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By Ben Kesslen |
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Comments Off on 5 Ways to Cut Scorching Summer Electric Bills
This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.
Between record temperatures and rising utility rates, summer electric bills can be a scorcher to your budget.
In fact, retail electricity prices have risen faster than inflation since 2022, and the government expects increases to continue through next year— even as Americans set new consumption records.
But trimming your usage doesn’t have to mean making big sacrifices. Here are five ways to help cut down your costs and stay cool:
1. Turn up the temperature. You might cringe at this suggestion, especially during this summer’s heat waves, but bumping your thermostat up by just a few degrees can help cut your bill. And you can raise the temp even more when you’re away from home, then readjust once you’re back. (Or better yet, finally figure out how to program your thermostat.)
Of course, this would depend on your comfort level, and 80+ degrees is probably unrealistic. (PSA: Energy Star’s guide is reportedly being widely misinterpreted as recommending 78-85 degree settings). But the point is that bumping up a few degrees means our systems don’t have to work as hard, saving energy and money.
• Changing your thermostat 7-10 degrees for 8 hours a day can save you as much as 10% a year on heating and cooling, according to the Department of Energy.
• Many AC units can only cool your home by about 20 degrees compared to the outdoor temperature. So if it’s 100 out, setting your thermostat to 70 probably won’t get you there and will just waste energy.
• A dirty filter or poorly sealed window unit can cause your AC to run inefficiently. Check for gaps or holes around window AC units and make sure filters are cleaned or replaced regularly.
2. Don’t let the light in. We’re often told to let the sunshine in, but during the summer, living like Dracula (minus the coffin) can pay off big time. Sunlight might brighten your space, but it also significantly heats it up. During the hottest parts of the day, keeping your curtains or shades closed can make a surprising difference in how hard your AC has to work.
• Blackout curtains or thermal shades can be super helpful, especially on south- or west-facing windows.
• You can also apply temporary window film or heat-reflective inserts if you’re in a rental and can’t make major changes. Think of it as sunscreen for your space.
3. Shop around for electricity. If you live in a state with a deregulated energy market – check this list to find out — you may be able to choose your electricity supplier and possibly get a better rate. Some electricity companies also offer “time of use” plans — lower rates for using AC and appliances during off-peak hours. So if you’re game for doing laundry between midnight and 8 a.m, that could help too.
4. Cut the current when you can. When the weather’s milder — like in the morning or evening — consider switching from AC to fans. Ceiling and floor fans use a small fraction of the energy an air conditioner does, and the wind effect can make you feel cooler. And while you’re at it, unplug “vampire electronics” that drain electricity even when not being used, like chargers, microwaves, and game consoles. Use power strips to make it easier to flip everything off at once.
5. Cool off on someone else’s bill. If you’re working remotely or just hanging out at home during the day, consider spending time in public places that are already paying to keep the AC running. Think: libraries, cafes, museums, and movie theaters. This can help you slash the number of hours your home AC is running. You’ll not only save money, but you might also discover a new favorite spot in your community.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
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By Mario Ismailanji |
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Comments Off on Week Ahead on Wall Street: Obstacle Course
Inflation and trade uncertainty muddy the outlook as earnings season begins.
After weeks of focusing on broad inflation and employment data, the focus is set to pivot from the macro to the micro: It’s the unofficial start of the second-quarter earnings season.
As is tradition, the nation’s largest banks and financial institutions will lead the way. These financial giants provide a unique and vital window into the economy, with their results often revealing key trends in consumer spending, loan demand, and credit health.
Investors will be listening closely to what executives say about the path of the economy and the impact of interest rates on their business and their customers, both now and in the future.
The week won’t be without new economic data, though. The biggest release will be the latest Consumer Price Index (CPI), a critical measure of inflation that will undoubtedly influence the market’s mood.
A hot inflation report would certainly amplify concerns around tariff price hikes, but that doesn’t mean that lower-than-expected inflation would be an all-clear signal. There’s always the possibility inflation will spike in future months.
