Here are some of the ideas to think of.

1. Go for the new lightning

Installing a new light fixture in your bathroom can give it an instant makeover by giving off brighter and fresher-looking lighting. You could go for something traditional like hanging fixtures, or you might prefer one that sits on top of mirrors to reflect more ambient sunshine around the room. 

If you are not really comfortable with disconnecting the electricity and some wire job, consider hiring a professional for this part.

2. Add some tiles

Tiles can be a good way to update your bathroom without having the entire space changed out. They’re easy and quick to install (and you don’t need any tools), durable, moisture-resistant — there’s really nothing not love about them! You could go with something classic like white or black subway tiles, but why not experiment by arranging herringbone design across one wall? Or try hexagon-shaped ones in another area?

3. Adding wallpaper won’t hurt

Wallpaper is a cool way to jazz up your powder room without taking too much space. You can choose from a variety of designs, including ones that are splash-proof so they won’t peel off in high humidity areas.

4. Modernize your vanity

If you’re looking to take your bathroom design up a notch, consider adding some personality and flair to your vanity. You can paint it bold new colors, replace its countertop with a wooden/granite one, install new hardware, change the stencils, etc.

5. Old furniture — new style

Upcycling furniture is a great way to spruce up your space without breaking the bank. If you’re looking for an affordable makeover, consider converting old dressers and nightstands into new bathroom storage systems. Paint them whatever color you like, cut a hole for a sink — it’s all up to you.

6. Get a towel warmer

When it’s cold outside, and you need to get out of the shower, there is nothing better than coming back into a warm bathroom. A wall-mounted towel warmer will keep your towels and space nice and cozy. A warmer can be installed easily by plugging it in with an outlet nearby.

7. Change the mirror

When you’re looking for an upgrade, replacing that old frameless mirror with one of these artful versions is a simple and stylish way to spruce up any bathroom. They come in different shapes — like circles or triangles — which will help give your bathroom some style and character, so you feel like it’s yours rather than just another generic room with no personality. 

Make sure to get a mirror with a hanger bracket to ease the installation process. Alternatively, you can keep your old mirror and simply get a new frame.

8. Replace the hardware

To give your bathroom the brand new feeling, all you need is some accent features. Think of replacing a toilet paper holder, light fixtures, faucets, a towel rack, and so on. Go for a classic nickel, or get something funky from a thrift shop — whatever matches your style.

9. Add a new wall storage

You can make your bathroom feel more spacious by installing floating shelves or a wall cabinet above the toilet and adding a bar with hooks next to the tub. This will allow you easy access for storing anything that needs storage in this area while also giving it some visual appeal. If hanging things on walls isn’t possible because of limited space, try positioning a ladder and use it as an additional storage space.

10. Go for eco-friendly elements

According to the research made by Freddie Mac, energy-efficient features can boost your home value up to 2.7%, and besides, you’ll be helping the planet at the same time. 

Upgrade your home’s lighting with an energy-efficient option like halogen incandescent, CFL, or LED lights. You can also install insulation and a toilet that meet Energy Star standards, although these are more complex projects which might require professional help.

11. Paint the walls

The right color can make all the difference when selling your home. For a fresh, clean look that will boost resale value, try warm or neutral tones like cream and white. If you want something different, then painted stencils offer an added flourish along trim lines for any room in need of extra creativity.

12. Update your shower space

There are lots of ways to make your shower more functional and stylish. Shower shelves can hold all the soaps, shampoos, or lotions you need in an easy-to-reach place without cluttering up counter space with bottles that will eventually get messy if left sitting on top. 

Don’t worry if your shower is tiled, just go for a lighter shelf and use water-resistant adhesive or screws.

13. Add the window blinds

Installing new blinds can be an easy way to give your bathroom that fresh, clean feel. You might even discover improved energy efficiency and reduced cooling costs in summer and heating costs in winter.

14. Replace the exhaust fan

Your bathroom exhaust fan is an essential part of your home’s ventilation system. It removes heat, odors, and moisture from the room, helping to prevent mold while improving air quality for you.

