Online loans – Market DCD http://market-dcd.com/ Just another WordPress site Mon, 06 Sep 2021 06:49:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://market-dcd.com/wp-content/uploads/2021/06/icon-2021-06-29T174343.113.png Online loans – Market DCD http://market-dcd.com/ 32 32 Apprehension as FG woo investors over naira 2.472 billion loans https://market-dcd.com/apprehension-as-fg-woo-investors-over-naira-2-472-billion-loans/ https://market-dcd.com/apprehension-as-fg-woo-investors-over-naira-2-472-billion-loans/#respond Mon, 06 Sep 2021 05:49:25 +0000 https://market-dcd.com/apprehension-as-fg-woo-investors-over-naira-2-472-billion-loans/ As a federal government delegation led by Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed prepares for an international tour for $ 3 billion Eurobonds, experts have expressed the need to ‘move slowly. At the end of March of this year, the federal government owed 26.91 trillion naira out of the total conventional […]]]>

As a federal government delegation led by Minister of Finance, Budget and National Planning, Ms. Zainab Ahmed prepares for an international tour for $ 3 billion Eurobonds, experts have expressed the need to ‘move slowly.

At the end of March of this year, the federal government owed 26.91 trillion naira out of the total conventional public debt of 33 trillion naira.

The amount was in addition to the long-owed overdrafts of N15.5 trillion that it took from the Central Bank of Nigeria (CBN) and that it expressed its intention to turn into a long-term instrument. With existing conventional foreign and domestic loans of N26.91 trillion, debt servicing in the first five months of the year swallowed up 97% of its overall income.

In 2020, the government took out a nonconcessional facility of $ 3.5 billion from the International Monetary Fund (IMF) which it would be required to repay in full in eight quarterly installments starting in the third quarter of 2023. Eminent economic experts, Financial and commercial investors, however, warned of the dangers inherent in FG’s growing appetite for loans to finance its budgets, instead calling for a public-private partnership (PPP) model for infrastructure financing.

On October 13, a delegation from the Federal Government (FG) led by the Minister of Finance, Budget and National Planning, Ms Zainab Ahmed, will embark on a world tour to convince investors to invest in her proposed Eurobond of 3 billion dollars, needed to partially finance its 2021 budget deficit.

At a press conference last week, the minister also said the government plans to raise an additional $ 3 billion through multilateral and bilateral borrowing to finance the budget deficit.

According to her, “we have approval in the 2021 budget to finance the budget deficit 50% locally and 50% outside. We plan to do about half of this in Eurobonds and the other half through other windows such as multilateral and bilateral sources. ”

On July 7, the National Assembly approved an external borrowing of about $ 6.2 billion to finance half of the total loan needs for the 2021 budget, a loan request of 2,343 naira and 8.3 billion. of dollars and 490 million euros.

Due to mostly declining and sometimes static revenues in the face of growing responsibilities since 2015, the federal government has increasingly resorted to borrowing over the years. If borrowing is necessary to support the economy, sustainability transparency and a sustainable repayment plan are essential.

At the end of March 2021, the total public debt stood at $ 87.2 billion (33.107 trillion naira), while FG’s share stood at 26.91 trillion naira. to various creditors.

The medium-term expenditure framework and the 2015 Federation Budget Office (BoF) budget strategy paper showed that the administration led by Buhari incurred a domestic debt of 7.63 billion naira between June 2015 and December 2020.

In 2020, FG’s budget deficit was around four percent of GDP, clearly in breach of the Fiscal Responsibility Law, which sets a limit of three percent.

The N26.9 trillion is excluding the N15.51 billion overdrafts he contracted with the Central Bank of Nigeria. 2,800 billion naira were withdrawn in 2020.

A senior economist for the Nigerian Economic Summit Group (NESG), Wilson Erumebor said that “when we include AMCON’s liabilities and CBN ways and means, the debt (total public debt, estimated at over 33,000 billion naira) could amount to around 48.7 trillion naira, which is about 32% of GDP. “Debt to GDP may seem quite low at 32%, we have to understand that debt servicing is provided by income, so if debt servicing goes up and income is not performing, then we have a problem. ”

For many years, government officials have insisted that borrowing is essential to finance the necessary infrastructure, which in turn would help create jobs.

They also argue that the projects would eventually pay off those loans. In a briefing at the State House earlier this year, Ahmed said “it will be helpful to review each year’s budget; look at the expenses. If you take out new loans, how big will the budget be? There will be a lot of capital projects that will be affected. We must consider that borrowing is used to support infrastructure development. Otherwise, there will be a challenge.

In addition, Senate Speaker Dr Ahmad Lawan insisted that Nigeria must continue to borrow to finance critical projects.

He said: “You cannot, in my opinion and in my opinion, tax Nigerians more so that you can raise funds for infrastructure development. Other countries are doing it, but we have a serious situation across the country. Our options are very limited as a country: first we do not have the necessary income; Nigeria is poor; we shouldn’t kid ourselves. Our resources are so low, our income is so low, and the option of doing nothing and sitting still is not an option worth considering. You cannot keep the economy stagnant. The other option is probably the private partnership. What I want to assure Nigerians is that we are not going to frivolously support or approve loans for the executive branch of government. ”

However, an analysis of the 2020 and half-yearly 2021 budget performance found that the government borrowed to finance almost all of its budget, including salaries, overheads, and debt service.

In its analysis of the 2020 budget execution, BudgIT, a civic technology nonprofit, reported that the government had spent 3.34 trillion naira on debt service on the 3.42 trillion naira. in revenue it generated in 2020 when its total expenditure stood at N10.01 trillion.

“This means that almost all of FG’s salaries, overheads and CAPEX (capital expenditures) have been funded by loans and support from the CBN,” the civic group said. He noted that 4.65 trillion naira was spent on non-debt recurrent spending.

“In 2020, FG forecast total revenue of 5.37 trillion naira; however, the actual total revenue ultimately amounted to 3.42 trillion naira. This represents a turnover of 63.71 percent. The cost of servicing FG’s debt is drowning Nigeria as the cost continues to rise, swallowing up a total of 3.34 trillion naira (97%) of total income. ”

The ten period under review. In a presentation of the 2021 budget, the finance minister revealed that of the total of 4.86 trillion naira spent during the period, 1.8 trillion naira was for debt service (37% of government spending). FGN), 1.5 trillion naira for personnel costs including pensions (31 percent of FGN revenue) and 973.13 billion naira have been released for capital expenditure.

However, experts continued to warn of the dangers inherent in the continued accumulation of debt.

Former CBN Deputy Governor Dr Kingsley Moghalu urged officials to consider the option of public-private partnership (PPP) for infrastructure development to reduce borrowing.

“This massive borrowing, and the infrastructure investment that was used to justify it, has significantly underperformed. Public-private partnerships should be the dominant approach to infrastructure development in a country like Nigeria, instead of contract awards which, according to available information on comparable projects in countries like Ghana and Ethiopia , are at best overvalued and, at worst, grossly inflated at their expense.

