Laundry rooms are important, but they’re often not the prettiest of rooms. They also tend to be sandwiched into small spaces, or in inconvenient areas of the home. No wonder some homeowners consider remodeling them.
But whether you should undertake a laundry room remodel depends on the size of the space, the kinds of new appliances you want to install, and any special décor touches you’d like to add, among other factors.
A remodel might be worth it if it creates a perky and efficient space or a room that has a dual function.
Before Starting Your Laundry Room Remodel
If you’ve been thinking about giving your laundry room a clean start, you’ve probably got a lot of ideas and inspiration swimming in your head.
Before embarking on your project, think through what you’re hoping to accomplish by asking yourself the following questions.
What’s the Scope of the Project?
Some remodels involve small improvements like new paint and cabinetry, while others call for tearing through walls, moving plumbing, or even relocating your laundry room to another area of the home.
Appliances should also be addressed. Will you need a new washer and dryer, or do you plan on using the ones you currently have?
What Do You Plan to Use Your Laundry Room For?
While most laundry rooms are used solely for handling laundry, others also act as mudrooms and storage for cleaning supplies, sports gear, and bulk shopping items like bottled water, paper products, and pet food.
What your laundry room is used for will affect the laundry room remodel ideas available to you.
If you have a large family and do frequent washing and drying, that will influence the design of your new laundry room. You may need ample counter space for folding, a fold-down ironing board, or bins to hold each person’s clean clothing.
If you tend to do the laundry during the day, you might want to consider adding a window for some natural light. And if you’re more likely to wash clothes in the evening, under-cabinet lighting may help.
What Are Your Must-Haves?
Some homeowners might want bins and baskets to keep things tidy. Others are looking to add features like a sink, or build out their laundry room to accommodate more counter space.
Whatever your desire, it’s a good idea to list what you can’t live without so you can build them into your budget.
💡 Quick Tip: Don’t overpay for your mortgage. Get a great rate by shopping around for a home loan.
How Much Can You Spend?
The scope of your project will dictate your budget and how you plan to pay for your remodel.
Some homeowners could see a laundry room remodel as a way to increase their home’s value, and may opt to borrow to pay for the project. Others might choose to keep things scaled down so they don’t spend beyond what they have on hand. A home improvement cost calculator can help you figure out how much your project might run you.
Laundry Room Remodel Ideas
Now that you’ve got the foundation of your project mapped out, it’s time to envision how your laundry room remodel will take shape. That will depend on the following factors.
If You Have Limited Space
Small laundry rooms can still pack a punch, thanks to creative ways to maximize your available space. You can do that by tucking laundry baskets under counters, adding a rod under cabinets to hang clothes, and using wall space for hooks to hang laundry bags or baskets that can hold clothespins, detergent, and dryer sheets.
Don’t forget that laundry rooms don’t need to be actual rooms; if you’re short on space, consider tucking your washer and dryer into an unused closet and installing a farmhouse door for easy access.
Depending on its size, you can then use the prior laundry room as a guest room, home office, nursery, or kids’ playroom.
If You’ll Be Using the Room for More Than Cleaning Clothes
The list of ways to use a laundry room is endless, and will largely depend on each household’s needs.
• Got a large dog? You might consider installing a pet-washing station, especially if you are already planning on undertaking plumbing work.
• Need a quiet place to conduct conference calls at home? A fold-down workstation meets both needs.
• Larger families may tuck an additional fridge in the laundry room.
• People who love to entertain may find storage for plates and glassware in the laundry room.
Your Budget
A laundry room remodel can quickly add up if new plumbing, cabinetry, and construction work are involved.
If you find yourself running beyond what you’re willing to spend, think of creative ways to get the laundry room you want without breaking the bank.
That might entail painting cabinets instead of replacing them, using open shelving instead of custom built-ins, and opting for durable paint in place of tiled backsplashes.
💡 Quick Tip: A home equity line of credit brokered by SoFi gives you the flexibility to spend what you need when you need it — you only pay interest on the amount that you spend. And the interest rate is lower than most credit cards.
DIY vs Calling In an Expert
Many homeowners are comfortable with do-it-yourself projects. In a laundry room remodel, these might include painting, replacing cabinetry, and installing shelving and hanging rods.
Other projects — moving water lines, installing new sinks or drywall, and demolition — require hiring a contractor. Mapping out which projects you will need to outsource will affect your budget and may also affect the scope of your project.
Paying for It
Smaller laundry room remodels, or those that require just a new coat of paint, a new washer and dryer, or a retrofitting of shelving to maximize storage space, can be done with fairly little outlay, especially if you do it yourself or have a friend or family member lend a hand.
Larger ones, or those that call for extensive demolition, architecture work, or the services of a general contractor, will be more expensive, of course.
The size of the project — and therefore how much money you’ll need—matters, as does your timeline for paying back any loan.
Here are some options:
• Cash
• A home improvement loan, which is a type of personal loan. Your home isn’t used as collateral to secure the loan.
