CEOs of new Gannett: 'Pivot' needed for digital transformation as merger completes

New Media Investment Group and Gannett finalized their merger Tuesday, putting top executives in position to move ahead with plans they believe will transform the new company's local and national news brands, including USA TODAY, into a reinvented digital media powerhouse.The merger creates the largest U.S. media company by print circulation and one that will vie for the nation's biggest online news and information audience.The new company's CEOs – Mike Reed, who [...]

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A Career and School Guide for Military Spouses

There are nearly 1.3 million active service members in the American military. Their valuable service plays a vital role, but often, their spouses face challenges securing employment. A 2018 report from Blue Star Families found one of the top issues for military spouses is military spouse employment, with 45% citing it as an issue. In fact, one in four military spouses is unemployed and looking for work.

“I’ve lost track of how many fellow military spouses have told me they abandoned careers they loved and were proud of solely because of the obstacles the military life presented,” writes journalist and military spouse Julie Bogen in The Atlantic.

There are a variety of challenges to military spouse employment.

• Lack of education: According to the Military Spouse Employment Partnership, only 25% of military spouses have a bachelor’s degree and 10% have an advanced degree.
• Changing locations: The Military Spouse Employment Partnership reports military families move 14% more frequently than civilian families. Securing steady employment when you’re constantly moving is more difficult.
• Costs of going back to school: The Blue Star Families report found 62% of military families experienced stress due to their current financial situation, and for 52%, spouse un/underemployment was the top financial obstacle. Financial stress makes it more difficult to pay for school, while un/underemployment contributes to financial stress.
• Caring for children: Approximately 56% of service members are married, and 39% of active duty members who are married have children, according to America’s Promise. When a military service member is deployed, the spouse takes on childcare duties that can cut into employment and/or going back to school.

However, it’s still possible to find meaningful employment despite these financial challenges, and there are several options, including student loans and personal loans, to help pay for school.

Choosing the right career

The first step to take before going back to work is to figure out a career path. Your interests, education, strengths and living situation will factor in to what constitutes a meaningful career for you. Consider:

• Your passion: Typically, an employee spends 90,000 hours at work over a lifetime. You want to work at a job that makes you happy and enables you to work on what you’re interested in.
• Your education: Look at education requirements for your ideal jobs. You may already have the background to pursue certain roles, or you may need to further your education.
• Your strengths: A 2019 report by Gallup found employees who use their strengths are more engaged and have a better employee experience. You can take an online assessment, like the Clifton StrengthsFinder, to discover what your strengths are.
• Your living situation: With the frequency of moving for military families, remote work may be an ideal solution. In 2018, 70% of people around the world worked remotely at least once a week, and as of 2019, remote work has grown 159% since 2005.

If you’re interested in remote work but aren’t sure where to start, some popular remote jobs to consider are:

• Web or graphic designer
• Teacher or tutor
• Social media manager
• Translator
• Crowdsourcing manager
• Virtual assistant
• Email marketer
• Video creator
• Freelance writer
• Search engine optimization consultant
• Customer service manager
• Android or iPhone developer

It’s possible to make a salary of $100,000 or more a year doing remote work. A 2019 report by CNBC lists the following examples of high-paying remote work for full-time (40 hours/per week) employees.

• Psychiatrist: $217,265/year
• Medical director: $135,012/year
• Data scientist: $129,806/year
• Software engineer: $107,273/year
• Actuarial analyst: $102,734/year
• Senior business analyst: $102,936/year
• Senior product manager: $119,289/year
• UX architect: $117,290/year
• Senior information security consultant: $123,039/year

Lisette Sutherland, author of Work Together Anywhere and director of Collaboration Superpowers, told CNBC in order to secure and maintain remote work, “you need to be able to quantify what you do, show your productivity and how it will improve by working remotely.”

Military spouse employment programs

Once you’ve decided on a career path and are ready to begin your search, there are programs to help military spouses find employment. Here are some examples.

• Military Spouse Employment Partnership: This job bank lists more than 370,000 active jobs for military spouses.
• American Job Centers: These nationwide job resource centers provide job search workshops, free computer access and more.
• Boots to Business: The Office of Veterans Business Development provides this entrepreneurial education and training program, open to military spouses interested in building their own businesses.
• Hire Heroes USA: Here you can find free career services, a job bank and resources for military spouses looking for a job.
• Military Spouse Corporate Career Network: This network includes a military-dedicated job bank.

You can also connect with a recruiter in the industry you want to pursue. Recruiters are paid by companies to find talented fits for roles, including remote positions. You can tell a recruiter about your experience and the exact kind of job you want, and the recruiter will send you leads for free.

How to finance going back to school

If your desired career path requires going back to school, you may be wondering how to pay for it. From 2008 to 2018, the average tuition costs at four-year public colleges increased by 37%, CNBC reports.

But don’t get discouraged. As mentioned, higher education is directly linked to higher salaries, which can make school worth it over time.

There are programs designed specifically for military spouses to help with college financing. These include:

• The Military Spouse Career Advancement Accounts (MyCAA) Program: This employment assistance program gives up to $4,000 of financial aid to military spouses who qualify to study for a certification, license or associate’s degree in a career occupation and field that is portable.
• Military offers at online colleges and universities: MilitaryBenefits provides a list of colleges that offer programs for military spouses. One example is California Miramar University, a college that offers support to military spouses.
• Post 9/11 GI Bill: Service members who do not use their Post 9/11 GI Bill benefits or who use only a portion of the benefits are able to transfer them to their spouse.
• Survivors’ and Dependents’ Educational Assistance program: The Survivors’ and Dependents’ Educational Assistance (DEA) program offers training and educational opportunities to eligible dependents of military veterans who are totally and permanently disabled because of a service-related condition or dependents of veterans who passed away while on active duty or because of a service-related occurrence.
• Free Application for Federal Student Aid (FAFSA): The FAFSA is a free form military spouses can fill out to become eligible for college financial aid. Military spouses who complete the FAFSA may be eligible for grants, which do not have to be paid back.
• Scholarships for military spouses: Filling out the FAFSA also makes military spouses eligible for scholarships. Military One Source has a list of education assistance programs, military spouse scholarship programs and more.

