Working from home has its perks. Thereâs the money saved from skipping the commute, and just think about all of that time you get back by avoiding crowded freeways or public transit during rush hour. As far as workplace attire goes, few employees would trade âwork-from-home casualâ for dress slacks.
But while working from home affords some new freedoms, it also creates new challenges. One of your biggest tasks is to create a productive, ergonomically correct workplace in your home without breaking the bank. If this sounds familiar, youâre probably asking yourself, âHow can I set up a home office on a budget?â
Whether youâve always worked from home as a freelancer or started during the pandemic, these expert tips will help you get started as you design your home office on a budget:
Strive for an ergonomically correct home office
Being home all day creates an unexpected obstacle: pain. Many workers find that transitioning from a well-equipped office to a makeshift setup at home leads to discomfort. Thatâs because many of them go from having a spacious desk, comfortable chair, and monitor and keyboard in their office building to working from a laptop in their living room.
If you suffer from neck pain or eye strain when working from home, you may be feeling the effects of poor ergonomics. Ergonomics, commonly known as the science of work, aims to optimize productivity and health in a workspace.
As a physical therapist with more than 25 years of experience, Karen Loesing, owner of The Ergonomic Expert, knows this issue all too well. Loesingâs company performs ergonomic assessments for businesses and home offices. Over the years, she has seen countless clients suffering from neck, back or other health issues due to poorly designed workspaces. But it doesnât have to be that way, Loesing says.
âHaving an ergonomically correct workstation enhances productivity and generally overall happiness at work.â
There are relatively easy ways to transform an ergonomic nightmare into a well-functioning home office on a budgetâeven if youâre stationed at the kitchen table, she says. And the investment is worth it.
âHaving an ergonomically correct workstation enhances productivity and generally overall happiness at work,â Loesing says. âFor those who are able to designate a certain space in their home where they can work without distractionsâmaybe even a window with a view and the flexibility to work at your own paceâit has been proven this makes for a happier employee.â
Who doesnât want to boost their health, productivity and happiness in one fell swoop?
Find the optimal location for your at-home workspace
When setting up a home office for remote work, location should be your first decision, says design consultant Linda Varone, author of âThe Smarter Home Office.â Depending on your living situation, there may be an obvious answer, such as that spare room youâve always thought could become an office space.
If you donât have a dedicated office, donât despair. While you design your home office on a budget, think creatively about where it can be.
Varone once visited a clientâs home to help reconfigure her workspace. The client was running a business from a table in the hallway. âAt the end of each workday, she had to pack everything up and store it in the closet in the guest room,â Varone says.
But as Varone learned, guests only stayed over two weeks a year, leaving the room empty the rest of the time. It hadnât occurred to the business owner, but turning the guest room into a home office for most of the year was the perfect solution.
âThere are some simple, simple ways that people can rethink their home office without a big investment and make that space really work for them,â Varone says.
In addition to using a guest room, a dining or living room can also function as a home office on a budget.
Establish the ideal setup for your workstation
Once youâve decided on the room, determine the location for your workstation, Varone says. As you plan your home office, consider placing your desk or table near a window, allowing for natural light and an occasional glimpse of nature. Donât face directly outside; instead, aim for a line of sight thatâs perpendicular to the window, Varone says. Thatâs because, even on an overcast day, youâd be looking into too much bright light if youâre facing the window.
âWhatâs happening is your eyes are adjusting back and forth between the bright sunlight that youâre facing and the darker light of your computer screen,â Varone says. âAnd that ends up being really fatiguing for the eye.â
If you live with others, the biggest challenge will be privacy. Try to clearly define the boundaries of your âofficeâ if you can, such as with an area rug, she says. Then ask your roommates or family members not to enter your space while youâre working, apart from an emergency.
If you use a multipurpose space, be sure to tidy everything up at the end of the day, Varone says. Taking the 10 minutes or so to clean up your âofficeâ will reduce clutter. Ultimately, a clutter-free space can reduce your stress and boost your productivity.
âThat also has a benefit of becoming a little ritual and helping you say, âAll right, my workday is over,ââ Varone says. ââNow I can focus on my personal life.ââ
Choose your furniture wisely
Now that youâve found the perfect location for your home office on a budget, focus on finding the perfect work surface. Maybe itâs a traditional desk. Or it could be your dining room table or kitchen counter.
