reminders that central banks are not quite to the light at the end of the tunnel in the struggle to rein in inflation. On a related note, Fed Chairman Powell appeared before the Senate Banking Committee yesterday and he doubled down on the hawkish view that the Fed isn’t done battling inflation. He repeated the need for more rate hikes during the conclusion of his semiannual testimony on monetary policy and reiterated that the Federal Open Market Committee does not expect to cut rates anytime soon. He noted that policymakers believe that the appropriate fed funds rate range is within a couple hikes of the current level and that the central bank also remains attuned to its employment mandate.
Not much going on today except for preliminary June S&P Global PMIs and several Fed Presidents speaking starting with St. Louis’ Bullard, who will be followed by Atlanta’s Bostic and Cleveland’s Mester. We begin the day with Agency MBS prices better by .125-.250 and the 10-year yielding 3.74 after closing yesterday at 3.80 percent.
Employment
Angel Oak Mortgage Solutions’ is hiring in several markets across the country! Are you a Rockstar Account Executive looking for a new home? Looking to join a firm with a strong culture, new technology and an unparalleled operations focus? Come join the team with the leader in Non-QM at Angel Oak. Hiring locations: Missouri, Wisconsin, Indiana, Southern Ohio, Northern California, Northern Virginia, Charlotte, North Carolina, Philadelphia, Pennsylvania, Rhode Island, and Connecticut. Apply here.
A top-rated national retail lender with headquarters in the Southeast is searching for a VP of Sales to join its exec team. This lender has strong backing that provides stability, an elevated level of support and a large residential builder network which offers expansive growth. The VP of Sales will design, develop, and execute thoughtful strategies and tactics to increase business development and strengthen customer and partner relationships. Interested parties can send confidential resumes to Chrisman LLC’s Anjelica Nixt for forwarding to the company.
“Hey, mortgage sales professionals do not join radius financial group for our amazing culture, president club trips, best workplace accolades, 100% 401K match or because of our shared success program which grants phantom stock to ALL employees. Join radius to grow your business, mortgage team and wealth. Over the past 23 years, radius has become the best at what we do by caring intensely about the career growth of our team members and investing in technology that simplifies and automates our process. We are a world-class customer obsessed team focused on our loan officers’ growth and success. So, if you want real opportunities to grow, the ability to make a positive impact starting on day one and the freedom to chart the career you’ve always wanted, at radius, you can! For confidential inquires please contact Carla Herrera and visit us at radius financial group inc., Mortgage Lending Careers.”
Sovereign Lending Group, LLC is expanding its team of consumer direct loan officers at Fashion Island in Newport Beach, CA. This is a great opportunity for those interested in joining a company that provides superior marketing and a diverse suite of products, committed to adding value for Sovereign’s loan officers and creative borrower solutions. If you’re interested in joining the team, be sure to contact Matthew Cataño (949-736-9148).
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The ripple effect of a financial mindset can be seen in every aspect of your life.
Think about it: If you are not mindful of how you spend and save money, then you will be in a constant struggle each and every month.
If you are simply someone who is struggling to make ends meet, there are many things we can do to save money. If you are trying desperately to reach financial freedom sooner, then you need these best money hacks to make it happen sooner.
Around here at Money Bliss, we spend a lot of time on our money mindset and setting goals.
Everyone is in a different season with their finances.
But, one thing is true… Most of us never learned proper money management.
Do you find yourself in a constant cycle of financial struggle? Do you feel like you are constantly trying to live up to unrealistic standards?
It is easy for people to feel that they are constantly broke, and in some cases this is true. But, it is also important to remember that there are ways in which you can make more money and start saving for your future.
Since changing money habits does not always come easy and often requires some serious changes in our mindset, we are here to support you to find the top money hacks.
Read on as we share 50+ ways you can start saving more money as well as making more money while also saving your sanity!
What are Money Hacks?
Money hacks are the ways in which people stretch their money.
These money hacks can come from a variety of sources, such as personal experience, family members or friends, and other individuals on social media.
Money hacks can come in many forms such as:
Simple money saving hacks
Ways to make money on the side
Strategies to make every dollar count
Thrifty ideas to be more frugal
Ideas to be more conscious of our waste
All in all, money hacks will help you to spend less money. Thus, saving more money.
As you will learn at Money Bliss, saving money opens up doors of opportunities
Best Money Hacks
Money hacks are ways to build long-term wealth.
Even though most of the hacks for money include quick saving wins, over the long term, you will actually start a snowball effect of more money in your bank account.
Sometimes, it can be difficult to find the motivation to save money, but these 7 best real money hacks will help you reset your financial mindset and start saving!
The best money hacks are the overarching big picture concepts that you must master for long-term success.
1. Think Big
Open up your mind.
One way to reset your financial mindset is by opening yourself up to new ways of thinking about spending and saving.
Too often, we are focused on what is directly in front of us instead of thinking about the big picture.
A great way to think big with your finances is to decide how you want to live life with intention.
2. Habit of Saving Money
Get back in the habit of saving.
If you have been beyond your means or barely scraping by, the best way to get back on track is by saving at least 20% of your income.
This may seem a little ludicrous. However, by prioritizing saving first, you will be pleasantly surprised how well you live off the rest.
In this post, there will be so many simple and easy ways to start saving today.
3. Make a Plan for Your Money
Create a spending plan (aka that dreaded word budget).
Creating an outline for what you want and need will help you to make smarter decisions about your spending.
This concept has been made too difficult over the years.
The bottom line is you want to spend less than you make. So, make a plan for that to happen today.
4. Make Money on the Side
This one is huge!
Personally, making extra money has been a priority for the last 5 years. We spent many years trying to cut our expenses and hating our inability to actually spend less as a growing family. So, we changed our focus to finding ways to make more money instead.
Start a side hustle. If you are not making enough to live comfortably, start a side hustle! Use your unique skill set to make extra cash.
Pick up a second job or ask for more hours.
There are plenty of ways to make money fast.
5. Invest in Stock Market
This means a way to make money or increase your net worth. AKA make your money work for you.
Too many times, the concept of investing is big and scary. The thought of starting is way too overwhelming. So you put it off until next week or next month. Then, a couple of years go by and you have not invested your money.
That is the biggest financial mistake you can make.
Start small by investing in an index fund. Each month consistently add more money.
If you want to learn to trade stocks, then you must enroll in the best investing course I have found.
Read my in-depth investing course review.
6. Pay Off Debt
Ugh… debt is the cash flow killer.
You are unable to make forward progress if you are straddled by debt.
Figure out how to pay off debt ASAP.
When calculating how long it will take to pay off high-interest debt, you should consider paying the highest interest rate first. Here is the best debt payoff app available.
7. Watch Your Spending
Be mindful of your spending.
This is a great practice that many people need to start doing again, regardless of how much money or how little money they have.
Every few months, you need to evaluate your spending to see if it matches up with your values.
As you can imagine there are many money hacks that can help you save, but the list above is the money hacks that will make the biggest difference the quickest. Below we have many more money hacks for you to explore.
Hacks for Saving Money
Money app hacks are small, quick, and easy ways to improve your finances.
They can range from things like automating your budget or creating a money jar that pays for itself, to more complex solutions like changing your tax withholding or moving money around to get a higher return.
Honestly, there are so many life hacks for saving money.
8. Automatic Savings
This is a practice of automatically transferring money from your checking account into your savings account on a regular basis.
It is best to set a transfer amount and stick to it.
Since it is easier to save your money before you spend it, you must save as much money as possible in order for this strategy to be effective.
9. Financial goals
A financial goal is a long-term, quantifiable expectation for how much money you want to have, or what you plan on doing with your money. Your goals can be as simple as saving for the down payment on a house or as involved as saving for retirement.
Our financial goals allow us to set specific, numerical targets that help us achieve our desired lifestyle in a more concrete way.
You must set smart financial goals.
10. What brings you joy?
At the end of the day, it is important to remember that life is all about finding what brings you joy.
The question is open-ended, but your money must line up with what brings you joy.
Spend a few minutes and stew on the question.
11. Build an emergency savings fund
Building an emergency savings fund is a great idea if you are in the habit of saving money and want to make sure that you have some money saved up when times get rough.
If you are struggling to save, there are a few ways you can increase your savings.
For example, you might be able to set up automatic transfers from your checking account into an investment account. You should also make sure that you have a way to save money outside of your checking account.
Saving cash in a jar or saving up coins are ideas for some people.
12. Invest spare change
If you go shopping and buy something, most stores will give you change. If you use a debit or credit card, you can do the same thing with help of a popular app!
Simple money hack: investing your spare change.
In order to invest your spare change in an account, you can open one for as little as $5. Acorns then automatically invest the money from your checking account and into a savings acorn account.
As the round-up feature continues to add upon each purchase, it is a good idea to invest in this app so that you can save more dollars!
13. Challenge Yourself to Save
If you are looking to save money, it is best to set up a budget that includes challenging yourself.
A great way to do this is with the no spend challenge.
A no-buy is when you decide to simply not make any purchases for a certain amount of time.
A no-spend is when someone decides to not spend any money in a certain period of time.
When you are struggling with spending too much money and want to reset your wallet, then give up spending money. Period.
14. Join a buy nothing group
The buy nothing groups are a growing movement that started in order to help people cut their ecological footprint, save money, and break free of consumerism.
This is a great way to find things you need as well as declutter your house.
15. Negotiate everything
The key to successful negotiation is preparation.
Research the company’s past sales, price changes, and discounts offered in order to get a better understanding of what you’re negotiating for.
Don’t be afraid to negotiate.
What is the worst thing that can happen when someone says no!?!
16. Refinance Your Mortgage
It is never too late to refinance your mortgage.