An analogy for the market backdrop is that of an obstacle course. Whether it’s earnings results or inflation reports, there are many things that could trip up the strong stock market momentum, but the only thing that will truly clear up the uncertainty clouding markets is a resolution to global trade upheaval. That is unlikely to come this week.
Economic and Earnings Calendar
Monday
• Earnings: Fastenal (FAST).
Tuesday
• July Empire State Manufacturing Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• June Consumer Price Index: The CPI is one of the most popular indicators for tracking consumer price trends and is a marquee release for market watchers.
• Fedspeak: Boston Fed President Susan Collins will deliver the closing keynote speech at the 2025 Economic Measurement Seminar. Dallas Fed President Lorie Logan will discuss the Federal Reserve and the economic backdrop at an event hosted by the World Affairs Council of San Antonio. Richmond Fed President Tom Barkin will give a speech titled Forecasting Beyond Today’s Data.
• Earnings: Bank of New York Mellon (BK), BlackRock (BLK), Citigroup (C), JB Hunt Transport Services (JBHT), JPMorgan Chase (JPM), Omnicom Group (OMC), State Street (STT), Wells Fargo (WFC)
Wednesday
• June Producer Price Index: The PPI tracks price trends that producers face and is down significantly from its peak earlier in the cycle.
• July New York Services Activity: The New York Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• June Industrial Production and Capacity Utilization: The industrial sector accounts for much of the cyclical swings in economic activity.
• Fed Beige Book: This report is released eight times per year and tracks the state of the economy based on qualitative information.
• Weekly Mortgage Applications: Mortgage activity gives insight on demand conditions in the housing market.
• Fedspeak: Cleveland Fed President Beth Hammack will speak at Cuyahoga County Community College. New York Fed President John Williams will discuss the economic outlook and monetary policy at a New York Association for Business Economics event. Barkin will repeat his speech titled Forecasting Beyond Today’s Data.
• Earnings: Bank of America (BAC), Goldman Sachs Group (GS), Johnson & Johnson (JNJ), Kinder Morgan (KMI), Morgan Stanley (MS), M&T Bank (MTB), Progressive (PGR), Prologis (PLD), PNC Financial Services Group (PNC), United Airlines (UAL)
Thursday
• June Retail Sales: This measures spending at retail stores and is a key indicator of consumer demand.
• June Import/Export Price Indexes: These indexes track the changes in the prices of nonmilitary goods and services traded between the U.S. and the rest of the world.
• July Philadelphia Fed Manufacturing Activity: The Philadelphia Fed’s survey of manufacturing executives in the region on business conditions and their outlook.
• July NAHB Housing Market Index: This index tracks how homebuilders feel about the current and future state of the single-family housing market.
• Weekly Jobless Claims: This high frequency labor market data gives insight into filings for unemployment benefits. Initial jobless claims have remained mostly steady, while continuing claims have increased of late.
• Fedspeak: St. Louis Fed President Alberto Musalem will discuss the economy and monetary policy at an Official Monetary and Financial Institutions Forum event. San Francisco Fed President Mary Daly will discuss the economic outlook and challenges for policymakers at an event hosted by MNI Connect.
• Earnings: Abbott Laboratories (ABT), Citizens Financial Group (CFG), Cintas (CTAS), Elevance Health (ELV), Fifth Third Bancorp (FITB), General Electric (GE), Marsh & McLennan Companies (MMC), Netflix (NFLX), PepsiCo (PEP), Snap-on (SNA), Travelers Companies (TRV), US Bancorp (USB)
Friday
• June Building Permits and Housing Starts: Construction data is a leading indicator of economic activity.
• July University of Michigan Consumer Sentiment: How consumers feel about economic conditions affect their spending habits. This survey places a particular focus on inflation and its trajectory.
