Are you thinking about purchasing a second home? Maybe you live in a cold climate and want a home in a warmer area during the winter months. Or, maybe you have adult children who moved away and you’d like to be near them during the holidays.
A traditional mortgage is one option for purchasing a second home, but your primary home could also help. For example, you may be able to tap into your home’s equity with a home equity loan to get the money for a down payment or cover the full cost of purchasing of a second home.
Home equity loans are often a smart option to consider because you can borrow large amounts at a competitive rate. And, since the average homeowner currently has about $193,000 in tappable equity, a home equity loan may be a compelling way to purchase a second home right now.
Find out the top home equity loan rates available to you now.
3 times to use a home equity loan to purchase a second home
Here are three times it makes sense to use a home equity loan to purchase a second home.
When you have plenty of home equity but little cash
The amount of cash required to purchase a second home is a significant hurdle for many people. And, if you take the traditional mortgage route, you will need enough for a down payment and to cover your closing costs. That often means having tens of thousands of dollars or more on hand, depending on the price of the home and other factors.
A home equity loan could be useful if you don’t have as much cash as you need on hand to purchase a second home. You can use the funds to make a down payment on the second home you’re purchasing, for example. And, depending on the amount of equity available to you, you may have enough to also cover the closing costs for your second home.
Explore your top home equity loan options online now.
When you need a fixed monthly payment
There are multiple ways to finance the purchase of a second home with your home equity. Some, like home equity loans, come with fixed interest rates. Others, like home equity lines of credit (HELOCs), have variable rates that can change over time. If your goal is to have a consistent monthly payment amount on the money you borrow from your home’s equity, a home equity loan is usually the better option.
“Fixed-rate home equity loans provide much more certainty when compared to a variable-rate HELOC because homeowners can know exactly what their monthly payment will be before taking out the loan,” says Darren Tooley, a senior loan officer at Cornerstone Financial Services. “This allows the borrower to budget and know exactly what to expect on a month-to-month basis.”
When you know exactly how much money you need
Home equity loans allow you to borrow against your equity with a lump-sum loan. As such, it can make sense to use a home equity loan to purchase your second home if you know exactly how much money you’ll need to make the purchase.
For example, you may be purchasing a new home that is unlikely to need repairs in the near future. Or, you may have a clean inspection report and aren’t planning to make updates or changes to the home’s appliances, fixtures or features.
In these cases, you likely won’t need to borrow extra home equity money for renovations or repairs, so the costs are relatively fixed in terms of the amount you need to borrow. In turn, a home equity loan can make more sense than other options.
Compare your home equity lending options to find the right loan for you today.
The bottom line
If you’re in the market for a second home, it can make sense to use a home equity loan to fund your purchase. That’s especially true if you have plenty of equity but little cash, want a fixed monthly payment amount and know exactly how much money you’ll need to purchase your second home. Compare your home equity loan options now.
Joshua Rodriguez
Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.
Hernandez told Mortgage Professional America that the event came about through a desire to showcase the unique role played by women in the mortgage industry, amplify their voices, and boost their chances of success in an industry that’s often wrongly viewed as a male-dominated one. “I just decided, ‘I’m going to go ahead and create … [Read more…]
Spring is a time for new life and new vibes and home décor is one of the best (and easiest) renewal tools you have for a fresh start. Your space should feel as comfortable and stylish as it is functional, so adding the perfect home décor accents is a great way to make that dream a reality.
Plus, this year has been ripe with trends as timeless as they are trendy. Whether you want to go full Barbie with a retro pink kitchen, incorporate Pantone’s 2024 Color of the Year, or hope to soak up some sunshine with a tropical chic décor theme, the following list will take you wherever you want to go. And you’ll get there in style. From sprucing up your home coffee station to creating your dream eclectic kitchen, check out these trendy home décor ideas for an easy spring makeover.
For your home coffee station
1. Cuisinart Grind and Brew 12-Cup Automatic Coffee Maker
Cuisinart Grind and Brew 12-Cup Automatic Coffee Maker
Start your daily grind with the perfect cup of coffee. In fact, with this great grind and brew machine, you can start it with 12 cups.
2. Glass Coffee Containers
Glass Coffee Containers and Coffee Station Organizer
Keep your coffee ingredients in order with these airtight containers for maximum freshness. The coffee organizer means you’ll give off major barista vibes any time you invite friends over for a cup of joe.
Eclectic kitchen décor finds
3. MacKenzie-Childs Courtly Check Canister
MacKenzie-Childs Courtly Check Canister
This set of three checkerboard pattern canisters will make your kitchen look great, and keep your ingredients organized all at the same time. Because home décor is no game!
4. Softiest Designs UO Exclusive Disco Donut Sculpture
Softiest Designs UO Exclusive Disco Donut Sculpture
You’ll be ready to dance the day away with this sparkly disco donut sculpture to liven up your kitchen.
