30-Year Fixed Mortgage Rate Holds Steady

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.76% 2.81% 0.02%
20-Year Fixed 2.59% 2.66% 0.06%
15-Year Fixed 2.07% 2.16% 0.03%
10-Year Fixed 1.97% 2.05% 0.08%
7/1 ARM 2.2% 2.91% 0.03%
5/1 ARM 2.15% 3.04% 0.03%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.76% APR with a $75,000 down payment will have a monthly payment of $1,225. A 20-Year Fixed loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,602. A 15-Year Fixed loan of $300,000 at 2.07% APR with a $75,000 down payment will have a monthly payment of $1,939. A 10-Year Fixed loan of $300,000 at 1.97% APR with a $75,000 down payment will have a monthly payment of $2,756. A 7/1 ARM loan of $300,000 at 2.2% APR with a $75,000 down payment will have a monthly payment of $1,138. A 5/1 ARM loan of $300,000 at 2.15% APR with a $75,000 down payment will have a monthly payment of $1,130. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.35% 3.02% 0.06%
30-Year Fixed VA 2.5% 2.69% 0.11%
15-Year Fixed FHA 2.05% 2.73% 0.21%
15-Year Fixed VA 2.29% 2.64% 0.33%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 3.03% 2.59% 0.1%

A 30-Year Fixed FHA loan of $300,000 at 2.35% APR with a $75,000 down payment will have a monthly payment of $1,161. A 30-Year Fixed VA loan of $300,000 at 2.5% APR with a $75,000 down payment will have a monthly payment of $1,185. A 15-Year Fixed FHA loan of $300,000 at 2.05% APR with a $75,000 down payment will have a monthly payment of $1,937. A 15-Year Fixed VA loan of $300,000 at 2.29% APR with a $75,000 down payment will have a monthly payment of $1,971. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 3.03% APR with a $75,000 down payment will have a monthly payment of $1,268. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.21% 3.26% -0%
20-Year Fixed Jumbo 3.17% 3.22% 0.11%
15-Year Fixed Jumbo 2.82% 2.89% -0.02%
10-Year Fixed Jumbo 2.44% 2.5% 0.08%
7/1 ARM Jumbo 2.7% 3.17% -0.04%
5/1 ARM Jumbo 2.78% 3.21% -0.03%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.21% APR with a $150,000 down payment will have a monthly payment of $2,597. A 20-Year Fixed Jumbo loan of $600,000 at 3.17% APR with a $150,000 down payment will have a monthly payment of $3,378. A 15-Year Fixed Jumbo loan of $600,000 at 2.82% APR with a $150,000 down payment will have a monthly payment of $4,092. A 10-Year Fixed Jumbo loan of $600,000 at 2.44% APR with a $150,000 down payment will have a monthly payment of $5,639. A 7/1 ARM Jumbo loan of $600,000 at 2.7% APR with a $150,000 down payment will have a monthly payment of $2,431. A 5/1 ARM Jumbo loan of $600,000 at 2.78% APR with a $150,000 down payment will have a monthly payment of $2,459. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

30-Year Fixed Mortgage Rate Rises

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.75% 2.8% 0.03%
20-Year Fixed 2.65% 2.73% -0.01%
15-Year Fixed 2.09% 2.18% 0.01%
10-Year Fixed 1.94% 1.99% 0.14%
7/1 ARM 2.2% 2.91% 0.03%
5/1 ARM 2.15% 3.03% 0.04%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.75% APR with a $75,000 down payment will have a monthly payment of $1,223. A 20-Year Fixed loan of $300,000 at 2.65% APR with a $75,000 down payment will have a monthly payment of $1,611. A 15-Year Fixed loan of $300,000 at 2.09% APR with a $75,000 down payment will have a monthly payment of $1,942. A 10-Year Fixed loan of $300,000 at 1.94% APR with a $75,000 down payment will have a monthly payment of $2,752. A 7/1 ARM loan of $300,000 at 2.2% APR with a $75,000 down payment will have a monthly payment of $1,138. A 5/1 ARM loan of $300,000 at 2.15% APR with a $75,000 down payment will have a monthly payment of $1,131. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.3% 2.98% 0.11%
30-Year Fixed VA 2.5% 2.76% 0.04%
15-Year Fixed FHA 2.02% 2.82% 0.12%
15-Year Fixed VA 2.62% 3.09% -0.12%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 2.88% 2.52% 0.17%

A 30-Year Fixed FHA loan of $300,000 at 2.3% APR with a $75,000 down payment will have a monthly payment of $1,154. A 30-Year Fixed VA loan of $300,000 at 2.5% APR with a $75,000 down payment will have a monthly payment of $1,185. A 15-Year Fixed FHA loan of $300,000 at 2.02% APR with a $75,000 down payment will have a monthly payment of $1,933. A 15-Year Fixed VA loan of $300,000 at 2.62% APR with a $75,000 down payment will have a monthly payment of $2,017. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 2.88% APR with a $75,000 down payment will have a monthly payment of $1,245. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.24% 3.28% -0.03%
20-Year Fixed Jumbo 3.32% 3.37% -0.03%
15-Year Fixed Jumbo 2.81% 2.89% -0.01%
10-Year Fixed Jumbo 2.44% 2.5% 0.08%
7/1 ARM Jumbo 2.7% 3.17% -0.04%
5/1 ARM Jumbo 2.8% 3.2% -0.02%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.24% APR with a $150,000 down payment will have a monthly payment of $2,606. A 20-Year Fixed Jumbo loan of $600,000 at 3.32% APR with a $150,000 down payment will have a monthly payment of $3,423. A 15-Year Fixed Jumbo loan of $600,000 at 2.81% APR with a $150,000 down payment will have a monthly payment of $4,089. A 10-Year Fixed Jumbo loan of $600,000 at 2.44% APR with a $150,000 down payment will have a monthly payment of $5,639. A 7/1 ARM Jumbo loan of $600,000 at 2.7% APR with a $150,000 down payment will have a monthly payment of $2,432. A 5/1 ARM Jumbo loan of $600,000 at 2.8% APR with a $150,000 down payment will have a monthly payment of $2,466. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

30-Year Fixed Mortgage Rate Hits Yet Another Record Low, Falls Below 3.2 Percent for the First Time

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.75% 2.8% 0.03%
20-Year Fixed 2.59% 2.67% 0.05%
15-Year Fixed 2.1% 2.19% -0%
10-Year Fixed 1.99% 2.07% 0.06%
7/1 ARM 2.19% 2.92% 0.03%
5/1 ARM 2.13% 3.03% 0.04%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.75% APR with a $75,000 down payment will have a monthly payment of $1,223. A 20-Year Fixed loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,603. A 15-Year Fixed loan of $300,000 at 2.1% APR with a $75,000 down payment will have a monthly payment of $1,944. A 10-Year Fixed loan of $300,000 at 1.99% APR with a $75,000 down payment will have a monthly payment of $2,758. A 7/1 ARM loan of $300,000 at 2.19% APR with a $75,000 down payment will have a monthly payment of $1,136. A 5/1 ARM loan of $300,000 at 2.13% APR with a $75,000 down payment will have a monthly payment of $1,127. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.29% 2.97% 0.11%
30-Year Fixed VA 2.51% 2.77% 0.02%
15-Year Fixed FHA 2% 2.76% 0.18%
15-Year Fixed VA 2.51% 2.97% -0%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 2.74% 2.52% 0.17%