• Earnings: American Express (AXP), Huntington Bancshares (HBAN), MarketAxess Holdings (MKTX), 3M (MMM), Regions Financial (RF), Charles Schwab (SCHW), Schlumberger (SLB), Truist Financial (TFC)
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Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
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• Home equity loans typically offer much lower rates than unsecured personal loans and credit cards.
• Home equity loans provide a lump sum with fixed interest rates.
• The prime rate and the borrower’s credit score and financial history go into determining your rate.
• To secure the most favorable rates, keep your credit in good standing and your debt-to-income ratio low (ideally, below 36%).
• Before you apply, compare offers from multiple lenders and be sure to review the Loan Estimate form.
• Weigh the risks and benefits, and don’t forget to consider alternatives like a HELOC or cash-out refinance.
Introduction to Home Equity Loan Rates
If you’re exploring home equity loan interest rates in Collins, Mississippi, we can help. This guide will explain a bit about interest rates in general and the home equity loan application process. By the end, you should have a good understanding of how to secure the lowest available rate for your home loan, potentially saving you thousands of dollars.
A home equity loan is a smart way to get equity out of your home, providing a lump sum of cash that you can use however you want. The amount you can borrow is based on the difference between your home’s appraised value and the remaining balance on your primary mortgage.
Let’s look at an example based on the average home value in Collins, which in July 2025 was just under $150,000. If your home is appraised at $150,000 and you owe $100,000 on mortgage, you have $50,000 in equity. Most lenders will allow you to borrow up to 85% of your equity, which is $42,500 in this case. Home equity loans typically feature fixed interest rates, making them a steady and predictable option. They’re great for large, one-time expenses and typically offer lower rates than unsecured personal loans.
A home equity loan calculator can help you determine your equity level and how large a loan you might qualify for.
Where Do Home Equity Loan Interest Rates Originate?
The interest rates on home equity loans are the result of economic conditions and your own financial situation. The Federal Reserve’s decisions have a ripple effect on the broader lending market, which in turn influences home equity loan rates. Lenders typically set their base rates by adding a margin to the prime rate, which moves in sync with Fed policy.
Your credit score and debt-to-income ratio are also significant factors, with higher scores and lower ratios typically leading to more favorable rates. The loan amount and term can also play a role, with longer terms and larger loans often carrying higher interest rates due to increased risk.
How Interest Rates Impact Affordability
Your interest rate is a big deal when it comes to the affordability of a home equity loan. Even a fraction of a percent can add up to significant extra interest over the life of the loan. For example, a $30,000 home equity loan with a 15-year term at 8.50% interest has a monthly payment of $295 and total interest of $23,176. At 9.50% interest, the monthly payment jumps to $314 and the total interest comes to $26,388.
While a $20 difference in your monthly payment might not seem like much, it adds up. The higher interest rate will cost you more than $3,200 over the life of the loan. And the longer your repayment term, the higher those interest costs will be.
Home Equity Loan Rate Trends
Predicting interest rate movements is challenging due to the many factors involved. Still, with a little practice, you can get a sense of where interest rates are heading. The recent history of the prime rate, which home equity loan rates are tied to, shows how much variability there can be. In 2020, the prime rate hit a historic low of 3.25%. By 2023, it had shot up to 8.50%.
The goal is to time your application to catch lower rates. During times of extended elevated rates, that’s not always possible. That’s why it’s important to compare offers from multiple lenders to make sure you’re getting the best rate that’s currently available.
To secure an enviably low rate, you’ll need to present your best financial self. A robust credit score of 680 or above and a debt-to-income ratio below 36% are ideal. By working on your credit and shopping around for the best deal, you’ll be well on your way to scoring the most wallet-friendly terms and keeping those borrowing costs down.
Maintain Sufficient Home Equity
To be eligible for a home equity loan, homeowners must maintain at least 20% equity. To calculate your home equity, simply subtract your mortgage balance from your current home value. For example, if your mortgage balance is $140,000 and your home is valued at $200,000, your home equity would be $60,000, or 30% — well within the qualifying zone.