To refresh your coffee table décor
5. Anthropologie Less Ottomans Hand-painted Menagerie Tray
Less Ottomans Handpainted Menagerie Tray
With two color options, this hand-painted menagerie tray makes an interesting addition to any coffee table, whether it’s used for food and beverage service or just for holding your favorite nicknacks!
6. Annie Leibovitz XXL Coffee Table Book
Annie Leibovitz XXL Coffee Table Book
Annie Leibovitz is one of the most celebrated photographers of the 20th century. Now, you can have her most iconic photos gracing your living room coffee table.
For your retro pink kitchen
7. Pink Smeg Retro Stand Mixer
Smeg Retro Stand Mixer, Pink
Nothing’s more fun than mixing it up with this gorgeous pink retro mixer from Smeg.
8. Retro Bottom Freezer Refrigerator in Pink
Retro Bottom Freezer Refrigerator in Pink
This retro pink refrigerator makes a real statement. And that statement is “I’ve got style and I don’t care who knows it!”
For your work-from-home setup
9. Industrial Modular Wall Desk
Industrial Modular Wall Desk
If you want to set up the ultimate work-from-home area, check out this high-quality adaptable wall desk set. It has five wood finishes and changes constantly to suit your needs, unlike your boss.
10. Katsunori Ergonomic Executive Chair
Katsunori Big and Tall Ergonomic Executive Chair
While comfort is important, great looks can’t be underestimated when it comes to a quality executive chair. This one is as comfy on the eyes as it is on the back, especially for the big and tall.
For fans of tropical chic décor
11. Tropical Leaves Wall Art
Tropical Leaves Wall Art
You’ll swear you’ve landed in the South Seas with these trendy wooden tropical leaves. They offer a lovely tropical silhouette to your living room wall.
12. Tropical Bloom Removable Wallpaper
Tropical Bloom Removable Wallpaper
What’s better than beautiful tropical wallpaper? How about beautiful tropical wallpaper that you can take with you when you move?
To hop on the aluminum furniture trend
13. Deco 79 Aluminum Drip Accent Table
Deco 79 Aluminum Drip Accent Table
This aluminum table is dripping with style. It’ll be a real conversation piece in any room you choose to place it.
14. Leporis Aluminum Accent Stool
Leporis Aluminum Accent Stool
This aluminum table is absolutely dripping with style. This will be a real conversation piece in any room where you choose to place it.
For Vintage Americana vibes
15. American Flag Framed Print
American Flag Framed Print
Nothing gives off vintage Americana vibes like a weathered framed flag print adorning your wall. You’ll pledge allegiance to spring with this one!
16. American Art Décor Licensed Chevron Gas Pump Plaque
American Art Décor Licensed Chevron Gas Pump Plaque
This cool gas pump wall plaque takes you back to a time when gas was just fifty cents a gallon and you had to buy cool wall décor IN PERSON.
For fun chalk sign ideas
17. Rustic Magnetic Kitchen Chalkboard Sign
Rustic Magnetic Kitchen Chalkboard Sign
A farmhouse-style chalkboard is a great way to give your kitchen folksy charm while offering an easy method to leave notes to family. Just don’t let them add too many treats to that grocery list!
18. WiFi Chalk Board Sign
Simply Said, INC WiFi Chalk Board Sign
Perhaps the most common question in any modern home is “What’s the WiFi password?” Now you can answer the question before it’s even asked with this fun chalkboard.
For fish tank-themed fun
19. Maryjane Mirrored Wall Mounted Aquarium Tank
Maryjane Mirrored Wall Mounted Aquarium Tank
Here fishy fishy! Decorate your home with this lovely one-gallon fish tank without taking up any additional counter space.
20. Fantasy Jellyfish Aquarium
Fantasy Jellyfish Aquarium
Now you can have fish tank fun without the hassle of caring for…you know…fish! This aquarium is maintenance-free and features lifelike rubber jellyfish that move and sway.
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Technological advancement and innovation will drive the demand for textile home decor market.
Wilmington, Delaware, United States, Feb. 13, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The textile home decor market was valued at US$ 92.5 billion in 2022. By the end of 2031, it is expected to reach US$ 146.9 billion, expanding at a 5.4% CAGR during the forecast period. Technology will continue to play an increasingly important role in the design and manufacture of home decor products. Sensors and technology embedded in textiles and fabrics may become more popular for controlling temperatures, lighting, and even interactive features.
Textiles that are both attractive and functional have the potential to redefine the concept of home products. It is anticipated that consumer demand for individualized and distinctive items will only increase. It may become more common for consumers to use customization tools and services to create their own textile home décor pieces. This style is in line with the growing significance of uniqueness in interior design.
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Sustainability is expected to gain more attention in the future. There is an increasing demand for eco-friendly, organic, and sustainably sourced materials in home design as consumers become more ecologically concerned. Businesses that use sustainable methods could get an advantage over their competitors.
