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The Best Garage Door Openers for Your Money

Filed Under: Money.com, SUCCESS

Garage door openers have been offering homeowners great convenience for decades. After all, it’s a pain to hop out of the car and manually open or close the garage, especially on a cold winter day.

Today’s garage door openers are more helpful and easier to use than ever. They often incorporate smart home technology and come with features like Wi-Fi and voice commands, as well as quick, hassle-free ways to program the remote controls.

On paper, the mechanism operating a garage door opener is pretty straightforward. You have a motor with a belt — think bike chains — that opens and closes your garage. Some models come with light bulbs and safety sensors that stop the door from closing if there’s anything (or anyone) in its path.

While the basics remain the same, modern garage door openers have slowly integrated wireless features, with many having access to MyQ (a smartphone app) or HomeLink (a remote feature found in many modern car models). Some newer devices also have their own phone apps that are able to connect with Amazon Alexa and Google Assistant or smart home environments like Apple HomeKit.

One benefit of all this added technology is that it’s much simpler to set up remote controls. Most openers today only require a pairing button to be pressed on the main unit, while others come pre-programmed out of the box. On the other hand, Wi-Fi and voice command features can sometimes be tricky, since each model has its own specific instructions.

Garage Door Opener Buying Guide

If you’re planning on installing your first garage door opener or simply think it’s time to upgrade your old model, here’s what you need to consider while shopping around:

• Horsepower. The size of your garage door will determine how much horsepower you need. The lowest available horsepower (0.5 hp) will typically be able to handle doors up to 7-8 feet in height, with the width varying by model. Large doors of 14 or more feet in height will need a stronger motor (perhaps 1.25 hp) to open and close comfortably. Horsepower can also affect the speed at which your doors open and close.

• Drive mechanism. The type of drive your opener uses will affect the amount of noise it makes. Chain-driven motors are usually the loudest, while belt-driven ones are quieter. Other types include screw-driven and direct-drive motors, which are also quiet, but are better suited for very heavy doors.

• Ceiling- or wall-mounted. Most garage door openers are ceiling-mounted; however, if your ceiling is low, or you drive a vehicle that’s high off the ground (like trucks or SUVs), a wall-mounted unit might be a good option.

• Connectivity. Access to phone apps and car features such as HomeLink will make it especially easy to open and close your garage. They may also allow you to control how long the door stays open, and even alert you if you forgot to close it when you left. Some models are capable of connecting to Amazon Alexa or Google Assistant to enable voice commands as well.

• Additional accessories. Last, but not least, you want to make sure that the model you are choosing includes some basic accessories such as pre-programmed remotes, wall controls, and safety sensors. This helps you avoid having to spend more money further down the road.

Garage Door Opener Installation

Installing a garage door opener is not an easy DIY project. In most cases, the task — which might take a few hours, a half-day, or much longer depending on the complexity and who’s doing the work — should be handled by a professional.

The cost of hiring a pro to install a garage door opener can vary quite a bit. You can expect to pay between $300 to $900 for a garage door installation, although sometimes the costs can run to upwards of $1,500.

All of the above applies to the installation of a new door opener in a garage that doesn’t have one. Replacing or upgrading an old garage door opener is generally less complicated (and less costly), and while it is a simpler job to do yourself, it is still not necessarily an easy or straightforward project

If you’re leaning towards the DIY route, there are a few important details to keep in mind. The first is that many models and brands have their own specific instructions for setup, which makes reading the instruction manual incredibly important. Likewise, you need to make sure that the length of the door tracks matches up with your garage (door) dimensions. Some models may require extenders.

You’ll want to make sure that there’s an electricity outlet near the motor unit, since not every model can be hooked up to an extension cord. It’s also important to replace additional parts like wall buttons and safety sensors, even if you had previous ones in place. They may all look similar, but these devices are very particular about compatibility.

Best Garage Door Openers

1. Best Overall: Chamberlain B970

Best garage door opener
Courtesy of Amazon

It’s hard to imagine a house without a garage door opener — assuming you have a garage, of course. When looking for an appliance you’ll use daily, it’s important to choose one that won’t quit on you. The Chamberlain B970 certainly fits the bill, as one of the strongest and most reliable garage door openers you’ll find.

This particular model from Chamberlain comes with a 1.25 hp motor — the most powerful available for domestic use — and uses a belt-driven mechanism, which significantly reduces noise during operation. It also includes a backup battery that ensures continuous operation during power outages.

For all its strengths, the B970 does have some downsides. It has basic wireless features such as smartphone control, but more advanced ones like Google Assistant support are locked behind a subscription. It also lacks support for voice commands through Alexa or similar systems. But if all you need is a sturdy machine that will do the job and hold up over time, you’ll get your money’s worth with this model.

2. Best Wall-Mounted Opener: Liftmaster 8500 Elite Series

Best garage door opener
Courtesy of Amazon

While garage door openers are mostly similar in design, not all garages are built the same. Some garages have minimal overhead clearance, or the homeowner simply wants to free up storage space above vehicles.

