New Mexico, the “Land of Enchantment,” is where the beauty of the desert meets a tapestry of cultures. The state is famous for its stunning landscapes, lively arts scene, and distinctive green chile cuisine. But what else is New Mexico known for? Whether you’re considering renting a home in Albuquerque, looking to settle into a charming apartment in Santa Fe, or just planning a visit, you’ll soon find that New Mexico has much more to offer than meets the eye. In this article, we’ll uncover the hidden gems and iconic features that make New Mexico a state that’s truly unique and why so many are proud to call it home. Let’s dive in.
1. White Sands National Park
New Mexico is home to the stunning White Sands National Park, featuring 275 square miles of glistening white gypsum dunes. This unique landscape offers people the chance to hike, sled, and picnic among the rolling dunes. The park also hosts the annual White Sands Balloon Invitational, where colorful hot air balloons float over the dazzling white sands. This surreal environment provides a one-of-a-kind experience that showcases the natural beauty of New Mexico.
2. Carlsbad Caverns National Park
Carlsbad Caverns National Park features over 119 known caves, formed by sulfuric acid dissolving the surrounding limestone. The park’s most famous attraction, the Big Room, is one of the largest underground chambers in North America. Visitors can explore the caverns on self-guided tours or watch the evening bat flight program.
3. Albuquerque International Balloon Fiesta
The Albuquerque International Balloon Fiesta is the world’s largest hot air balloon festival, held annually in October. This spectacular event attracts balloonists and spectators from around the globe, with hundreds of balloons taking to the skies. The mass ascensions, special shapes rodeo, and nighttime balloon glows create a magical atmosphere.
4. Green chile cuisine
New Mexico is famous for its green chile cuisine, a staple in the state’s culinary tradition. The Hatch Chile Festival celebrates this iconic ingredient with cooking contests, chile roasting, and food stalls offering everything from green chile stew to chile-infused ice cream. Local restaurants, such as The Shed in Santa Fe, are renowned for their green chile dishes. This spicy delight is a must-try for anyone in New Mexico.
5. Chaco Culture National Historical Park
Chaco Culture National Historical Park preserves the remnants of an ancient civilization that thrived in the region between AD 900 and 1150. The park’s impressive ruins, such as Pueblo Bonito, showcase the architectural and astronomical achievements of the Chacoan people. Guided tours and night sky programs offer insights into this complex society. Chaco Canyon’s historical significance provides a deep connection to New Mexico’s ancient past.
6. Roswell UFO incident
Roswell is famous for the 1947 UFO incident, where an alleged extraterrestrial spacecraft crashed near the town. The International UFO Museum and Research Center in Roswell gives patrons the opportunity to explore the mystery with exhibits and information on the event. The annual Roswell UFO Festival celebrates this extraterrestrial legacy with costume contests, parades, and guest speakers. Roswell’s unique association with UFOs makes it a fascinating destination for curious minds.
Fun facts New Mexico is famous for
Official state question: New Mexico is the only state with an official state question: “Red or green?” This refers to the choice between red or green chile sauce, highlighting the state’s love for its flavorful cuisine
Santa Fe is the oldest capital city: Santa Fe, founded in 1610, is the oldest state capital in the United States.
Roswell’s alien streetlights: In Roswell, you’ll find streetlights shaped like alien heads, a playful nod to the town’s famous UFO incident.
7. Taos Pueblo
Taos Pueblo, a UNESCO World Heritage Site, is one of the oldest continuously inhabited communities in the United States. The adobe structures, some dating back over 1,000 years, are still home to the Taos people. Visitors can tour the pueblo, learn about its history, and purchase traditional crafts from local artisans.
8. Bandelier National Monument
Bandelier National Monument preserves the ancient cliff dwellings and structures of the Ancestral Puebloans. The park’s trails lead visitors through Frijoles Canyon, where they can explore kivas, petroglyphs, and the Alcove House, a large ceremonial cave. The combination of archaeological sites and stunning natural scenery provides a glimpse into the lives of the area’s early inhabitants.
