Assistant clerk – Athena Site http://athenasite.net/ Wed, 16 Feb 2022 04:15:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://athenasite.net/wp-content/uploads/2021/11/icon-1-120x120.png Assistant clerk – Athena Site http://athenasite.net/ 32 32 Governor Lujan Grisham wins, loses part of agenda in budget session https://athenasite.net/governor-lujan-grisham-wins-loses-part-of-agenda-in-budget-session/ Wed, 16 Feb 2022 03:45:00 +0000 https://athenasite.net/governor-lujan-grisham-wins-loses-part-of-agenda-in-budget-session/ Although Governor Michelle Lujan Grisham’s ambitious voting rights bill appears to have died in the final days of the current legislative session, she welcomed the passage of other priority items on Monday evening. . These included invoices exempt social security benefits from income tax for many seniors as well as gross state revenue tax cuts […]]]>

Although Governor Michelle Lujan Grisham’s ambitious voting rights bill appears to have died in the final days of the current legislative session, she welcomed the passage of other priority items on Monday evening. .

These included invoices exempt social security benefits from income tax for many seniors as well as gross state revenue tax cuts and salary increases for licensed teachers.

Following: Bill exempting Social Security benefits from New Mexico income tax advances in final committee

“Cutting gross receipts taxes for the first time in 40 years will keep nearly $200 million in the pockets of New Mexicans statewide, and ending the benefit tax Social Security will take an extra burden off the shoulders of older people living on fixed incomes,” she said. in a report.

Lawmakers could send him a record $8.48 billion budget for fiscal year 2023, which also includes increases for state troopers and some government employees, though the State House rejected a Senate version of the bill. bill Tuesday afternoon.

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Higher mortgage rates make things even harder for homebuyers https://athenasite.net/higher-mortgage-rates-make-things-even-harder-for-homebuyers/ Wed, 16 Feb 2022 01:17:00 +0000 https://athenasite.net/higher-mortgage-rates-make-things-even-harder-for-homebuyers/ First-time home buyers, already beset by bidding wars, now face a potential blow: higher mortgage rates. 30-year loan costs hit a more than two-year high of 3.69% last week, rising about 20% just since Christmas. Further hikes are expected as the Federal Reserve, trying to rein in inflation, raises its benchmark rate. It’s a daunting […]]]>

First-time home buyers, already beset by bidding wars, now face a potential blow: higher mortgage rates.

30-year loan costs hit a more than two-year high of 3.69% last week, rising about 20% just since Christmas. Further hikes are expected as the Federal Reserve, trying to rein in inflation, raises its benchmark rate. It’s a daunting prospect for first-time buyers when affordability is already at its worst since 2018.

The pandemic housing rally is heating up again as the key spring selling season approaches, threatening to push new buyers beyond what they can afford. Their low incomes put them at a disadvantage when competing with older people who are downsizing and single family owners for the same moderately priced homes. Soaring borrowing costs sap their purchasing power, preventing them from bidding high enough to stand a chance.

“Housing affordability is about to be crushed,” said Mark Zandi, chief economist at Moody’s Analytics, who expects 30-year rates to top 4% this year.

“Many potential first-time home buyers will be locked out of home ownership, at least until home prices come back to earth or mortgage rates come back down,” he said. “Neither seems likely, at least not soon, and certainly not in time for the critical spring home-buying season.

Cassie Homan, a single Philadelphia tenant in her 40s, scours listing websites every day, looking for a modest place to live in suburban New Jersey to be closer to her family. She has a month-to-month lease to stay flexible. But in its sub-$200,000 budget, homes go fast unless there’s something serious going on.

She recently inquired about a renovated two-bedroom house built in 1855 with an asking price of $140,000. But he was gone before she could see him, attracting three cash offers in two days. She considered another house only to find that the seller was passing off the attic as a bedroom. A third property – listed without any photos – was closed to viewing because a tenant lived there.

Homan said she hopes rising interest rates will drive prices lower, opening up more inventory. Other than that, “I’m screwed – I don’t stand a chance in hell,” she said. “I’m going to have to rent for the rest of my life.”

Rising rates, at least in the short term, are helping to reduce inventories even further. Homeowners are less and less willing to move because they would have to give up their old cheaper mortgage and take out a more expensive one to buy a new home. This leaves fewer entry-level properties on the market.

And single-family rental companies picking up homes in the thousands will continue to buy because they aren’t dependent on mortgages, said Scott Buchta, head of fixed-income strategy at Brean Capital in Franklin, Tenn. This will continue to reduce supply, especially in markets where companies are most active, such as Atlanta, Phoenix and Nashville.

Sherry Bailey, an agent in Atlanta, said her buyers consistently lose out to big landlords who pay cash.

Bailey works with a young woman with a government job and a budget of less than $200,000 who was forced to search the mountain towns of North Georgia, an hour and a half from Atlanta. Yet, during the time it takes for the client to discuss the possibilities with her mother, competitors are rushing in, Bailey said.

“The spring market hasn’t even started,” she said, “and buyers are already discouraged.”

