Finance Minister Sitharaman will present her seventh consecutive Union Budget on July 23.

Last week, the Indian stock markets closed nearly unchanged after a period of strong gains, buoyed by positive global cues and a promising start to the earnings season. However, profit-taking on Friday erased earlier advances, leaving the Nifty index at 24,530.90 after reaching a high of 24,854.80.

In the past week, sectoral stocks in FMCG and IT sectors maintained their upward momentum, while sectors like metal, energy, and media saw declines. Broader indices also slipped, experiencing losses between 2.2 percent and 2.9 percent.

Interestingly, the market has historically reacted enthusiastically to the budget, as per BSE data. Between 2016 and the last interim budget announced in February, the market generally rose, except for the Union Budget of 2018, which saw a decline from 35,906.66 to 35,066.75, a drop of 8839.91 points.

The highest jump was observed the day after the Union Budget announcement in 2021, when the Sensex rose by 1197.11 points, reaching 49,797.72 from the budget day figure of 48,600.61.

Other significant increases were seen in 2017 with 777.35 points, 2018 with 84.97 points, the interim budget in February 2019 with 113.31 points, June 2019 with 792.82 points, 2020 with 136.78 points, 2021 with 1197.11 points, 2022 with 695.76 points, 2023 with 224.16 points, and 2024 with 440.33 points a day after the budget announcements.

Meanwhile, foreign portfolio investors infused Rs 15,420 crore into the Indian equity market, according to data from the National Securities Depository.

The net investment by foreign portfolio investors (FPI) surged to Rs 30,772 crore so far in July, indicating strong buying by foreign investors.

Market experts suggest that foreign investors are investing in Indian markets amid a weakening dollar and bond yields. If this trend continues, foreign investment will likely persist.

In the coming week, investors’ sentiments will also be influenced by the April-June quarter results for fiscal 2024-25, foreign fund inflow, crude oil prices, global cues, and other data.

“Looking ahead, the upcoming week holds significant importance for both equity markets and the overall economy. The Finance Minister will present the government’s first budget on Tuesday, July 23, expected to largely follow the interim budget. Globally, US markets are also undergoing profit-taking after a strong surge, influencing market sentiments,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.

“Market reactions will hinge on earnings reports from major players like Reliance Industries and HDFC Bank early in the week, before shifting focus to the Union Budget. Increased volatility is anticipated in subsequent sessions,” he added.

Professional financial strategist Dave Ramsey has revealed that normal Americans can become millionaires by investing consistently in growth stock and by paying off their homes.

Between November 17, 2017 and January 31, 2018, his company, Ramsey Solutions, surveyed over 10,000 millionaires across the country, which he claimed was the largest of its kind. 

After reviewing the results, Ramsey, who also hosts a nationally syndicated finance-themed radio show, said he identified two straightforward ways that normal people can amass immense wealth.

The first key to becoming a millionaire is to invest routinely in growth-focused mutual funds.

Between November 17, 2017 and January 31, 2018, his company, Ramsey Solutions, surveyed over 10,000 millionaires across the country, which he claimed was the largest of its kind

In Ramsey’s survey, eight out of the ten millionaires interviewed said that they invested in their company’s 401(k) plan. 

Among the surveyed millionaires, 75 percent of them claimed that investing over a long duration was one of the chief sources of their wealth. 

In a video from The Ramsey Show, the financial guru put it bluntly: ”There’s two things that really cause people to get their first $1 million to $5 million in net worth.’

He continued: ‘The two primary things are they invest steadily in their retirement plans and good growth-stock mutual funds, like 401K and Roth IRA.’

According to moneywise, growth mutual funds have performed remarkably well in recent years. 

If an individual invested $10,000 in the Fidelity Growth Company Fund ten years ago, that initial sum of money would now be worth well over $56,000 today, which is a compounded average annual growth rate of 18.8 percent. 

The fund boasts some of the most successful tech stocks of the past decade, including Apple and Nvidia.

A smart and prudent investor with a remunerative job could have used this fund to become a millionaire, moneywise pointed out. 

If the Fidelity Fund maintained its 18.8 percent growth rate, someone earning $100,000 could set aside 10 percent of their salary and invest it in the fund. Over eighteen years, the investor could amass $1.1 million.

The second critical step an ordinary person can take to become a millionaire is to pay off their home.

The first key to becoming a millionaire is to invest routinely in growth-focused mutual funds

‘They pay off their home,’ Ramsey said, simply.

According to Ramsey Solutions, the average millionaire paid off their home in only 10.2 years.

In 2022, the proportion of mortgage-free U.S. homes soared to a record high- just short of 40 percent, according to moneywise. 

From 2012 to 2022, the rate of mortgage-free homeownership jumped an impressive five percentage points.

Possession of property is a significant means of acquiring wealth for average Americans.

This step has become more difficult to accomplish in recent years, though.

The second critical step an ordinary person can take to become a millionaire is to pay off their home

In 2022, the housing costs of roughly 12 million renter households surpassed half their income, according to moneywise. 

With expenses so high, it has become challenging for ordinary Americans to stow away enough of their savings to make a down payment. 

This difficulty has been aggravated by higher mortgage rates. Additionally, there is a dearth of housing units. According to Pew, there is a shortage of four million to seven million units.

In order to make their first $1 million, ordinary Americans will most likely have an easier time investing in mutual funds than they will paying off their homes.   