9. Turquoise Trail National Scenic Byway
The Turquoise Trail National Scenic Byway connects Albuquerque and Santa Fe, offering a picturesque drive through the heart of New Mexico’s mining history. The route passes through charming towns like Madrid and Los Cerrillos, known for their art galleries, shops, and historical landmarks. Passerby can explore old mines, hike scenic trails, and enjoy panoramic views of the Sandia Mountains.
10. Very Large Array radio telescope
The Very Large Array (VLA) is one of the world’s premier astronomical radio observatories, located on the Plains of San Agustin. The array’s 27 radio antennas, each 82 feet in diameter, are used to observe celestial phenomena such as black holes and distant galaxies. Visitors can tour the facility and learn about its contributions to astronomy. The VLA’s cutting-edge research and striking visuals make it a standout scientific landmark worth visiting.
11. Petroglyph National Monument
Petroglyph National Monument in Albuquerque preserves one of North America’s largest collections of petroglyphs, with over 20,000 images carved into volcanic rock by Native Americans and early Spanish settlers. The park offers several hiking trails where people can view these ancient symbols and learn about their historical and cultural significance. The monument’s blend of natural beauty and archaeological importance provides a unique insight into New Mexico’s rich heritage.
Jenna is a Midwest native who enjoys writing about home improvement projects and local insights. When she’s not working, you can find her cooking, crocheting, or backpacking with her fiancé.
Whether you’re a die-hard fan who schedules their life around the release date of every new movie (that’s us) or you haven’t seen the Caped Crusader since Tim Burton’s fanciful depictions in the ’80s and ’90s, the lure of Batman and the sinister world of Gotham has been drawing us all in some way, shape, or form, since the 1960s.
With yet another brand new Bruce gracing our screens recently (the incomparable Robert Pattinson), the popularity of arguably the world’s most famous superhero continues to peak.
With that and a second installment of The Batman officially confirmed, we can think of no better time to take a closer look at all the places the Dark Knight called home.
Where does Batman live?
Photo credit: IMDb
Just beyond the skyscrapers, surrounded by a sprawling estate and secret tech-filled caves, sits the ever-imposing, Wayne Manor.
There have been so many different versions over the years but they’ve all, in their own way, been equally impressive. Starting of course with the first feature-length depiction of our hero and his home back in 1966.
Batman: The Movie (1966)
Adam West as Batman and Burt Ward as Robin in Batman: The Movie (1966). Photo credit: IMDb
Having starred as Batman in the beloved television series, Adam West continued in the role for the first feature-length, live-action movie directed by Leslie H. Martinson. Since the film was made the same year as the show, we got the same Wayne manor in both.
Built in 1928 and valued by Redfin.com at over 20 million dollars, you’ll find this impressive property at 380 San Rafael Avenue in Pasadena. It boasts a whopping 10 bedrooms, six bathrooms, and almost five acres of land making it truly fit for a millionaire CEO (and part-time bat).
The impressively long list of other famous productions shot here includes Rush Hour, Murder, She Wrote, Alias, Stand By Me,The X-Files, and so many more.
It even features as the luxurious home where Helen (Rose Byrne) throws the infamous bridal shower in Bridesmaids. You know the scene where Megan (Melissa McCarthy) takes nine puppies as party favors and Annie (Kristen Wigg) flips out and tries to push over a chocolate fountain with her bare hands? Yeah, that all takes place at Batman’s house!
Batman (1989)
Michael Keaton as Bruce Wayne, standing in front of the Knebworth House. Photo credit: Batman Wiki / Fandom
Ramping up the stakes in terms of square footage and, let’s be honest, literally everything else, Tim Burton’s 1989 take on Wayne Manor employed the use of a real-life castle.
That castle is Knebworth House, a stately Tudor home located in Stevenage in the UK. As famous for staging rock concerts as it is for a long history in film, the house and surrounding Knebworth estate have featured in countless blockbusters. The Kings’ Speech, 28 Weeks Later, Nanny McPhee, and Paddington 2 to name just a few.
As for television, you may have also spotted Knebworth doubling as Lady Pheobe’s country house in the latest season of You, and as the inside of Balmoral in The Crown. The best part? During the warmer months, you can buy reasonably priced tickets to tour the house and grounds and soak in all of that history in person.
Batman Returns (1992)
Wayne Manor in Batman Returns (1992). Photo credit: IMDb
Three years later when Michael Keaton’s Batman, well, returned, Tim Burton gave him all new digs. This new and decidedly spookier home was so full of fantasy that it wasn’t actually real.
