Tag Archives: Credit

A Guide to Coinsurance and Copays

You often pay your copay when you check in for a visit.

Having health insurance makes it possible to receive medical care while only paying a fraction of that care’s true cost. Insurance doesn’t cover everything, however. Some of the cost of your care is still up to you to pay, and that cost comes in two primary forms: copays and coinsurance.

What Is a Copay?

A copay is a flat amount of money that you’re responsible for paying for a health care service. Copays typically apply for things like a doctor’s appointment, prescription drug or medical test. The amount of your copay is dependent on your specific health insurance plan.

You can typically expect to pay your copay when you check in for your service, be it an annual physical, dental cleaning or blood test. Copays are typically lower amounts ranging from $10 for something like a generic drug prescription to around $65 for a visit to a medical specialist.

Depending on your insurance plan, copays may not take effect until after you reach your deductible. Your deductible is the amount of money you must pay out-of-pocket before your insurance provider starts to pitch in. Deductibles reset at the beginning of every year.

When you are reviewing your plan information and you see the phrase “after deductible” or “deductible applies” in reference to your copays, that’s an indication that the copay is only in place once you meet your deductible. On the other hand, if you see “deductible waived,” that’s a sign that your copay is in place from the beginning. It may go without saying, but the latter situation is vastly preferable to you.

What Is Coinsurance?

Coinsurance is another method of splitting the cost of medical coverage with your insurance plan. A coinsurance is a percentage of the cost of services. You pay the percentage, and your insurance company foots the rest of the bill. So, if you have a $8,000 medical bill and a 20% coinsurance, you would be on the hook for $1,600.

Coinsurance typically only comes into play after you hit your deductible. Further, you may have differing coinsurance percentages for the same services depending on your provider network. If you have a preferred provider organization (PPO) plan, your coinsurance could be a higher percentage for providers outside your network than it is for providers in your network.

Similarly, your coinsurance may not apply to providers outside your network if you have a health maintenance organization (HMO) plan or an exclusive provider organization (EPO) plan. That’s because these plans typically don’t provide any out-of-network coverage.

Copay vs. Coinsurance

You likely pay a copay when you visit the doctor.

Copay and coinsurance are very similar terms. They both have to do with portions of the cost of your health care that’s under your responsibility. Because of that, and their similar names, it’s easy to confuse the two. There are a couple of important distinctions to keep in mind, however.

The most notable difference between copays and coinsurance is that copays are always a flat amount and coinsurance is always a percentage of the cost of the service. Another difference is that some copays can be in place before you hit your deductible, depending on the specifics of your plan. With coinsurance, you have to hit your deductible first.

Bottom Line

copays are fixed amounts, while coinsurance is a percentage.

If you’re choosing between health insurance plans, make sure to examine the provided copays and coinsurance for each option. While they may not be the most important factor to consider, a high copay can be quite a pain, especially over the course of years of appointments and procedures.

Tips for Staying on Top of Medical Expenses

  • One of the best ways to stay ahead of surprise medical expenses is to have an emergency fund in place for just such a situation. If you can manage it, have three to six months worth of expenses stashed away in a high-yield savings account. That way, if you’re dealing with medical bills or have to step away from work, you’ll have a bit of a cushion.
  • If you’re not sure how an unexpected medical expenses would fit into your finances, consider working with a financial advisor to develop a financial plan. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Photo Credit: ©iStock.com/DuxX, Â©iStock.com/SARINYAPINNGAM, Â©iStock.com/Aja Koska

The post A Guide to Coinsurance and Copays appeared first on SmartAsset Blog.

Source: smartasset.com

How to Set Financial Goals: A Simple, Step-By-Step Guide

Saving money is all well and good in theory.

It’s pretty hard to argue against having more money in the bank.

But what are you saving for? If you don’t have solid financial goals, all those hoarded pennies might end up in limbo when they could be put to good use.

Figuring out where your money should go might seem daunting, but it’s actually a lot of fun.

You get to analyze your own priorities and decide exactly what to do with your hard-earned cash.

But to make the most of your money, follow a few best practices while setting your goals.

After all, even if something seems like exactly what you want right now, it might not be in future-you’s best interest. And you’re playing the long game… that’s why they’re called goals!

What to Do Before You Start Writing Your Financial Goals

To help keep you from financial goals like “buy the coolest toys and cars,” which could easily get you deeply into debt while you watch your credit score plummet, we’ve compiled this guide.

It’ll help you set goals and create smart priorities for your money. That way, however you decide to spend your truly discretionary income, you won’t leave the 10-years-from-now version of you in the lurch.

First Thing’s First: How Much Money Do You Have?

You can’t decide on your short- or long-term financial goals if you don’t know how much money you have or where it’s going.

And if you’re operating without a budget, it can be easy to run out of money well before you run out of expenses — even if you know exactly how much is in your paycheck.

So sit down and take a good, hard look at all of your financial info.

A ton of great digital apps can help you do this — here are our favorite budgeting apps — but it can be as simple as a spreadsheet or even a good, old-fashioned piece of paper. It just takes two steps:

  1. Figure out how much money you have. It might be in checking or savings accounts, including long-term accounts like IRAs. Or, it might be wrapped up in investments or physical assets, like your paid-off car.
  2. Assess any debts you have. Do you keep a revolving credit card balance? Do you pay a mortgage each month? Are your student loans still hanging around?

Take the full amount of money you owe and subtract it from the total amount you have, which you discovered in step one. The difference between the two is your net worth. That’s the total amount of money you have to your name.

If it seems like a lot, cool. Hang tight and don’t let it burn a hole in your pocket. We’re not done yet.

If it seems like… not a lot, well, you can fix that. Keep reading.

A woman creates a monthly budget while sitting on her bed. The sheets are white with a floral pattern on them. This story is about how to set up financial goals.

Create a Budget

Once you’ve learned your net worth, you need to start thinking about a working budget.

This will essentially be a document with your total monthly income at the top and a list of all the expenses you need to pay for every month.

And I do mean all of the expenses — even that $4.99 recurring monthly payment for your student-discounted Spotify account definitely counts.

Your expenses probably include rent, electricity, cable or internet, a cell phone plan, various insurance policies, groceries, gas and transportation. It also includes categories like charitable giving, entertainment and travel.