If either situation applies to you, check out the Liftmaster 8500. It’s a side-mounted opener that can handle large doors (up to 14’ x 18’) while fitting snugly on the side of your garage entrance.

The Liftmaster 8500 operates with a torsion spring system, meaning that it uses springs to push the door open, and then simply lets the door’s own weight handle the closing. Because of this, it is very important to pay attention to your door’s resting position when installing, or you may need to purchase additional “pusher springs” to help it close all the way.

This model works with MyQ, a smartphone app that connects to a variety of smart garage door openers. That said, it requires the additional purchase of the Liftmaster Internet Gateway — which costs $60 — in order to enable wireless features. That’s on top of the already hefty price tag for this device (around $400). However, you may feel significant peace of mind from the wireless features, especially Amazon Key, which allows for packages to be delivered inside your garage and away from the prying eyes of porch pirates.

3. Best Quiet Garage Door Opener: Genie QuietLift Connect

Best garage door opener
Courtesy of Amazon

While there’s no denying the convenience that garage door openers provide, many of these contraptions can be loud. Though they’re only active for a few seconds at a time, the noise can be a bother if you have an attached garage or thin walls. The Genie QuietLift Connect offers a solution, combining nearly silent operation with reliable performance.

It uses a belt-driven, 0.75 hp DC motor, which significantly reduces operating noise while containing enough power to open garage doors at a reasonable speed.

As for wireless features, the Genie QuietLift Connect can be connected to your home network so you can operate it from your phone. The QuietLift also works with Alexa voice commands, but it doesn’t connect to smart home environments like Apple HomeKit.

Still, for less than $200, you get a quiet and reliable garage door opener with all the expected accessories (remote controls, wall-mounted keypad), as well as many modern features found in pricier models.

4. Editor’s Pick: Skylink ATR-1622CKW

Best garage door opener
Courtesy of Amazon

Home appliances with wireless technology are now pretty common, but you usually have to pay pay fairly expensive prices to take advantage. The Skylink ATR-1622C KW is an exception, offering these features for a fraction of the cost of other models.

While it only sports a modest 0.5 hp motor and a chain drive — the noisiest type — the Skylink comes with full wireless features, allowing it to connect to your home network via phone app. It is capable of working with Alexa or Google Assistant, and an optional backup battery is available, letting you open the garage even during power outages.

Because of its limited lift power and somewhat noisy operation, this model might not be a great fit for everyone. However, with its $165 price tag, the 1622CKW is a great value for anyone looking to fully connect their home.

5. Best for Low Prices: Genie GEN1035V

Best garage door opener
Courtesy of Amazon

Not every garage needs a high-powered, high-tech way to open its doors. Some homeowners just want a simple device will get the job done reliably and not break the bank. If that sounds like you, the Genie 1035V is a terrific choice, especially if your garage door is on the smaller side and you don’t mind a little noise.

This model runs on a 0.5 hp motor and a chain drive, and it comes with essentials like a preprogrammed remote, a wall button, and safety sensors to prevent the door from closing on anything in its path.

Bear in mind that this is a basic model. It doesn’t even have its own lighting. But Genie’s Aladdin Connect adapter can be purchased separately, if you want to add smartphone controls and remote monitoring features.

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What Is Student Loan Refinancing?

Filed Under: Money.com, SUCCESS

Student loan refinancing is taking out a private student loan to repay an existing student loan (private or federal).

Most people refinance their student loans to consolidate multiple loans into a single debt, snatch up a lower interest rate, or lower monthly payments.

What You Should Know:

  • Unlike mortgage refinancing, student loan refinancing is usually free — many private student lenders don’t charge additional costs, like application or origination fees.
  • Refinancing a private loan involves swapping an old loan for a new one with new terms.
  • Refinancing a federal student loan, on the other hand, means giving up important benefits like deferment, forbearance, and income-based repayment plans. Explore these alternatives before refinancing a federal student loan with a private lender.

Why Refinance?

Refinancing a student loan is as important a financial decision, as when you took out the original loan. It’s not something you should rush into, but there are many good reasons to refinance.

Get a Lower Interest Rate

If your financial situation has improved considerably since you took out the original loan or if average interest rates are lower now than they were back then, it’s likely you could get a lower interest percentage if you refinance.

If the difference between the rates is big, it could mean huge savings to you over the years. For example, you would save about $7,000 in interest over 15 years on a $50,000 loan if the interest rate went down from 6.5% to 5.0%.

Get a Longer Loan Term

Another reason to refinance a student loan is to change the amount of time you have to pay the loan. Getting a longer loan term could lower your minimum monthly payment and reduce your overall debt burden.

This could be useful, for example, if you’re looking to buy a house and want to reduce your debt-to-income ratio. But note that if you take a longer time to pay off the debt, you’ll end up paying more interest in the long run.

Remove a Co-signer

Many students take out student loans with a parent or guardian as a co-signer because they are minors or just don’t have enough credit or income to get approved on their own.

