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Hotel at the airport
Since it’s one of the most frequent sights you’ll encounter in an airport, it’s appropriate to conclude this list with another imaginative sleeper. Once again, we must commend this man for his boldness and inventiveness.
The newspapers are certainly a pleasant addition, as they keep his hands warm in the chilly air-conditioning, shield him from the harsh fluorescent lights, and overall provide a feeling of being in a secure cocoon. Sleep well!
Key Facts about Student Debt in the United States
- Women, Black borrowers, and those who attended for-profit universities had the greatest average federal student loan debt.
- Borrowers who attended for-profit universities had a greater default rate than those who attended non-profit or public institutions, owing to higher average debt levels as well as inferior earnings and job results.According to the most current statistics available, 34% of students who started their education at a for-profit institution in the 2011–2012 academic year and entered federal debt repayment by 2017 failed on their loans.Black borrowers have a high default rate of 29 percent, which is more than twice the white borrowers’ rate of 12 percent. This is partly owing to greater enrollment rates at such colleges.Women and men fail on federal loans at similar rates (17 percent and 16 percent, respectively).
- The amount of federal student loans in default or delinquent was growing before the federal government temporarily suspended payments because to the COVID-19 outbreak.The amount of such loans has almost doubled in the last several years, from $178 billion in 2016 to $263 billion in early 2020.
- According to Federal Reserve analysts, student debt may lower the homeownership rates of families headed by young people.The homeownership rate for all families fell by 4 percentage points between 2005 and 2014, while the rate for households headed by someone aged 25–34 fell by approximately 9 percentage points.Other studies have shown that student debt has ramifications throughout the economy, including stifling small company development, reducing Americans’ ability to save for retirement, and even delaying marriage and family formation.
- The benefits of the BB&T Vantage Checking account include tiered interest checking, fee reductions, and preferential lending rates.You may create a Vantage Asset Management brokerage account for even more freedom, allowing for quick sweeping into and out of your bank account.
- A personal private banker, the potential to earn interest on your balance, and bonus rates on chosen CD and IRA products are all included in the PNC Performance Select checking account.Customers also get charge exemptions and discounts on consumer credit products as a bonus.If you keep a monthly balance of $25,000 or more, the $25 account maintenance charge is waived.
- You can acquire a mortgage with little or no money down, but you may not want to.VA loans and USDA Rural Development loans (which apply to a lot of not-so-rural locations near cities) both provide mortgages with no money down.Conventional mortgages sponsored by Fannie Mae or Freddie Mac may enable you to put down as little as 3%, while Federal Housing Administration (FHA) loans only need a 3.5 percent down payment.These may be the difference between being able to purchase a house and not being able to, but keep in mind that you’ll be starting with little to no equity and will owe more than the property is worth if the value drops.
- It’s possible that your mortgage will be sold:It’s now fairly typical for a mortgage to be taken out with one lender and then sold to another.Your loan may be serviced by the other firm or your original lender, who will collect your payments.Although having your loan sold isn’t always a terrible thing, it may be jarring, particularly if you hoped to stick with your original lender.Don’t worry, the new servicer will be held accountable for the loan’s conditions.
- Borrowers who attended for-profit universities had a greater default rate than those who attended non-profit or public institutions, owing to higher average debt levels as well as inferior earnings and job results.According to the most current statistics available, 34% of students who started their education at a for-profit institution in the 2011–2012 academic year and entered federal debt repayment by 2017 failed on their loans.Black borrowers have a high default rate of 29 percent, which is more than twice the white borrowers’ rate of 12 percent. This is partly owing to greater enrollment rates at such colleges.Women and men fail on federal loans at similar rates (17 percent and 16 percent, respectively).
- The amount of federal student loans in default or delinquent was growing before the federal government temporarily suspended payments because to the COVID-19 outbreak.The amount of such loans has almost doubled in the last several years, from $178 billion in 2016 to $263 billion in early 2020.
- According to Federal Reserve analysts, student debt may lower the homeownership rates of families headed by young people.The homeownership rate for all families fell by 4 percentage points between 2005 and 2014, while the rate for households headed by someone aged 25–34 fell by approximately 9 percentage points.Other studies have shown that student debt has ramifications throughout the economy, including stifling small company development, reducing Americans’ ability to save for retirement, and even delaying marriage and family formation.
Essential Statistics About Mortgages
- Home prices vary by state and other circumstances, but mortgage statistics in the United States indicate that the average balance has risen gradually over time.Indeed, it has risen by more than $55,000 since 2007.The increase is mostly due to rising property prices, particularly in California, New York, and Colorado.
- Buying a new home with cash is not an option for most Americans, particularly if it is their first home.It would take decades to accumulate that sum of money, particularly because house prices in numerous areas, including Idaho, Utah, Tennessee, Georgia, and Arizona, are rapidly rising.As a result, all mortgage sector figures predict a future increase in house loans.Mortgages are the only viable option for young individuals who want to purchase a property.
- Real estate values are growing, indicating a market that is rebounding from the Great Recession.In fact, almost $4 trillion has been added to this figure in the last five years, and the trend seems to be continuing.A fresh recession, on the other hand, may disrupt such expectations.
- In comparison to 2004 figures, mortgage loan statistics reveal an almost 5% reduction in owner-occupied house ownership.The data reveals the continued concentration of real estate wealth among a small number of owners, as well as the tightening of lending criteria in the aftermath of the Great Recession.Consumer skepticism is another factor:Following the previous financial crisis, some consumers are still hesitant to take on debt.
- Finance gurus and mortgage lenders have traditionally advised you to put down a 20% down payment on your new property.In today’s real estate world, this counsel has evolved from practical to aspirational.Many properties are now available for purchase with just a 1% down payment.Rising property prices are cited as a major influence in mortgage origination data, and there is little indication that this trend will reverse very soon.