Pro Tip

Print out the last two or three months of statements from your credit and debit cards and categorize every expense. You can often find ways to save by discovering patterns in your spending habits.

It’ll depend on your individual case — for instance, I totally have “wine” as a budget line item.

See? It’s all about priorities.

Need to go back to basics? Here’s our guide on how to budget.

Start by listing how much you actually spent in each category last month. Subtract your total expenses from your total income. The difference should be equal to the amount of money left sitting in your bank account at month’s end.

It’s also the money you can use toward your long-term financial goals.

Want the number to be bigger? Go back through your budget and figure out where you can afford to make cuts. Maybe you can ditch the cable bill and decide between Netflix or Hulu, or replace a takeout lunch with a packed one.

You don’t need to abandon the idea of having a life (and enjoying it), but there are ways to make budgetary adjustments that work for you.

Set the numbers you’re willing to spend in each category, and stick to them.

Congratulations. You’re in control of your money.

Now you can figure out exactly what you want to do with it.

Setting Financial Goals

Before you run off to the cool-expensive-stuff store, hold on a second.

Your financial goals should be (mostly) in this order:

  1. Build an emergency fund.
  2. Pay down debt.
  3. Plan for retirement.
  4. Set short-term and long-term financial goals.

We say “mostly” because it’s ultimately up to you to decide in which order you want to accomplish them.

Many experts suggest making sure you have an emergency fund in place before aggressively going after your debt.

But if you’re hemorrhaging money on sky-high interest charges, you might not have much expendable cash to put toward savings.

That means you’ll pay the interest for a lot longer — and pay a lot more of it — if you wait to pay it down until you have a solid emergency fund saved up.

1. Build an Emergency Fund

Finding money to sock away each month can be tough, but just starting with $10 or $25 of each paycheck can help.

You can make the process a lot easier by automating your savings. Or you can have money from each paycheck automatically sent to a separate account you won’t touch.

You also get to decide the size of your emergency fund, but a good rule of thumb is to accumulate three to six times the total of your monthly living expenses. Good thing your budget is already set up so you know exactly what that number is, right?

You might try to get away with a smaller emergency fund — even $1,000 is a better cushion than nothing. But if you lose your job, you still need to be able to eat and make rent.

2. Pay Down Debt

Now, let’s move on to repaying debt. Why’s it so important, anyway?

Because you’re wasting money on interest charges you could be applying toward your goals instead.

So even though becoming debt-free seems like a big sacrifice right now, you’re doing yourself a huge financial favor in the long run.

There’s lots of great information out there about how to pay off debt, but it’s really a pretty simple operation: You need to put every single penny you can spare toward your debts until they disappear.

One method is known as the debt avalanche method, which involves paying off debt with the highest interest rates first, thereby reducing the overall amount you’ll shell out for interest.

For example, if you have a $1,500 revolving balance on a credit card with a 20% APR, it gets priority over your $14,000, 5%-interest car loan — even though the second number is so much bigger.

Pro Tip

If you’re motivated by quick wins, the debt snowball method may be a good fit for you. It involves paying off one loan balance at a time, starting with the smallest balance first.

Make a list of your debts and (ideally) don’t spend any of your spare money on anything but paying them off until the number after every account reads “$0.” Trust me, the day when you become debt-free will be well worth the effort.

As a bonus, if your credit score could be better, repaying revolving debt will also help you repair it — just in case some of your goals (like buying a home) depend upon your credit report not sucking.

A retired woman floats in a circular floating device in a swimming pool.

3. Plan for Retirement

All right, you’re all set in case of an emergency and you’re living debt-free.

Congratulations! We’re almost done with the hard part, I promise.

But there’s one more very important long-term financial goal you most definitely want to keep in mind: retirement.

Did you know almost half of Americans have absolutely nothing saved so they can one day clock out for the very last time?

And the trouble isn’t brand-new: We’ve been bad enough at saving for retirement over the past few decades that millions of today’s seniors can’t afford to retire.

If you ever want to stop working, you need to save up the money you’ll use for your living expenses.

And you need to start now, while compound interest is still on your side. The younger you are, the more time you have to watch those pennies grow, but don’t fret if you got a late start — here’s how to save for retirement in your 20s, 30s, 40s and 50s.

If your job offers a 401(k) plan, take advantage of it — especially if your employer will match your contributions! Trust me, the sting of losing a percentage of your paycheck will hurt way less than having to work into your golden years.

Ideally, you’ll want to find other ways to save for retirement, too. Look into individual retirement arrangements (IRAs) and figure out how much you need to contribute to meet your retirement goals.

Future you will thank you. Heartily. From a hammock.

FROM THE BUDGETING FORUM
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See more in Budgeting or ask a money question

4. Set Short-Term and Long-Term Financial Goals (the Fun Part!)

Is everything in order? Amazing!

You’re in awesome financial shape — and you’ve made it to the fun part of this post.

Consider the funds you have left — and those you’ll continue to earn — after taking care of all the financial goals above. Now think: What do you want to do with your money?

What experiences or things can your money buy to significantly increase your quality of life and happiness?

You might plan to travel more, take time off work to spend with family or drive the hottest new Porsche.

Maybe you want to have a six-course meal at the finest restaurant in the world or work your way through an extensive list of exotic and expensive wines. (OK, I’ll stop projecting.)

No matter your goals, it’s helpful to categorize them by how long they’ll take to save for.

Make a list of the goals you want to achieve with your money and which category they fall into. Then you can figure out how to prioritize your savings for each objective.

For example, some of my goals have included:

  • Short-term financial goal: Save spending money for a trip overseas.
  • Medium-term financial goal: Pay off my car within a year, or sell it — and its onerous loan — and buy an older car I can own free and clear.
  • Long-term financial goal: Buy a house I can use as a home base and increase my income by renting it out while I travel. This will probably take me through the rest of my 20s.

By writing down my short- and long-term financial goals and approximately how long I expect it will take to achieve each, I can figure out what to research and how aggressively I need to plan for each goal.

It also offers me the opportunity to see what I prioritize — and to revise those priorities if I see fit.

Jamie Cattanach (@jamiecattanach) is a contributor to The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

COVID-19 Scams

A man and woman chat in an office

As if fearing the health-related consequences of the COVID-19 coronavirus wasn’t enough, there’s also a fair amount of financial uncertainty related to recession and an unstable economy. People all across the United States are wondering how they’ll pay their bills and make ends meet as they file for unemployment and wait for a one-time stimulus check that may not cover the bills.