If special programs are not available or do not apply to you, there are other ways to finance going back to school. These include:

• Personal loans: Personal loans must be repaid with interest. Typically, personal loans do not require putting down collateral to qualify. You’ll have a loan with a fixed interest rate and fixed monthly payment, so you can budget accordingly. A disadvantage of personal loans is that you will have to pay interest on top of what you borrow. But a personal loan is a way to get the money you need now, so you can work toward a stronger financial future through education.
• Student loans: Student loans are dispersed solely to cover educational costs. Typically, they come with lower interest rates than personal loans. Also, most student loans don’t require a credit check. Student loans are based on financial need, while personal loans are not.
• Credit cards: If you need money to pay for supplies and books, you can apply for credit cards. Credit cards give you a line of credit you can borrow from. You must repay what you borrow, sometimes with interest, depending on how soon you can cover your payment. Credit cards provide a way to access cash quickly but may impact your credit score.

Each school you’re considering has a team of financial advisers. Usually, some specialize in working with veterans and military families, so you can learn what options are available to you. You can also call Military OneSource at 800-342-9647 to speak with an education consultant from the Military Spouse Employment Partnership. The consultant may be able to recommend schools and financial aid programs based on what you’re interested in.

How to pay for childcare when you’re a military spouse going back to school

If you have children and are going back to school, you will need childcare. Even if you’re studying college online, you need to be able to focus, study and attend online classes without distractions. If you’re attending nighttime classes or weekend classes, your childcare needs may be different compared to the typical Monday-through-Friday offerings. According to the Blue Star Family report, 78% of military spouse caregivers need childcare, but 72% of families cannot obtain reliable childcare.

There are affordable childcare options available for military families in need. Military.com lists childcare resources for military families, with many options for free or reduced costs. There are also childcare fee assistance programs offered by the Department of Defense, based on military branch.

If you need additional assistance paying for childcare for your military family, you have some options, similar to paying for school.

• Credit cards: Credit cards give you instant access to a line of credit, sometimes more than $10,000, that you can use to pay for personal expenses. You may be approved for several credit cards at once, which can increase the amount of cash you can access. While the access to quick cash is a benefit, you must make on-time credit card payments in order to avoid fees. Credit cards require interest for charges that aren’t paid in full at a specific time. This can lead to fees adding up quickly and increased credit card debt. When using credit cards, you’ll want to have a plan in place to pay them off expediently, and ensure you aren’t negatively impacting your credit score.
• Personal loans: Personal loans can help cover the cost of childcare. Personal loans provide you with quick cash and typically have lower interest rates compared to credit cards. Many people take out a personal loan to consolidate credit card debt for this reason. However, personal loans do require interest to be paid. Fixed payments on a set schedule can make personal loan payments manageable. You still need to have a plan in place to make your loan payments, including any fees.

ChildCare.gov lists other financial assistance programs for families needing funds to pay for childcare. These include:

• Government programs
  • Childcare subsidies: Also called fee assistance and voucher programs, childcare subsidies are funds the federal government sends states to help low-income families pay for childcare, so they can attend school or work. Each state has different eligibility requirements.
  • Head Start and Early Head Start: These programs are available to low-income families and families meeting other eligibility requirements. They prepare children to start school and include child development support services.
  • State-funded pre-kindergarten: There are state pre-kindergarten programs for children ages three to five, with some at low or no cost for eligible families.
• School-related programs: Some colleges and universities offer discounted childcare to students.
• Local and provider-specific assistance and discounts: Some childcare providers will offer discounts to military families. Some provide a sliding fee scale based on income. You may also be able to find assistance and scholarships for certain childcare providers, as well as sibling discounts.
• Tax credits: You may be eligible for the child and dependent care tax credit if you’re working or looking for work while going to school. The earned income tax credit helps people with moderate to low incomes get a refund for childcare.

There are more than 800 Department of Defense Child Development Centers (CDCs) on military installations around the globe. Some are open 24 hours a day. There are also in-home childcare options for military families. SitterCity.com and Care.com provide discounts for military families, as well.

Advice from military spouses who have been there

Balancing your life as a military spouse and career-minded individual (and perhaps a parent) has its challenges. Take it from these military spouses who have achieved school and career success.

Julie Provost, Army spouse and founder of Soldier’s Wife, Crazy Life: “You may have started college when you were younger, then life happened, and you decided to do something else. It has been a few years, and now you want to go back. Now is a perfect time to do so. See what colleges are in your local area. I am a big fan of community colleges. You can check out what degree programs they have and go from there. Online programs are also a good idea and allow you more flexibility during military life.”

Michelle Still Mehta, PhD, Air Force spouse and author of Silent Sacrifice on the Homefront: “Choose a career path that is realistically sustainable and compatible with military life. Here is where a certain amount of flexibility may come into play. Can you find a career that suits you while still being portable enough to carry with you? The most successful military spouses I know are those who have broken the connection between employment and geography. Either they can work virtually or take their employment with them at each new assignment.”

Marla Bautista, Army spouse and author of My Thoughts Abandoned:  “[For college,] you may be eligible for Pell Grants, Army Emergency Relief (AER) grants, MyCAA funds, subsidized and unsubsidized loans or scholarships…[With scholarships], all you have to do is meet the organization’s requirements, provide previous educational documentation and possibly complete an essay or an interview. Simple enough, right?”

Sue Hopping, Air Force spouse and founder of the National Military Spouse Network: “Always be prepared and have your resume ready. You never know when an opportunity will present itself. This is just as relevant for volunteers and entrepreneurs as it is for job seekers and those who are already employed.”

PJ Feinstein, Air Force spouse and freelance writer: “Reach out for assistance. Each military service offers resources to help spouses find employment on- and off-base. It’s just a matter of knowing where you should go, and you can often find this out during the intake process when your family arrives at a new base or from the spouse’s club at your significant other’s assigned unit.”

You can connect with other military spouses in your area to learn what worked for them and gain new leads. Also, volunteering while you prepare for school or a job search is a way to get involved with your community and make new connections that can lead to personal and professional growth.

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How to Pay for a Loved One’s Memory Care and Manage Their Finances

Emotionally and financially, it can be a lot to take in when a loved one is diagnosed with dementia, Alzheimer’s or other memory issues. Shawn Plummer, director of advance annuity sales at The Annuity Expert, has experienced the emotional toll on his own family: his 89-year-old grandpa is healthy, but his grandma has late-stage Parkinson’s and the early stages of dementia. “From my point of view, it’s gut-wrenching, simply because they both worked hard their entire lives, retired and then have had to go through this difficult time through their golden years. Imagine being married for 60-plus years, to learn your spouse dies forgetting who you are. I can’t imagine,” he says. “My grandfather is exhausted and frustrated.”

Your options for care may seem mind-boggling — but remember, you don’t have to decide on the type of care your family member needs right away, particularly if your loved one is diagnosed with memory issues in the early stages. Down the road, you may have to make decisions about assisted living versus in-home care — or memory care.