The average lifespan of a fan usually lasts 10 years, but if it has been a while since the replacement, it’s better to invest in a new one today before something goes wrong with its efficiency or function altogether.

15. Add storage space

To maximize your storage space, consider adding some static or slide-out shelves to the cabinets in a bathroom. You can use baskets for further organization and store extras like linens and towels on them too! These pre-made pieces come from hardware stores, but you might be able to reuse parts of an old dresser/vanity if needed (just make sure it’s stable).

If you’re looking to update your bathroom, consider tackling a few of these projects or putting them all on the list. Think about what needs to be done there and how much money is available for upgrades. The best thing about these projects is that you can do most of them by yourself or with a partner. 

If a bigger renovation is planned, you might think of getting a cash-out refinance to replace your current mortgage with a larger amount. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post 15 DIY Ideas To Remodel Your Bathroom appeared first on CleverMoneyNews Blog.

Before you make your decision, make sure to shop around to get the best deal and clearly define your goals. 

The things to take into account include: 

— Is it possible to get your mortgage refinanced with the same lender?

— What are the advantages of refinancing with the same lender?

— What are the cons of refinancing with the same lender?

— How to negotiate with your lender?

Is It Possible To Get Your Mortgage Refinanced With the Same Lender?

Mortgage refinancing is the most popular way to lower monthly payments and save money. 28% of all homeowners who refinanced in Q1 2021 stayed with their current bank or lender, according to a Black Knight’s report. So yes, it is possible. 

It might be a perfect choice for you if your bank/lender: 

— Offers discounts for returning borrowers

— Provides low interest rates

— Can close loan refinancing fast 

Here’s what you need to learn before making a decision: 

• Who services your loan? Your mortgage lender is not always the company you contact to make your payments and manage accounts. As a borrower, you need to make certain you’re talking to the right people. 

• Should you wait before refinancing? If you just closed on your mortgage and want to refinance with the same lender, be prepared for a wait. Some lenders make borrowers sit through at least six months before they’ll consider another application.

• Can your lender meet your needs? There are many types of refinancing loans, with each having its own pros and cons. For example, a rate-and-term refinance will have lower interest rates than what you originally paid, while cash out can help if your financial situation has improved. There are also programs like VA Streamline and FHA Streamline. Make certain your lender has something to offer you at this point.

What Are the Advantages of Refinancing with the Same Lender?

There are two important advantages when it comes to refinancing with the same lender: convenience and money savings. 

It can save you some money 

Refinancing a loan involves some costs, which might range from 2% to 5% of the loan amount. According to Freddie Mac, the cost of refinancing usually amounts to $5000 on average. 

But as long as you refinance it with the same lender, you might skip some fees, including home appraisal, title insurance, loan organization, and mortgage insurance fees.

The terms might be better 

Your lender might be glad to match a lower interest rate or closing cost quote from another company if you have been loyal in the past and offer them an opportunity for more business. This is especially true with a good credit score and on-time mortgage payments history.

It takes less time 

With an established relationship and financial information on file, refinancing should be easier for you. The company has everything it needs to process your request, including your financial details and payment history. 

Consider having your home loan underwritten by the same bank or credit union that handles all of your financial needs. This way, you can avoid excessive paperwork and fees.

What Are the Cons of Refinancing with the Same Lender?

There are situations when changing a lender might actually be a good idea. 

Your lender might have capacity issues 

The housing market is booming, and it seems like every bank in the country has been issuing mortgages at breakneck speeds. This means you might experience delays when trying to close your loan with your original lender if they are popular among potential customers right now. According to ATTOM Data Solutions, refinance rates during the first quarter this year were at their highest levels in more than 14 years. 

Make sure to ask your lender how long it might take to refinance. While most of the lenders need 47 days on average to close the deal now, some are able to do it faster — or slower. 

The customer service might not be perfect 

Every mortgage lender provides different services. Some institutions have an end-to-end digital process that emphasizes efficiency and savings, while others offer brick-and-mortar branches to provide in-person help. Is this something that you value the most? 

