Category: Credit

Save on Every Order with Delivery.com

Here you can find a list of the latest Delivery.com promo codes. If you don’t have an account, you can also get $10 off your first order when you sign up. I get $10 as well for everyone who signs up and orders through the app.

At delivery.com, you can order delivery online from your favorite local restaurants, liquor stores, grocery stores and dry cleaners. You can order pickup too, and it’s probably the best way to save money on extra delivery fees. Delivery.com is not available everywhere, so check your zip to see if you can pickup or get deliveries through them.

You can either use the app, or place orders online on their website.

Delivery.com Promo Codes

How to Use Promo Codes: Once you’ve added all the items you wish to order to your bag, press “Checkout.” Underneath the “Tip amount” box (don’t forget about the tip amount box!), enter your promo code and press “Add.” Your bag will now reflect the discount. If you have multiple promos applied to your account, simply select the one you wish to use by clicking on it. In most cases, you cannot combine promotions or other offers.

• $10 off your first order when you sign up now
• WKNDFAVS – $5 off subtotal of $15+. One time use only. Expires Nov 19, 2022.
• SNACKTIME – $10 off subtotal of $15+. One time use only. Expires Nov 14, 2022.
• CLUCK – $5 off subtotal of $15+. One time use only. Expires Nov 10, 2022.
• MYGIFT – $5 off subtotal of $15+. One time use only. Expires Nov 4, 2022.
• DEFENSE – $10 off subtotal of $15+. One time use only. Expires Oct 31, 2022.
• WHYNOT – $10 off subtotal of $15+. One time use only. Expires Oct 26, 2022.
• DRINKS20 – $20 off a minimum subtotal of $40. Alcohol orders only.
• OFFENSE – $10 off subtotal of $15+. One time use only. Expires Oct 24, 2022.
• KICKOFF – $10 off subtotal of $15+. One use only. Select markets. Expires on Oct 17, 2022
• SAVEIT – 20% off you next order of $50+. One use only. Select markets. Expires Oct 13, 2022.
• NOODS – $5 off with a minimum subtotal of $15. One use only. Expires Oct 7, 2022.
• TACO2DAY – $5 off a minimum subtotal of $15. One use only. Expires on Oct 5, 2022.
• GETGRUB – $10 off a minimum subtotal of $15. One use only. Can only be used in select markets. Expires Oct 3, 2022.

Sign Up Here

FAMILYJULY

$8 off a minimum subtotal of $20, excluding taxes, tips, fees, discounts and promotions. One use only. Offer only valid with participating merchants and non-cash purchases. Not valid for past orders. Cannot be combined with any other offer. Offer expires on August 1st, 2022 at 12am Local Time, except where prohibited.

TACOTUES22

$3 off a minimum subtotal of $10, excluding taxes, tips, fees, discounts and promotions. 3 uses. Offer only valid with participating merchants and non-cash purchases. Valid on Tuesdays only. Not valid for past orders. Cannot be combined with any other offer. Offer expires on July 27th, 2022 at 12am Local Time, except where prohibited.

20FLASH

20% off a minimum subtotal of $15, excluding taxes, tips, fees, discounts and promotions. $10 max discount. One use only. Offer only valid with participating merchants and non-cash purchases. Not valid for past orders. Cannot be combined with any other offer. Offer expires on July 14th, 2022 at 12am Local Time, except where prohibited.

Normally you 20 Delivery Points per every dollar you spend – up to 1,000 per qualified order. You can then redeem:

• 5,000 Delivery Points for a $5 gift card
• 9,500 Delivery Points for a $10 gift card
• 18,000 Delivery Points for a $20 gift card

Related: The Best Apps for Food and Grocery Deliveries That You Need Right Now

Guru’s Wrap-up

Not a huge discount, but you can still save some money on your next food or liquor order. You can also get some extra cashback with shopping portals and maybe more credit card rewards now that issuers are pushing food deliveries as a bonus category.

Mortgages come in a variety of proverbial flavors. There are short-term mortgages, long-term mortgages, mortgages with variable rates and mortgages with fixed rates. The varieties are endless – and as anyone who has spent time in an ice cream shop knows – it can be challenging to decide on the flavor you want.

If you’re looking for a loan with a longer repayment term and lower interest rate, a 15-year fixed-rate mortgage might hit your sweet spot. 

Do you want to buy a house – but don’t want to lock yourself into a 30-year commitment to pay it off? A 15-year fixed-rate mortgage can speed up the process of paying off your home loan and potentially save you tens of thousands of dollars while you’re doing it.

How Does a 15-Year Fixed Mortgage Work?

With a 15-year fixed mortgage, your interest rate and monthly payment stay the same over the life of the loan. Fixed-rate mortgages don’t work like variable-rate mortgages. With variable-rate mortgages, interest rates can change (increase or decrease) over time.

Borrowers usually look at 15-year mortgages because they want their homes paid off quicker, want to take advantage of lower interest rates or want to take advantage of both.

Lower interest rates save you money in the long run because you pay less interest over a shorter repayment term. And because your monthly payments are predictable, you can easily incorporate this unchanging line item into your household budget. 

But a 15-year fixed mortgage’s condensed payoff timeline will likely result in higher monthly mortgage payments – higher than you’d pay with a longer-term loan, like a 30-year fixed mortgage.

A 15-year fixed mortgage is a good option for borrowers who want to pay off their mortgage sooner. It’s a big financial commitment, but you would be debt-free faster than you would with a 30-year mortgage. 