So, sadly no house to find but it makes perfect sense. Since the overall design concept for this installment was so wacky and exaggerated, it’s only fitting that Burton designed a house so unique it’s literally out of this world.
See also: Skyfall, James Bond’s Childhood Home in the Scottish Highlands
Batman Forever (1995)
Wayne Manor in Batman Forever. Photo credit: IMDb
As Keaton hung up his cape for the third installment, Val Kilmer stepped in to play the role with Joel Schumacher directing. Alongside our new hero came, you guessed it, a brand new Wayne Manor, and it looked nothing like the ones before.
Taking up the mantel was Stevenson Taylor Hall, home to The Webb Institute, a high-ranking college of engineering in Glen Cove, New York. This new home certainly felt more real, though if you ask us, it lost a little of the fantastical flair that made it feel so intriguing.
Interestingly though, the hall was a hit and went on to feature as Wayne Manor twice more. Firstly in Schumacher’s 1997 sequel, Batman & Robin, then again in the television series, Gotham in 2014.
Recognize this location? Scenes from the 1998 movie, Great Expectations starring Gwyneth Paltrow,and the CBS series, Limitless were also filmed here!
Batman & Robin (1997)
George Clooney as Batman and Michael Gough as Alfred in Batman & Robin (1997). Photo credit: IMDb
George Clooney‘s Batman was by no means anyone’s favorite, but that’s not to say the 1997 movie did not leave a lasting legacy. In fact, Clooney recently donned the superhero cape recently for a cameo in 2023’s The Flash, 25 years after his run as Batman.
Also directed by Joel Schumacher, this installment in the Schumacherverse may have changed up the lead actor, with Clooney replacing Val Kilmer, but both Chris O’Donnell (as Robin) and the Webb Institute in Glen Cove, New York (as Wayne Manor) retained their roles.
Batman Begins (2005)
”…this place is a mausoleum. If I have my way, I’ll pull the damn thing down brick by brick.”
Bruce Wayne – “Batman Begins“, 2005
Jumping ahead ten years to 2005 Christian Bale is our brand new Batman. Just when we thought Wayne Manor couldn’t be any more impressive, Mentmore Towers appears.
Christian Bale as Bruce Wayne, descending the front steps of Wayne Manor in Batman Begins (2005). Photo credit: IMDb
One of the most iconic and visually striking Residences of the entire franchise, this palatial estate in Buckinghamshire, England dates back to 1852. It has also played a role in countless other iconic movies including Eyes Wide Shut, The Mummy, The Mummy Returns, and even Johnny English!
Sadly as of last year, and since plans to turn the house into a luxury hotel fell through, this once revered estate now sits in a state of decay. The English Heritage register now has it listed as ‘at risk’. We’re hoping someone swoops in soon to rescue this monumental piece of historical real estate.
The Dark Knight (2008)
With art almost imitating life, by the end of Batman Begins, Bruce Wayne’s home lies in ruin. All but burned to the ground after an attack by Ra’s al Ghul, Bruce has to leave the mansion and set up shop in his New York apartment.
Christian Bale as Bruce Wayne inside his New York penthouse in The Dark Knight (2008). Photo credit: IMDb
Not quite as grand but we’ll always welcome a swanky NYC penthouse, however, that’s not where these scenes were shot. In fact, filming took place in Chicago, in the lobby of a Mies Van Der Rohe building.
City views were added with green screens to make it look as if the apartment was sitting above the New York skyline when in reality, it was on the ground floor!
The Dark Knight Rises (2012)
Bruce Wayne driving away from Wayne Manor in The Dark Knight Rises (2012). Image credit: Warner Bros.
Okay, so we know we said earlier that each Wayne Manor has proved equally as impressive as the last, but we were wrong.
Woolaton Hall and the surrounding Deer Park, aka, the newly re-built Wayne estate, might just be the most iconic of all the manors we’ve seen so far. Standing proudly in 500 acres of natural parkland in Nottingham, England, this beautiful Grade I listed building is the one we picture when we when think of the Wayne residence.
And can you visit Batman’s house? Yes! Open from January to May and again from August until November, tickets are available on their website.
