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Conflicting information about what constitutes a green choice can leave many consumers stalled with indecision. This new article from Bankrate helps to separate fact from fiction when it comes to living a greener life, and making choices that can have a positive effect on the environment. The best way to break the logjam is to start by trying a couple of solutions that are doable and make sense to you.
For example, if you still have that avocado green fridge from the 1970s, you’re using 70 percent more power than you would with a new model. If you’re using an appliance with an Energy Star label, your savings will be closer to 90 percent, says Jennifer Powers, spokeswoman for the Natural Resources Defense Council, an environmental advocacy group.
That’s simply because newer appliances do a lot more with a lot less juice: If the old equipment is more than 10 to 15 years old, you can probably cut significant energy use by replacing it.
When you buy household paper goods (like paper towels, napkins, toilet paper and copy paper), look for products that use high percentages of recycled or post-consumer waste. If everyone in the country elected to buy one package of 100 percent recycled napkins instead of the nonrecycled variety, that act alone would save 1 million trees, says Powers.
And up to 10 percent of your power bill goes to run appliances that you’ve already turned off, says Powers. Dubbed “vampire power,” it’s the energy a machine keeps using so that it can pop on quickly when you flip the switch. Don’t feel like plugging and unplugging every time you want to use the computer or play the stereo? Use a power strip. (Just beware of overloading too many gadgets and gizmos on the same one.) Then, when you’re not using the item, flip the switch on the strip, and you’ll know that “off” is really “off.”
This article from U.S. News highlights the results of a recent Rent.com survey of 1,000 U.S. renters ages 18 to 34, outlining six of the most important things the millennial generation is looking for when they choose a city to call home.
According to the survey, nearly half of the Generation Y respondents said they moved to a different city than the one they grew up in – but what are they looking for in those cities, exactly?
The majority of this generation is just starting careers, making job availability in a city key. Of those surveyed who moved to a new city, greater job potential was the No. 1 driver. However, a high number of job openings may not be enough. More millennials are entrepreneurs than any other generation, and many don’t seek the traditional 9-to-5 positions their parents held. Instead of gravitating toward corporations, many seek jobs in smaller, more progressive companies.
Many millennials desire to live within walking distance of restaurants, bars, shops and concert venues; in fact, 18 percent of survey respondents choose their neighborhood based on how close they are to arts and entertainment.
Other important factors include safety, proximity to work, and a diverse, eclectic mix of people and opportunities.
Just how much do a few points up or down on your credit score affect the amount you’ll pay for a mortgage? This article from Bankrate goes behind the numbers to explain how your score can determine your costs.
You’ve probably heard that good credit entitles you to affordable financing, but could boosting your score by, say, 10 points significantly affect the amount of interest you pay?
The answer: Absolutely, depending on your starting point. While rates, terms and conditions vary among lenders, there are certain tiers you should aim for in order to secure the very best rates on a mortgage, auto or credit card loan.
When it comes to shopping for a mortgage, your credit score holds major influence over the loan fees you must pay. Loan-level price adjustments, or LLPAs, are fees charged by Fannie Mae and Freddie Mac, the two government-controlled entities that purchase mortgages from lenders.
Generally speaking, “the lower your credit score, the greater the cost (of the mortgage),” says Michael Becker, a branch manager with Sierra Pacific Mortgage. The LLPAs increase or decrease at 20-point credit score intervals and “anyone within each interval or level will get the same rate,” Becker says.
A score of 740 generally qualifies you for the best adjustments – so there’s no pressing need to move the needle much higher before you hit the mortgage market. Conversely, you probably won’t qualify for a mortgage with a credit score less than 620, given Fannie Mae and Freddie Mac aren’t likely to purchase those loans.
Graduating from college or high school and moving into the real world can be an unnerving experience for graduates. For many, it’s the first time they’ll need to have a credit card of their own. Unfortunately, many graduates don’t know the right ways to handle credit cards in order to ensure a solid credit history for themselves as they move into the future.
This new article from U.S. News assures this year’s graduates that using credit cards is easier than they might imagine, outlining four simple lessons every graduate should know about how to handle credit.
For example, it’s important to have a good feel for exactly what you spend in a given month, so budgeting and tracking are the keys.
First, write down how much money you take in each month. Next, take a week or two and write down everything you spend money on. Combine that day-to-day spending with other regular bills, such as student loan payments or rent, to complete your spending picture.
