The dream of homeownership is becoming harder and harder to achieve for many people. According to a recent real estate report compiled by Homelight, agents are starting to see that many first-time home buyers are either pausing their home search or giving up entirely. The report also reveals that this segment of homebuyers is making this decision based on the increasing costs of homes and the higher interest rates. But there is another trend that is emerging for such distressed home buyers. Instead of qualifying for homes alone, some potential buyers are teaming up with friends and family, finding a real estate agent, and making the American dream work through co-buying a home. Keep reading to learn more about this emerging trend. 

What is Co-Buying?

If you find yourself in a similar predicament and having a hard time purchasing a home in this current market, co-buying or getting a small home like a DADU may be a great option. But what exactly is co-buying? Traditionally, most home purchases have been completed by people who are spouses. However, for nearly a decade, the emerging trend has been for homeowners who aren’t married couples to purchase a home together. The pandemic and recent interest rate hikes have continued to spawn this trend as middle-class homebuyers are finding it more challenging to buy a home on their own. As a result, friends, partners, and multi-generational family members pool their money and credit together to qualify for a home they can share. They are finding this to be a much more affordable solution than renting which has soared to between 11.3 and 40 percent in some regions of the U.S. 

Why Is Co-Buying Trending?

According to a recent article by U.S News, people purchasing homes with different last names soared 771 percent between 2014 and 2021. Some believe this trend is because housing is becoming less affordable, especially for millennials. Additionally, many homeowners aren’t getting married as young or at all as the previous generations. On top of this, many new home buyers carry much more student loan debt than previous generations. With no other solutions on the horizon, friends and families decide that the best option for attaining the American dream of homeownership is to purchase a home together. Either they are buying existing homes or qualifying for newly built homes. 

Tips on Co-Buying

Although many potential homebuyers are waiting to see where the market goes over the next year, you may want to consider co-buying. Here are some valuable tips to consider if you wish to purchase a home with friends, family, co-workers, or a life partner. 

• Ensure that everyone wants this long-term

• Decide who the principal applicant and the co-applicant are when applying for a loan

• Get a real estate attorney involved

• Try to get a home with people who are financially responsible

• Determine how things will be handled if someone dies

• Figure out how to handle a roommate who refuses to pay or can’t pay bills due to job loss

• Determine how much everyone is responsible for in terms of the mortgage, insurance, bills, etc. 

Takeaways

Co-buying isn’t much different than renting with roommates. The advantage is that you and your co-habitants can build equity in the home that you purchase. The equity can be split upon the sale of the house to help each other get a start on homeownership. This could be an advantageous way to navigate the present roadblocks to ownership until the current market rebounds for buyers.

With more than half of the world’s population now online in these current years, data privacy and internet services have become major talking points. That's why it's no surprise a tech giant like Google introduced an initiative called Chrome Privacy Sandbox. It is due to the concerns about privacy protection and accessibility of internet services in specific regions of the globe.  

Naturally, this has led to an increase in VPN usage. A virtual private network is a service or tool that encrypts your connection and keeps you hidden while surfing online. It offers many attractive advantages for online users looking to better their internet experience. Nevertheless, it can come at a considerable cost as there are also drawbacks to this network choice. For this reason, if you’re considering using this service for yourself or your organization, you’ll need to know what to expect.  

And so, we have gathered some benefits and risks of using VPNs. Read on to know them.

VPN benefits

Accessing Geo Blocked Services

One of the main reasons internet users opt for VPNs is to gain access to websites and online content that is blocked in specific locations. It usually happens with popular media streaming services to protect copyrighted material and intellectual property and implement contractual obligations.  

In this case, a VPN can bypass this geo-blocking by hiding your Internet Protocol or IP address. It is the digital signature that indicates the location of your device. The bypass works best when using VPNs optimized for your region, such as Thailand VPN for users in the country. Therefore, with your location obscured, you’ll be able to access the content you want.  

Keep Your Network Anonymous 

Data privacy has been a topic of consumer rights debate over the past decade. Fortunately, this has led to updated policies where websites need the authorization to collect information about your online activity. They use this information to target specific ads towards you while improving your experience interacting with websites.  

However, many internet users still prefer using VPNs to remain completely anonymous and prevent their browsing history and habits from being tracked and analyzed for advertising purposes. Thus, VPNs provide you the freedom to visit your favorite websites without leaving traces or cookies, and you won’t have to worry about being bombarded by ads in the future.  