He warned that “we need to stop borrowing more and start managing current obligations in order to avoid a sovereign debt default or, at best, costly restructuring. New borrowing will cause the debt bubble to burst catastrophically. As an alternative to debt, the government must focus on increasing domestic revenue, by broadening the tax base – not increasing tax rates as has been done with value added tax (VAT). – and by introducing reforms to facilitate the payment of taxes while eliminating multiple taxation.

From the perspective of political economist Professor Pat Utomi, “the direct implication is that any additional money the government spends comes from additional borrowing; what this means is that the borrowing will increase. And because I don’t see any serious program to cut or moderate spending, it means we’re going to borrow at the amount of our budget projections.

“We are in great difficulty in the country because our debt is not sustainable at the moment. It has been said over and over again; we shouldn’t borrow for consumption unless we see a tax increase. FG needs to change the wording of how we borrow. We should only borrow to develop value-creating assets and those value-creating assets should be managed in the most efficient way by the hands of the private sector, then you can tax the gains from those investments. This is really how you can pay off those debts, but when we’re not focusing on production but always looking to drive income, we get into huge debt servicing issues. ”

For Uche Uwaleke, professor of finance at Nassarawa State University, “borrowing for infrastructure is not a bad idea. There is no doubt that there has been a notable improvement in transport infrastructure, especially rail. The challenge is that government revenues have fallen short and the debt service burden has therefore continued to increase, crowding out development funds. Faced with this difficult situation, the government is advised to involve the private sector more in the provision of physical infrastructure while effectively deploying scarce resources for the development of human capital.

Also contributing to the debate, the former Director General of the Lagos Chamber of Commerce and Industry (LCCI) called for “a comprehensive review of the debt management framework. This would require careful consideration of public spending and revenue optimization options. Of course, there is merit in borrowing to finance infrastructure, but it is also a problem if our real revenues can hardly cover our recurrent expenses. The situation calls for major spending reforms, particularly around the cost of governance. Policy and regulatory reforms are also imperative to boost investor confidence, accelerate growth and have a positive impact on incomes and job creation.

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Amazon Partners With Affirm For First Buy Now, Pay Later Option https://market-dcd.com/amazon-partners-with-affirm-for-first-buy-now-pay-later-option/ https://market-dcd.com/amazon-partners-with-affirm-for-first-buy-now-pay-later-option/#respond Fri, 27 Aug 2021 20:30:27 +0000 https://market-dcd.com/amazon-partners-with-affirm-for-first-buy-now-pay-later-option/ Amazon is getting into buying now, pay for space later. The e-commerce giant is teaming up with Affirm for its first-ever installment payment option on the popular e-commerce site. Affirmer’s buy it now and pay later option will be available to select Amazon customers in the United States starting Friday with a wider rollout in […]]]>

Amazon is getting into buying now, pay for space later.

The e-commerce giant is teaming up with Affirm for its first-ever installment payment option on the popular e-commerce site.

Affirmer’s buy it now and pay later option will be available to select Amazon customers in the United States starting Friday with a wider rollout in the coming months, the companies said in a statement. The partnership will allow Amazon customers to split purchases of $ 50 or more into smaller monthly installments.

Shares of Affirm climbed 48% on Friday after business hours, adding more than $ 8 billion to its market cap, while shares of Amazon were unchanged.

Max Levchin, co-founder of PayPal and Affirm

David Paul Morris | Bloomberg | Getty Images

Friday’s partnership is the latest sign of the credit space boom as young consumers turn to these alternative lines of credit. Earlier in August, Square jumped into space with a $ 29 billion deal to buy Australian fintech Afterpay.

So-called installment loans have been around for decades and were historically used for large purchases such as furniture. Online payment players and fintechs have been competing to launch their own version of “pay later” products for items online for a few hundred dollars.

SEE ALSO: Affirm Review: When should you use the Buy Now, Pay Later provider?

Affirm is one of the most well-known installment payment options. He works with over 12,000 merchants, including Peloton and Walmart.

PayPal, Klarna, Mastercard and Fiserv, American Express, Citi, and JP Morgan Chase all offer similar loan products. Apple plans to launch installment loans as part of a partnership with Goldman Sachs, Bloomberg reported last month.

Affirm said some of Amazon’s customer loans will bear interest, but some will have 0% APR.

“By partnering with Amazon, we are bringing the transparency, predictability and affordability that Affirm offers today to the millions of people who buy from Amazon.com in the United States,” said Eric Morse, senior vice president of sales at Affirm, in a press release. . “Offering Affirm’s alternative to credit cards also gives Amazon consumers more payment choices and flexibility. “

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Will a personal loan affect your taxes? https://market-dcd.com/will-a-personal-loan-affect-your-taxes/ https://market-dcd.com/will-a-personal-loan-affect-your-taxes/#respond Tue, 24 Aug 2021 20:42:51 +0000 https://market-dcd.com/will-a-personal-loan-affect-your-taxes/ Banks offer many types of loans to help their customers finance various purchases, including: Mortgages for houses Home equity loans for renovations or debt consolidation Auto loans to help finance cars and trucks Personal loans for financing needs that do not fall into a more restricted category. Most don’t require collateral, and you can usually […]]]>

Banks offer many types of loans to help their customers finance various purchases, including:

  • Mortgages for houses
  • Home equity loans for renovations or debt consolidation
  • Auto loans to help finance cars and trucks
  • Personal loans for financing needs that do not fall into a more restricted category. Most don’t require collateral, and you can usually use the money however you want.

Loans have their pros and cons, and when it comes to money it is always important to consider the tax implications. For example, mortgage interest is often deductible as an itemized deduction on your tax return. Tax savings can make a huge difference in the overall cost of owning a home.

Unfortunately, other types of loans generally do not offer tax benefits. Indeed, they can sometimes have negative tax consequences.

Below, we’ll take a closer look at personal loans to show you how they can affect your taxes.

Borrowed money is not taxable income – usually

The first thing to recognize is that when you take out a personal loan from a bank or other financial institution, it will not be treated as taxable income. Of course, you get the money now, but you also assume the obligation to pay it back at some point. Just as you will not be able to deduct the principal repayment when you repay the loan, you will not have to pay tax on the loan proceeds when you receive them.

An exception to this rule is when you get a personal loan from someone who has a relationship with you rather than an impartial third party financial institution. For example, if your employer gives you a forgivable personal loan and doesn’t expect to be repaid, the IRS might choose to treat that money as a form of compensation. In this case, you will need to record the “loaned” amount as income. However, such loans are extremely rare, and as long as you are expected to repay the loan in good faith, it would be difficult for the tax authorities to argue that you should treat the loan as income.

Another exception is interest income. If you borrow money and keep it for a period of time in your high yield savings account, the interest you earn is reportable and taxable.

Interest on personal loans is generally not tax deductible – with a few exceptions

Once you take out a loan, you will need to pay interest at regular intervals. Those used to deducting interest on other types of loans – especially mortgages and home equity loans – might wonder if interest on personal loans is also eligible for the deduction.