Advantages of a 15-Year Mortgage

There are several advantages to getting a 15-year fixed mortgage.

Your payments don’t change

Your interest rate and monthly payments are locked in for the life of the loan. Your monthly mortgage payment will never change, no matter what is happening in our economy with market interest rates.

You pay less interest overall

A shorter loan period means fewer payments. And fewer payments mean you pay less interest over the life of the loan, potentially saving tens of thousands of dollars in interest.

Let’s say you took out a 30-year fixed-rate mortgage for a $250,000 mortgage with a 4% interest rate. Your monthly payments would be about $1,194, and you’d pay a total of $179,840 in interest. 

If you took out a 15-year fixed mortgage for the same amount and interest rate, your monthly payments would be about $1,849, and you’d pay a total of $82,820 in interest. That’s over $97,000 in savings with a 15-year mortgage.

Yes, you’ll make higher monthly mortgage payments with a 15-year mortgage. But if you can comfortably afford it, the long-term savings may be worthwhile.

You could get a lower interest rate

Lenders offer lower interest rates on 15-year mortgages because they are lending money that is repaid over a shorter length of time.

If you qualify for a low interest rate, a 15-year mortgage can help you save money in interest over the life of the loan.

You build home equity faster

A shorter loan term means you’ll build home equity faster because you’re putting more money towards principal each month than you would with a 30-year mortgage. 

Home equity is the portion of your home’s value you own outright. The larger payments you make, the more house you own.

Disadvantages of a 15-Year Mortgage

While 15-year mortgages have many advantages, there are a few disadvantages to explore.

Your monthly payments will be higher

The biggest downside to a 15-year mortgage is the higher monthly payments. The most popular mortgage in the U.S. is the 30-year fixed-rate loan. With a 15-year loan, you’re paying off your mortgage in half the time, which will hike up your monthly mortgage payments.

Circling back to our previous example, the monthly mortgage payment for a 15-year fixed $250,000 mortgage with a 4% interest rate would be $1,849. You’d pay almost $700 more every month than you would with a 30-year fixed mortgage, which would be $1,194.

Your home purchase amount may be lower

With a shorter loan term, you’ll probably be approved for a lower loan amount. 

Lenders need to be sure you can handle a 15-year fixed mortgage’s higher monthly payments. As a result, you may not be able to afford as much house as you would with a 30-year mortgage.

It can be harder to save for other expenses

Your larger monthly mortgage payments may leave you with less money to save or spend on emergencies, retirement or other financial goals. It’s in your best interest to ensure you can comfortably afford the higher payments before you take out a 15-year mortgage.

How To Get a 15-Year Fixed Mortgage

If you’re interested in a 15-year fixed mortgage, there are a few things you’ll need to do:

1. Check your credit score

Your credit score is one of the most critical factors for mortgage approval – so check your score before you apply. If your score is below 620, you may have trouble qualifying for a 15-year mortgage.

2. Shop around for lenders

Shop around until you find a lender that offers what you want. Once you find a few lenders, compare interest rates, fees and loan terms.

3. Get preapproved for a mortgage

Once you find a lender(s), the next step is to get preapproved for a mortgage. The step is optional. But if you want a better idea of how much you can borrow and your estimated monthly payments, this is a crucial step.

4. Apply for the mortgage

If you’re happy with the loan terms, the next step is to apply for the mortgage. Be prepared to submit: 

• Your W-2 forms or tax returns for the past 2 years
• Your most recent pay stubs
• Your bank statements from the past few months
• Proof of other forms of income, including child support or alimony
• Your driver’s license or other forms of ID

5. Close on the loan

Once your loan is approved, you’ll sign the final paperwork, make your down payment and pay your closing costs.

What Are the Current 15-Year Fixed Mortgage Rates?

As of November 3, 2022, the average 15-year fixed mortgage rate was 6.29% APR, and the average 30-year fixed mortgage rate was 6.95% APR.^[1]

The mortgage rates set by lenders on 15-year home loans are also influenced by the Federal Reserve’s monetary policy, inflation, economic growth, unemployment and the housing market.

Pro tip: If you get a mortgage rate you like and want to protect it from rate increases, you can freeze it. 

Most lenders will let you lock in your mortgage rate for 30, 45 or 60 days. Some will even allow you to lock for 90 days. The longer the rate is locked in, the higher fee you’ll likely pay, but not always.^[2] If you don’t know when you want to close on your home, verify with your lender if a longer rate lock is best for you.

Is a 15-Year Fixed Mortgage Right for You?

If you’re interested in a lower interest rate and want to pay off your mortgage faster, a 15-year fixed home loan may be the mortgage flavor you savor. But your monthly payments will be higher. Make sure your personal goals align with your finances before you decide on a 15-year fixed-rate mortgage.

A Department of Veterans Affairs (VA) loan is one of the best ways active or veteran military service members can secure a mortgage. With a VA loan, veterans can get the money they need and not have to make a down payment.

And your VA loan is a benefit you can reuse. You can use your VA loan to purchase a second home – but you’ll need to meet certain requirements we can help you navigate.

Can a VA Loan Be Used for a Second Home?

Yes, you can use a VA loan to buy a second home, but it’s important to know what qualifies as a second home. According to the VA, the home must be your primary residence, a property you “intend to personally occupy” as your home. The home cannot be used as an investment property. 

If the point of the property is to generate income, the VA won’t consider the property a second home. The only exception to that rule is if you buy a multifamily or multiunit property with up to 4 units and live in one of the units. 