• Cash-out refinance, which replaces your mortgage with a new loan for more than you owe. The difference goes to you in cash, for home improvements or anything else.
The Takeaway
Laundry room ideas range from DIY tweaks to major overhauls. A laundry room remodel may increase the value of your home or simply make life a little easier. Start by listing what you want to achieve and how you’re going to pay for it.
SoFi offers a range of ways to pay for home improvements like a laundry room makeover, including a cash-out refinance or an unsecured personal loan.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
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.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
If you’re house-hunting, you are probably spending a lot of time scrolling through online listings. And you may well wonder what certain terms mean, such as “turn-key” and “as-is.”
To help you be more efficient and less confused by the real estate jargon you will find, read this list of definitions. This intel will help you understand the message a listing is trying to send you and streamline your search.
Key Points
• Real estate listings often use specific terms that can be confusing, such as “as-is” indicating a property needing repairs.
• Terms like “cozy” or “charming” often imply smaller spaces or older homes needing updates.
• “Move-in ready” suggests the home requires no major repairs for immediate occupancy.
• Descriptors like “good bones” or “great potential” hint at properties that are structurally sound but may need cosmetic updates.
• “Fixer” or “handyman special” are terms indicating a property will require significant renovations.
Real Estate Listing Terms Decoded
Real estate has a language all its own. To figure out which homes may be worth looking at and which might not, you may want to use this handy real estate translator next time you peruse the listings. Consider this lingo, in alphabetical order:
1. As-is
If you see the words “as-is” in a real estate listing, proceed with some caution: This typically indicates that there are repairs or renovations that need to be done that the current owner is not going to address and is passing the burden off to the buyer. The real estate contract will likely specify this, if you do move forward with buying the home.
2. Built-ins
Built-ins are features like bookshelves, benches, or cabinets that are permanently built into the home itself, and are fairly common in older construction. Built-ins can be charming and convenient, but they can also limit the flexibility you have in arranging and decorating the space as you see fit.
3. Cozy
While this descriptor may bring to mind a comfy armchair and a steaming mug of cocoa, in real estate, “cozy” tends to mean “small.” The home may have minimal square footage, meaning each room may have very limited space.
💡 Quick Tip: Traditionally, mortgage lenders like to see a 20% down payment. But some lenders, such as SoFi, allow home mortgage loans with as little as 3% down for qualifying first-time homebuyers.
4. Charming
“Charming” is often another code word for a house with a small footprint, and may also indicate an older construction — which may, indeed, be charming, but might also end up needing costly repairs and renovations.
5. Cottage
This is yet another word that sounds like it’s invoking a feeling when it may really be describing a size — and that size may be on the smaller side. Cottages tend to be one- to two-bedroom houses and, again, might also be dated.
6. Custom
While “custom” sounds cool, it may or may not be. This term indicates that the property includes some built-to-order features or additions that appealed to the previous owners. These features, however, may or may not be to your taste. Perhaps there’s a wall of windows you’ll love or a tub in the primary bedroom that you’d rather be relocated.
7. Fixer
A listing agent may use this term as a shortening of “fixer-upper.” In other words, major renovations are likely going to be needed.
A home with “good bones” is typically one that needs some renovation and repair, but whose original construction is solid and whose layout is desirable. In other words, the skeleton of a great home is there, but you may need to pay for home repairs and do other work to make it livable.
9. Great potential
In a similar vein to “good bones” or “hidden gem,” a home with “great potential” is typically one that provides an opportunity for the right buyer — but which likely needs some work to get there.
10. Handyman special
This is another term that can indicate that a property needs a lot of work — thus making it a good opportunity for a handy homeowner. The house may be priced lower than other, more fixed-up homes in the area.
These words might indicate a nice home in an out-of-the-way location or a home in a popular and trendy locale that needs some work. Either way, it can indicate that the property offers a great opportunity for the right buyer, though you may have to put in some work or make some sacrifices.
12. Investor special
That sounds like a good thing, right? But a real estate agent might use this phrase to mean that a house is in pretty rough shape. It will likely take significant work to make livable, meaning you may only be able to buy it for cash or with a rehab loan, such as an FHA 203(k) home loan.
13. Lives large
This indicates that the home may appear small in terms of square footage, but, when you are actually in the property and walking around, it feels a lot more spacious.
14. Location, location, location
This is perhaps one of the most common real estate catchphrases. This language in a listing puts a heavy emphasis on a property’s location, which could potentially indicate that the house itself leaves something to be desired.
“Loft” indicates that the home is large, open, and airy, with high ceilings and few interior walls. The bedroom, for instance, may be situated on an open second-floor landing that looks out directly onto the living room below. This may make for a picturesque living situation, but also one with relatively little privacy.
16. Modern
Here’s a tricky one. Although you might assume “modern” means that a place is newly constructed and contemporary in style, it can also refer to mid-century modern, an era of architecture and design dating to the 1950s and 1960s with a “Mad Men” vibe.
