DJI Phantom 3

what does pay off amount mean

Embark on a Quest with what does pay off amount mean

Step into a world where the focus is keenly set on what does pay off amount mean. Within the confines of this article, a tapestry of references to what does pay off amount mean awaits your exploration. If your pursuit involves unraveling the depths of what does pay off amount mean, you've arrived at the perfect destination.

Our narrative unfolds with a wealth of insights surrounding what does pay off amount mean. This is not just a standard article; it's a curated journey into the facets and intricacies of what does pay off amount mean. Whether you're thirsting for comprehensive knowledge or just a glimpse into the universe of what does pay off amount mean, this promises to be an enriching experience.

The spotlight is firmly on what does pay off amount mean, and as you navigate through the text on these digital pages, you'll discover an extensive array of information centered around what does pay off amount mean. This is more than mere information; it's an invitation to immerse yourself in the enthralling world of what does pay off amount mean.

So, if you're eager to satisfy your curiosity about what does pay off amount mean, your journey commences here. Let's embark together on a captivating odyssey through the myriad dimensions of what does pay off amount mean.

Showing posts sorted by date for query what does pay off amount mean. Sort by relevance Show all posts
Showing posts sorted by date for query what does pay off amount mean. Sort by relevance Show all posts

The Pandemic Changed Health Care, And There's No Going Back


The pandemic changed health care, and there's no going back


The pandemic changed health care, and there's no going back

This story is part of The Year Ahead, CNET's look at how the world will continue to evolve starting in 2022 and beyond.

If the pandemic has taught us one thing, it's how to take our health into our own hands. 

We've become our own triage nurse, analyzing a sore throat with such urgency that, in another time, would've been considered a little obsessive. We've been asked to monitor our temperatures and even become citizen public health surveyors with the help of at-home COVID-19 tests. But one day (hopefully soon), the consequences of leaving the house with a sore throat won't mean we're risking someone's life. Soon, our physical health will remain a core piece of our well being, but we'll shake the neurosis of a pandemic mindset – hopefully, keeping our newfound sensitivity to public health and a desire to not harm others in the process.

But will our health care system?

"The pandemic accelerated a lot of changes that were kind of percolating in the background," says Matthew Eisenberg, associate professor of health policy and management at Johns Hopkins Bloomberg School of Public Health. Eisenberg studies how neoclassical economics ("supply and demand") applies to health care. While COVID-19 "catalyzed" many of the changes -- and inequities -- already budding in health care, he said, it will be up to policy makers as well as the supply-and-demand cycle of health care to decide what sticks and what doesn't.

Telemedicine: a thing of the past, or the future?

Video-calls-as-doctor's-visit wasn't a tool created because of COVID-19, but the pandemic has transformed it from an obscure practice to the new way to do health care. Importantly, policy changes made during the pandemic helped knock down some barriers for telemedicine access, and helped providers get paid for it.

Private insurance companies as well as public payers (i.e. Medicare) relaxed their policies on telemedicine reimbursement for health care providers because of COVID-19. As more health care providers get paid for telemedicine (which gives them incentive to provide it), the more supply there is for patients, Eisenberg says. 

"Prior to the pandemic, the only way a Medicare provider could be reimbursed for telemedicine would be if a patient was in a rural area where they could not physically travel to a provider," he says. "Even then, they had to go to a specialized facility and do the telemedicine at some out-patient facility's computer." 

Even through a computer screen, there are roadblocks to accessing health care. Before COVID-19, some patients, depending on where they live and what medical condition they have, would need to drive across state lines to access a specialist (which requires an amount of time and money many patients don't have). The loosening of interstate licensure laws during the pandemic has allowed people to connect with a doctor miles away, and even fill a prescription across state lines. 

Dr. Megan Mahoney is a family medicine doctor and the chief of staff at Stanford Health Care. Stanford Health Care, along with many other providers and organizations, have advocated to keep those restrictions loose once COVID-19 is no longer a public emergency, and the emergency rules no longer apply.

"We have noticed that there are states that don't have a single pediatric endocrinologist," says Mahoney. These specialists treat children with diabetes, for example. "We have a whole team of pediatric endocrinologists."

But in order to participate in telemedicine, you need an internet connection. Mahoney called the bipartisan infrastructure bill, which has a $65 billion budget for expanding internet access to rural communities and helping families pay their internet bill, a "tremendous" help in health care access. In the new virtual health landscape, access to broadband is a "social determinant of health," she says. Some policies and benefits put into place during the pandemic to help families access the internet, like the Emergency Broadband Benefit, were temporary. As broadband continues to mold in its form as a public good, its relationship to health care access will only strengthen.

gettyimages-906006600
FS Productions/Getty Images

Sliding into your doctor's DMs

In addition to telemedicine, the pandemic also gave us nearly unlimited access to our doctors' inbox through the patient portal. According to a report published in JAMA, which looked at instant messaging data between patients and their providers from March 2020 through June 2021, the number of patient messages increased, despite fewer patients seeking care in some specialties.

"The sheer demand that we're seeing is very much a testament to the patients' desire for this new channel of care," Mahoney says.  

Even older patients, whose relationship with technology sometimes gets a bad rap, are sending their doctors messages and embracing telemedicine, she says. 

"That was what propelled and accelerated the transformation," Mahoney says. When elderly people, who were originally reluctant to use telemedicine, were forced to use it in order to get care during the lockdown, "that helped them get over that hurdle." 

"What I've noticed is the digital divide, while we do need to be aware of it, it can be overcome and sufficiently addressed through additional education," she says. 

Some of that education for patients requires medical assistants to take on tech support roles. In addition to taking blood pressure and temperature when patients come into the room, they also need to make sure patients are comfortable signing into their patient account and feel comfortable with the technology, according to Mahoney. 

That shift in the patient-provider dynamic, and more direct access to care, is necessary to maintain a system Mahoney says can help people get early intervention and, hopefully, prevent visits to the emergency room.

Many of the messages Mahoney receives from patients involve correcting misinformation patients have heard about COVID-19 -- the type of preventative, education-based work that the current health care structure "does not support," she says. For example, sustaining a more thorough patient-doctor messaging system would require providers be paid for their time consulting with patients off-hours. It also requires online communication to be in the patient's language – a barrier for many people in the US who don't speak English or speak it as a second language. 

"I hope that health care can keep up with this cataclysmic shift that's happening," Mahoney said. "It will have to."

There are arguments against telemedicine as the end-all-be-all. Dr. Thomas Nash, an internist in New York City, told The New Yorker in a June 2020 report that though telemedicine is "doable...I worry that it's going to delay a good exam, and get in the way of deeper interactions between people and their doctors." The informal setting of telehealth may also be less likely to pick up on big issues which routine in-person exams would normally detect, such as high blood pressure, California Healthline reported. And it's more difficult to build an open relationship with your doctor through a screen than it is when you're sitting in their office.