Understanding Your VA Loan Entitlement

If you qualify for a VA loan, you qualify for a VA loan entitlement. That’s money the VA will guarantee up to $36,000 or 25% of the conforming loan limit in your county, whichever is higher.^[1] This entitlement lets the lender forgo the down payment on your primary residence or second home.

Of course, whether you can use the entitlement to purchase a second home will depend on the situation. 

Some veterans may use their full benefit, while others may use a portion of their benefit. Some may never use their entitlement.

Full vs. Remaining entitlements 

If you want to use a VA loan to buy a second home, it is important to understand how much of your VA entitlement is still available to you.

The standard VA loan entitlement of $36,000 or 25% of your county’s conforming loan limit is available to every qualifying veteran. But your use of the entitlement becomes a bit more complicated when you are buying a second home.

If you want to use your entitlement to buy a second home but you used your entitlement (or part of it) to buy your first home, you won’t be able to take advantage of the entire entitlement amount. You can only use your remaining entitlement balance.

Restoring your VA entitlement

Also, you’re not allowed an unlimited number of uses for your VA entitlement. If you already used your VA loan entitlement, you can “restore” your entitlement once, allowing you to reuse your loan.

To restore your entitlement, you must fill out VA Form 26-1880.^[2] If you qualify, you will receive a Certificate of Eligibility, and your entitlement will be restored.

How you might lose your VA entitlement

You may lose your VA entitlement if you’re facing foreclosure or a short sale on your first home.

In some cases, you may lose your entitlement forever. In other cases, the entitlement can be restored, but the process can be challenging and lengthy.

Getting a VA Loan for a Second Home

Now that you understand how the entitlement works, you may be wondering how to get a VA loan for a second home.

Getting a second VA loan will be similar to getting your first VA loan. To qualify for the loan, you must be in good standing with the VA and meet their basic requirements for a Certificate of Eligibility. You’ll also want to consider the following:

The impact of the VA funding fee

After you get your first loan from the VA, you may pay a higher VA funding fee.

If you’re buying a home with a VA loan for the first time and make a down payment that’s less than 5%, you’ll pay a VA funding fee of 2.3%. If you are a repeat VA loan user, the funding fee will be 3.6%.^[3]

Let’s say you’re a first-time home buyer, and you found a $400,000 home you want to purchase. Your VA funding fee (which would be 2.3%) would add $9,200 to your closing costs. If you buy a second home at the same price, you would pay a 3.6% funding fee, which would add $14,400 or $5,200 more. 

Because the VA funding fee is a percentage of your total loan amount, it could create a high financial hurdle for some home buyers. Fortunately, if you can’t or don’t want to pay the fee upfront, you can fold it into your mortgage.

Credit score

The VA has no minimum credit score for VA loan users, but many lenders do require higher credit scores for a second home compared to a primary residence. At the very least, improving your score might reduce the interest rate you’re offered.

Down payment

As a rule, lenders prefer a higher down payment for a second home compared to a primary residence. Even with a full entitlement, making at least a partial down payment may be necessary to qualify for a VA loan on a second home. At the very least, it improves your chances of getting a better interest rate. 

A Second Home Remains Within Reach

You need to jump through a few hoops to get a second home loan from the VA. But every successful leap will be well worth its reward. 

Buying a home comes with a lot of decisions, from the property you choose to the type of financing you use.

In addition to selecting the kind of mortgage you want to take out, you might also find yourself weighing your options for the length of your loan term. 

While most loan terms are 30 years in length, some lenders offer 15-year mortgages. 

Both of these mortgages come with pros and cons, which you should evaluate to decide which mortgage is best for you.

To help you make the best possible choice, let’s discuss the 15- versus 30-year mortgage, including their differences, a breakdown of the costs and the pros and cons. 

Deciding Between 15-Year Mortgage vs. 30-Year Mortgage

Taking out a loan entails a promise to pay back the money you borrow, along with interest.

Before you apply for a mortgage, take some time to understand the differences between a 15-year mortgage and a 30-year mortgage.

With a 15-year mortgage, you’ll pay off your house completely in 15 years – assuming you make your monthly payments on time and don’t take out any additional loans against the property. Similarly, a 30-year mortgage will take 30 years to pay off if you make regular monthly payments. 

A 15-year mortgage comes with a higher monthly payment. But because you’re paying down the loan faster, you’ll build equity more quickly, own the home outright earlier and pay less interest over the life of the loan. 

A 30-year mortgage will have lower monthly payments, but you’ll build equity slower and pay more interest over the long run. Fortunately, many lenders will let you pay off a 30-year mortgage early without charging a penalty, so you can have the flexibility of paying less interest and owning the home sooner. 

To help you better understand the differences between a 15-year and 30-year mortgage, let’s break down the exact costs of each loan term.

Cost Breakdown: 15- vs. 30-Year Mortgage

Say you want to buy a $400,000 house (with a 20% down payment), but you aren’t sure if you want to take out a 15-year fixed-rate mortgage or a 30-year fixed-rate mortgage. 

Since 15-year mortgages usually come with lower interest rates than 30-year mortgages, your lender offers you a 6.3% interest rate on the 15-year mortgage. The other option is a 30-year mortgage with a 7% interest rate.

Despite borrowing the same amount of money, the numbers look very different, which you can see from the table below.

Pros and Cons of a 15-Year Mortgage

Choosing a 15-year mortgage comes down to your financial goals and what you hope to get out of your real estate purchase.