The answer to this question depends on how you use the money.

The general rule of the IRS is that if you take out the loan for purely personal purposes, the interest on the loan is not tax deductible.

If the loan was taken out for an eligible deductible purpose, however, you can deduct the interest you pay on it.

For example, if you borrow money to make an investment, the interest paid may be treated as eligible investment interest eligible for a deduction from your investment income. This happens most often in the brokerage context, when you take out a margin loan against the value of your investment portfolio and use it to buy additional investment securities. In this case, the interest is almost always deductible because there is a clear and direct link between the loan and your investing activity.

With a personal loan, you are allowed to use the proceeds for any purpose you see fit. You will therefore have to prove that you used the loan to make an investment in order to deduct the interest accordingly. However, if you can do that, then you will have a reasonable argument that the interest should be deductible.

The same argument applies to other types of deductible expenses. Using a personal loan to start a business makes interest a business deduction.

Because there are many possible cases in which your interest payments may become a tax deduction, it is important to document your use of the funds.

Loan forgiveness usually creates taxable income

The tax-exempt nature of a personal loan depends on whether you will have to repay it. If the loan is later canceled, you will usually need to include the canceled amount as income. This is because of the provisions known as debt cancellation, which requires taxpayers in most situations to recognize the canceled debt as income.

However, the rules vary from situation to situation, depending on what prompted the creditor to give up your personal loan. If you file for bankruptcy and get a court order canceling your personal loan debt, specific bankruptcy laws prevent you from having to recognize the canceled debt as taxable income.

In contrast, a decision by your creditor not to force you to repay the loan may result in taxable debt income forgiveness. This can happen if you enter into a debt settlement agreement and your creditor gives up all or part of a personal loan. This is because likely tax liability makes settled debts much more costly than you might think just by looking at online listings from professional debt settlement companies.

It’s always worth checking to see if any special exemptions apply, but you’ll usually have to pay the IRS something if your loan is canceled.

Know the score with personal loans and taxes

Personal loans are designed to be flexible and easy to manage because they will have fewer restrictions and specific requirements than specialty loans like mortgages or home equity loans. However, the tax advantages are not always so great with personal loans. By knowing the general rules governing personal loans and the tax consequences, you will further avoid unpleasant surprises and manage your tax liability appropriately.

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Grand Forks Growth Fund Approves Loan for Integrity Fundraisers https://market-dcd.com/grand-forks-growth-fund-approves-loan-for-integrity-fundraisers/ https://market-dcd.com/grand-forks-growth-fund-approves-loan-for-integrity-fundraisers/#respond Tue, 24 Aug 2021 04:15:00 +0000 https://market-dcd.com/grand-forks-growth-fund-approves-loan-for-integrity-fundraisers/ The Grand Forks Growth Fund approved a motion to grant Integrity Fundraisers a loan of $ 95,000 to address unmet needs of COVID-19 (C-RUN) on Monday, August 23. Co-owners Scott Reinhart and Scott Kilde founded Integrity Marketing & Fundraisers in 2006 before becoming known strictly as Integrity Fundraisers in 2012. It provides coupon books and […]]]>

The Grand Forks Growth Fund approved a motion to grant Integrity Fundraisers a loan of $ 95,000 to address unmet needs of COVID-19 (C-RUN) on Monday, August 23.

Co-owners Scott Reinhart and Scott Kilde founded Integrity Marketing & Fundraisers in 2006 before becoming known strictly as Integrity Fundraisers in 2012. It provides coupon books and other goods for schools and other organizations to collect. funds.

C-RUN Loans are 1% interest loans ranging from $ 5,000 to $ 200,000 for pandemic recovery and growth for qualifying businesses and nonprofits in Grand Forks County. In order for businesses and nonprofits to receive the loan, they must have been in business before March 1, 2020 and have been negatively affected by the COVID-19 pandemic. The loans offer payment deferrals of up to 12 months, typically lasting five to seven years.

Integrity Fundraisers applied for the loan because of the negative impact of the COVID-19 pandemic on its business. Reinhart and Kilde claim that limitations on school activities, social distancing guidelines and the use of distance learning have caused schools to cancel entirely many fundraisers that relied on in-person communication.

The loan was requested to cover three to six months of expenses until the bills for the fall 2021 school year are paid and to alleviate their limited cash flow. In response to the challenges brought on by the pandemic, the Growth Fund found that Integrity Fundraisers had diversified its revenue streams into efforts other than physical coupon books by diversifying into online fundraising, electronic coupon books. and personalized engravings.

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In other cases:

  • The Growth Fund approved ND Coffee Roastery’s application for FlexPace loans in the amount of $ 30,619 and $ 922 to reduce the interest rate on Gate City Bank loans for the purchase of land and land. equipment for an expanded production facility, as well as gap financing loans of $ 32,700 for the purchase of real estate and $ 16,248 for the purchase of equipment, including a crusher, hopper and scale .
  • The growth fund has approved Sundog Mining’s request for a land lease from JDA to “build and / or install facilities in which they will operate and conduct a business of mining digital assets and hosting data centers. data, “according to a statement. The application is for approximately 10,000 square feet of space in the northwest corner of a property owned by JDA at 1650 S. 52nd St. in Grand Forks. Sundog Mining will lease the space for $ 1,200 per year for three years with an option to renew for up to three more three-year terms after it expires. The company will also pay for all utilities, space improvements and rental taxes.
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Quick Payday Loans Online In Wichita Kansas No Matter What Happens https://market-dcd.com/quick-payday-loans-online-in-wichita-kansas-no-matter-what-happens/ https://market-dcd.com/quick-payday-loans-online-in-wichita-kansas-no-matter-what-happens/#respond Sun, 22 Aug 2021 19:10:27 +0000 https://market-dcd.com/quick-payday-loans-online-in-wichita-kansas-no-matter-what-happens/ To share Tweeter To share To share E-mail Let’s start by defining payday loans. The term has different definitions, but in most cases it refers to a short-term loan provided by a lender (until you receive the next paycheck). Depending on the region, you can get $ 30 to $ 2,500 in cash. Payday loans […]]]>

Let’s start by defining payday loans. The term has different definitions, but in most cases it refers to a short-term loan provided by a lender (until you receive the next paycheck). Depending on the region, you can get $ 30 to $ 2,500 in cash. Payday loans are regulated differently in each state and can be obtained in one of two ways: online or through physical lenders. Everything you need to know about getting a loan fast in Wichita, Kansas, can be found here.

The appeal of payday loans is at an all time high right now. Regardless of the positive and negative perceptions, quick loans remain a useful tool for budgeting. A chronic shortage of cash can be even more frustrating than a one-time monetary emergency. The wonderful thing about short term loans is that they can help you solve both difficulties at the same time.

Reasons to get a payday loan in Wichita, Kansas

There are a multitude of reasons why you might need the extra funds. If you find yourself in either of these cases, however, Wichita Payday can help.