Private Data Protection 

Another benefit of using VPNs is that they can hide your private and financial information. This security feature is particularly advantageous for people who use the internet for online shopping and e-commerce websites.  

They protect data from being stolen by hackers who could use your credit card details, banking passwords, and impersonations to swindle your money and identity. VPNs do this by using encryption to scramble your sensitive data into an unreadable code.   

VPN Risks

Malware Threats And Cyber Attacks 

While VPNs are valuable security tools for data protection, they are still vulnerable to malware and cyber-attacks such as phishing and DDoS Attacks. These attacks disrupt your network functionality by overloading it with data so hackers can commence their criminal activities. It is especially the case when using VPNs for financial solutions such as online lending.  

In fact, the main aim of many spoofing and phishing attacks is to spread malware. And once this happens, the entire network can be compromised. Fortunately, some modern VPN providers do offer antivirus and malware protection. However, their effectiveness is still being tested.  

Dubious Privacy Policies 

As mentioned, one can use VPNs to circumvent online activity tracking of third-party websites through anonymity. However, this still depends on the VPN provider, as some have intentionally vague privacy policies. It is the case with many free VPN services as the providers may store VPN logs of your data to sell to advertisers, defeating the purpose of VPN altogether.  

This circumstance presents a significant threat to your data ending up with hackers and cybercriminals. It also doesn’t help that VPN providers aren’t bound to government legal policies in some countries, so there are limited solutions to prevent this.  

Account Suspensions 

Many online services such as streaming sites and e-commerce stores have become aware of VPN usage to gain entry to geo-blocked content. Due to this, they have warned consumers not to use them, while other stringent companies have banned VPNs completely. In those situations, it’s to observe legal licensing terms and protect their network.  

And so, using a VPN under these circumstances risks your online accounts being suspended or terminated in the worst cases. Once this happens, you lose access to your account and all its data and assets. You could also face being barred from using the service in the future.  

Takeaways

The benefits and risks of using VPNs revolve around privacy, protection, security, and anonymity of your data. The provider should be the deciding factor in whether your chosen service can minimize the risks while having a reputation for ensuring the benefits.

Most cyber security experts recommend using VPNs with reputable providers and being cautious with free versions shown on web browsers. Ultimately, it’s your choice to decide whether the risks are worth it to gain the benefits.

Many people turn to personal loans to help consolidate debt, fund major purchases, buy a home, or to help a loved one receive much needed, yet costly medical care. 

While you can still fill out a loan application at your local bank, many consumers and potential borrowers are looking into the digital sphere to help make the process easier and faster. If you find yourself working multiple hours from home, freelancing as a graphic designer for example, while also caring for your kids, then applying for a loan online is an option for you. 

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You might be wondering what exactly it is you need to get through the application process swiftly and efficiently. The following should help give you an idea and set you on the right path.

When to Apply for a Personal Loan

Firstly, make sure that you absolutely need to take the plunge and apply for a personal loan in the first place. 

A personal loan is often reserved for cases in which you are in dire need of cash quickly. It basically works as a kind of credit offer that is considered for a more significant reason than just buying a new car or home. They also come in installments, which means that if you are approved by the lender, you will receive a sum of money to help you in the short term, and you will need to repay the amount within a certain timeframe as indicated by the lender. 

Since personal loans are often unsecured, you will face much higher interest rates. However, it is still better than endlessly charging your credit cards since that inevitably create more problems and may not solve the situation. Note that a personal loan often requires that you have a relatively decent credit score in order to gain approval. If your credit is too low, then you would need to look elsewhere for financing options, otherwise you would be faced with insanely high interest rates.

Documents to Keep Handy

You will need copies of your employment and income history, your bank account information, and the last few bank statements. You will also need a credit report, and of course, identification. 

Many people need a simple lending solution that is easily available and provides instant loan approval. Customers looking for this kind of gratification and relief look to the experts at https://instabank.fi/joustoluotto to find an easy and accessible answer right away, without beating around the bush. However, you still need the proper documents ready at your fingertips, so don’t dismiss this all-important step.