A 30-Year Fixed FHA loan of $300,000 at 2.29% APR with a $75,000 down payment will have a monthly payment of $1,153. A 30-Year Fixed VA loan of $300,000 at 2.51% APR with a $75,000 down payment will have a monthly payment of $1,187. A 15-Year Fixed FHA loan of $300,000 at 2% APR with a $75,000 down payment will have a monthly payment of $1,930. A 15-Year Fixed VA loan of $300,000 at 2.51% APR with a $75,000 down payment will have a monthly payment of $2,002. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 2.74% APR with a $75,000 down payment will have a monthly payment of $1,223. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.17% 3.21% 0.04%
20-Year Fixed Jumbo 3.5% 3.55% -0.22%
15-Year Fixed Jumbo 2.78% 2.85% 0.03%
10-Year Fixed Jumbo 2.38% 2.47% 0.1%
7/1 ARM Jumbo 2.69% 3.17% -0.04%
5/1 ARM Jumbo 2.76% 3.2% -0.02%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.17% APR with a $150,000 down payment will have a monthly payment of $2,583. A 20-Year Fixed Jumbo loan of $600,000 at 3.5% APR with a $150,000 down payment will have a monthly payment of $3,480. A 15-Year Fixed Jumbo loan of $600,000 at 2.78% APR with a $150,000 down payment will have a monthly payment of $4,081. A 10-Year Fixed Jumbo loan of $600,000 at 2.38% APR with a $150,000 down payment will have a monthly payment of $5,622. A 7/1 ARM Jumbo loan of $600,000 at 2.69% APR with a $150,000 down payment will have a monthly payment of $2,430. A 5/1 ARM Jumbo loan of $600,000 at 2.76% APR with a $150,000 down payment will have a monthly payment of $2,452. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

The Art of Mortgage Pre-Approval

Buying a home can feel like a cutthroat process.

But getting mortgage preapproval can help you, especially in a hot house market.

What Is Mortgage Preapproval?

Mortgage preapproval comes in the form of a letter from a lender that states that you qualify for a loan of a certain amount and at a certain interest rate based on an evaluation of your credit and financial history.

The letter is an offer, but not a commitment, to lend you a specific amount. It’s good for up to 90 days, depending on the lender.

You’ll want to shop for homes within the price range of your preapproved mortgage.

Armed with a letter of preapproval, you can show sellers that you are a serious homebuyer with the means to purchase a home. In the eyes of the seller, preapproval can often push you ahead of other potential buyers who have not yet been approved for a mortgage.

Once you find a house that you want to buy, you can make an offer. And if the seller accepts, it’s time to finalize your mortgage application.

A loan underwriter will review your application and conduct other due diligence measures, such as having the house appraised to make sure it is valued at the price it’s selling for.

If all goes well, the lender will issue a commitment letter, which officially seals the deal on your loan, and you can schedule a closing date.

Preapproval vs. Prequalification

As you begin to look into getting a mortgage, you may encounter another term: prequalification.

Getting prequalified for a mortgage is not the same as being preapproved. It’s actually a relatively simple process in which a lender looks at a few financial details, usually self-reported, such as income, assets, and debt, and estimates how much of a mortgage the lender thinks you can afford.

Prequalification gives you an idea of what your monthly payment might be and provides a chance to shop around with various lenders to see what types of terms and interest rates they offer. (Prequalification is not a guarantee that you will actually qualify for a mortgage.)

Taking out a mortgage is a huge step, of course. Prequalification can be useful, because it gives you an idea of how much house you can afford.

This home affordability calculator can also help in estimating how much you can afford.

Getting preapproved is a more complicated process. You’ll have to fill out an application with your chosen lender, agree to a credit check, and provide information about your income and assets.

Recommended: Preapproval vs. Prequalification: Key Differences to Know

Upping Your Odds of Preapproval

There are a number of steps you can take to increase your chances of preapproval or to increase the amount your lender may approve.

Build Your Credit

When you apply for any type of loan, lenders want to see that you have a history of properly managing your debt before offering you credit themselves.

You can build your credit history by opening and using a credit card and paying your bills on time. Or you could consider having regular payments, such as your rent, tracked and added to your credit score.

Recommended: What Credit Score is Needed to Buy a House?

Check Your Credit

If you’ve established a credit history, a first step before applying for a mortgage is to check your credit reports, which are a history of your credit compiled from sources like banks, credit card companies, collection agencies, and the government.

The information is collected by the three main credit reporting bureaus, Transunion, Equifax, and Experian. You’ll want to make sure that the information on your credit reports is correct. Ordering the reports is free .

If you find any mistakes, contact the credit reporting agencies immediately to let them know. You don’t want any incorrect information weighing down your credit score, putting your chances for preapproval at risk.

The free credit reports provided by the nationwide credit reporting agencies do not include your credit score, a number typically between 300 and 850. You can purchase your score directly from the credit reporting agencies, or from FICO®. Your credit card company may provide your credit score for free.

Or you could try an app that updates your credit score weekly and tracks your spending at no cost.

Stay on Top of Debt

Your ability to pay your bills on time has a big impact on your credit score. And if your budget allows, you can make payments in full.

If you have any debts that are dragging down your credit score—for example, debts that are in collection—it’s smart to work on paying them off first, as this can give your score a more immediate boost.

Recommended: How Much Debt is Too Much to Buy a Home?

Watch Your Debt-to-Income Ratio

Your debt-to-income ratio is your monthly debt payments divided by your monthly gross income. If you have $1,000 a month in debt payments and make $5,000 a month, your debt-to-income (DTI) ratio is $1,000 divided by $5,000, or 20%.

Mortgage lenders typically like to see a DTI ratio of 36% or less.

Lenders may assume that borrowers with a high DTI ratio will have a harder time making their mortgage payments. If you’re seeking preapproval for a mortgage, it may be beneficial to keep the ratio in check by avoiding large purchases. For example, you may want to hold off on buying a new car until you’ve been preapproved.

Prove Consistent Income

Your lender will want to know that you have enough money coming in each month to cover a potential mortgage payment, so the lender will likely want proof of consistent income for at least two years (that means pay stubs, W-2s, etc.).

For some potential borrowers, such as freelancers, this may be a tricky process since they may have income from various sources. Keep all pay stubs, tax returns, and other proof of income and be prepared to show them to your lender.

What Happens If You’re Rejected?

Rejection hurts. But if you aren’t preapproved, or you aren’t approved for a large enough mortgage to buy the house you want, you also aren’t powerless. You can ask the lender why it said “no.” This will give you an idea about what you might need to work on in order to secure the mortgage you want.

Then you may want to work on the factors that your lender saw as a sticking point to preapproval. You can continue to work to boost your credit score, lower your DTI ratio, or save for a higher down payment.

If you’re able to pay more upfront, you will typically lower your monthly mortgage payments. Once you’ve worked to make yourself a better candidate for a mortgage, you can apply for preapproval again.

The Takeaway

In a competitive market, having a mortgage preapproval letter in hand may give a house hunter an edge. After all, the letter states that the would-be buyer qualifies for a home loan of a certain amount.

If you’re shopping for a mortgage, give SoFi a look. SoFi mortgage loans come with competitive rates and as little as 5% down.

It takes just two minutes to check your rate.