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Want to be a TSP trillionaire? Ask for one! https://athenasite.net/want-to-be-a-tsp-trillionaire-ask-for-one/ Tue, 15 Feb 2022 22:07:54 +0000 https://athenasite.net/want-to-be-a-tsp-trillionaire-ask-for-one/ There are many ways to become a millionaire. Some of them are even legal. You can invent something, like fire, Scrabble or potatoes, even if these have been taken. Or you can write a book, then buy TV airtime, then give seminars telling other people how they or they can make a million in the […]]]>

There are many ways to become a millionaire. Some of them are even legal. You can invent something, like fire, Scrabble or potatoes, even if these have been taken. Or you can write a book, then buy TV airtime, then give seminars telling other people how they or they can make a million in the market. If enough people buy it, you will become a millionaire without taking all that time and effort to invest. Or…

You can get a good stable job. Pick an outfit that will last a long time and has a great 401k plan. Very important. Uncle Sam is a good example. And make sure your employer is willing to match your dues. The government matches 5% for 99.5% of its employees. Many private companies have no equivalent. Which is huge. This 5% tax-deferred contribution is a head start that continues. Then, invest in equities for the long term, in good and especially bad times, like the C, S and I funds of the federal TSP. There are no guarantees of gains and good performance, but so far so good.

If you take the Long-Term Investing course, you can, as 112,000 federal and postal entry-level workers did, become a TSP millionaire. Maybe with $2-3 million which, along with your regular federal pension and inflation-indexed Social Security, will guarantee you a better retirement. As in much better.

But the keys are to invest for the long term and do what the winners have already done. Like Abraham Grungold. He is a long-time fed who has found a good financial coach: himself. He practiced what he preached to others. And it worked. He is our guest today on Your Turn (10am EST) here on FederalNewsNetwork.com or in the DC area at 1500 AM.

He will talk about his “simple” 5-step recipe for becoming a TSP millionaire. It’s the one you can’t afford to miss. Tell a friend. If you miss the show, or want to hear it again, it will be archived on our homepage. In the meantime, here’s a taste he calls:

The simple recipe to become a TSP millionaire

“There are about 4.5 million federal employees and about 2% of them, 112,880, are Thrift Savings Plan millionaires. These are the employees who have contributed to the TRP throughout their federal careers and who have invested aggressively. They have withstood all storms and financial crises. They lived through the COVID-19 pandemic and showed no fear.

It is an elite club. And this club welcomes new members.

What does it take to become a TSP millionaire? What is the recipe? It takes a few basic ingredients and several important steps.

  1. Contributions: Put as much as you can afford.
  2. Investment: Invest your account aggressively.
  3. Time: Let your account grow for 30 years.
  4. Ignore all financial crises.
  5. Ignore anyone who is not a TSP millionaire.

Becoming a TSP millionaire or a TSP multi-millionaire has nothing to do with talent or luck. Investing in one of the TSP funds is not gambling. But if you switch from one fund to another trying to time the market fluctuation, it’s just a recipe for disaster. An old friend of mine, who is also a successful TSP member, would say “Just Let It Ride”.

I started at TSP from the very beginning, in 1987. There was no computer technology to check your daily balance. Doing a simple interfund transfer took several weeks to complete. Everything was done manually by sending the forms and receiving your statements by mail. And for employees with less than three years of federal service, there were restrictions on the funds you could invest in.

So what does it take to be a TSP multi-millionaire? Well, my story isn’t just about making contributions and investing aggressively.

My story was about making the sacrifice to contribute the most every day of my federal career. I invested the maximum for 35 years. During the first twelve years of my federal service, I did not earn more than $50,000 a year. I worked a second job so that I could maximize my contributions. I have not deprived myself of the pleasures of life. I continued to travel and play golf, but lived on a budget so I could pay my living expenses. Also, during my career, I have had four TSP loans, two personal loans and two residential loans.

I reached my first million in May 2014. It took me 27 years. My second million was reached in February 2020. So why did it only take six years to get there? Well, I was contributing the maximum to the IRS, including the over 50 contribution, and the stock market grew rapidly from 2016 to 2019. My third million came in December 2021. So how would that have could be accomplished in just 22 months? Due to the COVID-19 pandemic, I saw my account decline in 2020, but it rebounded and skyrocketed in 2021. Also, I continued to buy stocks when the market experienced setbacks . Looking at my account now seems so surreal. Looking back, I made a few sacrifices, but they certainly paid off.

I have many clients who are TSP millionaires and many who want to be TSP millionaires. I always ask them how much risk and sacrifice are you willing to make to achieve your goals? The key to being a TSP millionaire is making those big contributions and investing aggressively.

Financial success can easily be achieved; it only takes a little effort.

For any questions or comments, please contact me at Abraham Grungold – AG Financial Services or my Facebook page at FERS Federal Employees

Almost useless factoid

By David Thorton

In ancient Rome, cheesecake was called “placenta”.