The Batman (2022)
A final ten-year leap and Robert Pattinson has donned the cape! And serving as a background was not a CGI-generated mansion or a palatial English estate, but something in between.
Robert Pattinson as Bruce Wayne in The Batman (2022). Photo credit: IMDb
This iteration of the Wayne manor introduces something new altogether with a sleek Art Deco-style tower and an eclectic mix of architectural styles inside. According to Architectural Digest, however, it’s this unique blend of styles that means it’s unlikely this is a real residence.
Unfortunate, but at least we have plenty of other Manor’s on our to-visit list!
The Batman’s second installment is scheduled for release in 2026 and we can’t wait to see all the action. But mainly, we can’t wait to see Bruce’s next house!
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Bruce Wayne’s manor in Christopher Nolan’s Dark Knight trilogy is a palatial estate fit for Gotham’s prodigal son
The most striking James Bond houses, from villain lairs to ancestral homes
The most memorable houses in the MCU: From Tony Stark’s cliffside mansion to Xavier’s School
From Avelo Airlines and Breeze Airways in the United States to Norse Atlantic Airways and Play Airlines in Europe, budget airlines have recently been popping up like mushrooms after a rainstorm. These carriers allow flyers to stretch their budget further by offering no-frills flights at a lower price with fewer amenities than full-service airlines.
For travelers seeking a thrifty transatlantic trip, Norse Atlantic Airways operates several budget flights between select European and U.S. airports. Here’s everything you need to know about this low-cost airline.
What is Norse Atlantic Airways?
Norse Atlantic Airways is a Norwegian low-cost long-haul carrier headquartered in Arendal, Norway. It was founded in 2021 with its first flight taking off from Oslo, Norway’s capital, in 2022.
The Norse Atlantic fleet includes 15 Boeing 787 Dreamliner aircraft.
Does Norse Atlantic fly to the United States?
Yes, Norse operates transatlantic service between Europe and the United States, with an additional flight to Asia between Oslo, Norway, and Bangkok, Thailand.
The airline flies the following routes as of May 2024, some only seasonally:
Athens – New York-John F. Kennedy.
Berlin – Miami.
Berlin – New York-JFK.
London-Gatwick – Cape Town, South Africa.
London-Gatwick – Las Vegas.
London-Gatwick – Los Angeles.
London-Gatwick – Miami.
London-Gatwick – New York-JFK.
London-Gatwick – Orlando, Florida.
Oslo – Bangkok, Thailand.
Oslo – Los Angeles.
Oslo – Miami.
Oslo – New York-John F. Kennedy.
Paris – Los Angeles.
Paris – New York-JFK.
Rome – New York-JFK.
According to the Norse Atlantic website, more routes are coming in the future.
Classes of service
The Boeing 787 Dreamliner aircraft from the Norse airline are equipped with two cabins: economy and premium. Seats are arranged in a 3-3-3 configuration in economy class and 2-3-2 in the premium cabin.
Every seat in both cabins offers a seatback TV, USB charger and power outlet.
Premium class sweetens the deal by offering passengers a dedicated cabin, complimentary in-flight meals, a wider seat and 43 inches of pitch, blankets, pillows, ear plugs, and an eye mask.
🤓Nerdy Tip
Seat “pitch” is the distance from any point of a seat to the same point of a seat behind it in the same cabin.
Fare types
The two service cabins are then subdivided into the multiple fare bundles — a common pricing model among low-cost airlines.
Each cabin offers fares at Light, Classic and Flextra levels. Light fares charge the most to change or cancel ($200) and do not include even a carry-on. Flextra fares, meanwhile, offer free changes or cancellations and include carry-on and checked baggage, a meal, seat selection and priority boarding.
Economy Light, Classic and Flextra
Economy cabin tickets are divided into three fares: Economy Light, Economy Classic and Economy Flextra. You’ll customize your flight experience by selecting one of these options during the booking process. Here’s what each fare includes.
Economy Light
One personal item not exceeding 15.5 x 11.5 x 5.5 inches (40 x 30 x 15 centimeters).
Changeable for $200 plus fare difference, if any.
Last boarding group.