Equity is the key to unlocking a home equity loan, and ensuring you have enough is an important first step before you apply for any type of home equity loan.
Build a Strong Credit Score
Lenders generally look for a credit score of 680 or higher when considering home equity loans, with many favoring 700 or above. A robust credit score is a testament to your financial prudence and can significantly impact the rate you’re offered. Borrowers with a track record of timely payments and low credit utilization are more likely to secure favorable terms, potentially saving you thousands in interest over the loan’s lifetime.
To bolster your credit score, simply stay on top of your bills, keep credit card balances in check, and resist the urge to open multiple new credit lines at once. Regularly reviewing your credit report for inaccuracies and disputing them can also give your score a lift.
Manage Debt-to-Income Ratio
Your debt-to-income (DTI) ratio is another important number that lenders look at when determining your eligibility for a home equity loan. Your DTI, which compares your monthly income to your monthly debt obligations, should be below 50%, and even better, below 36%. A lower DTI ratio shows lenders that you have a good handle on your monthly payments, which can lead to more favorable loan terms.
To improve your DTI, consider paying down your existing debt, increasing your income (easier said than done, right?), or both. Lenders want to be sure that you can handle the additional financial responsibility without the risk of default.
Obtain Adequate Property Insurance
This requirement might come as a surprise: Property insurance is a must-have for home equity loans, particularly in flood-prone areas. But it makes sense, since insurance safeguards both the lender’s investment and your home. Having the right insurance can even influence the interest rate you’re offered, as lenders often see well-insured properties as lower risk.
Pro tip: Chat with your insurance provider to suss out the best coverage and costs, and don’t be shy to shop around for the most competitive rates and terms.
Current home equity loan rates by state.
Compare current home equity loan interest rates by state and find a home equity loan rate that suits your financial goals.
Select a state to view current rates:
Tools & Calculators
Using these resources wisely can help you make informed decisions about home equity loans. By playing with different rates and terms, you can see how they impact your overall costs. And when you’re ready to move forward, comparing loan estimates from multiple lenders will help you find the best deal. Be sure to review all the details, including fees, to find the most suitable loan for your needs.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Closing Costs and Fees
Typically, closing costs for home equity loans fall between 2% and 5% of the loan amount. Standard fees include the appraisal, credit report, document prep, title search, and title insurance. Appraisals can be anywhere from $300 to $500, and credit reports for lenders average $50 to $100. Document prep has a wide range, from $500 to $2,000. Title searches usually cost between $100 and $250, and title insurance might be 0.5% to 1% of the loan amount.
Tax Deductibility of Home Equity Loan Interest
The interest you pay on a home equity loan might just be tax-deductible, especially if you’re using it to buy, build, or spruce up your home. The current rules are in play through 2025. If you’re married and filing jointly, you can potentially deduct the interest on loans up to $750,000; for single filers, that’s $375,000. Just remember, you’ll need to itemize to claim this deduction. It’s a great perk that might make a home equity loan even more attractive.
Alternatives to Home Equity Loans
You might also consider a HELOC or a cash-out refinance. All three options allow you to tap into the equity you’ve built in your home, but each has its own features and requirements. A cash-out refi is a type of mortgage refinance, where you end up with one payment instead of two. A HELOC is more like a credit card, allowing you to take out money as you need it.
Home Equity Line of Credit (HELOC)
A HELOC is a credit line that allows you to borrow up to a certain limit determined by your home equity. But you only pay interest on the amount you use. Just keep in mind that the interest rate can fluctuate with the market, which could mean increased costs if rates go up.
Lenders typically look for a credit score of 680 or higher (700 is preferred) and a debt-to-income ratio of less than 50% (ideally less than 36%). A HELOC is a great option if you’re not sure of the total amount you need to borrow or if you expect to have costs spread out over time.