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SoFi’s Relay tool offers users the ability to connect both in-house accounts and external accounts using Plaid, Inc’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score provided to you is a Vantage Score® based on TransUnion™ (the “Processing Agent”) data.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’swebsite .
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SOMG18100

Source: sofi.com

30-Year Fixed Mortgage Rate Hovers Above All-Time Low

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Abstract illustration of houses and charts

As of May 5, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.72%.

Mortgage rates fall to lowest levels in months.

“Mortgage rates fell slightly again this week, pushing rates to their lowest level since mid-to-late February,” said Zillow Economist Matthew Speakman. “With few surprising economic data or pandemic-related developments this week, mortgage rates and the bond yields that tend to influence them saw little reason to move significantly over the past seven days. Unlike stocks, bonds and mortgage rates brushed aside comments made by Treasury Secretary Janet Yellen, in which she suggested (but did not recommend) that interest rates will likely have to rise somewhat in order to ensure that the economy doesn’t overheat. But this period of relative calm will be put to the test in the coming days. April employment figures and inflation data, two key gauges of the economy’s path forward, are due this week, and stronger-than-expected readings of either – or both – reports will likely revert mortgage rates back upward.”

Additionally, the 15-year fixed mortgage rate was 2.09%, and for 5/1 ARMs, the rate was 2.38%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.77% 2.82% 0.11%
20-Year Fixed 2.64% 2.71% 0.05%
15-Year Fixed 2.09% 2.18% 0.03%
10-Year Fixed 2.07% 2.18% -0.11%
7/1 ARM 2.21% 2.92% 0.26%
5/1 ARM 2.18% 3.04% 0.21%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.77% APR with a $75,000 down payment will have a monthly payment of $1,227. A 20-Year Fixed loan of $300,000 at 2.64% APR with a $75,000 down payment will have a monthly payment of $1,610. A 15-Year Fixed loan of $300,000 at 2.09% APR with a $75,000 down payment will have a monthly payment of $1,943. A 10-Year Fixed loan of $300,000 at 2.07% APR with a $75,000 down payment will have a monthly payment of $2,769. A 7/1 ARM loan of $300,000 at 2.21% APR with a $75,000 down payment will have a monthly payment of $1,140. A 5/1 ARM loan of $300,000 at 2.18% APR with a $75,000 down payment will have a monthly payment of $1,136. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.41% 3.07% 0.16%
30-Year Fixed VA 2.48% 2.74% 0.11%
15-Year Fixed FHA 2.23% 2.93% 0.09%
15-Year Fixed VA 2.44% 2.91% 0.15%
5/1 ARM FHA 2.59% 2.97% 0.02%
5/1 ARM VA 3.18% 2.78% -0.23%

A 30-Year Fixed FHA loan of $300,000 at 2.41% APR with a $75,000 down payment will have a monthly payment of $1,171. A 30-Year Fixed VA loan of $300,000 at 2.48% APR with a $75,000 down payment will have a monthly payment of $1,182. A 15-Year Fixed FHA loan of $300,000 at 2.23% APR with a $75,000 down payment will have a monthly payment of $1,962. A 15-Year Fixed VA loan of $300,000 at 2.44% APR with a $75,000 down payment will have a monthly payment of $1,992. A 5/1 ARM FHA loan of $300,000 at 2.59% APR with a $75,000 down payment will have a monthly payment of $1,200. A 5/1 ARM VA loan of $300,000 at 3.18% APR with a $75,000 down payment will have a monthly payment of $1,293. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.2% 3.25% 0.09%
20-Year Fixed Jumbo 3.28% 3.32% 0.25%
15-Year Fixed Jumbo 2.8% 2.87% 0.12%
10-Year Fixed Jumbo 2.5% 2.6% 0.1%
7/1 ARM Jumbo 2.69% 3.17% -0.35%
5/1 ARM Jumbo 2.77% 3.22% -0.25%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.2% APR with a $150,000 down payment will have a monthly payment of $2,594. A 20-Year Fixed Jumbo loan of $600,000 at 3.28% APR with a $150,000 down payment will have a monthly payment of $3,411. A 15-Year Fixed Jumbo loan of $600,000 at 2.8% APR with a $150,000 down payment will have a monthly payment of $4,084. A 10-Year Fixed Jumbo loan of $600,000 at 2.5% APR with a $150,000 down payment will have a monthly payment of $5,656. A 7/1 ARM Jumbo loan of $600,000 at 2.69% APR with a $150,000 down payment will have a monthly payment of $2,429. A 5/1 ARM Jumbo loan of $600,000 at 2.77% APR with a $150,000 down payment will have a monthly payment of $2,454. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

What to Know about FHA 203K loans

Buying a fixer-upper is sometimes romanticized by pop culture. While it’s fun to dream, the reality of home renovation is that it can be laborious and draining, especially if the home needs serious help.

Repair work requires energy and resources, and it can be difficult to secure a loan to cover both the value of the home and the cost of repairs—especially if the home is currently uninhabitable. Most lenders won’t take that sort of chance.

But if you have your heart set on buying a fixer upper, an FHA 203(k) loan can help.

The Federal Housing Administration (FHA), part of the U.S. Department of Housing and Urban Development (HUD), insures loans for the purchase and substantial rehab of homes. It is also possible to take out an FHA 203(k) loan for home repairs only, though it might not be your best option if that’s all you need.

If you have the vision to revive a dreary house, here’s info about FHA 203(k) loans and other home improvement loan options.

What Is an FHA 203(k) home loan?

Section 203(k) insurance lets buyers finance both the purchase of a house and its rehabilitation costs through a single long-term, fixed- or adjustable-rate loan.

Before the availability of FHA 203(k) loans, borrowers often had to secure multiple loans to obtain a mortgage and a home improvement loan.

The loans are provided through HUD-approved mortgage lenders and insured by the FHA. The government is interested in rejuvenating neighborhoods and expanding homeownership opportunities.

Because the loans are backed by the federal government, you may be able to secure one even if you don’t have stellar credit. Rates are generally competitive but may not be the best, because a home with major flaws is a risk to the lender.

The FHA 203(k) process also requires more coordination, paperwork, and work on behalf of the lender, which can drive the interest rate up slightly. Lenders also may charge a supplemental origination fee, fees to cover review of the rehabilitation plan, and a higher appraisal fee.

The loan will require an upfront mortgage insurance payment of 1.75% of the total loan amount (it can be wrapped into the financing) and then a monthly mortgage insurance premium.

Applications must be submitted through an approved lender .

What Can FHA 203(k) Loans Be Used For?

Purchase and Repairs

Other than the cost of acquiring a property, rehabilitation may range from minor repairs (though exceeding $5,000 worth) to virtual reconstruction.

If a home needs a new bathroom or new siding, for example, the loan will include the projected cost of those renovations in addition to the value of the existing home. An FHA 203(k) loan, however, will not cover “luxury” upgrades like a pool, tennis court, or gazebo (so close!).

If you’re buying a condo, 203(k) loans are generally only issued for interior improvements. However, you can use a 203(k) loan to convert a property into a two- to four-unit dwelling.

Your loan amount is determined by project estimates done by the lender or the FHA. The loan process is paperwork-heavy. Working with contractors who are familiar with the way the program works and will not underbid will be important.

Contractors will also need to be efficient: The work must begin within 30 days of closing and be finished within six months.