Economy Classic
One personal item not exceeding 15.5 x 11.5 x 5.5 inches (40 x 30 x 15 centimeters).
One carry-on bag not exceeding 22 x 18 x 10 inches (56 x 45 x 25 centimeters) and up to 22 pounds (10 kilograms).
One checked bag not exceeding 50 pounds (23 kilograms).
One meal service with one nonalcoholic beverage (on flights longer than six hours).
General boarding.
Changeable for $125 plus fare difference, if any.
Economy Flextra
One personal item not exceeding 15.5 x 11.5 x 5.5 inches (40 x 30 x 15 centimeters).
One carry-on bag not exceeding 22 x 18 x 10 inches (56 x 45 x 25 centimeters) and up to 22 pounds (10 kilograms).
One checked bag not exceeding 50 pounds (23 kilograms).
One meal service with one nonalcoholic beverage (on flights longer than six hours).
Seat selection.
Priority boarding.
Free changes and cancellations (for a travel credit).
Premium Light, Classic and Flextra
Premium cabin tickets on Norse are also divided into three fare classes: Premium Light, Premium Classic and Premium Flextra. Below is what is included with each fare class.
Premium Light
One personal item not exceeding 15.5 x 11.5 x 5.5 inches (40 x 30 x 15 centimeters).
One carry-on bag not exceeding 22 x 18 x 10 inches (56 x 45 x 25 centimeters) and up to 22 pounds (10 kilograms).
Two meal services (on flights longer than six hours) and complimentary beverages.
Premium boarding.
Priority check-in.
Changeable for $200 plus fare difference, if any.
Premium Classic
One personal item not exceeding 15.5 x 11.5 x 5.5 inches (40 x 30 x 15 centimeters).
One carry-on bag not exceeding 22 x 18 x 10 inches (56 x 45 x 25 centimeters) and up to 22 pounds (10 kilograms.).
One checked bag not exceeding 50 pounds (23 kilograms).
Two meal services (on flights longer than six hours) and complimentary beverages.
Premium boarding.
Priority check-in.
Changeable for $125 plus fare difference, if any.
Premium Flextra
One personal item not exceeding 15.5 x 11.5 x 5.5 inches (40 x 30 x 15 centimeters).
One carry-on bag not exceeding 22 x 18 x 10 inches (56 x 45 x 25 centimeters) and up to 22 pounds (10 kilograms).
One checked bag not exceeding 50 pounds (23 kilograms).
Two meal services (on flights longer than six hours) and complimentary beverages.
Premium boarding.
Priority check-in.
Seat selection.
Free changes and cancellations (for a travel credit).
Does Norse Atlantic partner with other airlines?
Because Norse Atlantic operates a rather small fleet, its route network is limited. However, the Norwegian carrier partners with several other low-cost airlines across the globe via a service that helps customers book self-connected flights, known as the Dohop connection service.
Norse Atlantic partners with the following carriers:
Aegean Airlines.
Norwegian.
Pegasus Airlines.
VietJet Air.
If you book a connecting flight operated with a Dohop connection on any airline above, your flight will be booked on one ticket, but multiple airlines will operate the segments.
In the example below for a trip from London-Gatwick to Austin, Texas, the two flight segments are flown by Norse Atlantic and Spirit Airlines, respectively.
Despite one ticket, you are still flying on multiple airlines when you book via a Dohop connection. As such, you need to have visa clearance to enter any country you transfer through, and your checked baggage will have to be collected and rechecked during your transfer.
To the good, if your flight is delayed or canceled and you miss your connection, Dohop will rebook you on another flight at no extra cost to you.
Is Norse a good option for budget travelers?
Norse Atlantic describes itself as a low-cost airline, but are the prices really as low as advertised? Let’s take a look at a few scenarios.
Cost of a bare-bones ticket
We began our search on the Norse website. Right off the bat, we noticed that a sale was happening, and it was possible to fly to Europe and back for as low as $362. However, it quickly became apparent that the sale price applied to select routes and dates only.
For example, the itinerary that’s priced out at $362 is for a departure in March and a return in May. Most leisure travelers can’t travel for that long and therefore opt for shorter trips.
Let’s say you want to travel from Miami, Florida, to Oslo, Norway, in the summer and for a shorter time period. Norse gives you the option to view airfare prices by list view or calendar view. The calendar view allows you to see a month at a time, which is useful when your dates are flexible.