Memory care is a specific type of long-term care geared toward those with dementia, Alzheimer’s or other memory issues. It employs specially trained specialized individuals who are skilled in assisting those with memory issues, which is the major difference between this type of care and assisted living.

Memory care isn’t cheap, and the high costs are prohibitive for some families. Our guide can help you learn responsible ways to pay for it, the best payment methods and what shouldn’t be used at all.

The cost of memory care

Memory care is typically more expensive than traditional assisted living because it’s more specialized and requires more highly-trained staff members.

“Residents of memory care facilities typically require more vigilant and consistent care than those without memory issues. There is a wide spectrum of the level of memory issues, but they range from being occasionally forgetful to potentially violent behavior,” says Neel Shah, elder law attorney at Shah & Associates and financial adviser/owner of Beacon Wealth Solutions in Monroe, N.J. “Patients with memory issues can be a hazard to themselves as well as to other residents, thereby requiring more resources to be devoted to their care. This naturally drives up the cost of care.”

Here are the average costs, which depend on the complexity of care available at a particular memory care location.

Private room

A private room at a memory care facility costs $5,745 per month on average, according to retirementliving.com.

One-bedroom apartment

Assisted living communities usually charge a base monthly rate, which covers room and board in addition to two or three meals per day. The average cost for a one-bedroom assisted living apartment is $3,300 per month, though that depends on the state you live in. “The prices for various levels of care can fluctuate dramatically. Factors include the geographical location, the quality of the facility and the services included in the apartment/assisted living facility. For example, in the Northeast, it’s common for a typical nursing home type setting to cost as high as $15,000 per month. In the Midwest and Southern states, where the cost of living can be lower, you can still expect the cost to be in the $8,000–$9,000 range,” says Shah.

Retirementliving.com highlights the stark cost differences in care costs: In Hawaii, the average cost of a private room in a memory care facility can be around $13,216 per month. The cost is significantly less in Arkansas — around $4,132 per month.

The most expensive states for memory care are Delaware, New Jersey, Alaska, Connecticut, Rhode Island, Massachusetts and New Hampshire — monthly costs are over $6,200 per month. The least expensive states for memory care are Missouri, Georgia, North Carolina, Utah, Louisiana, South Dakota and Arkansas — monthly costs run under $4,300 per month, according to retirementliving.com.

Some facilities cover housekeeping, laundry and other services in their base rate, while others charge extra, so it’s important to get a cost breakdown for each facility you might consider, according to aplaceformom.com.

Medications

Regardless of the location in which the care is provided, many individuals with Alzheimer’s or dementia require prescription drugs. Consumer Reports says you’ll pay between $200 and $400 per month for Alzheimer’s medications for your loved ones.

How to pay for your loved one’s memory care facility

There are several ways you can tackle the costs of a memory care facility — and often, a combination of methods might be the best approach. Shah says there are typically only three major ways to pay for the bulk of long-term care: “Have long-term care insurance, pay for it yourself or have the government help you. Some families will opt for self-insurance. At its simplest form, what this means is they have enough money to pay for the care themselves and they don’t anticipate needing help,” says Shah.

Long-term care insurance and/or life insurance

Long-term care insurance and certain types of life insurance may help pay the costs of long-term care. Unfortunately, your loved one won’t qualify for long-term care insurance if he or she learns about Alzheimer’s or dementia and then immediately applies to get long-term care insurance. Most people with long-term care insurance buy it in their mid-50s to mid-60s — when they’re healthy.

Similarly, you may have already been paying an extra premium on your life insurance policy so you can get a tax-free advance on your policy, called accelerated death benefits (ABDs). In other words, you’ll be able to get money from your life insurance while you’re still alive to pay for memory care costs. Tapping into that benefit can be highly beneficial when your loved one needs to move to a memory care facility.

Personal loans

Personal loans are loans that you can use for just about anything you want — including a memory care facility. Personal loans are unsecured loans, which means that they’re not backed by something you own and could lose if you default on the loan.

Pros

• Personal loans are a great option if you need to pay off the loan over a period of time.
• Personal loans are not backed by collateral, which means the lender who gives you a personal loan can’t take your home or car if you stop making your payments.
• You can pay back your debt in regular installments.

Cons

• A personal loan sometimes has a higher interest rate compared to other types of loans.
• A personal loan may not be enough to cover the length of time that someone will be in a memory care facility.

Medicare/Medicaid

Medicaid is a federal and state program that provides health coverage and offers help with medical costs for some people with limited income and resources. Your loved one may fall below the income and asset requirements for Medicaid and may be eligible for the government benefit to pay for a long-term care facility. “In the middle of the spectrum is where most of the country sits — they don’t have enough money to self-insure throughout their illness, yet they still have too much in income and/or assets to qualify for Medicaid,” says Shah.

Your loved one may also qualify for Supplemental Security Income (SSI), which is cash assistance given to individuals who are either aged 65 or older, blind or disabled. This benefit can pay some or all of the costs.

Social Security can help supplement your income, too. Your loved one’s Social Security benefits will continue even if he or she has dementia. In fact, among those 80 and older, Social Security provides income for 76% of Social Security beneficiaries and compiles nearly all the income for 47% of them, according to the Center on Budget and Policy Priorities.

Medicare is also an option, as it often pays for some portion of memory care for people 65 and older, but your loved one won’t qualify if he or she doesn’t meet the age requirement. “Medicare often pays for some portion of memory care for people age 65 and older, but they will typically still incur some out-of-pocket costs,” says Ryan Patterson, CEO of SeniorAdvice.com.

Note: Medicare does not cover the full cost of long-term care, but it does cover care planning with a medical professional, according to the Alzheimer’s Association. Your loved one and his or her caregivers can learn about treatments, clinical trials and services available in the area. You and your loved one can access information and support that can contribute to a higher quality of life.

HSAs

Health savings accounts (HSAs) help you save money for future medical expenses and can be a great way to invest for future medical needs. HSAs are directly tied to high-deductible health plans — which means that deductibles, or the amount you pay before your insurance kicks in and pays the rest of the bill, are usually higher for these types of health plans. You can withdraw money for memory care and memory therapy using an HSA.

Sell or rent your home

You know that at some point, your loved one may no longer be able to live in his or her home — and selling or renting your home may be the best option. Get a good real estate agent on your side to help you navigate the process. The real estate agent can help you prep your home for sale, help you determine a price and selling strategy and also help you negotiate with buyers. He or she will be the best one to help you determine that you’re getting the best price for your home sale. You can use the proceeds from your home sale to pay for your memory care expenses.