But that also assumes people had a relationship to lose in the first place. As of Feb. 2019, one year before the pandemic began, about one fourth of all adults and half of all adults under 30 didn't have an ongoing relationship with a doctor, according to a report from the Kaiser Family Foundation. This is also a group that shows a strong preference for telehealth, and is the target audience for pre-pandemic care-on-demand services, including Nurx, which allows people to get birth control prescriptions and other medications online, sister sites Hims and Hers, Curology and more.

vaccine-approval-children-5-to-11-years-old-fda-emergency-use-authorization-2021-cnet-001
Sarah Tew/CNET

The great vaccine race 

Scientists impressed the world by moving quickly to develop highly effective COVID-19 vaccines in record time – doses of Pfizer and BioNTech's vaccine, with Moderna's authorized right behind it, were available to the first round of eligible adults in the US less than a year after the the country went into lockdown. According to Nature, the fastest anyone developed a vaccine was for mumps in 1960, and that took four years from development to approval (Pfizer's vaccine for people age 16 and up has full approval by the US Food and Drug Administration, while Moderna and Johnson & Johnson have emergency use authorization). While there's much left to be desired about how the vaccines are distributed and accessed by populations in countries outside the US (only 8.9% of people in low-income countries have had a coronavirus shot), an estimate from the Yale School of Public Health reports the vaccines have saved about 279,000 lives and prevented 1.25 million hospitalizations a s of early July 2021. 

Part of the reason the vaccines were developed so quickly was because research on the technology they use was already underway (the mRNA vaccines were developed using information from HIV research). While the global society has shown we can be very efficient at producing effective and safe vaccines, don't get your hopes up too high that it'll happen that fast again, says Michael Urban, an occupational therapist and program director at the University of New Haven.

"The thing people have to remember is that the federal government pumped tons and tons of money into this development," says Urban. "Globally, not just the United States." 

One reason for that is because COVID-19 had such a prominent impact on our economy. "The fact that this [vaccine] came out is because this is disrupting the fabric of life," Urban says. "How we make money, how we engage with people – how we enjoy our lives."

While it's tempting to hope that because scientists banded together to create a vaccine for COVID-19 and the US government helped fund much of that work it will usher in more resources to find preventative measures and treatments for other diseases, it's unlikely. The incentive for the government to subsidize research and development of treatments for other things that are more individualized, such as cancer or HIV, Urban says, might not be as strong, which leaves it up to the drug companies themselves. And without a public health emergency as transmissible and widespread as COVID-19, it's unlikely drug companies will pour quite as much time and effort into finding treatments.

And when addressing a drug company that profits "billions off of cancer treatments," for example, is it really in the best interest of the company to find an effective preventative measure? 

"If they can do one shot and get rid of cancer, is it really in their best interest?" Urban says. "I hate to say that," says Urban.

Two steps forward, two steps back

In addition to propelling us into trends that've been helpful in health care, the pandemic has magnified our shortcomings and has disproportionately affected the same people who have been mistreated by the medical system for years. Black and Hispanic Americans have been hospitalized with COVID-19, and died from the disease, in much greater numbers compared to white Americans.

Dr. Shantanu Nundy, a primary care physician and author of the book Care After Covid: What the Pandemic Revealed Is Broken in Healthcare and How to Reinvent It, told NPR in a May 2021 report that the pandemic scramble to find a testing site, get a vaccine appointment or access preventative care exposed those who might not have ever experienced it to the perils of health care. 

"The pandemic magnified long-standing cracks in the foundation of the US healthcare system and exposed those cracks to populations that had never witnessed them before," said Nundy in the NPR interview.

Another weak spot exposed because of COVID-19 was the US public health response, and its subsequent communication to the public about what to do when you're sick. When the pandemic struck, public health agencies were relying on "old methodologies" in terms of quarantine requirements and testing rules for COVID-19, Urban says. Compared to other countries, we have issues with containment and quarantine restrictions that don't always prevent people from spreading the virus, he says. The CDC's latest isolation guidance for people who test positive for COVID-19, for example, has been criticized by some for being too relaxed and not requiring a negative test.

In the US, there's a one-and-done mentality. "You do a one-time test, you're cleared," Urban says. "Have a nice day." 

When the next pandemic happens, he says the US is likely still not set up with the structure and tools needed to respond appropriately to a public health emergency. "We didn't learn from the Spanish flu," Urban says. 

An early December report from the Global Health Security Index, an assessment of health security across the globe developed by the Johns Hopkins Center for Health Security and the Economist Impact, backs that up. According to the report, 195 countries across the globe are "dangerously underprepared for future epidemic and pandemic threats, including threats potentially more devastating than COVID-19." 

But importantly, the blame isn't solely on public health agencies, Urban says. The CDC, for example, is "under pressure" to get people back to work and everyday life, Urban says. To do so, the agency has to work within US federal law and the vastly different state and local laws which govern what we can and can't expect people to do.

Looking forward

As we move away from the immediate threat of COVID-19, our appreciation for mental health care is likely to stay. Eisenberg says that we may see specialized mental health services, including some practices that are virtual-only, and some that are a hybrid of in-office and virtual visits. There may also be a shift away from medication treatments for mental health conditions and more provider-focused psychotherapy, Eisenberg finds. 

"It's a small shift, but that could have big implications down the road," he says.

While there are structural and policy changes needed to ensure everyone has autonomy over their health, the pandemic has shifted the way care providers approach health care. Now more than ever, there's an emphasis on public health. 

In an interview with the American Medical Association, Nundy explained the framework he believes is necessary to progress health care after the pandemic. Through the course of the pandemic, Nundy said, doctors "built a muscle" for operating with public health in mind. 

"Let's take that muscle and let's start applying it to diabetes, let's start applying it to mental health," Nundy said. "So much more is possible." 

Correction, Jan. 14: The original version of this story misspelled Shantanu Nundy's last name. 

The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.


Source

Tags:

TV Shopping? Consider Buying A 2021 TV (and Save Money)


TV Shopping? Consider buying a 2021 TV (and Save Money)


TV Shopping? Consider buying a 2021 TV (and Save Money)

What's happening

New 2022 TV models are now available, but plenty of 2021 TVs are still out there.

Why it matters

2022 TVs might be newer, but they're also more expensive and have similar features to the 2021 models. You'll save money right now by grabbing a 2021 unit. Or wait until the fall when 2022 TVs will be on sale.

If you're looking to get a new TV without breaking the bank, opting for last year's model or waiting a few months until prices drop on 2022 models are your best bets to get all the features you want while still saving money. That's because TVs are a mature technology, which means that new, groundbreaking features don't come out every single year. Changes are incremental, with new models adding only minor updates year-over-year. For example, a 2021 TV at a given size or price will generally have similar picture quality and features to its 2022 counterpart. There are still deals on 2021 TVs, which are significantly less expensive than the current models

When deciding which TV to buy and when, everyone should know about the annual television pricing cycle. It starts at CES, the huge tech show that happens every January, when new TVs (plus other tech like laptops and car technology) are announced each year. Later in the spring and summer -- basically now -- many of the new models are already on the shelves. But those new sets are at their highest prices of the year. During the fall, manufacturers start slashing prices to make way for next year's crop of new TVs. 