Source: What’s cooking America

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City Council approves pavement resurfacing program – Leader Publications https://athenasite.net/city-council-approves-pavement-resurfacing-program-leader-publications/ Tue, 15 Feb 2022 20:52:15 +0000 https://athenasite.net/city-council-approves-pavement-resurfacing-program-leader-publications/ NILES – Some city streets that need repairs and improvements will soon receive proper maintenance. Niles City Council voted unanimously to approve a $729,160.05 bid from Northern Construction Services Corp. for the 2022 Main and Local Street Resurfacing Program. According to the city council report, funds have been set aside in the current year’s budget […]]]>

NILES – Some city streets that need repairs and improvements will soon receive proper maintenance.

Niles City Council voted unanimously to approve a $729,160.05 bid from Northern Construction Services Corp. for the 2022 Main and Local Street Resurfacing Program.

According to the city council report, funds have been set aside in the current year’s budget for road resurfacing projects. $625,000 has been budgeted for major and local street projects, which include cold milling, pavement resurfacing, pavement marking, ADA ramp work, and other related works.

Tenders opened on January 26 and out of four tenders received, Northern Construction Services Corp. of Niles, was the lowest bidder at $729,160.05 for the following projects:

  • S. Third Street and Silverbrook Avenue to Fort Street
  • Lake Street and N. 13th Street to Terminal Road
  • N. Fourth Street and Main Street to Cedar Road
  • Wesaw Rd and Plym Rd to Topinabee Rd
  • First Court and N. Barrett Street to Lincoln Avenue
  • Cherry Street and S. Fifth Street to S. Ninth Street

According to the report, additional funding beyond the amount budgeted is available from major/local street funds. Projects are expected to be completed by June 30, 2021.

According to Niles Public Works Director Joseph Ray, the department uses a “worst-first” approach when it comes to pavement improvements and considers both road quality and traffic data. when making decisions.

“We can fix a road and people say ‘my road is worse than this’, but that road may only see fifty cars a day,” he said. “Other roads may be in better condition but see 1,000 cars a day. It’s not just the condition of the road that we’re looking at, but also the volume of traffic.

While the Public Works Department tries to complete resurfacing projects each year, Ray said the same fund used to support the projects also pays for general maintenance, including snow removal, patching hen, sign maintenance, pavement marking and more.

“It’s a pot of money that we use every year,” Ray said. “We know approximately how much we need for general maintenance and the balance is what we try to use for resurfacing projects.”
In other matters, the board approved an addendum to the $21,000 revolving loan fund loan agreement and a promissory note with Apothica Teas owners Laura and Shane Hollister.

According to the city’s website, Niles administers a revolving loan fund program that is available for loan and grant projects deemed eligible by the state of Michigan. The RLF is an economic development tool based on partnerships between private businesses and the city that works by providing loans to businesses that cannot set up or grow in Niles with traditional sources of finance alone.

The objective of the RLF is to generate economic activity that will result in the creation of jobs for low- and middle-income people. Loans can be used for the acquisition of land and buildings, construction, the acquisition of machinery and equipment or for working capital. Businesses that benefit from the program are required to create one job for every $15,000 borrowed.

In August 2019, the board approved a $25,000 RLF loan agreement with the Hollisters, who have met their scheduled payment deadlines and have to date paid $10,000 more than required, bringing their RLF balance to 11,000. $. Once the addendum is approved, their RFL will be changed to $21,000 with a monthly payment of $555.13.

The new RLF deal comes at a good time, as Apothica Teas plans to expand into the adjacent building. Apothica Teas also received a Match On Main grant of $21,000 to help with this expansion.

In other business, the council agreed to sell parcel 11-72-4560-0042-03-7 to Sew Happy Sales and Service, 15 N. 2nd St., for $3,000. The owners of Sew Happy Sales and Services purchased the city-owned plot – located next to their business – with the aim of building an extension to its current business.

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What is it and is it worth it? – Forbes Advisor https://athenasite.net/what-is-it-and-is-it-worth-it-forbes-advisor/ Tue, 15 Feb 2022 18:20:07 +0000 https://athenasite.net/what-is-it-and-is-it-worth-it-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. iBuyers, or Instant Buyers, are companies that buy homes from individuals in a way that removes many of the hassles of the traditional home selling process. These companies can buy or sell […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

iBuyers, or Instant Buyers, are companies that buy homes from individuals in a way that removes many of the hassles of the traditional home selling process. These companies can buy or sell your home, renovate it, and connect sellers with movers, home loans, and title insurance providers. You can also list your home through an iBuyer and work with your own real estate agent.

While it may seem appealing to go through an iBuyer to buy or sell your home, there are some things you need to know in order to choose the best route for you.

What is an iBuyer?

iBuyers are technology-driven real estate companies that use automated valuation models to determine the value of a home and make an offer to purchase, often within 24 hours.