Get a home equity loan

You might also opt for a home equity loan, which is like a second mortgage. You use your home as collateral for a home equity loan, so if you stop paying back your home equity loan, your home could be taken from you to pay your lender back. A home equity loan could offer the cash flow needed to pay for your loved one’s memory care expenses — but realize that it’s still a loan that must be paid back.

Reverse mortgage

You might be a spouse of an Alzheimer’s or dementia patient who is still healthy and living in your own home — but you might need to pay for your spouse’s memory care facility expenses at the same time. A reverse mortgage could be the answer. A reverse mortgage is a type of loan you can use to tap into the equity in your home — but you must be 62 or older. You’ll stop making monthly mortgage payments and can get monthly payments or a lump sum payment for the equity in your home. You may also choose to put your funds into a line of credit that you can access whenever you need it.

There are downsides to a reverse mortgage — and these should be seriously considered before you opt for a reverse mortgage:

• You’re decreasing the amount of equity you have in your home.
• Your loan balance will increase if you don’t pay down your interest over time.
• Your heirs may not benefit from the equity in your home after you die because you borrow on that equity.

Managing your loved one’s finances when they’re in memory care

As your loved one’s dementia progresses, you may need to take over all financial matters. Ensure that all bills are paid and accounts are taken care of prior to memory care. It’s important to manage the finances in a way that is consistent with the potential needs in the future. “For example, if there’s a certain amount of money which has been earmarked to help pay for care in the future, it may not make sense to subject it to wild market risks,” says Shah. “On the other hand, it is possible to be too conservative. The cost of health care is going up rapidly. Therefore, having the money an institution or an account that earns nothing and has no growth may not be the best way for long-term strategy. $200,000 in a checking account buys a certain amount of healthcare today, but it will not buy the same amount of healthcare in 10 years. At the bare minimum, you want to find a way to maintain pace with inflation.”

It’s important to get acquainted with all the legal documents you need, such as a will or trust, power of attorney, and advance directive early on in the Alzheimer’s and dementia stages, while your loved one still has the capacity to sign legal documents. What happens if you wait too long? You might have to file for guardianship with the courts on behalf of your disabled loved one.

Consider the following:

• • A durable power of attorney: A durable power of attorney means that a trusted friend or relative will be able to handle legal, financial or medical decisions if you become incapacitated.
  • Guardianship options: Guardianship is awarded by the courts to look after your personal, financial and physical well-being.

Organizations that help with memory care financing

One organization that most commonly pays for the costs of memory care or memory therapy (other than long-term care insurance companies) is the Veterans Administration. It’s for veterans and their spouses who were on active duty during designated periods of conflict. You and your loved one may also want to log some time with a social worker or a geriatric care manager to determine your loved one’s eligibility for state-specific benefits.

Don’t forget about yourself

Don’t neglect your own care. Plummer says that his grandpa has decided to “go down the Medicaid route to pay for the nursing home, but first, they would have to spend down all of the liquid assets — in a nursing home — before Medicaid kicks in.

Plummer says he’s advised his grandpa to purchase a Medicaid compliant annuity with a portion of his liquid assets. “The Medicaid compliant annuity will allow my grandpa to convert some of the liquid assets first into an irrevocable income stream based on his life expectancy. This lifelong income will cover his expenses now, and most importantly, after my grandmother dies,” he says. “After my grandfather purchases the annuity, my grandmother can then check into a nursing home, Medicaid kicks in, and my grandfather collects a paycheck,” says Plummer.

It can be a heart-wrenching road ahead, and there’s no one right answer to pay for all the costs. Sometimes you even have to make it up as you go along — but there are ways to make sure your loved one gets the best care possible — and be able to pay for it, too.

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How Christa Angelios Used a Personal Loan to Land Her Dream Job

Welcome to Let’s Get Personal, a new series at The Simple Dollar documenting real-life experiences with personal loans.

To qualify for her dream job, New Yorker Christa Angelios needed to complete an intensive publishing course at Columbia University. But because it was a six-week summer course, Christa wasn’t eligible for FAFSA or other financial aid, and since she’s financially independent from her family, she decided to take out a personal loan.

At a local Citibank branch, Christa applied for a $6,500 personal loan to pay for the course and living expenses. “I did get a scholarship to [help] pay for the tuition cost,” she says, “but I also had to stay on campus, so I had to pay rent for the six weeks that I wasn’t going to be working. [Since] we had to be present for our lectures all day for those six weeks, I had to quit my job.”

Ultimately, the six-week course proved to be a great investment in Christa’s career. She quickly landed a job at Penguin Random House, where she now works as a copyright’s assistant. However, the loan did take her two-and-a-half years to pay back. “I [still] have other student loans, but I prioritized this particular loan because of the high interest rate,” Christa says. She can’t recall the exact APR, but says it was somewhere around 24% — a stark contrast to the 7% APR on her undergraduate student loans.

In order to pay off the loan and ease her anxiety, Christa used several income sources. In addition to her full-time job at Penguin Random House, she tutored, did some freelance editing, and put all of her annual bonuses toward paying off the $6,500 loan. Life got in the way a couple of times thanks to the cost of moving in New York City, and having to scale back her freelancing.

“It took me a little while to get my tutoring and editing work back up and running, but once I did, I put as much as I could into the loan,” she adds. However, Christa says if she were to redo the whole process over again, she would spend more time researching rates and banks with more lenient fee structures.

“This is the first and only personal loan I’ve taken out,” Christa says. “I wouldn’t do it again unless it was necessary. I’ve been taking the last couple of years to focus on paying off all my debt as fast as possible, and I feel like [the personal loan] has prohibited me from being able to focus on next steps.”

Personal loans can be an incredibly helpful tool that allows borrowers to finance important decisions — in Christa’s case, her career. However, anyone considering a personal loan should make sure it’s their best option, research which lenders and which loans will best meet their individual financial needs, and calculate precisely how (and how long it will take) to pay it back.

Have you taken out a personal loan? Share your story with The Simple Dollar to be featured in our series. Reach out via email at inquiries@thesimpledollar.com.

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BB&T Bank Review

BB&T Bank has been around for over 150 years and is one of the largest banks on the East Coast. It has branches in 13 states, but it also offers both mobile and online banking that is convenient and fairly easy to use. The bank offers a variety of accounts that can be combined a number of ways to fit your lifestyle. If you’re careful with your finances, there can be some benefits of banking with BB&T.