17. Motivated seller
“Motivated seller” means that the seller is motivated to make a deal go through and may be willing to hear lower offers or make concessions to get it to happen.
18. Move-in ready
“Move-in ready” typically means a home doesn’t need any major, mandatory repairs and is ready for you to start living in as soon as you’ve closed on the property. Of course, this term does indicate that the seller probably has a lot of leverage to demand the highest possible offer on the home.
19. Natural landscaping
“Natural landscaping” might indicate that there’s actually very little landscaping at all. Rather, the property might have lots of wild-growing flora that needs to be cleared to create an organized outdoor living space, depending on your taste.
20. Original details
As with “well-maintained,” “original details” suggests that the home has some older features that you may love, but may also require some maintenance/upgrading in the future.
21. Priced to sell
“Priced to sell” often indicates that the seller is pretty set on the price they’ve offered. It may indicate that you probably won’t be able to negotiate it down too far.
22. REALTOR (in all caps)
Although “real estate agent” and “realtor” are often used interchangeably, REALTOR is actually a term trademarked by the National Association of REALTORS (NAR) . Real estate agents can only use the title REALTOR in all caps if they are members of NAR and adhere to the organization’s strict code of ethics.
23. Room to roam
A home with “room to roam” is typically one with a larger-than-average lot with room to create outdoor living/play spaces or grow a garden. Or it may indicate that the house has a rambling layout.
24. Rustic
At its best, “rustic” might mean natural wood fixtures and a kind of casual, barn-inspired style. At its worst, “rustic” might mean old, unprofessionally constructed, or poorly maintained.
25. Serious buyers only
This term is usually meant to keep casual browsers or open-house visitors who are “just-looking” at bay. The seller likely doesn’t want to waste their time with people who aren’t seriously considering making an offer.
26. TLC
Short for “tender loving care,” TLC is yet another term in real estate listings that typically indicates the home in question needs some renovations and repairs before it’s comfortable — or even livable.
27. Turnkey
Basically a synonym for move-in ready; just turn the key, and you set up your home!
28. Unique
“Unique” is another word that can go either way. It could be used to describe a lovely, one-of-a-kind feature, like a rooftop patio. Or it could be used to describe something odd-ball, like a sunroom converted into a photographer’s darkroom.
29. Up-and-coming neighborhood
An up-and-coming location is one that might actively be evolving or drawing new residents. However, it can also indicate that the neighborhood may still contain a fair number of run-down homes and have a way to go before it’s considered a hot housing market.
30. Vintage
“Vintage” is generally code for “really outdated.” Those 1960s appliances might look cute in the pictures, but how much more life do they have in them before they need to be replaced?
31. Well-maintained
This term can act as a yellow light. “Well-maintained” often indicates that a property has some age on it. (After all, if it’s new, there’s nothing that has needed maintenance yet). An older home isn’t automatically a bad thing, but it does mean you may be faced with upgrades or appliance replacements sooner rather than later.
💡 Quick Tip: Lowering your monthly payments with a mortgage refinance from SoFi can help you find money to pay down other debt, build your rainy-day fund, or put more into your 401(k).
The Takeaway
If you feel like property listings are sometimes written in a foreign language, you’re not entirely off-base. Listing agents often use terms that may be well-known in real estate circles, yet are unfamiliar to the average first-time home-buyer.
Agents may also use vague-sounding terms and phrases to make a home’s less-appealing qualities sound more attractive. Knowing how to decode real estate listings can be a great first step toward finding the perfect home.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
Photo credit: iStock/irina88w
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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.
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.
External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
Consumer debt refers to any money you borrow for personal, family, or household purposes. It includes credit card debt, student loans, auto loans, mortgages, personal loans, and payday loans.
White “debt” can have negative connotations, having consumer debt isn’t necessarily a bad thing. Borrowing money allows you to achieve your goals, such as buying a house or going to college. However, consumer debt can become a burden if you borrow too much or for the wrong reasons.
Unfortunately, many Americans are currently saddled with high levels of debt. According to a recent credit and loan review by Experian, the average person in the U.S. had a total consumer debt balance of $101,915 in 2022. This number includes mortgages, credit card balances, auto loans, personal loans, and student loans.
If you’re curious about consumer debt or worried that you may have too much, read on. What follows is an in-depth look at the different types of consumer debt, including how each can help — or hurt — your finances, plus how to pay off high levels of consumer debt.
What Is Consumer Debt?
Consumer debt, as its name implies, is debt held by consumers, meaning private individuals as opposed to governments or businesses. It includes debts you may already have or might seek in the future — credit cards, student loans, auto loans, personal loans, and mortgages. It doesn’t include business loans or lines of credit or business credit cards.
Consumer debt products are offered by banks, credit unions, online lenders, and the federal government. They generally fall into two major categories: revolving debt and non-revolving debt.
With revolving debt, you repay your debt monthly (credit cards are a prime example). With non-revolving debt, you receive a loan in one lump sum and then repay it in fixed payments over a defined term. Non-revolving credit typically includes auto loans, student loans, mortgages, and personal loans.