If you do need to buy a desk or chair, donât feel like you need to spend a fortune. Try looking for a used office furniture store or liquidator in your area, Varone recommends. You could even try searching online marketplaces for a gently used model.
When planning a home office and considering your work surface, what matters most is the height.
The average desk is 29 inches high, Loesing says. This will likely accommodate someone whoâs 5â8â, she acknowledges, but for everyone else? It will take some adjusting to make it fit for them.
Thatâs where your chair comes in. Most people donât need a high-end office swivel chair to work comfortably. As long as you can adjust the height of your chair to fit you and your desk, youâll have a comfortable setup.
Itâs important to adjust the height of your chair to achieve a neutral position, Loesing says. If you donât have the instructions from the manufacturer on how to adjust your model, try searching for videos online, she adds.
One more chair takeaway from Loesing?
âIf you canât spend a dime, at least get as comfortable as you can where youâre sitting, and sit all the way back in your chair,â Loesing says. âWhen you donât sit so your back is against the backrest, youâre using your back muscles all day long instead of them being at rest.â
Adjust your furniture and equipment
As you continue planning a home office, youâll likely find that your computer is your most important piece of equipment. But it can also lead to neck strain. Whether itâs a laptop or an external monitor, Loesing says screen placement is key. In fact, she says itâs the single most important feature to addressâas well as the most commonly disregarded one.
While you plan your home office, Loesing recommends keeping the following ergonomic guidelines in mind to help avoid neck strain:
Align your monitor so your eyes are level with the screen. (Thatâs typically about 4â from the top of the monitor.)
Place your feet flat on the floor and your knees at about a 90-degree angle with the ground.
Place your arms at about a 90-degree angle from the writing surface so your shoulders are relaxed.
If you only have a laptop, and no monitor, you still have options for raising your screen to eye-level. âThere are budget-friendly laptop risers on the market,â Loesing says. âIf you donât want to spend any money, you can place books or reams of paper to bring the screen up to eye level.â
When setting up a home office for remote work and thinking about your arm placement, note that Varone is a strong advocate for an external keyboard. If youâre working at a desk that has a keyboard tray built into it, thatâs a great way to keep your arms at about a 90-degree angle, she says. If you donât have a built-in tray, she says you can improvise by placing your keyboard on an inexpensive laptop table situated directly under your desk.
While the exact adjustments will vary depending on your equipment, height and budget, the focus is on acquiring a neutral position or a position where thereâs no strain on anything, Loesing says.
âWith the addition of standing desks, which encourage movement, employees often find they have significantly more energy at the end of the day.â
Stand if it suits you
If youâre intrigued by the idea of a standing desk, youâre not alone. Standing desk sales have soared over the last decade, buoyed by reports of the dangers of too much sitting.
âStatic postures (e.g., sitting all day in front of a computer) present more fatigue than dynamic working,â Loesing says. âWith the addition of standing desks, which encourage movement, employees often find they have significantly more energy at the end of the day.â
You donât have to buy an official standing desk to reap the benefits when planning a home office. âThe least expensive way would be to take a laptop and place it up high on a built-in high counter using a compact wireless keyboard and mouse,â Loesing says.
Even if you donât have a standing deskâmakeshift or otherwiseâyou can still incorporate movement and circulation into your workday. Set a timer to remind you to stand up and stretch every 20 minutes, Loesing suggests.
For an even better boost, combine this with a popular guideline known as the 20-20-20 rule. Every 20 minutes, give your eyes a break by looking out a window at something at least 20 feet away, and do so for at least 20 seconds.
Donât forget the ambience and accessories
Your desk, chair and computer are the major players when youâre setting up a home office for remote work. But there are a few additional items to consider, like lighting, plants and sound.
Your overhead light fixture likely isnât enough, as it will create shadows and can be too weak by the time it reaches your workspace, Varone says. She recommends investing in a table lamp that creates a wider spread of light in your area. Pick one with a translucent shade that will softly diffuse the light and make it easier on your eyes.
As youâre planning your home office, Varone also recommends incorporating a potted plant or flower into your workspace. Not only can it help purify the air and boost your mood, a natural element can contribute to a restful atmosphere.
Working from home means working with home noisesâespecially if youâre in an environment with roommates, a partner or little ones. To keep the noise down, consider noise-canceling headphones for a quieter workspace and clearer meetings. Other budget-friendly options? Try placing a towel under the door to block out noise from other rooms, Loesing says. Consider curtains instead of blinds, since theyâre better at blocking out sound. Even pillows or large cushions can help reduce noise, she adds.
