As prices continue to rise, especially in the energy sector, consumers are looking for new ways to budget. Some are reviewing their insurance coverage with a view to eliminating unnecessary premiums, while more women are leaving the 9-to-5 job to become entrepreneurs. Others are considering using a credit card with special perks, such as cash back or a low introductory rate, to finance larger purchases.
Home financing
How American Pacific Mortgage can help make the home selling process easier
Smart homebuyers usually work with a mortgage lender on financing before looking for a new property. However, if you are also planning to sell, a licensed mortgage professional can provide valuable advice and assistance that will reduce your stress. Here are some ways I can help you in three situations that concern many sellers.
When can I start looking for my next home?
You may be able to do it now. There are several ways to prepare for your next purchase, including a line of credit backed by the equity in your existing home, or short-term financing. This can be especially helpful if you’ve already discovered a home you like — or if your dream home suddenly appears on the market and you want to be ready to act quickly.
How can I distinguish between real buyers and “just looking”?
Depending on your plans, you can work with a real estate agent who arranges open houses. Inviting a mortgage loan officer to these events can help you and your agent determine which leads have the money and credit score to buy your home, and which ones don’t.
How can I make sure the price I’m asking is fair?
Although I can provide you with the basics, working with an agent who is familiar with your neighborhood is ideal. I can refer you to one or more real estate agents. An agent can also advise you if having a professional inspection of your home is a smart move.
Source: Realtor.com
insurance
Specialized insurance products you may not need (or already have)
While it’s always smart to make sure your insurance premiums protect you from unpleasant surprises, you may be wondering if any of the following apply to your current situation or future plans.
Car rental insurance
If you’re renting a car, you may be able to decline the insurance that car rental companies try to sell you. Typically, a standard car insurance policy will cover you when you drive a rental car. Even if you’re traveling abroad, you may not need additional coverage, especially if you booked your car using a credit card that includes this insurance. Make sure to double-check your current coverage before it’s time to pick up your rental car, so you can be confident you’re making the right decision.
If your current standard policy includes reimbursement for rental car costs while your car is being repaired, you may not need it, especially if a family member or friend can drive you. You may want to know how much you will save by removing this coverage.
Complete coverage for older vehicles
If your car is old or looks like a demolition derby car, you may be better off forgoing collision and/or comprehensive insurance. This is because the most your insurance company will reimburse is the current market value of the vehicle. Choosing the minimum coverage could save you more than you realize.
Travel insurance
Travel insurance helps you make sure you’ll get your money back if anything goes wrong…if you don’t already have coverage. However, if you charge your trip with a credit card that offers trip cancellation coverage (some even offer coverage for lost or damaged bags), you may not need to.
Social Security Insurance
The uncertainty of the past few years has given rise to a new product: Social Security insurance. When you add this insurance to your annuity, the insurance company promises that your annuity payment will increase to cover any government shortfalls resulting in a smaller Social Security benefit.
However, the chances of this happening are slim. Retirees vote More than half of voters in 2020 and 2024 were 50 or older, and 28% were 65 or older. Cutting Social Security benefits for these voters would be a huge risk for anyone hoping to get elected.
If you have concerns about these or other types of specialized coverage, Contact your local APM Loan Advisor For referral to a licensed insurance professional.
Source: Kiplinger.com
In the news
Women entrepreneurs are set to take the lead
Over the past five years, women have become their own bosses at a faster pace than ever before. Recent data indicates that female entrepreneurs are responsible for 49% of all new businesses – an increase of 69% from 2019 to 2024.
In addition, women now make up nearly half of angel investors — individuals who provide early-stage capital to startups using their own money — and 46% of companies seeking angel capital are owned by women. This impact is expected to grow, as women are expected to inherit $34 trillion in financial assets by 2030.
Research by financial services company Empower found that 46% of women consider financial independence essential to their happiness. Living debt-free is also important to them. Side hustles aren’t enough anymore, with only 35% of new businesses in 2024 starting as ways to make money outside of the 9-to-5 job.
In addition, women are making progress in leadership and professional roles. The number of women running Fortune 500 companies will reach a new record in 2025, with 55 female CEOs leading the nation’s largest companies by revenue. Women now hold 38% of male-dominated professional jobs, including computer scientists, doctors and lawyers. This percentage is higher than it was in the 1980s, which was 23%.
Source: Tamkeen.com
Credit and consumer finance
How does the Iranian conflict affect our economy?
The Iran war has had a ripple effect on the global economy, with sky-high energy costs generating most of the concerns and headlines. Gas prices here in the United States recently reached a national average of $4.10 per gallon, and inflation rose to 3.3% annually in March.
Oil prices are a crucial and sometimes unpredictable variable. One economist identified $125 a barrel for WTI – the US benchmark – as the point at which “it becomes a bigger economic problem.” Oil is currently trading near $91 a barrel, down from its April peak of $115. If fighting resumes, the outlook could become considerably bleaker.
Goldman Sachs cut its 2026 GDP forecast to 2% and raised its unemployment forecast to 4.6% by the end of the year. Consumer sentiment has reached record lows, although actual spending remains relatively resilient, rising 4.3% in March.
The Federal Reserve remains in wait-and-see mode, with interest rate cuts now expected no later than late 2026 at the earliest. The inflationary pressures imposed by the war make lowering interest rates politically and economically complex.
Globally, Europe and Asia – particularly heavy users of Middle Eastern oil – are also facing potential supply chain pressures. These issues are expected to worsen in the coming months.
Source: cnbc.com
Did you know?
How to save with credit cards when rates are high
Yes, you read that headline correctly… you may be able to save money by using the right credit card for some purchases. Given that annual inflation numbers rose to 3.3% last month, more consumers expect 2026 to be worse for their wallets than last year. Here are some strategies to consider after reviewing the various benefits of your credit cards.
Think about your cash back card. If you don’t have one or more cards that allow you cash back, it’s time to consider one. Be sure to look for cards that will earn the most cash back in the most popular spending categories. Some may reward you with a higher percentage of cash back during your first year as a customer.
Be strategic when making large purchases. This may be a good time to apply for a new credit card that offers special rates or a similar type of promotion, such as a sign-up bonus, during the first months you use the card.
If you already know that you’ll need to buy an expensive product this year, it might be a good idea to apply for a new credit card to take advantage of the promotions you were eligible for when you first got the card. Before applying, make sure the card’s minimum spending is realistic.
A card with a 0% interest promotion is another option, especially if you’re sure you’ll be able to pay off the purchase before the promotion ends.
Travel reward points may offer other rewards. If you’re a frequent traveler, you’re already well aware of the earning power offered by credit cards issued by major airlines or hotel chains. However, if this year feels like a staycation year, you may be able to convert your expired points into a credit that reduces your balance, or a gift card that you can use at a favorite retailer.
As always, be sure to review your overall budget before pursuing an expensive purchase or updating your credit file.
Source: nerdwallet.com