Years later, you might seek to remove the co-signer from your loan for many reasons: to be solely responsible for your finances, take the potential weight of paying off your loan from your co-signer’s shoulders, or improve your co-signer’s DTI ratio by removing the open loan from their credit report.

If your credit score is now better than your co-signer’s was back then, you might have the added bonus of nabbing a lower interest rate as well.

Consolidate Multiple Loans Under a Single Lender

If you have multiple loans from multiple institutions and you’re having a hard time keeping track of all your payments or just want to streamline your bills, refinancing multiple loans under a single financial institution could make sense for you.

By taking out a single loan for the total amount of all your existing loans and paying those smaller loans off, you can consolidate your student loan debt.

Refinancing Federal Loans Is (Often) A Bad Idea

Keep in mind that the information above only applies to private student loans. There are many great reasons to refinance private student loans, but there are fewer good reasons to refinance a federal student loan.

Unlike private student loans, which are issued by private banks and other financial institutions, federal student loans are backed by the federal government and come with a wide range of protections and benefits that are not available for private student loans.

You can find a full overview of federal student loan benefits on the Federal Student Aid website.

The federal government doesn’t issue refinancing loans; instead, they provide alternatives like loan forgiveness programs, loan deferment and forbearance, public service loan forgiveness, and Direct Consolidation Loans for borrowers who need debt relief.

If you wanted to refinance a federal student loan, you would need to take out a private student loan. That means you would lose the favorable terms and conditions of a federal student loan forever.

This is not to say that it’s always a bad idea. Like we showed above, getting a lower interest rate could mean thousands of dollars in savings over the years.

“If your finances are on solid footing and you work in a field that’s not eligible for federal loan forgiveness, refinancing could be worth [losing the benefits],” says Andrew Pentis of StudentLoanHero.com.

How to Qualify for Refinancing

Just as they do for mortgages or personal loans, all student loan lenders have their own underwriting criteria and eligibility requirements.

These are simply some of the most common conditions you’ll have to meet to qualify for student loan refinancing.

Good credit score

Most lenders have a minimum score of 650, but some can demand scores as high as 700.

To qualify for the lowest rates, aim to get your credit score above the 650 mark. If your score is too low, getting a co-signer with good credit could help your application.

Minimum income

This requirement varies a lot. Some lenders don’t have a minimum. Others can ask for $25,000 or as much as $70,000.

But most lenders will ask that you have a stable source of income. Not having one could mean an increased interest rate.

US citizenship or permanent residency

If you’re not a U.S. citizen or permanent resident, you’ll need a co-signer who is.

The lender will ask for documents such as a birth certificate, passport, or green card. You will also need to provide your social security number.

May require a degree

Many lenders will ask for a bachelor’s degree at a minimum. You may not be able to refinance until after graduation.

However, there are lenders out there who do refinance loans for people who didn’t graduate, especially if you meet all other requirements.

History of on-time payment

Most lenders will want to see that you’ve been paying your loans on time for at least a year or two.

To check your payment history, request a free credit report from one of the three major credit reporting agencies.

FAQs About Student Loan Refinancing

What’s the difference between student loan refinancing and student loan consolidation?

Student loan consolidation applies to federal loans only. It entails combining all of your federal student loans into a single loan with a new rate.

The interest rate on your new loan will be the weighted average of the rates on the loans you are consolidating.

People often choose to consolidate their federal student loans to switch from a variable interest rate to a fixed interest rate or to change the loan’s repayment term.

Student loan refinancing, on the other hand, entails replacing your existing loans — whether federal or private — with a private loan featuring a new rate and term.

Like consolidation, refinancing can help you consolidate payments, change from a variable interest rate to a fixed interest rate, and extend or shorten your loan term to adjust your loan repayment amount.

While there are several benefits to refinancing, if you have federal student loans, refinancing your loans to a new private loan will mean losing federal student loan protections like income-based repayment, deferment, and forbearance.

Consider your options carefully before opting to refinance.

When should you refinance your student loans?

There is no single answer to the question of when to refinance. In general, there are some instances in which you may want to consider refinancing:

  • You only have private student loans
  • Interest rates are lower now than when you took out your loan(s) and could save a considerable amount of money by refinancing to a lower rate
  • If you’re not close to paying off your student loan(s)
  • If your credit income as increased considerably since then taking out your loan(s)
  • You have variable-rate loans and want to switch to a fixed-rate loan

Does refinancing student loans hurt your credit?

Refinancing your student loans could affect your credit, but that will depend on how you shop around for interest rates.

Comparing multiple quotes from different lenders entails soft credit inquiries that should not affect your credit score.

If you go through with a full application with a lender, then there will be a hard credit inquiry that can lower your credit score by a few points.

If you performed full applications with several different lenders over a period that exceeds 30 days, then your FICO credit score might take a bigger hit.

How can I get a lower interest rate on my student loans?

You could obtain a lower rate in your private or federal student loans by refinancing. Nevertheless, if you only have federal student loans, consider consolidation before you think about refinancing.

If you’ve decided to refinance your private student loans, the best way of getting a lower interest rate on your new loan is to demonstrate your creditworthiness through a high credit score. The better your credit, the lower the interest rate you may qualify for.