Pros and Cons of a 30-Year Mortgage 

If a 15-year mortgage doesn’t help you achieve your home-buying goals, a 30-year mortgage may better suit your needs.

When To Take Out a 15-Year Mortgage

The 15-year mortgage can be a great choice for borrowers who have a consistent income, want to pay less interest, build equity faster and be debt-free sooner.

Borrowers who want to retire earlier may prefer a 15-year mortgage because it allows them to build equity faster and eliminate debt sooner. Similarly, home buyers with secure jobs and a predictable income might opt to take out a 15-year mortgage to save money on interest and own their home sooner.

When To Take Out a 30-Year Mortgage

The 30-year mortgage is ideal for borrowers looking to keep their monthly payments low. 

People with a variable income may find a 30-year mortgage more comfortable and flexible – especially those who simply have other debts or want to allocate more of their monthly income to savings or investments.

Another benefit of a 30-year mortgage is the additional tax savings. The Internal Revenue Service (IRS) allows borrowers to deduct the interest portion of mortgage payments from their taxes. Since 30-year mortgages cost borrowers more in interest charges, these loans offer more tax savings than 15-year mortgages.

How To Pay Off a 30-Year Mortgage in 15 Years

Choosing a 30-year mortgage doesn’t mean you have to take 30 years to pay back the money you borrow. In fact, you can pay off a 30-year mortgage in 15 years using either of the following strategies.

Make additional payments

Making additional payments, on top of your required payments, can help you build equity faster and pay off your loan earlier. 

Many lenders don’t charge a prepayment penalty. And those who do typically won’t impose the fee, unless you pay off the mortgage within the first 3 – 5 years of the loan.

Refinance

Refinancing your mortgage can replace your existing 30-year loan with a 15-year loan. When you refinance, you have to apply (and be approved) for a new loan, which will include new loan terms and a new set of closing costs.

The benefits of refinancing are that you can potentially take advantage of a lower interest rate if rates have declined. However, there’s always the possibility that rates have gone up. In either case, you’ll have to account for closing costs, which can be 3% – 6% of the loan amount.^[2]

Picking the Right Mortgage for You

Paying back your mortgage faster can help you save money and enjoy owning your home debt-free sooner. If you have a stable income that allows you to afford a 15-year mortgage, the benefits may be worthwhile. But if you feel like you aren’t ready to take on larger monthly payments, starting with a 30-year mortgage may be a safer, more sensible place to start.

Student loans can be used to pay for rent. Additionally, you can use funds from student loans to pay for other living expenses, like food and transportation. 

However, there are some limitations you should know. So in this article, we’ll take a deep dive into what you can do with your student loan and how to use student loan funds for rent and other essential costs.

How Do You Pay for Rent Using Student Loans?

Your involvement in paying your rent with student loans depends on what kind of housing you live in. For example, if you live on campus, the school will automatically deduct room and board from your loan balance each month or semester. 

Alternatively, if you’re living off campus in a house or apartment, you’ll usually be responsible for transferring the funds to your landlord directly. 

It’s important to note that the ability to pay for rent or other housing expenses extends to both federal and private student loans. This means you can use federal student loans or private student loans to pay for room and board, including the cost of an off-campus apartment or house. 

However, you still have to stay within the housing allowance specified by your college or university. This is why you should understand exactly how your student loan is disbursed, so you can budget accordingly.

How student loans are disbursed

First-time student loan borrowers may not be aware that they don’t receive the full loan amount in their bank accounts. In fact, when you get a student loan, the funds are sent directly to the college you’re attending, not to you. This way, your school can use the loan to pay for tuition and other expenses, including room and board – if you’re living in on-campus housing. 

Once all the essential school costs have been paid off, you’ll be “refunded” the remaining funds left from the loan. You can then use this money to pay for rent, textbooks or other college-related costs. If you choose to live off campus, there are no restrictions on the location of the house or apartment. 

Keep in mind the money will arrive in a lump sum. So you’ll need to budget carefully to pay rent each month.

What to do if your student loan disbursement is delayed

It can be stressful if you need funds and your school is taking longer than expected to disburse them to you. This is especially true if you need to pay for off-campus housing, as most landlords require security deposits and the first and last month of rent upfront. 

Financial aid departments tend to disburse student loan money after the academic year has already begun. You should always make a contingency plan to account for delayed disbursements. This plan could include saving money from a part-time job to pay for upfront rental costs or getting a roommate to lower your housing expenses.

Understanding Cost of Attendance

The cost of attendance (COA) plays an important role in your student loan, including how much money you’ll receive and how you can use the funds. Here’s what’s included in a college’s COA:

• Tuition & fees: Tuition is the largest expense you’ll need to pay with a student loan, followed closely by housing costs. 
• Books: College textbooks can be surprisingly expensive, which is why many students choose to buy their books second-hand.
• School supplies & equipment: Most students need a wide range of supplies for school, from relatively inexpensive things like notebooks and pencils to more expensive equipment like laptops and printers.
• Transportation: Whether you need a car or have the option to take public transportation, these costs will be factored into the COA for your student loan.

Naturally, these costs won’t cover all of your expenses as a student. You’ll also need to pay for food, toiletries and other items you need on a regular basis. However, these categories help lenders estimate how much you need to pay for essential college costs.

What else can student loans be used for?

You may feel confused about what you can actually use your student loan for. To help you out, here’s a list of common uses for student loans:

• Transportation
• Utilities
• House supplies
• Groceries 
• Child care/dependent care
• Meal plan at school
• Medical expenses
• Miscellaneous expenses (grooming, pet care, etc.)