Go to Guide
Privacy Policy

It’s unfortunate, but some bad actors will always take advantage of situations like coronavirus. In addition to everything else, individuals also need to be on the lookout for COVID-19 scams that are cropping up. In fact, there are so many coronavirus scams out there right now that the FTC created an FTC Scam Bingo game to try and spread the word.

Read up on what COVID-19 scams to look out for and how you can protect yourself and your finances.

COVID-19 Stimulus Check Scams

Some scammers are tricking people into thinking they need to provide personal information to obtain their government relief check. Consumers do not need to sign up for the federal stimulus checks. The government plans to distribute them based on consumers’ 2018 or 2019 federal tax returns starting April 2020. Keep in mind that the IRS does not initiate contact by email, text, or social media.

How to Protect Yourself

Do not respond to any correspondence claiming to be the IRS or other branch of the government requesting personal information in exchange for access to your stimulus check. For accurate information about the federal relief checks and when you can expect yours, visit the IRS’s coronavirus resource.

Student Loan Scams

Americans owe over $1.64 trillion in student loan debt, so it’s no wonder that scammers are preying on this financially vulnerable population. Watch out for offers to forgive your student loan debt in its entirety or change your repayment plan for a fee, or requests for other personal information in order to suspend your payments in response to coronavirus. There is no such thing as instant student loan relief, and you should not need to pay a fee for help from your loan servicer. All federally backed loans have automatically suspended payments and set interest to 0%.

How to Protect Yourself

Do not accept unsolicited offers to help you with your
student loan payments and never give out your personal information. If you are
having trouble making payments because you’ve lost your job, reach out to your
loan servicer for options.

Social Security Scams

Social Security scams are common, but coronavirus has put a new twist on the scam. Now, in addition to watching out for scammers claiming that your Social Security number is about to be suspended, you also need to watch out for calls or letters claiming that your benefits will be canceled due to coronavirus-related office closures. Social Security offices are closed, but officers are still working, and your benefits will not be suspended. And your Social Security number will never be suspended.

How to Protect Yourself

If you are unsure if a call or email is from the Social Security Administration, reach out to them yourself for confirmation before sharing any personal information. If you have already given you Social Security number to a scammer, visit IdentityTheft.gov/SSA for steps on how to protect your credit and identity.

Medicare Scams

Because older individuals are particularly susceptible to COVID-19, scammers have been targeting them with Medicare scams. Be on the lookout for fraudulent Medicare representatives asking you to verify personal information, like your bank account, Social Security, or Medicare numbers. Medicare representatives will never call you to verify your account number, offer you free equipment or services, or try to sell you anything.

How to Protect Yourself

If you’re
not sure if a phone call is legitimate, hang up and call Medicare yourself.
That way you can confirm that you are talking to an actual Medicare
representative. To reach the Medicare office, call 1-800-633-4227.

Fraudulent Charities

Whether it’s a natural disaster or worldwide pandemic
like the coronavirus, legitimate charities work hard to aid people in need.
This can include providing food, funds, housing or other forms of assistance. Unfortunately,
fake charities can crop up too. They might use names that sound similar to real
charities and may even have emails, websites and phone numbers that seem
legitimate but aren’t.

How to Protect Yourself

Donate to charities that you are already familiar with. If you’re questioning the legitimacy of a charity, you can use third-party websites to check credentials. Options include Charity Navigator and Give.org, which is maintained by the Better Business Bureau.

Protect Yourself from COVID-19 Scams

As you continue to navigate the uncharted waters of a
worldwide pandemic, be on the lookout for COVID-19 scams. If you’re ever unsure
about something, you can consult trustworthy government resources or well-known
news outlets to verify information. Share this information about scams with
others so they know what to be on the lookout for as well.

More resources on scams:

  • Senior’s Guide to Avoiding Scams
  • Tax Season Scams
  • Student Loan Scams
  • Common Scams

The post COVID-19 Scams appeared first on Credit.com.

Source: credit.com

How to Save for a House in 8 Steps

When you buy a home, you’re making an investment in yourself and your future. You’re building financial stability, equity, and experience. You have a place to call your own and you can customize the space just how you want. Yet, you might be wondering how to get to that point — this is why saving up is so important.

There are some upfront costs to owning a home — primarily a down payment. Find out how much you should budget using a home loan affordability calculator and figure out how to save the amount you need. After all, the best way to save for a house is to formulate a budget that helps you work towards your house saving goals step by step. Soon enough, you’ll be turning the key and stepping into a home you love.

How to save for a house

Step 1: Calculate Your Down Payment and Timeline

When figuring out how to save for a house, you may already have a savings goal and deadline in mind. For instance, you may want to save 20 percent of your home loan cost by the end of the year. If you haven’t given this much thought, sit down and crunch the numbers. Ask yourself the following questions:

  • What is your ideal home cost?
  • What percentage would you like to contribute as a down payment?
  • What are your ideal monthly payments?
  • When would you like to purchase your home?
  • How long would you like your term mortgage to be?

Asking yourself these questions will reveal a realistic budget, timeline, and savings goal to work towards. For instance, say you want to buy a $250,000 house with a 20 percent down payment at a 30-year loan term length. You would need to save $50,000 as a down payment; at a 3.5 percent interest rate, your monthly payments would come out to be $898.

Step 2: Budget for the Extra Expenses

Just like a new rental, your home will have fees, taxes, and utilities that need to be budgeted for. Homeowners insurance, closing costs, and property taxes are a few examples of cash expenses. Not to mention, the cost of utilities, repairs, renovation work, and furniture. Here are a few more expenses you may have to save for:

  • Appraisal costs: Appraisals assess the home’s value and are usually ordered by your mortgage lender. They can cost anywhere from $312 to $405 for a single-family home.
  • Home inspection: A home inspection typically costs $279 to $399 for a single-family home. Prices vary depending on what you need inspected and how thorough you want the report to be. For instance, if you want an expert to look at your foundation, there will likely be an additional cost.
  • Realtor fees: In some states, the realtor fee is 5.45 percent of the home’s purchase price. Depending on the market, the seller might pay for your realtor fee. In other places, it might be more common to contract a lawyer to look over your purchase agreement, which is usually cheaper than a realtor.
  • Appraisal and closing costs: Appraisals assess the home’s value and are usually ordered by your mortgage lender. They can cost anywhere between $300 and $400 for a single-family home.