Research the Rates

Just because the application process is easier doesn’t mean that you should ignore the hidden fees involved. Despite the fact that applying for a loan online is easier and you receive a confirming message straight away, you will likely pay a higher interest rate in the end. Make sure that you choose the right service for you. Since applying for a personal loan is similar to applying to obtain a credit card, there’s little documentation, and you often don’t know how much interest you’ll pay until it is too late.

Compare Rates

To boost your chances of getting approved for a personal loan, make sure you not only have your paperwork prepared but also research the documents at length. For instance, read up on your credit report and see if you can spot any errors and correct them by notifying the credit reporting agency to let them know exactly what is wrong with the information. A low credit score can make or break your personal loan application, so this isn’t the area to mentally check out on. 

Also, keep your tax returns, pay stubs, and bank statements handy so that they are easily accessible throughout the process in case you are asked more detailed questions. You might need to refer to them at any moment, and a slight mistake can derail your entire process.

While applying for a personal loan is a lot of work and takes a certain leap of faith, it does eventually lead to a source of financial gain if you play your cards right. Research as much as you can and always be prepared. Just because you can get this done online doesn’t mean that you should cut corners. Applying for a personal loan—even if it’s not for an obscene amount of money—is one of the most critical decisions you can make in your lifetime, so be careful, and be diligent. 

When the time comes to cross the bridge from adolescence to adulthood, most millennials are in for a rude awakening. They resent not being taught financial literacy in school or having a parent educate them on financial planning for the future. Most millennials are already in debt by the time they are thirty so if you are also a part of this generation and know that you're struggling to pay bills or afford certain necessities, this is the financial education you need.

Don’t be afraid to ask for help

Many millennials refrain from asking for financial advice and often just try to get by, which can put them in a much more difficult position down the road. Rather than consulting a trusted advisor or mentor, they resort to borrowing money and taking out loans; this determines their inevitable debts. If you find yourself constantly struggling and need money to pay bills, financial advisors recommend getting educated on financial literacy. This will give you the knowledge and understanding of managing your finances.

Be aware of your credit score

Many millennials are interested in becoming entrepreneurs with the ever-growing social media outlets such as Instagram giving small businesses a platform. However, receiving funding is a big issue as most millennials may not be educated on their credit score and how much of an impact it has. Learning how to read a credit report and understanding the factors that affect funding when you have low credit scores is imperative.

Make lists

Many of us find ourselves spending money without keeping track, and this can cause us to spend money we don’t have on things we don’t need. Keep track of your finances by making a list of expenses to know where your money is going. It is important to live within your means, pay your bills on time, and know that all your money is accounted for.

Save, Save, Save

Millennials may believe it is almost impossible to save, but with the information around today, it is quite easy to learn. Saving even the smallest amount from your salary can pay off eventually; this will secure your future if you choose to invest your savings, it will also allow you to purchase things you’ve always wanted. 

Learn how to budget

Millennials wish financial planning was taught to them before they embrace the real world, and budgeting is a very simple but very resourceful tactic required to handle your finances. Create a budget for yourself; set aside money for your priorities such as daily expenses, rent, savings, and a small amount for personal spending. 

It is imperative that we educate adolescents on the importance of financial planning and help them manage their funds; many of them are still struggling to pay off student loans well into their thirties. Millennials are growing depressed with financial struggles and often worry about whether they’ll be able to secure a future for themselves, a business, and even a family one day. But it is not a lost cause, with these basic rules to abide by, you are one step closer to financial freedom. 

We have the luxury of so much convenience thanks to the digital world, and applying for loans is much more appealing when done online because of the time-saving factors. However, most people wonder if it's truly safe and legit to deal with lenders online. Take a look below at a few factors to take into account to ensure that you're safely covered.

The Safety You Deserve

Because everything is done online, there is a level of protection and security needed on the platforms you use. They should be using state of the art scanners and encryption systems that keep your financial data secure and hidden to others. The most reputable loan providing websites should have contact information listed on their website at the bottom of their homepage. The page should also have proper certification and stamps of approval from protective agencies that provide the security systems, firewalls, and scanners. It will make your online application experience a lot easier, knowing your information is in good hands.

They Make it Hassle-Free

Another way to know that you have found the right place for a loan is when they offer quick responses and easier processing times; this is what every platform should do worldwide. The digital bank representatives at www.instabank.se believe that loan providers should simplify their client's relationship with banking services; this means that everything should be making people's lives a lot easier and problem-free. It makes things a lot safer when you feel like you are actually dealing with people and not an online bot when you go through the process.