What shouldn’t you do with your student loans?

While you may not get in trouble with your lender for using student loans for costs unrelated to college or living expenses, it could make it harder for you to stick to a budget. In the short-term, this can jeopardize your ability to pay rent. And in the long-term, you’ll need to pay this money back – plus interest. 

Here are a few costs you should definitely not use your student loans to pay for:

• Vacations and travel
• Eating out at expensive restaurants
• Paying off other debt (like credit cards)
• Other people’s expenses

Alternatives to Using Student Loans for Rent

If you’re worried you won’t have enough funds left from your loan to pay rent, don’t stress. There are alternatives to using student loans for rent. In fact, opting for one or more of these options could help you borrow as little as possible, easing the burden of debt after you graduate. 

• Apply for financial aid and scholarships: Every year, millions of dollars are “lost” in unused student aid and scholarship funds. Eligibility varies with each program or scholarship. While you may not qualify for every financial aid program or scholarship grant, you can probably find some organizations (private or public) that can help you pay for educational expenses.
• Get a job: Many college students get part-time, on-campus jobs that are willing to be flexible based on their class schedule. You can attend classes in the morning and work in the evening, greatly reducing the need for student loans.
• Lower overall expenses: If you’re like most students, college is your first experience living on your own. You’ll quickly find that lowering your expenses can make budgeting much easier, with or without student loans.

What To Do with Leftover Funds

After your tuition, fees and rent are paid, you may still have funds left over from your student loan. Though you may be tempted to celebrate with these funds, you should avoid using student loan funds for any non-essential expenses. Instead, try to make financially-sound decisions that will benefit your future, like making early student loan payments early or creating an emergency fund. 

Paying off your student loan early is especially pragmatic if your loan comes with high interest rates. If you’re currently shopping for a student loan, consider working to improve your credit score or using a cosigner to get the best possible loan terms.

No Such Thing As “Free Money”

While student loans help millions of students access higher education, they also come at a high cost. Many students struggle with student loan debt after they graduate, which is why it’s so important to budget well now. 

Spending your student loan funds on frivolous purchases could end up hurting you down the road. So you should try to make every dollar count and work on loan repayment as soon as possible.

Easy Trick to Get a Quick Appointment for Your Global Entry Interview

Update: TTP Tracker is a free tool that helps you find a quick appointment for your Global Entry interview, and even Nexus, Sentri and Fast. This tool refreshes the appointments page and makes the process described below just a bit easier.

Global Entry is a great program for frequent flyers. It is a U.S. Customs and Border Protection (CBP) program that allows expedited clearance for pre-approved, low-risk travelers upon arrival in the United States. It is primarily aimed at travelers coming into the United States, but it’s also recognized at other participating countries such as Australia, Canada, Germany, Mexico, the Netherlands, New Zealand, South Korea, and the United Kingdom. It also includes TSA PreCheck. The membership costs $100 for five years, but you can usually get Global Entry for free if you have a premium travel credit card. You can read more about it and similar programs here.

The process for Global Entry starts with an online application. Once your application is conditionally approved, then you will need to schedule an Global Entry interview at a Global Entry Enrollment Center. Approvals have been taking longer that usual this year, so keep that in mind. Each applicant must schedule a separate interview.

You should also check out this free alternative to Global Entry, which can come on handy on your next international trip, if you can’t get an appointment in time.

Interview Appointment

There are two option for an interview. The first one is Global Entry on Arrival. You can take advantage of a walk-in interview for Global Entry when you return from your next international trip at one of several international airports in the United States and Canada. With Enrollment on Arrival, Global Entry applicants who are conditionally approved can complete their interviews, the last step of the Global Entry process, while they are clearing through United States Customs and Border Protection or Preclearance.

If you need your Global Entry before your next flight, then scheduling an appointment is your only option. You can check times and locations here. But depending on your location, interviews might not be available for a few weeks or even months.

One easy trick to get a quick appointment date is just to keep checking continuously throughout the day. The busiest locations will have the longest wait but there’s also more people canceling and rescheduling appointments, which means that a date could open up anytime. Here’s an example from a few days ago, where I was able to get an appointment at JFK within 24 hours, after seeing only options for almost a month out at first.

Even if you’re not sure if you can make an appointment that pops up, schedule it first. You can also continue to look for different times and dates and you can reschedule or cancel your current appointment. I saw more times open up as I kept refreshing throughout the day. It might be difficult to find the something for more than one person, but still worth it to keep trying if you need your Global Entry right away.

As for the interview, make sure to bring your passport, and your ID with you. At the JFK center, it was about a 10 minute wait, even though the waiting room had about 10 people. And the interview itself took about two minutes. The agent only asked for my passport, name, address and whether I’ve had customs issues or been arrested in the past. Once you complete your interview you will be approved within 24 to 48 hours.

Appointment Scanner notification

Appointment Scanner

If that doesn’t work for you, or if you don’t want to constantly check for open slots, then there’s also a paid service than can help you. Appointment Scanner (affiliate link) is a service for people who have filled out their online application, paid the fee, and have already received their conditional approval. It will help you find an in-person appointment.

Appointment Scanner constantly scans the Trusted Traveler site looking for canceled and rescheduled appointments for the Global Entry, NEXUS, or SENTRI programs. When you get an alert, hurry and try to claim it as fast as you can. The average user should get between 10 and 25 appointment alerts per day.