After youâve taken care of the essentials and if you have the space and money, think about adding a reading chair to your home office. You can use this as a space to review documents or do some deep thinking, Varone says. It can be a welcome respite from your desk while keeping you in the office area, she adds.
One last tip? Add a personal touch, whether itâs a framed family photo or a souvenir from your travels. Itâs your home office, after all. Let your personality shine.
Set up a home office for remote work that allows you to thrive
Now that you know how to create a home office on a budget, youâre ready to make a space that works well for you. Whether youâre an experienced remote worker or a newbie, you can apply these expert tips to set up an office thatâs functional and keeps you motivated day in and day out.
Ready to break in your new home office? Keep that motivation going by learning how to increase your earning potential this year.
The post Planning a Home Office? Check Out These Budget-Friendly Tips appeared first on Discover Bank – Banking Topics Blog.
Homeownership is one of the most time-tested ways to build wealth in the U.S. It can help you build wealth thanks to home appreciation â but this isnât always guaranteed (just ask anyone who bought a home right before 2008).
Another way to build wealth through homeownership is by upgrading your home, thereby increasing its value. The idea is that when you eventually sell your home (or pass it on to your heirs) itâll be worth even more than simply keeping up with basic home maintenance alone.
And since you spend around 90% of your time indoors, you might as well enjoy your home a bit more while growing its value.
10 Impactful Ways to Raise Your Homeâs Value
The opportunities for upgrading your home are endless. But if youâre aiming to boost your homeâs value, some upgrades are better than others. Youâll also need to consider whether you feel comfortable with certain DIY projects, or if you prefer to hire a professional.
You could rig-up a picket fence made of the leg lamps from A Christmas Story if you really wanted to, after all, but chances are itâd decrease your property value (if it didnât burn down your house in the process, that is).
Instead, try one of these investment-friendly upgrades, according to the 2020 Cost vs. Value Report from RemodelingMagazine:
Garage Door Replacement
Minor Kitchen Remodel
Replace Entry Door
Major Kitchen Remodel
If youâre aiming to boost your homeâs value, some upgrades are better than others.
1. Stone Veneer
Estimated cost: $9,357
Itâs no secret that finding ways to add curb appeal is one of the quickest remodeling wins to increase your homeâs value. Right now, one of the hottest trends is adding manufactured stone veneers to the exterior of your home, generally around the base or as accent walls.
You can DIY this, but it might be better to hire a professional because the materials are expensive. Plus, if you do it wrong, you could waste a lot of money and end up with a wonky result.
2. Garage Door Replacement
Estimated cost: $3,695
If youâre not keen on spending tens of thousands of dollars, a relatively quick win you can go for is simply replacing your garage door with a better model that includes a lifetime warranty. Again, this is one thatâs better left to the pros because itâs an especially dangerous job for newbie DIYers. Besides, installing it yourself is likely to void the warranty anyway.
3. Minor Kitchen Remodel
Estimated cost: $23,452
If you donât mind sitting around in some construction dust for a little while, doing your own minor kitchen remodel is definitely within the scope of DIYers. Itâs also a common home remodel on HGTV and other media.
To reach the value-add touted by the survey, youâll need to replace your oven or cooktop, refrigerator, cabinet doors, countertops, drawer fronts, flooring, and add new paint and trim. It requires a lot of changes, but if you have time to watch a few YouTube tutorials, you can do it yourself fairly easily.
4. Replace Siding
Estimated cost: $14,359 to $17,008
Another big curb-appeal booster is simply replacing your homeâs siding. But not all siding is created equal. Fiber-cement siding costs slightly more and recoups slightly more of the cost. The difference, however, isnât huge and might vary for your individual case.
Vinyl siding is easier to maintain and install, but isnât as fire-resistant as fiber-cement â an increasingly important consideration if you live in the arid West. No matter which type you choose, you might need to rent specialized equipment, like scaffolding, unless youâre an NBA athlete working on a single-story house.
5. Replace Windows
Estimated cost: $17,641 to $21,495
Old, leaky, rackety windows arenât great for curb appeal or energy-efficiency. Thatâs why replacing them can also be a good idea. If youâre nervous about smashing them (and we wouldnât blame you), you can hire a professional. Otherwise, itâs a job thatâs possible for most DIYers.
If you have standard-sized windows, you can get ready-made windows from a home supply store. But youâll likely need to custom-order them to fit your own home.