In fact, it might be a good idea if you’re in the market for a new home or refinancing your loan on an existing property.
You must weigh the costs of refinancing to how much you will save over the time period of the loan.
Ask around for mortgage broker recommendations and get at least two quotes.
17. Downsize your Home
Downsize your home is the term for reducing a residence in size. This can be done by either moving to an apartment or buying a smaller house. There are many benefits of downsizing, including living a more affordable lifestyle and having less upkeep.
Downsizers use their homes as investments and save money on rent or mortgage payments.
18. Cut the cord
With the internet becoming accessible to everyone, people have started cutting their cable and watching shows online. People can save up to $500 a year by cutting cable from their bills.
Cut the cable & stop watching TV!
19. Learn about Finances
Ask for help.
If you are struggling, there is no shame in asking for assistance from your friends or family members.
The goal is to get ahead with money and not keep digging further into a hole.
Check out any of our courses to help you.
20. Save for What You Want
Decide what you want most and work towards it with the money you have now, instead of waiting for a windfall or a large inheritance.
This may mean setting aside $200 a month.
For example, as a reminder of your long-term goal of buying a beach property, you may buy something you would hang in the new place. Every time you see it, you will be reminded of what you are saving towards.
Budget Hacks
Financial hacks are not unusual.
Since it is so easy to overspend, you must know a few budgeting hacks ahead of time.
21. Need vs Want
A want is a desire for something, while a need is something that fulfills the requirement of your body like food or shelter.
When you think about buying something, ask yourself if it is a want or a need.
By uncovering needs vs wants, you are quickly able to find ways to spend less and save more.
22. Avoid Temptation
To avoid temptation, it is important to maintain a healthy amount of physical and emotional distance from the things that tempt you.
Sometimes, spending triggers are easy to avoid but other times they’re not.
However, people should always be aware of their temptations and try to stay away from them because it will lead to unnecessary debt or stress in the long run.
23. Practice the 30-day rule
Many people wonder what’s the 30 day rule with money…
The 30-day rule is the principle that states that you should practice a new habit or stop an old habit for at least thirty days before expecting success.
When it comes to your money, it means to wait thirty days before making big purchases or changes.
24. Keep a Budget Binder
A budget binder is an important tool that helps people keep track of their finances.
The binder can help people plan out their finances by providing a place to record expenses and income.
Keeping a budget binder is an effective way to track your spending and keep yourself accountable.
By keeping it, you can easily plan for future expenses in advance as well as see what money could be saved or spent on different items over time.
25. Get a spend tracker and use it regularly
Track your spending for 30 days. It can be a good idea to track your spending for at least a month to get an idea of what you’re spending and where.
A spending tracker is a tool that helps people keep track of how much they are spending on a certain item. It is important to use this tool regularly in order to be able to see patterns in your spending.
Then, review your spending. Share it with a trusted friend or family member to come up with some goals to reduce expenses in order to save money.
26. Create a budget
Create a budget, and follow it.
When you schedule your spending, make sure to leave room for savings. This is the easiest way to ensure that you can stick to your budget.
Find more budgeting resources on our site.
27. Pay Bills on Time
This should be a simple statement that we all know. However, life can throw curveballs.
Try to pay your bills on time and in full every month, and make sure all of your bills are paid each month.
This will show lenders that you are responsible and that you are taking care of your credit. Plus you don’t rack up those pesky late fees and high interest rates.
28. Avoid Missed Payments
Don’t miss any payments, and pay off your balances each month to avoid paying high interest rates or fees on late or missed payments.
Read again… do not miss paying your bills.
29. Reconcile Your Checking Account
Balance your checkbook monthly. Okay, no one really uses a checkbook anymore, but you can still do this with pen and paper.
Even better, use Quicken as a simple way to balance your checking account. Read my Quicken review.
This is a great way to check for being charged too much or find a subscription you don’t use anymore.
30. Avoid Summer Budget Busters
Avoid spending money for the summer by just being conscious of your spending and reviewing what is different than the norm.
It is too easy to get into the trap of spending money because the weather is warm.
31. Review your Credit Card Statements
If you’re like most people, you probably review your credit card statements once every six months.
What’s the best way to go about reviewing them?
It depends on how often you use your credit card, how much debt you have, and what your credit score is. You should review your statements at least once a year if you’re carrying a balance on your credit cards.
If you use your credit card, then you should review your statements at least monthly.
32. Use the Cents Plan Formula
While the 50/30/20 budgeting rule is popular, our method of budgeting your money will be more helpful.
Learn how to divide your income into various categories.
Check out the Cents Plan Formula.
33. Use Cash
Use cash instead of credit cards to spend, which will make it easier to limit yourself to how much you can spend.
The envelope system helps you save money by only spending from one designated cash stash each month and withdrawing a set amount for different types of expenses (like groceries).
34. Spending Freeze
Implement a spending freeze, which helps you get used to not buying things for an allotted time so that when the freeze is over, it’s easier to buy what you want.
You will be surprised how much random online shopping you do.
Begin your spending freeze now.
35. Use a Budgeting App
Use your bank’s budgeting tools, like Quicken, which can help you track how much money is coming in and out of your account.
This is the simplest way to manage your money wisely.
Using a money app or a personal finance website can help you to stay organized and get more creative about your budgeting.
Check out this list of the best budgeting apps available.
Hacks to Make Money
Hacks to make money are a list of ways to generate income for yourself. Many ways to make money include blogging, affiliate marketing, or day trading. These money making hacks are great, but they can take more time and energy invested.
36. Use cash back apps
Cash back reward apps like Ibotta are a way to get extra money for your purchases.
They take some time getting used to and you only have access to partner stores that offer cash-back offers. It only takes a few seconds to make some extra cash.
Check out the best cash back apps available.
37. Ask for a Raise
A raise is an increase in pay for a job, labor, or service.
If you are concerned about asking for a raise, then you are missing out on lost money.
Your boss may be receptive to it, then try negotiating more money. Not only will this be good for your career, but also the relationship between you two can improve as well.
38. Get a side hustle
A side hustle is an additional job or career, usually, one that requires only a small amount of time and effort.
For example, someone who wants to work on the weekends might start a side hustle as a bartender.
Side hustles are a form of entrepreneurship that allows you to earn money and do little tasks. They are not difficult or time-consuming, but they can still help you make extra cash on the side.
Pick one of the best gig economy jobs.
39. Rent out a part of your home
A part of your home is often a room, which can be rented out on Airbnb.
Airbnb is the largest and most successful company in the world that lets people rent their extra space or properties. They are a well-known company that provides an easy way for people to make money from their extra space.
Use Neighbor to lend out your space in your home.
40. Declutter: sell your junk for cash
Decluttering is the act of getting rid of excess or unnecessary items.
In order to declutter, you must be willing to give up something that has been a part of your life for a long time. It is important to remember that decluttering does not have to be a quick or easy process.
Then, sell your stuff on Facebook Marketplace, Nextdoor, eBay, etc.
Learn more at Flea Market Flippers.
41. Earn Money While Watching TV
Although it is not a fast way to get rich, this can be used as a side hustle.
It’s better to use the money earned from watching TV or something else that takes up your time for other things like bills and groceries.
Survey platforms are online sites that allow people to earn money while watching TV.
The survey platform will send surveys through the mail or email, and then they can choose whether they want to take the survey for a set reward amount or if they would like cash back on their purchase.
One of these options is MyPoints, which allows users to earn points by completing tasks such as taking surveys and shopping online at specific retailers.
Others include:
42. Maximize Your Income
Find ways to increase the amount of money you bring in, whether that’s through a side hustle, increasing hours at work, or asking for a raise.
In today’s society, there are plenty of ways to make more money.
Only you put a limit on what you are capable of earning.
43. Build Your Credit
Building your credit can be a long process, but it’s worth the effort. If you’re trying to establish or improve your credit score, here are some tips that might help:
Try to keep your credit utilization rate below 30% at all times.
Do not open too many new lines of credit in a short period of time.
Pay your bills on time.
This will help you avoid damaging your credit score.
Hacks for Free Money
Hacks for free money are a form of fraud wherein the perpetrator solicits payment via PayPal, credit card, or other methods in exchange for access to what they promise will be a legitimate business opportunity.
Hacking free money is a way to make more cash, fund your financial goals, or help you pay off debt. There are lots of ways that people hack their finances and use cash back apps for some extra income.
Other options include signing up for bank bonuses or credit card bonuses.
Honestly, real free money hacks are more likely to be scams. So, beware when searching online.
Money Hacks in the Kitchen
You can save the most money by looking at what you eat.
Typically, people waste over 25% of their grocery budget and throw out food. Would you willingly throw out $250 a month? Probably not.
So, learn how to stretch your money for food.
44. Start meal planning
Meal planning is a money-saving strategy that can help in the long run. It’s also important to eat healthily and reduce food waste when meal planning.
But planning ahead will help save on the grocery budget, and it’s not too late to start now.
Start meal planning by deciding what you want to eat for each day. Then, make a list.
45. Say no to prepackaged foods
Packing your lunch for work or school can be time-consuming, especially if you have a family.
Some people prefer to buy prepackaged foods because they save time, but this is not always the best option.
A better choice is to make your own food at home and pack it for lunch, which you can then eat in peace without worrying about what other people might be saying about the food you packed.
46. Eat at home
Eating at home is a way to save money. It may be uncomfortable for those who do not enjoy cooking as it requires extra effort and time.
Instead of getting food at restaurants, consider cooking your favorite meals at home.
You can save money and time by eating the same meal over and over again.
Learn about the frugal home must haves.
47. Grow your own herbs and food
The most common methods of gardening include container gardening, hydroponics, and both indoor and outdoor gardening.
Many people are growing their own herbs and food for the satisfaction of being able to eat something that was grown with their hands.