If you want the latest and greatest technology you're probably already set on a 2022 model and you'll certainly be able to save money on those in the fall. But if you're looking to get a new TV right now, scooping up a deal on a 2021 set is going to be the most affordable option. Just know that you'll probably have to jump on a bargain when you see them, as eventually manufacturers will sell out of their 2021 models.  

Read more: LG C1 vs. LG C2: Which OLED TV Should You Buy?

a95k-lifestyle-front-position

Sony and Samsung TVs with QD-OLED, a new technology promising better picture quality, are expensive and only available in 55- and 65-inch sizes.

Sony

If I buy a 2021 model now, what new features am I missing?

To put it succinctly, not too much. There's always something new around the corner, but changes from year-to-year are usually incremental. If you worry about missing out on the latest and greatest tech, it should give you peace of mind that even if something really new hits the market, it's going to be very expensive. 

New QD-OLED TVs from Samsung and Sony are a good example. They combine OLED displays with quantum dot technology, and claim higher brightness and better color compared to current OLED TVs. One of these new sets might sound enticing, but QD-OLEDs come with a premium price tag, so they might be tough to recommend over more-affordable OLEDs like the LG C2.

Read more: QD-OLED: Everything We Know About the Newest TV Tech From Samsung and Sony

In 2022, traditional OLED TVs are arriving in untraditional sizes. This year, LG introduced the 42-inch C2 Series TV, the smallest OLED on the market, while also laying claim to the largest OLED available with the 97-inch G2 TV.

p1055558

New for 2022, LG's OLED C2 now comes in 42- and 97-inch sizes.

Richard Peterson/CNET

Mini-LED TVs are also on the rise and could deliver close-to-OLED picture quality, but the new models we know about so far will also be expensive. The Sony Z9K and X95K are the company's first models with mini-LED, and the TCL X925pro has a new kind of slimmer mini-LED backlight, but none of them will be cheap. Samsung, TCL and Vizio are expected to announce more TVs later this year, many of which will use mini-LED, but we doubt they'll offer huge improvements over the 2021 models.

Also rolling out across the country is NextGen TV, aka ATSC 3.0. This is free over-the-air 4K TV, and it's moving forward quite quickly -- it might already be available in your city. In 2022 we'll see more TVs with built-in tuners that cost less than ever. Don't feel you need to rush to upgrade, or get those specific models however, since in the worst case you'll be able to buy a cheap external tuner and connect that to your TV.

Read more: Gaming Modes, Webcams and QD-OLED: Which 2022 TV Trends Stand Out?

There's also HDMI 2.1. While 2.1 has several new technologies that are great, it's not going to make any current TVs obsolete (unless it's a current 8K TV, but that's yet another story). As long as your current TV works with your current sources, you should be fine. 

Really old TVs, older than 10 years, might have issues connecting to modern streaming and disc sources, but there's no real workaround for that. If your TV doesn't work with a new Roku or Blu-ray player, then you might need to upgrade if you want to use one of those.

Do I need to upgrade?

Forget all the new tech. If your TV works and you're happy with it, keep it. Don't feel any pressure to upgrade. 

Modern TVs are, on average, brighter and have better picture quality than the TVs from a few years ago. Unless you're the type of videophile who wants to tweak every setting and fixates on nits and color accuracy, however, you probably don't need a new TV.

The pressure to upgrade is pervasive in our tech culture, but TVs tend to last (and be perfectly functional) longer than most devices. They don't, for example, have batteries that lose capacity like mobile phones -- or have wires that wear out like headphones. A TV from five or even 10 years ago likely works fine, though it might not look as good as the current 4K HDR TVs. So again, if that's not a huge deal for you, you can likely keep what you have for a few more years. 

Read more: Best TVs for PS5 and Xbox Series X, Series S

This is even true when considering new consoles, the PlayStation 5 and Xbox Series X. If you've got a PS4, Xbox One or any console connected via HDMI, the new consoles should work fine. They might look better on a new TV, but they'll still look great on yours.

If your TV is having issues, or you just want something larger, that's a different story. New TVs are much cheaper per inch than TVs of the past. You'll be able to replace your current TV with something the same size, looks better and is cheaper than your old TV. Or you can pay the same amount as your old TV and get something that's far bigger.

When is the best time to buy a TV?

TV sales are the biggest in the fall and culminate on Black Friday and Cyber Monday. There are always some incredibly cheap 4K TVs on offer, but that's not the whole story.

First of all, the TVs that get the huge discounts are usually either no-name brands, or low-end models from name brands. They're fine if you just want a cheap TV, but they're not going to offer the picture quality of an even slightly higher-end model. The best TVs go on sale as well, but deep discounts on those are less common. 

Entrance of a Best Buy store during a day with blue clear

TV sales happen all year, but Black Friday season sees the biggest discounts.

Roberto Machado Noa/Getty Images

Second, massive discounts on TVs are rare in general. It might be counterintuitive, but TVs typically don't have much mark-up. There isn't a lot of profit in a $500 TV. So unless the store is trying to clear out stock, you shouldn't expect a gigantic drop in price even during sales. Plenty of good discounts are available, they're just not going to be "50% off" or similar, unless there's a specific reason that model is getting such an extreme discount. Or it's a doorbuster in limited quantities.

Third, most big companies don't allow stores to offer their own pricing. This is called UPP, or unilateral pricing policy. It means that a TV from that company is going to cost the same, whether it's on Amazon, in Best Buy, or anywhere else. Well, anywhere else that wants to continue selling TVs from that company. If this sounds sketchy, it is, but that's a topic for a different article

the-frame-3

The Samsung Frame may look sophisticated, but your current TV might work just as well. 

Samsung

All in all, is it worth upgrading my TV?

Here's the short version:

Get a new TV now if:

  • Your current TV is having issues, or is too old to connect to a streaming service like Netflix.
  • You're willing to buy from a place that has a price-match policy, in case there's a sale.
  • You want something bigger than what you have now.

Don't get a TV now if:

  • Your current TV works fine.
  • There's literally anything else you need or want to spend money on.

If you've got the itch for something new, but you're still on the fence, consider giving your TV a bit of a makeover. If you've never adjusted the settings, it's easy to do and will probably make your TV look better than it ever has. That might tide you over for a bit.

And if you finally decide that, yes, you're ready to buy a new TV now, we at CNET do have some guidelines and suggested models.


