Money Management

As an entrepreneur, it’s exciting to bring a business idea to life. Find out how to do it in the quickest and most effective way possible. [[{“value”:”

There’s nothing quite like having an amazing business idea buzzing around your head. It can dominate your waking hours and even creep into your dreams. I have started three different businesses and I know how exciting that initial phase can be.

Even so, finding the fastest way to get your small business started is only part of the puzzle. Understandably, you want to get things up and running quickly. But the bigger challenge is building something that will last and grow. This is why the following steps are essential.

1. Talk to your network

Many people have great ideas, but that’s only the beginning. It’s the delivery that matters. And to deliver, you’ll need the support of people around you. Start by socializing your idea. It will help you crystalize your thinking and get a feel for whether there’s demand for your product or service.

More than that, when it comes to building your team, getting financing, and launching your company, you will likely need help from your network. Get them on board now by sharing your ideas and listening to their comments.

2. Make a business plan

A business plan does not have to be complicated. Nor does it have to take you forever to write. But don’t skip it. It is as much about the research and thinking that’s involved in making it as it is about the words on the page. Here are some key elements a business plan should include.

Mission and vision statements

Your mission statement sets out what your company will do, how it will do it, and who it will do it for. Your vision is broader. It articulates an inspirational idea about what the company will become and how it could impact society.

Competitor analysis

Look at how your competitors market themselves, how much they charge, and who they are targeting. This will help you know how to position yourself and how you will stand out. Think about both direct and indirect competition. Let’s say you are starting a football club. Direct competition would be other football clubs. Indirect competition may be other sports clubs or even other fitness organizations that might fill your clients’ needs.

Company structure

Plan out the work that needs to be done and who is going to do it. Will you need to hire staff from the get-go or can you use freelance workers while you’re getting started? If you’re hiring staff, how will you organize them? How many people might you need?

Marketing strategy

Think about who your target audience is and how you will reach them. If you’re going to rely on email marketing, the sooner you start collecting contact information, the better. Consider how you will build your brand on social media, what type of website you need, where you might advertise, and how you’ll measure the impact of your activities.

Financial analysis

Last but not least, you will need a financial plan. Project out your costs for the next few years, so you can see how much money you will need to get started. Use the work you did in terms of structure and marketing to identify key costs. If you plan to apply for a business loan, how much will you borrow and what will you need as collateral? Top accounting software might help you to map out your financial needs.

Once you’ve got the bare bones down on paper, you’ll find it easier to articulate your idea when talking to potential clients and stakeholders. You may need to flesh it out more if you’re going to apply for grants or angel funding. Focus on writing a business plan that’s most likely to secure funding.

3. Test your product

This step is almost more important than making a business plan. You need to know whether people will pay for your product or service. That means testing it out on real people.

The testing process looks different for every business. If you’re looking to sell something consumable like ice cream, make a batch. If it’s a physical product, you’ll need a prototype. If it’s a service or app, you might create a test website.

Think about how you might engage with your target audience. Perhaps you could set up a stand at a community event or organize a testing party with some friends. You might try to give your service to a select group at a heavy discount (or even free). You could also use surveys, social media, and focus groups — or any spaces where you can ask questions and invite comments from people who might eventually buy your product.

Treat the testing phase as a marketing opportunity. If you can show your test subjects you listened and learned from their feedback, you may well be able to convert them into your first clients.

4. Do the paperwork

The final step is to choose a business structure and register it. Common options include a sole proprietorship, a partnership, or a limited liability company (LLC). Look at the pros and cons of each and decide what is right for you. You can then apply for your employer identification number (EIN).

It’s a good idea to open a business checking account to keep your personal and company money separate. A business credit card will also make sense for a lot of companies.

Key takeaway

The germination stage between idea and reality is crucial for any entrepreneur. Don’t be in such a rush to start your business that you miss out on the chance to nurture and develop your idea and give it the best chance for success.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

Costco Travel is a members-only discount travel portal. We take a look at how much you can really save. [[{“value”:”

There are a ton of anecdotes floating around the Costcosphere about how awesome Costco Travel is and how much money people save. But I always take these kinds of Costco stories with a grain of salty skepticism.