If you have a low credit score or insufficient credit history, consider applying with a cosigner.

Finally, if you’re able to, sign up for automatic payments. Some lenders offer interest rate reductions to those who enroll in auto-pay.

What is a student loan servicer?

Loan servicers are entities that collect loan payments, provide customer service and support, and handle other administrative tasks on behalf of loan lenders. Loan servicers also track loans while borrowers are in school, adjust repayments plans, and process requests for deferment and forbearance.

Today’s Best Mortgage and Refinance Rates: January 19, 2021 | Rates Tick Down

Filed Under: Money.com, SUCCESS

The number of homes hitting the market dropped for the first time in months and competition for available homes remains high.

Meanwhile, mortgage rates ended last week slightly lower across the board.

Today’s Mortgage Rates

The average interest rate on a 30-year fixed-rate mortgage was 3.132% on Friday — down from 3.137% a day earlier.

Mortgage Rate Chart
Loan type Average Rate
30-Year Fixed Loan 3.132%
15-Year Fixed Loan 2.353%
30-Year FHA Loan 2.893%
30-Year VA Loan 2.956%
30-Year Jumbo Loan 3.773%
Source: Money | Date: Jan. 15, 2021 | Rates assume a credit score of 700

Money’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the previous day. They reflect what a typical borrower with a 700 credit score might expect to pay for a home loan right now. The rates assume a 20% down payment and include discount points.

Freddie Mac’s benchmark Primary Mortgage Market Survey put mortgage rates at 2.79% with 0.7 points paid for the week ending January 14. That’s a significant jump of 0.14 percentage points compared to last week’s new all-time low of 2.65%. The mortgage purchaser’s weekly survey reflects borrowers who put 20% down on conforming loans and have excellent credit.

How do I get the best mortgage rates?

Mortgage rates vary from state-to-state. On Thursday, borrowers in Illinois were quoted the lowest mortgage rates — at 3.081%. People looking for mortgages in Nevada saw the highest average rate at 3.202%.

Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 2.923%, while those with credit of 620 or below were shown rates of 4.184%.

You may be able to negotiate a better interest rate if you shop around or if you have other accounts with the lender. (To get started, take a look at Money’s picks for the best mortgage lenders.) Currently, some lenders are hiking up advertised rates to keep demand in check, so you may be offered a lower rate if you reach out directly.

Today’s Mortgage Refinance Rates

Money’s survey also shows that the offered rate for a 30-year refinance for someone with a 740 credit score was 3.213% on Thursday. In January 2020, the average mortgage rate (including fees) was around 3.8%.

Mortgage Refinance Rate Chart
Loan type Average Rate
30-Year Fixed Loan 3.213%
15-Year Fixed Loan 2.616%
30-Year FHA Loan 3.353%
30-Year VA Loan 3.407%
30-Year Jumbo Loan 3.633%
Source: Money | Date: Jan. 15, 2021 | Rates assume a credit score of 740

What else is happening in the housing market today?

Over the four week period ending January 10, the number of new home listings decreased 3% from a year earlier, according to Redfin’s most recent Housing Market Update. It’s the first year-over-year decrease since July. Buyers, however, remained active.

“Buyers are likely disappointed by the lack of new homes listed in the past month,” said Daryl Fairweather, the brokerage’s chief economist. “But that’s not stopping them from making offers on what is on the market, which is sending pending sales up.”

Pending home sales came in at 35,575 units for the survey period, compared to 26,384 units for the same period in 2020. That’s an increase of 35%. At the same time, high buyer demand also pushed the median sales price up to $320,025, an increase of 14%.

Overall inventory was down 33% year-over-year. Redfin estimates that there were 547,725 homes on the market by January 10, compared to 815,901 homes at the same point in 2020.

The lack of inventory, high buyer demand, and low interest rate environment all combined to keep the pace of sales well above last year’s. Nearly 38% of pending sales went under contract within two weeks of listing, compared to 27% a year ago.

“It’s looking like 2021 will see a housing market frenzy that will rival what we experienced in 2020,” added Fairweather.

Mortgage Prediction of the Week

CoreLogic’s chief economist Frank Nothaft, on the prospect of inventory increasing during 2021:

“Once much of the population is vaccinated and as the pandemic subsides with warmer temperatures, we expect more inventory to come on the market,” Nothaft said. “Many older homeowners that had planned to sell in 2020 decided to postpone their listing until the pandemic risk has dissipated. If that happens by mid-year, then the increase in for-sale listings in the second half of the year — coupled with new single-family construction — will ease price growth.”

For more read: 2021 Real Estate Predictions: How Vaccines, President Biden and More Could Shape Housing Trends.

Bottom line:

Qualifying for a Mortgage Is Surprisingly Difficult Right Now

A Key Indicator Suggests Mortgage Rates’ Epic Decline May Soon End

As Prices Soar, 6 Tricks for Finding a House You Can Actually Afford

The Hidden Costs of Buying Fake Cosmetics on Sites Like Amazon

Filed Under: Money.com, SUCCESS

Beata Dul’s lips were drier than sand.