If you’re not a fan of the services provided by your current lender, it’s better to switch to another company that has higher customer satisfaction ratings. 

You could lose some money 

The best way to save money is to shop around with different lenders. While your lender already knows the rate you pay and can decrease it a bit, other companies can offer you better deals if you ask, plus you can use this information to negotiate the best deal with a current lender. 

How To Negotiate With Your Lender?

It’s possible to get your mortgage refinanced with the same lender, but make sure to follow these steps to save money and get the best offer: 

• Get rates from several lenders. What are your interest rates? What are the closing costs and monthly payments?

• Ask other lenders for better conditions. Inform your original lender that you are shopping around, and ask them to compete with other lenders. You might be able to get a better interest rate or lower closing costs if they know there’s competition.

• Think of paying discount points. One way to make the mortgage process more affordable is by using discount points. These are the fees that lower interest rates and make it worth paying, providing the house will stay with you long enough to recoup these costs.

• Get everything written down. If there is a better deal for you, ask a lender to write it down for you. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Refinancing With the Same Lender — Is It a Good Idea? appeared first on CleverMoneyNews Blog.

If you find a good deal with lower rates, it can be a perfect way to save money on your car payments. 

Auto Loan Refinancing — What Is It?

Refinancing your auto loan basically means taking another loan to pay off the existing one with the lower interest so that you can save some money. Refinancing an auto loan is similar to applying for other types of loans, so make sure you have a good standing credit score and shop around to find the best deal. 

There are a number of misconceptions about auto refinancing, but knowing what to expect and understanding how it works will help you save money in the long run.

Misconception 1: Getting an appraisal for refinancing will take long. 

If you plan to refinance your car, it is important that the value of your vehicle has been assessed before getting any further with this process. Besides, it’s impossible to get a new loan without getting your car appraised first. 

But don’t worry, today, appraisals rarely take long and are usually done online. In most cases, your lender can take care of the process and assess all the quality aspects of your vehicle, including its history, age, condition, and mileage. 

Misconception 2: Refinancing is a pain in the neck.

Sure, it might take some time and effort to get the best deal when refinancing your car loan, but this is another aspect your lender can help you with. For example, the lender can cover the “going to DMV” part for you, so you don’t bother with making appointments and preparing the documents. 

When you refinance your car loan, there are a few simple steps to take. You can expect that refinancing will involve: 

• Pre-qualification — checking if it is possible for you based on current rates and availability. This step doesn’t influence your credit score; 
• Credit application — submitting the full application and making an official request which will be posted on your credit report;
• Finalization — submitting all the documents, which might vary depending on the state you’re in.

Misconception 3: There are too many fees involved.

The whole point of getting your loan refinanced is to save money, so don’t expect any high fees. There can be lien holder and state re-registration costs, which you may not have to pay if your lender handles them for you during the process.

One important thing before deciding if it’s worth taking out another loan, though: check whether there’s an early pay-off penalty fee from your current lender, i.e., the fee you’re obliged to pay if you pay off the loan earlier than it was agreed in the initial terms. 

Misconception 4: You need to wait before you can refinance.

There’s a common misconception that you can’t refinance your car loan immediately after purchasing it. However, this isn’t true — you can refinance your car loan immediately after buying it! The vital thing to remember is that you should be in a better position with lower interest rates and not add any more money towards the cost of your vehicle. 

However, if your credit score is poor, waiting at least six months or one year before refinancing will allow it to improve, so think about it before closing the deal. Generally, the time frame doesn’t matter as long as your car meets the following criteria (might vary depending on the lender):

• The vehicle is less than 10 years old
• The mileage is less than 120,000
• The vehicle is insured as a personal car

Misconception 5: Refinancing spoils your credit score.

While it’s true a hard credit pull can have an impact on your score, keep in mind that this is usually temporary. Hard inquiries are typically limited to about two years and won’t negatively affect future scores over time if you maintain good behaviour with lenders. 