Consumer debt can also be broken down into secured vs unsecured debt. Secured debt is debt backed by an asset (such as a home or car) used as collateral. If the loan isn’t paid back, the lender has the option to seize the asset. Unsecured debt, on the other hand, does not require collateral. The lender simply relies on the borrower’s ability to repay the loan.
The Different Types of Consumer Debt
Consumer debts vary widely in terms of how they work, their terms, and their impact on your financial well-being. Here a closer look at some of the most common types of consumer debt.
Mortgage Debt
Mortgage debt is the most common (as well as the largest) type of debt in the U.S. This type of consumer loan is used to purchase a home and the home is used as collateral.
Mortgages are installment loans, which means you pay them back in a set number of payments (installments) over the term of the loan, typically 15 or 30 years. Mortgage interest rates are usually lower than other types of consumer loans, and the interest may be tax deductible if you itemize your taxes.
If you make your payments on time, a mortgage can have a positive impact on your credit profile, since it shows you are a responsible borrower. If you stop making payments on a mortgage, however, it can negatively impact your credit. Plus, the lender can begin the foreclosure process, which typically includes seizing the property and selling it to recoup its losses.
Student Loan Debt
Student loans are unsecured installment debt used to pay for education expenses, such as tuition and room and board. They are offered by federal or private lenders and issued in one lump-sum payment. The borrower is then responsible for making repayments in regular amounts, typically after they graduate or are no longer in school.
Student loans are often one of the first debts consumers take on and can be an important way to build a positive credit history, provided you make on-time payments. Interest rates vary by lender. If you get a student loan from the U.S. Department of Education, the interest rate is set by the federal government and will remain fixed over the life of the loan.
Depending on your income, interest paid on student loans may be tax-deductible up to certain limits.
Auto Loan Debt
Auto loans are secured installment loans used to purchase a vehicle. These loans can have varying terms and interest rates, and the vehicle serves as collateral for the loan. You can get an auto loan through a bank or through a lender connected with a car dealership.
Unlike a house, a car depreciates in value over time. As a result, you, ideally, only want to take out financing for a vehicle if you can get a low interest rate. Some car companies offer low- or no-interest financing deals for individuals with good credit.
You get the proceeds of an auto loan in one lump sum then repay that amount, plus any interest, in a set number of payments (typically made monthly) over an agreed-upon period of time, often three to six years. If you stop making payments, the lender can repossess your car and sell it to get back its money.
Like other types of consumer loans, making on-time payments on your auto loan can help you build a positive credit history.
Personal Loans
Personal loans are consumer loans that individuals can use for a wide variety of purposes, such as debt consolidation, home improvements, or emergency expenses. You can get a personal loan with an online lender, bank, or credit union. They typically have fixed interest rates and set repayment terms, often two to seven years.
Personal loans are typically unsecured, meaning you don’t need to provide any collateral. Instead, lenders look at factors like credit score, debt-to-income ratio, and cash flow when assessing a borrower’s application.
Once approved for a personal loan, you receive a lump sum (which can be anywhere form $1,000 to $50,000 or more) and start paying it back, plus interest, in fixed monthly payments over the loan’s term. On-time loan payments can help build your credit, but missed payments can damage it.
Credit card debt arises from using credit cards to make purchases or cover expenses. This type of debt is revolving, meaning you don’t have to pay it off at the end of the loan term (usually the end of the month). If you carry a balance from month to month, you pay interest on the outstanding amount.
Credit card debt is an unsecured loan, since it isn’t tied to a physical asset the lender can repossess to cover the debt if you don’t pay your bills. Interest rates vary depending on the card, your credit scores, and your history with the lender, but currently average around 24%.
To remain in good standing, you’re required to make a minimum payment on your balance each month. However, only paying the minimum allows interest to accrue, which can make the debt increasingly harder to pay off. As a result, credit card debt is often the most problematic type of debt for consumers.
A long history of making on-time payments can have a positive impact on your credit profile, while missing and late payments (and using a large amount of your available credit line) can have a negative impact on your credit.
Payday Loans
Payday loans are a type of short-term credit offered to consumers looking to get access to cash fast. Generally, these loans are for relatively small amounts of money ($500 or less) and must be repaid in a single payment on your next payday, hence the name. Payday loans are typically available through storefront payday lenders or online.
Although these fast-cash offers can be tempting, the high cost associated with them make them a last resort. A typical two-week payday loan will charge $15 for every $100 you borrow, which is the equivalent of a whopping 400% annual percentage rate (APR).
Generally, payday loans are not reported to the three major consumer credit bureaus, so they are unlikely to impact your credit scores.
Pros and Cons of Consumer Debt
There are both benefits and drawbacks to consumer debt. Here’s a look at how they stack up.
Pros of Consumer Debt
• Access to immediate funds Consumer debt allows individuals to make large purchases (like a home or car) or cover expenses (like a college education) when they do not have the necessary cash on hand.