6. Deck Addition
Estimated cost: $14,360 to $19,856
Decks are one of the easiest home additions to DIY, as long as you have basic carpentry and tool safety skills. You can take your time with decks since theyâre outside of your home and not directly in your everyday living space. Composite decks are slightly more expensive than wooden decks but have the advantage of longevity and less maintenance necessary over the years.
7. Replace Entry Door
Estimated cost: $1,881
Another easy and low-cost project, replacing the front door gives you an instant boost to your curb appeal. Just about anyone can do it with the help of YouTube video tutorials and a good, strong arm.
8. Replace Roof
Estimated cost: $24,700 to $40,318
Your roof is literally the cap to your home. Replacing the roof is a big job, and although hammering in shingles seems easy (and it is), itâs generally best left to the professionals. A professionally-installed roof comes with a warranty, and takes a day or two to complete.
If you DIY this home improvement project, youâll lose the warranty, and it could take you longer to complete the job. And the longer your roofing project lingers, the longer your home is vulnerable to damage.
Another point to remember â metal roofs are far more expensive than asphalt shingle roofs, but they also tend to last longer and require less maintenance.
9. Remodel Bathroom
Estimated cost: $21,377 to $34,643
As long as youâre not making major changes to the plumbing and electrical systems underlying the fixtures, a bathroom remodel is possible on your own. This is an especially common remodel for many DIYers, because along with the kitchen and the bedroom, itâs a daily-use room.
10. Major Kitchen Remodel
Estimated cost: $68,490 to $135,547
If youâre looking to bring a 1950s-style kitchen into the 21st century, itâll take a bit more than some extra spit and glue. Youâll need to make big changes, like adding in a vented range hood for those blackened-fish tacos, new recessed and under-cabinet lighting, new cabinets, and even adding in an island for better cooking options. For that reason, itâs usually better to hire a professional team who can make sure everythingâs wired up right.
Your Mileage May Vary
Here’s something to consider: on average, you’ll only recoup a portion of your cost if you complete the upgrade and then sell your home in the same year. That might seem a bit disappointing â shouldnât you be able to recoup all of the cost, and then some?
Remember, your specific case might be very different depending on a lot of factors, like what area of your home could use work. For example, if your exterior looks tired and the siding is falling off, upgrading that rather than adding a new deck might give you a better payoff.
Another factor affecting your return on investment is how long you let your homeâs value appreciate, before selling it. Adding a stone veneer can help you recoup 96% of your cost in the first year. However, in the second year, consider whether you can boost the value of your home by more than you paid for the upgrade.
If you plan on selling your home in the future, asking a local realtor or real estate investor which upgrades are best for your particular home can be worthwhile. After all, market conditions vary dramatically cross the country and no two homes are exactly the same.
Related: 10 Awesome Websites That Let You Estimate Your Homeâs Value
The post 10 Home Updates That Are Worth the Money appeared first on Good Financial CentsÂ®.
Last fall, I received an email that appeared to be from my web host. The email claimed that there was a problem with my payment information and asked me to update it. I clicked on the link in the email and entered my credit card number, thinking that a recent change I’d made to my site must have caused a problem.
The next morning, I logged onto my credit card account to find two large unauthorized purchases. A scammer had successfully phished my payment information from me.
This failure of security is pretty embarrassing for a personal finance writer. I know better than to click through an email link claiming to be from my bank, credit card lender, or other financial institution. But because the email came from a source that wasn’t specifically financial (and because I was thinking about the changes I had made to my website just the day before), I let myself get played.
Thankfully, because I check my credit card balance daily, the scammers didn’t get away with it. However, it’s better to be proactive about avoiding credit card theft so you’re not stuck with the cleanup, which took me several months to complete.
Here’s how you can protect yourself from credit card theft.
Protecting your physical credit card
Stealing your physical credit or debit card is in some respects the easiest way for a scammer to get their hands on your sweet, sweet money. With the actual card in hand, a scammer has all the information they need to make fraudulent purchases: the credit card number, expiration date, and the security code on the back.
That means keeping your physical cards safe is one of the best ways to protect yourself from credit card theft. Don’t carry more cards than you intend to use. Having every card you own in a bulging wallet makes it more likely someone could steal one when you’re not paying attention and you may not realize it’s gone if you have multiple cards.