The 25-year-old New Jersey resident had purchased a Laneige Lip Sleeping Mask, a favorite among Korean beauty product enthusiasts, from Amazon a few days earlier.

The leave-on lip mask is meant to “soothe and moisturize” users’ lips — which more than 10,000 4- and 5-star reviews on Sephora.com (plus more than 1,500 on Laneige’s official website) and plenty of gushing on beauty forums attest to. So why was it having the opposite effect on Dul?

“I thought maybe it just needed some more time to work,” she says. But her lips only got worse.

Dul usually shops for her skincare products at household beauty retailers like Sephora, she says, but rave reviews of the Laneige product from a coworker convinced her to turn to Amazon, where she could get it delivered in less than two days. At the time, Laneige and its parent company, Amorepacific, didn’t have any “authorized sellers” on Amazon, meaning all the brand’s products available on the site were sold through third-party vendors. Dul bought her lip mask from a vendor whose page has since become inactive, and while the product looked exactly like it was supposed to—a cotton candy-colored putty in an opaque glass jar—Dul believes she got duped. And she’s not the only one.

Thanks to the rise in sales on e-commerce platforms like Amazon, counterfeiting luxury products has become a “highly profitable venture,” according to the Department of Homeland Security. The cosmetics industry loses more money to counterfeit products each year than any other industry, losing around $5.4 billion each year to fraudulent sellers, according to a report from the Organisation for Economic Cooperation and Development (OECD).

Amazon, for its part, “strictly prohibits the sale of counterfeit products,” and “invest[s] heavily in both funds and company energy” to enforce the policy, according to a company spokesperson.

Still, over 42% of items purchased during a 2018 government investigation of third-party vendors on sites like Amazon and Walmart were fakes. Every single cosmetic item purchased in the investigation was believed to have been a counterfeit, including an Urban Decay eyeshadow primer that was a near-exact replica of the actual product.

The rise in counterfeit cosmetic goods is dangerous for consumers’ health — and their wallets.

Counterfeiters aren’t beholden to customer complaints, and the goods they peddle go unchecked by federal regulators like the Food and Drug Administration. So buyers run a much higher risk of coming into contact with ingredients that cause allergic reactions or contain toxic materials.

The FBI has found some counterfeit products to carry carcinogens like arsenic, beryllium, and cadmium, all of which can cause serious internal and external damage. Some counterfeits seized by law enforcement have also tested positive for high levels of bacteria and human waste. More invasive cosmetic treatments, like the ultra-dangerous fake “DIY” facial fillers, have led to consumers injecting themselves with silicone that hasn’t been designed for human use, which must be surgically removed.

“Several worrisome and even dangerous reactions are possible,” says Dr. Robert Anolik, a New York-based cosmetic dermatologist. “The reactions could be pink, scaly, itchy, painful, blistered, swollen and even disfiguring.”

In a best-case scenario, any unsightly physical reaction to unregulated ingredients can be cleared up with items you have at home (in Dul’s case, her lips returned to normal after a few days of applying Blistex.). But more extreme reactions, like discoloration or scarring, could require intense, expensive medical treatments — steroids, professional wound care, or even laser therapy, which could cost “hundreds to thousands of dollars to address,” Anolik says.

Online sales of cosmetics—both legitimate and otherwise—have been on the rise for the last decade. As the global response to COVID-19 temporarily shut down the majority of brick and mortar shopping, the cosmetics industry saw a drastic increase in online sales of at-home self-care and beauty products. Nail care purchases shot up the most, at 218%, followed by hair coloring (172%) and bath-and-body products (65%), according to a May 2020 report from McKinsey & Company. As demand skyrocketed, the pandemic threw a wrench in the supply chain of many cosmetic brands, creating the perfect conditions for scammers to cash out.

“Counterfeits are never out of inventory,” says Daniel Shapiro, Vice President of Brand Relationships at Red Points, a company that uses cloud-based programs to protect brands’ intellectual property.

Beauty scammers can make counterfeit versions of anything, but they tend to target luxury cosmetics, especially products that are in high demand. M.A.C. make-up knockoffs are especially common due to the simple design of their products. Claims of people getting ripped off by fake Kylie Lip Kits, one of the most popular products of Kylie Jenner’s cosmetic line, flooded the internet in 2016, while sellers on eBay often peddle fake “samples” of Creme de La Mer, whose products normally retail for $345 at Sephora.

Since March 2020, Shapiro says the cosmetic brands he works with have dealt with an 85% increase in counterfeits. And that’s caused a blow to the reputations of many legitimate vendors.

Most people who buy counterfeits don’t actually know that the item is fake — and even if they do, one negative experience can put consumers off of the real brand for life. (Dul, for one, says she has yet to purchase any other products from Laneige, on Amazon or otherwise).