An Automated Valuation Model (AVM) is a computerized appraisal that looks at the value of similar nearby homes and combines that information with the specifics of your home to estimate its value. If you’ve ever checked a home’s Zestimate from Zillow, for example, or been able to refinance your home without hiring an appraiser, then you’ve seen an AVM at work. Mortgage lenders and other real estate companies use AVMs all the time.

iBuyers use these models for new use to buy properties, repair them and resell them for a profit. This is very similar to what real estate investors do who flip properties.

iBuyers don’t think of themselves that way, though. Opendoor, one of the market’s leading iBuyers, states on its website that it is not a “home flipper” as the company does not buy distressed properties to repair and resell. Most iBuyers prefer properties that are already in good condition.

iBuyer Businesses

Opendoor, founded in 2014, was the market leader at the end of 2021, with more than four times as many homes for sale as Offerpad and operations in 44 markets. In addition to buying your home, the company says on its website that it will help you make a cash offer to buy your next home.

Offerpad, founded in 2015, is the second largest iBuyer. It aims to buy, renovate and sell homes within 100 days. The company operates in 21 markets at the end of 2021. Its business model is also based on providing mortgage and title services, and allowing landlords to register through its platform.

Zillow Offers was an iBuyer that ran from 2018 until November 2021, when it shut down due to its algorithm underperformance. He struggled to accurately predict future home prices, and the company overpaid for too many homes. He also couldn’t get enough owners to sell.

RedfinNow and Keller Offers are two other players in the iBuyer market, but they have a much smaller presence.

RedfinNow buys homes in 18 markets and has the strongest presence in California and Texas.

Keller Offers will buy your home for cash in 22 major markets in the West, Midwest, South and Southwest. It also has a program that will help you renovate your home to sell it, or renovate your home and stay put, an option that currently differentiates it from its competitors.

Working with an iBuyer

You can sell your home to or through an iBuyer, buy a home from an iBuyer, or both.

Buying a house from an iBuyer

If you want to buy a house from an iBuyer, the first question you will need to answer is whether there is one in your area. For now, that usually means you’ll have to live in a major metropolitan area.

The next step is to find the properties you like and visit them. iBuyers can make scheduling visits easier and eliminate any pressure or embarrassment that may result from the presence of a seller’s agent or the seller themselves. For example, Opendoor allows potential buyers to view its homes from 9 a.m. to 6 p.m. daily, without an appointment. Just go home and unlock the door with the company app. Offerpad asks you to contact them about any home you are interested in.

You’ll also need to decide if you want to buy direct from iBuyer or work with your own agent. When buying a home, it normally makes sense to work with a buyer’s agent since they represent your interests but are paid from the selling agent’s commission. Opendoor encourages buyers to use its own agents by offering a 1% discount, if certain conditions are met.

Selling a house through an iBuyer

iBuyers typically buy single-family homes. They can also buy townhouses, condominiums and duplexes, depending on the company and the market. If you want to sell your home through an iBuyer, you may have the option of selling your home directly to the company or through the company. Here is a breakdown of each option.

Selling your home to the business

You start the process by entering key information about your property using the company’s website or app. An algorithm will calculate a tentative initial cash offer which the company will customize after you provide more detailed information about your home through photos or a virtual tour.

The iBuyer will also send a building inspector to check on the condition of your property. The company may subtract the cost of necessary repairs from your bid or give you the option of hiring your own contractors to do the work.

These are the main factors that determine how much the company will offer for your home:

  • Age
  • State
  • Surfaces, finishes and fixtures
  • Appliances
  • Recent sales of similar homes nearby
  • Request
  • Projected Real Estate Market Trends

In addition to not being located in a market where the business operates, an iBuyer may not be interested in buying your home if it is:

  • Not a single family residential property
  • Located in a flood zone
  • Too old
  • Sits on over an acre or two of land
  • Worth $1 million or more
  • A prefabricated or mobile home
  • seriously damaged

If you don’t like the company’s offering, they’ll reconsider whether you can point out features they may have missed. The company’s offer may only be valid for a few days. After that, you can request an updated offer based on current market conditions, which means you might get a higher, lower, or no offer.

Selling your home through the company

Selling your home through an iBuyer is more like the traditional home selling process where you work with an agent to determine a listing price, put your home on the market, show it to potential buyers, and negotiate a deal until closing. . You can make more money this way than accepting a cash offer from an iBuyer.

There are several advantages to using an iBuyer’s listing service. For example, Offerpad says that if you use its sign-up service, the company will provide free carpet and deep house cleaning, handyman services, landscape cleaning, and pool services to get your home ready for use. be shown. Offerpad also says it will give you a home improvement advance — an interest-free loan repayable from the proceeds of your future sale — for things like paint, new flooring and appliances, and other upgrades that you’ll need. could help sell your home.

An iBuyer can also make a replacement offer on your home if you can’t sell for the price you hoped for or if your moving schedule is speeding up.

Costs associated with selling to an iBuyer

Selling your home to an iBuyer can save you money in areas such as renovations and moving costs.

For example, sellers who contract with Offerpad are eligible for free moving services if their new home is within 50 miles, the items weigh less than 13,000 pounds, and the home being sold is less than 2,800 square feet. .

However, with iBuyers, you will pay a service fee of 5% to 14% of the selling price of the house. These fees also cover business ownership costs after you buy your home, such as insurance, property taxes, maintenance, utilities, and other fees.

Ultimately, the service fee may end up being higher than the 4% to 6% commission that a traditional real estate agent typically charges.