48. Take your lunch
If you are interested in saving money, consider taking your lunch. This will save you up to $1,000 a year on work lunches and make it easier to meet the recommended daily intake of fruits and vegetables as well.
“Take your lunch” is an invitation to eat at home. There are many benefits of eating out less often, such as saving money and gaining more control over food choices.
Travel Hacks to Save Money
The following are travel hacks that can help you save money on your next trip.
Some of these hacks include traveling during weekdays, using public transportation, staying at hostels and Airbnb instead of hotels, and using a travel credit card.
49. Use foreign websites for lower prices abroad
Foreign websites are websites that have been created by people from other countries, and they sell products in the language of their country. These websites often offer lower prices on products than what is offered in the United States.
If you’re traveling abroad and need to find a place to stay, there are plenty of websites that can help. A few websites have deals on places where travelers often stay while they travel internationally.
50. Stay for free or get paid to house sit abroad
A house sitter is someone who looks after someone’s property for a certain amount of time in exchange for the promise of payment.
House sitting is typically offered by homeowners to travelers and others who are looking to stay in a particular location for an extended period of time.
The main types of house sitting include:
– full-time house sitters, who are responsible for all aspects of the house and who are typically paid a monthly salary,
– part-time house sitters, who may be responsible for taking care of one or more specific tasks such as gardening or handling the mail
51. Hide your search
To avoid being taken advantage of by airlines, it is best to open a new incognito or private window between searches.
This will make sure that you are not tricked into buying tickets that may be significantly more expensive than they need to be.
Airlines use cookies in your browser to make you believe the prices are going up and up.
Money App Hacks
Money app hacks are ways that people have figured out to make their money work for them in terms of saving and spending. These apps offer different features, such as budgeting, tracking your spending, and saving money.
If you want a simple way to save money, then any of these money apps are designed to find excessive spending.
52. Billshark
This is a legitimate way to save money on monthly bills. Billshark offers you the opportunity to save up to 25% each month (when compared with regular bill payments).
All of this can be done for you by BillShark team, and there are no fees involved!
Try Billshark for free!
53. Trim
Review your spending habits to find what you can cut out, like subscriptions.
Find other ways to save by looking for ways to reduce costly bank fees or getting a discount on your cell phone plan. By using Trim, you are saving money and improving your financial health.
Sign up with Trim now.
54. Truebill
Truebill can help you to track your spending, save money and get a clear picture of your financial life.
This helps you identify services that you are no longer using but continue to pay for. It will help save money by automatically negotiating prices with your service providers and receiving a refund of the money going to waste, which is free money.
Get started with Truebill.
Which Life Money Hacks Can You Start?
This is a lot to take in, but don’t worry.
Take the time to read through each suggestion and consider how you can implement it into your life.
The more hacks you try out, the closer you’ll get to a healthy financial mindset.
These are the life hacks to save money I have found to work for me and my family in order to reset our financial mindsets and grow our net worth.
Everyone will find their niche and what will work best for them.
Personally, you need to figure out how do I make more money. That will make the biggest impact the fastest.
What have you done with your money lately?
Know someone else that needs this, too? Then, please share!!
Today I thought I’d highlight a smaller community bank that does a really good job marketing mortgages, Farmers Bank of Kansas City.
While their history extends far beyond that of most mortgage lenders, 113 years old to be exact, their use of technology is a great example of what a bank can do right when it comes to home loans.
Just because you’re a big bank doesn’t mean you can’t have a great website, or embrace the latest tools available.
Farmers Bank of Kansas City says they offer a customized approach to every mortgage they originate, and they’re happy to do business any way you like, whether that’s by text, phone call, or email.
Farmers Bank of Kansas City Mortgage Fast Facts
Depository bank headquartered in Overland Park, Kansas
Founded more than 100 years ago
A branch of Farmers Bank & Trust
Offer home purchase loans, refinance loans, and home equity products
Licensed to lend nationwide
Farmers Bank of Kansas City is actually a branch of the larger Farmers Bank & Trust, which has assets nearing $1 billion dollars.
It appears they are the tech-savvy arm of the bank that has invested in technology so you can apply for a home loan from just about anywhere, without the typical inconvenience.
While they love what technology can do, they don’t forget to offer the personal attention you’d feel from a small town bank.
How to Apply for a Mortgage with Farmers Bank of Kansas City
It’s possible to apply for a home loan via their website without any human assistance
They offer a digital mortgage application powered by fintech company Ellie Mae
Securely submit documents online, check loan status 24/7, and communicate with their lending team via text, phone, or email
You can also compare mortgage rates before you apply and search their loan officer directory if you want to work with someone specific
One awesome thing about Farmers Bank of Kansas City Mortgage is the ability to apply for a home loan directly from their website, without any assistance.
You don’t need to fill out a contact form or wait for someone to call you back. Instead, you can dive right in on your own.
They offer a digital mortgage application powered by Ellie Mae that lets you complete much of the loan process paperlessly.
You can link financial accounts, scan and upload paperwork, and eSign documents along the way to get things done fast and securely.
To begin, simply head to their website and click on “Get Started.” That will take you to their mortgage rate quote page where you can enter basic details to see loan pricing.
Alternatively, you can just click on “Quick Apply” and go straight to the loan application without getting pricing.
A better strategy might be to check out rates first, then if you like them, browse their loan officer directory (also on their website) to handpick someone to work with.
You can apply from each loan officer’s own webpage or short bio section. Check their personal reviews to find out who might be the best fit.
Those looking for a mortgage pre-approval can also use the digital application to get started.
Loan Types Offered by Farmers Bank of Kansas City Mortgage
Home purchase loans and refinance loans
New construction and home renovation loans
Conforming home loans backed by Fannie/Freddie
Government-backed home loans: FHA/USDA/VA
Jumbo home loans
Home equity lines and loans
Fixed-rate and adjustable-rate options available in various terms
Farmers Bank of Kansas City offers the full suite of mortgage loan offerings, including home purchase loans, refinance loans, construction and renovation financing, and home equity products.
You can get a mortgage on a primary residence, second home, or investment property, including condos and townhomes.
Whether you are a first-time home buyer or an existing homeowner, they’ve got all the major loan programs to choose from, including conforming loans, jumbo loans, and government-backed loans including FHA, USDA, and VA loans.
In terms of loan type, you can choose from various fixed-rate and adjustable-rate mortgages, including the popular 30-year fixed or a 7/1 ARM.
Those looking to keep their first mortgage intact can inquire about a home equity line of credit (HELOC) or a home equity loan if they need cash.
All in all, they appear to offer just about everything you’d need mortgage-wise.
Farmers Bank of Kansas City Mortgage Rates
One great thing about Farmers Bank of Kansas City is the fact that they let you see their mortgage rates without having to call or fill out a lengthy mortgage rate quote form.
Simply head to their website, find the Home Loans menu, then click on “Get Rates.” From there, you’ll be able to create your own custom rate quote without any assistance necessary.
You can see rates for all types of different loan scenarios, including home purchase loans, refinance loans, and cash out refis. There’s even an option to waive escrows.
They list a variety of different rates with varying costs or lender credits so you can compare options with and without discount points.
From what I saw, their mortgage rates were super competitive relative to other lenders, even the rates they listed without any lender fees being paid out of pocket.
Speaking of fees, they do seem to charge a $1,295 loan origination fee, but as noted this can be covered by a lender credit.
They’ve also appeared on the Zillow Mortgage Marketplace, with seemingly excellent rates and lender fees as low as $1.
So it seems you can take the no cost refinance approach if wanted and still wind up with a great rate.
Farmers Bank of Kansas City Mortgage Reviews
On Zillow, the company has a 4.82-star rating out of 5 from nearly 300 customer reviews.
One nice thing about the Zillow reviews is you can fine-tune by loan officer to see how a particular individual performed in the past.
They have roughly 20 loan officers on their roster, so it shouldn’t be hard to check out their personal reviews, then go with who you like best.
Their parent company is not Better Business Bureau (BBB) accredited, but does have an ‘A+’ rating based on customer complaint history.
In summary, Farmers Bank of Kansas City gets bonus points for being transparent on mortgage rates and having an awesome and easy-to-use website.
But as always, take the time to shop around and compare their rates, fees, and loan process to other banks and lenders to ensure you get the best deal.
Farmers Bank of Kansas City Mortgage Pros and Cons
The Good
Offer a digital mortgage experience
Can apply directly from their website without a human
They display their mortgage rates on their website
Plenty of loan options to choose from including HELOCs and home equity loans
Excellent customer reviews and A+ BBB rating
Lots of free mortgage calculators and mortgage glossary on site
Overall great website design and easy to navigate
The Maybe Not
No physical locations other than some branches in Kansas
In the world of personal finance, offshore bank accounts have long been a source of intrigue, often associated with high-net-worth individuals, multinational corporations, and even cinematic tales of mystery and suspense.
However, they’re not just tools for the James Bonds of the world. From asset protection to currency diversification, offshore bank accounts can offer a wide range of benefits.
What is offshore banking?
Offshore banking refers to the process of keeping money in a financial institution located outside the depositor’s home country. This foreign financial institution could be in a country halfway across the world or in a neighboring nation, depending on the account holder’s needs and preferences.
Despite the name, an offshore bank account functions much like your local bank account, providing similar services such as savings accounts, debit cards, credit cards, and online banking.
How to Open an Offshore Bank Account Legally
Opening an offshore bank account can be a relatively straightforward process, albeit with more documentation involved than opening a domestic account. To open a foreign bank account, you need to conduct research on countries that offer offshore banking services and the offshore banks that operate within these jurisdictions.
