- Improving your credit score can save hundreds a month on your mortgage
- A borrower with a “fair” credit score could pay $103,626 more over the life of a 30-year mortgage for the same home than an otherwise identical borrower with an “excellent” score would
- Barriers to housing that result from credit issues are often more profound for people of color
SEATTLE, July 28, 2022 /PRNewswire/ — Elevated home prices and rising interest rates are feeding into housing affordability woes for potential buyers, especially those with lower credit scores. A new Zillow analysis shows that, nationally, buyers with “fair” credit could be paying up to $288 more on their monthly mortgage payment than those with “excellent” credit.
Today’s home shoppers can expect to pay around 62% more per month to buy a typically priced U.S. home than they would have a year ago. Zillow examined credit scores against current mortgage rates and found that such monthly cost increases are exacerbated for millions of Americans with low credit scores or less than perfect credit histories.
A borrower with an “excellent” credit score — between 760 and 850 — can qualify for a 30-year fixed-rate mortgage with a 5.099% interest rate1. For the same loan, a similar borrower with a “fair” credit score — between 620 and 639 — qualifies for a 6.688% rate1. This equates to a $288 difference in monthly mortgage payments and nearly $103,626 in interest over the life of a 30-year fixed loan, based on the current price of a typical U.S. home ($354,165)2.
“When you are thinking about buying a home, the best first step you can take is to fully understand your financial picture, what you can afford and your outstanding debts or obligations,” said Libby Cooper, Zillow Home Loans vice president. “If you find you have low credit, take realistic steps to improve your credit score by doing things like disputing possible report errors and paying down as much debt as possible. This could increase the amount of home loan you qualify for.”
The chart below illustrates how a buyer’s credit profile plays an important role in how much a home ultimately costs. Buyers who make raising their credit score part of their initial steps in the home-buying process typically have more buying power and lower monthly payments.
The cost of buying a typically priced U.S. home based on credit scores3
|FICO® Score||Estimated Annual|
|Monthly Payment||Total Loan Cost|
There is a direct correlation between credit security — having a strong credit history and structural access to credit offerings — and higher homeownership rates. The homeownership rate is lower in counties that are more “credit insecure,” meaning they are home to high numbers of residents with poor or no credit history. That cuts off millions — particularly Black and Latinx residents — from the wealth-building advantages of homeownership. Additionally, Black applicants are denied a mortgage at a rate 84% higher than white applicants, and credit history is the most common reason cited for those denials. Limited traditional financial services in Black and other communities of color are a significant factor in the lack of credit history and the inability to build a high credit score.
Fannie Mae and Freddie Mac recently adopted policies that include timely rent payments in their automated underwriting systems. Lenders and brokers can submit bank account data (with borrower permission) to identify 12 months of prompt rent payments to help potential borrowers qualify for a mortgage.
“While inclusion of timely rent payments doesn’t change a borrower’s credit score, it can have a positive impact on how lenders view a borrower’s credit worthiness. This move shows how effective policy changes can help consumers build a strong financial foundation that unlocks homeownership,” said Cooper.
About Zillow Group:
Zillow Group, Inc. (NASDAQ: Z and ZG) is reimagining real estate to make it easier to unlock life’s next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting or financing with transparency and ease.
Zillow Group’s affiliates and subsidiaries include Zillow®, Zillow Offers®, Zillow Premier Agent®, Zillow Home Loans™, Zillow Closing Services™, Zillow Homes, Inc., Trulia®, Out East®, ShowingTime®, Bridge Interactive®, dotloop®, StreetEasy® and HotPads®. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
1 Based on the FICO Loan Savings Calculator on myfico.com. Rates current as of July 26, 2022.
2 According to the Zillow Home Value Index.
3 Loan calculations assume a 20% down payment on a home cost of $354,165 with a 30-year fixed mortgage. Total loan cost includes the loan value and interest cost over the life of the loan.