- Since 2011, statistics indicate a continuous growth in the number of new and existing residences sold in the United States.The overall number of property sales in that year was 4.75 million, while forecasts for 2019 anticipate a total of 6.44 million.In less than a decade, that’s a 26.2 percent gain.It denotes the country’s economic recovery since the conclusion of the global financial crisis in 2009.
- Statistics from the mortgage business show a significant movement toward non-bank lenders.Independent lending firms have risen to prominence as a result of the transformation.These non-banks have increased their market share from 9% in 2009 to almost equal that of banks.Non-bank lenders made up five of the top ten mortgage lenders in 2019.Quicken Loans is the biggest.
- While a large rise in overall mortgage debt may seem to be a negative indicator, it is really a sign of an improving economy.Mortgage debt figures have been declining for years due to industry stagnation after the financial crisis of 2008.Rising mortgage debt, particularly on new mortgage loans, shows that the economy is finally improving and that consumers are growing confident in their decision to buy a home.
- Because the value of real estate assets has climbed to $25.6 trillion, Americans now enjoy the largest degree of equity in the country’s history.The previous high point was attained in 2005, when total house value reached $13.41 trillion before plummeting due to the financial crisis.This time around, the economy is considerably more solid, and the gain in equity provides homeowners with greater security.
Celebrities Who Give Away Their Millions
- Elton John contributed a stunning $46 million in 2017, according to the Sunday Times Giving List.The bulk of the money went to his charity, the Elton John AIDS Foundation, which has offices in both the United Kingdom and the United States.Over the last 25 years, the two foundations have raised around $385 million.
- Will Smith and Jada Pinkett Smith have donated millions of dollars to aid the less fortunate throughout the years.They established the Will and Jada Smith Family Foundation, which has given grants to a range of charities including the Baltimore School for the Arts, the Make-A-Wish Foundation, and the Lupus Foundation.
- The Pitt-Jolie power couple was no stranger to assisting the less fortunate prior to their split.Pitt is a humanitarian and Jolie is a UNHCR Goodwill Ambassador.Over 60 charities were supported by the pair.The pair donated the proceeds from the sale of the first photographs of their twins, Knox and Vivienne, to their Maddox Jolie-Pitt Foundation, which is committed to community development in Cambodia.
Statistics About Mortgages
- The delinquency rate on home debt is the strongest indicator of the economy’s continuous recovery.The rate reached an all-time high of 11.54 percent in January 2010.It has been steadily declining since then, and it is presently at an all-time low.This data implies that Americans are good at managing their mortgage debt.
- Banks are making it more difficult to get a home loan.The current baseline of 758 is higher than the previous high of 708 set in 2006, although it is not the highest it has ever been.In reality, in 2012, when the average credit score was 781.23, the highest credit score threshold was required.Since then, lenders have been steadily relaxing qualifying restrictions.
- When it comes to financing a new house, mortgages are still the most popular option.Yes, many individuals find the mortgage application process stressful.They do, however, recognize the benefits of having real estate.In any case, they apply.
- Instead of meeting with a loan representative one-on-one, fintech lenders enable house purchasers to submit papers and complete applications online.They’re fast gaining popularity.Fintech’s participation of the mortgage industry in 2010 was under 2%, or $34 billion in loan originations.Mortgage data from 2016 shows an increase of 8%, or $161 billion.Lenders have every motive to accelerate the use of fintech solutions in the future, thanks to continuing service improvements and lower technological costs.
- On average, using a fintech lender may save processing time by ten days, or 20%.Depending on the kind of loan you want, you may be able to save even more time.Homeowners who refinance their property, for example, notice a 14.6 percent decrease in loan processing time.The average processing time for conventional home-purchase mortgages has been cut by 9.2 days.
- Since hitting a record low in 2012, mortgage rates have ranged between 3% and 4%, according to mortgage rate data.The rate almost hit 5% in the fourth quarter of 2018, although it has subsequently fallen.The highest mortgage interest rate in history occurred in 1981, when it hit an all-time high of 18.63 percent.
- Young people seem to be afraid of house ownership and large loans, yet the number of properties sold to them is constantly growing.Since the previous year, the proportion has increased by 2%.Around 70 million millennials live in the United States.For today’s lenders, this group is the most crucial demographic.
- The mortgage market is evolving as a result of technological advancements.Younger purchasers, who have grown up in a digital environment, anticipate speedier services, which fintech solutions provide.Despite this, the majority of respondents indicate they would prefer to speak with a person throughout the most essential stages of the procedure.
- This exemplifies the importance of the internet in the mortgage sector.Only 57 percent of consumers said they did internet mortgage research ten years ago.Borrowers spend the most time researching the best rates, followed by loan possibilities and lender reliability.
- According to mortgage loan data, speed is a top priority for 29% of those who take out loans online.Security, at 28%, and simplicity, at 20%, are two other major criteria.Other variables score substantially lower, indicating that borrowers value these three considerations above all others.
- One of the reasons for non-banks’ fast expansion is their inability to adapt to automated operations.Over the last six years, digital lending services have grown at a breakneck pace.By 2020, digital lending is estimated to reach $122 billion, making it a significant concern for banks.
- Mortgage fraud figures reflect an alarming trend: from 2017 to 2018, fraud on new mortgage applications increased by a whopping 12.4 percent in a single year.According to analysts, this is mostly due to income fraud:Buyers respond to rising prices by inflating their income in the hopes of obtaining a mortgage.
- Since its legalization in 1990, more than a million reverse mortgages have been taken out by senior individuals.According to reverse mortgage data, both rich and middle-class homeowners find the ability to pull cash out of their houses useful.Some people use money to better their lifestyle, while others use it to pay off debt or save for retirement.
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