Another common place where you might be separated from your card is at a restaurant. After you’ve paid your bill, it can be easy to forget if you’ve put away your card (especially if you’ve been enjoying adult beverages). So make it a habit to confirm that you have your card before you leave a restaurant.
If you do find yourself missing a credit or debit card, make sure you call your bank immediately to report it lost or stolen. The faster you move to lock down the card, the less likely the scammers will be able to make fraudulent charges. Make sure you have your bank’s phone number written down somewhere so you’re able to contact them quickly if your card is stolen or lost. (See also: Don’t Panic: Do This If Your Identity Gets Stolen)
Recognizing card skimmers
Credit card thieves also go high-tech to get your information. Credit card skimmers are small devices placed on a legitimate spot for a card scanner, such as on a gas pump or ATM.
When you scan your card to pay, the skimmer device captures all the information stored in your card’s magnetic stripe. In some cases, when there’s a skimmer placed on an ATM, there’s also a tiny camera set up to record you entering your PIN so the fraudster has all the info they need to access your account.
The good news is that it’s possible to detect a card skimmer in the wild. Gas stations and ATMs are the most common places where you’ll see skimmer devices. Generally, these devices will often stick out past the panel rather than sit flush with it, as the legitimate credit card scanner is supposed to. Other red flags to look for are scanners that seem to jiggle or move slightly instead of being firmly affixed, or a pin pad that appears thicker than normal. All of these can potentially indicate a skimmer is in place.
If you find something that looks hinky, go to a different gas station or ATM. Better safe than sorry. (See also: 18 Surprising Ways Your Identity Can Be Stolen)
Protecting your credit card numbers at home
Your home is another place thieves will go searching for your sensitive information. To start, you likely receive credit card offers, the cards themselves, and your statements in the mail. While mail theft is relatively rare (it’s a federal crime, after all), it’s still a good idea to make sure you collect your mail daily and put a hold on it when you go out of town.
Once you get your card-related paperwork in the house, however, you still may be vulnerable. Because credit card scammers are not above a little dumpster diving to get their hands on your credit card number. This is why it’s a good idea to shred any paperwork with your credit card number and other identifying information on it before you throw it away.
Finally, protecting your credit cards at home also means being wary about whom you share information with over the phone. Unless you’ve initiated a phone call of your own volition — not because you’re calling someone who left a voicemail — you should never share your credit card numbers over the phone. Scammers will pose as customer service agents from your financial institution or a merchant you frequent to get your payment information. To be sure, you can hang up and call the institution yourself using the main phone number.
Keeping your cards safe online
You should never provide your credit card information via a link in an email purporting to be from your financial institution or a merchant. Scammers are able to make their fake emails and websites look legitimate, which was exactly the reason I fell victim to this fraud.
But even with my momentary lapse in judgment about being asked for my payment information from my "web host," there were other warning signs that I could’ve heeded if I had been paying attention.
The first is the actual email address. These fake emails will often have a legitimate looking display name, which is the only thing you might see in your email. However, if you hover over or click on the display name, you can see the actual email address that sent you the message. Illegitimate addresses do not follow the same email address format you’ll see from the legitimate company.
In addition to that, looking at the URL that showed up when I clicked the link could’ve told me something weird was going on. Any legitimate site that needs your financial information will have a secure URL to accept your payment. Secure URLs start with https:// (rather than https://) and feature a lock icon in the browser bar. If these elements are missing, then you should not enter your credit card information. (See also: 3 Ways Millennials Can Avoid Financial Fraud)
Daily practices that keep you safe
In addition to these precautions, you can also protect your credit cards with the everyday choices you make. For instance, using strong, unique passwords for all of your online financial services, from shopping to banking, can help you prevent theft. Keeping those strong passwords safe — that is, not written down on a post-it note on your laptop — will also help protect your financial information.
Regularly going over your credit card and banking statements can also help ensure that you’re the only one making purchases with your credit cards. It was this daily habit of mine that made sure my scammers didn’t actually receive the computer they tried to purchase with my credit card. The fact that I check my balance daily meant I was able to shut down the fraudulent sale before they received the goods, even though I fell down on the job of protecting my credit card information.
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This article is from Emily Guy Birken of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:
Oprah Asks A Great Question; What Can You Live Without?
Do You Need Credit Monitoring to Protect Your Credit?
Debit Or Credit? Which One Should You Choose At The Checkout?