• Building credit history Responsible borrowing and timely repayments can help establish and improve an individual’s credit history and credit score.
• Emergency financial support Consumer debt, such as a personal loan, can provide a safety net in unexpected situations when someone needs funds immediately.
Cons of Consumer Debt
• High interest rates Many forms of consumer debt, such as credit card debt or payday loans, carry high interest rates, making them costly in the long run.
• Risk of overborrowing Without careful financial planning, consumer debt can lead to excessive borrowing, making it difficult to manage monthly payments and potentially causing financial stress.
• Negative impact on financial goals Excessive consumer debt can hinder individuals from achieving long-term financial goals, such as saving for retirement or buying a home.
Getting Out of Consumer Debt
To get out from under unhealthy levels of consumer debt, consider the following steps:
• Assess your debts You might start by making a list of all your debts, noting balances, interest rates, and minimum monthly payments. This will allow you to see where you stand and make a plan for debt repayment.
• Create a budget Next, you’ll want to assess your average monthly income and expenses to determine how much you can allocate towards debt repayment each month. At the same time, you may want to look for ways to cut back on nonessential spending; any funds you free up can go towards extra payments.
• Prioritize repayment If you have multiple high-interest debts, you may want to focus on paying off the highest-interest debt first, while making minimum payments on other debts. Or, you might focus on repaying the debt with the smallest balance, making minimum payments on all your debts. Once that is paid off, you move on the next-highest balance.
• Explore debt consolidation options Consider consolidating multiple debts into a single loan to simplify repayment and, ideally, save money. One way to do this is through a debt consolidation loan, a personal loan that may come with lower interest rates than your existing debts.
• Negotiate with creditors Another option is to reach out to your creditors to see if you can negotiate lower interest rates, extended payment terms, or possible debt settlement options.
• Seek professional help if needed If you are struggling with debt, you may want to consult a nonprofit credit counseling service. Credit counselors help you go over your debts to devise a plan for repayment, and they can also help you with budgeting and other personal finance basics.
The Takeaway
Consumer debt is debt you take on for personal, rather than business, reasons. But all consumer debt is not created equal. Some debts, such as mortgages or student loans, can be characterized as “good” debts, since they can benefit your long-term financial health. Other debts, like high-interest credit card debt or payday loans, on the other hand, can be considered “bad debts,” since they can put your financial health at risk.
If you’re having trouble paying off your consumer debts, you may want to consider debt consolidation. With a low fixed interest rate on loan amounts from $5K to $100K, a SoFi personal loan for debt consolidation could substantially lower how much you pay each month. Checking your rate won’t affect your credit score, and it takes just one minute.
See if a personal loan from SoFi is right for you.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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 .
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.
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.
Buying a house can be a fraught process, but when the market is hot, the days between offer and closing can feel endless, especially if the mortgage underwriter asks you to write a letter of explanation.
But there’s no need to panic or assume that your mortgage application will fail. The lender is simply seeking clarification about any potential red flags in your financial documents or credit history.
What’s a Letter of Explanation?
A letter of explanation for a mortgage explains details of your financial situation that may need further clarification. Because a mortgage is a large loan, lenders need to know that the borrower is capable of shouldering the mortgage.
Lenders also know that life can’t be boiled down to a spreadsheet, and that it’s not unusual for a mortgage application to include things like a late credit payment or a period of job loss.
To do due diligence, the mortgage underwriter will ask you to explain the situation in a brief letter, which will be added to your mortgage application. Additional documentation and paperwork may be required.
💡 Quick Tip: With SoFi, it takes just minutes to view your rate for a home loan online.
Why Do I Need to Provide a Letter of Explanation?
Common issues that could trigger a request for a letter of explanation include:
• Questions about your income if you don’t have W-2s or are self-employed
• Negative items on your credit report
• Employment gaps
• Your living situation if you don’t pay any rent or mortgage
• A property income or loss you claim
• Credit lines opened after you’ve put in your mortgage application
• Large deposits to, and sometimes withdrawals from, your bank account
Must I Explain a Large Deposit?
If there’s a big or unexplained deposit to your bank account, your lender may want to know where the money came from — and whether that money needs to be paid back.
A lender may also question any uneven income streams, or if deposits don’t line up with your W-2s or your tax returns.
If you received cash from, say, a parent to help with a down payment or closing costs, you may also need a gift letter signed by the giver and recipient stating that the money was a gift, not a loan. Your lender may have a template for a gift letter.
Keep in mind that your lender may be more likely to scrutinize any large deposits or withdrawals within the last 60 days.
Letter of Explanation Template
A letter of explanation is not an autobiography or an admission that you did anything wrong. It’s simply a statement of the reason for any discrepancy or issue, along with any documentation, to back up your current financial picture.
You can keep a letter of explanation brief. It should include:
• Your name and address
• Your lender’s name and address
• A subject line that includes your application number and name
• A brief paragraph explaining the situation
• A polite closing
• Your signed full name
It might look like this:
Date
Lender
Lender’s Address
Lender’s Phone Number
Subject Line (RE: John Doe’s Mortgage Application)
Letter of explanation, naming the specific item being asked about and explaining it to the best of your abilities.