Step 3: Maximize Your Savings Contributions

Saving for a new home is easier said than done. To stay on track, first create a savings account that has a high yield if possible. Then, check in on your monthly savings goal to set up automatic contributions. By setting up automatic savings payments, you may treat this payment as a regular monthly expense.

In addition to saving more, spend less. Evaluate your budget to see what areas you could cut down or live without. For instance, creating your own workout studio at home could save you $200 a month on a gym class membership.

Step 4: Work Hard for a Raise

One of the best ways to boost your savings is to increase your earnings. If you already have a job you love, put in the extra time and effort to earn a raise. Learning new skills by attending in-person or virtual training seminars or learning a new language could increase your earning potential. Not only could you land a raise, but you could add these skills to your resume.

Sometimes, putting in the extra effort doesn’t always land you a raise, and that’s okay! When getting a raise is out of the question, consider looking at other opportunities. Figure out which industry suits you and your skillset and start applying. You may end up finding your dream job, along with your desired pay.

Step 5: Create More Streams of Income

Establishing different income streams could help your house savings budget. If one source of income unexpectedly goes dry, having other sources to cut the slack is helpful. You won’t have to worry about the sudden income change when paying your monthly mortgage.

For example, creating an online course as a passive income project may earn you only $5 this month. As traffic picks up, your monthly earnings could surpass your monthly income. To create an abundant financial portfolio, there are a few different ways to do so:

  • Create an online course: Write about something you’re passionate about and share your skills online. Sell your digital products on Etsy or Shopify to earn supplemental income.
  • Grow a YouTube channel: Start a YouTube channel and share your skills to help others within your industry of expertise. For instance, “How to start a YouTube channel” could be its own hit.
  • Invest in low-risk investments: From CD’s to money market funds, there are a few types of investments that could grow your cash with low risk.

Paying down debt

Step 6: Pay Off Your Biggest Debts

Before taking on more debt like a mortgage, it’s important to free up your credit usage. Credit utilization is the percentage of available credit you have open compared to what you have used. If you have $200 in debt, but $1,000 available on your credit card, you’re only using 20 percent of your credit utilization. A higher credit utilization could potentially hinder your credit score over time. Not only can paying off debts feel satisfying, but it could also increase your credit score and prepare you for this next big purchase.

To pay off your debts, create an action plan. Write out all your debt accounts, how much you still owe, and their payment due dates. From there, start increasing your payments on your smallest debt. Once you pay off your smallest debt in full, you may feel more motivated to pay off your next debt account. Keep up with these good habits as you take on your mortgage account.

Step 7: Don’t Be Afraid to Ask For Help

Whether your touring homes or want help adjusting your budget, don’t hesitate to ask for help. If you’re trying to figure out what your budget should look like, research budgeting apps like Mint to build a successful financial plan.

If you’re curious about additional mortgage expenses, your budget, or investment opportunities, reach out to a trusted professional or utilize government resources. Not only are they able to help you prepare for your next big step, but they could also help you and your finances in the long term.

Step 8: Store Your Savings in a High Yield Saving Account

While you may have a perfect budget and a home savings goal, it’s time to make every dollar count. Before you add to your account, research different savings accounts and their monthly yields. The higher the yield, the more your savings could grow as long as your account is open.

In September of 2020, the national average interest rate on savings accounts was capped at 0.8 percent. If you were to deposit only $100 into a high yield savings account with an APY of 0.8 percent, you could earn $80 off your investment over the year. This helps you save extra money by just putting your money into a savings account.

In Summary

  • First, set a savings goal to match your estimated down payment and mortgage monthly payments. Then add your contributions to a high yield savings account to grow your money overtime.
  • Don’t forget to budget for extra mortgage expenses like appraisal costs, home inspections, realtor fees, or closing costs. Keep in mind, your monthly utilities and fees may also be more expensive than your current living situation.
  • Prepare for the additional costs by increasing your earning potential and optimizing additional income stream opportunities.
  • Free up your credit utilization by paying off as much debt as possible before buying a house. Keep up these good habits throughout the length of your mortgage term.

When you purchase a home, you’re building a piggy bank for your future. Every month you pay your mortgage, you pay part of it to yourself because you own the home. Instead of paying rent to someone else, you reap your own investment when you sell. Most importantly, though, you’ll have a place that’s truly your own.

Sources: Interest

The post How to Save for a House in 8 Steps appeared first on MintLife Blog.

Source: mint.intuit.com

Greystone Mansion: the Most Familiar House You’ve Never Visited

There’s this mansion in Beverly Hills that a large part of the world’s population has already seen, even though they might not realize it.

It’s a historic house that’s been used in endless Hollywood movies, TV series, and music videos. After you finish reading this article, you might just realize that you’ve seen this house before, too. Well, now you will also know its history, and when you see it again on your TV screen (and more than likely, you will), you’ll recognize it. 

The place we’re referring to is known as Greystone Mansion or Doheny Mansion, and it’s located at 905 Loma Vista Drive in Beverly Hills. The Tudor Revival mansion was originally completed in 1928, after three years’ worth of construction and a total cost of over $4 million — an insane amount at the time. 

aerial view of Greystone Mansion
Greystone Mansion aerial view. Image credit: Luxury Architecture

The inception of Doheny Mansion

The 55-room, 46,000-square-foot mansion lies on a 16-acre site within Trousdale Estates. It was designed by architect Gordon Kaufmann and built by the P.J. Walker Company. The land was actually a wedding gift from oil tycoon Edward Doheny to his son, Edward ‘Ned’ Doheny, and his new wife, Lucy Smith. 

Edward Doheny was an American oil tycoon who drilled the first oil well in Los Angeles in 1892. His story was depicted in the Academy Award-winning movie There Will Be Blood, starring Daniel Day-Lewis. Interestingly enough, the movie was actually filmed at Doheny Mansion. 