Typically, the account opening process involves providing your identification documents, proof of address, and, in some cases, proof of income or wealth, to the foreign bank. Some foreign banks may also request a bank reference, which usually comes in the form of bank statements from your current bank.
Advantages of Offshore Banking
When considering an offshore bank account, it’s essential to weigh the potential advantages it offers. These benefits can be quite compelling, depending on your specific financial situation and needs.
Asset Protection
One significant advantage of offshore banking is asset protection. This benefit is of particular interest to high-net-worth individuals and business owners, but it can be equally beneficial for anyone interested in safeguarding their assets from legal disputes or economic instability.
Offshore bank accounts can serve as a secure and central location for assets. By keeping part of your wealth in a jurisdiction other than your home country, you’re diversifying the risks associated with potential economic downturns or changes in governmental policies. For instance, if your domestic economy takes a downturn, having a portion of your assets abroad could provide a financial buffer.
Moreover, certain offshore accounts offer a level of legal protection, potentially shielding your assets from legal proceedings such as lawsuits or bankruptcy filings.
Currency Diversification
Currency diversification is another advantage of offshore bank accounts. When you hold money in an offshore bank account, you’re not restricted to a single currency. Instead, you can hold deposits in multiple currencies, providing a hedge against currency risk.
For example, if your home country’s currency significantly depreciates, it could lead to a relative decrease in your wealth. However, if you hold funds in other currencies through your offshore account, you might be shielded from this depreciation. This multi-currency feature can also be beneficial for frequent travelers or individuals conducting business across different countries.
Tax Benefits
Lastly, it’s worth noting the potential tax advantages of offshore banking. Certain offshore banks are located in tax havens, or countries known for their low or no taxes on certain types of income. These jurisdictions might offer favorable tax conditions compared to your home country.
While these potential tax benefits should never be used to avoid paying taxes unlawfully, they can be part of an effective wealth management strategy when used correctly. For instance, some offshore jurisdictions don’t tax interest income, which could be beneficial for those with a substantial amount of money in their savings or investment accounts.
It’s important to always disclose these accounts and income to your home country’s tax authority, to stay in compliance with all tax laws.
Disadvantages of Offshore Banking
While offshore bank accounts can offer several benefits, they also come with challenges that potential account holders need to be aware of.
Cost
Some of the best offshore bank accounts are often associated with various costs. To start, there might be a substantial minimum deposit requirement. This can put some of the more premium offshore accounts out of reach for individuals without a high level of wealth.
Furthermore, offshore banking can involve monthly maintenance fees and transaction fees that are often higher than those of a domestic bank. These fees can add up over time, potentially eroding the benefits gained from lower taxes or higher interest rates.
Accessibility
Physical and technological accessibility can be a concern when banking offshore. Depending on the location of the bank, accessing your funds when you need them can be more challenging than with a domestic account. For instance, differences in time zones can make real-time banking difficult, and language barriers could potentially complicate communication with customer service.
Regulation and Stability
Lastly, not all countries that offer offshore banking have the same level of political and economic stability. While places like the Cayman Islands and Switzerland are known for their stability, this is not a universal trait among all jurisdictions offering offshore accounts.
Moreover, the level of consumer protection offered by offshore banks may not be as comprehensive as what you would find in your home country. For instance, some countries might lack deposit insurance schemes, leaving your funds vulnerable if the bank were to fail.
The Legal Landscape of Offshore Accounts
While offshore bank accounts have unfortunately been linked to money laundering and tax evasion, it’s essential to underscore that having an offshore account is completely legal. However, account holders must adhere to tax laws and regulations in their home country, and not use these accounts for illegal purposes.
This includes reporting your offshore accounts to the relevant tax authorities and paying any taxes owed on interest or other income earned from these accounts. Failure to do so could lead to severe penalties, including charges of tax fraud.
The Role of Offshore Banking in Investment and Savings
Offshore banking can also be an effective tool for managing your savings and investments. Many offshore banks offer a variety of financial services, including investment accounts and high-yield savings accounts, allowing individuals to invest money in a range of assets across different markets.
This makes offshore banking particularly appealing to expatriates, international businesspeople, and globe-trotters, as it provides a level of flexibility that is often unmatched by domestic accounts. However, it’s important to note that these potential benefits should always be balanced against any associated costs, such as monthly fees or transaction charges.
Myths and Misconceptions About Offshore Banking
Offshore banking is often misunderstood, thanks to a slew of myths and misconceptions. The truth is, you don’t have to be a billionaire or an international spy to open an offshore bank account. Many people, from expatriates to retirees, can benefit from foreign currency holdings, potential tax benefits, and other financial advantages that come with having an account with a foreign bank.
Bottom Line: Is Offshore Banking Right for You?
Offshore banking can offer a host of benefits, from asset protection to potential tax advantages. However, it’s not a decision to be taken lightly. It’s crucial to understand the legal implications, costs, and potential risks before deciding to bank offshore.
Whether to open an offshore bank account will largely depend on your individual circumstances. If you’re considering banking offshore, it’s always a good idea to consult with a financial advisor or tax professional to understand all the implications.
After all, navigating the world of offshore accounts can be tricky, but with the right guidance and knowledge, you can make an informed decision that aligns with your financial goals.
Frequently Asked Questions
Can I open an offshore bank account online?
Yes, many offshore banks offer the option to open an account online, but the process can vary depending on the bank. Some banks may require a notarized copy of your passport, proof of address, and a reference from your current bank. Others may need more or less, depending on their internal policies and the regulations of the country where they’re located.
Can U.S. citizens open offshore bank accounts?
Yes, U.S. citizens can legally open an offshore bank account. However, it’s important to note that U.S. citizens must report these accounts to the IRS and the U.S. Treasury Department if the total value of their foreign financial accounts exceeds a certain threshold.
How can I access the money in my offshore account?
There are several ways to access your money in an offshore account. You can use a debit or credit card issued by your offshore bank, make electronic transfers, or write checks. The exact methods will depend on the services your offshore bank provides.
What happens to my offshore account if I die?
In the event of your death, your offshore account would be handled based on the local laws of the country where the bank is located and any instructions you may have left with the bank. Some offshore jurisdictions are notoriously complex when it comes to probate laws, so it’s essential to discuss this aspect with your bank when opening an account.
Can I open an offshore account anonymously?
While some offshore jurisdictions used to allow anonymous accounts, this is no longer the case due to global efforts to increase transparency and fight against illicit activities like money laundering and tax evasion. Today, every bank is required to know its customers (KYC regulations) and will need your personal information when you open an account.
Can offshore banking help with my retirement planning?
Yes, offshore banking can be a part of your retirement planning, especially if you plan to retire abroad or travel frequently during your retirement. Some offshore banks offer specific services for retirees, including access to medical insurance and investment products.
MSR Valuation, Non-QM, DPA, Mobile Property Valuation Tools; What’s the Fed Chair Up To? New-Home Housing Market List
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MSR Valuation, Non-QM, DPA, Mobile Property Valuation Tools; What’s the Fed Chair Up To? New-Home Housing Market List
By: Rob Chrisman
Thu, Jun 22 2023, 10:16 AM
“So, HBO Max is now just ‘Max.’ Your move, Peacock.” Lenders continue to cogitate on their next moves as rates remain stubbornly high and inventory available for sale stubbornly low, and neither appears ready to change much any time in the near future. As I continue to visit with groups of lenders and vendors, lender’s overhead, and how comp figures into that, continues to be a hot topic. STRATMOR’s current blog is titled, “Compensation: Ever Changing,” and I asked STRATMOR CEO Lisa Springer about what lenders are doing in that area. “Lenders in increasing numbers are reaching out to STRATMOR to advise on compensation strategies from a holistic point of view, seeing how changes fit within the entire company. Management teams are thinking about structural changes and capitalizing on the opportunity to create win-win comp programs for both the employees and the companies.” In housing and inventory news, a recent real estate report from Zillow predicts 5% growth in home values this year. Housing inventory remains limited, which in turn continues to push property prices skyward and inflate home value appreciation. And sure you can read this list of hot new-home markets, and may even have branches in them, but do you have the products to offer those buyers? (Today’s podcast can be found here and this week’s is sponsored by MCT and its Hedge Advisory division. Download their recently released whitepaper, Mortgage Pipeline Hedging 101, for more information on hedging in today’s market. Today’s has an interview with Optifunder’s Carmel York that goes through a comprehensive overview of the warehouse lending space and current environment.)
Broker and Lender Services, Products, and Software
“Home equity lenders need fast, reliable, and objective property valuations to streamline processes, lower origination costs and deliver a better borrower experience, all while mitigating risk. This is a tough balancing act, but Black Knight can help. Our innovative mobile app – Validate – simplifies the property valuation process for home equity loans and lines of credit. Validate combines artificial intelligence, a condition-adjusted AVM and up-to-date property data with borrower-supplied property photographs to automatically determine a property’s value and the available equity. With Validate, lenders can save time and money, increase valuation accuracy, manage risk, and provide a better consumer experience. Learn more by scheduling a demo today.”
For many people, homebuyer assistance programs can make the difference between building wealth by making fixed mortgage payments or being subject to the ever-increasing cost of rent. This National Homeownership Month, Jackie, a single woman in the greater Tampa area, shared the story of how mortgage broker Pam Marron of Innovative Mortgage Services helped make her homeownership dreams a reality by pairing Pasco County Community Development’s DPA offering with Freddie Mac’s BorrowSmart program. Down Payment Resource made it easy for Pam to identify best-fit programs, understand requirements upfront and maximize the assistance she could provide Jackie. Learn how Down Payment Resource can help you be a community hero while filling your pipeline with eager first-time homebuyers.