BB&T Bank at a glance

	Minimum Savings Deposit	Maximum Savings APY	1-Year CD Rate	J.D. Power Survey Score	Key Benefit
BB&T	$0	0.03%	0.10% APY	N/A	Variety of account options

What we like about BB&T Bank

Perhaps the biggest plus for BB&T customers is the variety of accounts and investment options. Since the bank has been in existence for so long, the company has had time to develop different accounts for different purposes and lifestyles. This means that almost anyone can find something that works for them.
Also, if you live on the East Coast, you’ll have a large network of ATMs and branches to choose from. Even if you’re not a go-to-the-bank person, the option of online and mobile banking apps makes skipping the branch a viable option.

BB&T Bank critiques

The biggest drawback to BB&T is its fee structure. Almost every account except for student and children accounts has fees associated with it. It is possible to avoid those fees, but you’ll have to be careful to follow all the guidelines and restrictions in order to do so.

Overdraft fees are high: $38 compared to a national average of $30. They can be charged up to six times a day, meaning that even a small banking error can turn into a costly mistake. Even if you have overdraft protection set up, you’ll be charged a fee of $12.50 for every account transfer the bank does for you unless the amount is under $5.

If you live paycheck-to-paycheck and don’t maintain minimum balances and a very close eye on your accounts, these fees can eat into your balances quickly, so hyper-awareness is key.

BB&T Bank checking accounts

There are five different checking options with BB&T. The student checking option is for students 24 and under, and those under 18 will need a parent to co-sign. Senior Checking is for those customers 55 and older, and BB&T Fundamentals is the bank’s basic checking account for those who want a simple, effortless account and aren’t worried about earning interest. The Bright Banking checking account comes with more benefits, but there are minimum balance and direct deposit requirements. The fifth option is the Elite Gold checking account for those who carry higher balances and want to earn interest on their money.

All of these accounts, with the exception of the student account, have fees that can be waived. Senior checking has a $10 monthly fee, but this can be waived with more than $500 in deposits or a $1,000 minimum balance. BB&T Fundamentals has a $5 fee that can be waived with similar restrictions. Bright Banking has a $12 fee that can be waived by meeting certain requirements, and the Elite Gold account requires that you have a mortgage or a $25,000 minimum balance to avoid any fees and earn interest.

BB&T Bank savings accounts

There is some good news on the savings side of things. There are four types of savings accounts, and all but one of them are fee-free. The eSavings account is BB&T’s most popular, because while it does not earn much interest, it is a safe place to park your money.

The bank offers a Young Savers account for children under the age of 18 that also has no minimum balance or fees associated with it. The Investor’s Deposit account has a $10,000 minimum deposit but will earn tiered money-market rates, which can be significant depending on market conditions. It’s a great place to store money when you’re between investments.

If you spend a lot of money on medical supplies or equipment or you have a high-deductible medical insurance plan, BB&T does offer an HSA account. These types of accounts offer some tax advantages if you contribute directly to them pre-tax through your employer. There is no minimum balance, but there is a $5 monthly fee for using this service.

BB&T Bank money market accounts

If you have a minimum of $1,000 dollars to invest, you can earn competitive money-market rates through BB&T’s High-Performance Money Market account. The tiered rates vary based on market conditions and the balance you carry in the account. The highest APY a money market account with BB&T can garner is 1%, only with balances above $250,000. Other than that, it might not be worth it compared to other financial products and rates.

BB&T Bank CDs

When it comes to CDs, BB&T also has a variety of options. It offers a multitude of CDs, varying from 7-day to 60-month terms, a variety of minimum opening deposits, and interest rates ranging from 1.5% to 2.25% APY. You can also set up a standard CD, but customize it with certain options, like an add-on CD that allows you to add money at any time, a College Saver CD that generally spans a longer term and earns a higher interest rate, or a Home Saver CD to help you save for a down payment on a new home.

All of these choices can be paired with other BB&T investments that enable you to make your money work better for you.

BB&T Bank IRA accounts

From SEP to Roth to traditional IRAs, BB&T has a variety of offerings, with investments in mutual funds, ETFs, and more to choose from. They offer help for retirement planning and can coach you on how to reach your retirement goals.

Fortunately, the fees associated with BB&T IRAs are small and competitive with other banks that offer similar retirement accounts.

BB&T Bank credit cards

When it comes to credit cards, there are three different choices at BB&T. You can opt for Low APR cards, which is good if you carry a balance often. The second offering is a rewards card, which offers cash back on a variety of purchases. If you put those rewards in your BB&T checking or savings accounts, the bank will give you a 10% bonus. Neither of these cards has an annual fee.

The final card BB&T offers is a travel rewards card. With this card, you’ll earn double miles on travel expenses and will still earn miles on other purchases. Other perks include an $85 credit toward TSA PreCheck, and bonus miles the more that you spend. Initially, there is no annual fee, but then it is $89 every year after that.

BB&T Bank investing

There are two ways to invest with BB&T: self-directed investing where you do the research and the work, or managed investing where a professional does the investing for you.

There are several options you can invest in, from stocks and bonds to mutual funds and ETFs. Keep in mind that the fees for trades are a little high at $14.95 each. If you think you’ll trade often, there are cheaper options out there for you, especially if you manage your own investments.

The bottom line

If you live paycheck-to-paycheck and even small fees can derail your finances, BB&T may not be the right bank for you. You’ll have to be hyper-alert and hyper-aware of balances and spending to avoid paying them. However, if you keep high minimum balances and are looking for a place to invest, BB&T may be the right bank for you. Just be aware that it is still important to pay attention to fees rather than just interest rates. Figure out what it is costing you to have that account, and make sure that what you earn is greater than those fees. Otherwise, you’re not really coming out ahead.

For a variety of accounts and a number of ways to combine them that will fit your lifestyle, BB&T is a bank well worth checking out.

The post BB&T Bank Review appeared first on The Simple Dollar.

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N26 Bank Review

N26 is a banking and financial technology start-up based in Berlin, Germany. It launched in the United States in July 2019, has 3.5 million customers across Europe, and the waitlist for the U.S. launch contained over 100,000 names. N26 is what’s known as a challenger bank, which means it’s a fully digital banking platform.

We like N26’s innovative mobile banking features, which allow the customer to be more in control of their banking experience. A customer who is comfortable using their mobile device for all their banking needs might be a good fit for N26.

N26 at a glance

Min Savings Deposit	Max Savings APY	1-Year CD Rate	J.D. Power Survey Score	Key Benefit
$0	N/A	N/A	N/A	Unique control over your account through the app

What we like about N26

N26 accounts don’t require that you keep a minimum balance and there are no monthly maintenance fees. It also doesn’t charge for overdrafts. Additionally, the app allows for more control than many customers have at standard banks. For example, you can lock your Visa debit card from the app if you lose it to stop fraudulent purchases.