8TH ANNUAL ELITE TRADES CHAMPIONSHIP SERIES TO AIR ON CBS SPORTS NETWORK IN DECEMBER
SYCAMORE, Ill. /PRNewswire/ — Intersport and IDEAL® INDUSTRIES, INC. announced that the 8th annual IDEAL® Elite Trades Championship Series will be broadcast on CBS Sports Network on Fridays throughout December, highlighting the skills and craftsmanship of the nation’s top tradespeople. This year’s championship finals featured intense competitions across the electrical, HVAC, automotive and plumbing trades.
With a spotlight on both trades professionals and apprentices, the month-long broadcast series will highlight the importance of critical trades and underscores the importance of nurturing new talent in these imperative fields. Each event will air at 7 p.m. CST on CBS Sports Network’s Friday night line-up on the following dates:
- December 8: IDEAL Electrical Championship (7p.m. CST)
- December 15: ServiceTitan HVAC National Championship (7p.m. CST)
- December 22: U.S. Auto Tech National Championship Driven by Yokohama (7p.m. CST)
- December 29: inaugural Plumbing National Championship (6pm CST)
“The skilled trades are the backbone of our infrastructure, and the Elite Trades Championship Series aims to shine a light on the exceptional talent of these dedicated professionals,” said ETCS General Manager Scott Mendel. “We look forward to highlighting the importance and achievements of this year’s finalists with communities nationwide on CBS Sports Network this December.”
The top three finalists of each field shared a prize pool of more than $300,000 in cash and sponsor-provided awards. Finalists were culled from a rigorous series of qualifying events over several months before dueling head-to-head in a custom-built arena that challenges and honors their vital skills. Below are the 2023 winners from the October 26-28 competitions at the Tampa Convention Center, highlighted by Craig Childress who won in both HVAC and plumbing.
“I don’t think anything’s really sunk in yet. This has been an unbelievable experience,” said Childress on securing multiple titles. “It’s a wonderful accomplishment to be able to be the first person to compete in and win two competitions. Means the world to me. I’ve put a lot of time into the trades, but something like this—to be able to give back and show the future generations of tradesmen and women coming up—is important.”
|Competition||1st place||2nd place||3rd place|
|IDEAL Electrical Championship||Jose Renteria(Elk River, MN)||Dino Gualandri(La Salle, IL)||Devin Slifer(Greenup, KY)|
|ServiceTitan HVAC National Championship (professional)||Craig Childress(Peabody, MA)||Dagner Espinosa(Tampa, FL)||Lee Morris Jr.(Charleston, SC)|
|HVAC (apprentice)||Patrick Boldt(Leipsic, OH)||Johnathon Helms(Portville, NY)||Billy Dahmen(Niles, MI)|
|U.S. Auto Tech National Championship Driven by Yokohama (professional)||David Borer(New Riegel, OH)||Bill Woods(Delta, PA)||Andy Buehler(Sidney, OH)|
|Auto Tech (student)||Yanick Tanguay(Lima, OH)||Randy Giroux(Lima, OH)||Grant Disser|
|Plumbing National Championship||Craig Childress(Peabody, MA)||David Shanor(Fairfax, VA)||Joe Jaspers(Cincinnati, OH)|
In addition to the prize packages, sponsors also provided products and software used in the competition. For instance, all four competitions featured ladders from Little Giant Ladders. The Auto Tech portion saw finalists use Challenger Lift portable mid-rise car lifts, AutoZone’s ALLDATA OEM repair information software, Yokohama tires and parts from Wagner, MOOG, Monroe and Champion. Plumbing finalists used fittings courtesy of Sharkbite. HVAC competitors used Flex power tools, ServiceTitan software, Johnstone Supply material and tools, RLS fittings and Trane and American Standard condensers, coils, CleanEffects filters and furnaces. For the electrical competitions, Cerrowire service and feeder conductors and branch circuits were used. Service installation also used IDEAL hand tools and electrical supplies and Siemens exterior load center and meter.
Intersport is an award-winning agency and leader in the creation of ideas, content and experiences that attract and engage passionate audiences. Its industry-leading team offers expert insights in content marketing, customer engagement, experiential marketing, hospitality, production and sponsorship consulting. The Chicago-based agency also owns and operates events across the professional and collegiate sports landscape, including basketball, football, golf, pickleball and volleyball. The Elite Trades Championship Series is one of the flagship platforms developed by Intersport to recognize and elevate various trades across the nation. Intersport has been headquartered in Chicago since its inception in 1985, with additional offices in Boston, Detroit and New York. Learn more at www.intersport.global and on social media (LinkedIn, Instagram and Facebook).