All that recent snowfall might have been beautiful in the moment, but it might be taking a toll on your homeâs roof. If the weight of snow and ice has caused your roof to collapse, forcing you to file a claim with your homeowners insurance provider, youâre not alone. According to the Insurance Information Institute, […]
The post Does My Homeowners Insurance Go up After a Claim? appeared first on The Simple Dollar.
Being a homeowner on a budget is nothing to be ashamed of, if anything, most people prefer to keep their expenses low, especially after recently purchasing a home! But,there are some things you shouldn’t cheap out on, and we’ve got you covered.
The post 5 Things You Should Pay Premium for as a Homeowner or Renter appeared first on Homes.com.
A wholly-owned subsidiary of PulteGroup since 1972, the third-largest homebuilder in America, Pulte Mortgage gives customers a financing option that differs from those of banks and online lenders.
As an imprint of the larger conglomerate, Pulte Mortgage leverages construction experience and a personal touch to take borrowers through the home purchase process, helping them understand their options and decide on the best mortgage loan for them. This is done through a personal loan consultant assigned to individual accounts.
While Pulte Mortgage does not have a profile on the Better Business Bureauâs webpage, the PulteGroup has an A- rating, though it is not accredited.
Pulte AT A GLANCE
Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington
3350 Peachtree Road, NE, Atlanta, GA 30326
Pulte Company Information
Part of the PulteGroup, the third-largest homebuilder in the United States
Based in Atlanta, the financing branch has served 400,000 borrowers across the country since 1972
Offers consumers a streamlined and integrated process, bringing a great deal of construction and lending experience
Has a broad menu of conventional, jumbo and government-backed loans, as well as specialty products
Assigns personal loan consultants to help guide borrowers understand mortgage rates and other specifics
Hosts a mortgage learning center for borrowers that includes a calculator, a glossary, and other resources
Pulte Mortgage Rates
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Mortgage Experts are available to get you started on your home-buying journey with solid advice and priceless information. To find out more, click on your state today.
Pulte Mortgage Loans
Customers who are building homes through one of the approved PulteGroup builders can access loan products including:
Usually offered in 15- and 30-year terms, these mortgages feature a fixed rate throughout the life of the loan, ensuring a steady monthly payment that is easily budgeted for. Fixed-rate mortgages are generally best for homeowners who expect to settle down in their residence or just want the dependable structure. Pulte Mortgage has fixed-rate offerings with both low- and no-money-down payment requirements.
Typically called ARMs, these mortgages have an interest rate that fluctuates with market conditions. These loans are ideal for borrowers with short-term housing plans who may move soon after closing.
Since interest rates are generally lower for ARMs, these products may be a good fit for those looking to make a profit, yet although rates are initially low with ARM loans and they remain fixed for a specified number of years, the risk of rates increasing with market fluctuations after the initial period exists.
The terms of these loans usually include a fixed rate for an introductory period that is rebalanced yearly, bi-annually or monthly. While traditional ARMs stay fixed for six months and are thereafter recalculated at the same interval, hybrid ARMs offer longer fixed terms, like 5/1 or 7/1 options, that are fixed for five or seven years respectively and rebalanced each year.
Sometimes consumers need higher loan amounts than traditional, conforming mortgages can offer, which are limited to $453,000. Homeowners who build their own homes or purchase homes in high-cost areas may need more robust financing options, which is where a jumbo loan comes in. These mortgages often cover loans between $453,100 and $2 million.
These loans are backed by the Federal Housing Administration (FHA), which allows for less strict qualification requirements to incentivize homeownership. With FHA mortgages down payments can be as little as 3.5 percent, while low credit isn’t an automatic disqualification.
Veterans Administration-backed mortgages are intended for veterans, active-duty personnel, and qualifying spouses of those who have served in the military or armed forces. Little to no down payment may be required for these types of loans.
While most borrowers are familiar with mortgages that are paid for incrementally, balloon mortgages are the opposite. These types of mortgages are paid in lump sums over a shorter period of time typically spanning five to seven years but may feature a lower interest rate than a fixed-rate option. At the end of the mortgage, borrowers must refinance or sell their homes, which is something to be aware of.
While Pulte Mortgage does not offer home equity loans or lines of credit, it can extend bridge loans. This product is a type of the second loan that uses the borrower’s present home as collateral, earmarking the proceeds for closing on a new house before the present home is sold.
Pulte Mortgage does not offer cash-out refinancing options or USDA loans, which are government-backed loans that incentivize rural homeownership through low down payments.