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CMG Financial is a good mortgage lender that offers some less common and unique types of mortgages, including an offset mortgage. It also has down payment assistance and ranks high in customer satisfaction. But its average rates are slightly high. 

CMG Financial Basics

Nationwide Lending

CMG Financial offers mortgages in all 50 U.S. states. You can apply for a mortgage online or get started over the phone. It also has branches in every state except Alaska, Kansas, Kentucky, North Dakota, and West Virginia. You can find a branch or loan officer near you using CMG’s search tool.

Variety of Loan Options

You can get the following types of home loans from CMG:

Unique Mortgage Offerings

CMG offers an offset mortgage called the All In One Loan™. An offset mortgage combines your loan with a checking account. The balance in the checking account offsets your mortgage balance, so you pay less in interest.

CMG’s HomeFundIt™ program provides you with a link to share on social media so friends and family can donate money for your down payment. Then, with CMG’s Exclusive Costs Covered program, first-time homebuyers can get $2 from CMG for every $1 donated, totaling a grant of up to either $2,000 or 1% of the purchase price, whichever is less. You also must complete a homebuyer education or counseling program to receive this grant. The grant money will go toward your closing costs.

Down Payment Assistance

CMG has a program called Community ONE which lets eligible borrowers put as little as 1% down on a home. The remaining 2% comes from CMG in the form of a grant of up to $6,000.

This program isn’t available nationwide. You can use CMG’s locator tool to see if it’s available in your area. 

You can also get a Freddie Mac BorrowSmart loan from this lender, which comes with up to $1,500 in assistance for borrowers in eligible areas who meet income limits.

CMG Financial Mortgage Interest Rates and Fees

Based on our review of Home Mortgage Disclosure Act data, CMG Financial’s mortgage rates are a bit higher than average.

In 2022, the average borrower getting a conventional mortgage from this lender paid $3,938 in origination charges, according to HMDA data. This is around average compared to other lenders. 

CMG Financial Overall Lender Rating

Loan Types: 4 out of 5

CMG Financial offers a wide variety of mortgages that should meet most borrowers’ needs, plus some less common loan types and a couple of programs that are unique to this lender, including the All In One Loan. 

Affordability: 3.5 out of 5

We think CMG Financial is a decently affordable lender thanks to its low down payment mortgage options (including the three main types of government-backed mortgages) and down payment assistance programs. But its average rates are slightly high.

Customer Satisfaction: 4.96 out of 5

On its Zillow lender page, CMG Financial has a 4.96 out of 5-star rating, based on over 3,000 customer reviews.

Trustworthiness: 4.5 out of 5

CMG Financial does not have any recent public controversies.

The Better Business Bureau gives CMG Financial an A rating because there are some customer complaints on the website. BBB ratings indicate how a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

CMG Financial Pros and Cons

Get an Offset Mortgage or Crowdfund Your Down Payment

CMG offers a couple unusual options for borrowers. If you’re looking to save money on interest, you might like its offset mortgage called the All In One Loan. These loans work in conjunction with a checking account, where the balance in your checking account lowers the balance of your mortgage that you’re charged interest on.

This lender also has a platform called HomeFundIt that lets you crowdfund your down payment. If your loved ones have expressed interest in helping you purchase a home, this could be a good way to do it. With the Exclusive Costs Covered program, CMG will grant you $2 for every $1 raised through HomeFundIt.

You Can’t Explore Sample or Customized Rates

This lender does not show its current rates online. Some lenders list sample rates, and others let you customize your rate by entering your credit score, ZIP code, and other personal information. CMG Financial doesn’t show any rates, though, which can make it difficult to compare it to other lenders without getting preapproved.

We also found that its average rates are slightly high compared to other lenders, according to HMDA data.

What Borrowers Are Saying About CMG Financial

Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about CMG Financial.

Great Customer Service From Knowledgeable Mortgage Pros

In online reviews, previous borrowers said their experience with CMG was smooth, and that the loan officers they worked with were skilled and communicative.

How CMG Financial Compares

CMG Financial vs. Rocket Mortgage

Rocket Mortgage ranked No. 2 in customer satisfaction in 2023 according to J.D. Power’s Mortgage Origination Satisfaction Study, and it has a reputation for providing great customer service. It’s also our top pick in our guide to the best mortgage refinance lenders.

Rocket Mortgage and CMG both have 1% down programs; Rocket’s is called ONE+, and it comes with a maximum grant of $7,000, which is slightly higher than CMG’s Community ONE grant.

If you’re looking for a less common type of mortgage or you want to explore many different options, you might like CMG better, since Rocket’s offerings are relatively basic. 

Rocket Mortgage Review

CMG Financial vs. Fairway Independent Mortgage Corporation

Fairway Independent Mortgage is another great lender for customer service. It was No. 1 in J.D. Power’s 2023 satisfaction study. 

Fairway also offers a strong range of mortgage options, plus a $7,000 grant for borrowers in eligible areas. It also has hybrid and remote closing options. It may be worth getting approved with both of these lenders to see which one can offer you the best overall deal.

Fairway Independent Mortgage Corporation Review

CMG Financial FAQs

Why You Should Trust Us: How We Reviewed CMG Financial

For our review of CMG Financial, we used our methodology for reviewing mortgage lenders.

We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don’t have any recent public controversies.