Mortgage LoanMortgage Loan

Temporary Housing

If the home is indeed unlivable, the 203(k) loan can include a provision to provide you with up to six months of temporary housing costs or existing mortgage payments.

Who Is Eligible for an FHA 203(k) Loan?

Individuals and nonprofit organizations can use an FHA 203(k) loan, but investors cannot.

Most of the eligibility guidelines for regular FHA loans apply to 203(k) loans. They include a minimum credit score of 580 and at least a 3.5% down payment.

Applicants with a score as low as 500 will typically need to put 10% down.

Your debt-to-income ratio typically can’t exceed 43%. And you must be able to qualify for the costs of the renovations and the purchase price.

Again, to apply for any FHA loan, you have to use an approved lender. (It’s a good idea to get multiple quotes.)

Home Improvement Loan Options

The FHA 203(k) provides the most comprehensive solution for buyers who need a loan for both a home and substantial repairs. However, if you need a loan only for home improvements, there are other options to consider.

Depending on the improvements you have planned, your timeline, and your personal financial situation, one of the following could be a better fit.

Other Government-Backed Loans

In addition to the standard FHA 203(k) program, there is a limited FHA 203(k) loan of up to $35,000. Homebuyers and homeowners can use the funding to repair or upgrade a home.

Then there are FHA Title 1 loans for improvements that “substantially protect or improve the basic livability or utility of the property.” The fixed-rate loans may be used in tandem with a 203(k) rehabilitation mortgage.

The owner of a single-family home can apply to borrow up to $25,000 with a secured Title 1 loan.

With Fannie Mae’s HomeStyle® Renovation Mortgage, homebuyers and homeowners can combine their home purchase or refinance with renovation funding in a single mortgage. There’s also a Freddie Mac renovation mortgage, but standard credit score guidelines apply.

Cash-Out Refinance

If you have an existing mortgage and equity in the home, and want to take out a loan for home improvements, a cash-out refinance from a private lender may be worth looking into.

You usually must have at least 20% equity in your home to be eligible, meaning a maximum 80% loan-to-value (LTV) ratio of the home’s current value. (To calculate LTV, divide your mortgage balance by the home’s appraised value. Let’s say your mortgage balance is $225,000 and the home’s appraised value is $350,000. Your LTV is 64%, which indicates 36% equity in the home.)

A cash-out refi could also be an opportunity to improve your mortgage interest rate and change the length of the loan.

PACE Loan

For green improvements to your home, such as solar panels or an energy-efficient heating system, you might be eligible for a PACE loan .

The nonprofit organization PACENation promotes property-assessed clean energy (or PACE) financing for homeowners and commercial property owners, to be repaid over a period of up to 30 years.

Home Improvement Loan

A home improvement loan is an unsecured personal loan—meaning the house isn’t used as collateral to secure the loan. Approval is based on personal financial factors that will vary from lender to lender.

Lenders offer a wide range of loan sizes, so you can invest in minor updates to major renovations.

Home Equity Line of Credit

If you need a loan only for repairs but don’t have great credit, a HELOC may provide a lower rate. Be aware that if you can’t make payments on the borrowed funding, which is secured by your home, the lender can seize your home.

The Takeaway

If you have your eye on a fixer-upper that you just know can be polished into a jewel, an FHA 203(k) loan could be the ticket, but options may make more sense to other homebuyers and homeowners.

SoFi offers cash-out refinancing, turning your home equity into renovation money.

Or maybe a home improvement loan of $5,000 to $100,000 seems like a better way to turn your home into a haven.

Check your rate today.



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SoFi loans are originated by SoFi Lending Corp (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.

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Terms, conditions, and state restrictions apply. SoFi Home Loans are not available in all states. See SoFi.com/eligibility for more information.

Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
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Source: sofi.com

Managing Your Money, Together

To learn more about how our Minters are achieving their financial goals, we reached out to everyday Mint users, just like you, to hear their stories. Whether it’s paying off student loans, or working toward buying a home, we’re so inspired by the dedication this community has shown in working toward your goals and dreams.

One of the Minters we connected with is Jordan. He shared with us how he’s used Mint to reach a number of his financial goals. Check out his #EmpowerMint story:

My wife and I have been interested in getting out of debt ever since the day we took on student loans. With the desire to pay those loans off, we strived to learn more about budgeting and personal finance.

As we grew in our journey, there were many financial things we questioned that felt ‘normal.’ We heard so many messages that emphasized the need to have the newest toys to be happy, that having debt is normal, and that most people live paycheck to paycheck. We realized that we didn’t feel comfortable with any of that, and that we found satisfaction in being content with what we have. 

Knowing that money issues were often a problem area for couples, my wife and I started using Mint shortly after we got married in 2010 to ensure transparency and partnership from the beginning. We found Mint to be a terrific tool for us to have a complete picture of our financial situation. During this time, I was working full-time and my wife was finishing up her last year in nursing school. Mint was an immediate help in keeping track of where our money was going and in starting budget discussions that have proved to be invaluable in our marriage. It also helped initiate discussions on both near-term and long-term goals, which have been so key in helping us plan both strategically and aspirationally. 

As time went on, Mint was instrumental in helping us achieve so many of our goals including:

  • Paying off student loans
  • Paying for grad school with cash
  • Preparing for kids
  • Starting a 529
  • Saving for a down payment
  • Buying a home

Our current goal is to complete our 15-year mortgage in under 5 years. A combination of Mint, aggressive savings, overtime shifts, and side hustles have helped put us in a position to achieve this goal within the next 12 months. Once that goal is complete, we’re excited to have a little fun and celebrate this accomplishment, and then prepare for the next chapter in our financial journey. 

In addition to this goal, we also have various net worth milestones we would like to achieve in the next 1-, 5-, and 10-year periods. We are very excited about the concept of financial independence, and would like to be in a position where we have the opportunity to focus our attention on things outside of work, such as further investing in our family and causes that are important to us. With Mint, we can see how the choices we’re making are helping move us closer to achieving these goals. 

Today, we check Mint on a daily basis in order to stay on top of our expenses and monitor for any fraudulent activity. Years ago, Mint helped me identify a fraudulent charge almost immediately, enabling me to notify our bank and get the issue resolved. Reviewing our expenses enables us to stay within our budget, catch fraudulent activity, and follow the ‘every dollar’ budgeting rules that have been so helpful for us. In addition, linking our accounts has automated what would otherwise be a very manual and time-intensive process. 

I have also loved using the trends feature to have full visibility into exactly how our money is being spent and to help ensure we’re always partnering as we work towards our financial goals, rather than feeling like one person is pulling the other along. We can budget with transparency and not feel any need to hide transactions for personal expenses and rewards or small splurges. 

The trends feature has also allowed us to get a sense of what our typical spending has been in different categories. We periodically review our budget, and being able to easily see our historical spending in different categories has helped us set realistic targets, as well as track our progress when we are attempting to change habits. Lastly, being able to see changes in our net worth over the years has been inspiring, as we have been able to see in real-time how decisions to save or forego immediate gratification can have long-term benefits.

Beyond that, we have found a great deal of joy in doing things ourselves, whether it is cooking meals for the week, doing our own car maintenance, or trying to fix something ourselves before calling someone. Additionally, the satisfaction has compounded as we’ve seen that making these choices has helped us not only learn new things, but also in achieving our goals. 