They are Properly Backed by Authority Figures

Researching third-party verification of your lender would be smart. This is a good indication that making your dealings online would be a safe venture. For example, you need to check the regulating institutes in your country that oversee these platforms. Institutions like the Better Business Bureau would have ratings and proper listings of reviews to show the authenticity and reliability of the different online lending providers so that you can rest assured that you're financially safe and in good hands.

Red Flags You Won't See

Another way to know if your lender is safe to work with is when you don't see anything happening that would get you concerned or worried; you wouldn't see any upfront scams because any reputable provider wouldn't ask you for fee payments straightforward that early. Also, if you don't see your provider asking for money transfers or funds to be wired, then you'd know it's not a scam because reputable providers would take their fee payments via your credit card. So it's clear that online providers can be safe in the right circumstances.

Proper background checks and proof of previous deals should be enough to make you feel comfortable, but it wouldn't hurt to dig deeper into the situation to find out if you've made the right decision or not. Your safety and money assurances are what really matters. So, do whatever it takes to find a reliable and legit loan provider; your financial situation depends on it.

It can be relatively easy to find yourself slipping into a career when you’re fresh out of college. While still trying to get your feet on the ground, you’re forced to make a huge life decision based on little more than the degree you have earned, where you live, and how desperate you are to get some cash in your bank account. You may find yourself taking the first job that you are offered, or perhaps you opt for the position that gives you the largest wage. However, are these really the best reasons to select your first job role? Fast forward a decade, and you may find yourself in a role that you hate, a career that you wish you hadn’t chosen, and a professional existence that you feel stuck in.

It doesn’t have to be this way. There is no such thing as a job for life anymore, and more and more people are choosing to switch careers in their twenties, thirties, and forties. You can do the same. All you need to do is make sure that you are proactive and seek out opportunities that will transform your professional life. Take a look at these three sure-fire ways to get the job that you truly want.

No. 1

Get skilled up

Changing careers will inevitably require you to retrain. This can be daunting, especially if you need to commit to a few years’ worth of study. However, many degrees now, like the ones offered by the University of Southern California, can be completed online rather than by attending a physical campus. This gives you greater freedom to study from home while you are still working in your current role. While this position might not be thrilling for you, it is ideal to ensure that you are still getting paid while you retrain for a brand new career.

When swapping to a career not linked to your current one, you may have to enroll in a variety of courses. People who have slipped into a teaching career and now want to be doctors will need to undertake specific qualifications in order to practice and get the job that they want. Retraining may sound like a lot of hard work, and it’s true that you will need to commit to a couple of years of qualifying rather than simply walking into a role. However, in the grand scheme of things, this is a couple of years out of your life when you have a further thirty years or more of working in a role that you should enjoy.

No. 2

Join a recruitment consultancy

Recruitment consultants are given quite a hard time by those seeking a new job. Job seekers will often provide a recruitment consultant with a concise and nuanced wish list for a role, only to be offered something dramatically unrelated. However, find yourself a good recruitment consultant, and they could be worth their weight in gold. Find a specialist consultancy that only sources for positions in your chosen industry. Go into their offices and meet your consultant in person. Show them your resume, and take their advice on how to enhance it. Complete courses, get the necessary qualifications, and change the formatting as advised.

When a recruitment consultant puts you forward for a position, it’s time to brush up on your interview skills. Follow a format to answer each question. The STAR strategy is effective as it helps you to structure your answers effectively. You will describe the situation, detail the task, explain your action, and demonstrate the result. This keeps your answers focused and nuanced. Some recruitment consultants will even hold a mock interview for you to help boost your confidence and give you a dry run, especially if you haven’t been for an interview for a few years.

No. 3

Gain experience

While work experience can be impossible to obtain, especially when you already have a full-time job, you can shadow a professional in a voluntary capacity. This may require you to take a couple of weeks of vacation to achieve, but this will be invaluable to your resume. Even if you usually work as an advertising executive, for your voluntary shadow experience, you could be working alongside a florist, a teacher, or a lawyer. It’s up to you to find these opportunities for yourself. So, write to local companies that you are interested in working for, and get your foot in the door. Many employers are eager for unpaid help, so you have nothing to lose in sending off some speculative emails.