  • Your bank has refused you a loan. A personal economic crisis can strike anyone at any time. But the truth is, getting a bank loan or home loan modification isn’t easy, and convincing a lender can take a month or even a year. It is easier to get a quick loan than a short term loan to cover your mortgage and bills.
  • You struggle to pay for your utilities, housing, bills and supplies. This is the main reason why you need a quick loan. About 70% of people in the United States use minor loan advances to cover their daily expenses or meet consumer needs. Credit card bills, utilities, rent, and expensive groceries are some of these expenses. These borrowers are constantly strapped for funds and rely on cash loans to make ends meet.
  • Your credit card debt needs to be paid off. You know how credit card companies collect debts and repayments. They start to contact you five times a day and send you rude messages until you pay the full amount. You also run the risk of maximizing your credit card. A cash advance can be used to cover the cost of the overdraft in this situation. Payday cash loans are beneficial for both of these reasons.
  • You don’t want to depend on your family and friends for money. Some people are unable to overcome their fear of seeking financial assistance from loved ones. If this describes you, then an online payday loan in Wichita, Kansas (KS) can help you receive cash to deal with your situation without involving your family.
  • You have to pay off a debt that will cost you dearly if you don’t. If you miss a payment, you could face hefty penalties or lose some of your possessions, such as household items or even a car, depending on the type of agreement you make with other lenders. This is one of those cases where the loan interest you have to pay will be a minor inconvenience compared to your large debt.

The costs and regulations involved with payday loans in Wichita, Kansas

Here are the fees you can expect when applying for a loan online in Wichita, Kansas:

  • Credit charges. Payday lenders cannot charge more than $ 1 per $ 5 borrowed if the loan amount is less than $ 30.
  • APR at its highest level. You can expect the maximum annual interest rate when taking out a 14-day $ 100 loan to be 309%.
  • Acquisition fee. If your payday loan is between $ 30 and $ 100, you can expect to pay a legitimate sales charge of one-tenth of the amount borrowed. If the amount of your loan exceeds $ 100, the acquisition costs cannot exceed $ 10.
  • This is the maximum amount. The maximum amount for a payday loan in Wichita, Kansas, is not listed.
  • The maximum period for the payday (https://www.paydaywichita.com/apply-now.html) in Wichita, Kansas (KS) ranges from one week to 31 days (approximately one month).

What Do You Need To Sign Up In Wichita, Kansas For A Payday Loan?

Each state, including Wichita, Kansas, has its own rules and regulations governing payday loans. Know these laws before you apply for a loan so that you understand how the process works. This knowledge can help you avoid paying excessive fees and interest rates.

  • You must be 18 years of age or older to be eligible. In the United States, lending money to someone under the age of 18 is illegal. So if you are over 18, you have met the first criteria.
  • You must be a legal resident of Wichita, Kansas. To receive a payday loan in Wichita, Kansas, you must first establish your legal residency by submitting your details. After that, getting a loan is inevitable.
  • Your negative credit is not a problem, but you will still need a stable source of income and a monthly income of at least $ 1,000. This way, they can be sure that you will be able to repay the loan.
  • You’ll need a phone number and an active email address to get quick approval. They will not be able to notify you unless you provide this information.
  • Finally, you don’t have to be a bankrupt debtor.

They only need a few personal details from you, such as your social security card, name and location, and an indication of how much you want to borrow. After providing them with the necessary information, they will contact you to check all the terms of service of the contract after reviewing it.

Conclusion

In an emergency, a small cash advance can be a valuable and practical asset. However, keep in mind that this form of loan will not solve major financial problems. Taking too many loans from multiple organizations at once is not a good idea, as you risk compromising your financial security.






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Survey finds 74% of homeowners haven’t refinanced https://market-dcd.com/survey-finds-74-of-homeowners-havent-refinanced/ https://market-dcd.com/survey-finds-74-of-homeowners-havent-refinanced/#respond Sat, 21 Aug 2021 20:11:22 +0000 https://market-dcd.com/survey-finds-74-of-homeowners-havent-refinanced/ Many US homeowners are missing out on a great opportunity to lower their interest rates and lower their monthly payments by refinancing their loans, according to a new Bankrate survey. While the smartest homeowners have already refinanced – and some have even refinanced twice – millions of others have yet to take advantage of mortgage […]]]>

Many US homeowners are missing out on a great opportunity to lower their interest rates and lower their monthly payments by refinancing their loans, according to a new Bankrate survey.

While the smartest homeowners have already refinanced – and some have even refinanced twice – millions of others have yet to take advantage of mortgage rates that once would have seemed insanely low. Of homeowners with a mortgage they had since before the pandemic, 74% have not refinanced, according to the survey.

“The overwhelming majority of mortgage borrowers have yet to refinance, despite record rates over the past year,” said Greg McBride, CFA, chief financial analyst at Bankrate. “Reducing the monthly mortgage payment by $ 150 or $ 250, maybe more, can create a precious respite in the household budget at a time when so many other costs are on the rise.”

The most common reasons homeowners say they haven’t refinanced

Among homeowners who didn’t refinance, the most cited reason was that they wouldn’t save enough money to justify a refi. This choice was cited by 32% of respondents.

“You might want to rethink this,” McBride says. “The rates today are at levels not seen before last year.”

To illustrate an example, if you have a 30 year loan of $ 300,000 at 4%, your monthly payment is $ 1,432. A 3% refinance would reduce it to $ 1,265, a savings of $ 167 per month or $ 2,004 per year. You can use Bankrate’s refinance calculator to see if refinancing will save you money.

Closing costs and fees are the second most frequently cited objection. At least 27% of respondents cited this as a barrier. That’s right, closing costs can cost you thousands of dollars, typically 3-5% of the loan amount. However, if you can reduce your rate significantly, you will recoup those closing costs.

Another common objection is that refinancing requires too much paperwork, a barrier cited by 23% of those who have not yet refinanced.

“Isn’t it worth spending a few hours of your time saving $ 30,000 over the next decade?” McBride asks.

Some 14% of those who did not refinance said they plan to move or pay off the loan soon. This is a valid reason not to refinance, as it can take years to pay off closing costs. Refinancing is therefore preferable for homeowners who plan to hold on to their new mortgage for years to come.

And 12% said their credit scores were too low to refinance. This could be another credible reason not to refinance – most mortgage borrowers in 2021 have higher credit scores. On-time mortgage payments are one of the best ways to improve your credit score, so make sure you pay off your loan quickly.

Whatever the reason you’re not refinancing, you should take a closer look, says McBride. “The most cited reasons for not refinancing might not fit in this ultra-low rate environment,” he says.

If you’re worried about tapping into cash to pay for closing costs, consider rolling those costs onto the loan balance (called a mortgage with no closing costs), McBride says.

More than a third of homeowners don’t know their mortgage rate

Some 38% of homeowners with a mortgage don’t know their interest rate, including 54% of millennials. Those who know their mortgage rate reported a median rate of 3.57% and an average of 4.57%.