But they persist. So I decided to do a bit of digging and see if there was actually any truth to these pervasive rumors.

To give it a fair shot, I picked three trips of varying lengths and distances, from various parts of the country, at different times of year, and got itineraries from Costco Travel packages. I then looked up the exact same travel details directly with the providers to see what it would cost to book on your own.

Here’s what I found.

Trip 1: Chicago, Illinois to Boston, Massachusetts

When: July 15, 2024 through July 19, 2024Duration: 4 nightsWho: 2 adults plus 1 childIncludes: Flights and hotelFlights: United, EconomyHotel: The Westin Copley Place, Traditional 2 Double (City view)

Costco Package: $3,081.83

Booking direct: $3,627.96

Flight: $1,182.96Hotel: $2,445 (Marriott Bonvoy member rate; joining is free)

Verdict: You save $546.13 through Costco

Booking the exact same flights and hotel room through United and Marriott, respectively, resulted in an overall cost more than $540 higher (15%) than the Costco package price.

What about rewards?

If you break out your trusty travel rewards card, you could get this trip for almost nothing out of pocket. Here’s how that looks.

Booking direct with rewards:

Flight: 90,000 United miles plus $33.60Hotel: 287,000 Marriott Bonvoy points

Chase Ultimate Rewards points transfer 1:1 to both United and Marriott. Amex Membership Rewards points also transfer to Marriott. Plus, United and Marriott both have cobranded cards with decent welcome bonuses.

Trip 2: Syracuse, New York to Portland, Oregon

When: Dec. 20, 2024 through Jan. 3, 2025Duration: 14 nightsWho: 2 adultsIncludes: Flights, hotel, rental carFlights: Delta, First Class, 1 stop each wayHotel: The Nines, a Luxury Collection Hotel, Superior 1 KingRental car: Budget, Intermediate Car

Costco Recommended Package: $6,571.28

Booking direct: $7,085.78

Flight: $2,772.40Hotel: $3,613 (Marriott Bonvoy member rate; joining is free)Rental car: $700.38

Verdict: You save $514.50 through Costco

Booking the exact same flights, hotel, and rental car type directly through Delta, Marriott, and Budget resulted in a total cost more than $500 higher (7%) than the Costco package rate.

What about rewards?

You can take this trip for free (mostly) with the right rewards points, though you’ll need quite a few. Here are the numbers.

Booking direct with rewards:

Flight: 240,000 Delta miles plus $22.40Hotel: 517,000 Marriott Bonvoy pointsRental car: Varies by program

You can get Delta miles by transferring Amex Membership Rewards points or by having a Delta cobranded airline credit card. Marriott is a transfer partner of both Chase and Amex, and it has its own hotel credit cards.

The rental car is the wildcard here. You can use rewards to book a rental car in any program’s travel portal. If you have a Capital One travel card, you can also redeem your Venture miles to “erase” a rental car purchase.

Trip 3: Fresno, California to Monterey, California

When: Oct. 4, 2024 through Oct. 7, 2024Duration: 3 nightsWho: 1 adult plus 2 childrenIncludes: Hotel and rental carHotel: Holiday Inn Express Monterey-Cannery Row, Two Double BedsRental car: Enterprise, Standard Car

Costco Package: $1,220.87

Booking direct: $1,336.71

Hotel: $1,192.83 (IHG member rate; joining is free)Rental car: $143.88

Verdict: You save $115.84 through Costco

Even on this shorter trip you’re going to save money by booking through Costo. The direct booking price was more than $115 higher (9%) than the Costco package cost.

What about rewards?

You’ll need a big bundle of IHG points for this stay. This is how it works out.

Booking direct with rewards:

Hotel: 211,998 IHG pointsRental car: Varies by program

IHG is a transfer partner for Chase Ultimate Rewards points (though this may not be the best use for your Chase points). IHG also has a few cobranded credit cards with decent welcome bonuses. As noted above, your rental car can be booked through any issuer travel portal using points.