You may be able to save money by simultaneously selling and buying your home through the same iBuyer, as well as getting your mortgage through the company. But it’s best to shop around with mortgage lenders and real estate agents first to determine which options offer the biggest savings.

Best Mortgage Refinance Lenders of 2022

Find the best mortgage refinance lenders for your needs.

Is an iBuyer worth it?

Whether you’re buying or selling a home, working with an iBuyer can help simplify the entire process and avoid overlapping housing costs.

As a seller, working with an iBuyer can be worthwhile if you:

  • You want to sell your house quickly, rather than waiting for the highest possible offer
  • You don’t want to clean, fix, or showcase your home for potential buyers
  • You don’t want strangers visiting a house you still live in
  • Feel comfortable selling your home without a real estate agent

As a buyer, you might consider buying your home from an iBuyer if:

  • You want a house ready to move into
  • The move-in date can be flexible since the house is vacant
  • You want to close quickly
  • Getting your mortgage and home from the same company is attractive
  • You are comfortable buying a house without an agent

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What is the prime rate? – Forbes Advisor https://athenasite.net/what-is-the-prime-rate-forbes-advisor/ Tue, 15 Feb 2022 17:56:31 +0000 https://athenasite.net/what-is-the-prime-rate-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. The prime rate is one of the main factors used by banks to determine interest rates on loans. If you’re looking for a new variable rate mortgage or personal loan, understanding the […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

The prime rate is one of the main factors used by banks to determine interest rates on loans. If you’re looking for a new variable rate mortgage or personal loan, understanding the prime rate and how it works can give you a better idea of ​​how much you’ll pay and when is the best time to get a loan.

Definition of prime rate

The prime rate is the interest rate that banks charge their best customers for loans.

“The best in this sense are the borrowers with the lowest risk of default,” says Jeanette Garretty, chief economist and managing director of Robertson Stephens, a wealth management firm in San Francisco. This is usually the lowest interest rate that banks charge and is a benchmark for determining interest rates for other products, such as lines of credit, credit cards and small business loans.

But the prime rate is just one of many factors that determine how much you’ll pay for the loans. Banks also take into account your creditworthiness – the more likely you are to repay them, the lower the rate they would charge and vice versa.

Compare personal loan rates from top lenders

Compare personal loan rates in 2 minutes with Credible.com

Who gets the prime rate?

Banks generally charge the prime rate only to large corporate customers with ample financial resources. This is because they have more money and assets to repay the loans. Since individual consumers do not have the same resources, banks generally charge them the prime rate plus a surcharge depending on the type of product they want. A credit card rate could be prime plus 10%, for example.

At the other end of the spectrum, a bank’s best borrowers may be able to negotiate an interest rate below prime. This type of trading occurred more frequently in the 1980s, Garretty notes, when interest rates were much higher. Lenders would try to attract prime borrowers by offering interest rates below prime.

What is the impact of the federal funds rate on the prime rate?

The federal funds rate is an interest rate range set by the Federal Reserve. The federal funds rate is the Fed’s recommendation for what banks should charge when lending money to each other overnight to meet reserve requirements.

“There’s a rule of thumb that the prime rate is ‘federal funds plus 3,'” Garretty explains. day.”

The prime rate only moves when the fed funds rate moves. “This is different from other rates (LIBOR, Treasuries), which move daily/weekly based on short-term financial market conditions (supply and demand),” says Garretty.

Once a bank changes its prime rate to reflect the new federal funds rate, it will then begin to adjust the rates of many of its other lending products in the same direction. And when the federal funds rate and the prime rate go down, other rates go down as well, making it cheaper to borrow.

Note that some lending products, like fixed rate mortgages and some student loans, are based on metrics like SOFR and are less tied to the movement of the prime rate.

What is the current prime rate?

As of February 8, 2022, the current prime rate is 3.25% in the United States, according to the Wall Street Journal. Table of monetary rateswhich lists the most common prime rates applied in the United States and other countries by averaging the prime rate of the 10 largest banks in each country.

The fed funds rate is currently 0.00% to 0.25%, so with that in mind, you can see how the rule of thumb of “federal funds plus 3” plays out: 3 + 0.25% = 3.25%.

Each bank has the option of setting its own prime rate. Most are based on the national average listed under the WSJ prime rate, but some might charge more or less depending on their goals.

Prime rate history

To give you an idea of ​​how the prime rate changes and how often, here is an overview of the changes to the prime rate over the past few years:

The 10 Most Recent Prime Rate Changes

As you can see from the chart, as well as the longer term chart below, the prime rate is at historic lows today. It can’t fall any further because the fed funds rate is as low as possible without going negative.

“The last time rates were this low was during the financial crisis, when prime rates were also 3.25% from December 2008,” says Daniel Milan, managing partner of Cornerstone Financial Services at Southfield. , Michigan.

“Rates started to rise around 2015 and continued to rise until March 2020 due to Covid-19. If you go back further in history, you have never seen rates as low as you would often see them in the mid single digits or even the low double digits, especially in the 80s and 90s,” he says.

What is the impact of the prime rate on you?