“The Newrez Correspondent team would like to thank all of our lenders and industry partners who took the time to meet with us in NYC for the annual Secondary and Capital Markets Conference and Expo. It is a testament to the team and industry as we came together and discussed ways to navigate this fluctuating market. As a top-tier aggregator, our offering provides the product, pricing, and service our clients need to succeed and grow their business. Looking for Non QM? Our industry-leading Smart Series products are now available through LoanNEX. This product and pricing eligibility platform is available at no cost to our correspondents. Contact your regional sales manager to learn more! Believe it or not, we are only a little over 120 days from the National MBA Convention in Philadelphia. Save the date – We will have meeting space at the Loews Hotel – Stay tuned for more details as we prepare to take on the city of brotherly love! As always, thank you to our customers for their time, business, and partnerships!
Do you have a servicing portfolio? Do you understand how it is valued? With the decline in overall production, the MSR asset has become more critical than ever and effectively managing that asset demands ongoing oversight. MCT offers portfolio valuations that are accurate and easy to understand, with built-in safeguards focused on client and borrower data security. MCT’s fair value analysis and reports are customized to support servicer’s internal requirements and objectives, and extensive number of clients and MSR market knowledge keep your valuations timely, accurate, and reliable. Schedule a phone call with the MCT MSR experts to discuss a customized approach for valuing your MSR portfolio.
Non-Agency and Non-QM News
Sure, non-Agency production remains far below 10 percent of overall volume. But many programs are an important part of an LO’s offering to potential borrowers, and no LO wants to tell a client, “I can’t help you. But this other lender may be able to.” Let’s take a random look at what’s new out there.
Skip the pay stubs with Bank Statement Loans from the Industry’s Leader in Non-QM Solution Lending, Carrington Correspondent. Self-employed borrowers can use 12 or 24 months of bank statements to verify income and secure loans up to $3.5 million.
Summer Specials are in season at LoanStream. BPS’ off on some Government products and Non-QM: Full Doc, Alt Doc & DSCR.
Are your borrowers’ tax returns leaving them with too little income to qualify? Large amounts of tax write-offs can disqualify your borrowers from standard agency and Jumbo transactions. Champions Funding’s Activator loan option may be the perfect fit for those situations without the hassle of submitting tax returns. Now offering ITIN loans for non-U.S. Citizens.
Unite Mortgage, a DBA of Home Mortgage Alliance Corporation (HMAC), is offering the perfect program for borrowers looking to take cash out of their home but don’t want to refinance their 1st mortgage due to having a low-rate locked in. Mortgage Brokers… The 2ND Mortgage Program from Jet Mortgage is here. Contact Aaron Hilton at 623-252-0606 or send an email to [email protected]. Need a Bank Statement income analysis done? Click here and choose Aaron Hilton as your AE. Interested in learning more? Check out the Prime Seconds Matrix and Rate Sheet.
Champions Funding is 100% Non-QM with a dedicated underwriting team to move your files from submission to funding with ease – and GREAT communication. In a recent product update, Champions increased the Max LTV/CLTV by 5% on the Accelerator No Ratio (DSCR <.75) loan products at Champions Funding. Minimum 700 FICO to qualify with maximum loan amount up to $1 Million.
Capital Markets
In an about-face move, markets are seemingly succumbing to the Fed’s “higher rates for longer” projections to reduce U.S. growth to below its long-term trend and contain price pressures, with pricing in fed funds futures suggesting one additional 25 basis points hike at the July Federal Open Market Committee meeting and then holding firm at that level through the end of the year as the most likely outcome. Echoing his comments at the post-FOMC press-conference, Fed Chairman Powell delivered the first part of his two-day semiannual Humphrey-Hawkins testimony on monetary policy to Congress yesterday, telling the House Financial Services Committee in prepared remarks that “there is still a long way to go” in reducing inflation and that most FOMC members expected that further rate hikes are needed this year to thwart persistently high inflation.
Which all reminds me… The semiannual testimony of the U.S. Federal Reserve Chairman to Congress is commonly referred to as the Humphrey-Hawkins testimony in reference to the Humphrey-Hawkins Full Employment Act (the Full Employment and Balanced Growth Act of 1978). The bill was named after its primary sponsors, Senator Hubert Humphrey and Representative Augustus Hawkins, and was enacted with the goal of promoting full employment and stable prices in the U.S. It mandated the Federal Reserve to pursue maximum employment and stable prices as part of its monetary policy objectives.
Additionally, the Act required the Chairman of the Federal Reserve to provide regular reports and testify before Congress on the state of the economy (including the outlook for inflation, unemployment, and economic growth), discuss the central bank’s monetary policy decisions, and answer questions from members of Congress. The term “Humphrey-Hawkins testimony” became popularized as a shorthand way to refer to these semiannual appearances by the Federal Reserve Chairman to discuss the economy and monetary policy with Congress, in accordance with the requirements of the Humphrey-Hawkins Act. And Powell certainly put the “hawk” in Hawkins yesterday.
Fed Chair Powell’s main points were threefold. The inflation target of 2 percent is the goal the central bank intends to get back to, and though inflation has declined over the past year, we have a long way to go to get back there. The Summary of Economic Projections (“dot plot”) sees no rate cuts this year while market forecasts are (still, and likely wrongly) calling for a chance of one at the December meeting. Price stability comes first as a lousy currency negates all the work on the employment part of the Fed’s dual mandate. As Powell said in a recent presser, “Without price stability, the economy doesn’t work for anyone. In particular, without price stability, we will not achieve a sustained period of strong labor market conditions that benefit all.”
Today’s calendar contains three central bank decisions where more rate hikes are expected: the Swiss National Bank (SNB), Norges Bank, and the Bank of England (+ 50 basis points). The (busy) U.S. calendar is under way with the Chicago Fed National Activity Index for May, as well as weekly jobless claims (264k, roughly as expected and unchanged from last week, 1.759 million continuing claims: the labor market is still tight). Later today brings May existing home sales, May leading indicators, KC Fed manufacturing for June, a Treasury auction of $19 billion reopened 5-year TIPS, and Freddie Mac’s Primary Mortgage Markets Survey. Today is also loaded with Fed speakers including Chair Powell’s visit before the Senate Banking Committee, but also Governor Waller, Governor Bowman, Cleveland President Mester, and Richmond’s Barkin. The narrative since last week’s meeting is that the FOMC is trying to figure out whether it has done enough and how much more tightening is needed. After yesterday’s seesaw of rates rallying hard after selling hard, which eventually took us back to flat on the day, we begin Thursday with Agency MBS prices unchanged from Wednesday night, the 2-year at 4.71, and the 10-year unchanged 3.72 percent.
Employment
“Behind the scenes at Sagent! As we continue building the team to propel our vision and mission for the industry, it’s important to also recognize the existing (and powerful) team that have been supporting us since the beginning of our future-of-servicing journey. Meet Greg Lane (Director, Financial Analysis), finance + accounting aficionado, and according to him, “It doesn’t matter what the numbers are supposed to do, whether it’s investments, foam pricing (you’ll have to read to find out why this is relevant), or fintech software FP&A, it’s what I like to do.” But there is so much more to Greg than pricing and forecasting revenue. Greg is a loving husband, father, pet owner, golfer. While in college, he scored an internship in Beijing for 3 months supporting a sole distributor for European beverage brands. Check out our latest employee spotlight piece for a glimpse into Greg’s world and what it’s like to be a part of Team Sagent.”
Are you frustrated as a retail loan officer or mortgage banker with the lack of flexibility to provide custom loan options? Take control: follow the lead of thousands of MLOs like you who have joined the wholesale channel in the last year. Whether you open your own independent mortgage brokerage or join a team as a loan officer, you’ll have the ability to provide your clients with the personalized solutions they need. Contact our team at BeAMortgageBroker.com today and you’ll be well on your way to a more fulfilling tomorrow.
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When it comes to apartment living, ensuring the safety and security of your living space is crucial for your experience. Being aware of potential hazards that can arise during your lease term can save you time and money and protect you and your living experience.
We’ve gathered eight potential apartment mishaps and the practical tips and tricks renters need to know to safeguard their space. By taking proactive measures, you can create a safer living space and enjoy peace of mind in your apartment.
1. Fire
There are a lot of steps taken by property management for renters to protect them against fires. They install smoke detectors in key areas of your apartment and ensure they are in working order. Renters should take it one step further, by regularly testing them and replacing batteries as needed.
Residents should also inform themselves of the tools readily available in the building in the event of an emergency. Hallways should have fire extinguishers readily available and renters should educate themselves on how to use them. Additionally, it’s key to familiarize yourself with the building’s fire evacuation plan and exits.
2. Mold
Renters can take proactive steps to prevent mold growth in their apartments. One effective measure is to ensure proper ventilation by utilizing the installed fans in bathrooms and kitchen areas. These fans help to remove extra moisture from these high-moisture areas, reducing the chances of mold formation.
It is also crucial to promptly report any water leaks or excessive moisture to the landlord or property management. Necessary repairs or actions are then taken to address the issue and prevent mold growth. In the case of wet areas, it is important to clean and dry them to reduce the likelihood of mold growth.
3. Pests
To safeguard your space from critters, start by keeping it clean and free of food crumbs. You can do this by regularly vacuuming and sweeping the floors, wiping down surfaces and immediately cleaning up any spills or crumbs as they come.
Another kitchen trick is to store food in airtight containers and promptly dispose of garbage in sealed bins. You can also request maintenance to seal any cracks or gaps in windows, doors and walls you notice to prevent pests from entering.
If necessary, use non-toxic pest control methods like traps or baits, or request your apartment to consult a pest control service to address any infestations you notice like bed bugs. These preventive measures effectively protect your apartment from pests and help you enjoy a pest-free living space.