Ned Doheny’s house became known as Greystone because it was built mainly of stone, and has a grey, stone-cold appearance. The house took roughly three years to build, and included stables, kennels, tennis courts, a gatehouse, a swimming pool and pavilion, a lake with babbling brooks and waterfalls, and even a fire station. 

old photo of the Greystone Mansion driveway
Greystone Mansion driveway. Image credit: Friends of Greystone Mansion

A bittersweet move-in for the Dohenys

Unfortunately, Ned Doheny didn’t get to enjoy his new home for too long. Just four months after moving into Greystone Mansion, Doheny was found dead in the house, alongside his secretary and friend, Hugh Plunkett. The case was ruled a murder-suicide, however, some claim that there’s more to that story.

Doheny was killed by his own gun, and he was not buried with the rest of his family, but in a different cemetery, just a few yards away from where Plunkett was laid to rest. This has led some to believe that Doheny might have committed suicide, however, this is just a theory that certainly adds a bit of mystery to Greystone Mansion. 

Greystone Mansion exterior
Greystone Mansion exterior. Image credit: The City of Beverly Hills

Following Ned Doheny’s death, his wife Lucy remarried and lived in the house with her children until 1955. Greystone Mansion was later sold to Paul Trousdale, the developer of Trousdale Estates, who then sold it to Henry Crown of Chicago. The businessman never actually lived in the house, but leased it out to film studios — and that’s how Greystone’s prolific movie career started. 

Greystone Mansion, Hollywood’s favorite filming location

Over the decades, Greystone Mansion has been featured in numerous Hollywood movies and TV series, including classics like The Big Lebowski, Eraserhead, The Witches of Eastwick, Death Becomes Her, Batman & Robin, The Bodyguard, Dark Shadows, The Prestige, The Social Network, and X-Men.

The mansion has also made appearances in TV series, including Alias and The Young and the Restless, and it also played the part of Chilton Academy in Gilmore Girls

Gilmore Girls scene filmed at Greystone Mansion
Gilmore Girls scene filmed at Greystone Mansion, featuring the home’s famous staircase

Last but not least, Greystone Mansion has been featured in commercials and even music videos. You might have already toured the house alongside Robert Downey Jr., in the music video for Elton John’s single I Want Love. Let us refresh your memory:

In 1965, the City of Beverly Hills purchased Greystone Mansion, and a few years later, the property became a public city park. It was added to the National Register of Historic Places in 1976, as Doheny Estate/Greystone.

The mansion continues to be used as a filming location and a destination for special events such as music festivals, fundraisers, and even weddings. Greystone Mansion houses the Beverly Hills Flower & Garden Festival, the yearly Catskills West drama camp, and The Annual Hollywood Ball, among others. 

Greystone Mansion public gardens
Greystone Mansion public gardens. Image credit: Love Beverly Hills

A carefully preserved slice of L.A. history

Greystone Mansion is a remarkable feat of architecture, and most of its original features have been carefully preserved over the years. The property features hand-carved oak banisters, balustrades and rafters, seven chimneys, each designed by a different artist, a movie theater room, a billiard room, a hidden bar, and a two-lane original Brunswick bowling alley. The alley was renovated so that it could be used by the filming crew for There Will Be Blood. 

The bowling alley at Greystone Mansion
The bowling alley at Greystone Mansion. Image credit: The City of Beverly Hills

There’s a grand hall with distinctive, black-and-white marble floors and a very famous staircase. In fact, the staircase at Greystone Mansion has been featured in numerous productions, due to its majestic appearance. 

The grand hall and staircase at Greystone Mansion
The grand hall and staircase at Greystone Mansion. Image credit: Love Beverly Hills

Greystone Mansion also included a servant’s quarters that took up two entire floors on the east wing and was built to accommodate a live-in staff of 15.

Greystone Mansion plan. Image credit: The City of Beverly Hills

There was also a living room with a balcony where musicians performed at special events, and a kitchen pantry with a secret wall safe that held the family’s silver and gold kitchenware.

Greystone Mansion interior
Greystone Mansion interior. Image credit: The City of Beverly Hills

This stunning, stone-clad Beverly Hills mansion continues to attract filming crews, and we’re definitely going to be seeing it again on the big screen. At the same time, its beautiful, lush gardens and its rich history will continue to attract visitors from around the world.

Here’s a further glimpse into the mansion’s history, to keep you occupied until you get a chance to visit in person:

Featured image courtesy of The City of Beverly Hills

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The Beverly House, where Jackie O & JFK Honeymooned and where Coppola Shot “The Godfather”
Richie Rich’s House is Actually the Biltmore Estate, America’s Largest Home
Where to Find the Real Carrington Manor from ‘Dynasty’

The post Greystone Mansion: the Most Familiar House You’ve Never Visited appeared first on Fancy Pants Homes.

Source: fancypantshomes.com

It’s a Shake-Up! These 10 Drastically Different Design Trends Will Be Everywhere in 2021—and Beyond

2021 design trendsInterior Obsession/Houzz

We’re finally closing the book on 2020, and many of us have never felt more desperate for a fresh start and a new beginning. And since it’s not like we’re leaving the house anytime soon, it makes perfect sense that the first place to start anew would be at home. (Plus, decorating and home renovation projects are a pretty good distraction from ever-present existential dread, if we do say so ourselves.)

If you’re looking to do a design overhaul, you’re probably also looking for some inspiration—so we asked real estate and design experts to weigh in on what they anticipate will be the biggest home trends of 2021. It turns out, with all the stress that 2020 brought to our lives, it also influenced some defining changes in the way we decorate, design, and live in our homes.

So get cozy on your sunken-in couch cushion—you know, the one you’ve barely left since March 14—and join along for some inspiration as we prepare for the new year.

1. Dedicated home offices

Photo by Gina Sims Designs 

We can probably all admit: Working from the kitchen table was kind of cute when you thought you would be doing it for only a few weeks. But now? Not so much. That’s why, in 2021 (and beyond) home offices will be more important than ever.

“One of the most prevalent design trends currently is adding or renovating home offices. People are working from home and do not want to field calls from the kitchen table,” says Simon Isaacs, owner/broker of Simon Isaacs Real Estate.

If you don’t have a spare room for an office, there are plenty of ways to get creative and set up a space with some personality. In fact, one of the biggest trends on Pinterest this year is the rise of the “cloffice,” a portmanteau of “closet” and “office.”

“I’ve seen clients transform hall closets into amazing offices with high-gloss paint, some wallpaper, and a few shelves,” Isaacs says. “A can of paint can go a long way.”