Key Findings of the Market Report
An increase in interior decor expenditure contributes to the growth of the textile home decor market.
Textile home decor accounted for the largest share of the market in North America in 2022.
A rise in residential construction increases the size of the textile home decor market
Living room decor has become more popular, which has led to a rise in the demand for living room linen.
With the rise of e-commerce stores, textile home decor is expected to become more affordable.
Global Textile Home Decor Market: Key Players
With the mounting demand for textile home decor with sustainable fabrics, several manufacturers are developing environmentally friendly home decor ideas and advanced textiles.
Prominent Market Players
Inter Ikea Systems B.V.
Mohawk Industries Inc.
Ashley Furniture Industries Inc.
Berkshire Hathaway Inc.
Williams-Sonoma Inc.
Nitori Holdings Co. Ltd.
Leggett & Platt, Incorporated
American Textile Company Inc.
Kurlon Enterprise Limited
Companhia de Tecidos Norte de Minas
Mannington Mills Inc.
Key Developments
In March 2023, ÖMSESIDIG added a new element to IKEA’s collection, exploring the traditions of coming together, celebrating, and culture in Latin America, collaborating with Mexico, Chile, and Colombian designers. In April, a wide range of products, including glassware, tableware, decorations, and textiles, was available in IKEA stores.
In May 2023, Williams-Sonoma, Inc. released GreenRow, the company’s first major brand in over a decade. An infusion of bright color contrasts with sustainable home decor and furniture collection. Using leftover fabric from ottomans for stool upholstery is one way the brand utilizes scraps of material.
Global Textile Home Decor Market: Growth Drivers
The need for textile home decor items is greatly influenced by shifting customer tastes and lifestyle trends. Unique and visually appealing home furniture is becoming increasingly popular as people look to customize their living areas.
Textile home décor pieces, including pillows, rugs, and curtains, allow customers to show off their unique flair, fueling the market for creative and varied patterns.
The growth of e-commerce has greatly impacted the market for textile home décor. Online shopping’s ease of use has expanded the market for well-known and up-and-coming companies, giving customers simple access to a large selection of goods. E-commerce sites provide a venue for producers and craftspeople to present their textile home décor lines, expanding the market’s reach internationally.
Sustainability is a factor that influences the textile home décor industry. Customers are looking for eco-friendly and sustainable solutions in home furnishings as their knowledge of the environment grows. In response, producers are using eco-friendly materials, using sustainable production methods, and encouraging ethical sourcing.
This move towards sustainability fits with global efforts for a more responsible and environmentally friendly production process and customer preferences. This helps to drive the textile home decor market’s overall expansion.
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Global Textile Home Decor Market: Regional Landscape
Asia Pacific’s textile home decor industry is forecast to grow robustly during the forecast period. Rapid urbanization and rising disposable incomes are driving home design item demand in the region. Increased urbanization and better economic conditions fuel a demand for textiles in home design, resulting in increased emphasis on improving living spaces.
Cultural diversity and a rich heritage in many Asian countries influence home decor preferences. Consumers frequently seek products that reflect their cultural identity and customs, resulting in a wide and active market for textiles catering to a variety of design aesthetics and trends.
E-commerce is also playing a major role in Asia Pacific’s economic growth. With an increasing number of consumers preferring online purchasing for its convenience and accessibility, textile home décor firms have broadened their reach via digital channels. This change to online retail not only gives consumers a wider range of options but also allows manufacturers to reach new markets and demographics.
Global Textile Home Decor Market: Segmentation
By Product Type
Rugs
Bath Linen
Bed Linen
Kitchen and Dining Linen
Curtains
Living Room Linen
Floor Carpets
Others
By Distribution Channel
Retail Stores
Direct-to-Consumer
Manufacturer Stores
E-commerce Stores
Discount Stores
Rental Stores
Club Stores
DIY Stores
By Application
Indoor
Outdoor
Others
By Region
North America
South America
Middle East & Africa
Asia Pacific
Europe
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More Trending Reports by Transparency Market Research –
Cooking Hood Market – The market was valued at US$ 11.9 Bn in 2021 and it is estimated to grow at a CAGR of 4.8 % from 2022 to 2031 and reach US$ 18.7 Bn by the end of 2031
Smart Kitchen Appliances Market– The industry was valued at US$ 3.5 Bn in 2021 and it is estimated to advance at a CAGR of 12.0 % from 2022 to 2031 and reach US$ 10.8 Bn by the end of 2031
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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On Tuesday March 12, 2024, Susan Mary Turner, loving wife, mother, sister, and grandmother, passed away at the age of 77. Susan was born on Feb. 16, 1947, in Racine, to Arthur and Mary (née Peck) Greer.
Draeger-Langendorf Funeral Home.
In lieu of flowers and in memory of Sue, the family requests donations be made to St. Jude Children’s Research Hospital.