4. Carbon monoxide poisoning
Protecting your apartment from carbon monoxide (CO) poisoning is crucial. Ask the leasing staff if CO detectors are in their apartments and if they’re not, request they do so or install your own. Other tips include avoiding indoor use of grills, keeping vents open and not blocked and educating yourself and your roommates about CO poisoning symptoms.
Common symptoms include headaches, dizziness, nausea, confusion, weakness and difficulty breathing. As carbon monoxide is colorless and odorless, it is challenging to detect without equipment. If you experience these symptoms and suspect carbon monoxide poisoning, it is important to evacuate your apartment immediately, seek fresh air and contact emergency services.
5. Electrical issues
Some common electrical issues renters may run into during their lease include power outages, tripped circuit breakers and faulty switches or outlets. While the on-site maintenance team is the best resource in most of these situations, there are a few things renters should have on hand in case of emergency.
During a power outage, having a portable battery pack is essential. You can charge your electronics, plug in a flashlight and have power on hand for however long you may need it.
For tripped circuit breakers and faulty switches, it’s best to leave these alone and consult the apartment maintenance team to avoid making the situation even worse. You can avoid these mishaps by not plugging too many things in at once and checking for faulty switches and plugs when you initially move in and notifying the leasing staff.
6. Burglary
While apartments are generally secure, burglaries can still occur meaning additional security is necessary. Start by checking that all potential entry points, including doors and windows, have sturdy locks in good condition.
You can reinforce sliding doors with bars or a security rod with tools for additional peace of mind as well. If your apartment comes with a security system, it is worth the additional fee to utilize it for less stress. If they do not, consider installing an apartment-approved security system like a Ring doorbell camera to keep an eye on your apartment surroundings.
It’s also important to establish good relationships with your neighbors, as they can act as an extra set of eyes and ears. If you’re going to be gone for a long period of time, asking a neighbor you trust to collect any packages or mail left in front of the door also helps your apartment appear occupied during your absence.
7. Storm damage
From light rain to tornados, there is a lot you can do to protect your apartment, belongings and yourself from potential damage. In the case of bad weather, make sure to remove any patio furniture that would be blown away or damaged by rain and other weather conditions. Moving your car to a higher level in the parking garage or a higher elevation spot on the road will also protect your car from the damage of flooding.
In severe weather, secure any loose items or furniture inside your apartment that could be easily knocked over during a storm. Another essential step is having an emergency kit prepared with essentials like flashlights, batteries and a first aid kit. Lastly, determine the building’s area designated for residents to go during a storm. If your building doesn’t have a storm shelter, choose an enclosed spot away from windows.
8. Personal safety
We’re not always in our apartment, and it’s important to stay aware of your surroundings even in apartment common areas, garages and mail rooms. Avoid getting your mail or moving your car late at night to protect yourself from others.
If your apartment has a gate code or main door code, avoid sharing with too many individuals, as limiting access helps maintain security and prevents unauthorized entry. Being vigilant and cautious in these shared spaces can significantly contribute to the overall safety of your apartment.
Protect yourself and your living experience
As a savvy renter, you may not have complete control over your apartment living experience, but there are numerous proactive steps you can take to enhance your safety and well-being. By following these tips and tricks and utilizing the apartment on-site teams, you’re protected from the expected and unexpected.
Ready to find your safe space? Start your apartment living journey today.
Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.
Mortgage lenders and Chancellor Jeremy Hunt have agreed that people should be given a 12-month break before repossession proceedings start amid soaring interest rates.
After the rise of the base rate to 5%, Mr Hunt met with leaders of financial institutions including Lloyds, NatWest, Barclays and Virgin Money.
They agreed that the repossession break should be introduced – similar to the one implemented during COVID.
Politics latest: Chancellor meets with mortgage lenders after interest rate hike
Mr Hunt spoke after the Downing Street summit about an option for people to go to their banks or lenders and speak about their options, if they are struggling with repayments, without it having an impact on their credit rating – although this had been mentioned as early as March this year by the Financial Conduct Authority (FCA).
He said that people who change the length of their repayment term or go on to interest-only plans can reverse their decision within six months without it impacting their credit rating.
But there was no announcement of support for people who rent, who are facing landlords hiking prices or selling properties from under them due to rising mortgage costs.
And Labour warned that without making the plan mandatory for all banks – the current agreement covers 75% of the market – around two million homeowners could miss out on support.
The chancellor said: “There are two groups of people that we’re particularly worried about.
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“The first are people who are at real risk of losing their homes because they fall behind in their mortgage payments.
“And the second are people who are having to change their mortgage because their fixed rate comes to an end and they’re worried about the impact on their family finance since the higher mortgage rates.”
Chancellor’s mortgage plan might mitigate against chaos – but it will not prevent pain
Rob Powell
Political correspondent
@robpowellnews
There was never going to be an announcement on Friday about direct “bailout” style funding for those struggling with their mortgages.
Both the government and Labour agree that would risk fuelling inflation further.
So what we have instead is a beefing up of existing tools available to lenders and a reintroduction of some of the easements seen during the pandemic.
The difficulty may be that the sheer depth and length of this mortgage squeeze will likely still leave many wanting more from both the banks and the government.
Read Rob’s full analysis here
Similar repossession breaks were introduced during the pandemic.
An announcement several hours later included data from the FCA, showing 0.86% of residential mortgages were in arrears in the first quarter of 2023 compared with 3.32% in 2009 after the financial crash.
It added that the proportion of disposable income spent on mortgage payments is 5.4%, compared with 10% in the 1990s.
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Listen and subscribe to the Ian King Business Podcast here
Martin Lewis, the founder of MoneySavingExpert.com, said; “I met the chancellor on Wednesday and reiterated that the minimum we needed was to ensure that when people asked for help from lenders, they knew that if things changed, it wouldn’t be detrimental to their financial situation and their credit scores would be protected as much as possible.
“I’m pleased to see it looks like the chancellor has listened and those measures are going to be put in practice by the banks. We need to make sure everybody knows their rights if they are in trouble with their mortgage, so they can feel comfortable speaking with their lender and understand the measures that they can request for help.”
Read more: Mortgage rates largely unchanged despite shock interest rise Jeremy Hunt rules out mortgage support and capping food prices Labour unveils five-point plan for mortgage crisis
Banking leaders also offered their support for the measures, with HSBC chief executive officer Ian Stuart saying: “It’s important that customers feel comfortable contacting us if they feel they are getting into financial difficulty because whilst every customer’s situation is different we have a range of options that we can use to help them find their way through.”
But Labour leader Sir Keir Starmer said the public were looking for “actions, not words”, when it came to their mortgages.
He said there are “many mortgage holders, many families, across the country who are now even more worried about paying their mortgage”.
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0:44
Labour: ‘People want action not words’
He said: “They know that the government’s been about for 13 years, they know the government crashed the economy last year.
“What they want, I think, is a much stronger sense that the government is gripping this; action, not words.”
Shadow chancellor Rachel Reeves also attacked the “government’s failure to make this set of measures mandatory”, and said there was “a big lack of clarity and certainty about the timelines”.
She said the Conservatives should “take responsibility” and adopt Labour’s plan, announced on Thursday, that would see all banks made to allow borrowers to switch to interest-only mortgage payments and lengthen the term of their mortgage period.
But a Treasury spokesperson said: “Today’s measures will offer comfort to those who are anxious about high interest rates and support for those who do get into difficulty.
“The chancellor is clear that he expects smaller lenders to sign up and to offer their customers similar flexibilities, and thinks it is the right thing to do – and we are aware several will be considering over the coming weeks.”
Black Knight‘s newly launched mobile app will help to simplify and speed up home equity lending for borrowers, the company says.
The mortgage app, called “Validate,” enables homeowners to submit property photos as part of their application for a home equity line of credit (HELOC) or home equity loan, which helps to accelerate the loan approval process.
After a homeowner submits photos of specific areas of the interior and exterior of their home, Validate uses geofencing and time stamps to confirm that photographs are up-to-date and accurately reflect current property conditions.
Artificial intelligence (AI) will estimate the property’s current condition and quality, then compare it with similar homes using the Black Knight Complexity Profiler to create a condition-adjusted value estimate. Equity is calculated by deducting any outstanding mortgage liens, as identified in Black Knight’s public records data, the firm said.
“Since actual photographs and AI extrapolations are used, the accuracy of the automated valuation model is more attuned to the property’s unique condition. Homeowners create their own verifiable property condition report – in a lender-accepted format – that is combined with other tools, such as Black Knight’s AVMs and Complexity Profiler, to greatly accelerate the HELOC decision-making process,” Ben Graboske, president, Black Knight Data & Analytics, said in a statement.
After borrowers submit current property photos, Validate will ask homeowners to specify any repairs that need to be performed and to certify that the information submitted is accurate. Results are presented to the lender via a loan origination system-integrated API or a PDF report.
Black Knight’s launch of the Validate App comes amid home equity lending remains a bright spot in a sluggish housing market that faces high inflation and elevated interest rates.
With nearly 92% of homeowners having an interest rate below 6%, buyers who are looking to move can tap into their home equity that rose during the pandemic years.
About $251 billion of HELOCs originated in 2022, up from $182 billion in 2021, according to a report published by Home Equity Lending News.
One of the top problems I hear from website owners is that they can’t seem to get enough page views.
I completely get it.
You can write all the blog posts you want, but if no one reads them then it would be hard to make money.
Even after 10 years of blogging, traffic is something that I work on nearly every single week.
See, there are always new things to learn. The online world is constantly evolving, which means that you have to stay up to date and find new ways to grow.
It’s one of the harder things about blogging, but I do love it.
While growing a website is hard work, I am extremely grateful for the business that I have built. I am able to work whenever I want, I work from home, I can travel whenever, I am able to spend all the time that I can with my family, and I am able to retire early.
