Soaring home values spurred growth in the million-dollar housing market
Soaring home values spurred growth in the million-dollar housing market
SBI offers up to 30 bps interest concession on home loans in 8 cities The New Indian Express
Deciding to move is a major decision and location is one of the most important aspects you should consider when planning a move. Whether it’s a new neighborhood, a new city, or a new state–once you get there, you want to make sure your new community truly makes you feel welcome.
The post Four Things to Consider When Choosing Your Next Community appeared first on Homes.com.
When’s the last time you made an appearance at a bank branch? With the latest digital technology, there’s almost no reason to step inside a physical bank: Nearly three-quarters of Americans bank primarily online or from their mobile device, according to the American Bankers Association.
But you might still like the idea of having a checking account at a bank with a branch nearby. Why? Maybe you think online banks aren’t as convenient as stopping by your neighborhood branch to get cash (free coffee aside), the perks aren’t as good as with traditional banks or that online banks aren’t insured. Actually, these are three of several big myths about online banking.
âPeople who say online bank accounts are inconvenient may not know how they work,” says Monica Lam, founder of money-saving blog Lucky Mojito. âI can mobile deposit a check into my account at any time without having to drive to the bank and wait in line.”
Lam wishes she hadn’t fallen for common online banking myths and took the benefits of online checking accounts more seriously sooner. âIf someone had told me I could avoid using gas or spending time going to the bank to deposit my checks,” Lam says, âI would have switched a long time ago.”
By now you’re probably wondering, “What are the most common myths about online banking?” We reveal themâand debunk themâso you can understand why opening an online checking account might be right for you.
Don’t just take Lam’s word that inconvenience is an online banking myth. Patricia Russell, a certified financial planner at FinanceMarvel, agrees. âSome online accounts offer 24/7 access to many features of the bank. You can open your account, view your balance, deposit checks, apply for loans and pay billsâall from the convenience of the mobile app or website,” Russell says.
Nearly three-quarters of Americans bank primarily online or from their mobile device.
In fact, some online banks make it easy and convenient to open an account. âOnline accounts are extremely easy to open,” says Miguel A. Suro, founder of the financial blog The Rich Miser. âAll you have to do is go to the website or download the app and follow the simple prompts.”
If convenience is on your mind, you may also worry about the ability to access cash without a physical bank branch, but online banks may have a large network of ATMs that you can use, Russell says. For instance, with Discover’s online checking account, called Cashback Debit, you can use your debit card at over 60,000 no-fee ATMs. How’s that for debunking myths about online checking?
If you believe this, you’ve fallen for one of the most common myths about online banking.
Suro thinks one reason you may be able to score benefits from some online banks is that low overhead often means incentives can be passed down to the consumer.
One such incentive that disproves this myth about online checking is that many online banks charge low or no fees.
“You may be able to pay no fees for routine banking,” Suro says, “such as just having an account, ordering checks, ATM access and most money transfers.”
Discover Cashback Debit, for example, charges no fees. Period. That means you won’t be charged an account fee on your online checking account.1 Imagine, a host of potential fee-carrying features you no longer have to worry about!
Why should credit cards have all the fun?
Now you can earn cash back with your debit card.
Discover Bank, Member FDIC
Another perk on the online checking account sceneâdiscrediting this myth about online checkingâis cash back rewards, which have more traditionally been associated with credit cards. With Discover Cashback Debit, you can earn 1% cash back on up to $3,000 in debit card purchases monthly.2 That means your monthly cash back earnings could yield $360 in total rewards each year. This perk could be covering a good portion of your coffee habit!
You may also find this online banking myth refuted with the fact that some online checking accounts offer higher yields compared to traditional banks, Lam says, which means you can potentially make some cash while your funds are stashed.
While you need to have a computer, tablet or smartphone to use an online bank and access an online checking account, one of the top myths about online banking is that you have to be a techie.
âThere is no need to know a lot about technology to have an online account,” Russell says. âSome banks know the importance of easy-to-use websites and mobile apps, so they often have a design that is simple and straightforwardâeven for those claiming not to be tech savvy.”
Lam, who recently opened a new online bank account, also challenges this myth about online banking. âI went online and filled out a simple form and instantly had access to my account,” she says.
Suro has had an online bank account for 10 years and has not found the technology to be challenging, debunking this myth about online checking. âIf you can manage your traditional bank’s account online via its website or app, you can manage an online-only account,” Suro says. âIt’s the same basic experience.”
âIf you can manage your traditional bank’s account online via its website or app, you can manage an online-only account. It’s the same basic experience.”
Another online banking myth is that you won’t be able to access good customer service for your online checking account because you can’t walk into a branch to talk to someone. Not so fast.