Obituary and photo of Susan Mary Turnercourtesy of Draeger-Langendorf Funeral Home.
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Tyler, The Creator, a name synonymous with innovation, creativity, and sheer talent, has not only made waves with his groundbreaking tracks but also through his impressive forays into fashion and entrepreneurship.
With two Grammy Awards under his belt and a net worth that’s the envy of many, it’s only fitting that Tyler’s living situation mirrors his larger-than-life persona.
Set in the lush, exclusive neighborhood of Bel Air, California, Tyler, The Creator’s house is a sprawling mansion that screams luxury and showcases Tyler’s unique sense of style. And it’s a significant upgrade from the rapper’s previous abode — set nearby.
That’s right, the hip-hop heavyweight, who’s also a founding member of the rap collective Odd Future is now a real-life Prince of Bel Air (and the spot was right open, as the OG Fresh Prince, Will Smith, lives in Calabasas).
He recently traded a $7 million, one-story residence originally built in 1965 for a distinctly modern, three-story home (with an endless list of amenities) also located in Bel Air. And, just in case you were wondering where Tyler, The Creator lives nowadays, we’re here to give you a closer look at his home upgrade.
The house at a glance
Fresh off the heels of his launch of a deluxe re-release of his Grammy Award-winning album, Call Me If You Get Lost: The Estate Sale, Tyler — by his real name, Tyler Gregory Okonma — splurged on a $13 million mansion in the ritzy Bel Air neighborhood.
Tucked away on a woodsy parcel sitting on almost an acre of land, Tyler paid $2 million less than the asking price for his newly renovated (or rather, rebuilt) property.
The house had been listed for sale in November 2022 for $15,000,000 and Tyler purchased it three months later, with public records showing that the sale went through right before Valentine’s Day on February 14, 2023, giving himself a grand self-gift that rivals the best box of chocolates.
And the property isn’t just your regular house; it’s a 5,000-square-foot modern marvel sitting on nearly an acre of prime Bel Air land.
With 4 bedrooms, 6 bathrooms, and an open floor plan that seamlessly merges indoor and outdoor living, the property is a dream come true for anyone with a penchant for the finer things in life. Swipe through the photos to see inside Tyler’s house:
Completely rebuilt one year before Tyler purchased it, the three-level house replaced another three-story structure built in the early 1970s, meaning the WusYaName singer is basically living in a newly built home.
Designed with an eye for contemporary elegance and a nod to rustic charm, the mansion boasts breathtaking views of the city and ocean, making every moment in this house an experience in itself.
From the custom Brazilian wood floors with a white oak finish to the steel case windows that frame the stunning vistas outside, every detail in Tyler’s home has been curated to offer not just comfort but a statement of luxury.
The inclusion of a step-up cigar lounge and a formal living room adds layers of sophistication, making the house not just a living space but a venue for artistic inspiration and high-end entertainment.
Standout amenities for the modern music mogul
But what sets Tyler, The Creator’s Bel Air mansion apart are the amenities that cater to every conceivable luxury.
Let the property’s former real estate agent, Ben Bacal — who held the listing alongside his colleague Rachael Williams from Revel Real Estate — give you the gist of things in this quick video tour posted on his Instagram profile when the house was first listed:
The saltwater swimming pool is a centerpiece of the outdoor area, perfect for those sunny California days.
For movie enthusiasts and cinephiles, the state-of-the-art movie theater offers an immersive experience without ever needing to step outside.
Health and wellness are also a priority, with a dry sauna available for a detoxifying session after a long day. The expansive wood deck, complete with a fire pit, full bar, and gas grill, ensures that entertaining guests is always a breeze, providing a perfect blend of ambiance and amenities for any gathering.
In a world where privacy is a luxury, this property, hidden behind private gates and surrounded by a tranquil woodsy setting, offers a serene escape from the hustle and bustle, giving the Grammy Award-winning rapper the much-needed privacy he deserves.
Yet, it’s the home’s tech-driven features, from the sophisticated smart home controls to the luxury of an 8-car parking space, that underscore Tyler’s penchant for the cutting edge.
The other Bel Air home Tyler sold
Tyler, The Creator’s decision to snap up another Bel Air mansion doesn’t come as much of a surprise, as the Igor rapper has long been calling the upscale Los Angeles neighborhood home.
Prior to his $13 million manse purchase, Tyler owned another Bel-Air abode, a lovely mid-century home with contemporary interiors — which he listed for sale in late 2022 for $7 million.
Tyler, the Creator Lists Bel Air Contemporary at a Loss https://t.co/qZL7wmKGCH pic.twitter.com/BDHybb9qR9
— Maniaci Real Estate Group (@ManiaciREGroup) December 17, 2022
The single-story home was built in 1965, but heavily updated sometime in the 1950s.
Sporting 4 bedrooms, 4.5 baths, a large living room with a fireplace, a huge primary bedroom with two walk-in closets, and a home theatre, the house clearly wasn’t a good fit for the Call Me If You Get Lost rapper.