2. Clearly delineated spaces

Photo by Nicholas Design Collaborative 

It’s quaint to think back on our obsession with open floor plans. They’re not completely passé (yet), but people are increasingly interested in closing off those wide-open spaces we so used to covet.

“The pandemic has completely shaped home design trends for 2020 and 2021,” Isaacs says. “Not only do people want to create a cozy shared living space, but they also are carving out areas to have some space to themselves.”

“The trend will be to create different living spaces within the open floor plan so people will have pockets or nooks in the home for e-learning, Zoom calls, a conversation, lounging, exercising, etc.,” adds Julie Busby, founder of the Busby Group at Compass in Chicago.

The need for separate spaces is also shifting home buyers’ priorities in the new year.

“New buyers are asking for homes with more separation, as sometimes multigenerational families share a home and need space and privacy amongst themselves,” says Yorgos Tsibiridis, a Hamptons broker at Douglas Elliman.

3. Houseplants and indoor gardens

Photo by Chris Barrett Design 

“During the pandemic when it was difficult for some to get their daily dose of nature, people started bringing the outdoors in with natural materials in their home,” Busby says.

With the pandemic raging on, the pros say the indoor houseplant trend is here to stay—which is good news for your collection of monsteras and air plants.

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Watch: Exclusive: Lindsay Dean of Frills and Drills Dishes on DIY

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“For houseplants, definitely do your homework before investing,” she says. “Take into account your natural light, exposures, and how much you will remember to water.”

4. Rattan accents

Photo by studio three beau 

In line with the houseplant trend, natural materials are having a “huge moment,” Busby says. In particular, rattan is the material du jour, appearing everywhere from drink holders to bed frames.

Try out the trend by choosing a rattan accessory or accent piece that you love; just don’t go overboard.

“Rattan is best in small doses, so pick your favorite piece and work from there,” Busby suggests.

5. Wood-grain kitchen cabinets and counters

Photo by Buckminster Green LLC 

Organic touches are also sprouting up in the heart of the home: the kitchen.

“For the kitchen, our designer members are seeing more minimalist styles with touches of organic and natural materials such as wood grain—perhaps as part of a desire to connect with nature,” says Bill Darcy, CEO of the National Kitchen & Bath Association.

Instead of painted kitchen cabinets or the ubiquitous all-white kitchen, expect to see homeowners embracing a more natural look with wood-grain cabinets and wood countertops on islands.

6. Next-level playgrounds

Photo by RVM Construction Inc.

Speaking of connecting with nature, 2020 has taken our cabin fever to record levels. Experts say enhanced outdoor spaces will continue to trend in the new year—including elaborate custom playgrounds, which Isaacs says are one of the hottest trends he’s seeing right now in South Florida.

To create the ultimate kids’ club, homeowners are even going beyond store-bought swingsets and adding zip lines, adventure courses, and climbing walls to their backyard playgrounds.

7. Outdoor kitchens

Photo by E2 Homes 

Multiseason spaces that feature “fireplaces or fire pits, patio/deck areas, or screened-in porches that can be used year-round” are on the rise, Darcy says. That includes outdoor kitchens, which have become more popular than ever during the pandemic.

An outdoor kitchen can be as elaborate (read: expensive) or as modest as you like. Some homeowners may simply add an outdoor refrigerator and dining area to the backyard to create an expanded entertaining space. Others will invest in a stovetop, ample counter space, and appliances to create a fully equipped outdoor kitchen.

8. Smart bathroom innovations

Photo by Change Your Bathroom, Inc. 

We won’t soon forget the Great Toilet Paper Shortage of 2020, when grocery shelves were cleared of Charmin and bidets sold out at home improvement stores.

Never embraced the bidet in your home bathroom? Well, hold on to your butts: That’s just the start of things—you can expect to see a slew of new bathroom innovations in 2021 as homeowners continue to focus more than ever on hygiene (and perhaps prepare for the next Great Toilet Paper Shortage).

“Touchless appliances, including motion sensors for lighting, and smart temperature control for bathroom floors will be more popular in the next year,” Darcy says.

9. Retro furniture and color palettes

Photo by Elad Gonen 

The pandemic brought on a serious wave of nostalgia for people seeking comfort from the past, and Busby says that wistfulness will influence our home decor in 2021.

Expect to see funky color palettes (think mauve, forest green, and burnt orange) and furniture throwbacks like ’80s curves and ’90s traditionalism.

“I think people are nostalgic for simpler times, and we are seeing this desire reflected back in home design,” Busby says.

An easy way to try the trend for yourself is with a quick coat of paint.

“Pick a bold color and one wall, or a smaller bathroom, and paint your way back to the ’80s or ’90s,” Busby says.

10. Cozy, layered vibes

Photo by Urbanology Designs

“Overall, the design pendulum is swinging to be more traditional,” Busby says.

That means warm colors and natural wood in lieu of cool grays and blues. Instead of stark white minimalism, expect to see more color and personality in 2021’s home decor—less uber-modern and more boho chic.

So go ahead and pile on those mismatched blankets and throw pillows, and don’t be afraid to embrace a design that reflects your personality.

“People want to feel at ease in their homes now more than ever,” she says. “Before the pandemic, people may have put form before function to create the out-of-a-magazine look for their living room. Trends now lean toward a more casual and layered aesthetic.”

The post It’s a Shake-Up! These 10 Drastically Different Design Trends Will Be Everywhere in 2021—and Beyond appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com

8 Upfront Costs of Buying a House

Looking to buy a home soon? There will be upfront costs of buying a house.

You may have found a house that you like. You may have been approved for a mortgage loan, and have your down payment ready to make an offer. If you think that, at that point, all of the hard work is over, well think again.

In addition to the down payment, which can be significant depending on the price of the property, there are plenty of upfront costs of buying a home. As a first time home buyer, this may come to you as a surprise. So, be ready to have enough cash to cover these costs. In no particular order, here are 8 common upfront costs of buying a house.

If you are interested in comparing the best mortgage rates through LendingTree click here. It’s completely free.

What is an upfront cost?

An upfront cost, as the name suggests and in terms of buying a house, is out of pocket money that you pay after you have made an offer on a property. They are also referred to as closing costs and cover fees such as inspection fees, taxes, appraisal, mortgage lender fees, etc. As a home buyer, these upfront costs should not come to you as a surprise.