Some online banks have customer service representatives that you can call, and some may even have this service available around the clock (no need to even leave the comfort of your home if you have a question). For instance, Discover’s customer service is available 24/7.
âYou no longer have to make it to the bank before it closes, you can actually contact the bank in the evening and get an answer,” Russell says.
If you’re all about communication from your favorite device, note that some online banks offer digital customer service through the bank’s website or app, calling into question this myth about online checking. âMany online banks offer [live] chat,” Russell says. You may also be able to contact an online bank’s customer service through social media.
Despite the face-to-face opportunity, Suro doesn’t think bank branches are necessarily better at providing customer service. He once needed to send a wire transfer and easily figured out how to do it online. When his relative went into a branch to do the same thing, he got held up. “The whole thing turned into an ordeal that took over 45 minutes,” Suro says.
One final online banking myth is that deposited money isn’t insured.
Online banks can be members of the FDIC, which means they insure your money up to $250,000 or the maximum allowed by law, Lam says. Before you open an account, you’ll want to make sure that the online bank is FDIC-insured. One way to do this is to call the FDIC’s toll-free number at 1-877-ASK FDIC (1-877-275-3342) and ask a deposit insurance specialist to confirm that the online bank in question is FDIC-insured. The FDIC’s online tool BankFind also allows you to search banks by name and informs you of their FDIC number and status, among other information. Banks often include language on their websites and in marketing materials noting if they are members of the FDIC, so be sure to look for that as well.
“Despite the benefits of online banks, many people don’t open accounts because of all these misconceptions,” Russell says.
Now that some of the common online banking myths have been challenged, you can more easily see the simplicity of online accounts and the time saved by banking onlineâtwo key reasons Suro is a huge proponent.
âThat’s why banking online is one of my core strategies for effortlessly saving money and moving through life more efficiently,” he adds.
1 Outgoing wire transfers are subject to a service charge. You may be charged a fee by a non-Discover ATM if it is not part of the 60,000+ ATMs in our no-fee network.
2 ATM transactions, the purchase of money orders or other cash equivalents, cash over portions of point-of-sale transactions, Peer-to-Peer (P2P) payments (such as Apple Pay Cash), and loan payments or account funding made with your debit card are not eligible for cash back rewards. In addition, purchases made using third-party payment accounts (services such as VenmoÂ® and PayPalTM, who also provide P2P payments) may not be eligible for cash back rewards. Apple, the Apple logo and Apple Pay are trademarks of Apple Inc., registered in the U.S. and other countries.
The post 5 Online Banking Myths Debunked appeared first on Discover Bank – Banking Topics Blog.
A consumer loan is a loan or line of credit that you receive from a lender.
Consumer loans can be auto loans, home mortgages, student loans, credit cards, equity loans, refinance loans, and personal loans.
This article will address each type of consumer loans.
Get Approved for personal loan today.
Consumer loans are divided into several kinds of categories. They include auto loans, student loans, home loans, personal loans and credit cards. Regardless of type, consumer loans have one thing in common: you have to repay the loan at some period of time.
Most people who are thinking of buying a car will apply for an auto loan. That is because buying a car is expensive.
In fact, it is the second largest expense you will ever make besides buying a house. And unless you intend to buy it with all cash, you will need a car loan.
So, car loans allow consumers to purchase a vehicle where they may not have the money upfront. With an auto loan, your payment is broken into smaller repayments that you will make over time every month.
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You can choose between a fixed or variable interest rate loan. But the most important thing is, whether you’re buying a new or used car, it’s important to compare loans to help you find the right auto loan for your needs.
Start comparing auto loans now!
Another, and most common, type of consumer loans are home loans. A home loan or mortgage is a loan a consumer receives for the purpose of buying a house.
Buying a house is, undoubtedly, the biggest expense you’ll ever make in your life. So, for the majority of consumers who want to purchase a house, they will need to borrow the money from a lender.
Home loans are paid back over a period of time. Those mortgages term are typically 15 to 30 years. They can be variable rate or fixed rate. A fixed rate means that your repayments are locked in for a fixed term.
Whereas a variable rate means that your repayments depend on the interest rate going up or down when the Federal Reserve changes the rate.
Over the loan’s term, you will pay back the principle amount of the loan plus interest. This makes it very important to compare home loans. Doing so allows you to save thousands of dollars on interest and fees.
The most common types of consumer loans are personal loans. That is because a personal loan can be used for a lot of things.
A personal loan allows a consumer to borrow a sum of money. The borrower agrees to repay the loan (plus interest) in installments over a period of time.
A personal loan is usually for a lower amount than a home loan or even an auto loan. People usually ask for $500 to $20,000 or more.