During the initial “draw period,” which is usually 5-10 years, you usually make interest-only payments. (A HELOC interest-only calculator can show you how much payments might be based on the interest rate and amount borrowed.) Then during the repayment period, of 10-20 years, you stop borrowing and repay the full amount. (A HELOC monthly payment calculator can calculate what your payments will be including principal and interest.)
A cash-out refinance is like hitting the reset button on your mortgage, but with a little extra cash in your pocket. You can typically borrow up to 80% of your home’s value, and you’ll need a credit score of 620 or higher and a DTI of 43% or less to qualify. The beauty of a cash-out refinance is that you can simplify your finances with just one monthly payment. Plus, it’s generally easier to qualify for than a home equity loan or HELOC.
Installment loan: Borrowers get a specific amount of money all at once that they then immediately begin repaying, with interest, in regular installments.
Revolving credit: Borrowers receive a line of credit. They have a draw period (5-10 years) during which they borrow and can only pay interest, followed by a repayment period (10-20 years) to repay the principal plus interest.
Installment loan: Borrowers receive a lump sum payment from the excess funds of their new mortgage, which has a new rate and repayment terms.
Repayment Term
Generally 5-30 years
A draw period of 5-10 years, followed by a repayment period of 10-20 years
Generally 15-30 years
Fees
Closing costs (typically 2-5% of the loan amount)
Closing costs (typically 2%-5% of the loan amount), plus other possible costs, depending on the lender (annual fees, transaction fees, inactivity fees, early termination fees)
Closing costs (typically 2-5% of the loan amount)
The Takeaway
Home equity loans can be a powerful financial tool for homeowners seeking to tap into their home’s equity for major expenses. However, it’s important to evaluate your financial situation and shop around with multiple lenders to secure the best home equity loan rates in Collins. Your credit score, debt-to-income ratio, and the amount of equity in your home all play a role in determining the interest rate you qualify for. Before you apply, make sure you understand the risks and benefits, and consider alternatives like a HELOC and cash-out refinance. By making informed decisions, you can use your home equity to reach your financial goals.
SoFi now offers home equity loans. Access up to 85%, or $750,000, of your home’s equity. Enjoy lower interest rates than most other types of loans. Cover big purchases, fund home renovations, or consolidate high-interest debt. You can complete an application in minutes.
Unlock your home’s value with a home equity loan from SoFi.
You can use a home equity loan for just about anything you want. Common uses include large purchases, home improvements, and paying off high-interest credit card debt. The flexibility of these loans is what makes them so attractive.
What’s the monthly payment on a $50,000 home equity loan?
The monthly payment for a $50,000 home equity loan depends on the interest rate and loan term. For instance, at an 8.50% interest rate over a 15-year term, you’re looking at $492 per month. If you extend the repayment term to 20 years, the monthly payment drops to $434 – however the overall cost of the loan will actually increase, because you’re paying interest for longer.
What’s the monthly payment on a $100,000 HELOC?
A $100,000 HELOC usually comes with a variable interest rate, which means your monthly payment could fluctuate. During the draw period, you might only pay interest. At a 9.00% interest rate over a 10-year draw, your payment might be $750, not including rate changes. Once the draw period ends, you’ll start paying back both the principal and interest. With a 20-year repayment period, your payment could increase to about $900.
What’s the monthly payment for a $25,000 home equity loan?
The payment on a $25,000 home equity loan varies with the interest rate and loan term. For instance, at a 9.50% interest rate over a 10-year term, the monthly payment would be about $324. If you choose a repayment period of 15 years, the monthly payment drops to $261 — but you’ll end up paying more in interest over the longer term.
What might hinder your chances of securing a home equity loan?
There are several factors that can disqualify you from getting a home equity loan. The most common is not having enough equity in your home. Most lenders require 20% equity or more. Lenders also look at your debt-to-income (DTI) ratio, which should be 43% or lower (ideally, below 36%). Additionally, a poor credit history can prevent you from getting a home equity loan. If your credit score is below 620, you may have a hard time getting approved.
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²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945. All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