One of the best features of N26 is its sub-accounts (called Spaces), which help you to organize your savings into individual pockets. Saving for a trip to Tuscany? With Spaces, you can swipe money into a personalized sub-account designated for saving for that trip.

N26 critiques

N26 only offers a basic checking account. Since it recently launched in the U.S., the company doesn’t offer as many options as its European counterpart. If you’re looking for a one-stop-shop for all your banking, you won’t find it with N26 — at least not yet.

Also, the bank is fully digital with just an app and a website. For customers without smartphones, N26 wouldn’t be the best option for you.

N26 checking accounts

N26 specializes in checking accounts, and right now, there is one basic account available. For this account, you’ll pay $2 per domestic ATM withdrawal and $2 plus 2% on foreign ATM withdrawals. The only other fee the bank charges is for a replacement debit card, which costs $5.

You have complete control over your account through the N26 app, which has a budgeting feature that automatically categorizes each of your purchases so you can easily see where your money is going. Also, you can change your settings to allow for international spending. Usually, you have to call your bank or log into your online account to inform your bank of upcoming travels, but N26 has simplified this step for its customers.

Are you worried about not having a physical branch to visit with questions? N26’s customer service operates in real-time through its mobile app, phone or email. Moreover, the company has a lot of changes it is planning to implement soon. The company plans to roll out two premium paid options called N26 Metal and N26 Black targeting business customers.Additionally, N26 says it will begin to offer a rebate on two ATM withdrawal fees per month.

N26 savings accounts

The closest thing N26 has to a savings account is its Spaces feature, but this doesn’t earn you interest. Nevertheless, it’s convenient for people who like to visualize their money in separate sub-accounts.

For those looking to earn money on their savings, Barclay’s Online Savings Account could be a great option. It offers an APY of 1.90% and there are no monthly maintenance fees. Also, it doesn’t require a monthly minimum balance.

N26 money market accounts

N26 doesn’t offer a money market account. Two great external options are through BBVA and TIAA Bank. Both provide a high rate of 2.15%, although BBVA requires you to have at least $10,000 to get that rate. If you can’t deposit that much, the rate is still high at 2.00%. For TIAA, you’ll need to have at least $5,000 to open an account.

N26 CDs

N26 doesn’t offer a certificate of deposit (CD) account. If you’re looking to open a CD and earn better interest than with standard savings, you might look into BBVA or Capital One. BBVA’s 12-month term offers a rate of 1.50% with a deposit of at least $500, plus there are no maintenance fees.

Capital One offers a 2.20% APY for a 1-year CD, but there is no minimum to open the account. This option could work for customers with less than $500 to deposit.

N26 IRA accounts

N26 also doesn’t offer IRA accounts. Outside options that might be worth looking into are Wealthfront and Charles Schwab. If you’re a hands-off investor, Wealthfront could be for you. It charges a low 0.25% management fee and requires a minimum of $500 to open. A robo-advisor manages the account and does the hard work for you.

If you’re looking for a Roth IRA, you might try Charles Schwab. It has no minimum balance to open an account and charges a $4.95 trading fee, which is similar to many other brokerage firms. It also offers a user-friendly online dashboard for trading on your own.

N26 credit cards

Since N26 doesn’t offer a credit card, you’ll have to look elsewhere. If you want a card with a great sign-up bonus, you might try the . Upon opening, you get 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening that you can redeem for travel. However, the card does have a $95 annual fee.

N26 investing

N26 doesn’t offer any investing platform, but there are external options available, such as Merrill Edge. Its fees are reasonable at $6.95 per trade, and the company provides in-person support at around 2,500 locations through a partnership with Bank of America. You could also look into Ally Bank, which, like Merrill Edge, has no account minimum. Its fees are a bit lower at $4.95 per trade.

The bottom line

A person who’s comfortable using a mobile app for all their banking services and doesn’t need in-person support would be a great fit for N26. Moreover, anyone who wants more personal control over their banking experience might do well with N26.

However, a customer who prefers a physical branch location — or even someone who prefers not to use a smartphone — might not want to go with N26. Additionally, if you’re looking for an all-in-one banking platform, N26 is not the best option, since it only offers checking accounts.

Editorial Note: Compensation does not influence our rankings and recommendations. However, we may earn a commission on sales from the companies featured in this post. To view a list of partners, click here. Opinions expressed here are the author's alone, and have not been reviewed, approved or otherwise endorsed by our advertisers. Reasonable efforts are made to present accurate info, however all information is presented without warranty. Consult our advertiser's page for terms & conditions.

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Axos Bank Review

Axos Bank is popular online bank that was founded in 2000 and is headquartered in San Diego, California. Axos Bank is known for its “banking evolved” services, and the digital bank offers several types of banking products and conveniences to customers.

From no-fee checking and savings accounts to interest rates that are above the national average, Axos Bank has a lot to offer. It’s ideal for customers who don’t mind online only banking. However, customers that prefer in-person banking might want to bank elsewhere.

Axos Bank

Min Savings Deposit	Max Savings APY	1-Year CD Rate	J.D. Power Survey Score	Key Benefit
No minimum deposit required	1.30%	1.75%	N/A	High APYs

What we like about Axos Bank

Axos Bank has several benefits customers can take advantage of. These include free checking and savings accounts, no monthly maintenance fees and domestic ATM fee reimbursement. Axos Bank also gives customers convenient access to several types of banking features, like peer-to-peer payments, online bill payments and mobile deposits. Checking account interest rates are competitive, but interest rates on savings accounts are slightly lower when compared to other banks.

Axos Bank critiques

A concern that some customers might have with Axos’ online only banking is that it comes with a $4.95 fee to make make cash deposits. Additionally, customers will need to have a valid ID and Social Security number when they open their accounts and must share this information on their mobile device. Another concern customers might have is overdraft fees. If customers have a Cashback or Golden account, overdraft fees are $25, and fees can be charged up to three times daily. Lastly, the annual percentage yield (APY) isn’t terribly high when compared to the national average.

Axos Bank checking accounts

Axos Bank offers several different types of checking accounts. There are no monthly maintenance fees. Account types include:

• CashBack Checking: This interest-free account requires a minimum of $1,500 for cash back rewards.
• Essential Checking: This interest-free account has no overdraft fees and offers unlimited ATM fee reimbursement.
• First Checking: This interest-free student account has a cap of $100 on withdrawals, $500 for debits and $12 total reimbursement for ATM withdrawals monthly.
• Golden Checking: This interest-bearing account for seniors includes 50 free checks bi-annually and $8 total reimbursement for ATM withdrawals monthly.
• Rewards Checking: This account includes a high APY that increases if direct deposit is added.