To combat the confusion, brands like Deciem, the parent company of the cult-favorite skincare line The Ordinary, provide a robust overview on their websites of every in-person shop and verified online retailer consumers can shop for their products. One quick search for ‘The Ordinary’ on Amazon gives you close to 200 product results — yet Amazon isn’t listed as a member of the company’s retailer network, making it impossible for shoppers to know whether their product is authentic or not.

Making these types of disclosures easily accessible can help shoppers make good, safe decisions when it comes to buying cosmetic products online. If you’re in the market for a new retinoid cream, or just looking to replenish your make-up supply without breaking the bank, here are some additional steps to avoid getting duped.

Wondering if your email has been compromised in a data breach? Find out with Money’s new data breach tool!

How to Spot Counterfeit Products

In the golden age of online shopping, scammers have become incredibly sophisticated in their operations. With more and more boutique beauty brands and new lines from large companies launching on a regular basis, Shapiro says, scammers can create seemingly legitimate vendor profiles and begin touting counterfeit products within a few days.

Luckily, there are a few straightforward ways to find out if you’re going to get the real product before you press “Buy Now.”

Compare Prices

An old adage bears repeating: if something seems too good to be true, it probably is. If a product is discounted at Amazon, Shapiro says, you can typically find similar price cuts on the brand’s official website or their official distributors’ platforms.

If a serum from a luxury brand costs $50 across most platforms, but one independent seller on Amazon is offering the item for $25, something might be off. This is especially true if it’s a highly sought-after item: When a product is in high demand, most legitimate sellers want to make as much profit as possible.

If you can’t afford to spend money on a full-priced item, it’s best to hold off until a trustworthy retailer like a department store or the company itself places it on sale. In many cases, you can even set up text or email alerts through a company like Sephora or Nordstrom’s website for when the product is in stock and on sale.

Talk to Customer Service

It’s not always easy to tell from a quick glance if an item is legitimate or not. Still, if you suspect the beauty product you’ve purchased is a fake, look at the packaging and compare it to the details on the company’s official website. Do the ingredients match? Are the colors, fonts and designs the same? Does the texture or scent of the product itself seem different than what the description says?

If anything seems off, contact the brand’s customer service team. They can confirm whether a retailer is an authorized distribution partner and may ask that you send them the possible knockoff so they can find out for sure. If you bought the item through a marketplace platform like Amazon or Walmart, contact their customer service team as well. They can do an investigation into the legitimacy of the vendor, and no matter what the outcome is, you’ll probably get a refund.

Get Help From Tech

Have you ever bought an item solely because it had thousands of rave reviews, only to find its quality to be mediocre at best? Many of those five stars are probably phony.

There are multiple apps and browser extensions that can help consumers sniff out fake reviews and illegitimate third-party sellers. One option is a browser extension like Fakespot which can scan ecommerce websites in real time as you browse, and generates a letter grade for the legitimacy of each product and its reviews. It can also alert consumers of similar products with better scores and prices.

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The Next Round of Stimulus Checks Could (Finally) Include College Students

Filed Under: Money.com, SUCCESS

Emily Borchardt is hoping her fortunes have changed — at least by $1,400.

The University of Oregon senior welcomes President-elect Joe Biden’s announcement last week that he plans to extend eligibility for an additional $1,400 stimulus payment to adult dependents, including college students, as part of his $1.9 billion relief plan.

“That would take a huge weight off my dad’s and my shoulders, especially because I’m out of work and we’re not sure when [the economy] is gonna open up again,” she says.

The 21-year-old was barely getting by before the pandemic hit, balancing a full-time class load and multiple part-time jobs, until she was laid off in March. Since then, she’s struggled to pay her bills.

While most Americans have received two rounds of federal stimulus checks totaling $1,800, some dependents like Borchardt were left out of the pandemic relief payments completely. College students aged 18-24, along with other adult dependents and all 17-year-olds, were ineligible for the stimulus checks. Rough estimates indicate that more than 8 million undergraduate students missed out on the two stimulus checks due to their dependent status. Neither they, nor the parent or taxpayer who claimed them, received any money.

Young adults like Borchardt are hoping they won’t be overlooked for a third time when they too have suffered the economic fallout of the pandemic.

“If it got passed it would be relief for three months,” she said, adding that the money would tide her over until the spring. “But I also will say I don’t want to get my hopes up too high.”

She has reason to be skeptical. Biden’s proposed $1,400 payments aren’t a done deal. They still have to be passed by Congress. House Democrats passed bills with larger stimulus checks that would have included adult dependents twice in 2020, but they had little Republican support and died after the Senate didn’t take them up.

Now, a razor-thin majority in the Senate following the Georgia special elections earlier this month means the new administration may have to convince some Republican senators to support the measure. Joe Manchin, a Democratic senator from West Virginia, has previously expressed opposition to additional stimulus checks.

When Borchardt initially enrolled at University of Oregon, her dad was able to help her cover the costs of her education, but he was diagnosed with cancer during her second year of college. While he’s now in remission, he had to retire early and collect his pension. “Now he lives paycheck to paycheck from Social Security, and school and rent and groceries and everything in Eugene has just become increasingly hard to pay for,” Borchardt says.