Less than a year after purchasing it, Tyler listed that property at a loss (he paid $7.9 million for it just 12 months prior).
Hopefully, he’s now found the right fit with his new $13 million Bel Air abode.
More stories
The Weeknd’s $70M house was a low-key star in The Idol
12 most expensive rapper houses: Drake, Jay-Z, and Kanye in the lead
Snoop Dogg’s house of 20+ years and his spaceship-inspired music studio
Refinancing your mortgage, or replacing your existing home loan with a new one, can lower your interest rate and monthly payments or even get you extra cash from the equity in your home.
Not all homeowners are approved for refinancing, though. With home prices and interest rates still high, lenders are careful about who they approve. The rejection rate on mortgage refinance applications increased to 15.5% in 2023 from 9.9% in 2022, according to the Federal Reserve Bank of New York.
If you’ve been turned down, you still have options for refinancing — and ways to improve your chances next time.
What we’ll cover
Compare offers to find the best mortgage
Common reasons mortgage refinancing is rejected
Lenders rely on federal underwriting guidelines from Fannie Mae and Freddie Mac when deciding whether to approve a refinancing application. Some issues are easier for borrowers to address than others.
High debt-to-income ratio
How much of your money is tied up in paying off debts isa major factor in getting approved for refinancing. Your debt-to-income (DTI) ratio is determined by dividing your total monthly debts (including your current mortgage) by your gross monthly income.
A DTI of 35% or less is ideal, according to Experian, although lenders typically will consider a ratio up to 43% for refinancing a conventional mortgage, depending on how strong the rest of their application is.
Low credit score
A credit score of at least 620 is usually needed to secure refinancing, although you may be able to get FHA cash-out refinancing with a score in the 500s.
Low home appraisal
An appraisal of your home’s fair market value ensures it hasn’t significantly depreciated, especially to the point that it’s worth less than what you owe (known as an “underwater mortgage”).
If the appraisal indicates your home is in poor condition or has renovations that are not up to code, it could also lead to being turned down.
Not enough home equity
The amount of your home that you own outright is known as home equity. If you put 5% of the cost of the property as a down payment, you’re starting with 5% home equity. That amount increases as you make mortgage payments and as the home’s value increases. You typically need to own at least 20% of your home outright to refinance your mortgage.
Employment history
According toFannie Mae’s underwriting guidelines,lenders look at an applicant’s career history and income over several years. Ideally, they want to see at least two years at your current job, but you probably won’t have to worry about a promotion or a better-paying job in the same industry. A consistent income is the key.
Taking a lesser role or lower-paying job and lengthy gaps in employment are more serious red flags, as is changing jobs in the middle of the application process. However, you can always try to explain your circumstances to your lender.
What to do if you’ve been rejected for refinancing
Find out why you were denied
Lenders are legally required to explain why you’ve been turned down. Find out the reason (or reasons) and if possible, make any necessary changes so you’ll be approved next time.
Shop for another lender
You may need a lender that is willing to accept a lower credit score. Rocket Mortgage works with applicants with scores as low as 580, rather than the 620 required by most lenders.
Rocket Mortgage Refinance
Annual Percentage Rate (APR)
Apply online for personalized rates
Types of loans
Conventional loans, FHA loans, VA Interest Rate Reduction Refinance Loan (IRRRL) and jumbo loans
Fixed-rate Terms
8 – 29 years
Adjustable-rate Terms
Not disclosed
Credit needed
580 if opting for FHA loan refinance or VA IRRRL; 620 for a conventional loan refinance
Already have a mortgage through Rocket Mortgage or looking to start one? Check out the Rocket Visa Signature Card to learn how you can earn rewards
Ally Bank offers cash-out refinances for conventional and jumbo loans, allowing homeowners to convert their home equity into cash and take out a loan that’s larger than their current mortgage. Ally doesn’t charge application, origination or processing fees and its website has a refinance calculator that provides customized rates without affecting your credit score.
Ally Home
Annual Percentage Rate (APR)
Apply online for personalized rates; fixed-rate and adjustable-rate mortgages included
Types of loans
Fixed-rate, adjustable-rate and jumbo loans available
Fixed-rate Terms
15 – 30 years
Adjustable-rate Terms
5/6 ARM, 7/6 ARM, 10/6 ARM
Credit needed
Not disclosed
Terms apply.
Pay down your existing mortgage
If you didn’t put 20% down when you bought your home, you may need to pay off another chunk of your mortgage before you’re able to secure refinancing.
Work on your credit
If your credit is the problem, take some time off to raise your score. Focus on making on-time bill payments and lowering your credit utilization ratio, or the amount of available credit you’re using. Avoid opening or closing any lines of credit and check your credit reports for any errors.