The prime rate sets the baseline for a variety of bank loans. When the prime rate increases, the cost of accessing small business loans, lines of credit, car loans, certain mortgages and credit card interest rates also increase. Since the current prime rate is at a historic low, it costs less to borrow than in the past.

The prime rate is also important if you have variable interest rate debt, where the bank can change your rate. This includes credit cards as well as adjustable rate mortgages, home equity loans, personal loans and adjustable rate student loans. If the prime rate goes up, the bank could end up charging you a higher interest rate, so your monthly payment on variable debt would go up.

“Decisions made by a bank’s asset and liability committee will ultimately determine where these other rates settle,” says Garretty. They could also consider their business strategies. For example, if one bank wants more credit card business on its books while another does not, it will offer different credit card rates, even though it is working with the same prime rate.

Therefore, the impact of a rise in prime rates may not be immediately obvious. However, over time, the prime rate pushes consumer rates in the same direction. By keeping an eye on prime rate trends, you can get an idea of ​​the cost of borrowing and can plan for any changes.

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Same Day Loans Fast Approval Within 1 Hour https://athenasite.net/same-day-loans-fast-approval-within-1-hour/ Tue, 15 Feb 2022 16:03:26 +0000 https://athenasite.net/hating-your-job-is-cool-but-is-it-a-labor-movement/ Online Same Day Loans In everyday life, a few circumstances are unpredictable, and it is impossible to imagine the need in this particular scenario. If you are in urgent need and you don’t have money in your account that is known as an obstacle for numerous Citrus North offer same day loans. The typical loans are characterized […]]]>

Online Same Day Loans

In everyday life, a few circumstances are unpredictable, and it is impossible to imagine the need in this particular scenario. If you are in urgent need and you don’t have money in your account that is known as an obstacle for numerous Citrus North offer same day loans. The typical loans are characterized by a large sums of money for those who make credit checks are necessary. Credit checks of this kind require a lot of time and processing time is lengthy. In addition to these conventional loans, the current same day loans that do not require a credit check can meet your needs within a the shortest time. The emergency loans can solve your problem and can be accessed without a credit check. Many say that they is possible to get approved in in less than that amount of time.

Benefits of cash loans that are same day

The majority of countries have legalized them , and they offer a lot of advantages to traditional loans. These types of loans are secured by the paycheque of the next month. It’s interesting that the repayment term is also extended up to a minimum of one or two months. The term could be shorter at times. period of time. They will have to be reduced to a few days. In these kinds of circumstances there is a high possibility for loan companies to be unable to recover their money from advances or immediate loans that are not longer than the time span of a few days. The lender simply needs to present the post-dated check and proceeds to make the loan repayment.

They are the best way to get the loan back from individuals who aren’t paying the loan that they already been credited to their accounts. The majority of the time the credit or borrower has faced difficult times when obtaining the normal loan. In the case of same-day loans, they’re regarded similar to the loan lender who is a good one. The terms under which the instant loans are been transferred to the poor credit borrower is the same. In the opposite way the instant loans are referred to as payday loans that are same day and, since loans of cash in the course of loans, some might also refer to it as cash advance loans. In general terms, the loan provider requires the borrower to provide crucial documents in order to authorize the loan. You can submit those documents online or by fax. This way regardless of the distance you are from the institution to which who you’ve applied to for the loan the account will be credited the amount after all of the documents are approved. Make sure you choose the most suitable instant loan provider and benefit from this service.

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Four Massachusetts Hunger Organizations Receive $525,000 Through Bank of America’s COVID-19 Employee Booster Initiative https://athenasite.net/four-massachusetts-hunger-organizations-receive-525000-through-bank-of-americas-covid-19-employee-booster-initiative/ Tue, 15 Feb 2022 15:00:00 +0000 https://athenasite.net/four-massachusetts-hunger-organizations-receive-525000-through-bank-of-americas-covid-19-employee-booster-initiative/ To fight hunger in Massachusetts, Bank of America donated $100 for each bank employee who registered a booster of the COVID-19 vaccine in addition to a company contribution BOSTON, February 15, 2022 /PRNewswire/ — Bank of America today announced a total $525,000 donation to the Greater Boston Food Bank, Lovin’ Spoonfuls, the Food Bank of […]]]>

To fight hunger in Massachusetts, Bank of America donated $100 for each bank employee who registered a booster of the COVID-19 vaccine in addition to a company contribution

BOSTON, February 15, 2022 /PRNewswire/ — Bank of America today announced a total $525,000 donation to the Greater Boston Food Bank, Lovin’ Spoonfuls, the Food Bank of Western Massachusetts and the Worcester County Food Bank to address food insecurity in the area. An estimated 15.9 percent of households were food insecure Massachusetts end of 2021, according to Project Bread. As the pandemic continues, organizations fighting hunger in Massachusetts and across the country face ongoing challenges such as increased demand for their services and rising food prices.

(PRNewsfoto/Bank of America Corporation)

Bank of America is supporting the health and safety of its employees while meeting one of the most critical needs of local communities. Earlier this year, the company announced that it would be making a $100 donation to local hunger relief organizations and food banks for each employee Massachusetts who received a booster or a COVID-19 vaccine and notified the bank before the end of January. The company has made an additional contribution to meet the increased needs of hunger relief organizations across the country.