And, if it weren’t for all of my wonderful readers, this wouldn’t be possible.
If you are wanting to make money with your website, then I highly recommend learning about the different ways you can get page views.
If you are looking to grow your website, then I highly recommend finding a few trainings from this year’s BC Stack that interest you. This ends tomorrow, so don’t miss out! How to get over $5,000 in website traffic trainings for only $49.
Once a year, this popular bundle of resources goes on sale, with new products, to teach you all about blogging and running your own online business.
Many of you purchased this last year, and it’s back again. With all NEW courses and resources! So, even if you purchased last year’s, you’ll want to take a look at this year’s bundle because everything is new.
This year’s BC Stack is entirely focused on traffic and pageviews. With this year’s BC Stack, you can learn how to drive page views and traffic with 65 different strategies.
This stack of trainings will teach you how to get traffic from:
Updating your old blog posts
Pinterest
Emails
Podcasting
Live speaking
Facebook groups
Instagram
Eventbrite
SEO
YouTube
TikTok
Media features
Social media ads
And so much more!
Some of the trainings included in this year’s BC Stack are:
How to Boost Your Blog Traffic with Low Competition Keywords by Cate Rosales ($47 value)
Facebook Group Growth Masterclass: Learn how to Build a Thriving Group and Turbocharge Targeted Traffic Towards Your Offers by Jennifer Henczel ($997 value)
Drive Traffic with TikTok – The Secrets to Growing Your Community with Short-Form Video by Ken Course ($195 value)
SEO Optimized Blog Post Template Pack by Lucrezia Iapichino ($47 value)
2023 Blogger Breakthrough Summit Audio Pass by Elizabeth Stapleton ($49 value)
AI Traffic Mastery by Dwayne Jeffries ($297 value)
Grow Your Biz By Speaking At Events by Crissy Heron ($67 value)
Get High-Quality Traffic from Partners by Ellen Finkelstein ($247 value)
Easy Content Makeover: How to Double Your Traffic without Making New Content by Nick Loper ($97 value)
Use Virtual Summits to Drive Traffic and Grow Your Biz by Ray Brehm ($497 value)
Traffic: Eyeballs and Opportunities by Piggy Makes Bank ($208 value)
The SEO Content Writing Course by Heather Ritchie ($67 value)
How To Guide on Creating Traffic To Grow Your Business by Dan Miller ($17 value)
Insta Leads Generation by Cat Griffin ($147 value)
Peeling Back the Layers: Products and Placement Strategies for Driving Traffic to Your Amazon Influencer Content by Liz Saunders ($29 value)
Increase Your Podcast Traffic with SEO & Video by Krystal Proffit ($97 value)
CLICK CLICK BOOM: Accelerate Your Website Traffic for Explosive Growth by Chad Fullerton ($29 value)
What if you could go live and sell your products in record time? by Sunni Hearin ($97 value)
Write & Publish Your Way to More Traffic by Donna Kozik ($299 value)
Facebook & Instagram Ad Bootcamp by Amanda Robinson ($475 value)
Grow Without Social Media: Eventbrite by Monica Monfre ($57 value)
Quora Keyword Mastery by Christopher Kokoski ($47 value)
YouTube Ads Made Easy by Chris Lockwood ($39 value)
ETSY SEO by Etsy Expert Cherina Booker
So You Wanna Be In A Bundle by Michelle Francik ($17 value)
How to Use Media Coverage to Increase Sales and Grow your Brand by Lauren Cobello
Turn Traffic into Email and Email into Traffic by Angela Wills ($45 value)
Traffic from Pinterest 2023 by Carly Campbell ($47 value)
YouTube Traffic Secrets: 23 Proven YouTube Traffic Tactics for 2023! by Lou Bortone
Turn Podcast Listeners into Subscriber Traffic by Stacy Zant $97 value)
Starting SEO using free tools by Lisa Atkinson ($57 value)
Funnel Workshop: Increasing Traffic + Revenue with a Self-Liquidating Offer by Magan Ward ($47 value)
Game Changing Prompts to Boost Your Traffic by Denise Wakeman and Andy O’Bryan ($97 value)
Social Media Mastery: Driving Epic Traffic and Conversions by Lori Lyons ($497 value)
Pin With AI: A Time-Saving Strategy to Grow Your Reach by Katie Hart ($27 value)
Printables Pinning Academy by Becky Beach ($147 value)
Fast Track Your Blog Traffic by Arfa Nazeer ($35 value)
Boost Your Opt In Traffic by Jan Small ($37 value)
Optimize your Social Media for Business by Natalie Suppes ($200 value)
Find Your Audience by Naima Sheik ($37 value)
Etsy Printable Shop Traffic Accelerator Course by Carmen Chan ($47 value)
Whether you’re a blogger, book author, have a sales page, created a course, host a podcast, have an Etsy store, or have some other type of business, it’s important to know how to drive traffic to your website.
Remember, with the BC Stack, you can get over $10,000 in online business/blogging resources for only $49. This stack of trainings ends this week.
Here are some of the trainings I personally signed up for and am currently enjoying:
Easy Content Makeover: How to Double Your Traffic without Making New Content ($97 value) – This is the training I am most excited about, and I have already gone through a few lessons and highly recommend it. If you have been blogging for awhile, then you can probably make some small changes to update your old content and dramatically increase traffic. The posts that you have written months or years ago can probably be improved so that Google can notice them. This is a great and fast way to improve the blog posts that you already have, instead of creating new content.
Get High-Quality Traffic from Partners ($247 value) – Learn how to get traffic from partners who recommend what you’re offering. In 6 videos, you’ll see how it’s done, and you’ll get forms, calendars, and other tools to help you get started.
Boost Your Opt In Traffic ($37 value) – This is a top question I get – How can I get traffic to my email list? Here’s how to get traffic to your opt-in freebie offers. Get all the traffic you need to grow your list with this 37-page Opt-in Traffic workbook and checklist with 33 quick traffic boost ideas for even more traffic.
SEO Optimized Blog Post Template Pack ($47 value) – With this comprehensive package of structured frameworks, templates, resources, and proven strategies on your side, you will streamline your blog post creation and optimization process, improve click-through rates, boost your website’s visibility, increase your organic traffic, and generate more revenue.
Write & Publish Your Way to More Traffic ($299 value) – Create a welcome jam of visitors to your site, blog, podcast or Facebook group using the power of publishing. During this workshop conducted by USA Today and Wall Street Journal bestselling author Donna Kozik, you’ll discover the strategies and tactics to draw in interested readers, listeners and customers.
Grow Without Social Media: Eventbrite ($57 value) – What if you could create a workshop once and generate revenue from it on repeat? You absolutely can and it is much easier than you think! Join Monica Monfre, multiple six figure entrepreneur and master teacher, to learn how to take your expert knowledge and use Eventbrite to make sales on repeat.
Traffic from Pinterest 2023 ($47 value) – This is a training pointing out things that are affecting Pinterest traffic right now (June 2023). It is a fascinating look at the Pinterest algorithm including keywords, colors, styles, and other things that affect your ability to get massive traffic from Pinterest. (Carly gets 100,000+ visits/month from Pinterest)
Group Growth Masterclass: Learn how to Build a Thriving Group and Turbocharge Targeted Traffic Towards Your Offers ($997 value) – Are you ready to take your business to new heights and unlock the true potential of Facebook Groups? If you haven’t tapped into this powerful resource yet, now is the time to start. Build your credibility while building your community. Attract your ideal audience and drive traffic to your offers.
Click here to check out the BC Stack.
FAQs about BC Stack
Here are some common questions I’ve received:
What is the BC Stack? – The BC Stack is a bundle of 65 courses, products, and trainings that will help you get traffic to your online business, website, or blog.
“Why am I able to get 65 courses and resources for only $49?” – The bundle is a low price because the creators of each resource are using it as an opportunity to get their name in front of thousands of new readers.
Who is the BC Stack for? – The BC Stack is for people who have a podcast, blog, online business, e-commerce store, coaching business, and more. Whether you are just getting started with your business or if you have been doing it for years, you can benefit from the BC Stack as there are many valuable resources in this bundle of resources that can help you to improve your business.
Can I buy the BC Stack after it ends? – No, you cannot buy the bundle afterwards. The doors only open once a year. This is because there is an agreement/contract with the contributors – that the BC Stack is only open for a limited time due to the low pricing.
Do I have to get the items right away? Do I get to keep them forever? – There are a couple items that are memberships which you get for a fixed period of time, like 6 months or a year. Otherwise the rest are yours forever. Now, you have to grab/register/join/download the items in the next 60 days. The downloads page comes down after that. Just grab the stuff in the next 60 days and it is yours forever.
“Which products will I receive?” You will receive access to all of them that are listed on the sales page (all trainings and resources!).
“How do I access and/or download the products in BC Stack?” Once you purchase BC Stack you will receive an email with a link to the downloads page. All instructions on how to access them are in the email and on the downloads page. It’s easy.
BC Stack Review – 2023
“Is it worth it?”
Okay, so you may be thinking that this deal sounds too good to be true. I understand that there are over 60 resources in this bundle and you may even be overwhelmed thinking about that.
I know that most people won’t take them all, but you have the option to take all for the low $49 price. Even if you could just pick one, two, or three resources from this bundle, you would be getting a valuable deal out of it.
For me, I am already signed up for many different trainings and I know that it will be worthwhile for me.
Are you a small business owner looking to find a bank that offers a comprehensive list of services, convenience, and safety? Do you want a bank that offers a brick and mortar in-person option or are you fine with online? Are you looking for a high APY? Or, are you just totally overwhelmed with all of the choices and different options?
Regardless, having a business bank account is just a smart move. You’ll be able to keep your business finances separate from your personal finances and, as you’ll see below, you’ll have access to critical business tools like invoicing for your clients.