Surprisingly good deals

So, I have to admit, I’m surprised at exactly how much you can really save by booking your vacation package through Costco. While I’m still on Team Travel Rewards, I can honestly say I’ll be checking out Costco Travel before booking my next paid trip.

Top credit card to use at Costco (and everywhere else!)

If you’re shopping with a debit card, you could be missing out on hundreds or even thousands of dollars each year. These versatile credit cards offer huge rewards everywhere, including Costco, and are rated the best cards of 2024 by our experts because they offer hefty sign-up bonuses and outstanding cash rewards. Plus, you’ll save on credit card interest because all of these recommendations include a competitive 0% interest period.

Click here to read our expert recommendations for free!

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.American Express is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has positions in American Express. The Motley Fool has positions in and recommends Costco Wholesale and JPMorgan Chase. The Motley Fool recommends InterContinental Hotels Group Plc and Marriott International. The Motley Fool has a disclosure policy.

“}]] Read More 

Many folks dream of an Italian vacation. Take a look at how you can make that dream a reality. [[{“value”:”

If you’ve ever dreamt of exploring the catacombs of Rome or eating your way through Tuscany, your rewards can get you there — in style — for free (or at least for very, very cheap). Even better, those rewards are often easy to earn through credit cards. Here are just a few of the ways your cards can get you to Italy.

Issuer travel portals

The simplest way to make your Italy trip happen with travel credit cards is to redeem your points through the issuer’s travel portal. These are the four most popular programs:

American Express Membership RewardsCapital One Venture RewardsChase Ultimate RewardsCiti ThankYou Rewards

This method is nice because you don’t need to look for special award tickets; you can simply choose the flights (and hotel, and rental car) that works for you and use points to pay for it. Plus, it’s great for keeping your out-of-pocket costs to a minimum since you can typically cover all of the costs — right down to the fees — with your rewards.

The downside here is that you won’t be maximizing the value of your points. Transferring your credit card rewards to an airline frequent flyer program, then redeeming those miles for travel, can often score you a higher per-point return.

Booking with miles

The most popular way to fly for free is through airline miles, either transferred from a travel card or earned directly (by flying or with a co-branded airline credit card). Every airline I’ve come across has a frequent flyer program that lets you book flights using rewards.

The potential for fees: If you’re using airline miles to book a flight, be prepared to pay at least a small amount in cash to cover applicable taxes and fees. Often, it’s nominal; you might pay $5 or $10. Other times it’s ridiculous. For instance, most flights to or from (or even through) the UK have outlandish surcharges: I’ve seen them reach $1,000 or more on a one-way business flight.

American Airlines

The cheapest flights to Italy came from American Airlines. I found nonstop business class availability this fall going to Rome and Milan from a few U.S. hubs for just 65,000 AA miles plus $5.60 in fees.

Unfortunately, AA isn’t a regular transfer partner of the four credit card programs. That said, you can earn AA miles through any AAdvantage co-branded airline cards. AA offers both personal and business cards.

Using Avios on Oneworld airlines

American Airlines is part of the Oneworld airline alliance, which also includes British Airways and Ibera. As such, you can book AA flights through the BA or Iberia websites using Avios points. Amex and Chase will transfer to both airlines, giving you a roundabout way to use transferable points to book American Airlines.

The consideration here is you may need to fork over both more rewards and more cash if you go this route. For instance, the above flight from AA would run you 77,250 Avios plus $232.80 in fees when booked through Iberia. If you want an option that lets you transfer points, however, it’s definitely still a great deal for business class to Europe.

United Airlines

Another decent deal was from United Airlines with business class flights (with various layovers) starting at 88,000 United miles plus $12.50 in fees. (If you want nonstop, they were going for an eye-widening 174,500 miles, plus $5.60 in fees.)

United miles can be earned directly via the MIleagePlus co-branded cards. Or you can transfer Chase Ultimate Rewards points.

YMMV: ITA Airways via Virgin Atlantic

So, the most observant readers may have noticed this is an article about flying to Italy and I have yet to mention Italy’s own ITA Airways. There’s a pretty important reason why: It’s stinkin’ hard to earn Volare points (the ITA currency). There is an Amex card, but it’s not available in the U.S. as far as I can tell. And none of the major programs transfer to ITA Volare, either.