Sincerely,
Applicant’s Name
Applicant’s Address
Applicant’s Phone Number
Enc.: (Relevant documentation).
The tone of the letter should be polite and factual. Remember: Your goal is not to pull on the lender’s heartstrings; it’s to reassure them that your application is solid and you would responsibly pay back your mortgage on time.
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4 Tips for an Effective Letter of Explanation
Although being asked to write a letter of explanation may sound like being assigned homework, it’s actually a great opportunity: It means you might be able to qualify for the mortgage you want, even with an imperfect application. Here are some tips to help ensure you get an A+ on this particularly important homework assignment.
1. Keep It Simple
When you’re asked to explain yourself, it can be easy to jump into a broad-reaching narrative starting from childhood, but the best letters of recommendation tend to be short and simple: They clarify the situation being asked about and reassure the lender that the “red flag” situation won’t affect the borrower’s ability to repay the loan.
2. Provide Clear Details
Generally speaking, you’ll want to specifically name whatever item you’re being asked about (late payments on a credit card account ending in 0101; an employment gap between 2/20/2020 and 9/07/2020; etc.).
Then explain. For instance, if you’re being asked about an employment gap, you might let the lender know that you were let go as a result of corporate downsizing and that you freelanced while searching for a new job.
If you’re being asked about late credit card payments, you might let the lender know that you were in the hospital at that time and thus unable to make your credit card payments, or whatever the case may be.
The key is to take responsibility for the issue and provide clear, pertinent details without being too wordy.
3. Be Honest
This may go without saying, but you definitely don’t want to lie in your letter of explanation. For one thing, doing so is likely to keep you from being approved for the mortgage — and for another, it can be considered mortgage fraud, a serious crime that can come with prison time and fines.
4. Acknowledge Responsibility, but Don’t Get Emotional
When writing a letter of explanation, you may be justifying negative items in your credit history that resulted from poor decisions — or just poor circumstances. Nobody’s perfect, but a lender simply wants to make sure you won’t default on your loan.
It can be helpful to acknowledge the ways you’ve adjusted your financial habits in response to a negative item. This helps to reassure the lender that it won’t have an impact on your ability to pay your mortgage.
For example, if you’re writing a letter of explanation to address late rent payments after a layoff, you might add that you’ve since saved up an emergency fund of three months of living expenses in order to avoid being financially blindsided in the future.
However, writing an emotional sob story won’t help. Remember: It’s a good idea to keep it simple, clear, honest, and as short as possible while still covering all those bases.
Getting Your Mortgage Application in Shape
Knowing what documents you need and what a mortgage lender will look at can help get your application in strong shape before you file it. Your lender will scrutinize your credit history and any late payments, especially ones within the last 12 months. But there are ways to proactively tackle any issues on your credit reports.
• Check your credit reports. Knowing what your mortgage lender may see can help you assess where any weak points may be, and what information they may ask for.
• Call the creditor if you have a recent late payment. Creditors know that accidents happen and bills may be misplaced. If your account is otherwise in good standing, it’s possible that a creditor may erase the late payment.
• Focus on additional aspects of your credit. Making sure to pay bills on time and keeping your credit utilization below 30% can help build credit.
• Think twice about opening accounts. Before and after applying for a mortgage, it can be a good idea to be mindful of opening new lines of credit or charging an extensive amount on current cards. Suddenly taking on more debt on credit cards can raise a red flag to lenders, which may result in being asked to write a letter of explanation.
Understanding how a lender will see your mortgage application can give you confidence and may help you head off any potential problems.
A letter of explanation is when a mortgage lender needs clarity about a red flag or discrepancy that arises on your application. Knowing what to expect, having documentation ready, and answering any questions the lender may have can all be helpful in getting your home loan approved.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
SoFi Mortgages: simple, smart, and so affordable.
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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.
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.
Furniture shopping, whether you’re giving a room a much-needed update or moving into a new space, can be fun. It gives you the chance to daydream, make inspo boards, hunt for great pieces, and personalize your space.
But it can also be an expensive endeavor. However, that doesn’t mean you’re destined to purchase pieces that scream “first apartment furniture.” Just because you’re buying furniture for cheap doesn’t mean it has to look it.
Here are smart hack that will have you feathering your nest for less and even, in some cases, for free.
25 Tips on How to Get Cheap Furniture
Scoring great furnishings on a tight budget takes some planning, and also knowing where to buy affordable furniture. Here are 25 ideas for creating a great space without spending a lot.
💡 Quick Tip: Tired of paying pointless bank fees? When you open a bank account online you often avoid excess charges.
1. Taking Stock of What You Already Have
Before going out to buy new stuff, you may want to do a walk-through of your space and make a list of what you already have. You can label each item “keep,” “donate/sell” or “toss,” so you know exactly what you need.