Experian Boost™ is a free way to improve your credit score. It links utility, phone and streaming service payments to your Experian credit report and uses the You’ll get an updated FICO® score delivered to you in real-time.
Experian Boost™
On Experian’s secure site
Cost
Average credit score increase
13 points, though results vary
Credit report affected
Experian®
Credit scoring model used
FICO® Score
Results will vary. See website for details.
How long should I wait before applying again?
Technically, you can reapply right away, but each application requires a hard credit check, which temporarily lowers your FICO score. So, consider why you were rejected first — if your credit score was too low or you don’t have enough home equity, address the issue before applying again.
If you were turned down because of a recent job change, you may have to wait up to two years to reapply.
How to lower your mortgage payments without refinancing
Whether it’s because you’ve been denied or the rates are still too high, refinancing might not be an option. Fortunately, there are ways you can lower your mortgage payment without refinancing.
Get rid of mortgage insurance
If you have a conventional mortgage, your lender will automatically cancel PMI when you reach 22% equity. You might be able to request cancelation once your equity reaches 20%.
Recast your mortgage
Some lenders will allow you to make a large lump-sum payment toward your principal balance and then re-amortize your loan. The terms remain the same when you recast your mortgage, but the lower balance means smaller monthly payments and an overall decrease in the amount you’ll pay in interest.
Request a loan modification
If you’re facing financial hardship, you can ask to change the terms of your mortgage permanently to help you avoid foreclosure. You can also request a forbearance to temporarily reduce or pause your mortgage, but you’ll eventually have to repay the late or suspended payments.
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FAQ
What is mortgage refinancing?
Refinancing your mortgage is when you replace your existing home loan with a new one, typically to get a lower interest rate.
How much does it cost to refinance a mortgage?
Depending on the lender, there are several fees associated with refinancing, usually 3% to 6% of the loan. Freddie Mac suggests putting aside $5,000 for refinancing closing costs
Can I lower my mortgage payments without refinancing?
Bottom Line
An applicant can be denied refinancing for various reasons, from a low credit score to a new job. If you know why you were turned down, you can work on the problem and reapply.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Everymortgage article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge ofproducts. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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*Results will vary. Not all payments are boost-eligible. Some users may not receive an improved score or approval odds. Not all lenders use Experian credit files, and not all lenders use scores impacted by Experian Boost™. Learn more.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
Wondering how to stay at hotels for free? I have stayed in many hotel rooms for free over the years by using many of these same strategies below. Finding ways to get free hotel stays is a great way to travel on a budget or simply just save money on hotels. This can allow you…
Wondering how to stay at hotels for free? I have stayed in many hotel rooms for free over the years by using many of these same strategies below.
Finding ways to get free hotel stays is a great way to travel on a budget or simply just save money on hotels. This can allow you to go on more vacations and use your money for other things in life.
Whether it’s a fancy resort or a specific hotel brand, the trick is to know where to find these opportunities and make the most of them.
Key Takeaways
Loyalty programs are a direct path to earning free hotel stays. This is because they tend to give a free night after a certain number of paid stays. You accumulate points for each stay that you can redeem for free nights.
Credit card points can be used for free hotel stays. Many credit cards partner with hotel brands to give sign-up bonuses. By meeting the minimum spending requirements, you can earn points for free hotel stays. These points can be substantial, so choose a card aligned with your preferred hotel chain.
Earning gift cards from rewards platforms can be a way to make money to put toward free hotel stays.
Best Ways To Get Free Hotel Stays
Below are ways to get free hotel stays.
Take surveys for free hotel stays
You can get free gift cards by answering paid online surveys, and you can use these gift cards to help you get a free hotel stay.
So, this would work like this – you could get free gift cards to places like Hotels.com, Marriott Hotels, Holiday Inn, or even a Visa gift card (that you can use anywhere) as a reward for answering online surveys. You then collect gift cards until you reach the amount that you need to book the hotel that you want.
To get started, you’ll want to find a survey site that you trust. Some of my favorites are:
I recommend signing up for all of them so that you can get the most surveys possible to answer, which will then pay you with more gift cards.
There are also other apps that you can use as well to get free gift cards, such as Fetch Rewards and Ibotta.
I get free gift cards all the time, and recently, I logged into several of the accounts that I am signed up for and turned in my points. This led to me getting $275 in free gift cards. I personally like to wait until I have a lot of gift cards that I can redeem all at once.
Now, this would take a decent amount of time. You won’t get a free hotel stay in one day. But if you keep doing surveys, your gift cards will add up.
Recommended reading: 16 Real Ways To Earn Free Gift Cards (Amazon, Target, Visa)
How to get free hotel stays as an influencer or blogger
As a blogger and social media influencer, I have received many hotel stays for free over the years. From luxury hotels and all-inclusive resorts in the Caribbean to RV campgrounds and more, I have partnered with many different types of accommodations over the years.
And, I know of many other people who have received free hotel rooms through this as well.