Knowing what we know now, we’re really excited to pass these values on to our kids, and we’re happy to discuss them with anyone who asks. Additionally, I can see a ‘life’ after work that involves volunteering in some form in the personal finance field, whether that is teaching folks about budgeting or just encouraging them in their financial journey.

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Source: mint.intuit.com

30-Year Fixed Mortgage Rate Falls to New Record Low

As of April 28, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.78%.

Abstract illustration of houses and charts

As of April 28, the rate borrowers were quoted on Zillow for 30-year fixed mortgages was 2.78%.

Mortgage rates fall despite strong economic data reports.

“Mortgage rates fell again this week, continuing the downward trend they’ve exhibited for most of April,” said Zillow Economist Matthew Speakman. “In what was a relatively unremarkable week for mortgage rates, the modest movement was partially driven by discussions about a proposed increase in capital gains tax rates – which placed downward pressure on bond yields and thus rates – and anticipation of a key announcement by the Federal Reserve. Fed Chair Jerome Powell reiterated on Wednesday that the Central Bank has no immediate plans to increase interest rates or curb the purchases of mortgage-backed securities – a position that placed more downward pressure on bond yields and is likely to result in more mortgage decreases in the coming days. Looking ahead, with a slew of key economic reports on the horizon – including consumer spending and inflation data – the relatively muted mortgage rate activity from the past couple weeks may transition to more significant movements.”

Additionally, the 15-year fixed mortgage rate was 2.11%, and for 5/1 ARMs, the rate was 2.55%.

Check Zillow for mortgage rate trends and up-to-the-minute mortgage rates for your state, or use the mortgage calculator to calculate monthly payments at the current rates.

The weekly mortgage rate chart above illustrates the average 30-year fixed interest rate for the past week. Here’s a comprehensive look at the current mortgage rates for all loan types:

Today’s Average Rates for Conventional Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed 2.8% 2.85% 0.08%
20-Year Fixed 2.65% 2.72% 0.05%
15-Year Fixed 2.09% 2.16% 0.05%
10-Year Fixed 2.03% 2.15% -0.08%
7/1 ARM 2.41% 3.05% 0.12%
5/1 ARM 2.26% 3.08% 0.17%
3/1 ARM 0% 0% 0%

A 30-Year Fixed loan of $300,000 at 2.8% APR with a $75,000 down payment will have a monthly payment of $1,232. A 20-Year Fixed loan of $300,000 at 2.65% APR with a $75,000 down payment will have a monthly payment of $1,611. A 15-Year Fixed loan of $300,000 at 2.09% APR with a $75,000 down payment will have a monthly payment of $1,942. A 10-Year Fixed loan of $300,000 at 2.03% APR with a $75,000 down payment will have a monthly payment of $2,764. A 7/1 ARM loan of $300,000 at 2.41% APR with a $75,000 down payment will have a monthly payment of $1,170. A 5/1 ARM loan of $300,000 at 2.26% APR with a $75,000 down payment will have a monthly payment of $1,147. A 3/1 ARM loan of $0 at 0% APR with a $0 down payment will have a monthly payment of $0. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Government Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed FHA 2.33% 2.99% 0.25%
30-Year Fixed VA 2.56% 2.76% 0.1%
15-Year Fixed FHA 1.88% 2.54% 0.49%
15-Year Fixed VA 2.5% 2.87% 0.19%
5/1 ARM FHA 2.65% 2.99% -0%
5/1 ARM VA 2.72% 2.5% 0.06%

A 30-Year Fixed FHA loan of $300,000 at 2.33% APR with a $75,000 down payment will have a monthly payment of $1,158. A 30-Year Fixed VA loan of $300,000 at 2.56% APR with a $75,000 down payment will have a monthly payment of $1,195. A 15-Year Fixed FHA loan of $300,000 at 1.88% APR with a $75,000 down payment will have a monthly payment of $1,913. A 15-Year Fixed VA loan of $300,000 at 2.5% APR with a $75,000 down payment will have a monthly payment of $2,000. A 5/1 ARM FHA loan of $300,000 at 2.65% APR with a $75,000 down payment will have a monthly payment of $1,209. A 5/1 ARM VA loan of $300,000 at 2.72% APR with a $75,000 down payment will have a monthly payment of $1,220. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Today’s Average Rates for Jumbo Loans

Program Interest Rate APR 1 Wk Change
30-Year Fixed Jumbo 3.2% 3.24% 0.1%
20-Year Fixed Jumbo 3.26% 3.3% 0.27%
15-Year Fixed Jumbo 2.84% 2.92% 0.08%
10-Year Fixed Jumbo 2.63% 2.7% 0%
7/1 ARM Jumbo 2.68% 3.18% -0.36%
5/1 ARM Jumbo 2.78% 3.21% -0.25%
3/1 ARM Jumbo 2.14% 2.74% 0%

A 30-Year Fixed Jumbo loan of $600,000 at 3.2% APR with a $150,000 down payment will have a monthly payment of $2,593. A 20-Year Fixed Jumbo loan of $600,000 at 3.26% APR with a $150,000 down payment will have a monthly payment of $3,406. A 15-Year Fixed Jumbo loan of $600,000 at 2.84% APR with a $150,000 down payment will have a monthly payment of $4,097. A 10-Year Fixed Jumbo loan of $600,000 at 2.63% APR with a $150,000 down payment will have a monthly payment of $5,690. A 7/1 ARM Jumbo loan of $600,000 at 2.68% APR with a $150,000 down payment will have a monthly payment of $2,428. A 5/1 ARM Jumbo loan of $600,000 at 2.78% APR with a $150,000 down payment will have a monthly payment of $2,457. A 3/1 ARM Jumbo loan of $600,000 at 2.14% APR with a $150,000 down payment will have a monthly payment of $2,259. All monthly payments displayed assume a maximum Loan to Value (LTV) of 80% and 740 credit score, and do not include amount for taxes and insurance. The actual monthly payment may be greater.

Source: zillow.com

25 Best Travel Jobs | Make Money While Traveling The World

Are you looking for the best travel jobs? Are you wondering, “How can I make money and travel?”

The best travel jobs give you a chance to make money while pursuing your passion of travel.

Travel is a dream for many, but it doesn’t have to just stop there — you can side hustle, or earn a full-time income while traveling the world.best travel jobs

best travel jobs

Whether you want to make extra money or if you’re looking for a full-time career, this list of best travel jobs may help you reach your goal to travel more.

Yes, it is quite possible to make money and travel full-time.

Making money holds many people back from traveling more, but it doesn’t have to.

This is because there are many different types of best travel jobs that can make your travel dreams become a reality.

We sold our house, moved into an RV, and started traveling over 6 years ago, and we’ve now been living on a sailboat for around 3 years.

I’ve been location independent since 2013, and have been traveling full-time since 2015.

Because I work a job that allows me to make money while traveling, I have been able to travel extensively, while also being able to pay my bills and save fully for retirement.

Over the years, I’ve met many full-time travelers. There have been people who have saved up enough money to travel for an extended amount of time, those who are retired, those who find odd jobs on the road, those who work some of the best travel jobs I’m about to tell you about, and more.

The majority of the people I have met are not bloggers or Youtubers. I know you see a lot of that online, but the reality is there are many people traveling while working more traditional jobs. 