Both of these levels are well above current rates, meaning homeowners can make significant savings with a refi. In separate research, mortgage data firm Black Knight says 15 million U.S. homeowners are able to save money by refinancing.

Keeping track of your mortgage rate should be a simple matter of checking your monthly statement or contacting your mortgage agent. If you’re one of the homeowners who doesn’t know your mortgage rate, getting the answer should be your first step. You will need to know your current rate to know if you will qualify for refinancing at current rates.

Refinancing trends vary by generation and income

Some 28% of Millennials (25- to 40-year-old Americans) have refinanced, compared with just 17% of Gen X (41 to 56) and 17% of baby boomers (57 to 75).

Baby boomers are more likely to think refinancing wouldn’t save them enough money (37%, compared to Gen X 29% and Gen Y 21%). Gen Xers are most likely to point to fees and closing costs as a barrier to refinancing (34%, vs. 27% of baby boomers and 20% of millennials).

Homeowners with household income over $ 50,000 are almost twice as likely to have refinanced (24% have done so) than homeowners with household income below $ 50,000 (only 13%) .

The Most Popular Reasons To Tap Home Equity

Bankrate also asked homeowners with mortgages what they saw as good reasons to tap into their home equity. Home renovations or repairs lead the way, cited by 60% of respondents, followed by debt consolidation, cited by 44%. Homeowners can cite more than one reason.

Other reasons cited less frequently included: facing regular household bills (19%), paying for tuition or other education-related expenses (19%), other investments (16%) and making holidays (7%).

How to refinance your mortgage

Step 1: Set a clear goal. Have a compelling reason to refinance. This could be lowering your monthly payments, shortening the term of your loan, or withdrawing equity for home repairs or to pay off higher interest rate debt. You may also want to roll your HELOC into a refi.

2nd step: Check your credit score. You will need to qualify for refinancing just like you would need to get approved for your original home loan. The higher your credit score, the better the refinancing rates lenders will offer you, and the better your chances of underwriters to approve your loan.

Step 3: Determine the equity in your home. The equity in your home is the value of your home that is more than what you owe your mortgage lender. To find this number, check your mortgage statement to see your current balance. Then check out online home search sites or have a real estate agent perform a scan to find your home’s current estimated value. The equity in your home is the difference between the two. For example, if you owe $ 250,000 on your home and it is worth $ 325,000, your home equity is $ 75,000.

Step 4: Shop around for several mortgage lenders. Getting quotes from multiple mortgage lenders can save you thousands of dollars. Once you’ve chosen a lender, discuss the best time to lock in your rate so you don’t have to worry about the rate going up before your loan closes.

Step 5: Put your papers in order. Gather recent pay stubs, federal income tax returns, bank statements, and whatever else your mortgage lender asks for. Your lender will also look at your credit and equity, so disclose your assets and liabilities up front.

Methodology

Bankrate.com commissioned YouGov Plc to investigate. All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 3,657 adults, 1,041 of whom had a mortgage. Fieldwork was undertaken from July 26-29, 2021. The survey was conducted online and meets rigorous quality standards. It used a non-probability sample using both upstream quotas during collection and then a downstream weighting scheme designed and proven to provide nationally representative results.

Home sales, including those in Dallas, have skyrocketed amid near-record mortgage rates.

Low mortgage rates are not enough motivation

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The cost of university has increased by 26% https://market-dcd.com/the-cost-of-university-has-increased-by-26/ https://market-dcd.com/the-cost-of-university-has-increased-by-26/#respond Thu, 12 Aug 2021 10:09:25 +0000 https://market-dcd.com/the-cost-of-university-has-increased-by-26/ University has been expensive for a long time. While proposals and campaigns have called for free or discounted higher education, the era of big legislation – like the GI Bill, which expanded college accessibility to large swathes of the population – is behind us. for the moment. Without legislative intervention, it can become increasingly difficult […]]]>

University has been expensive for a long time. While proposals and campaigns have called for free or discounted higher education, the era of big legislation – like the GI Bill, which expanded college accessibility to large swathes of the population – is behind us. for the moment.

Without legislative intervention, it can become increasingly difficult to pay for higher education as tuition and fees continue to rise. Researchers from Student Loan Hero found that tuition fees increased by 26% in public colleges, 26% in private colleges, and 20% in public and private colleges between 2010-2011 and 2019-2020.

The tuition hike has only worsened statewide, with tuition fees at four-year public universities increasing 99% in Louisiana and more than 50% in several other states. Find out where tuition fees have increased the most – and the least – over the past decade.

Main conclusions

  • Tuition and fees have increased across the board. Tuition fees jumped 26% in public colleges, 26% in private colleges and 20% in public and private colleges between 2010-2011 and 2019-2020.
  • Louisiana has seen the largest increase in tuition fees in the past 10 years. Tuition fees at four-year public institutions averaged $ 9,358 in 2019-2020, a 99% increase from $ 4,702 in 2010-2011. During the same period, West Virginia and Mississippi followed with 62% and 57%
  • Washington recorded the smallest tuition increase in the state. Tuition fees in Evergreen state only increased by 5% between 2010-2011 and 2019-2020 – the only state to record a single-digit increase.
  • Median rent increases do not predict tuition costs. Although Washington recorded the smallest increase in tuition fees in the state during the period under review, it recorded the second increase in median gross rent (50%) between 2010 and 2019, behind Colorado at 59%.

State by State, Tuition Fees Rise Faster

While tuition fees at private and public colleges increased 20% nationally between 2010-2011 and 2019-2020, costs for public schools and private schools alone each jumped 26%.

These numbers were even more astounding at the state level. In general, a public school in the state might be the cheapest sticker price for students. Even still, those costs have jumped 36% on average in each of the 50 states. And tuition fees for public schools outside the state have also increased by 35% on average.

The coronavirus crisis may have drawn attention to the high cost of university, with some schools charging full price for online programming only. But, so far, that hasn’t led to sweeping revisions to improve affordability. Senior Student Loan Hero writer Andrew Pentis believes it may take more than a pandemic to change the trajectory of tuition fees.

“The cost of a university education has risen steadily and steadily faster than any other consumer expense in decades,” Pentis said. “It’s hard to imagine this trendline slowing down once we really have the end of the pandemic in sight.”

Southern states saw the biggest tuition fee increases this decade

While a 36% increase in tuition fees in all 50 states is certainly significant, that average pales compared to the states with the highest increases. Louisiana nearly doubled its average tuition fees in the state, from $ 4,702 in 2010-11 to $ 9,358 in 2019-20, a jump of 99%.

West Virginia saw the second highest tuition increase in the state at 62%. The 10 states whose state tuition increased the most averaged a 57% increase.

Of those states, seven were in the South, each of which was in the top five – Louisiana, West Virginia, Mississippi, Virginia, and Tennessee.