About IDEAL INDUSTRIES, INC.
IDEAL INDUSTRIES, INC. is a global, diversified family-owned business designing and manufacturing superior products for the electrical, lighting and infrastructure industries. The 105-year-old company was founded in 1916 to forge ideal relationships with customers, employees, partners and communities. The company has consistently grown and expanded under five generations of family ownership. For more information, visit www.idealindustries.com.
SOURCE INTERSPORT INC
How to Build a Sustainable Home
(Family Features) Rising fuel costs and increased awareness of society’s environmental impacts have many homeowners looking to leverage sustainable building materials to reduce the amount of energy used to heat and cool their houses. If you’re starting construction on the home of your dreams, consider the benefits of building with sustainability and energy efficiency in mind.
Here are a few tips to follow before beginning to build your sustainable dream home.
Create a Reasonable (and Flexible) Budget
As the first step for any new build, creating a budget that fits your means is critical. Remember, new construction is often a fluid process, meaning you may need to cut back in certain areas to balance out unforeseen costs or desires to go above and beyond on amenities that are important to you.
Hire the Right Construction Professionals
Even if you consider yourself handy or a DIY pro, new construction isn’t a project to go at alone. Do your research on local professionals like architects, contractors and others who are experienced in sustainable construction. Contact trusted friends, family and neighbors for references and read reviews online to gather options before requesting bids or signing contracts.
Start with a Sustainable Foundation
Constructing a sustainable home starts with the foundation. A longer lasting home can begin with strong building materials like insulated concrete forms (ICFs), such as those from Nudura, which provide superior energy efficiency, sound-proofing and lower utility costs versus traditional wood-frame construction. Dual-insulated ICF walls with a concrete core provide high R-values (a measure of insulation’s ability to resist heat traveling through it) and thermal mass, as well as disaster-resilient structural support from the foundation to the roof. They even provide architects greater design flexibility to build your dream home according to your desired interior and exterior aesthetic specifications.
Select Eco-Friendly Materials
While installing energy-efficient appliances and high-quality windows and doors are obvious examples of eco-friendly materials, there are other solutions to help you go green in your new home. Consider options like countertops made from recycled glass or reclaimed bricks for fireplaces and accent pieces.
Power Your Home with Renewable Energy
If it’s within your budget, you can take your new home to the next level by powering it with renewable energy like solar or wind. Typically installed on the roof, solar panels harness the sun’s rays and convert that energy to power your home. An additional benefit: You may save money in the long-run on electricity bills.
Prepare for the Unexpected
Project delays, fluctuating costs and more can turn building a new house into an unpredictable process. Don’t let potential surprises deter you from seeking your dream space or forever home. Be prepared for the unexpected so you aren’t caught off guard. In fact, unanticipated circumstances can sometimes be a good thing, like building materials dropping in price, a new product hitting the market or those flashy eco-friendly appliances going on sale.
Learn more about sustainable building at nudura.com/sustainable-design.
POP-TARTS CELEBRATES FIRST FROSTED GINGERBREAD FLAVOR BY LISTING A GINGERBREAD HOUSE ON ZILLOW
One lucky gingerbread house-building fan will win $15K from Pop-Tarts that they can put toward their home mortgage
BATTLE CREEK, Mich. /PRNewswire/ — This holiday season, Pop-Tarts is celebrating the wild world of homeowning with a crazy good idea – build your Frosted Gingerbread Pop-Tarts dream house for a chance to win money you can use toward your real dream house.
The brand is putting a new twist on the classic gingerbread house-making tradition with this gift of an offering. Whether you’re a Zillow-surfing addict or a hopeful pastry-home architect, any and all Pop-Tarts fans can enter for a chance to win $15K from Pop-Tarts. To enter, post a picture of your Pop-Tarts Gingerbread house on Instagram or Twitter with #GingerbreadPopTartEntry (No Purchase Necessary). You may also enter via mail-in entry. Complete official rules here.