Axos Bank savings accounts

Axos Bank offers two types of savings accounts. With the High Yield Savings account, the APY is higher than the national average. Customers can request a free debit card and the minimum opening balance is $250. Customers can incur ATM fees, but this amount varies.

The Second Chance savings account includes a high APY along with no monthly fee for this account. Another benefit is that debit cards are free. However, overdraft fees are $25 for this account and customers may incur a $1 fee for ATM usage. Account holders will need a $50 opening balance to open the account.

Axos Bank money market accounts

Axos Bank offers flexible money market accounts for its customers. A minimum deposit of $1,000 is required to open a new account. Customers can request checks for their account and they can receive a free ATM card. They are limited to a total of six checks monthly, but other transactions are allowed with their debit card.

One of the drawbacks of is that there is a $25 overdraft fee for any returned checks. While there’s no maintenance fee to pay each month, ATM reimbursements are also not offered. Additionally, the APY for this interest-bearing account is slightly lower than the national average.

Axos Bank CDs

Axos Bank provides customers with several types of certificate of deposit (CDs) options. These include smaller time frames — like three months — or the terms can extend up to 60 months. There’s no monthly maintenance fee when customers open a new CD. However, customers will incur an early withdrawal penalty if they remove their money before the maturity date.

CD APYs at Axos Bank exceed the national average but are just below other CD rates for online banks. Customers will need $1,000 to open a new CD, while other online banks may not have a minimum deposit for their CD accounts.

Axos Bank IRA accounts

Axos Bank does not offer IRA accounts at the moment, but it will have investment tools posted on its website in the future. Customers interested in IRA alternatives should explore the accounts offered by Merrill Edge. This bank has no minimum requirements on its accounts, and fees are only $6.95 per trade.

and offer similar IRA account setups, with free trades and no account minimum required. Another broker to consider for an IRA account is Interactive Brokers, where there’s only a $0.01 fee per share and no minimum account balance.

Axos Bank credit cards

Axos Bank does not offer credit cards on its site. Customers that would like to explore credit card alternatives might want to check with TD Bank. TD Bank offers the TD Cash Credit Card. As a special offer, customers can earn up to $200 in cash back rewards when they spend up to $500 within the first three months. Another card to explore is the TD First Class Visa Signature Credit Card. Customers can earn up to a total of 25,000 bonus miles when they spend a total of $3,000 within their first six billing cycles.

Axos Bank investing

Axos Bank does not have an investing section at the moment. However, customers interested in online investing might want to explore Wells Fargo. Wells Fargo has nearly 19,000 available advisors. Additionally, its robo advisory service is ideal for customers who want access to self-directed investment options.

Customers can open accounts with a minimum of $10,000, which is more than the deposit amounts with other banks. Account holders with a $100,000 deposit can access full product features. Investment options include trades and IRAs if customers roll over their 401(k) savings into a traditional or Roth IRA.

The bottom line

Axos Bank is a popular online only bank that likes to pass savings onto customers. Perks include no monthly maintenance fees on most accounts and free checking and savings accounts. Customers will also benefit from free ATM cards and free checks. While its APYs are higher than the national average on some accounts, they’re slightly lower than other online banks. Customers that want face-to-face banking might not like Axos’s online only approach or the fees for making deposits. However, with free incentives like convenient mobile banking and a decent APY, Axos has several selling points to keep customers happy.

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How 3 Entrepreneurs Used Facebook Marketplace to Launch Lucrative Side Gigs

When you think about Facebook Marketplace, do think about posting your old futon in hopes of snagging $40 or $50? Or maybe you’re in the market for a microwave, and a used one for a good price will do just fine.

Those are great uses of Facebook Marketplace, essentially the classifieds of the social media behemoth. 

But for a hustling, entrepreneurial-minded go-getter (maybe that’s you?), we’ve discovered that Marketplace can be an actual business resource. Adam Hardy, a staff writer at The Penny Hoarder, recently profiled three enterprising business owners who, in one way or another, launched their gigs using Facebook Marketplace.

Here’s how they did it.

Tapping Into a Hot Idea

Some of us have a vague idea of a business we might start, that might be cool and might someday possibly make money. Not Kevin Mullan. 

The 38-year-old marketing executive had a crystal clear vision for turning a decommissioned fire engine into a beer truck and spent years — literally — scanning listings for the right rig. 

On Marketplace, he finally found it, sinking into an Ohio farm field, priced at $5,000. Now, that 1987 E-One engine is Tapped 419, a rolling tap room in hot demand for parties and beer fests across Toledo. It’s also a side gig success story that Mullan is using to pay for his three kids’ school tuition. 

“The whole business,” Mullan told The Penny Hoarder, “has been a series of happy accidents.”

‘That’s What I Like About America’

In many ways, Sara Chen embodies the ideal immigrant experience. A former HR executive from Shanghai, Chen moved to the U.S. 10 years ago, got married, had a daughter and became a teacher.

Oh, you thought that was all? 

This tireless 40-year-old heard about Airbnb, so she started renting out a room in her family’s house. She spotted a cool mid-century dresser on Facebook Marketplace, so she bought it — along with a second one that she spruced up and sold for a tidy profit. 

Chen took that experience and ran with it. Now in her spare time, she operates Sara Chen Design, regularly snapping up dressers on Marketplace for between $40 and $120, then upcycling them into gorgeous pieces that fetch prices of $300 and up. 

Her secret? Taking meticulously staged photos of her work. She’s so good behind the camera that her skills have launched yet another side hustle: photography staging courses. 

What’s not to love about that go-getter spirit and apparently boundless energy? But Chen finds that it’s all coming back in spades in her new homeland.

“That’s what I like about America,” she said. “This is a country that really promotes hard work and creativity.”

A DIY Project That’s Just Getting Rolling

When you’re a stay-at-home mom of five kids, taking the occasional vacation is a downright necessity. But how to take seven people on a getaway without going broke?

For Sarah Lemp, the answer was in a dilapidated camper, circa 1956, that included not one, but multiple dead rodents in the $1,700 asking price. Lemp enlisted her kids and got the old girl — which they named Gidget — road-worthy and rodent-free. Gidget took the family on countless road tips until they needed a bigger ride. Then Gidget sold, same day, on Marketplace for $8,900.

That got the Lemps thinking: Could this be a business opportunity?

Short answer: Yes. Lemp is now a bona-fide DIY camper-flipper, pocketing about $6,000 in profits per project. And she’s kept her kids in on the action, using the burgeoning side business to teach them about costs, profits and the fruits of good day’s labor.