All in all, refinancing can be a real way to save money, as long as you take your time to select a good lender with the best interest rate. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Refinancing A Car: Top 5 Misconceptions appeared first on CleverMoneyNews Blog.

The rental market is heating up. The average cost of apartment rent in areas like Tampa, FL, Boise, ID, or Phoenix, AZ has experienced an increase of close to 20%. In some areas, this trend is even more severe. One example would be Sarasota, FL, where monthly rents for one-bedroom apartments increased by 40% over last year’s rate. 

One of the reasons is that there are not enough houses for sale, and the ones available are too expensive for most people, so they have to rent instead. This leads to another increase in rent price and cost of living in general.

Renters Need to Scale Back Their Spendings

With the rise in rents, many Americans are finding themselves tightening their belts. The cost of living is high, and inflation has hit a more than 30 year high, hurting everyone’s budget, especially those with lower incomes. Some renters are forced to change their lifestyles and move to cheaper locations. 

According to financial advisors, housing costs shouldn’t exceed one-third of your net monthly pay. If this is not an option, cutting back on other expenses can help. In the best-case scenario, living expenses should be a maximum of half of your paycheck. 

Not Keeping Up With Payments

Negotiating with your landlord is crucial if you are behind on rent. Try to negotiate for a lower price or spread out the payments over time, and look into rental assistance programs that can help cover some of the cost. 

With rent likely to rise next year, renters should be prepared for the negotiating process. And with the market being tight, landlords might say no.  But tenants should highlight their strengths, be willing to compromise, and have a plan B. It’s the only opportunity for success in this increasingly competitive environment where inflation is taking its toll on all aspects of life, including rent. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Rents Are Sky-High, Just Like The Inflation appeared first on CleverMoneyNews Blog.

In the wake of recent price hikes, some people are starting to feel like there is no end in sight for inflation. But current economic trends could lead to a glut or oversupply for furniture, cars, appliances, and other goods next year, thanks largely due to an increase in prices which saw double-digit gains last month. 

Vehicle prices continue to rise as the lack of new vehicles makes it difficult for rental car companies. As a result, there are fewer cars available, which drives costs up 49%. The cost-effective way to buy used cars is also more expensive now at 44%.

Auto, Retail Undersupply Could Ease

While it may seem like inflation is here to stay, even small improvements in the supply chain could have a big impact. The automotive industry has many half-built vehicles waiting for semiconductors and other components that are needed before they can be assembled into cars or trucks. Some car companies are hoarding parts to prevent shortages in the future, which will make demand appear higher than it really is. Once they install these extra supplies, though, they might end up with oversupply. 

While many retailers are encouraging consumers to start their holiday shopping early, last week they announced that they have enough inventory for the upcoming Black Friday event. This could lead stores like Walmart, Target, and TJMaxx to have excess stock if shoppers have already finished buying their gifts. 

Fewer COVID-19 Cases Could Lead to Prices Drop

With the help of antiviral pills and vaccine boosters, the number of COVID-19 cases might drop down, together with the inflation rate. This could lead consumers who are less worried about catching the disease to spend their money on services rather than goods.

Lower cases also mean that supply chain delays in key manufacturing hubs around the world can now ease, which will promote faster economic recovery, with the 2% desired by the Fed achieved even faster. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Inflation Could Go Down This Year appeared first on CleverMoneyNews Blog.

Why Save 50%?

There are some good reasons to only use up half the money your household earns. The first is tied to flexibility. Job losses happen, and so do disabling illnesses and injuries. Those who are able to make it on one salary will be able to deal with these unfortunate circumstances easier.

Another good reason to put 50% of household earnings aside is to have a nest egg so that one spouse can have the option to take off some time if the family grows through the birth of new children. It’s not necessary for a parent to take off a few years, but it can become an option. A final reason why you might want to stash away 50% of your combined salaries would be to take advantage of the possibility of early retirement.

Budget

One of the most important steps toward saving 50% of combined household income is formulating a budget. A budget is a tool that tells your money where it should go. Without a budget, it’s easy to let money slide through your fingers so that you wonder where it all went at the end of the month. By putting half of the salary you make into various savings vehicles, you’ll be able to achieve the goal of living on one of two incomes or half of one. 