10 states with the highest percentage increases for tuition fees in the state from 2010-2011 to 2019-2020
Rank State 2010-2011 tuition fees in the state 2019-2020 tuition fees in the state Change
1 Louisiana $ 4,702 $ 9,358 99%
2 West Virginia $ 4,944 $ 8,016 62%
3 Mississippi $ 5,301 $ 8,340 57%
4 Virginia $ 8,658 $ 13,413 55%
5 Tennessee $ 6,407 $ 9,789 53%
6 Alaska $ 5,578 $ 8,396 51%
7 Oklahoma $ 5,244 $ 7,866 50%
8 Hawaii $ 6,635 $ 9,952 50%
9 Alabama $ 6,808 $ 10,138 49%
ten Connecticut $ 8,854 $ 12,959 46%
Average over 50 states $ 7,248 $ 9,743

Notably, tuition fees in each of the top 10 states, except Virginia and Connecticut, fell below the 50-state average in 2010-2011. Across all states, tuition fees in the state averaged $ 7,248 in 2010-11, compared to $ 8,658 in Virginia and $ 8,854 in Connecticut.

In 2019-2020, Tennessee, Hawaii, and Alabama joined Virginia and Connecticut among states with above-average costs.

“It makes sense that states and regions with historically low cost of living have the most room, so to speak, to raise their consumer prices,” Pentis said.

The Smallest Tuition Fee Changes Spread Across the United States

Naturally, every state has increased tuition fees over the years under review, but some by only a fraction of the national average. Washington recorded the smallest increase, increasing tuition fees in the state by just 5% from 2010-11 to 2019-20 – the only state to report a single-digit percentage increase.

10 states with the lowest percentage increases for tuition fees in the state from 2010-2011 to 2019-2020
Rank State 2010-2011 tuition fees in the state 2019-2020 tuition fees in the state Change
1 Washington $ 6,678 $ 7,036 5%
2 Delaware $ 9,646 $ 10,607 ten%
3 California $ 7,357 $ 8,118 ten%
4 Maine $ 8,876 $ 9,930 12%
5 Wisconsin $ 7,391 $ 8,697 18%
6 Ohio $ 8,501 $ 10,068 18%
7 Florida $ 3,720 $ 4,443 19%
8 Missouri $ 7,120 $ 8,554 20%
9 Indiana $ 7,614 $ 9,225 21%
ten Montana $ 5,753 $ 6,972 21%
Average over 50 states $ 7,248 $ 9,743

The 10 states with the smallest increases increased prices in the state by 16% on average, less than half the rate for the 50 states.

Only four of the 10 states with the smallest increases – Washington, Florida, Missouri, and Montana – reported tuition fees below the 50-state average in 2010-11.

In 2019-2020, only Delaware, Maine, and Ohio (among those 10 states) recorded average tuition fees in the state above the average.

Higher tuition fees don’t mean higher rent

For some students, the cost of living in the vicinity of a college can play a role in financial preparation for school. Students interested in living off campus might wonder if the rental is cheaper than the school’s room and board costs. And while the costs are likely related, there doesn’t appear to be a strong correlation between local tuition fees and rent increases.

Louisiana, for example, may have seen the largest average tuition increase in the state of any state, but only an 18% increase in median gross rent from $ 736 in 2010 to $ 886 in 2019. On the contrary, Washington may have seen the lowest tuition fees. increase in the country, but this is overshadowed by the second-largest median rent increase, 50% ($ 908 in 2010 to $ 1,359 in 2019).

Overall, the 10 states with the highest tuition fee increases from 2010 to 2019 saw their rents increase by an average of 23%, compared to 27% for the 10 states with the lowest tuition increases. . Likewise, median gross rent costs increased by an average of 27% in all 50 states during this period, at least partially negating the idea that tuition increases affect rent increases or vice versa.

Forecast college costs

A federal plan to help students pay for college education may not be the best or the only answer to rising tuition fees.

“A slight increase in federal financial aid usually leads colleges and universities to increase their prices, not decrease them,” explains Pentis.

The good news is that new student loans have trended downward over the past decade due to several factors, including increased financial aid and better informed consumers. But those preparing to pay or attend college can help themselves by finding as much information as possible about what they might expect to owe for a future education.

“Many argue that higher education – and the way we fund it – is about to experience a real revolution in the coming decade, but it’s hard to find any short-term signs that tuition fees are going up. stagnate, ”says Pentis.

Whatever happens in the near future or in the future, it’s always a good idea to start saving early and explore scholarship or financial aid options before you need to apply for a student loan. There are many ways to reduce your education costs, ranging from finding more affordable housing to renting instead of borrowing textbooks. While waiting for major changes from colleges or governments, consumers must take it upon themselves to find ways to save money.

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AU board plans to acquire for-profit online college https://market-dcd.com/au-board-plans-to-acquire-for-profit-online-college/ https://market-dcd.com/au-board-plans-to-acquire-for-profit-online-college/#respond Tue, 10 Aug 2021 16:43:11 +0000 https://market-dcd.com/au-board-plans-to-acquire-for-profit-online-college/ A proposed deal for the University of Arkansas system to acquire a for-profit online college will be reviewed by the system’s board on Wednesday. A deal with Grantham University could potentially revive failed efforts for UA System’s eVersity, an online-only business created with board approval in 2014 to recruit working adults and enroll them in. […]]]>

A proposed deal for the University of Arkansas system to acquire a for-profit online college will be reviewed by the system’s board on Wednesday.

A deal with Grantham University could potentially revive failed efforts for UA System’s eVersity, an online-only business created with board approval in 2014 to recruit working adults and enroll them in. programs to complete their degrees.

The Board of Trustees will consider a resolution for University of Arkansas System President Donald Bobbitt “to take the additional steps necessary to establish the University of Arkansas – Grantham as the System Campus of University of Arkansas “.

An acquisition proposal says “the new campus will eventually integrate with eVersity, resulting in a single online university.”

“This potential acquisition represents a shift in our efforts to reach adults who are underserved by public higher education due to their need to attend fully online and flexible institutions,” Bobbitt said in a statement.

The proposed deal asks the UA System’s board of trustees to take on “some discreet responsibility” while acquiring – for $ 1 – “nearly all of the assets” of a school that, according to federal data, welcomes around 5,600 students and has one in four. graduate in eight years.

Financial details of the responsibilities the UA system would take on were not disclosed in the agenda documents made public ahead of Wednesday’s meeting, despite a 44-page asset purchase contract proposal referencing to a “Exhibit D” listing the assets and liabilities that would be transferred under the agreement.

The UA system refused to provide document “Exhibit D” after reviewing a request for public documents submitted by the Democrat-Gazette. The “Exhibit D” documents were exempted from public disclosure on Monday “because they involve proprietary data from a private for-profit entity and that would provide a competitive advantage,” the UA System spokesperson said, Nate Hinkel, in an email, quoting Ark. Coded. Anne. § 25-19-105 (b) (9) (A).

An acquisition proposal, however, states that “there would be no long-term service agreement, revenue sharing or ongoing relationship with the current owners of the university once the transaction is completed.” As part of the deal, the UA system would “initially” employ around 240 faculty members and pay for the services of approximately 170 Grantham University staff employees.