Getting free hotel stays as an influencer means partnering with hotels and showing them why you’re valuable to their brand.
This may include sharing your hotel stay on your blog, Facebook, Instagram, Twitter, YouTube, TikTok, or somewhere else that you have followers and readers.
Here’s a quick guide on how to stay at hotels for free as a social media influencer or blogger:
Assess what you can offer. Hotels are looking for exposure and new customers, so your reach and engagement rates are important. How many people will see what you share about their hotel?
Customize your content to align with the hotel’s image and key messages.
Contact hotels professionally, usually through their marketing or PR department, and highlight how your content will benefit their visibility and attract potential customers. This is typically done through email.
Be clear about expectations – what you will provide and what you expect in return. Set deliverables, such as a number of posts, stories, or a video.
You can learn how to start a blog by taking my free How To Start A Blog Course. You can join over 80,000 people who have already taken the course. In this free course, I show you how to create a blog, from the technical side to earning your first income and attracting readers.
Travel credit card rewards
If you want to learn how to stay at hotels for free, this is one of the top ways.
I have earned several free hotel stays over the years by using the rewards points I have earned from my credit cards toward my hotel room. I’ve been using rewards credit cards for years, and they are pretty much all that I use now. It helps me save money on travel, earn cash back, and more.
A rewards credit card lets you earn points, miles, or cash back that you can use for almost free travel. These cards usually give you points that you can use for things like airline miles, booking hotels, gift cards, or cash back. You earn these rewards just by using your credit card for everyday purchases like groceries, gas, and shopping. But remember, it’s important to pay off your full balance each month to make sure the rewards are worth it and avoid paying extra for interest charges.
Here’s a quick summary to help you understand how rewards credit cards work:
Choose a credit card with rewards that interest you, like points, cash back, or travel rewards.
The card may require you to spend a certain amount, for example, $3,000 in the first 90 days, to get a sign-up bonus. Some don’t have any minimum requirement, and you can simply earn points for your purchases.
Use these points for rewards like cash back, hotel stays, airfare, or other options.
You can learn more about my favorite cards at Best Rewards Credit Cards, such as the Chase Sapphire Preferred Card (Chase Ultimate Rewards Points are the best!), Chase Sapphire Reserve, Marriott Bonvoy Boundless, Hilton Honors American Express Surpass Card, and others.
I also recommend reading How To Take A 10 Day Trip To Hawaii For $22.40 – Flights & Accommodations Included.
Note: Credit card rewards and even the best travel credit cards are not worth it if you go into debt. Remember to pay off your monthly bill in time (and the full amount) before interest charges accrue. Also, many of the good rewards credit cards have an annual fee each year on your card anniversary, so take that into account as well. So, you should always be careful!
Sign up for hotel loyalty programs
Hotel rewards programs are your way to get free stays and room upgrades. When you join these programs, you can earn points for a free night’s stay, and as you climb the levels, you can get additional benefits such as getting your resort fees waived.
Programs like Marriott Hotels, IHG Rewards Club, and Hilton Honors are free to join and sometimes give you a free night after a certain number of stays or points earned.
Some examples of hotel rewards programs include:
Marriott Bonvoy – Combines former Marriott Rewards, Ritz-Carlton Rewards, and Starwood Preferred Guest programs.
IHG Rewards Club – Allows you to earn points for stays which can be used for free nights.
Hilton Honors – Provides exclusive member deals and guarantees the lowest rates when booking directly.
Many travel booking sites also have rewards programs, such as Expedia even. These programs give valuable benefits like this to get you to book through them as much as possible so that they can make more money.
You can earn points in several ways beyond just booking hotel rooms:
Stay at hotels – Every night you stay earns you more points, with the amount varying by hotel and the rate you book.
Promotions – Look out for and register for periodic promotions that have bonus points.
Partnerships – Earn points through partners, for instance, by booking car rentals or flights with associated airlines.
Your accumulated points can be redeemed for free hotel nights, among other rewards. The number of points needed for a free night certificate varies by hotel brand, location, and the room’s price.
Find mystery shopping jobs at hotels
Mystery shop companies sometimes need secret shoppers to evaluate a hotel for them. I have seen these types of jobs pop up several times, and I have personally done a few as well.
These are typically just one or two-night stays in your local area, but it can make for a fun and free staycation.
This can be a great way to vacation on a budget.
Become a travel agent if you’re traveling with a group
If you often travel with groups, becoming a travel agent can be a smart choice. As a travel agent, you get industry discounts and may earn commissions on your bookings. To become one, you need accreditation, usually from a trusted program that teaches you important industry knowledge.
Here’s how you can benefit:
Access to discounts – As a travel agent, you can unlock special rates not available to the public. When traveling with a group, this can translate into significant savings.
Earn commissions – Booking for multiple people means the potential for earning commissions from hotels increases. This can sometimes offset the cost of your own accommodation.