Everyone has their own way of doing things to make full-time travel work, so I’m sure you can find something that will fit you the best.

Related content to best travel jobs:

Here are 25 best travel jobs.

 

1. Find remote work

Many, many of the people that I have met who travel full-time have remote jobs.

By remote jobs, I mean that they simply work full-time or part-time for an employer through their laptop. These aren’t jobs that pay you to travel or jobs that require international travel. Instead, they are just regular jobs that can be done online.

So, these people are able to work from anywhere, but they usually need to be available Monday through Friday during certain hours — just like if they were going into the office.

Because of the events of 2020, many companies have moved their employees to remote work, and there are many companies that plan to stay that way. Jobs like analysts, programmers, customer service reps, human resource management, and more can all be done remotely. And many big companies — Amazon, American Express, Siemens, Microsoft, etc. — have announced plans for staying remote or making it optional for the future.

If your company currently doesn’t allow for remote work and you’re interested, you can see if they are willing to work with you. Make a plan to meet with your boss and be prepared with reasons it would work for them too, and then talk about the possibility.

You can learn more about what makes remote work one of the best travel jobs in Remote Work: Work, Live, and Travel Where You Want With Remote Jobs. You’ll learn:

  • What a remote job is
  • How to make money as a remote worker
  • How much a remote job will pay
  • How to find remote work

What jobs allow you to travel the world?

What jobs allow you to travel the world?

2. Become a blogger

Blogging is great because you can work from anywhere. I know I’m biased, but it’s definitely one of the best travel jobs out there.

Blogging is what allows me to travel full-time. I make a great income and have enough saved to retire whenever I would like. Blogging also allows me to have a flexible schedule, meaning I can enjoy many of the places I travel to.

As a blogger, you may make money through advertising, affiliate marketing, sponsored partnerships, reviews, creating your own product, and more.

You can create your own blog here with my easy and quick tutorial. You can start your blog for as low as $2.95 per month, plus you get a free domain name when signing up through my guide.

Related content: How To Start a Blog Free Course

3. Become a park ranger

Becoming a park ranger can allow you to really get to know a new place, and you can transfer to different parks to visit new areas.

The website ParkRangerEdu.Org is a great place to learn more. According to the site, earning a college degree in a relevant major such as earth science, forestry, conservation, biology, and more can be very helpful to becoming a park ranger.

As a park ranger, you may help protect the park, wildlife, visitors, and more, and may work at the visitor center, as law enforcement, protecting animals, guiding tours, and so on. It all depends on the position that you are looking to fill.

This would be one of the best travel jobs for people who love to be outdoors.

 

4. Cruise ship worker

If you want to know what jobs allow you to travel the world, working on a cruise ship is definitely one of them. You can work and travel through the Caribbean, Mediterranean, and more.

We went on a cruise many years ago and met a man who was sitting in the hot tub waiting for his wife to get off work. She was a balloon artist on the cruise ship, and he got to join the cruise and stay with his wife. She didn’t work a lot of hours, and they both seemed extremely happy with their travel and living situation.

There are many different types of opportunities to find on a cruise ship, including:

  • Daycare/childcare worker
  • Cleaning crew
  • Boat crew
  • Photography team
  • Salon/spa
  • Fitness center
  • Restaurant server or cook
  • Entertainment

Those are just a few of the jobs you can find on a cruise ship, and there are over 300 cruise ships in the world, and hundreds of workers on each cruise ship.

With a job on a cruise ship, you would live on the cruise ship and many of your expenses, such as room and board, may be paid for by the cruise ship company. You may also make a salary and tips.

 

5. WWOOFer

WWOOF stands for Worldwide Opportunities on Organic Farms, and it’s an organization that connects visitors with organic farms around the world.

WWOOF allows volunteers to choose an area and country to travel to and volunteer in at a farm. The stay can range from a few days to several months, depending on what is agreed upon.

In return for your food and provided accommodations, you may work 4-6 hours a day on the farm. 

This is one of the best travel jobs if you are looking for an affordable way to travel the world. You won’t make a full-time income, but it sounds like a fun way to visit new areas.

 

6. Freelancer writer

A freelance writer is something that you can work on from nearly anywhere. And, it’s one of the best online jobs because there is a growing number of freelance writing jobs.

A freelance writer is someone who writes for different companies, such as websites, magazines, books, and more. They don’t work for one specific company, instead, they work for themselves.

So, this means that you can have a flexible schedule and travel full-time.

My friend Holly has a successful freelance writing career and has earned over $200,000 each year writing online! 

Learn more about one of the highest paying travel jobs at How I Earn $200,000+ Writing Online Content.

 

7. Au pair

Au pairs are like nannies, but they go to live abroad with a family in a foreign country so they can learn the language, experience the culture, and travel. Au pairs don’t usually get paid a salary, but their host family pays for food and stay and gives the au pair some spending money.

Working as an au pair is one of the best travel jobs for anyone out of high school, in college, or younger adults who want to travel.

My sister was an au pair in Italy a few years ago. It was an interesting experience, and she had both positives and negatives from it.

In the blog post linked to below, she talks about:

  • How much an au pair can earn
  • The positives and negatives of being an au pair
  • Tips to find a host family to work for
  • Questions that you should ask the family before moving in with them

You can read more at How To Become An Au Pair And Travel The World.

 

8. Campground worker (workamper)

Campground workers or workampers are people who work at a campground in exchange for free stay and sometimes pay. There are many campgrounds across the country looking for workampers, and this can be one of the best travel jobs for people who like to camp.

You can find amazing campgrounds that are on the beach, in national parks, state parks, forests, and more. Pretty much any kind of campground can use workampers.

After RVing full-time for many years, I have met many happy workampers who enjoy their jobs. And, it’s something that I would definitely do myself!

After all, you get to stay for free, and many times you’re even paid to stay in some of the most beautiful places in the world. It’s a great way to make RVing work full-time.

As a work camper you may be:

  • Answering phones and making reservations in the campground office
  • Cleaning RV sites and bathrooms
  • Helping RVers learn their way around
  • Making food for visitors

As a workamper, the way you are paid can vary. Workampers can be paid with an RV site to stay in, at an hourly rate, or a mixture of the two.

Many times, campgrounds prefer a couple as well.

Related content: How To Make Money While RVing

 

9. Outdoor guide or instructor

If you’re the adventurous type, then becoming an outdoor guide or instructor is one of the best travel jobs available.

You will need some sort of skill level in order to safely do this, of course.

Outdoor guide or instructor jobs may include:

  • Hiking guide
  • Rock climbing guide
  • Scuba diving guide
  • Wilderness and survival guide
  • Kayaking/rafting guide
  • Fishing guide
  • Surfing instructor

As a guide or instructor, you may work for yourself, work for a park, a summer camp, or for another company.

 

10. Flight attendant

Many people desire to become flight attendants because of the travel opportunities that you are given.

There are strict requirements for becoming a flight attendant, but you may receive super discounted flights for you and companions. This can be a great way to travel while you’re working, and when you’re not on duty as a flight attendant, you can explore new places.

 

yacht crew travel jobs

yacht crew travel jobs

11. Yacht crew

Working as part of a yacht crew is a super interesting travel job. And, people are always looking for help on their boats, whether it’s a small 30 foot sailboat or if it’s a 200 foot mega yacht.