As well as covering TV and other display tech, Geoff Morrison does photo tours of cool museums and locations around the world, including nuclear submarines, massive aircraft carriers, medieval castles, airplane graveyards and more. 

You can follow his exploits on Instagram and his travel video series on YouTube. He also wrote a bestselling sci-fi novel about city-size submarines, along with a sequel.

§

NextGen TV, aka ATSC 3.0, is continuing its rapid rollout across the country. Major markets like Los Angeles, Atlanta, Denver, Houston and more all have stations transmitting. Meanwhile New York, Boston, and many other markets are slated to have broadcasts later this year. While not every station in every market has a NextGen TV counterpart, more and more are coming on the air.

What's NextGen TV? It's an update to the free HDTV you can already get over-the-air in nearly every city in the US. There's no monthly fee, but you do need either a new TV with a built-in tuner or a standalone external tuner. The standard allows broadcast stations to send higher quality signals than ever before with features like 4K, HDR, 120 Hz, and more. ATSC 3.0 proponents also claim better reception indoors and on-the-go -- whether it's on your phone, or even in your car. The best part is that if you're watching it on your TV it uses the same standard antennas available today.

One potential downside? ATSC 3.0 will also let broadcasters track your viewing habits, information that can be used for targeted advertising, just like companies such as Facebook and Google use today. 

Read more: Best TV antennas for cord cutters, starting at just $10

NextGen TV to you

nextgen-tv-logo
ATSC.org

Here's the top-line info:

  • If you get your TV from streaming, cable or satellite, NextGen TV/ATSC 3.0 won't affect you at all. 
  • The transition is voluntary. Stations don't have to switch. Many have already, however, for reasons we'll explain below.
  • It's not backwards-compatible with the current HD standard (ATSC 1.0), so your current TV won't be able to receive it. Your current antenna should work fine though.
  • Stations that switch to NextGen TV will still have to keep broadcasting ATSC 1.0 for five years.
  • There are multiple models and sizes of TV with built-in tuners available now from Hisense, LG, Sony, Samsung and others.
  • As of the beginning of 2022 the majority of the largest markets in the US have at least one channel broadcasting NextGen TV. By the end of 2022, nearly all major and many minor markets will have multiple channels .
atsc-3-stations-2022

Here's the map of actual stations as of January 2022. Orange denotes stations that are live now. Blue is launching before summer. White sometime after the summer.

ATSC

How it will work in your home

Put simply: If you connect an antenna to your TV you will receive free programming, just like most people can get now. Yet, that is selling the potential benefits of NextGen TV short. 

NextGen TV is IP-based, so in practice it can be moved around your home just like any internet content can right now. For example, you connect an antenna to a tuner box inside your home, but that box is not connected to your TV at all. Instead, it's connected to your router. This means anything with access to your network can have access to over-the-air TV, be it your TV, your phone, your tablet or even a streaming device like Apple TV. There will be traditional tuners as well, of course, but this is a new and interesting alternative.

This also means it's possible we'll see mobile devices with built-in tuners, so you can watch live TV while you're out and about, like you can with Netflix and YouTube now. How willing phone companies will be to put tuners in their phones remains to be seen, however. You don't see a lot of phones that can get radio broadcasts now, even though such a thing is easy to implement. We'll talk more about that in a moment.

'Voluntary'

In November of 2017, the Federal Communications Commission approved ATSC 3.0 as the next generation of broadcast standard, on a "voluntary, market-driven basis" (PDF). It also required stations to continue broadcasting ATSC 1.0 (i.e. "HD"). This is actually part of the issue as to why it's voluntary. 

During the mandatory DTV transition in the early 2000s, stations in a city were given a new frequency (channel, in other words), to broadcast digital TV, while they still broadcast analog on their old channel. These older channels were eventually reclaimed by the FCC for other uses when the proverbial switch was flipped to turn off analog broadcasts. Since a changeover isn't occurring this time around, stations and markets are left to themselves how best to share or use the over-the-air spectrum in their areas.

atsc-transmitter-sharing

Because there's no new bandwidth, broadcasters will temporarily share transmitters. Two or more stations will use one tower for ATSC 1.0 (HD) broadcasts and those stations will use another tower for ATSC 3.0 (UHD) broadcasts. This will mean a temporary reduction in bandwidth for each channel, but potentially a limited impact on picture quality due to the better modern HD encoders. More info here.

ATSC/TVTechnology.com

While it's not a mandatory standard, many broadcasters still seem enthusiastic about NextGen. At the beginning of the roll-out, then executive vice president of communications at the National Association of Broadcasters Dennis Wharton told CNET that the improvement in quality, overall coverage and the built-in safety features mean that most stations would be enthusiastic to offer ATSC 3.0.

John Hane, president of the Spectrum Consortium (an industry group with broadcasters Sinclair, Nexstar and Univision as members), was equally confident: "The FCC had to make it voluntary because the FCC couldn't provide transition channels. [The industry] asked the FCC to make it voluntary. We want the market to manage it. We knew the market would demand it, and broadcasters and hardware makers in fact are embracing it."

Given the competition broadcasters have with cable, streaming and so on, 3.0 could be a way to stabilize or even increase their income by offering better picture quality, better coverage and, most importantly, targeted ads.

Ah yes, targeted ads…

Broadcast TV will know what you're watching

One of NextGen TV's more controversial features is a "return data path," which is a way for the station you're watching to know you're watching. Not only does this allow a more accurate count of who's watching what shows, but it creates the opportunity for every marketer's dream: targeted advertising. 

Ads specific to your viewing habits, income level and even ethnicity (presumed by your neighborhood, for example) could get slotted in by your local station. This is something brand-new for broadcast TV. Today, over-the-air broadcasts are pretty much the only way to watch television that doesn't track your viewing habits. Sure, the return data path could also allow "alternative audio tracks and interactive elements," but it's the targeted ads and tracking many observers are worried about.

The finer details are all still being worked out, but here's the thing: If your TV is connected to the internet, it's already tracking you. Pretty much every app, streaming service, smart TV and cable or satellite box all track your usage to a greater or lesser extent.

Return data path is still in the planning stages, even as the other aspects of NextGen TV are already going live. There is a silver lining: There will be an opt-out option. While it also requires Internet access, if this type of thing bothers you, just don't connect your TV or NextGen TV receiver to the internet. You will inevitably lose some of the other features of NextGen TV, however.

That said, we'll keep an eye on this for any further developments.   

Free TV on your phone?

Another point of potential contention is getting ATSC 3.0 tuners into phones. At a most basic level, carriers like AT&T, Verizon and T-Mobile are in the business of selling you data. If suddenly you can get lots of high-quality content for free on your phone, they potentially lose money. Ever wonder why your phone doesn't have an FM radio tuner? Same reason.