Appointment Scanner is not affiliated with the DHS or the Trusted Traveler programs. It costs $29 and it doesn’t promise you’ll be able to schedule an interview, partly because you’ll need to act fast yourself and actually schedule it.

Enrollment Center at JFK

Free Global Entry

These are the cards that will reimburse you $100 for paying for Global Entry, and most of them also give you $85 if you want to go for TSA PreCheck:

• American Express
• Capital One
• Citi
• Chase
• Other Issuers

Are you ready to purchase a home but worry you may not qualify for a mortgage? Have you considered the FHA’s adjustable-rate mortgage (ARM)? The FHA ARM (which is insured by the Federal Housing Administration) may be the loan that makes your home buying dreams a reality.

The credit score and down payment requirements for FHA ARMs are more relaxed than many conventional mortgages. And their initial interest rates are typically lower than FHA mortgage loan fixed rates, making them an attractive option for first-time home buyers or buyers struggling to meet conventional mortgage requirements.

But before you fully embrace an FHA ARM, weigh its pros and cons and learn how it works to make sure it’s a loan option you can make work for you. 

What Is an FHA ARM Loan?

First, a quick refresher: FHA loans are government-backed loans. The government promises lenders it will cover the loan if a borrower defaults. This promise allows lenders to offer mortgages to home buyers who may not qualify for a conventional loan.

The key difference between a standard FHA mortgage loan and an FHA ARM is the interest rate: Is the rate fixed or adjustable?

Standard FHA loans offer borrowers a fixed interest rate over the life of the loan. The interest rate is locked in. Your principal payment and interest payment stay the same month to month.

ARM loans have four major components:

Introductory period

Depending on the FHA ARM you select, you’ll get a lower introductory interest rate for 1, 3, 5, 7 or 10 years. When the introductory period ends, your rate will adjust based on market interest rates (think: increase or decrease) once a year. 

Interest index

FHA ARM interest rates adjust annually based on the Constant Maturity Treasury (CMT) rate set by the U.S. Treasury.

Adjustment period

At the end of the introductory period, your interest rate will adjust annually. Conventional ARM loans can adjust as often as every 6 months or as infrequently as every 5 years.

Interest rate caps

ARM loans also include interest rate caps. Your interest rate will be capped in two ways: annually and over the life of the loan.

For example, with a standard 1-year FHA ARM, during the adjustment period, the interest rate can’t increase more than 1% a year and never more than 5% over the life of the loan.^[1]

If you took out an FHA ARM with a 4.5% interest rate, your interest rate could jump to 5.5% in year 2. If interest rates continue to climb, you’ll never pay more than 9.5% in interest.

What Are the Different Types of FHA ARM Loans? 

There’s an FHA loan for every type of borrower. FHA ARM loans can range from a 1-year standard ARM to hybrid ARMs. 

Standard 1-year FHA ARM

As the name suggests, the loan has a fixed interest rate for the first year. After that, the interest rate will adjust every year based on market rates.

Annually, the maximum the interest rate can increase is 1%. Over the life of the loan, the interest rate increase won’t ever go higher than 5%. 

Hybrid ARMS

A hybrid FHA ARM combines a longer fixed-rate introductory period with the annual rate adjustment of a standard 1-year FHA ARM. The available hybrid ARM terms are^[1]:

• 3/1 FHA ARM: The initial interest rate is fixed for the first 3 years and then adjusts annually. The interest rate adjustment is capped at 1% annually and 5% over the life of the loan.
• 5/1 FHA ARM: The initial interest rate is fixed for the first 5 years and then adjusts annually. There are two interest rate adjustment options. Option one: The interest rate adjustment is capped at 1% annually and 5% over the life of the loan. Option two: The interest rate adjustment is capped at 2% annually and 6% over the life of the loan.
• 7/1 and 10/1 FHA ARM: For both loans, the interest rate is fixed for the first 7 or 10 years. After that, the interest rate can’t increase more than 2% annually and 6% over the life of the loan.

How Much Can You Borrow With an FHA ARM? 

The amount you can borrow with an FHA loan will depend on the county where you’re buying the home and the type of property you’re purchasing. 

In low-cost areas, you can borrow up to the FHA floor, which is $420,680, or 65% of the national conforming loan limit of $647,200. In high-cost areas, you can borrow up to the FHA ceiling – which is 150% of the national conforming loan limit, or $970,800.^[2]

What Are the Requirements for an FHA ARM? 

To qualify for an FHA ARM, you must meet the same basic requirements you’d need to meet for an FHA loan. Lenders will require a steady income, a qualifying credit score and a down payment of up to 3.5% or 10% depending on your credit score.

You’ll need to prove you have enough money saved to continue making your monthly mortgage payments even if interest rates rise. In addition to your income and credit history, your lender will review your employment history, debt and other financial obligations.

Here’s a breakdown of the specific requirements for an FHA ARM:

• Credit score: To qualify for an FHA ARM loan with a 3.5% down payment, you’ll need a credit score of 580 or higher. If you have a credit score as low as 500, you’ll need to make at least a 10% down payment.^[3]
• Debt-to-income (DTI) ratio: The amount you pay on your monthly fixed debts shouldn’t eat up more than 43% of your gross monthly income.^[3] This includes your mortgage, credit cards, car loans, student loans, etc.
• Primary residence requirement: The home you purchase must be your primary residence to qualify for an FHA ARM. Investment properties and second homes don’t qualify.