Once you have all that information gathered, prioritize your spending in order to create a budget that allows you to put the most money toward your debt each month. See what you can live without – cable, fast food, concerts – in the name of debt reduction.
The key to success with any credit card is to make sure you pay your balance off each month, on-time and in full. If you don’t, high interest rates will kick in and the math will work against you very quickly.
While the housing market continues its recovery, some cities have bounced back with much more strength than others. To determine the cities that experienced significant declines in home prices during the downturn, and have since recovered to or beyond their pre-crisis peak, SmartAsset looked at home price data from the Federal Housing Finance Agency and the National Association of Realtors.
Cities that topped the list include Nashville, San Francisco, San Jose, Raleigh and Charlotte. And a number of the cities that have recovered strongly remain highly affordable, with median home prices currently well below the U.S. average.
The study did not include some of today’s strongest housing markets, like Austin, since those markets remained relatively healthy even during the downturn.
Southern cities are clearly bouncing back. Four of the top ten cities with the strongest housing recoveries are located in the south.
In the top city, Nashville, prices are now 11% higher than they were before the crisis. Despite that, Nashville remains something of a bargain: According to the National Association of Realtors, the median home sales price in Music City is just $187,200, below the national average of $208,700.
Builder Magazine released its annual Public Builder Report Card earlier this week, and one homebuilder topped the list with the only A+ ranking: Lennar. Builder’s 2015 Report Card provides analysis of 22 public home building companies, based on financial and operational results for 2014.
Lennar followed up 2013’s A with an A+ in 2014, ranking #3 in financial, #5 in sales and marketing, and #8 in operations. Lennar was the top builder in total shareholder return in 2014, returning 35.3% to shareholders in 2014. Lennar had the third highest sales velocity at 2.9 units per month per community. Of large builders, Lennar has the highest gross margin at 25.6% of revenue.
Click here to see the rankings of all 22 builders on the list, and click here to see Lennar’s report card.
If you’re getting ready to move into a new home, there’s no reason to buy new moving boxes. That’s just one of the money-saving tips shared by this new article from U.S. News, featuring six strategies you can use to trim moving costs and make your move for less.
As soon as you have an inkling that you might move, you should start saving every sturdy cardboard box you can get your hands on, along with packing material like old newspapers. Unfortunately, many people don’t have a lot of time for this kind of planning. In that case, there are several places in the community to look for free moving boxes.
Also, be smart about utility and service shutoffs. Many utilities require you to pay for a full month of service at a time, so if a service isn’t absolutely essential, cut off that service before you leave rather than after so you’re not paying for it during a time when you’re not living there. That means contacting your service companies, such as your Internet service provider, cable provider, and so on, more than a month before your move-out date.
A new article from U.S. News highlights a few of the financial challenges today’s college graduates are facing, with some helpful advice on how to overcome those challenges. One of the things 20-somethings can do now to start positively affecting their future is to start building a solid credit history.
You may have a long and varied credit history if you’ve been on your own for a while or cosigned a credit card a while back, but many students leave college with no credit history to accompany them into the real world.
“Many college students think only spending on a debit card is the best way to go, but then you’ve given up the opportunity to build credit,” says Susan Bruno, a certified public accountant and financial planner.
Bruno suggests applying for a credit card as soon you are able. And if you’re a recent graduate with student loans, you are at least building your credit by paying them off, so whatever you do, don’t fall behind on those bills, Bruno says.
A new article from Bankrate highlights some of the housing reports that were released this past week, indicating a much healthier market materializing after a slower winter season.
Mortgage rates didn’t move much this week, but that did nothing to cool the housing fever that has emerged since the temperatures have warmed up across the country.
The volume of purchase applications this week increased by 5 percent from the previous week, according to the Mortgage Bankers Association. That marks the fourth rise in five weeks and the highest level since June 2013. Overall, mortgage applications rose by 2.3 percent, with refinances up by 1 percent.
Sales of existing homes jumped 6.1 percent in March to an annual pace of 5.19 million units, the strongest month-over-month increase since December 2010 and the highest annual rate since September 2013, according to the National Association of Realtors. The median price was up 5.1 percent to $212,100 from February.
The Federal Housing Finance Agency’s home value index also showed housing prices started improving in February with a 0.7 percent increase month-over-month and a 5.4 percent rise year-over-year.