Though this role comes with perks, it also means handling travel details professionally and responsibly for others. It’s not just about getting free stays; it’s also about making sure that your group has great travel experiences.
Work at a hotel
Working at a hotel can be a way to get free accommodation. As an employee, you can usually get discounts or even stay for free, depending on your job and the hotel’s policy.
This may include jobs such as working the front desk, being in management, and more.
Policies vary, so it’s important to know what’s available to you and to ask about the hotel’s policy on employee stays. For example, some hotels have a set number of free nights as part of the employment package. Plus, discounts on rooms can sometimes extend to family and friends.
Attend a timeshare presentation
Going to a timeshare presentation can lead to complimentary hotel stays.
These can sometimes be brutal, though, so if you think that you may end up buying a timeshare that you don’t need – then DO NOT DO THIS! Timeshares can be quite expensive and they are lifelong with annual costs.
But, if you think you can withstand the temptation, plenty of people sign up for these in order to get a free hotel stay all the time.
Here’s how this works:
Usually, your attendance at a 90-minute to 2-hour sales pitch is required.
Be prepared for high-pressure sales tactics, but remember you’re under no obligation to buy.
Incentives can range from free hotel stays, discounted travel, or even gift cards.
Make sure you understand the terms and conditions attached to the free stay.
If interested, consider the timeshare offer carefully. If not, politely decline and redeem your free stay or other perks.
Hotel promotions and deals
You can stretch your travel budget by taking advantage of different hotel promotions and deals to get the best room rates. Whether you travel often or are planning a one-time trip, there are several strategies you can use to get free hotel stays.
When you sign up for newsletters from your favorite hotel chains, you’ll receive emails on new promotions and deals (such as for seasonal sales on room rates) directly to your inbox. Some hotels might even offer a reward night, room upgrades, or welcome points just for joining at check-in.
Scan your grocery receipts for free hotel gift cards
Using grocery receipt scanning apps can be an easy way to earn free hotel stay rewards.
As you do your regular grocery shopping at grocery stores, these apps turn your grocery receipts into points, which can be exchanged for gift cards that can be used at different hotels.
Here’s how you can get started:
Download receipt scanning apps – Look for apps like Fetch Rewards (this is my favorite and the one that I use for every single one of my grocery receipts) that are known to offer hotel gift cards as a redemption option.
Scan your receipts – Every time you shop, take a second to scan your receipts using the app.
Earn points – Get points with every scanned receipt.
Redeem for hotel gift cards – Once you’ve earned enough points, browse the app’s reward section for hotel gift card options. Select your preferred hotel chain and redeem your points. With Fetch Rewards, you can get gift cards to places such as Airbnb, Hotels.com, Visa, and more.
While it will take some time to earn enough points, it can be a way to save some money on a hotel reservation.
Frequently Asked Questions
Below are answers to common questions about how to stay at hotels for free.
Is it possible to get a free night at a hotel?
Yes, you may be able to get a free night at a hotel through loyalty programs, which reward you with points for free night awards that can be redeemed for free nights. Additionally, some programs may give a free night after a certain number of paid stays or as a sign-up bonus.
How to get a hotel room for free?
You may get a free hotel room through loyalty programs, credit card rewards, by earning free hotel gift cards, and more.
How can I earn free hotel stays through surveys?
You can earn points by joining market research and filling out surveys on specific websites. These points might be traded for hotel rewards points, allowing you to book hotel stays for free.
Are there contests or sweepstakes that offer chances to win a stay at a hotel?
Yes, contests and sweepstakes run by hotels, travel bloggers, or travel websites tend to have hotel stays as prizes. You can start by possibly searching related hashtags on social media, such as #giveaway.
How can I travel luxury for free?
Traveling in luxury for free can be done by maximizing credit card sign-up bonuses and rewards, leveraging elite status with hotel loyalty programs for upgrades, and possibly collaborating with luxury hotels as an influencer if you have a strong online following.
How to get a free hotel room by complaining?
If you honestly had a bad stay at a hotel, you may be able to talk to management. Sometimes, they will give you a free hotel stay to make up for the bad review. But, you should never lie about a stay just to get a free room, as you can cost someone their job.
How To Stay at Hotels for Free – Summary
I hope you enjoyed this article on how to stay at hotels for free.
There are many ways to get free hotel stays, as you learned above.
Joining hotel loyalty programs at major hotel chains is a simple way to get free night rewards. These programs give you points for staying often, and you can use these points for free hotel nights.
Travel credit cards and hotel credit cards also give rewards that can be used for hotel stays.
If you’re an influencer or booking for a group, this may result in you getting a hotel stay for free. Other ways, like joining hotel promotions, being a mystery shopper, or attending timeshare presentations, can also get you free or cheaper stays at different places.
I have personally done many of the ways listed above to get free hotel stays at places in many states and countries. The stays have been great and have allowed me to save so much money over the years!