No matter where you’re at in your search for a bank to support your small business, read on and let’s see if I can find a bank that best fits your needs.
What’s Ahead:
Overview of the best banks for small businesses
Financial Company
Best for
Fees
APY
Bluevine
Those who need to write paper checks
None
2.0% on balances up to $250,000 (conditions apply)
Novo
Freelancers and those with side-hustles
None
None
Lili
Freelancers looking for accounting tools
$0 for Lili Standard; $9 monthly for Lili Pro
2.00% APY with Lili Pro
Chase Business Checking
Those who want an in-person banking experience
$15 per month
OR
$0 per month if you deposit $2,000 or more in new money within 30 days of enrollment and maintain a $2,000 balance for 60 days OR if you maintain a linked Chase Private Client Checkings or Chase Sapphire Checking personal account
0%
Axos Bank Business Checking
Someone looking for a stellar online bank
No monthly fees No maintenance fees No overdraft fees
1.01%
LendingClub Bank
More established businesses
$10 per month if your balance is less than $5,000
0.10% APY if your balance is above $5,000
Bluevine
Bluevine has made a name for itself in the business banking world. With free business checking from Bluevine, you don’t need a minimum balance to start. Get unlimited transactions each month and online statements at no charge.
Keep more cash in your business’s coffers—you won’t be charged any fees for incoming wire transfers or insufficient funds. You’ll also receive two free checkbooks.
You can access your account at no charge at more than 38,000 MoneyPass ATMs nationwide. If your card is missing, you can lock the account in no time. And, when you need to deposit cash, you can visit GreenDot at more than 90,000 locations.
The mobile app provides a full range of features you’d get at a brick-and-mortar location, with the convenience of banking wherever you are. Check your balance, set up a transfer, and deposit checks with ease. Though Bluevine does not offer in-person service, you can get assistance from the support team via email or phone.
Bluevine also pays interest on your checking account. Currently, the APY is 2.0% on balances up to $250,000, which is significantly higher than the national average. To qualify for that interest rate you must meet one of the following monthly eligibility requirements:
Spend $500 per month with their Bluevine Business Debit Mastercard®, which can be used everywhere Mastercard® is accepted
Receive $2,500 per month in customer payments into their Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from their merchant payment processing provider
Banking with Bluevine can help your small business grow. Its checking account and additional features are flexible, quick, and easy to use. Bluevine also offers financing options, and it provides expertise in small business funding.
Learn more about Bluevine or Read MU30’s full Bluevine review here.
Novo
Novo was built with small business owners in mind. They offer a business checking account that comes with unique, easy-to-use features that are perfect for almost any business or freelancer.
Open your account whenever, wherever, in a matter of minutes with as little as $50. Novo won’t charge you a monthly fee.
The company prides itself on not surprising customers with any hidden fees. ACH transfers, funds wired to your account from the U.S. or abroad, and ATM use all have zero fees attached. Novo does charge a $27 fee if you have an overdraft on the account.
Novo’s made for banking on-the-go. Convenient features include TouchID app login, the ability to deposit checks by snapping a photo, and transferring funds with the touch of a finger. Novo offers stress-free integration with existing software like Quickbooks and Slack to pull your small business together.
While Novo was built for efficiency and simplicity, the company does have a top-notch customer support staff to assist you during regular business hours. You’ll get a real person—not a bot—and an answer to your question in less than an hour. If you’re working early or late, you can reach out for customer support via the app.
Learn more about Novo Bank or Read MU30’s full Novo review here.
Lili
Lili niches down even further than Novo, creating a banking platform designed specifically for freelancers.
You’ll get banking with no minimum balance or opening deposit required. That makes it easy to create a separate account for your business transactions, which becomes vital during tax time. There are no hidden fees, and the standard account is free.
With Lili, if you are paid via direct deposit, you’ll have access to those funds as early as two business days before you could use them in other bank accounts.
Access your account at no charge at more than 38,000 MoneyPass ATMs nationwide, and if your Visa® business debit card is missing, you can lock the account in no time.
But where Lili really shines is in its freelance-geared accounting tools. You can easily track your transactions in real-time and assign them categories. At tax time, just pull a report and you’ll have all your deductions right in front of you.
Lili also has a pro account (Lili Pro) that takes those business tools to the next level. With Lili Pro you’ll get customizable expense categorization and unlimited invoicing, and earn cash back on your spending with certain merchants, as well as 2.00% interest on your savings. There’s a $9 monthly service fee with this account, but it also covers you for up to $200 in fee-free overdrafts.
Lili also offers automatic savings features that allow you to have small amounts of money pulled out of each deposit and put into “buckets.” You can save for taxes, build an emergency fund, and more using this tool.
What’s best is that you can set up your account in just three minutes, perfect for the freelancer looking to save time (and money).
Learn more about Lili or Read MU30’s full Lili review here.
Chase Business Complete BankingSM
Chase offers in-person and online options. Whether you’re looking to open a personal or business account, credit card, or take out a loan they offer a total banking experience.
With Chase Business Complete BankingSM, you can handle your business banking on-the-go, online, or in person. Chase gives you access to more than 16,000 ATMs and more than 4,700 brick-and-mortar branch locations.
As a small business owner, you watch your budget closely. Chase Business Complete Banking℠ has a $0 monthly service fee if you maintain a $2,000 minimum daily balance for 60 days or if your account is coupled with your personal Chase Private Client Checking or Chase Sapphire Checking account. Otherwise, the monthly service fee is $15 with ways to waive (or $12 if you skip paper statements and get them electronically).
For a limited time, the bank is offering a $300 bonus to new Chase Business Complete Banking℠ customers who make a $2,000 new money deposit within 30 business days of the start of your new account. You also need to carry a $2,000 minimum balance over the span of 60 days and make five qualifying transactions, like debit card payments or wire transfers, in 90 days.
If you like the convenience of online access mixed with the comfort of knowing you can visit a traditional branch, Chase is a great banking option for your small business.
Learn more about Chase Business Complete BankingSM or Read MU30’s full Chase Business Complete Banking℠ here.
Axos Basic Business Checking
Axos is a digital bank that offers its customers a comprehensive banking experience — from checking and savings accounts to home, auto, and personal loans.
Its Basic Business Checking and Business Interest Checking are the best fit for small businesses. New business owners get a $200 welcome bonus with promo code NEWBIZ200. Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.
Basic Business Checking requires a $0 minimum opening deposit requirement. The account is not subject to monthly maintenance fees plus you get unlimited transactions.
Business Interest Checking requires a $100 minimum deposit to start. There’s no monthly maintenance fee if you carry a $5,000 daily balance. If the account dips below that, the monthly fee is $10. You get 100 transactions a month at no charge, then pay $.50 per item. With Business Interest Checking, you’ll earn a 1.01% APY*.
Enjoy the convenience of remote deposits anywhere and anytime via your mobile device. You can make cash deposits through wire transfer. Axos offers free online banking, mobile banking, and online bill pay free of charge.
You can integrate your account with QuickBooks to streamline your small-business budget processes.
If you’re ready to open an account for your small business, Axos has been in business for 20 years and provides a variety of online services to fit your needs. It’s a solid small-business choice.
Learn more about Axos or Read MU30’s full Axos review here.
LendingClub Bank
LendingClub is an online-only bank that offers a full suite of services for businesses of all sizes.
Its Tailored Checking product is the best choice for small businesses. It also features Relationship Checking and Account Analysis Checking for larger companies with a higher transaction volume, as well as Interest Checking for non-profits and municipal organizations.
If you’re a small business owner or independent contractor, Tailored Checking boasts ease of use and 27/7 online and mobile access. Account management features include the ability to deposit checks, do a balance inquiry, and examine statements and transaction history.
With your LendingClub account, you can transfer funds to internal accounts, conduct wire transfers, and issue payments to others.
You can access funds fee-free at 20,000 ATMs across the country. The LendingClub debit card comes with a host of protection options, including setting transaction, activity, and location limits, receiving real-time security alerts, and deactivating a missing card via the app.
Your LendingClub account integrates with Autobooks so you can create and email customer invoices, then receive payments via card or electronic transfer.
LendingClub accounts do have fees attached. You’ll pay $10 per month if your account balance is under $5,000, a $5 per day overdraft fee, and fees to initiate and receive wire transfers.
Learn more about LendingClub Tailored Business Checking or Read MU30’s full LendingClub review here.
What’s the difference between a personal and a business bank account?
It just so happens that there are some extra benefits that come with opening a business bank account including:
Added protection. A business account offers limited personal liability protection and purchase protection for your customers.
Line of credit. Many business banks offer you the option to take out a line of credit for your company. So, if you encounter an emergency or require some cash this can be incredibly helpful.
Additional information required. When it comes to opening a business bank account you will need to provide some additional information such as your Employer Identification Number (EIN) or Social Security number if you’re a sole proprietorship and business license.
Do I need a business bank account for my small business?
It is highly recommended that as a small business owner you have a separate business bank account for the following reasons. First, it helps to keep your business and personal expenses separate
Second, this separation is extremely useful when it comes time to do your taxes. You don’t want to be sifting through your personal expenses trying to identify a business cost.
Third, having a business account makes you appear more professional and legitimate. And fourth, if your company is legally separate from you, as with an LLC or Corporation, then you need to have a separate account to protect your personal property in case of a lawsuit.
What are some important features to look for in a small business account?
When you start your search for a small business bank account that will best suit your needs consider the following features:
Fees (maintenance fees, transaction fees, etc.).
Interest rates for savings and checking accounts.
Minimum balance requirements.
Security (FDIC member).
Location.
Access to ATMs.
Online vs. in person.
Card options (is a debit or credit card available).