What are the upfront costs of buying a house?

Upfront cost # 1: Private mortgage insurance cost.

If your down payment is less than 20% of the home purchase price, then your mortgage lender will charge you a PMI (private mortgage insurance). A PMI is an extra fee to your monthly mortgage payment that really protects the lender in case you default on your loan. Again, depending on the size of the loan, a PMI can be significant. So if you know you won’t have 20% or more down payment, be ready pay an extra fee in addition to your monthly mortgage payments.


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Upfront cost #2: inspection costs.

Before you finalize on a house, it’s always a good idea to inspect the house for defects. In fact, in some states, it is mandatory. Lenders will simply not offer you a mortgage loan unless they see an inspection report. Even if it is not mandatory in your state, it’s always a good idea to inspect the home. The inspection cost is well worth any potential defects or damages you might encounter.

Inspection fee can cost you anywhere from $300-$500. And it is usually paid during the inspection. So consider this upfront cost into your budget.

Upfront cost # 3: loan application fees.

Some lenders may charge you a fee for applying for/processing a loan. This fee typically covers things like credit check for your credit score or appraisal.

Upfront cost # 4: repair costs.

Unless the house is perfect from the very first time you occupy it, you will need to do some repair. Depending on the condition of the house, repair or renovating costs can be quite significant. So consider saving up some money to cover some of these costs.

Upfront cost # 5: moving costs.

Depending on how far you’re moving and/or how much stuff you have, you may be up for some moving costs. Moving costs may include utilities connections, cleaning, moving

Upfront cost # 6: Appraisal costs.

Appraisal costs can be anywhere from $300-$500. Again that range depends on the location and price of the house. You usually pay that upfront cost after the inspection or before closing.

Upfront cost # 7: Earnest Money Costs

After you reach a mutual acceptance for the home, in some states, you may be required to pay an earnest money deposit. This upfront costs is usually 1% to 3% of the home purchase price. The amount you pay in earnest money, however, will be subtracted from your closing costs.

Upfront cost # 8: Home Associations Dues

If you’re buying a condo, you may have to pay homeowners association dues. Homeowners association dues cover operation and maintenance fees. And you will pay one month’s dues upfront at closing.

In conclusion, when it comes to buying a house, there are several upfront costs you will need to consider. Above are some of the most common upfront costs of buying a house.

Click here to compare mortgage rates through LendingTree. It’s completely FREE.

MORE ARTICLES ON BUYING A HOUSE:

10 First Time Home Buyer Mistakes to Avoid

How Much House Can I afford

5 Signs You’re Better Off Renting

7 Signs You’re Ready to Buy a House

How to Save for a House


Not All Mortgage Lenders Are Created Equally

When it comes to getting a mortgage, rates and fees vary. LendingTree allows you to view and compare multiple mortgage rates from multiple mortgage lenders all in one place and at the same time, so you can choose the best rates for your needs. LendingTree makes getting a loan faster, simpler, and better. Get started today >>>

The post 8 Upfront Costs of Buying a House appeared first on GrowthRapidly.

Source: growthrapidly.com

Budgeting for Beginners: These 5 Steps Will Help You Get Started

Setting up a budget is challenging. Doing it forces you to face your spending habits and then work to change them.

But when you decide to make a budget, it means you’re serious about your money. Maybe you even have some financial goals in mind.

The end result will bring you peace of mind. But if you’re creating a budget for the first time, remember that budgets will vary by individual and family. It’s important to set up a budget that’s a fit for YOU.

Budgeting for Beginners in 5 Painless Steps

Follow these basic steps and tailor them to your needs to create a monthly budget that will set you up for financial success.

Step 1: Set a Financial Goal

First thing’s first: Why do you want a budget?

Your reason will be your anchor and incentive as you create a budget, and it will help you stick to it.

Set a short-term or long-term goal. It can be to pay off debts like student loans, credit cards or a mortgage, or to save for retirement, an emergency fund, a new car, a home down payment or a vacation.

For example, creating a budget is a must for many people trying to buy their first home. But it shouldn’t stop there. Once you’ve bought a home, keep sticking to a budget in order to pay off debt and give yourself some wiggle room for unexpected expenses.

Once one goal is complete, you can move on to another and personalize your budget to fit whatever your needs are.

Step 2: Log Your Income, Expenses and Savings

You’ll want to use a Microsoft Excel spreadsheet or another budget template to track all of your monthly expenses and spending. List out each expense line by line. This list is the foundation for your monthly budget.

Tally Your Monthly Income

Review your pay stubs and determine how much money you and anyone else in your household take home every month. Include any passive income, rental income, child support payments or side gigs.

If your income varies, estimate as best as you can, or use the average of your income for the past three months.

Make a List of Your Mandatory Monthly Expenses

Start with:

  1. Rent or mortgage payment.
  2. Living expenses like utilities (electric, gas and water bills), internet and phone.
  3. Car payment and transportation costs.
  4. Insurance (car, life, health).
  5. Child care.
  6. Groceries.
  7. Debt repayments for things like credit cards, student loans, medical debt, etc.

Anything that will result in a late fee for not paying goes in this category.

List Non-Essential Monthly and Irregular Expenses

Non-essential expenses include entertainment, coffee, subscription and streaming services, memberships, cable TV, gifts, dining out and miscellaneous items.

Don’t forget to account for expenses you don’t incur every month, such as annual fees, taxes, car registration, oil changes and one-time charges. Add them to the month in which they usually occur OR tally up all of your irregular expenses for the year and divide by 12 so you can work them into your monthly budget.

Pro Tip

Review all of your bank account statements for the past 12 months to make sure you don’t miss periodic expenses like quarterly insurance premiums.

A woman with a dog reviews financial docements spread out on the floor.

Don’t Forget Your Savings

Be sure to include a line item for savings in your monthly budget. Use it for those short- or long-term savings goals, building up an emergency fund or investments.

Figure out how much you can afford — no matter how big or small. If you get direct deposit, saving can be simplified with an automated paycheck deduction. Something as little as $10 a week adds up to over $500 in a year.

Step 3: Adjust Your Expenses to Match Your Income

Now, what does your monthly budget look like so far?