T-Mobile made a preemptive strike along those lines all the way back in September 2017, writing a white paper (PDF) that, among other things, claims, "In light of the detrimental effects that inclusion of ATSC 3.0 can have on the cost and size of a device, the technology trade-offs required to accommodate competing technologies, and the reduced performance and spectral efficiency that it will have for other mobile bands and services, the decision as to whether to include ATSC 3.0 in a device must be left to the market to decide."

"The market" determined you didn't need an FM tuner in your phone, and in the few phones that had an FM tuner, if you bought it through an American provider, it was almost always disabled.

TV broadcasters, on the other hand, are huge fans of ATSC 3.0 on mobile phones. It means more potential eyeballs and, incidentally, a guarantee of active internet access for that return data path. John Hane of the Spectrum Consortium feels that tuners built into phones is "inevitable," and that international adoption of ATSC 3.0 will help push it forward. Wharton says that the focus is getting TVs to work, but mobile is in the plan.

Then there's portable TVs, of which there are HD versions on the market and have been for years. The next-generation ATSC 3.0 versions of these will likely get better reception in addition to the higher resolution offered by the new standard.

antennas-09.jpg
Sarah Tew/CNET

Cost (for you)

NextGen TV is not backward compatible with current TV tuners. To get it, you'll eventually need either a new TV or an external tuner. 

However, you shouldn't feel a push to upgrade since:

1. NextGen TV/ATSC 3.0 isn't mandatory, and it doesn't affect cable, satellite or streaming TV.

2. HD tuners cost as little as $30 to $40 now, and NextGen TV tuners, which currently sell between $200 and $300, will eventually be cheap as well.  

3. Even after they start NextGen broadcasts, stations will have to keep broadcasting regular old HD. 

Here's the actual language:

"The programming aired on the ATSC 1.0 simulcast channel must be 'substantially similar' to the programming aired on the 3.0 channel. This means that the programming must be the same, except for programming features that are based on the enhanced capabilities of ATSC 3.0, advertisements and promotions for upcoming programs. The substantially similar requirement will sunset in five years from its effective date absent further action by the Commission to extend it."

In other words, the HD broadcast has to be essentially the same as the new 3.0 broadcast for five years, perhaps longer depending on future FCC actions.

Which brings us to point 3. By the time people had to buy them, HD tuners were inexpensive and are even more so now. The HD tuner I use is currently $26 on Amazon. The first generation NextGen tuners available now are more expensive than that, though they're not outrageous. We'll discuss those below. By the time anyone actually requires one, however, they'll almost certainly be affordable.

Which is good, because there aren't any planned subsidies this time around for people to get a tuner for cheap. I'm sure this is at least partly due to how few people actually still use OTA as their sole form of TV reception. Maybe this will change as more stations convert, but we're a ways away from that.

atsc-upgrade-path

As you can see, there are lots of parts that need to get upgraded all along the chain before you can get 3.0 in your home.

ATSC/TVTechnology.com

Here's another way to think about it: The first HD broadcasts began in the mid-90s, but when did you buy your first HDTV? As far as the 3.0 transition is concerned we're in the late-90s, maybe generously the early 2000s, now. Things seem like they're moving at a much more rapid pace than the transition from analog to DTV/HDTV, but even so, it will be a long time before ATSC 3.0 completely replaces the current standard.

How to get NextGen right now

lg-evo-cropped-for-door.png
LG

If you want to check it out for yourself, many of you already can. The first stop is to go to WatchNextGenTV.com. That website will help you find what stations in your area are broadcasting, or which ones will soon. 

Next up you'll need something to receive it. If you're in the market for a new TV there are several options available from Hisense, LG, Samsung, and Sony. Here's our list of all the 2022 TVs with built-in next-gen tuners.

If you want to check out NextGen TV without buying a new television, you'll need an external tuner. It's still early days, so there aren't many options. 

tablo-atsc3-quad-hdmi-in-situ-straight-crop-new.png

The Tablo ATSC 3.0 Quad HDMI DVR

Nuvvyo

At CES 2022 Nuvvyo announced the Tablo, a quad-tuner box that can connect to a TV directly, or transmit over a network to Rokus, Apple TVs, or computers on your home network.  

The Silicon Dust has two models, the $199 HomeRun Flex 4K and the $279 HomeRun Scribe 4K. Both have ATSC 1.0 and 3.0 tuners.  

If you want a more traditional tuner, BitRouter plans to start shipping its first ZapperBox M1 tuners in the spring. You can reserve one now for $249. It doesn't have internal storage, but BitRouter plans to add the ability to save content on network-attached storage, or NAS, devices via a firmware update. They also plan to add the ability to send the content around your home network, like what the Scribe 4K does.

zapperbox-front-scaled
Zapperbox

Then there's what to watch. Being early in the process, you're not going to find much 4K content, possibly not any. This was the same with the early years of HDTV. It's also going to vary per area. There is certainly a lot of 4K content being produced right now, and that has been the case for several years. So in that way, we're in better shape than we were in the early days of HD. 

Basic and paid cable channels over-the-air?

One company is using the bandwidth and IP nature of NextGen to do something a little different. It's a hybrid paid TV service, sort of like cable/satellite, but using over-the-air broadcasts to deliver the content. It's called Evoca, and right now it's available only in Boise, Idaho. Edge Networks is the company behind it, and it wants to roll it out to other small markets where cable offerings are limited, and broadband speeds are slow or expensive. 

It's an interesting idea for underserved and often forgotten-about markets. 

Read moreCable TV channels and 4K from an antenna?

Seeing the future

The transition from analog broadcasting to HD, if you count from the formation of the Grand Alliance to the final analog broadcast, took 16 years. 

Though many aspects of technology move rapidly, getting dozens of companies, plus the governments of the US and many other countries, all to agree to specific standards, takes time. So does the testing of the new tech. There are a lot of cogs and sprockets that have to align for this to work, and it would be a lot harder to fix once it's all live.

But technology moves faster and faster. It's highly doubtful it will take 16 years to fully implement NextGen TV. As we mentioned at the top, dozens of stations are already broadcasting. Will every station in your city switch to NextGen TV? Probably not, but the bigger ones likely will. This is especially true if there are already other NextGen TV stations in your area. There's a potential here for stations to make additional money in the long run with 3.0, and that's obviously a big motivator.

There's also the question of how much content there will be. If it follows the HDTV transition model, big sporting events in 4K HDR will come first, followed by lots and lots of shows featuring nature scenes and closeups of bugs. Seriously -- this was totally a thing. Then we'll see a handful of scripted prime-time shows. My guess would be the popular, solidly profitable ones that are produced (not just aired) by networks like CBS and NBC.

So should you hold off buying a new TV? Nope, not unless you only get your shows over the air. And even if you do, by the time there's enough content to be interesting, there will be cheap tuner boxes you can connect to whatever TV you have. 

For now, NextGen TV seems to be well on its way.


As well as covering TV and other display tech, Geoff does photo tours of cool museums and locations around the world, including nuclear submarines, massive aircraft carriers, medieval castles, epic 10,000 mile road trips, and more. Check out Tech Treks for all his tours and adventures.