Molly Moorhead is a Senior Editor at The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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BMO Harris Mortgage Review

BMO Harris Bank has a 200-year history. It was founded in 1882 as Harris Bank, but later became BMO Harris when BMO Financial Group, an institution with a legacy dating back to 1817, purchased it. This long history brings vast experience as well as a desire for development and growth.

In keeping with that vision of progress, BMO Harris has gradually refined its service models in an effort to optimize their customer experience.

Table of Contents:

• Overview
• Mortgage Rates
• Options
• Application Process
• Mortgage Qualifications

BMO Harris Overview

Its competitive mortgage rates aren’t the only area where the bank stands out. BMO Harris is also a community-centric bank based in Chicago, but with branches across Illinois, Indiana, Kansas, Wisconsin, Minnesota, Missouri, Arizona, and Florida.

The bank operates as part of the BMO Financial Group, a Montreal-based financial services firm that is among the oldest and largest in Canada. However, this scale of operations hasn’t distracted BMO Harris from its community values.

The bank was recently named one of the most ethical businesses in the world by the Ethisphere Institute.

As a mortgage lender, BMO Harris offers solutions aimed specifically at low-income and first-time home buyers. However, it also provides typical fixed- and adjustable-rate mortgages and jumbo loan options.

BMO Harris Mortgage Rates

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BMO Harris Loan Specifics

BMO Harris offers mortgage products tailored to two very particular borrower profiles. On one hand, the bank provides mortgage products that are aimed at affluent customers. On the other, it also provides access to specialized loans for low-income households or those who don’t have significant capital available for a down payment.

Here’s a look at the mortgage products available from BMO Harris:

Fixed-Rate Mortgage

BMO Harris advertises its fixed-rate mortgage as a good fit for those who expect to live in their homes for a long time. The cost predictability ensures borrowers can budget effectively and anticipate their costs. This is easier with fixed-rate loans because the interest rate won’t change throughout the loan term.

This mortgage is available for those purchasing or refinancing a primary residence, investment property or second home.

Adjustable-Rate Mortgage

An adjustable-rate mortgage is often considered a prime option for those who hope to reduce the initial costs for their home loan. These loans often come with a lower initial interest rate that fluctuates after a pre-determined number of years, depending on market conditions.

This won’t always mean a higher price, but it does create the possibility of having higher monthly payments after the initial term. What’s more, the rate doesn’t just change after the first term, it actually becomes a variable rate that can shift each year.

FHA Mortgage

BMO Harris offers loans insured by the Federal Housing Administration program. Through this program, eligible borrowers are often able to get a relatively low rate even with a small down payment.

There is also an added degree of flexibility in terms of credit score requirements, closing costs, and the ability to use gift funds. FHA mortgages through BMO Harris require a minimum down payment of just 3.5 percent of the home’s purchase price.

Home Possible Mortgage

The home Possible Mortgage program is designed to make home-buying accessible to lower-income borrowers. While a minimum down payment of 5 percent is required, borrowers may be able to access financial assistance for the down payment or closing costs.

Housing Grant Loans

BMO Bank also provides access to mortgages structured around a variety of housing grants. The bank can help customers connect with state or local grants and use those as financial assistance for closing costs or down payments.

Jumbo Mortgage

Designed for those looking at more expensive homes, jumbo loans provide larger loan amounts than standard mortgages. These loans are available as either fixed- or adjustable-rate mortgages and are intended for those seeking a loan above $453,101.

The wide variety of loans available from BMO Harris Bank makes the institution’s products suitable for a wide range of borrower profiles. This variety is only part of what makes the bank stand out from the competition. 

BMO Harris also provides an integrated online banking experience that includes an auto-pay feature for those with a BMO Harris checking account. As of December 19, 2018, the bank offers a discount on closing costs for setting up automatic payments.

BMO Harris Mortgage Application

BMO Harris started as a community bank. The value of supporting the local communities remains central to how it operates today. This comes across in a web experience designed to easily guide users through the lending process.

Each loan page offers a simple five-step layout of the mortgage process, giving users key details about what to expect at each phase. These details clearly delineate what the borrower is responsible for and what the bank will take care of for them.

This simple five-step guide on each mortgage page can help to demystify the home-buying process and make the idea of applying for the loan less intimidating.

It’s also worth noting that BMO Harris does not directly advertise its mortgage rates on its website at this time (December of 2018). While this may create some initial difficulties in comparison shopping, it’s because the bank is focused on more personal experiences.

Instead of showcasing the lowest possible rate you can get, the bank provides an easy-to-use online tool that lets you obtain a personal quote by providing just a few pieces of information.

You don’t have to provide your Social Security Number, but should know how much the homes you’re considering cost and have an idea of what range your credit score falls into.

You can file a mortgage application and request for prequalification online. You can also access a few mortgage cost calculators and informational resources with information on mortgages on the institution’s website.

Beyond these factors, the bank also stands out for its ethical processes. In March 2018, BMO Financial Group was recognized by the Ethisphere Institute as one of the World’s Most Ethical Companies of 2018. The award comes, to some degree, as a result of the bank’s focus on trying to support communities through its lending products and financial services.

BMO Harris Grades

With a legacy dating back more than 200 years, BMO Harris has had a long time to cement its reputation as a community-focused bank. The company appears to have done an excellent job in this area, as it has been recognized as a Better Business Bureau-accredited company with an A+ rating.

Furthermore, a 2018 study from the Reputation Institute recognized BMO Harris as one of the most reputable banks in the country. This distinction comes at a time when the reputation of the larger banking industry is improving in the public eye.

An American Banker analyzing past Reputation Institute studies in comparison to this year’s results highlighted this trend. Just two years ago, the banking industry was ranked as the worst sector in the U.S. during the Reputation Institute’s annual study. This year, banking has climbed to the 10th position out of 16 industries.

BMO Harris is an Equal Opportunity Lender operating under the NMLS number 401052.

• Information collected on December 19, 2018

BMO Harris Mortgage Qualifications

	Payment assistance available	Special access qualifications	Down payment required
Fixed-rate loans	No	No	Yes
Adjustable-rate loans	No	No	Yes
FHA loans	Yes	Yes	Yes
Home Possible loans	Yes	Yes	Yes
Housing Grant loans	Yes	Yes	Yes
Jumbo loans	No	No	Yes

Qualification details vary substantially from loan to loan and are often reliant on a variety of conditions monitored by third parties, such as community groups that manage grants.

BMO Harris Phone Number & Additional Details

• Homepage URL: https://www.bmoharris.com/main/personal
• Company Phone: 1-888-482-3781
• Headquarters Address: 111 W. Monroe St., Chicago, Illinois, 60603

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