My husband has delivered two sailing catamarans for a total of around 4,000 miles (that doesn’t even include the amount of sailing he’s done on our boat), and we’ve both been offered crew jobs on several other occasions as well.

Being on a yacht crew doesn’t always pay (full-time jobs do pay well, though), but it does allow you to travel because that’s literally the job!

As yacht crew, you may be working as the:

  • Captain
  • Mechanic or engineer
  • Server
  • Chef
  • Cleaner
  • Crew

Now, working on a boat is not easy. It’s usually quite hard work, but it can be extremely rewarding and one of the best travel jobs if you’re interested in sailing.

To find travel jobs on a boat, a lot of it is about networking. Simply hanging around the docks may help you get some jobs, there are websites that you can join which connect crew to boats, and agencies that can help you find yacht jobs as well.

 

12. Photographer

We’ve met some amazing photographers ever since we started traveling, and I’ve always thought this would be one of the best travel jobs.

There are so many different kinds of photographers that make a living traveling the world. These include National Geographic photographers, people who travel around the world chasing crazy races and taking pictures of them, people publishing amazing photos on Instagram, and so on.

This is a very creative job that many people dream of.

 

13. Take surveys or take part in focus groups to make money traveling

Taking surveys definitely won’t be a full-time job, but it may help you make some extra money while traveling. It’s perfect if you’re looking for traveling jobs with no experience.

Some survey sites I recommend include:

  1. American Consumer Opinion
  2. Survey Junkie
  3. Swagbucks
  4. InboxDollars
  5. Branded Surveys
  6. Pinecone Research
  7. Prize Rebel
  8. Opinion Outpost
  9. User Interviews

With survey companies, it’s a good idea to sign up for as many as you can so that you can get the most surveys opportunities each month.

 

marine biologist travel jobs

marine biologist travel jobs

14. Marine biologist

Becoming a marine biologist was definitely something that I dreamt of as a kid. I can thank movies for that, haha.

Now, I live on a boat so I guess that’s the next best thing!

As a marine biologist, you may work for a university, the government, or a nonprofit organization that is focused on the water. You may work with wildlife, doing research, working as a naturalist, researcher, consultant, guide, or in some other role.

This travel job clearly requires more education and training than many of these other jobs, but if your dream is to travel and spend a lot of time near the ocean, this is something to work towards.

 

15. Proofreader

This is one of the best travel jobs because it allows you to travel full-time and be your own boss.

Proofreaders look for misspelled words, punctuation mistakes, and formatting errors, and they contract out their services to other business owners.

As a proofreader, you may be editing and proofreading articles, blogs, website copy, advertisements, emails, and so on.

You can learn more at How To Become A Proofreader And Work From Anywhere.

 

16. Travel nurse

Travel nurses are RNs (registered nurses) working short-term positions at healthcare facilities. Whenever there are nursing shortages, which happen often, travel nurses help healthcare facilities fill these roles.

I have had several friends become travel nurses, and I’ve also met a few travel nurses while traveling. Travel nurse jobs usually last around 3 months and can come with many benefits, and they also tend to pay quite well.

 

17. Write your own eBook

Writing your own book, whether it’s fiction or nonfiction, is a great way to make money and travel full-time.

My friend Alyssa self-published her first book and has sold more than 13,000 copies. Her book was all about RVing, and she earned over $6,500 in one month alone, all while traveling.

You can learn more about making money while traveling by writing your own eBook at How Alyssa is making $200 a DAY in book sales passively.

 

18. Find items to resell online

If you’re traveling full-time, then you may come across items to sell quite often because you are visiting so many different places. 

I’ve met people who travel the country in vans or RVs and pick up items as they travel. They sell their inventory online and ship items out from wherever they’re staying.

Etsy, eBay, Craigslist, and countless others are great places if you decide to sell items online.

You can learn more at How I Made $40,000 In One Year Flipping Items.

 

How can I make a career in traveling?

How can I make a career in traveling?

19. Work as a freelancer

Freelancers are people who work for others and businesses hire them for one-time gigs or long-term contracts.

Freelancing is a growing field because companies are hiring more freelancers instead of full-time workers because it’s more cost-effective for them. 

In addition to some of the freelance jobs I’ve already mentioned (writing and proofreading) there are many, many other freelancing gigs such as:

  • Bookkeeping
  • Graphic design
  • Web design and development
  • Video editing
  • Sound design
  • Programming

There are so many different types of services you can offer as freelance work. It makes this one of the best travel jobs for lots of different types of workers.

20. Sell printables on Etsy

This might surprise you, but you can travel while earning a living selling printables.

Printables are digital files that can be bought and sold nearly indefinitely, and because they are delivered online, you don’t have to ship anything or store physical products.

Some examples of printables you can sell while traveling are:

  • Grocery shopping checklists
  • Gift tags
  • Candy bar wrappers
  • Printable quotes for wall art
  • Holiday printables

You can learn more at How I Make Money Selling Printables On Etsy.

 

21. Teach English

Teaching English is a very popular travel job. Whether you’re teaching English online or if you find a school in a foreign country (such as China or South Korea), teaching English is one of the best travel jobs because it’s in-demand and can take you to so many different places.

In this section, I’m mainly going to talk about teaching English online, as that’s very popular these days.

You do not need to be a teacher to teach English online or speak another language, which is great. You only need to speak English.

Typically, you can earn around $14 to $22 per hour by teaching English online.

There are a couple of companies I recommend signing up for if you want to travel and make money as an online English teacher:

  1. VIPKID
  2. Education First

Learn more at Make Extra Money By Learning How To Teach English Online.

 

22. Amazon Camperforce

Amazon has a program where they hire RVers to work at their company “picking, packing, stowing, and receiving” packages. 

If you’re an RVer, Amazon’s CamperForce program is one of the best travel jobs because it’s pretty flexible and easy. They offer hourly pay, a completion bonus, referral bonuses, and paid campsites for those that join and complete their CamperForce program.

23. Ecommerce shop owner

There are so many different things you can sell online, everything from clothes, home decor, electronics, outdoor equipment, and much more. And unlike a brick-and-mortar business, ecommerce shop owners don’t necessarily need to store inventory or handle shipping.

If you’re unfamiliar with this idea, it works this way because of something called dropshipping. Your online store is the middleman between the wholesaler and customer.

That makes running an online store one of the many jobs that allow you to travel because you can manage your online store from your laptop.

Learn more about running an ecommerce store in How Jenn Makes over $10,000 A Month With Her Online Store In Less Than 10 Hours Per Week.

24. Peace Corps

Working for the Peace Corps as a volunteer could be one of the most life changing travel jobs. I’ve heard it is a very rewarding experience as you will travel to places you’ve never thought you’d visit while helping people along the way.

But, the Peace Corps isn’t for everyone. This is technically a volunteer position, and volunteers live with hosts in the community. You are paid a small monthly stipend that is enough to live on in a developing country. 

25. Virtual assistant 

Many individual and small business owners hire virtual assistants (VAs) to help with tasks that don’t need to be completed by the business owner. It’s a way for business owners to free up their time and focus on more important tasks

Virtual assistants work online doing things like billing, scheduling, basic website tasks, responding to customer requests, and more.

As long as you have an internet connection, you can work as a virtual assistant from anywhere in the world. 

You can learn more in How Kayla Earns $10K From Home As A Virtual Assistant.

What are the best travel jobs?