However, last year, Virgin Atlantic and ITA announced a partnership that would let you cross-book the airlines via the other’s rewards. In theory, this is great, as Amex, Chase, and Citi all transfer 1:1 to Virgin Atlantic.

In reality, it’s less awesome.

I searched dozens of routes, from both coasts, at all different times of year, including routes that I 100% knew were available via ITA — I couldn’t find a single ITA business class seat on Virgin’s website, let alone an award seat. (In fact, I didn’t spot any ITA flights at all.) You may have to call to book these flights.

Air France/KLM

If you don’t mind a layover in Paris, consider Air France/KLM. I found flights from NYC to Rome for as low as 55,000 Flying Blue miles plus $218.30 in fees. All four major rewards programs transfer 1:1 to Flying Blue, the rewards program for Air France/KLM. (There is also a middle-of-the-road co-branded card with Bank of America.)

Booking AirFrance/KLM via Virgin Atlantic

If you don’t have any Flying Blue miles but have some Flying Club points, check Virgin Atlantic’s website. While I didn’t find anything for ITA Airways, I did find a decent selection of business class awards operated by Air France/KLM.

Most flights cost 48,500 Flying Club points plus $291.30 in fees. That’s 6,500 fewer points, but $73 more dollars. (That works out to $0.011 per extra point.) Depending on how you personally value Virgin Atlantic points — or the rewards that you turn into them — this could be a worthwhile trade.

These are just a few of the options for getting to Italy for (mostly) free in business class. Explore airline alliances and reward programs to find the deals that suit your needs best.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Brittney Myers has positions in American Express. The Motley Fool has positions in and recommends Bank of America and JPMorgan Chase. The Motley Fool has a disclosure policy.

“}]] Read More 

Want to know how much it takes to retire? The average American wants a retirement nest egg of $1.46 million. See what this means for your savings. [[{“value”:”

Saving for retirement is one of the biggest, most complex financial goals that most Americans have to think about. Yes, you’ll probably get some Social Security benefits, but the average Social Security check is only about $1,907 per month (as of January 2024).

Most people in the U.S. do not have “defined benefit” pensions from their employers that provide guaranteed income for life. Instead, many people now use “defined contribution” retirement savings plans like 401(k)s. This means that Americans are responsible, more than ever, for funding their own retirement. You can’t count on Social Security for a luxe lifestyle in retirement — the average worker only replaces about 40% of their income with Social Security retirement benefits.

The good news is: by investing in stocks and ETFs, and by making smart use of tax-advantaged retirement savings accounts, many Americans can build up enough of a nest egg for a comfortable retirement.

Let’s look at how much Americans need to save for retirement, based on a new survey from Northwestern Mutual.

The American dream retirement nest egg: $1.46 million

According to the Northwestern Mutual 2024 Planning & Progress Study, Americans believe that they need an average of $1.46 million to retire comfortably. And keep in mind, that’s an average across all age groups. The exact amount of money that you feel is necessary to retire will vary based on your age and stage of your career.

Here are a few different “magic numbers” that people told Northwestern Mutual that they need to retire in comfort, based on age cohorts:

That target “magic number” has gone up significantly with the past few years of high inflation. According to past surveys from Northwestern Mutual, Americans’ dream nest egg target has increased by 15% since 2023, and by 53% since 2020.

This sense of “nest egg inflation” can be daunting. With life getting more expensive every year, you might feel like you’ll never afford to retire. But the truth is more complex, and more hopeful.

What it really takes to retire in comfort

If you’re reading this and you don’t already have $1.46 million saved for retirement, you’re not alone. The Northwestern Mutual survey also found that the average American has only $88,400 of retirement savings as of 2024.

Does this mean that you’ll never save enough to retire? No! Depending on your age and career stage, you might have plenty of time (and plenty of career growth and investment growth) ahead of you. Let’s say that you’re 45 years old and you want to retire at age 67. You have 22 years left to work, earn, save, invest, and watch your money grow.