A personal loan can be secured (the consumer backs it with his or her personal assets) or unsecured (the consumer does not have to use his or her personal asset).
But most of them are unsecured, so getting approved for one will depend on your credit score, income and other factors.
But consumers use personal loans for different purposes. People take out personal loans to consolidate debts, such as credit card debts. You can use personal loans for a wedding, a holiday, to renovate your home, to buy a flt screen TV, etc…
Consumers use these types of loans to finance their education. There are two types of student loans: federal and private. The federal government funds a federal student loan.
Whereas, a private entity funds a private student loan. Generally, federal student loans are better because they come at a lower interest rate.
Believe it or not credit cards is a type of consumer loans and they are very common. Consumers use this type of loan to finance every day expenses with the promise of paying back the money with interest.
Unlike other loans, however, every time your pay with your credit card, you take a personal loan.
Credit cards usually carry a higher interest rate than the other loans. But you can avoid these interests if you pay your balance in full immediately.
Another type of consumer loans are small business loans. These loans are used specifically to create a business or to expand an already established business.
Banks and the Small Business Administration (SBA) usually provide these loans. Small Business Loans are different than personal loans, because you usually have to provide a collateral to get the loan.
The collateral serves as a way to protect the lender in case you default on the loan. In addition, you will also need to provide a business plan for the lenders to review.
If you have your own home, you can borrow money against it. These types of consumer loans are called home equity loans. If you’ve paid off the mortgage on the home, you can borrow up to the full value of the home.
Vice versa, if you’ve paid half of the mortgage on the home, you can borrow half of the value of the house. You can use a home equity loan for several purposes like you would with a personal loan.
But most consumers use this type of loan to renovate their house. One disadvantage of this type of loan, however, is that you can lose your house in case of a default, because your house is used as a collateral for the loan.
Loan refinancing is a basically taking a new loan to replace an existing one. But you get this loan specifically either to refinance your existing mortgage or to refinance your student loans or a personal loan.
Consumers usually refinance in order to receive a lower interest rate or to reduce the amount of monthly payments they are making on their existing loans.
However, reducing to a lower payment will lengthen the time to pay off the loan and you will accrue interest as a result.
Consumers also use this type of loan to pay their existing loans off faster. However, some mortgage refinancing loans come with prepayment penalties. So do you research in order to avoid that extra charge.
The bottom line is consumer loans can help you with your goals. However, understanding different loan types is important so that you can choose the best one that fits your particular situation.
So do you need a consumer loan?
Get Approved for personal loan today.
If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAssetâs free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.
The post What Is A Consumer Loan? appeared first on GrowthRapidly.
Now that summer is in full swing, outdoor gear â like tents, backpacks, lanterns and even fitness gear â is marked down.
I understand youâre not going to time your babyâs birth to get the best deal on all their accoutrements.
The pandemic may have kept you out of the gym, and you might still be hesitant to return. But gyms are known to offer big incentives to sign up and get fit in the New Year. Home gym equipment also goes on sale in January, as do scales, according to Consumer Reports. Hereâs some guidance on what equipment you need for a good, affordable home gym.
But more often than not, you can plan ahead for lifeâs necessities â and some non-necessities, too.
You canât tell the difference between last yearâs refrigerator models and this yearâs, right? Didnât think so.
If youâre looking for a blender, food processor, coffee maker or anything else thatâll proudly take up space on your kitchen counter, itâs worth waiting until Black Friday sales begin in stores and online.
Jeans typically get discounted in October, after back-to-school sales have ended and families are stocked up on fall attire.
Presidents Day is a good time to buy a mattress because it gives you a long weekend to shop with your partner for an item you should both agree on before buying.
Look for deep discounts after retailers remove their rose-colored glasses. Itâs not worth paying the âlove taxâ to celebrate with your sweetheart, anyway.
Computer manufacturers typically release their new models in the summer, so back-to-school sales are a great time to buy last seasonâs model. The specs probably wonât be different enough for you to notice, unless youâre a hardcore gamer or designer.
Bridal shops are slow before the proposal rush during the holiday season, so the few weeks before Thanksgiving is a good time to start trying on gowns.
Apple products, however, typically get announced in the fall, so hold off to get that new MacBook.
Lisa Rowan is a former staff writer and producer at The Penny Hoarder.
July means humidity. Pick up an older version of a much-needed dehumidifier in July or August, according to Consumer Reports.
Celebrate the seasonâ¦ by shopping smart, obviously.
Grilling season doesnât stop at the stroke of Labor Day. Buy at the tail end of summer to enjoy your grill until almost Thanksgiving (OK, depending on where you live).