He wrote a bestselling sci-fi novel about city-size submarines, along with a sequel. You can follow his adventures on Instagram and his YouTube channel.


Source

Tags:

Wordle: What To Know About The Viral Word Game


Wordle: What to Know About the Viral Word Game


Wordle: What to Know About the Viral Word Game

What's Wordle? Surely by now you're at least vaguely aware of the viral word game taking over our planet. But in case you want some info on its origins, here's everything you need to know. 

What is Wordle?

Wordle is a daily word game you can find online here. It's fun, simple and, like a crossword, can only be played once a day. Every 24 hours there's a new word of the day, and it's up to you to figure out what it is. The site itself does a fantastic job of explaining the rules:

How to Play from Wordle: Guess the Wordle in 6 tries. After each guess, the color of the tiles will change to show how close your guess was to the word

This game is so good.

Wordle

Wordle gives players six chances to guess a randomly selected five-letter word. As shown above, if you have the right letter in the right spot, it shows up green. A correct letter in the wrong spot shows up yellow. A letter that isn't in the word in any spot shows up gray. 

You can enter a total of six words, meaning you can enter five burner words from which you can learn hints about the letters and their placements. Then you get one chance to put those hints to use. Or you can try for performance and guess the word of the day in three, two or even one go.

Simple stuff, but also incredibly compelling. 

So it's a word game? Big deal...

Yeah, it's just a word game. But it's super popular: Over 300,000 people play it daily, according to The New York Times. That popularity may sound perplexing, but there are a few tiny details that have resulted in everyone going absolutely bonkers for it.

There's only one puzzle per day: This creates a certain level of stakes. You only get one shot at the Wordle. If you mess up, you have to wait until tomorrow to get a brand new puzzle. 

Everyone is playing the exact same puzzle: This is crucial, as it makes it easier to ping your buddy and chat about the day's puzzle. "Today's was tough!" "How did you get on?" "Did you get it?" Which takes us to the next point...

It's easy to share your results: Once you've successfully or unsuccessfully done the puzzle for the day, you're invited to share your Wordle journey for the day. If you tweet the image, it looks like this...

Note that the word and letters you chose are obscured. All that's shown is your journey toward the word in a series of yellow, green and gray boxes.

It's very compelling. If you get it easily, maybe in the second or third try, there's a gloating element whereby you must show your followers how smart you are and share.

If you get it by the skin of your teeth in the sixth go, that's also a cool story. But most importantly, the puzzle itself isn't spoiled. 

So Wordle isn't just a word game, it's a conversation starter and a chance to show off on social media. That's why it's going viral. 

Tips and tricks

If you're a word game purist, you may want to avoid the following tips and rely entirely on your own instincts. For everyone else who's sick of seeing gray boxes, here are some tips that you may find helpful.

Choosing your first word: The first word is arguably the most important. To maximize the value of your opening gambit, choose a word with three vowels and five different letters. Some examples: orate, media, radio. I always use "adieu" for some reason. It's a habit and I'm refusing to break it.

I just finished reading a fascinating piece by Tyler Glaiel, a programmer and game designer who tried to figure out the best possible starting word. Apparently we should all be kicking off Wordle with the word "roate." Honestly, read this whole article, it's great.

Avoid reusing grays: There's a keyboard at the bottom of the Wordle board that shows what letters are green, yellow and gray. Avoid reusing letters that have come up gray. Yes, this sounds obvious. But it can take time and effort to think of five-letter words that don't use letters you've already tried. That effort will pay off.

Letters can appear twice: This complicates matters, especially when you're running out of letters to try on word four or five. But letters often recur, as with words like chill, sissy and ferry having been the correct answers in the past. 

Who made Wordle?

Wordle is the work of software engineer Josh Wardle, who originally created the game for his partner, a fan of word games, and tells the BBC it will never become laden with ads. Extremely online people may remember Wardle as the creator of Place, an utterly wild collaborative art project/social experiment that sent the internet into a tizzy in April 2017.

Place was a shared online space that allowed literally anyone to fight over what was drawn there. It resulted in huge, sprawling communities battling over space on this gigantic online canvas. 

It ultimately ended up looking like this: 

Image from the online space Place

Remember Place? That was a wild time.

Reddit

Wordle got a mention in The New York Times in November, but really got traction when the share element got added.

In a Reddit post, Wardle said he wanted Wordle to feel like a croissant, a "delightful snack" that's enjoyed occasionally. This is explicitly why there's only one puzzle per day. "Enjoyed too often," he explained, "and they lose their charm," Wardle says.  

Agreed. 

New York Times acquisition

At the end of January, creator Josh Wardle sold Wordle to the New York Times for a figure "in the low seven figures."

Wardle noted that his "game has gotten bigger than I ever imagined" and added he's "just one person."

The game will ultimately become part of New York Times subscription puzzle service, but Wardle made sure that Wordle would remain free-to-play and that current streaks would be preserved in the move.

"It is important to me that, as Wordle grows, it continues to provide a great experience to everyone," Wardle said. "Given this, I am incredibly pleased to announce that I've reached an agreement with The New York Times for them to take over running Wordle going forward."

Wordle hasn't gotten harder since joining the New York Times

It just hasn't! Come on folks!

According to The New York Times: "Nothing has changed about the game play," the Times' communications director, Jordan Cohen, said to CNET in an email.

If you check out the game's script you can see that the New York Times hasn't made any significant changes to the game.

Wordle clones...

Since the success of Wordle, there's been clones. Lots of clones. Some have been cynical cash grabs, but a huge amount of them are unique, interesting alternatives. 

  • Worldle invites you to guess countries based on their outline.
  • Squabble is a multiplayer, Battle Royale version of Wordle.
  • Dordle forces you to solve two Wordles at once.

That's just the tip of the iceberg. Here's a fairly comprehensive list of word games you can check out if you get tired of the original.


Source

Tags:

Current Mortgage Rates: Compare Today's Rates


Current Mortgage Rates: Compare Today's Rates


Current Mortgage Rates: Compare Today's Rates

Mortgage rates are leveling off after climbing steadily since the beginning of the year. Although rates reached historic lows during the COVID-19 pandemic, they quickly reached their highest levels since 2008 earlier this year. Interest rates have been increasing in response to surging inflation, which is at its highest point in four decades, as well as the Federal Reserve raising rates multiple times for the first time since 2018. The Fed raised interest rates by 0.75 percentage points for the second time in July, one of the largest rate hikes since 1994.

Higher interest rates have significant implications for home buyers, especially as home prices remain sky-high. Higher mortgage rates, even by a few tenths of a percentage point, can add tens of thousands of dollars over the life of your loan. Higher rates shouldn't discourage you from buying a home, however. Even though rates have escalated, it's still a great time to lock in a mortgage rate, since rates are still historically low overall. Although rates crept back up and are now hovering in the mid-to-upper 5% range, generally speaking, in a rising rate environment, the sooner you act, the better, because it can help you secure a lower rate. 