There are many different travel jobs that may interest you. It’s all about finding the one that you are passionate about, the one that pays the bills, one that fits your skill level, and so on.

There are pros and cons to each type of travel job, so there is no single solution — it’s all about finding what will fit you best.

As a recap, some of the best travel jobs talked about above include:

  • Remote jobs
  • Blogger
  • Park ranger
  • Cruise ship worker
  • WWOOFer
  • Freelancer writer
  • Au pair
  • Campground worker
  • Outdoor guide or instructor
  • Flight attendant
  • Yacht crew
  • Photographer
  • Take surveys or take part in focus groups
  • Marine biologist
  • Proofreader
  • Travel nurse
  • Write your own eBook
  • Find items to resell online
  • Freelancer jobs
  • Sell printables on Etsy
  • Teach English
  • Amazon Camperforce
  • Ecommerce shop owner
  • Peace Corps
  • Virtual assistant

Are you interested in finding travel jobs? What would your dream travel job be?

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Source: makingsenseofcents.com

How to avoid or remove PMI

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

Private mortgage insurance (PMI) has been around for more than 60 years, helping make mortgages more affordable for buyers who can’t afford a 20 percent down payment. Loans with PMI certificates have often accounted for a decent percentage of mortgages issued each year. In fact, in 2019, that number was just below 40 percent.

But PMI does add an expense to your home loan, and you likely want to sidestep it if possible. Find out below if you can avoid PMI, or learn how to remove PMI if you’re already paying it.

What is PMI?

PMI is insurance, but don’t get it confused with homeowner’s insurance—that’s a different product you might need to pay for. PMI is insurance for the lender. It’s meant to be a fail-safe to help a lender recover losses if you default on the loan.

Lenders require that you purchase PMI in cases where you aren’t putting at least 20 percent down on your home. Most commonly, you pay PMI as part of your monthly mortgage payment. In rarer cases, you might pay all of the PMI as a lump sum when you close on the home or pay a partial lump sum and pay the rest in your monthly mortgage payments.

Regardless of how you pay, PMI can be an expensive addition to your mortgage. It’s important to note, however, that PMI works differently with FHA loans and certain other government-backed loans. For example, FHA loans have MIP, which is a mortgage insurance premium, instead of PMI.

What factors affect the cost of my PMI?

According to Freddie Mac, PMI can cost on average between $30 and $70 extra per month for every $100,000 you borrow. So, if you’re borrowing $200,000 for 30 years and you pay PMI for half of that term, you could pay between $60 and $140 per month for 15 years—or 180 months. That’s between $10,800 and $25,200 added to your mortgage.

The exact amount you pay for PMI depends on a variety of factors, including:

  • Size of down payment (the more you pay up front, the less risk there is to the lender because the home has some equity—or profitability—built in)
  • Credit score (the higher your score, the less risky of a borrower you appear to lenders)
  • Loan appreciation potential
  • Borrower occupancy
  • Loan type

How can I avoid PMI?

In today’s mortgage market, it can be difficult to steer clear of PMI altogether. But here are some things you can do, depending on your situation, to avoid this expense.

Make a 20 percent down payment

If you can make a 20 percent down payment, you typically avoid PMI. That’s because PMI kicks in when you owe more than 78 to 80 percent of the value of the home. Assuming the home you’re purchasing is priced at or below its appraisal value, paying 20 percent up front automatically gets you enough equity to not need to pay for PMI.

Get a VA loan

VA loans don’t require a down payment at all, and no matter what, they don’t come with PMI. These loans are reserved for qualifying veterans and their eligible beneficiaries.

Get a piggyback loan

A piggyback loan is a second mortgage or home equity line of credit that you take out at the same time you take out your first mortgage. You use the piggyback loan to fund all or part of your down payment so you can meet the 20 percent requirement. If you consider this option, make sure to do the math to determine which saves you the most money: paying PMI or paying the interest on the second mortgage.

Request lender-paid mortgage insurance

In some cases, the lender might be willing to take on the burden of the PMI cost. They would do so through lender-paid mortgage insurance, or LPMI. Typically, the lender charges a higher rate of interest in exchange for this favor. Again, it’s important to do the math to find out which one is in your best interest.

How can I remove PMI once I have it?

As a homeowner, you have some options for removing PMI once you have it. You can take some of the actions summarized below, but the Consumer Financial Protection Bureau notes that you must also meet four criteria to protect your right. Those are:

  • Asking for the PMI cancellation in writing
  • Being up to date on payments and having a generally solid payment history
  • Certifying, if required, that there are no other liens on your mortgage
  • Providing evidence, if required, that the property value has not fallen below the original value of the home when you purchased it

If you can fulfill these criteria, here are some ways you can cancel your PMI.

Get enough equity in your home

The PMI Cancellation Act, or Homeowners Protection Act, mandates PMI cancellation when your principal mortgage balance reaches 78 percent of the value of the property (or you can also think of it as you reaching 22 percent equity). At that point, lenders must remove PMI. If you want, you can ask for PMI cancellation as soon as you reach 20 percent equity, but lenders aren’t required to remove PMI at that point.

Lenders are also required to tell you when you will reach the point of PMI cancellation if you continue to pay on your loan as agreed. You can calculate where you are in the process at any time by taking your current loan balance and dividing it by the amount the property originally appraised for. For example, if you owe $170,000 and the property appraised for $200,000, you are at 85 percent.

Get halfway through your mortgage term

Values can rise and fall, but you’re not stuck with PMI forever. Lenders must remove PMI when you’re halfway through your mortgage regardless of values. So, if you have a 30-year loan, your PMI should be canceled at the 15-year mark.

Refinance your mortgage

Another way to remove PMI is to remove your mortgage altogether. If you can arrange it so you meet the 78 percent value requirement on a new mortgage, you avoid PMI.

Get a reappraisal

Perhaps your home has gone up in value substantially and you owe much less than 80 percent of the current value. If you can demonstrate this, the lender may remove PMI because there’s less risk involved with the loan.

Remodel your home

If your home hasn’t gone up in value on its own, you might be able to add value with a remodel. Certain types of remodels, such as kitchen upgrades, could add enough value to impact the loan-to-value ratio so you don’t need PMI anymore.

Getting rid of PMI can be a great way to save money on your mortgage, but always remember to follow good personal financial management. Look at all your options and run the numbers to ensure you’re not spending more than you would save. If you’re already considering a home remodel, tossing PMI to the curb is a great perk. But you might not want to put in $30,000 worth of remodel costs just to save $10,000 in PMI, for example.

Finally, while you’re dotting the i’s and crossing the t’s on your mortgage expenses, make sure you don’t lose track of other financial matters. Keep an eye on your credit report, and if you find something that looks wrong, consider working with Lexington Law on credit repair.


Reviewed by Vince R. Mayr, Supervising Attorney of Bankruptcies at Lexington Law Firm. Written by Lexington Law.

Vince has considerable expertise in the field of bankruptcy law. He has represented clients in more than 3,000 bankruptcy matters under chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code. Vince earned his Bachelor of Science Degree in Government from the University of Maryland. His Masters of Public Administration degree was earned from Golden Gate University School of Public Administration. His Juris Doctor was earned at Golden Gate University School of Law, San Francisco, California. Vince is licensed to practice law in Arizona, Nevada, and Colorado. He is located in the Phoenix office.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com