Now she uses the campus food pantry and is concerned about her ability to pay her $700 a month rent and her out-of-state tuition. Borchardt did receive a CARES Act emergency grant through her university in the spring that helped with living expenses. But that money is gone, and she only received $20 when she applied for additional assistance in the fall.

It frustrates Borchardt that people seem to think that all college students live entirely off their parents’ money. “I’m a dependent, but I’m also making my own money to try to help (my dad) pay for things,” she said. “There is no option for me not to work.”

That’s not an uncommon experience. Less than 40% of undergraduates are “traditional students” who go directly to college after high school and are primarily supported by the parents, says Carrie Welton, policy director of the Hope Center for College, Community, and Justice at Temple University.

“The underlying assumption is that college students are still overwhelmingly dependent on their parents,” she says. But “this is a reflection of outdated perspectives about who students are.”

Welton says that the stimulus checks for college students would make a huge difference for low- and middle-income families. “Given the marginal utility of $1, we know that people with lower incomes are going to be able to derive more benefit and good from [these payments],” she says. “For student parents, students of color, first generation students, immigrant students — that amount of money can be the difference between them staying enrolled or dropping out of school.”

It’s unclear whether Biden’s proposed expansion to include adult dependents would only apply to the next round of stimulus checks or whether it could retroactively apply to the previous rounds. Regardless, there may be a path for college students to still access the previous two checks.

That’s because the stimulus payments, while initially based on 2019 tax returns, are actually applied to the 2020 tax year. So anyone who’d be eligible for the checks based on their 2020 income and filing status will get the money when they file their taxes this year — including young adults who are newly filing as independent.

The key is you can’t simply decide to be independent for tax purposes. You have to meet certain requirements, including earning more than $4,300 during the year and providing at least half of your financial support, says Ross Riskin, a tax professor at the American College of Financial Services.

“The reality is that many parents mistakenly claim their college-aged children as dependents when they shouldn’t be,” he says.

But you shouldn’t just jump blindly into filing as an independent simply to get the stimulus money. The question is whether that $1,800 is more than your parents would get through other deductions and credits by claiming you as a dependent. Those include tax benefits like the Child Tax Credit, Earned Income Tax Credit, and the American Opportunity Tax Credit, which is why Riskin says it’s best to consider the overall tax impact on the family rather than the stimulus check alone.

In a normal year, it generally makes the most financial sense for families to continue to claim college students as dependents, unless the parents are higher-income earners who wouldn’t qualify for the most generous credits, says Christina Rice, director of the Graduate Tax Program at the Boston University School of Law. To compare which would be best for you personally — filing as an independent to access the stimulus checks or remaining as a dependent — Riskin recommends talking to a tax professional.

Roxanne Felig, a third-year PhD student at the University of South Florida, actually tried to refile her 2019 taxes to change her status to independent so she’d be eligible for the first two checks, but she received a letter from the IRS several months later saying that her application couldn’t be processed. Felig lives on her own and earns $18,000 a year as a graduate teaching assistant. But in 2019, her mother claimed her as a dependent on her taxes because she was a student under 24.

“It’s never been an issue for my mom to claim me,” she says. “It’s always ended up helping her because of her income bracket and not affecting my refund at all. Until this year.”

To help make ends meet, Felig worked a part-time job until she was laid off in the spring. She couldn’t receive unemployment because of her other on-campus job.

The $1,800 would have been equal to a tenth of her annual income, Felig says. The payment would have also made up the income that she lost from her second job. “As a grad student, I’m struggling on a daily basis,” she said. “I have…school fees due, which is about $900 a semester, which the stimulus would have helped cover.”

Felig is currently in the process of filing her 2020 taxes and she checked “no” when asked if she could be claimed as a dependent. She’s hoping she’ll be eligible to receive the stimulus as a tax rebate as soon as possible and that the incoming administration will be able to extend future payments to include college students.

“I can’t explain how frustrated I was to find out I wouldn’t be included in the first two,” she said. “I think my age group is already at a huge financial disadvantage with student loans and the low minimum wage so leaving us out of the first two was just a real slap in the face.”

More from Money:

Wait — Is Joe Biden Proposing a $2,000 Stimulus Check or $1,400?

What to Do if You Haven’t Received Your Second Stimulus Check Yet

Federal Student Loan Forgiveness Programs Already Exist. Why Aren’t More Borrowers Taking Advantage?

Today’s Best Mortgage and Refinance Rates: January 16 & 17, 2021 | Rates Are Down

Filed Under: Money.com, SUCCESS

The hot housing trends seen in 2020 are continuing into 2021. Record low interest rates set during the first week of January led to a spike in both purchase and refinance loan applications.

However, the gradual rise in mortgage rates forecast by experts may finally be starting. Looking forward, buyers can expect higher prices and increased competition to be the norm at least until inventory starts to catch up with demand.

Today’s Mortgage Rates

The average interest rate on a 30-year fixed-rate mortgage was 3.137% on Thursday — down from 3.168% a day earlier.