2. Taking Stock of Mom’s Basement Too
Do you have family members who may be harboring some perfectly good but no-longer-needed furniture? Consider scoping out their basements, attics, and garages for some free treasures.
3. Making a Wishlist
It’s okay to dream a little. In fact, a good way to start furnishing a new home is to go to your favorite furniture store’s site and fill your cart without considering price. You can then cull down your list to essentials, and start looking for those pieces (or something similar) for a cheaper price tag.
4. Renting Furniture
If your furniture budget is super tight, you may want to consider renting furniture from a company like CORT or Feather, rather than buying everything you need. Renting can also be a good option if you’re only going to be in your current home for a short time.
5. Timing Your Purchases Right
Knowing when to make big purchases can help you get some steep furniture discounts. Furniture stores tend to get new inventory at the end of winter and end of summer. To make room for newer items, they will often run good sales in February and August.
When it comes to furnishing your porch or patio, the right time to buy furniture is typically the end of summer and fall, when retailers are trying to clear out any leftover inventory.
6. Checking Out Freecycle
Cheap is great, but free can be even better. Consider going to a reuse/recycle site like Freecycle to see what people in your area may be looking to get rid of. You may want to keep in mind that good items often go fast.
7. Curbing Impulse Buys
It’s easy to fall madly in love with a cool sectional sofa and give in to impulse buying that can leave you with major debt. Before you pull the trigger on a pricey new piece of furniture, you may want to press pause. By giving yourself a week or so to really consider the purchase, you may realize you don’t actually need it. Or you may be able to scout out a cheaper but equally good option.
Here’s another way to buy furniture cheap: You can often get a high-end look by splurging on one or two classic investment pieces and then going with cheaper, trendier accent pieces and accessories.
9. Putting the Word Out on Social Media
You may want to use social media to let people in your network know that you are on the hunt for furniture. You can even specify what you’re looking for (dining table, a chaise for the yard) and what you’re willing to offer (or barter) in return. You may be surprised at the response you get.
10. Selling Stuff You Don’t Need
To bolster your furniture budget, you may want to sell pieces that no longer work for your space. If you have a lot to get rid of, you might host a yard or garage sale. For just a few items, you can list them on a resale site like Craigslist, OfferUp, or Facebook Marketplace and see how much you can score.
11. Doing a Furniture Image Search
If you see a piece you love but it doesn’t fit your budget, you can download a photo of the item and then go to Google Images. If you click on the “Search By Image” button (the camera icon) and upload the photo, you can search for similar items. You might find the item’s twin at a better price.
💡 Quick Tip: When you overdraft your checking account, you’ll likely pay a non-sufficient fund fee of, say, $35. Look into linking a savings account to your checking account as a backup to avoid that, or shop around for a bank that doesn’t charge you for overdrafting.
12. Searching Craigslist
Craigslist may be an oldie, but it’s still a goodie when it comes to finding affordable furniture. You can head to the site (which hasn’t changed much over the years), click the furniture tab, and search the possibilities.
13. Thinking Beyond Furniture Stores
Mass market retailers like Target, Walmart, and Home Depot actually have large furniture departments. You may be able to find stylish pieces at good prices, along with free delivery.
14. Searching Amazon Warehouse
How else to buy furniture cheap: Check out Amazon Warehouse , a corner of Amazon’s main site that is dedicated to selling used, pre-owned, and open-box products (often things that were returned unused or close to it). You can click on the furniture tab and either search for your needs or just see what’s available.
15. Hitting the Yard Sales
You can spend a Saturday or Sunday morning driving around town looking for treasures. Or you can check out yard sales listings online, then map out a route that hits the yards or stoops with the most potential.
16. Asking About the Floor Model
If there’s a piece in a store you absolutely love but it’s a bit out of budget, you can always ask the manager if they will sell you the floor model for a discount.
Since it is likely to still be a considerable amount of money even if the price is reduced, remember this when paying: If you buy it on credit, make sure to use the card that will give you the most rewards.
17. Combing Flea Markets
It can take a little time and effort, but you can often find great, affordable treasures at flea markets. Sometimes a little DIY is all it takes to transform something past its prime into the perfect thing for your place.
18. Browsing Antique Stores
In the winter months, you can often get the flea market experience by combing through antique stores or, even better, antique malls that have multiple booths housed indoors.
19. Checking Online Resale Marketplaces
Sites like OfferUp and Facebook Marketplace (where you may have listed items to sell) can also be a great resource for finding what you need. You can even do a search for a specific item you saw in store to see if anyone is offloading that same piece.
20. Thrifting Furniture
Large thrift store chains like Goodwill and Salvation Army typically get lots of donated items every day and can be a great place to find your next book shelf or coffee table. Local thrift shops can be worth checking out too.
21. Checking Out Salvage Stores
One of the most widely known salvage stores, Habitat ReStore , has locations throughout the country and often sells new and used furnishings, as well as appliances, for far less than retail. Bonus: They are helping to divert those goods from the waste stream.