Takeaways

While you may feel stuck in your current career, don’t feel like you can’t do anything about it. Your career is not set in stone, and it’s okay to shift and morph from one job role to another. Think about what is important to you, strive for a decent work-life balance, and work towards finding your dream job as part of your ideal career path.

To gain experience, you can look for job opportunities on specialized sites like Jooble.

Here on the blog, I like to discuss topics around financial health. I believe it’s just as important as any other wellness topic because it does have a huge impact on every area of our lives.

Today, we will be specifically talking about reverse mortgages. It’s a mortgage option that I am just now learning about, and I can assume it is something that many of us aren’t aware of.

This is something great to be aware of if you are currently a homeowner or have plans to become one in the future. It’s so important to be prepared for anything that may arise over the course of your home ownership. It’s a huge purchase and commitment that spans a great part of your lifetime, so the ins and outs are very important to understand. 

I hope that this article is informative and offers some insight into a possible safeguard down the line. We can’t always expect to know what the future will hold, but being informed and prepared for anything that comes our way will ease the stress that is sure to come with any huge life event.

Retirement age may seem like a lifetime away for many of us, but thinking about it when you are young is very important. It’s a day that will come, and if we aren’t prepared, it can be a time of discontentment and fear. It’s much better to anticipate the challenges that will occur during that transition beforehand and to make sure that you have a back up plan if anything comes up.

Losing the income provided by full-time employment can be difficult, no matter how prepared you think you are. Anything can happen, including medical or family emergencies requiring financial resources you may not have. A reverse mortgage is an option that can potentially help you deal with such issues and maintain your financial independence while getting the most out of your retirement when that time comes.

Whether You Need to be Retired to Get a Reverse Mortgage

Technically, you do not have to be retired to get a reverse mortgage, but you do have to be of retirement age. The age minimum is typically 62 for reverse mortgage qualification. The reverse mortgage loan model was specifically developed to help retirees live comfortably and avoid losing their homes. It began in New England in the state of Maine in the 1960s.

How a Reverse Mortgage is Actually Reversed

When you think of a home loan, you probably envision making monthly payments on that loan for several years. If you chose a traditional mortgage, that is exactly what would happen. If you are already feeling financial pressure, that added bill might be more than you can manage. A reverse mortgage allows you to avoid that issue because you do not have to pay any of what you borrow back for a long time. Additionally, you can set up monthly payments from your lender to you. Therefore, it is somewhat like replacing part of your lost monthly income for a period of time.

Qualifications for a Reverse Mortgage the Home Must Meet

To qualify for a reverse mortgage, the home must meet certain requirements. One is it must be valuable enough for the calculated equity available to borrow to be worth actually borrowing. A small home, one in a state of disrepair or one that is otherwise low in equity may not qualify. That is because a proprietary reverse loan calculator must determine enough equity is available. The calculator is an online tool for reverse mortgage calculationthat uses pre-programmed algorithms to calculate the amount available for a lender to loan to you. The formulas are necessary partially due to government restrictions regarding the percentages available to borrow.

Not every home qualifies for a reverse mortgage. That is even true if a reverse mortgage calculator tool would determine the equity is high enough. For example, a home can only qualify if you, as the loan agreement signer, are living there on a regular basis. It cannot be a home you only use as a vacation getaway. You also cannot get a reverse mortgage on most larger apartment buildings. However, an apartment building with four or fewer units may qualify, as long as you live in one and own the property.

The Flexibility of Borrowing with a Reverse Mortgage

As mentioned earlier, you can set up a reverse mortgage so you receive equal amounts monthly while funds are available. However, one major benefit of a reverse mortgage is flexibility. That flexibility extends to how you receive your money. If for some reason you do not want monthly payments from the lender, you can ask for other loan terms. For example, you might want to borrow only what you need when you need it. If so, a home equity line of credit is the solution. Alternatively, you might have one large unexpected expense to deal with. In such a case, you can request one large up-front payment.

I hope that this article was informative and that it provided some insight into your future financial health. Regardless if you choose to explore this route when retirement age rolls around, it is always good to know your options and have security in knowing that there are many available. We can’t predict how the future will be, be we sure can do our best to plan ahead and be prepared even for undesirable circumstances.