Grantham University, based in Lenexa, Kan., Offers associate’s, bachelor’s and master’s degrees, as well as undergraduate and graduate certificates, in more than 60 university programs, according to the proposal. A deal would also require approval from Grantham University’s board of trustees. The university’s owner, The Level Playing Field Corp., also has a board of directors that is expected to approve the transaction.

Bobbitt, in a letter to administrators, described the UA System’s eVersity as having “succeed”. But budget documents show finances fell short of expectations.

UA System’s eVersity did not make a “debt payment” on a $ 5 million loan from other UA System campuses, according to its budget proposal earlier this year.

“For FY 21, we expected eVersity to generate enough cash flow to pay off the first debt payment to campuses for loans with them, but that did not happen. We will seek to restructure the debt over a longer repayment period so that operations can stabilize, ”said the eVersity budget proposal.

In 2018, UA directors approved an extension of the deadline for eVersity to begin repaying the loan principal. Federal data lists eVersity as enrolling around 800 students.

Bobbitt, in his statement, referred to eVersity helping Arkansans who had completed college earlier in their lives but had not graduated.

“Their success in earning a degree is imperative for their future and for the future of our state and our region,” said Bobbitt. “By acquiring the assets of Grantham University, we will be able to scale up this effort to transcend the borders of Arkansas and diversify the educational offerings and income profile of our system. “

In recent years, some other large public universities have acquired or entered into agreements with for-profit institutions or institutions that started out as for-profit entities.

For-profit schools have different goals than public universities, said Robert Shireman, senior researcher at the Century Foundation, a think tank with offices in New York and Washington, DC that advocates for “economic equity. , racial and gender in education, health care and work, ”according to its website.

The University of Arkansas system, in considering the acquisition of the for-profit college, “would buy an asset that was in the hands of people whose primary motivation was to make money,” Shireman said. .

“What this has tended to encourage in for-profit colleges is low spending on education, actually to educate students,” Shireman said, with the money going more on recruiting and advertising. .

Shireman said it is important in agreements like these for a public university to have “full control” over decisions about student recruitment and what is best for students, rather than ” investors who are trying to extract money from the institution “.

“The University of Arkansas has work to do to transform Grantham into an online university worthy of state university affiliation,” said Shireman.

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Mortgage rates rise | August 9, 2021 https://market-dcd.com/mortgage-rates-rise-august-9-2021/ https://market-dcd.com/mortgage-rates-rise-august-9-2021/#respond Mon, 09 Aug 2021 12:57:52 +0000 https://market-dcd.com/mortgage-rates-rise-august-9-2021/ The average rate on a 30-year fixed-rate mortgage is currently 3.295%, up 0.065 percentage points from Friday. As for other types of loans, rates are starting the week on the rise across the board. This is the third consecutive day of price increases. Despite the slightly higher rates, well-qualified buyers who are considering buying a […]]]>

The average rate on a 30-year fixed-rate mortgage is currently 3.295%, up 0.065 percentage points from Friday. As for other types of loans, rates are starting the week on the rise across the board.

This is the third consecutive day of price increases. Despite the slightly higher rates, well-qualified buyers who are considering buying a new home should still be able to find great rates. Homeowners who decide to refinance can also save money by getting a lower rate.

  • The last rate on a 30 year fixed rate mortgage is 3.295%.
  • The last rate on a 15 year fixed rate mortgage is 2.404%.
  • The latest rate on a Jumbo ARM 5/1 is 2.166%.
  • The latest rate on a 7/1 compliant ARM is 4.73%.
  • The latest rate on a 10/1 compliant ARM is 4.447%.

Current mortgage rates: 30-year fixed rate mortgage rates

  • The 30-year rate is 3.295%.
  • It’s a day infold by 0.065 percentage point. ⇑
  • It’s a month offold by 0.013 percentage points. ⇓

Fixed rate mortgages will have predictable interest rates and monthly payments. The 30-year loan is the most common because its long repayment period results in relatively low monthly payments. On the other hand, the interest rate will be higher compared to a shorter term loan, so you will pay more in the end.

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Average mortgage rates

Data based on U.S. mortgages closed August 6, 2021

Type of loan August 6 Last week Change
Conventional Fixed 15 Years 2.4% 2.33% 0.07%
Conventional Fixed 30 Years 3.3% 3.25% 0.05%
ARM rate 7/1 4.73% 4.19% 0.54%
ARM rate 10/1 4.45% 4.11% 0.34%

Your actual rate may vary

Current mortgage rates: 15 years fixed rate mortgage rates

  • The 15-year rate is 2.404%.
  • It’s a day infold by 0.083 percentage point. ⇑
  • It’s a month infold by 0.011 percentage point. ⇑

The shorter payback time of a 15-year mortgage will result in higher monthly payments compared to a 30-year mortgage. However, the interest rate will be lower, which means you won’t be paying as much interest over the life of the loan, making it a cheaper option in the long run.

Current mortgage rates: jumbo variable rate mortgage rates 5/1

  • The ARM 5/1 rate is 2.166%.
  • It’s a day infold by 0.038 percentage points. ⇑
  • It’s a month offold by 0.025 percentage point. ⇓

Instead of a fixed rate loan, you can opt for an adjustable rate loan. An ARM will have a fixed “teaser” rate for the first few years, after which the rate will become adjustable and reset at specific intervals. The monthly payment will reflect whatever interest rate is made.

For example, an ARM 5/1 will have a fixed rate for the first five years. After five years, the rate will reset each year until the loan is paid off. Other common ARM terms include a 7/1 and a 10/1. You will generally have a total of 30 years to repay a variable rate loan.

Current mortgage rates: VA, FHA and jumbo loan rates

The average rates for FHA, VA and jumbo loans are:

  • The rate on a 30-year FHA mortgage is 3.067%. ⇑
  • The rate for a 30-year VA mortgage is 3.132%. ⇑
  • The rate for a 30-year jumbo mortgage is 3.414%. ⇑

Current mortgage refinancing rates

The average rates for 30-year, 15-year and 5/1 jumbo ARM loans are:

  • The refinance rate on a 30 year fixed rate refinance is 3.476%. ⇑
  • The refinance rate on a 15 year fixed rate refinance is 2.521%. ⇑
  • The refinancing rate on an ARM 5/1 jumbo is 2.431%. ⇑
  • The refinancing rate on a 7/1 compliant ARM is 4.902%. ⇑
  • The refinancing rate on a 10/1 compliant ARM is 4.709%. ⇑
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Average mortgage refinancing rates

Data based on U.S. mortgages closed August 6, 2021

Type of loan August 6 Last week Change
Conventional Fixed 15 Years 2.52% 2.47% 0.05%
Conventional Fixed 30 Years 3.48% 3.43% 0.05%
ARM rate 7/1 4.9% 4.52% 0.38%
ARM rate 10/1 4.71% 4.36% 0.35%

Your actual rate may vary

Where Are Mortgage Rates Going This Year?