The contest is inspired by Gingerbread Pop-Tarts that are back after nearly a decade and better than ever thanks to the new addition of snowy white icing and nine printed fun designs, perfect for elevating any gingerbread house.
“Rather than building the same quaint, cookie-cutter gingerbread houses this year, we hope families will consider a crazy good renovation instead,” says Heidi Ray, Senior Director of Marketing, Portable Wholesome Snacks. “We are reintroducing Gingerbread Pop-Tarts to inspire a new era of gingerbread house building that’s modern, memorable, and most importantly, delicious. We hope the added incentive of the $15K prize will get fans into the spirit, the Pop-Tarts way.”
HOLIDAY HOME-BUILDING INSPIRATION
To set the stage for holiday house-making, Pop-Tarts teamed up with experts at Zillow to list the first-ever Gingerbread Pop-Tarts house on the real estate marketplace. Nestled in the heart of Wild Berry Woods, this drool-worthy Pop-Tarts Gingerbread farmhouse is turnkey and tasty, with scrumptious siding and snackable shingles. Digital window shoppers and hopeful architects will marvel at the Cookies n’ Crème kitchen countertops and Chocolate Fudge bedroom reading nook all season long. Find this edible dream home listed at zillow.com/house/poptarts.
Limited-edition Frosted Gingerbread Pop-Tarts are on shelves now in retailers nationwide for an MSRP of $4.19 for a 12-count box. Stock up ahead of the holiday season and stay up-to-date on all things Pop-Tarts by following the brand on TikTok, Instagram, Twitter and Facebook.
NO PURCHASE NECESSARY. YOU MUST HAVE INTERNET ACCESS AND AN ACCOUNT ON TWITTER OR INSTAGRAM TO ENTER VIA SOCIAL MEDIA. Obtaining an account on a designated social media platform and entry into the contest is free. Open to legal residents of 50 US & DC; 13+. Begins 12:00:00 AM (ET) on 7/25/22 & ends at 11:59:59 PM (ET) on 12/16/22. For how to enter including mail-in entry and/or complete Official Rules, go to www.poptarts.com/contest. Subject to complete Official Rules. Void where prohibited. Sponsor: Kellogg Company, One Kellogg Square, Battle Creek, MI 49016.
®,™, © 2022 Kellogg NA Co.
ABOUT KELLOGG COMPANY
At Kellogg Company (NYSE: K), our vision is a good and just world where people are not just fed but fulfilled. We are creating better days and a place at the table for everyone through our trusted food brands. Our beloved brands include Pringles®, Cheez-It®, Special K®, Kellogg’s Frosted Flakes®, Pop-Tarts®, Kellogg’s Corn Flakes®, Rice Krispies®, Eggo®, Mini-Wheats®, Kashi®, RXBAR®, MorningStar Farms® and more. Net sales in 2021 were nearly $14.2 billion, comprised principally of snacks as well as convenience foods like cereal, frozen foods and noodles. As part of our Kellogg’s® Better Days ESG strategy, we’re addressing the interconnected issues of wellbeing, climate and food security, creating Better Days for 3 billion people by the end of 2030. Visit www.KelloggCompany.com.
SOURCE Kellogg Company
Community9 months ago
Diana Gregory Talks to us about Diana Gregory’s Outreach Services
Senior Pickleball Report10 months ago
ACE PICKLEBALL CLUB TO DEBUT THEIR HIGHLY ANTICIPATED INDOOR PICKLEBALL FRANCHISES IN THE US, IN EARLY 2023
Entertainment11 months ago
The Absolute Most Comfortable Pickleball Shoe I’ve Ever Worn!
Blog10 months ago
Unique Experiences at the CitizenM
Automotive9 months ago
2023 Nissan Sentra pricing starts at $19,950
Senior Pickleball Report10 months ago
“THE PEOPLE’S CHOICE AWARDS OF PICKLEBALL” – VOTING OPEN
influencers9 months ago
Keeping Pickleball WEIRD, INEXPENSIVE and FUN? These GUYS are!
Blog11 months ago
Assistory Showing Support on Senior Assist Day