"Mortgage rates have bounded more than 2 percentage points higher since the end of last year, one the largest and fastest increases ever seen," said Greg McBride, chief financial analyst at CNET's sister site Bankrate.

Here's everything you need to know about mortgage rates and how they work. 

What is a mortgage rate?

Your mortgage rate is the percentage of interest a lender charges for providing the loan you need to purchase a home. The interest helps cover the costs associated with lending money -- and there are multiple factors that determine the rate you're offered. Some are specific to you and your financial situation and others are influenced by macro market conditions, such as the overall level of demand for loans in your area or nationwide.

What factors determine my mortgage rate?

The factors that most often determine a mortgage rate are your credit score, the property's location, the size of the down payment, the terms of the loan and the type of loan. 

"A lot of mortgages are [paid back in 360 payments] over 30 years. Shorter-term loans, like 10, 15 or 20 years have lower interest rates," says Clint Lotz, president and founder of the predictive credit tech company TrackStar. "A larger down payment means a lower interest rate; if a homebuyer can make the 20% down payment, that's great, but if not, lenders will usually require the buyer to purchase PMI: private mortgage insurance."

In addition to the loan term, the loan type will impact your interest rate. Some loans have a fixed interest rate for the entire life of the loan, while others have an adjustable rate -- which could result in significantly higher payments down the road. 

Current mortgage and refinance rates

We use information collected by Bankrate, which is owned by the same parent company as CNET, to track daily mortgage rate trends. The above table summarizes the average rates offered by lenders across the country. 

What credit score do you need to get a mortgage?

Most conventional loans require a credit score of 620 or higher, but Federal Housing Administration and other loan types may accommodate lenders with scores as low as 500, depending on your down payment. If you have a high credit score, you may be offered a lower interest rate and more modest down payment. Improving your credit score before applying for a mortgage can save you money even if you already qualify for a loan.

"Credit is the biggest factor in interest rates on both mortgages and all other lending products, so making sure credit balances are below 30% is key to maximizing a credit score," says Lotz. "If a person finds errors on their credit report, they should dispute them to ensure the most accurate history."

What is annual percentage rate, and what does it mean for mortgages?

Your annual percentage rate is a key factor in choosing a mortgage. The Federal Open Market Committee lowered the US prime rate in 2020, which paved the way for today's relatively low rates: The interest rate offered to you by a lender is based on the prime rate plus whatever premium the institution decides to charge you, based on your financial situation.

How does the APR impact principal and interest?

Most mortgage loans are based on an amortization schedule: You'll pay the same amount each month for the life of the loan even though the generated interest will be highest at the beginning of the loan and will taper as the principal decreases. (Your amortization schedule will show how much of your monthly payment goes to interest and how much pays down the principal of the loan.) Ultimately, most borrowers appreciate the convenience of a fixed, predictable monthly payment. 

What else can impact my rate? 

Getting a good mortgage rate has to do with building credit but also managing it well, including saving for a down payment and keeping additional savings on hand to cover unexpected expenses. 

In most cases, you don't want to stretch so far with your down payment that you are left without cash reserves when you move into your home, and keeping some liquid savings may help your lender's confidence in your ability to pay back the loan, potentially lowering your rate.

"Banks are very keen on making sure that borrowers have sufficient savings in reserve post-closing. A good rule of thumb is six months of mortgage/tax and insurance for loans under $750,000 and 12 months for jumbo loans," says Melissa Cohn, an executive mortgage banker at Connecticut-based William Raveis Mortgage.

Keep in mind that credit scoring services like FICO adjust your credit based on mortgage inquiries; Lotz has a good piece of advice for those who are shopping around for the best rate at different lenders.

"The FICO company allows multiple mortgage inquiries within a 10-day period to be counted as one," says Lotz. "This allows a borrower to compare offers and rates from different lenders, but borrowers need to make sure they are within that one-day window, otherwise their scores will start to go down from excessive inquiries."

Shopping mortgage rates

Mortgage lenders often publish online their rates for different mortgage types, which can help you research and narrow down which lenders you apply to for preapproval. Shopping around is an important part of the process. And it's often a mistake to rush the process.

"The best rate [should be considered] -- but as important, the best service and with a reliable lender who can close the promised rate," says Cohn. "It's one thing -- especially right now -- to get quoted a rate. It's a very different matter of closing it in a timely fashion."


Source

Tags:

Home Equity Line Of Credit: HELOC Rates For September 2022


Home equity line of credit heloc rates for september 2022 holiday home equity line of credit heloc rates for september 2022 movie home equity line of credit how does a home equity line of credit work home equity line of credit home equity loan home equity loan rates wells fargo home equity loan home equity loan requirements
Home Equity Line of Credit: HELOC Rates for September 2022


Home Equity Line of Credit: HELOC Rates for September 2022

A home equity line of credit, or HELOC, is a loan that allows you to borrow against the equity you've built up in your home and functions like a credit card. It provides an open line of credit that you can access for a certain amount of time (usually 10 years). During that time, you're only required to pay back the interest on money you've withdrawn, which means you can borrow a large amount of money for an extended period of time while only making minimum monthly payments.

HELOCs can be a good option because they have lower rates than most credit cards, personal loans, home equity loans and mortgage refinances. But HELOCs are also risky because they're secured loans, which require collateral to obtain financing: Your home serves as the collateral, so if you're unable to pay back the money you've withdrawn, you could lose your house. In addition, HELOCs have variable interest rates that mean your rate can go up or down with the market, so you won't always have a predictable monthly payment.

We'll walk you through how a HELOC works, how to decide if it's the right option for you and how it stacks up against other loan types.

Current HELOC rate trends

Right now, the average interest rate for a HELOC is 6.5%, according to Bankrate, which is owned by the same parent company as CNET. Anything below the average rate is typically considered a good rate for HELOCs. 

Interest rates for HELOCs are variable and largely determined by the benchmark interest rate, which is set by the Federal Reserve. So far this year, the Fed has raised the benchmark interest rate four times and has signaled it will continue raising rates throughout 2022. Interest rates for HELOCs tend to be lower than mortgage rates and other home equity loan rates, which is one of the benefits. They also usually have introductory periods during which they offer an even lower rate for a certain amount of time. 

What is a HELOC?

A HELOC is a home loan that allows you to tap into your home's equity over an extended period of time. You can find out how much equity you have in your home by subtracting your remaining mortgage balance from the house's current market value. So if your house is worth $500,000 and you have $300,000 left to pay off on your mortgage, you would have $200,000 in equity. Typically you can borrow up to 85% of your equity — in this case, that's $170,000.