Mortgage rates fell through 2020. Millions of homeowners responded to low mortgage rates by refinancing existing loans and taking out new ones. Many people have bought homes that they might not have been able to afford if the rates were higher.

In January 2021, rates briefly fell to all-time low levels, but tended to rise throughout the month and into February.

Looking ahead, experts believe that interest rates will rise further in 2021, but modestly. Factors that could influence the rates include how quickly COVID-19 vaccines are distributed and when lawmakers can agree on another cost-effective relief package. More vaccinations and government stimulus could lead to improved economic conditions, which would increase rates.

Although mortgage rates are likely to rise this year, experts say the increase will not happen overnight and it will not be a dramatic jump. Rates are expected to stay near their historically low levels throughout the first half of the year, rising slightly later in the year. Even with rates rising, this will still be a good time to finance a new home or refinance a mortgage.

Factors that influence mortgage rates include:

  • The Federal Reserve. The Fed took swift action when the pandemic hit the United States in March 2020. The Fed announced plans to move money through the economy by lowering the Federal Fund’s short-term interest rate between 0% and 0.25%, which is as low as they go. The central bank has also committed to buying mortgage-backed securities and treasury bills, thereby supporting the housing finance market. The Fed has reaffirmed its commitment to these policies for the foreseeable future on several occasions, most recently at a policy meeting in late January.
  • The 10-year Treasury note. Mortgage rates move at the same pace as the yields on 10-year government treasury bills. Yields fell below 1% for the first time in March 2020 and have slowly risen since then. Currently, yields have hovered above 1% year-to-date, pushing interest rates up slightly. On average, there is typically a 1.8 point “spread” between Treasury yields and benchmark mortgage rates.
  • The economy in the broad sense. Unemployment rates and changes in gross domestic product are important indicators of the overall health of the economy. When employment and GDP growth are low, it means the economy is weak, which can lower interest rates. Thanks to the pandemic, unemployment levels hit historic highs early last year and have yet to recover. GDP has also been affected, and although it has rebounded somewhat, there is still a lot of room for improvement.

Tips for getting the lowest mortgage rate possible

There is no universal mortgage rate that all borrowers receive. Qualifying for the lowest mortgage rates takes a bit of work and will depend on both personal financial factors and market conditions.

Check your credit score and your credit report. Mistakes or other red flags that can lower your credit score. The borrowers with the highest credit scores will get the best rates, so it’s essential to check your credit report before you begin the home search process. Taking action to correct mistakes will help increase your score. If you have high credit card balances, paying them off can also give you a quick boost.

Save money for a large down payment. This will lower your loan-to-value ratio, which means how much of the home’s price the lender has to finance. A lower LTV usually results in a lower mortgage rate. Lenders also like to see money that has been saved in an account for at least 60 days. It tells the lender that you have the money to finance the purchase of the house.

Shop around for the best rate. Don’t settle for the first interest rate a lender offers you. Check with at least three different lenders to see who is offering the lowest interest rate. Also consider the different types of lenders, such as credit unions and online lenders, in addition to traditional banks.

Also take the time to learn about the different types of loans. While the 30-year fixed-rate mortgage is the most common type of mortgage, consider a shorter-term loan such as a 15-year loan or an adjustable rate mortgage. These types of loans often have a lower rate than a conventional 30-year mortgage. Compare everyone’s costs to see which one best suits your needs and financial situation. Government loans – such as those backed by the Federal Housing Authority, the Department of Veterans Affairs, and the Department of Agriculture – may be more affordable options for those who qualify.

Finally, lock in your rate. Locking in your rate once you’ve found the right rate, the right loan product, and the lender will help ensure that your mortgage rate doesn’t increase until the loan closes.

Our mortgage rate methodology

Money’s Daily Mortgage Rates show the average rate offered by over 8,000 lenders in the United States for which the most recent rates are available. Today we are posting the rates for Friday August 6, 2021. Our rates reflect what a typical borrower with a credit score of 700 can expect to pay on a home loan right now. These rates were offered to people with a 20% deposit and include reduction points.

More money :

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Knoxville woman pleads guilty to fraudulently raising over $ 500,000 in COVID-19 relief loans | WJHL https://market-dcd.com/knoxville-woman-pleads-guilty-to-fraudulently-raising-over-500000-in-covid-19-relief-loans-wjhl/ https://market-dcd.com/knoxville-woman-pleads-guilty-to-fraudulently-raising-over-500000-in-covid-19-relief-loans-wjhl/#respond Sun, 08 Aug 2021 13:38:42 +0000 https://market-dcd.com/knoxville-woman-pleads-guilty-to-fraudulently-raising-over-500000-in-covid-19-relief-loans-wjhl/ KNOXVILLE, Tennessee (WATE) – The founder of a company that offers psychosocial rehabilitation services, as well as support services such as child care, tutoring, anger management and case management, has pleaded guilty to one count of carrying out an electronic fraud scheme. Enlightenment Family Care Inc. CEO Porsha Tims Bush, 41, argued Thursday, August 5, […]]]>

KNOXVILLE, Tennessee (WATE) – The founder of a company that offers psychosocial rehabilitation services, as well as support services such as child care, tutoring, anger management and case management, has pleaded guilty to one count of carrying out an electronic fraud scheme.

Enlightenment Family Care Inc. CEO Porsha Tims Bush, 41, argued Thursday, August 5, in a United States district court.

According to court documents, from March to June 2020, Bush requested 10 COVID-19 relief loans over $ 547,000 through the Paycheque Protection Program and the Economic Disaster Loan Program of the Small Business Administration. Bush submitted bogus and fraudulent claims under the names of various companies that were not eligible for relief funds or that did not exist.

Bush submitted fabricated supporting documents and made false claims about the number of employees she had, the income she generated, and the number of salary expenses she incurred. Bush also made false representations about the legal entities and the intended use of the loan proceeds.

According to the US Attorney’s Office, Bush “used the money to pay off personal debts, pay for personal travel, buy clothes and electronics, and finance his daily lifestyle.”

In one case, on March 30, 2020, Bush submitted an online application to the SBA for $ 150,000 in EIDL funds for Enlightenment Family Care. In the request, Bush falsely claimed the company employed four people, generated over $ 335,000 in gross revenue, and paid salaries in excess of $ 45,000 in the 12 months leading up to the COVID-19 pandemic. She also provided fraudulent service forms and tax returns.

Law enforcement has obtained warrants to seize approximately $ 77,820.44 of fraudulent proceeds held in three bank accounts controlled by Bush. As stated in the filed plea agreement, Bush will confiscate these seized funds from the United States. She also agreed to pay compensation to the victims of her fraud scheme in the amount of $ 471,621.

According to the Enlightenment Family Care website, the company offers PSR, a recovery-focused education program that provides an alternative to therapy by using education to promote and support recovery. The company has offices in Knoxville and Houston.

The penalty is set at 2 p.m. January 7. Bush faces up to 20 years in prison, a fine of up to $ 250,000 and a supervised release sentence of up to three years.

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