22. Going Cheap on Art and Accessories
Once you’ve made your big item purchases, it’s time to think small (and cheap) with accent pillows, throws, artwork, and other decorative accessories. These items don’t need to cost a lot to add serious personal style to a space. You may fall for a $150 throw pillow but, odds are, you could find a super cute one for a fraction of the cost.
23. Stopping by Estate Sales
You can often find beautiful, high-quality pieces of furniture, as well as artwork, at estate sales for a fraction of what you’d pay at a store. You can find estate sale listings in your area on Craigslist as well as Estatesale.com and Estatesales.net .
24. Haggling Over the Price
No matter where you are shopping for furniture, it can be worth trying to haggle the price down a bit. You can ask a seller if the listed price is as low as they can go, if they will offer a discount for buying multiple items, or if there is any wiggle room on the delivery fee.
25. Checking In With Neighbors
You can use Nextdoor , the neighborhood online hub, to let neighbors know what you are looking for and also scroll through the site’s “For Sale and Free” listings to see what your neighbors are selling or giving away.
💡 Quick Tip: If you’re creating a budget, try the 50/30/20 budget rule. Allocate 50% of your after-tax income to the “needs” of life, like living expenses and debt. Spend 30% on wants, and then save the remaining 20% towards saving for your long-term goals.
What Contributes to High or Low Furniture Prices?
Here are some factors that contribute to whether a piece of furniture has a high or low price:
• Production: Mass-produced pieces are likely to be less expensive than a piece that is made in smaller batches or handcrafted by an artisan.
• Supply and demand: An item that is popular is likely to be pricier than something that has fallen out of favor.
• Materials: A solid wood piece, for example, is probably going to cost more than a similar item made of particleboard.
• Supply chain: If a manufacturer is using, say, a material that is scarce due to supply chain issues, they may have to pay more to obtain it. Those additional charges could be passed along to the consumer.
• Source: Depending on trade conditions, labor, shipping, and other factors, there could be a price discrepancy based on whether the item was manufactured in the U.S. or elsewhere.
What to Look Out for in Secondhand Furniture
Secondhand furniture can be a great resource when you are buying furniture on a budget. Btw, you can even shop for used furniture online at sites like AptDeco and Kaiyo.
Here, some buying furniture tips when you’re hunting for preloved treasures:
• Just say no to used mattresses. They can be a repository of stains, smells, dust mites, bedbugs, and more.
• Inspect for structural damage. Cracks, duct tape, and evidence of past repairs can spell trouble.
• Avoid upholstered furniture with an odor. Whether mildew, smoke, or pet smells, these smells can be very hard to eliminate.
• Be wary of painted pieces that might have lead paint; they would have been made before 1978 when laws were passed banning lead paint. Crackly, “alligator skin” painted surfaces can indicate lead paint. Also, if you rub your hand over the surface and get a chalky residue, it might be lead.
• Check for signs of mold, which may look like a patch of dirt that won’t rub away. That’s another health issue you don’t want to deal with.
Now, after you’ve read those warnings, also remember that you could get a real deal by buying secondhand. Go ahead and use your imagination. Often, with the addition of a coat of paint and new hardware or a slipcover, you can grab a bargain. Many inexpensive, tired pieces can become treasures when spruced up. Look online for how-to ideas.
The Takeaway
Furnishing a new place can be daunting, especially if you’re shopping on a budget.
But by thinking beyond traditional furniture stores and turning to alternatives like flea markets, resale and salvage shops, estate sales, and online marketplaces, you can often score chic and cheap pieces that won’t fall apart in a year or two.
You can also stretch your furniture budget by mixing higher-end investment pieces with cheaper accent decor and sprucing up secondhand finds.
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FAQ
How do you buy furniture on a budget?
You can buy furniture on a budget by shopping at estate sales, thrift shops, and antique malls, as well as hunting at your usual retailers for floor models and other sale items. Lastly, see what you might be able to score for free via a neighborhood online community or Freecycle.
Is it cheaper to buy furniture in store or online?
As with many products and services, online may have better deals on furniture than retail stores. Because online retailers don’t need to have a network of brick-and-mortar locations with staff, they may enjoy savings that they can pass along to customers.
Why is furniture getting so expensive?
Furniture may be expensive for a variety of reasons, from supply chain issues and material scarcity to inflation to the cost of labor, especially on handmade pieces.
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Although we do our best to recognize all Eligible Direct Deposits, a small number of employers, payroll providers, benefits providers, or government agencies do not designate payments as direct deposit. To ensure you're earning 3.80% APY, we encourage you to check your APY Details page the day after your Eligible Direct Deposit arrives. If your APY is not showing as 3.80%, contact us at 855-456-7634 with the details of your Eligible Direct Deposit. As long as SoFi Bank can validate those details, you will start earning 3.80% APY from the date you contact SoFi for the rest of the current 30-day Evaluation Period. You will also be eligible for 3.80% APY on future Eligible Direct Deposits, as long as SoFi Bank can validate them.
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Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 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.
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