Mortgage Rate Chart
Loan type Average Rate
30-Year Fixed Loan 3.137%
15-Year Fixed Loan 2.36%
30-Year FHA Loan 3.012%
30-Year VA Loan 3.037%
30-Year Jumbo Loan 3.816%
Source: Money | Date: Jan. 14, 2021 | Rates assume a credit score of 700

Money’s daily mortgage rates show the average rate offered by over 8,000 lenders across the United States the previous day. They reflect what a typical borrower with a 700 credit score might expect to pay for a home loan right now. The rates assume a 20% down payment and include discount points.

Freddie Mac’s benchmark Primary Mortgage Market Survey put mortgage rates at 2.79% with 0.7 points paid for the week ending January 14. That’s a significant jump of 0.14 percentage points compared to last week’s new all-time low of 2.65%. Rates set record lows 16 times in 2020. The mortgage purchaser’s weekly survey reflects borrowers who put 20% down on conforming loans and have excellent credit.

How do I get the best mortgage rates?

Mortgage rates vary from state-to-state. On Thursday, borrowers in Illinois were quoted the lowest mortgage rates — at 3.082%. People looking for mortgages in Nevada saw the highest average rate at 3.249%.

Nationwide, borrowers with the highest credit scores, 740 and above, were quoted rates averaging 2.93%, while those with credit of 620 or below were shown rates of 4.204%.

You may be able to negotiate a better interest rate if you shop around or if you have other accounts with the lender. (To get started, take a look at Money’s picks for the best mortgage lenders.) Currently, some lenders are hiking up advertised rates to keep demand in check, so you may be offered a lower rate if you reach out directly.

Today’s Mortgage Refinance Rates

Money’s survey also shows that the offered rate for a 30-year refinance for someone with a 740 credit score was 3.23% on Thursday. In January 2020, the average mortgage rate (including fees) was around 3.8%.

Mortgage Refinance Rate Chart
Loan type Average Rate
30-Year Fixed Loan 3.23%
15-Year Fixed Loan 2.627%
30-Year FHA Loan 3.424%
30-Year VA Loan 3.452%
30-Year Jumbo Loan 3.651%
Source: Money | Date: Jan. 14, 2021 | Rates assume a credit score of 740

Real Estate and Mortgage Rate News This Week

Benchmark mortgage rates increased

One week after setting a new all-time low, mortgage rates jumped 0.14 percentage points to 2.79%, according to Freddie Mac’s Primary Mortgage Survey. The increase followed a rise in the 10-year Treasury yield, which has been trading above 1% since last week. Mortgage rates are generally 1.8 percentage points above the Treasury yield.

Most experts had expected mortgage rates to rise slowly through 2021 as economic conditions improve. The latest jump was faster than anticipated, however, rates continue to be historically low.

Mortgage applications increase

The overall number of mortgage loan applications filed last week increased 16% from the previous week, according to the Mortgage Bankers Association. Applications to buy were up 8%, while refinance demand increased 20%. Applications for both loan types were higher than during the same week last year, up 10% and 93% respectively.

Credit availability tightened

Mortgage lender’s tolerance for risk decreased during the third quarter of 2020, bringing Urban Institute’s Housing Credit Availability Index below 5%, a new low. Since the pandemic began, lenders have been increasing the minimum credit score required to qualify for a home loan.

The median FICO score today is 40 points higher than the pre-housing crisis level of 700. When credit availability decreases, it makes it harder for borrowers with less than a perfect credit score to qualify for a loan, as lenders seek to reduce their risk of a borrower defaulting. As a result, only a small percentage of Americans are able to take full advantage of the market’s historically low rates.

Home prices are up, inventory is down

The housing market stayed on a hot streak during the first week of 2021 with the median home listing price increased by 15% year-over-year, according to Realtor.com. That marks the 22nd consecutive week of double-digit price growth. At the same time, online searches for the week outpaced the number of searches during the same week last year.

Inventory remains the question mark for a sustained housing push in the new year. New listings were down by 26%, while overall inventory was down 41% year-over-year. A continued lack of inventory will keep upward pressure on home prices. Realtor.com expects prices to increase in 2021, although at a slowing rate.

Two-thirds of homebuyers would relocate if given the chance

One-third of homebuyers or sellers moved to a new city or area during the past year, according to a recent Redfin survey. Another third would consider relocation if they had the opportunity to work remotely on a permanent basis. While making a move to a new area was attractive, moving a great distance was not. Most homeowners preferred to move to areas relatively close to their original home.

Thirty percent of those who had already moved stayed within 50 miles of their city or area of origin. Of those who would consider moving, 23% would prefer to stay within 50 miles of their current home. The survey also revealed that 70% of respondents expected remote work to continue even after the pandemic ended, indicating that there may be a lot more moving going on in the near future.

Bottom line:

9 Steps to Take Now That Will Prepare You for Buying a Home in 2021

Money’s 2021 Real Estate Outlook: What to Expect for Mortgage Rates, Home Prices and More

Current Mortgage Rates: 30-Year Mortgage Rates Hit a New Low

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