Pros and Cons of an FHA ARM Loan

While an FHA ARM may seem tempting at first glance, you should consider the loan’s pros and cons before you make any decisions. Here’s a look at some of the advantages and disadvantages of an FHA ARM:

Making Home Buying Possible

Whether you’re a first-time home buyer or a seasoned real estate vet, an FHA ARM loan offers all the perks of an FHA loan (a lower down payment, more relaxed credit requirements, etc. ) at an even lower interest rate. 

But that lower initial rate won’t last forever, so you’ll need a plan to stay in your home when the rate adjusts. 

Buying a home can be an expensive pursuit. Fortunately, there are strategies you can take advantage of to lower your home buying costs. 

If you are an aspiring home buyer with a low- to moderate-income, you should explore the different loan options at your disposal. If you’re struggling to qualify for a conventional mortgage because of credit or savings issues, you may be able to make purchasing a home more affordable with a USDA loan or an FHA loan. 

To understand whether a USDA or FHA loan might work best for you, we’ll look at the differences between the two loans. Knowing how they work and who they help could be the key that finally unlocks the doors to homeownership.

USDA vs. FHA Loans: What Are They?

USDA loans and FHA loans are mortgages backed by the federal government. Although the loans are insured by the federal government, you apply for them with private lenders. The federal government promises lenders they’ll cover a portion of these loans if borrowers can’t make their monthly payments (aka default). Because of this promise, borrowers with lower credit scores and incomes or higher debt-to-income (DTI) ratios might find it easier to qualify for government-backed mortgages.

The Difference Between USDA Loans and FHA Loans

USDA and FHA loans are federally backed loans, but each is different in critical ways. First, each loan is managed by a different federal agency. 

USDA loans are backed by the U.S. Department of Agriculture (USDA) and offer mortgages to low- to moderate-income borrowers who want to buy homes in qualifying rural areas. 

USDA loans typically have stricter eligibility requirements. For example, you can’t use a USDA loan to buy a home in a densely-populated urban area. And you would be disqualified for the loan if your income was higher than the average income in your county. USDA loans usually take a little longer to process because the loan applications are reviewed (read: underwritten) by the USDA and your lender.

FHA loans are regulated by the Federal Housing Administration (FHA), a branch of the Department of Housing and Urban Development (HUD). While FHA loans don’t limit where you can buy a house, they do set maximum lending amounts for borrowers. FHA loans are generally designed for first-time home buyers with lower credit scores or minimal savings.

Eligibility requirements

When looking at USDA loans vs. FHA loans, they each have different eligibility requirements. If you don’t qualify for one loan, you may qualify for the other. 

USDA loans

USDA loans are for home buyers in rural areas, but this isn’t the only requirement you’ll need to consider.

• Credit score: While the USDA doesn’t set a minimum credit score requirement, your lender may set one. Lenders typically require a credit score of 640 or higher. If your credit falls within this range, the USDA will provide automatic underwriting, speeding up the time it takes to get to closing.
• Income: USDA loans are available to lower- to moderate-income borrowers. Typically, a household can’t earn more than 115% of the average income in the area to qualify. Use the USDA’s income eligibility tool to see the income requirement in your state and county.
• Debt-to-income (DTI) ratio: Your DTI ratio must be 41% or less to qualify for a USDA loan.
• Location: The property must be in an eligible rural area. You can use the USDA’s eligibility map to determine whether a property is in a qualifying area. 
• Type of property: A USDA loan allows a borrower to purchase a single-family home they intend to use as a primary residence.
• Maximum purchase price: There is no maximum purchase price for a home financed with a USDA loan. But to qualify, a borrower must submit proof that they can afford the home. 

FHA loans

FHA loan requirements tend to be more relaxed than USDA loan requirements. 

• Credit score: The minimum credit score for an FHA loan is 500. It’s much lower than 620, which is the score required for most conventional home loans. However, a 580 credit score is required to qualify for FHA’s lowest down payment of 3.5%. If your credit score falls below 580, you’ll need to make a 10% down payment. 
• Income: The FHA doesn’t set any minimum or maximum income requirements for FHA loans. But you must provide proof of employment and income to your lender.
• Debt-to-income (DTI) ratio: FHA loans require a DTI ratio that isn’t above 43%. 
• Location: To qualify for an FHA loan, the home must be in the U.S. or a U.S. territory (like Puerto Rico or U.S. Virgin Islands).
• Type of property: FHA loans apply to single-family homes, townhouses, condos and multifamily homes with up to 4 units. You must move into the property within 60 days of closing and use the property as your primary residence for at least 1 year. 
• Maximum purchase price: While there are no maximum purchase prices with FHA loans, there are limits on the amount you can borrow. As of 2022, the FHA loan limit – which varies by county – ranges between $420,680 and $970,800 for a single-family home. You can see the borrowing limits in your area on the HUD website.^[1]

Geographic location

Getting an FHA loan is the better option if you don’t want to be limited by location. As long as the home is in the U.S. or a U.S. territory, it qualifies for an FHA loan.

USDA loans must be located in a USDA-designated rural area to qualify.

The approval process

FHA and USDA loans require the standard documents you’d provide for conventional mortgage approval, including government-issued ID, pay stubs and tax returns. Depending on the loan and your lender, you may need to submit additional paperwork with your application. 

Consider getting preapproved for your FHA or USDA loan to jump-start the underwriting process. Even with a preapproved loan, it could take anywhere from 30 to 45 days to process the loan and close on the home. Remember, it usually takes a little longer to close on USDA loans because the loans are underwritten by the USDA and your lender. 