Let’s say that, at age 45, you have the average retirement savings of $88,400. And let’s assume the following things:

You save and invest for retirement for the next 22 years (until age 67)You save $500 per month for retirement ($6,000 per year) in your 401(k) or other tax-advantaged retirement accounts like a traditional IRAYou bump up your retirement savings by 1% per year (saving a bit more money each year with pay raises)You invest in a diversified portfolio of stock and bond ETFs that generates average annual return of 8%

After 22 years, starting from $88,400, you’d have $868,633 saved for retirement.

Want to save even more? If you can save $1,000 per month ($12,000 per year), with all the other assumptions the same, after 22 years you’d have $1,256,677 — not far off from the average dream nest egg of $1.46 million.

If you have a retirement nest egg of $1.26 million, and you withdraw 4% of it per year, that equals a retirement income of about $50,267 per year. Assuming you also get the average Social Security check of $1,907 per month, that makes for a total retirement income of $73,151.

Bottom line

It’s easy to feel intimidated by the sheer immensity of saving for retirement. But don’t let one big “magic number” hold you back from saving and investing along the way. You don’t have to come up with $1.46 million all at once. And as you get older and closer to retirement age, you might find that it gets easier to save.

Your household spending might go down, you might downsize your lifestyle or pay off your mortgage, your income might go up, and the stock market might outperform expectations. Over the course of what’s hopefully a long life of working, saving, and investing, you might be surprised at how much you can save and how much your nest egg can grow.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More 

Costco Next is a lesser-known perk for members that can help them save a lot of money. Here’s what you need to know. [[{“value”:”

Costco Next might just be the best Costco member perk you’ve never heard of — plus, it could potentially save you hundreds of dollars.

Costco Next is a shopping portal for Costco members with discounts for a bunch of popular retailers. You click on special links through your Costco account that take you to dedicated Costco Next pages at each retailer, where you can shop for a lot of their products at steep discounts.

If you’re ready to give Costco Next a try, I encourage you to check it out. But first, here are a few tips to help you make the most of it.

1. Compare prices at a few places

Deals and discounts are a big way of how we save money at Costco. Costco Next keeps that reputation intact. I found some awesome discounts while I was browsing through Costco Next. Most products were at least 20% off the regular prices on the retailer’s public websites. I even spotted some deals up to 40% off.

All that said, there is no guarantee that the price will be cheaper. You still need to do your due diligence by checking for lower prices at a few other retailers or websites. (I like to compare prices on the brand’s own website, Sam’s Club, Amazon, and Walmart, at least.)

2. Read the retailer’s return policy

You need an active Costco membership and to log into your Costco account to use Costco Next. That’s where Costco’s involvement ends.

All of the customer service is handled by the retailer, not Costco. If you have a problem with something, you need to contact the retailer directly.

And yes, this goes for returns, too. Costco’s famously generous return policy won’t apply to your Costco Next purchases. This means you’ll need to read each retailer’s return policy to be sure you know your return options.

3. Explore niche and new brands

Some of the brands you’ll find through the Costco Next portal are large and well-known, while others seem to be smaller or more niche. In either case, all of the retailers I checked out were selling goods that I doubt anyone would call “discount.”

In other words, Costco Next could be a great excuse to try out some normally pricey products from smaller brands that you wouldn’t typically splurge on. The deep discounts make it more reasonable to take a little risk on an unknown brand that may turn out to be your new favorite.

4. Choose your best rewards card

This may just be my inner credit card nerd, but a big perk of Costco Next is that Costco’s credit card rules don’t apply. Normally, shopping in a Costco store means using a Visa credit card. And shopping online means using a Visa or Mastercard credit card.

Not with Costco Next. Since you’re actually shopping through the retailer’s website, rather than through Costco, you can use any credit card the retailer accepts — which usually means any credit card you want, since other retailers aren’t so stubborn about payment methods.

This means I can choose the best card for my purchase each time. If I’m working on a welcome bonus, I can use that card. If not, I can pick the rewards card with the best rate for that specific retailer. It’s a maximizer’s ideal situation.