Pulte Mortgage Customer Experience
The idea behind Pulte Mortgage is to streamline the mortgage process for consumers, so it’s more effective and efficient. In that spirit, the mortgage process for borrowers is straightforward with lots of assistance available on the way. Pulte highlights its five-step process:
The mortgage application is started either through a secure online portal or through the mail. A Pulte Mortgage team is also assigned at this point.
The personal loan consultant contacts the borrower to talk about important information, determining personal needs and locking in a rate.
The loan is processed, and credit approval is communicated.
The closing date is set with a builder representative, while the loan processor coordinates necessary actions.
The keys to a new home are ready!
Prospective borrowers who just want to do some research can also benefit from Pulte Mortgage’s resource library, which includes:
A calculator that helps determine the buying power
A glossary for mortgage terms you’re likely to encounter through the process and should be familiar with
A mortgage FAQ for specifics on homebuying and financing
Pulte Company Grades
Although Pulte Mortgage does not have a profile with the BBB, PulteGroup, its parent company, has am A- rating with the organization. Though the company is not accredited by the BBB, Pulte Mortgage has been in business since 1972.
Pulte Mortgage Underwriting
Pulte Mortgage does not publicly disclose its down payment or qualification requirements on its website. Customers who are building with Pulte Homes, or one of the associated PulteGroup brands, can access this information once they complete the mortgage application.
History of Pulte Mortgage
Not only is PulteGroup the third-largest homebuilder in the United States, but itâs also been financing mortgages since 1972. Thanks to a little horizontal integration, PulteGroup can assist homeowners from construction to mortgage closing through Pulte Mortgage, the wholly-owned subsidiary that offers loan products.
The selling point is Pulte Mortgage being a one-stop-shop for homeowners, informed by extensive residential construction and mortgage financing experience.
Pulte Mortgage finances new home construction for customers of Pulte Homes, Centex, Del Webb, DiVosta, and John Wieland Homes, which all fall under the PulteGroup umbrella. Personalization is a key focus, with personal loan consultants for each borrower.
It also has an extensive online learning center to help prospective homeowners become familiar with different loans it offers, including conventional, jumbo, FHA, and VA loans, as well as specialty products like balloon mortgages and bridge loans.
PulteGroup can assist homeowners from construction to mortgage closing through Pulte Mortgage. Many customers enjoy the fact that Pulte Mortgage is a one-stop-shop for homeowners, informed by extensive residential construction and mortgage financing experience.
For more information visit their website.
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You have all kinds of financial goals you want to achieve, but where should you begin? There are so many different aspects of money management that it can be difficult to find a starting point when trying to achieve financial success. If you’re feeling lost and overwhelmed, take a deep breath. Progress can be made in tiny, manageable steps. Here’s are 16 small things you can do right now to improve your overall financial health. (See also: These 13 Numbers Are Crucial to Understanding Your Finances)
1. Create a household budget
The biggest step toward effective money management is making a household budget. You first need to figure out exactly how much money comes in each month. Once you have that number, organize your budget in order of financial priorities: essential living expenses, contributions to retirement savings, repaying debt, and any entertainment or lifestyle costs. Having a clear picture of exactly how much is coming in and going out every month is key to reaching your financial goals.
2. Calculate your net worth
Simply put, your net worth is the total of your assets minus your debts and liabilities. You’re left with a positive or negative number. If the number is positive, you’re on the up and up. If the number is negative — which is especially common for young people just starting out — you’ll need to keep chipping away at debt.
Remember that certain assets, like your home, count on both sides of the ledger. While you may have mortgage debt, it is secured by the resale value of your home. (See also: 10 Ways to Increase Your Net Worth This Year)
3. Review your credit reports
Your credit history determines your creditworthiness, including the interest rates you pay on loans and credit cards. It can also affect your employment opportunities and living options. Every 12 months, you can check your credit report from each of the three major credit bureaus (Experian, TransUnion, and Equifax) for free at annualcreditreport.com. It may also be a good idea to request one report from one bureau every four months, so you can keep an eye on your credit throughout the year without paying for it.
Regularly checking your credit report will help you stay on top of every account in your name and can alert you to fraudulent activity.