Cut Back

To stash one of every two dollars you make in a savings or retirement account, you’ll likely have to cut some expenses. Some of the more common areas that are possible to cut back on are cable, eating out and groceries. It’s estimated that Americans waste about half of the food that’s produced in the country. There is definitely room for most people to cut waste. Every dollar that you cut from your budget is an additional dollar you won’t need to achieve financial independence. 

Make More

Most people do not have a limited ability to bring in cash. There are many options for earning more. After cutting back on your budget, you might have to earn more to save one of two incomes. Starting a side hustle or getting a second job can be options that will allow you to bring in more cash. The additional cash should always go toward saving more as long as your bills are covered. 

By focusing on emergency and retirement savings, you can really ramp up the amount of cash in your accounts. More cash means more flexibility and freedom. If you stash enough to live off one of every two dollars your household earns, you’ll be on your way to freedom in no time.

This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.

The post How to Live On One Income  appeared first on CleverMoneyNews Blog.

It’s the holidays, and that means it is time for credit card fraudsters to target consumers. Online shopping makes things easy for scammers. Once you click on the wrong link or visit an incorrect website, your personal information could be stolen. 

The average American consumer will spend about $1K on gifts for friends or family this year, with at least a part of that money being spent online. Still, even those who prefer shopping in person are not 100% safe from scammers. 

The safest payment method to use when making purchases online is credit cards due to consumer protection rules. It’s more difficult with debit cards, and there’s no way for shoppers to get their money back if fraud occurs. 

Opt For E-Wallets and Digital Cards

One extra layer of protection online is a virtual card number. These one-time, unique, and randomly generated numbers are linked to your credit card account so shoppers can feel more secure when shopping on their phone or computer.

Another way to enhance security is to use mobile wallets like Google Pay, Apple Pay, or PayPal. These digital wallets provide a safe way to store credit card information as they assign specific tokens for each transaction instead of using your account number. 

Be Careful With Buy-Now Pay-Later Systems

In BNPL systems, consumers can make payments in interest-free installments, which is convenient for large purchases. However, they lack protections present in credit cards, especially if your purchase ends up having defects or if fraud happened. Let alone the fact that the fees for late-payments can be super-high. 

In the hustle and bustle of holiday shopping, consumers need to be mindful that there are fraudsters out looking for their next victim on social media. Of course, the deals there are nice, but aren’t some of them too good to be true? It’s better to double-check and stay alert — you can’t be too careful when shopping for your loved ones. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Not Getting Scammed This Holiday Season: How To appeared first on CleverMoneyNews Blog.

1. Reduce or Eliminate Your Debts

During an economic downturn, one of the hardest things to do is service debts and prepare for the next recession. In the event of a lost job or a cut in hours, many people have a difficult time making a mortgage or other loan payments. One of the best things you can do is to reduce or eliminate your existing debts while being careful not to take on any new ones. Position yourself to be debt-free during the next contraction.

2. Bulk Up Your Emergency Fund

Having an emergency fund capable of paying for 6-12 months of expenses is one of the first things you should attend to in order to lead a financially successful life. If you don’t already have such a fund or your emergency fund isn’t large enough, now is a great time to bulk it up. Ideally, your emergency fund should have enough in it to take care of you and your family for a full year when a recession is likely to occur in the near future. While the full year is almost certainly more than you’ll really need, having that much money in your emergency fund will ensure that you’re equipped to handle virtually anything that may come up.

3. Make as Much Money as You Can Now

Another great way to prepare for a recession is to increase your earning power before the downturn starts. Whether this means getting new skill certifications or looking around for a new job in your current career field, increasing your income now can help you earn as much money as possible while times are still good. If your situation allows, you might even consider taking on a part-time job and saving the money you make from it as an extra cushion for less prosperous times in the future.