A HELOC functions as a revolving line of credit that you can continually access. The time period when you can draw money from your line of credit is called the draw period, and it's usually 10 years for HELOCs. This could be a good option if you need access to money, but aren't sure how much you'll need (or when you'll need it). HELOCs also tend to have lower interest rates than other types of home loans or personal loans.

If you need cash for home improvements or to pay higher education costs like tuition, a HELOC can be beneficial because you can repeatedly withdraw money over the course of your loan term. Plus, you only have to pay interest on the money that you withdraw. So, if you're approved for a HELOC of $100,000 and only withdraw $25,000, you'll only pay interest on the $25,000. 

How do HELOCs work?

Since HELOCs work like a line of credit, during the draw period you can take out money as many times as you need via check or a debit card, as long as it's below your total HELOC loan amount. You must also make minimal monthly payments, typically just for the interest that accrues during the draw period. As you repay your HELOC, this money is added back to your revolving balance (so you can continue to withdraw funds).

Once the draw period comes to an end you enter the repayment period, which usually lasts between 10 to 20 years. At this point, you cannot take more money out of your HELOC. Once you're in the repayment period, your monthly payments will go up because you must start paying back the principal (the amount you withdrew) in addition to the accrued interest.

Pros of a HELOC

  • Lower interest rates: HELOCs typically have lower interest rates than other home equity loans, personal loans or credit cards. 
  • Long draw and repayment periods: Most HELOCs let you withdraw money for as long as 10 years, and then offer an even longer repayment period (usually up to 20 years).
  • You can take the money in installments: You don't have to use all of the money available at once, and you only have to pay interest on the funds you withdraw.

Cons of a HELOC

  • You have to use your own home as collateral: If you default on a HELOC or can't make your payments, you could lose your home. When you put a house up as collateral and cannot repay your loan, the bank or lender can foreclose on your home, which means they can take ownership of your house in order to make up for the money they lost. 
  • They have variable interest rates: Your initial interest rate may be low, but HELOC rates are variable and not fixed. This means they can fluctuate depending on what's happening with the economy and the benchmark interest rate. This means your monthly payments are not predictable and can fluctuate over the course of the loan. While there are fixed-rate HELOCs, they are less common and are considered a hybrid between a HELOC and a home equity loan.
  • There may be minimum withdrawal amounts: Some HELOCs have minimal initial withdrawal amounts, which could lead you to taking out more money than planned (and having to pay back more than planned).

HELOCs vs. home equity loans

HELOCs and home equity loans both allow you to borrow against the equity you've built up in a home. With both, you take out a second home loan in addition to your mortgage. Your home is also used as collateral to secure either type of loan. A home equity loan, however, offers a lump sum of cash that you pay back in fixed monthly installments. A HELOC, on the other hand, approves you for a set loan amount and then allows you to withdraw only what you need, when you need it.

A HELOC has a variable interest rate, whereas home equity loans are fixed-rate loans. This means, you'll have a more predictable monthly payment with a home equity loan. HELOCs are much more flexible, but your monthly payments can be more unpredictable since your interest rate can fluctuate. With a HELOC, you need to make sure you can afford your monthly interest payments if your rate shoots up.

A HELOC is better if

  • You need access to credit for an extended period of time (usually 10 years)
  • You need more time to repay the loan amount
  • You want the flexibility to withdraw your money in installments and not all at once

A home equity loan is better if

  • You want a fixed interest rate
  • You want a predictable monthly repayment schedule
  • You want one lump sum of cash and know exactly how much money you need

HELOCs vs. cash-out refinances

A cash-out refinance is a different type of loan than a HELOC: You are quite literally cashing out the equity you've built up in your home over the years. It replaces your current mortgage with a new mortgage equal to your home's value, and allows you to cash out the amount you've built in equity. If your home is valued at $300,000 and you still owe $100,000 on a mortgage, the difference of $200,000 is your home equity. Lenders often let you cash out 80% of your equity ($140,000 in this case).

With a HELOC, you're also cashing out your equity, but you are taking out an additional loan alongside your current mortgage. So, you will have to make your monthly mortgage payments in addition to repaying your HELOC each month. With a cash-out refinance, you are only responsible for your mortgage payment every month. However, your mortgage payment will be more expensive because you added more money onto your mortgage when you cashed out your equity.

A cash-out refinance offers you this equity in a lump sum, whereas a HELOC lets you draw on your equity in installments and offers a yearslong line of credit.

A HELOC is better if

  • You need access to credit for an extended period of time (usually 10 years)
  • You need a longer loan repayment period
  • You want to the flexibility to withdraw your money in installments

A cash-out refinance is better if

  • You want to refinance your mortgage to a lower interest rate or shorter term
  • You want one one lump sum of cash and know the amount
  • You want one fixed monthly mortgage payment

FAQs

What is a good HELOC rate?

Anything below the average rate is typically considered a good rate for HELOCs. Currently, the average interest rate for a HELOC is 6.5%, according to Bankrate. 

How do I qualify for a HELOC?

To qualify for a HELOC, you must have good credit, at least 15% to 20% equity in your home and a debt-to-income ratio that does not exceed 43%. (Your debt-to-income ratio is your total monthly debts divided by your gross monthly income.) So, if you make $4,000 a month before taxes and pay $1,500 in debts each month, your DTI would equal 37.5%. The lower your DTI, the better your approval chances.

If you have good or excellent credit, you could lock in a lower HELOC rate closer to 3% to 5%. If you have below average credit expect to pay rates closer to 9% to 10%. Lenders usually want to see at least a 620 credit score or higher. You can be denied for a HELOC if you don't have a high enough credit score or income. You can also be denied if you don't have enough equity built up in your home. Most lenders require at least 15% to 20%. 

What can I use a HELOC for?

You can use your line of credit for almost anything, but HELOCs are typically best for people who need access to available credit over a long period of time or who will be making recurring withdrawals. For example, HELOCs are good for home improvement projects that could potentially take years or higher education expenses like tuition.

How do I apply for a HELOC?

You have to be approved for a HELOC by a bank or lender just like with your mortgage. You will need to provide financial documents like pay stubs and information about your home's value, like your loan-to-value ratio. Lenders will also run a credit check before approving you. 

In some cases, you may need to have your home appraised to confirm its current market value. It's important to interview multiple lenders to compare rates and fees in order to find one who will give you the best rates. Some experts recommend starting with the bank or lender that already holds your mortgage, but shopping around can help you compare offers. 

More mortgage tools and resources

You can use CNET's mortgage calculator to help you determine how much house you can afford. The CNET mortgage calculator factors in variables like the size of your down payment, home price and interest rate to help you figure out how large of mortgage you may be able to afford. Using the CNET mortgage calculator can help you understand how much of a difference even a slight increase in rates can make in how much interest you'll pay over the lifetime of your loan.

Compare mortgage rates:


Source

Search This Blog

Menu Halaman Statis

close