4. Check your credit score
Your FICO score can range from 300-850. The higher the score, the better. Keep in mind that two of the most important factors that go into making up your credit score are your payment history, specifically negative information, and how much debt you’re carrying: the type of debts, and how much available credit you have at any given time. (See also: How to Boost Your Credit Score in Just 30 Days)
5. Set a monthly savings amount
Transferring a set amount of money to a savings account at the same time you pay your other monthly bills helps ensure that you’re regularly and intentionally saving money for the future. Waiting to see if you have any money left over after paying for all your other discretionary lifestyle expenses can lead to uneven amounts or no savings at all.
6. Make minimum payments on all debts
The first step to maintaining a good credit standing is to avoid making late payments. Build your minimum debt reduction payments into your budget. Then, look for any extra money you can put toward paying down debt principal. (See also: The Fastest Way to Pay Off $10,000 in Credit Card Debt)
7. Increase your retirement saving rate by 1 percent
Your retirement savings and saving rate are the most important determinants of your overall financial success. Strive to save 15 percent of your income for most of your career for retirement, and that includes any employer match you may receive. If you’re not saving that amount yet, plan ahead for ways you can reach that goal. For example, increase your saving rate every time you get a bonus or raise.
8. Open an IRA
An IRA is an easy and accessible retirement savings vehicle that anyone with earned income can access (although you can’t contribute to a traditional IRA past age 70½). Unlike an employer-sponsored account, like a 401(k), an IRA gives you access to unlimited investment choices and is not attached to any particular employer. (See also: Stop Believing These 5 Myths About IRAs)
9. Update your account beneficiaries
Certain assets, like retirement accounts and insurance policies, have their own beneficiary designations and will be distributed based on who you have listed on those documents — not necessarily according to your estate planning documents. Review these every year and whenever you have a major life event, like a marriage.
10. Review your employer benefits
The monetary value of your employment includes your salary in addition to any other employer-provided benefits. Consider these extras part of your wealth-building tools and review them on a yearly basis. For example, a Flexible Spending Arrangement (FSA) can help pay for current health care expenses through your employer and a Health Savings Account (HSA) can help you pay for medical expenses now and in retirement. (See also: 8 Myths About Health Savings Accounts — Debunked!)
11. Review your W-4
The W-4 form you filled out when you first started your job dictates how much your employer withholds for taxes — and you can make changes to it. If you get a refund at tax time, adjusting your tax withholdings can be an easy way to increase your take-home pay. Also, remember to review this form when you have a major life event, like a marriage or after the birth of a child. (See also: Are You Withholding the Right Amount of Taxes from Your Paycheck?)
12. Ponder your need for life insurance
In general, if someone is dependent upon your income, then you may need a life insurance policy. When determining how much insurance you need, consider protecting assets and paying off all outstanding debts, as well as retirement and college costs. (See also: 15 Surprising Insurance Policies You Might Need)
13. Check your FDIC insurance coverage
First, make sure that the banking institutions you use are FDIC insured. For credit unions, you’ll want to confirm it’s a National Credit Union Administration (NCUA) federally-covered institution. Federal deposit insurance protects up to $250,000 of your deposits for each type of bank account you have. To determine your account coverage at a single bank or various banks, visit FDIC.gov.
14. Check your Social Security statements
Set up an online account at SSA.gov to confirm your work and income history and to get an idea of what types of benefits, if any, you’re entitled to — including retirement and disability.
15. Set one financial goal to achieve it by the end of the year
An important part of financial success is recognizing where you need to focus your energy in terms of certain financial goals, like having a fully funded emergency account, for example.
If you’re overwhelmed by trying to simultaneously work on reaching all of your goals, pick one that you can focus on and achieve it by the end of the year. Examples include paying off a credit card, contributing to an IRA, or saving $500.
16. Take a one-month spending break
Unfortunately, you can never take a break from paying your bills, but you do have complete control over how you spend your discretionary income. And that may be the only way to make some progress toward some of your savings goals. Try trimming some of your lifestyle expenses for just one month to cushion your checking or savings account. You could start by bringing your own lunch to work every day or meal-planning for the week to keep your grocery bill lower and forgo eating out. (See also: How a Simple "Do Not Buy" List Keeps Money in Your Pocket)
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This article is from Alicia Rose Hudnett of Wise Bread, an award-winning personal finance and credit card comparison website. Read more great articles from Wise Bread:
5 Money Moves to Make Before You Turn 40
7 Important Money Moves to Make in the New Year, According to Financial Advisors
The Pros and Cons of Paying Off Your Debt Early
5 Things Keeping You From a Life of Financial Independence