Are you living within your income, or spending more money than you make? Either way, it’s time to make some adjustments to meet your goals.

How to Cut Your Expenses

If you are overspending each month, don’t panic. This is a great opportunity to evaluate areas to save money now that you have itemized your spending. Truthfully, this is the exact reason you created a budget!

Here are some ways you can save money each month:

Cut optional outings like happy hours and eating out. Even cutting a $4 daily purchase on weekdays will add up to over $1,000 a year.

Consider pulling the plug on cable TV or a subscription service. The average cost of cable is $1,284 a year, so if you cut the cord and switch to a streaming service, you could save at least $50 a month.

Fine-tune your grocery bill and practice meal prepping. You’ll save money by planning and prepping recipes for the week that use many of the same ingredients. Use the circulars to see what’s on sale, and plan your meals around those sales.

Make homemade gifts for family and friends. Special occasions and holidays happen constantly and can get expensive. Honing in on thoughtful and homemade gifts like framed pictures, magnets and ornaments costs more time and less money.

Consolidate credit cards or transfer high-interest balances. You can consolidate multiple credit card payments into one and lower the amount of interest you’re paying every month by applying for a debt consolidation loan or by taking advantage of a 0% balance-transfer credit card offer. The sooner you pay off that principal balance, the sooner you’ll be out of debt.

Refinance loans. Refinancing your mortgage, student loan or car loan can lower your interest rates and cut your monthly payments. You could save significantly if you’ve improved your credit since you got the original loan.

Get a new quote for car insurance to lower monthly payments. Use a free online service to shop around for new quotes based on your needs. A $20 savings every month is $20 that can go toward savings or debt repayments.

Start small and see how big of a wave it makes.

Oh, and don’t forget to remind yourself of your financial goal when you’re craving Starbucks at 3 p.m. But remember that it’s OK to treat yourself — occasionally.

A couple organize tax-related paperwork.

What to Do With Your Extra Cash

If you have money left over after paying for your monthly expenses, prioritize building an emergency fund if you don’t have one.

Having an emergency fund is often what makes it possible to stick to a budget. Because when an unexpected expense crops up, like a broken appliance or a big car repair, you won’t have to borrow money to cover it.

When you do dip into that emergency fund, immediately start building it up again.

Otherwise, you can use any extra money outside your expenses to reach your financial goals.

Here are four questions to ask yourself before dipping into your emergency fund..

Step 4: Choose a Budgeting Method

You have your income, expenses and spending spelled out in a monthly budget, but how do you act on it? Trying out a budgeting method helps manage your money and accommodates your lifestyle.

Living on a budget doesn’t mean you can’t have fun or splurges, and fortunately many budgeting methods account for those things. Here are a few to consider:

  • The Envelope System is a cash-based budgeting system that works well for overspenders. It curbs excess spending on debit and credit cards because you’re forced to withdraw cash and place it into pre-labeled envelopes for your variable expenses (like groceries and clothing) instead of pulling out that plastic. 
  • The 50/20/30 Method is for those with more financial flexibility and who can pay all their bills with 50% of their income. You apply 50% of your income to living expenses, 20% toward savings and/or debt reduction, and 30% to personal spending (vacations, coffee, entertainment). This way, you can have fun and save at the same time. Because your basic needs can only account for 50% of your income, it’s typically not a good fit for those living paycheck to paycheck.
  • The 60/20/20 Budget uses the same concept as the 50/20/30, except you apply 60% of your income to living expenses, 20% toward savings and/or debt reduction, and 20% to personal spending. It’s a good fit for fans of the 50/20/30 Method who need to devote more of their incomes to living costs.
  • The Zero-Based Budget makes you account for all of your income. You budget for your expenses and bills, and then assign any extra money toward your goals. The strict system is good for people trying to pay off debt as fast as possible. It’s also beneficial for those living to paycheck to paycheck.
A hand writes financial-related labels on envelopes.

Budgeting Apps

Another money management option is to use a budgeting app. Apps can help you organize and access your personal finances on the go and can alert you of finance charges, late fees and bill payment due dates. Many also offer free credit score monitoring.

FROM THE BUDGETING FORUM
Starting a budget
S
A reminder NOT to spend.
Jobelle Collie
Grocery Shopping – How far away is your usual store?
F
Budgeting 101
Ashley Allen
See more in Budgeting or ask a money question

Step 5: Follow Through

Budgeting becomes super easy once you get in the groove, but you can’t set it and forget it. You should review your budget monthly to monitor your expenses and spending and adjust accordingly. Review checking and savings account statements for any irregularities even if you set bills to autopay.

Even if your income increases, try to prioritize saving the extra money. That will help you avoid lifestyle inflation, which happens when your spending increases as your income rises.

The thrill of being debt-free or finally having enough money to travel might even inspire you to seek out other financial opportunities or advice. For example, if you’re looking for professional help, set up a consultation with a certified financial planner who can assist you with long-term goals like retirement and savings plans.

Related: How to Budget: The Ultimate Guide

Stephanie Bolling is a former staff writer at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

Pulte Mortgage Review

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 Bureau’s webpage, the PulteGroup has an A- rating, though it is not accredited.

Pulte AT A GLANCE

Year Founded 1972
Coverage Area 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
HQ Address 3350 Peachtree Road, NE, Atlanta, GA 30326
Phone Number 1-(866) 236-8165

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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Pulte Mortgage Loans

Customers who are building homes through one of the approved PulteGroup builders can access loan products including:

Fixed-rate mortgages

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.

Adjustable-rate mortgages

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.

Jumbo mortgages

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.

FHA mortgages

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.

VA mortgages

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. 

Balloon mortgages

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.

Bridge loan

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:

  1. 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.
  2. The personal loan consultant contacts the borrower to talk about important information, determining personal needs and locking in a rate.
  3. The loan is processed, and credit approval is communicated.
  4. The closing date is set with a builder representative, while the loan processor coordinates necessary actions.
  5. 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 it’s 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.

Bottom Line

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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Source: goodfinancialcents.com

16 Small Steps You Can Take Now to Improve Your Finances

Pretty brunette with moneybox in hands

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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With the new year here, it’s time to take control of your financial goals. From creating a household budget, to calculating your net worth, or setting a monthly savings amount, we’ve got 16 small steps you can take to improve your finances. | #personalfinance #moneymatters #budgeting


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