4. Get Into the Habit of Spending Less

While it’s important to bulk up your savings and income, it’s also a good idea to start learning to cut back on your expenses. By doing this, you can make whatever you’re able to save now go farther if the economy turns sharply south. Simple decisions like buying generic instead of brand-name products or dining out less can make a surprising difference to your monthly expenses. The more ways you can find to save even small amounts of money, the easier it will be to get by if and when reduced spending becomes necessary. By taking these four steps, you can ensure that you’re ready the next time the economy starts to slide. Remember that the good times never last forever, so it’s important to do everything you can to prepare now so that you don’t get caught out late.

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Prepare for the Next Recession appeared first on CleverMoneyNews Blog.

Deal-hunters should not count on a holiday offer this year. The vehicle industry is suffering from severe shortages due to an unexpected downturn in sales that has left many dealerships without enough stock for end-of-year discounts and incentives. 

Before the pandemic hit, J.D. Power found only 36% of vehicle sales went for an asking price or higher; but those rates have increased significantly to 87% in just one year. 

Vehicle sales are at a record pace, and vehicle inventories have decreased significantly. The average time for new vehicles on dealership floors is 19 days, while it was 48 in 2020. 

Charges Are Added to The Sticker Price

Dealership vehicles for new and used cars have never been more scarce, with the inventory at record lows. That’s why manufacturers are adding charges on top of suggested retail prices. These so-called ‘market adjustments’ were once found in rare models but now are common for the broad range of vehicles. 

With supplies limited and monthly sales plummeting at smaller dealerships, some upcharges are necessary for survival.

Average Vehicle Price Outburst

The pandemic has pushed prices for new vehicles up to an all-time high of $44,000. This is $10,000 more than prior to the epidemic. The secondary market for used vehicles has always been robust, but it’s reached new heights this year. The average price of a car on sale right now is more than $30,000 —a  figure that was never seen before. 

The paucity in supply makes manufacturers focus their marketing campaigns towards high-end vehicles rather than affordable ones, leading many budget-conscious car buyers out of the market at all.

Some analysts predict that this situation will worsen by 2022, so there likely won’t be many deals on new vehicles until at least next year.

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Few Holiday Deals On Vehicles This Season appeared first on CleverMoneyNews Blog.

Repayments Are About To Restart 

The pandemic has given student loan borrowers a break, but it’s time to get back on track. The Federal Government will start making interest rates and repayment plans again in 2022 after the moratoriums come to an end on the last day of January. 

It’s important to know how much you owe to either get prepared for monthly repayments or seek financial help if it feels like you are not able to pay at the moment. 

Millions of Borrowers Will Have a New Servicer Next Year

But this is not the only change borrowers will see in the next year. Due to stricter guidelines, the Department of Education has changed the servicers for the loans at Navient, Granite State Management & Resources, and the Pennsylvania Higher Education Assistance Agency, which includes around 10 million borrowers. FYI, the servicer is the company hired by the federal government to take care of payments and billing. 

Federal student loan holders are encouraged to check the status of their loans and contact federal servicing centers through Federal Student Aid’s website. Missing a notice could lead borrowers into delinquency or, worse, bankruptcy if they miss payments without realizing it was changed.

More Loans Are About to Get Forgiven

The Department of Education is finally making it easier for borrowers to take advantage of Public Service Loan Forgiveness (PSLF). Borrowers hoping that their loans will be forgiven through this program must work for qualified government or 501(c)(3) organizations and make at least 120 on-time payments. 

The program has been expanded to include more borrowers, and now those with both Direct Loans from the government as well as other types of federal student loan debt can benefit. Prior to this change, over 550K people were left out in what was effectively an exclusion zone because their payments didn’t count toward meeting PSLF requirements. Now, they’ll have to make 23 fewer payments on average, and 22,000 more borrowers will be eligible for immediate loan forgiveness. 

As lots of changes are coming next year, make sure to be prepared and aware of all the information for the transition to be smooth and painless. 

This is not legal, financial, or professional advice. Please consult a legal, financial, or professional advisor for your specific situation.

The post Student Loan Borrowers Expect Changes in The Upcoming Year appeared first on CleverMoneyNews Blog.