Lots of money-saving potential

The quality of deals I found through Costco Next shows there is a ton of savings potential in this hidden gem. Ideally, these tips can help you explore this quirky perk and find some great deals.

Top credit card to use at Costco (and everywhere else!)

If you’re shopping with a debit card, you could be missing out on hundreds or even thousands of dollars each year. These versatile credit cards offer huge rewards everywhere, including Costco, and are rated the best cards of 2024 by our experts because they offer hefty sign-up bonuses and outstanding cash rewards. Plus, you’ll save on credit card interest because all of these recommendations include a competitive 0% interest period.

Click here to read our expert recommendations for free!

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Brittney Myers has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Costco Wholesale. The Motley Fool has a disclosure policy.

“}]] Read More 

More veterans own homes than civilians. Keep reading for a few tips to find a home loan you can afford so you can buy the house of your dreams. [[{“value”:”

Buying a home is part of many people’s American dream, and perhaps even more so for veterans of our armed forces. U.S. Census data reported by the Military Times showed that 80% of veterans owned homes, compared to 60% of the rest of us. This is probably due to the availability of the VA mortgage program, which can get veterans into houses for less money.

Let’s take a look at a few ways to ensure you’re getting the best deal possible if you’re looking to buy a home as a veteran.

Consider all your loan (and program) options

The Department of Veterans Affairs guarantees VA loans, and they’re offered by regular mortgage lenders. This means they’re easier to qualify for, since the federal government is backing up the loan, meaning the lender isn’t taking on as much risk of loss. Plus, these loans come without the mortgage insurance you’ll pay for an FHA loan or a conventional loan with a smaller down payment.

You don’t have to make a down payment for a VA loan, and instead pay an upfront funding fee (which varies based on how many times you’ve used this type of loan and whether you are making a down payment — even if a down payment isn’t strictly required, it’s good to go into a home purchase with some equity).

If for whatever reason a VA loan isn’t a fit for you, you still have options. Conventional loans and FHA loans both have lower down payment requirements, depending on your credit score. And if you live in a qualifying rural area, a USDA home loan might be an option for you. Your state might also have programs designed to help you get into a home for less, so this is worth exploring as well. Click on over to your state government’s website for more details.

Shop around for a lender

No matter what type of loan you decide to go for, it’s crucial that you speak to a range of lenders to get available mortgage rates based on your specific financial situation. That’s right — apply for multiple pre-approvals. And yes, this can impact your credit score, but if you do all your rate shopping within two weeks, the hit to your credit will be minimal, as multiple mortgage inquiries over a short period counts as just one — handy! Speaking of your credit score, it’s worth checking yours ahead of time to see if it needs work. Some mortgage types (and lenders) require a certain minimum credit score to qualify.

Start with The Motley Fool’s Ascent’s guide to the best VA lenders if you’re opting for this type of loan. Our list of the best mortgage lenders, period, also features lenders that offer many different types of loans, including VA, FHA, and USDA.

And don’t forget to look into different mortgage terms that might be available to you — for example, an adjustable-rate mortgage starts with a lower rate than what’s commonly available (handy right now, at a time when the average rate on a 30-year fixed loan is 7.17%). Or if you’re comfortable with a larger monthly payment, you stand to save a ton on interest if you can go for a shorter mortgage term than 30 years, such as 15 or 20 years.

Explore different types of lenders, too. Don’t assume the best deal will be found offered by a big national bank or a big-name online lender that advertises on podcasts — your local credit union could have an excellent rate for you. And depending on your particular real estate market, your financing might really matter. I’m not a vet, but when multiple real estate agents with three and four decades of experience in my local area told me that sellers were less likely to consider offers backed up by online lenders in this competitive market, I opted for a credit union for my mortgage.

Buying a home isn’t really easy for anyone these days (unless you are rich and can plunk down all cash on a home purchase!). But that doesn’t mean we can’t take the steps necessary to save ourselves some money along the way. You served your country, and if buying a home is important to you, use these tips to find the best deal.

Alert: highest cash back card we’ve seen now has 0% intro APR until 2025

This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!

Click here to read our full review for free and apply in just 2 minutes.

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.

“}]] Read More