If youâre eager to start your home DIY projects in the spring, go ahead and shop now.
Back to school? More like back to the checkout lane.
But if your kiddo needs a new stroller or high chair, May is a good time to shop, according to Consumer Reports â especially if you can grab the Memorial Day deals.
October means fall leaves â and they are likely covering your yard. Pick up a leaf blower, and while youâre at it, get ready for the snowy days ahead with a snow blower, according to Consumer Reports.
Ask about sample sales and last yearâs styles that may be priced to move.
No need to rush to the bookstore in December to get a new wall or desk calendar. Buy one in January to get a discount.
Thereâs a joke about spooky deals in here, but I wonât make it.
Donât sweat these savings.
Fall in love with these deals during February.
June is typically peak wedding season, and stores hope youâve planned ahead to buy wedding registry gifts.
Kick off the new year with big savings.
Be a smart shopper and plan your purchases according to this calendar, which plots the best deals, month by month.
Toy deals stick around after those Black Friday and Cyber Monday sales in November.
The dog days of summer offer some amazing bargains.
Thatâs why retailers use the holiday to post sales on pricy items many people have put off buying or replacing for a while. Take advantage.
The days get shorter, but the deals get bigger.
Retailers know that the newest TVs and other electronics are revealed at the annual Consumer Electronics Show in January. This makes January the best time to buy a TV, thanks to major discounts â as long as you donât covet the new, fancy models too much.
Winter coats take up a ton of room in your closet and just as much room in stores. Help retailers clear âem out this month, and youâll get a big discount.
Now is when those items are discounted, and itâs the perfect time to replace or upgrade whatâs in your own cabinets.
Before you let an impulse buy drain your bank account, consult our handy calendar of the best time to buy absolutely everything. You might be surprised at the deals each new season brings!
Here come theâ¦ deals?
The yearly tradition of hosting a white sale dates back to the 1870s, when linens were only available in white. But modern white sales include linens and home goods in every color of the rainbow.
Everyoneâs finally going outside again. Let sporting goods stores make it easier for you to keep up with your New Yearâs resolution (remember that?) by discounting those new kicks.
Plus, when their workload slows in the winter, many contractors are willing to lower their prices.
Your costs typically drop a few percentage points at the end of September (after the kids have gone back to school), making this the best time to buy a house.
Spring forward by making these smart purchases in March.
Generally, September is the best month to buy Thanksgiving flights.
Also look for discounts on other Valentineâs Day goods, such as cards and chocolate after the holiday itself.
I know, you have an entire 11 months until you get invited to your next ugly sweater party. But my Goodwill intel reports that January is the best time to find a truly hideous sweater for way cheap. Other Christmas supplies are also on sale in January, including holiday cards and decorations.
This might not be a frequent purchase, but if youâre in the market for a new home, it can help to hold off past the busy spring and summer buying seasons.
You donât have to wait until Fatherâs Day to find excellent prices on tools and home improvement gear.
Just donât forget where you put it when itâs time to pack.
Hopefully 2021 proves to be a better year for travel. Planning a summer vacation? Travel early or late in the summer instead of during peak times. And youâll pay less for airfare if you can travel midweek.
The smart shopper always plans ahead.
Even if youâre done with holiday shopping for your little ones, consider picking up their favorite character and activity toys while theyâre still discounted to stash away for birthdays.
Also look for deals on other necessities like freezers, oven ranges and air conditioners, according to Consumer Reports.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Some purchases are tough to plan: car repairs, patches for a leaky roof, a working furnace right before the big snowstorm hits.
Even though your local pool might be closed for the season, you should think about stocking up on swimsuits for next year.
If your familyâs been begging for a backyard pool, December is the best time to have one installed. It might be chilly, but pool pros would rather avoid working on 90-degree days!
Hitting the prime booking window â plus our other top tips for saving on air travel.
Donât wait until a week before your big family vacation to get a new suitcase. March is the best time to buy luggage, as itâs on sale to entice shoppers who are desperate to be done with their snowy, dreary winters and who crave a little spring break.
New styles hit stores in February and August, so retailers spend much of July clearing out old stock, especially over Fourth of July weekend â making this the best time to buy furniture.
New refrigerator models debut in the summer. Shop in May to get last yearâs model at a better price.
Goodbye summer, hello savings.
Itâs worth checking out the patio furniture if you donât mind storing it over the winter. When that first warm spring day hits, youâll be ready to bask in the sunshine.
Is your refrigerator running? If not, May is a great time to get a new one.
One of the best times to buy jewelry is in February â but only after Valentineâs Day.
This time of year is ripe with rock-bottom prices on giftable small appliances.