The USDA and FHA require the home to be appraised to ensure you’re buying it at fair market value – but USDA loans don’t require a home inspection.

FHA loans also have unique requirements that may lengthen the process. Your lender will require a home appraisal and inspection from an FHA-approved appraiser before closing. After you close, you must move into the home within 60 days and use it as your primary residence for at least 1 year. Failing to meet these two requirements could land you in legal trouble.

Down payment

USDA and FHA loans are designed to help borrowers who might struggle with the down payment requirement for conventional loans. USDA loans don’t have a down payment requirement. But if you make a down payment, you’ll likely lower your monthly mortgage payments and the loan’s interest rate.

With an FHA loan, if your credit score is between 500 and 579, you’ll need to make a down payment that’s at least 10% of the home’s purchase price. If your credit score is 580 or above, the FHA requires at least a 3.5% down payment. Like USDA loans, making a higher down payment could unlock lower interest rates and monthly payments.

Mortgage insurance

With a conventional loan, lenders typically require monthly mortgage insurance if you don’t make a 20% down payment. USDA loans don’t require borrowers to pay private mortgage insurance (PMI), but borrowers must pay guarantee fees. These fees include a one-time, upfront guarantee fee that equals 1% of the total loan amount and an annual fee equal to 0.35% of the loan amount.

FHA loan borrowers must pay a mortgage insurance premium (MIP). The upfront fee equals 1.75% of your loan amount. And you’ll pay an annual premium that ranges from 0.45% to 1.05% of your loan amount.

Interest rates

USDA and FHA loan interest rates are competitive compared to conventional loan rates. However, factors like your credit score, income and DTI ratio can affect how much you pay in interest. As of October 2022, the USDA loan interest rate for borrowers is 3.5%.^[2] FHA loan interest rates tend to be higher and fluctuate more than USDA rates, but they are still more competitive than most conventional home loans.

Is a USDA or FHA Loan Better for Me?

A USDA loan is likely your best option if you want a home in a rural area and your income qualifies you for the loan. If you don’t qualify for a conventional loan and want to save on your upfront home buying expenses, an FHA loan is a great option that puts fewer limits on where you can purchase a home. 

In either case, these government-backed loans can help you overcome financial obstacles and finance your dream home.

Air Canada’s Aeroplan program has jumped on the the Black Friday bonus points promotional period. Below are some of the best offers to watch out for. We included what time frame each offer runs for, as there are different dates to keep in mind.

Flights

Below are the bonus opportunities when booking a flight between November 17, 2022 until November 27, 2022 for travel between November 17, 2022 until July 30 2023 with no blackout dates. Members would be able to choose among 3 offers:

1. Earn 50% bonus points on Economy fares (when booking a flight or vacation package).
2. Earn 100% bonus points on Premium Economy and Business Class fares (when booking a flight or vacation package).
3. Receive 5% bonus back on eligible flight redemptions (minimum of 1,000 and up to a maximum 25,000 points) .

Air Canada gift cards and gifting points

Below are the bonus offers that run between November 17, 2022 until November 28, 2022 for Air Canada gift cards and gifting points to a family or friend:

• Earn 1 bonus point for every $1 spent on Air Canada Gift Cards (first $750 in purchases).
  • Earn 3 bonus point for every $1 spent on Air Canada Gift Cards (above $750 in purchases).
• Receive up to 105% bonus points for buying or gifting Aeroplan points.

Car rentals, hotel stays

Here are the promotional offers that run between November 17, 2022 until November 28, 2022 for car rental and hotel bookings through Air Canada:

• Earn up to 1,500 bonus points and receive up to 30% off base rates when booking North American car rentals with Avis or Budget.
• Receive up to 25% points back for registering and redeeming for a hotel stay on the member-exclusive platform.
• Save up to 15% in points when redeeming booking for car rental bookings of 3 days or more.

Air Canada eStore

Members can also earn additional bonus points through the Air Canada’s eStore:

• Earn up to 10x the points for every $1 spent on online retailers via the Aeroplan eStore (for purchases between November 17, 2022 to November 29, 2022).
  • Earn 10 additional points for every $1 spent (must register and pay for eligible eStore purchases using an Aeroplan co-branded credit card) (for purchases between November 24, 2022 to November 29, 2022).
• Save up to 15% in points when redeeming for Apple merchandise (for redemptions between November 17, 2022 to November 25, 2022).
• Save up to 15,000 points when redeeming for select gift cards (for redemptions between November 17, 2022 to November 25, 2022).

LCBO, Starbucks and Uber, UberEats

Furthermore, there are bonus opportunities with some of Aeroplan’s relatively newer partners:

• Earn 15 bonus points for purchasing any hot latte at Starbucks (for purchases between November 17, 2022 and November 28, 2022).
• Earn 100 bonus points for spending over $75 on Italian wines in LCBO (for purchases between November 17, 2022 and December 3, 2022).
  • Earn 150 bonus points for spending $75 online on Italian wines in LCBO (for purchases between November 17, 2022 and December 3, 2022).
  •  *Ontario only offer, members 19 years of age and over.
• Earn 2,000 points for signing up and taking your first Uber ride
  • Earn 1,000 bonus points as a new Uber member (sign up by November 28, 2022)
• Earn 2,000 points for signing up and spending at least $25 on food orders through UberEats
  • Earn 1,000 bonus points as a new UberEats member (sign up by November 28, 2022)

As you can see, there are many bonus points to be had during the next couple of weeks with Aeroplan!

physixfan      2022-11-17     2022-11-17