The Greater Boston Food Bank, New England’s largest food bank, received $225,000. For each $1 given, the organization can provide two meals to the community. The bank has been a longtime partner of the Greater Boston Food Bank since 1985, providing more than $2 million in support over the years.

“We truly appreciate creative partners like Bank of America who prioritize the health and well-being of their employees and the greater community around them,” said Catherine d’Amato, president and CEO of the Greater Boston Food Bank. “This unique program accomplishes both by encouraging their team to protect themselves against COVID and by generously providing food banks like GBFB with the financial resources to purchase and distribute more healthy food to those in need.”

Lovin’ Spoonfuls, a food rescue organization headquartered in Bostonalso received a $225,000 Don. Lovin’ Spoonfuls collects healthy, fresh food that would otherwise be thrown away at markets, wholesalers, etc., and delivers it – the same day – to non-profit organizations across Massachusetts that reach people facing food insecurity. This donation builds on the bank’s partnership with Lovin’ Spoonfuls, which since 2014 has received close to $500,000 in support.

“Bank of America is a leader and champion for community and public health – and it shows in both its rollout of the vaccine recall initiative and its nearly decade-long ongoing support of Lovin’ Spoonfuls. “, said Ashley Stanley, Founder and Executive Director of Lovin’ Spoonfuls. “With food insecurity rates still higher than before the pandemic, Bank of America’s support of Lovin’ Spoonfuls is especially important. It positions us to continue to be a source of healthy food for beneficiaries who rely on we.”

The food bank of Western Massachusettswho operates in Berkshire, franklin, Hampden and Hampshire counties, received $50,000. A partner bank since 1995, the Food Bank of Western Massachusetts believes that for each $1 donated, they can provide four meals. They have already received more than $400,000 in support of the bank.

“This campaign is another example of the creative ways Bank of America consistently supports the Food Bank’s mission to feed our neighbors in need and lead the community in ending hunger,” said Andrew MorehouseGeneral Manager of the Food Bank Western Massachusetts.

Finally, the Worcester County Food Bank, which distributes healthy, fresh food to pantries, meal programs and shelters across the Greater Worcester region, received $25,000. “With the ongoing pandemic, the end of child tax credit payments and the rising costs of food, home heating and gas for vehicles, more people need help than a year ago,” the Worcester County Food Bank CEO said. John McMurray. “The loyal and generous support we receive from Bank of America and the Worcester County community helps us help our neighbors during this very difficult time.”

At the national level, the bank is committed $10.6 million to food banks and hunger relief organizations through this effort. Since 2015, Bank of America has donated nearly $150 million towards efforts to reduce hunger.

“As the pandemic continues to impact Massachusettsfood banks and hunger relief organizations are experiencing increased demand and higher costs to meet the needs of individuals and families,” said Miceal Chamberlain, chairman of Bank of America Massachusetts. “Our commitment to helping strengthen the communities in which we live and serve is unwavering, which is why we are investing in the health, safety and well-being of our teammates while providing funds to help local organizations support our neighbors and fight food insecurity.”

Bank of America has pledged to donate a minimum of $25,000 in each of the company’s 93 markets to local nonprofit partners as part of its vaccine recall effort. Because vaccination reminders and reports are voluntary and additional company contributions are reflected in the final amount, actual donation amounts differ from the number of reminders reported by bank employees.

The company has encouraged staff to get vaccinated against COVID-19 since the summer of 2021 and offered incentives such as paid time off and $500 credits for health insurance premiums. In partnership with local nonprofits, Bank of America has also distributed more than 38 million masks, 41,000 cases of hand sanitizer and 11 million gloves to local communities as part of its ongoing efforts to fight against the health disparities accelerated by the pandemic.

Bank of America
At Bank of America, we’re guided by a common goal to help make life better financially, through the power of every connection. We achieve this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded in our eight business lines and reflects how we help fuel the global economy, build trust and credibility, and represent a company people want to work for, invest in and do business with. Business. It shows in the inclusive and supportive workplace we create for our employees, the responsible products and services we provide to our customers, and the impact we have in the world to help local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise for greater impact. important. Learn more about about.bankofamerica.comand join us on Twitter (@BofA_News).

For more information about Bank of America (NYSE:BAC), including dividend announcements and other important information, visit Bank of America Newsroom and Register for e-mail news alerts.

Journalists can contact:

Carla MolinaBank of America
Phone: 1.832.282.2681
carla.molina@bofa.com

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The companies offer to refinance student loans at 1.74%. Are they legit? https://athenasite.net/the-companies-offer-to-refinance-student-loans-at-1-74-are-they-legit/ Tue, 15 Feb 2022 15:00:00 +0000 https://athenasite.net/the-companies-offer-to-refinance-student-loans-at-1-74-are-they-legit/ Thinking of refinancing your student loans? Here’s what to know before you do it. Getty Images The other day I saw a student loan refinance ad with rates starting at just 1.74%. And I immediately thought: can anyone really claim such a low rate? So I turned to experts who said, yes, there are a […]]]>

Thinking of refinancing your student loans? Here’s what to know before you do it.

Getty Images

The other day I saw a student loan refinance ad with rates starting at just 1.74%. And I immediately thought: can anyone really claim such a low rate? So I turned to experts who said, yes, there are a number of rates below 2% that some borrowers can get. Here’s what you need to know about them.

There are two big factors that could lead a borrower to score a student loan refinance APR of less than 2.00%: shopping smart and your financial qualifications. “Getting the best student loan refi rate depends on your skill level, but also on your ability to shop around,” says Anna Helhoski, student loan expert at NerdWallet.

But first, there are a few things you need to know. “APRs below 2.00% advertised by reputable lenders are really only available in the form of variable rates, which are not suitable for all borrowers. Unlike fixed rates, variable rates generally start to fall but tend to to increase over time, fluctuating with market forces beyond the average borrower’s control,” says Andrew Pentis, Certified Student Loan Counselor and Education Finance Expert at Student Loan Hero. Variable rates can make sense for very short loan terms, while a fixed rate loan – thanks to the very low rates currently on offer – makes sense if your repayment term is longer.

Further, “variable rates below 2.00% are really only available to the creme de la creme of creditworthy borrowers. If you have an excellent credit score, a particularly favorable debt ratio and a stable financial and professional history, you have a chance of obtaining these extremely low APRs,” adds Pentis. This probably means a credit score of at least 760 and a debt ratio below 15%. Helhoski adds, “If you don’t have great credit and a low debt-to-equity ratio, or a co-signer who does, you won’t get the lowest rates.”

What is more typical is to get a slightly higher single-digit student loan rate. Data from Credible shows that for borrowers with at least a 720 credit score, rates average 3.60% on 10-year fixed rate loans and 5-year variable loans at 2.96 %. To get the best rate, you’ll want to compare APRs and promotional or loyalty discounts from multiple lenders, says Helhoski. Also consider shortening the term of your loan if you can afford it: “You may get the lowest interest rate with the shortest term, but the trade-off for paying less interest over the life of the loan is a higher monthly payment amount,” she adds. .

Since most student loan refinance rates are in the single digits, they can be a real opportunity for borrowers with high-interest federal or private loans to save significantly. Remember that when you refinance your federal loan to a private loan, you risk losing the built-in federal loan protections. “Refinancing is especially beneficial for private student borrowers who may have double-digit APRs attached to their original school loans. With at least a few years of positive credit history and possibly a co-signer, they can reasonably expect to qualify for a single-digit APR closer to the 7.00% range,” says Pentis. He adds, “If you have a Federal Parent PLUS loan above 7.00% interest but have a creditworthy refi application, you could possibly be quoted at a fixed rate below 5.00% or even lower. ” And it could save borrowers hundreds or even thousands of dollars in interest, depending on the amount and term of the loan.

If refinancing sounds like it makes sense to you now, the way to get the best student loan rates possible—in addition to getting your credit in good shape—is to shop around, according to Rebecca Safier, certified student loan counselor and expert. in education financing at Student Loan Heroes. “Many lenders allow you to prequalify online without impacting your credit score. By shopping around, you can find the best refinance deal. You can also check with your bank or credit union if they refinance student loans and offer special interest rate discounts to bank customers,” says Safier.

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Top Originator Spotlight: Embrace Home Loans’ Frank Virga https://athenasite.net/top-originator-spotlight-embrace-home-loans-frank-virga/ Tue, 15 Feb 2022 14:02:55 +0000 https://athenasite.net/top-originator-spotlight-embrace-home-loans-frank-virga/ MPA: Can you give me some sort of quantification of your success over the past year, and what is your target lending volume this year? FV: In 2021, my team and I still had the same objective: to be better than the previous year. We have strived to get 400 loans closed and a loan […]]]>

MPA: Can you give me some sort of quantification of your success over the past year, and what is your target lending volume this year?

FV: In 2021, my team and I still had the same objective: to be better than the previous year. We have strived to get 400 loans closed and a loan volume of $200 million. They were lofty goals, but I knew that if we worked hard, we could achieve these goals. We were just short of that with 370 closed loans and $170 million in closed loan volume. We have the same objective for 2022: to be better than in 2021 and to improve personally and professionally compared to the previous year.

MPA: Being a member of the President’s Embrace Club and ranking in the top 1% of mortgage originators in America in 2020 is quite an achievement. If it was the Oscars and you had to give a acceptance speech, who would you attribute your success in reaching this milestone to?

FV: Above all, it would be the support of my family. There are no set hours in this business and my family has to deal with late nights, early mornings and constant weekend calls. Plus, I’ve been so lucky to be surrounded by such great people and a company that supports me and my ideas, no matter how crazy they may seem at times. I have a great team around me, from sales to operations to marketing. All of this plays a huge role in what makes us successful at Embrace. Also, my co-worker Bryan Smith, who I’ve been with since day one, helped shape me into the loan officer I am today. I am very grateful to the team that I have.

MPA: What are the main issues facing mortgage originators today?

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