The prices that you see upfront are Economy Light and Premium Light fares, meaning if you want to book a higher fare class like Classic or Flextra, it’ll cost you more than what you see initially.
Based on this calendar, we’ve found a round-trip Economy Light fare between Miami, Florida, and Oslo, Norway, for $475. This ticket type includes just a personal item that fits under the seat in front of you and puts you in the last boarding group.
You’ll probably need to pay out-of-pocket to add on a carry-on bag at minimum, depending on your travel style.
Cost of a ticket after the add-ons
If you’d rather get all the comforts of a full-service airline, you can spice up your ticket with extras, like a carry-on or checked bag, seat selection and maybe even a meal. Let’s take a look at how these options would affect your final ticket price.
🤓Nerdy Tip
If you want to bring a small carry-on suitcase or check a larger bag, you don’t necessarily have to purchase a higher fare class. You can select an Economy Light fare and add a bag during the booking process.
For example, on the Miami-Oslo route, additional baggage exceeding a personal item will cost the following:
$45 for a small carry-on bag (22 pounds or less).
$60 for a light checked bag (33 pounds or less).
$75 for a standard checked bag (34 to 49 pounds).
$170 for a heavy checked bag (50 to 70 pounds).
The listed price is per direction, meaning you’d have to pay double for a round-trip journey.
Let’s be reasonable here and say you want to add a carry-on suitcase or backpack weighing no more than 22 pounds (10 kilograms) to your trip. This increases your total airfare cost by $90.
Picking a seat is going to cost you another $25 to $120, depending on where in the plane you pick. You also can skip seat selection if it’s not important and you can live with a random seat assigned to you.
Meals cost extra as well if you select an Economy Light fare — prepare to pay $20 to $30 for each one.
You’re then asked whether you want to pay $20 for a priority airport check-in and another $15 for priority boarding. Then you’re offered a fast-track option to get through security for $12 and access to an airport lounge in Oslo, Norway, for $38.
Let’s say you’ve chosen an Economy Light fare and added the following to it:
$90 for a carry-on bag on both the departure and return flights.
$70 for an aisle seat in both directions.
$100 for two vegetarian meals in each direction (four meals total).
Your custom airfare between Miami, Florida, and Oslo, Norway, is now $735.
How its cost compares to a full-service airline
Now, let’s compare it to a similar itinerary on a full-service airline.
At the time of writing, we’ve found a trip operated by a mix of Oneworld alliance partners for about $1,100 — but it has lengthy layovers in both directions.
Given that Norse Atlantic is the only carrier that provides nonstop service on this particular route, and it is less expensive — even with all the add-ons — it ends up being the best option for saving both time and money.
Cost of a custom ticket vs. a bundle
Is a fare bundle more economical than a ticket with a la carte add ons?
For example, let’s say you’re considering the Economy Classic bundle instead of the no-frills Economy Light experience. This bundle includes a personal item, a carry-on bag, a checked bag and one meal service. Norse is selling this bundle for $655 on the aforementioned Miami-Oslo route.
In this case, the same perks would cost the following when added a la carte to an Economy Light fare:
$90 for a carry-on bag on both the departure and return flights.
$150 for a standard checked bag in both directions.
$60 for two meals (one in each direction).
If you were to book an Economy Light fare for $475 and add on the items above, the round-trip ticket would cost $775. So in this case, purchasing a bundled fare saves you $120.
🤓Nerdy Tip
Crunch the numbers before booking your airfare, especially when you’re dealing with low-cost airlines that charge a la carte for services.
Is Norse Atlantic a good airline?
Generally speaking, yes. Norse Atlantic Airways reviews are mostly good, praising the carrier’s use of Boeing 787 planes, its cabin crew and seat comfort. However, it’s important to manage expectations properly and be mindful of luggage restrictions and ancillary fees.
Make sure to compare bundle prices with a la carte add-ons before purchasing, and compare costs with full-service carriers to ensure you get the best possible price for what you receive.
Airbnb’s CEO Brian Chesky has gone full Willy Wonka.
I was watching him at a live press event, describing the company’s over-the-top new “Icon” experiences. This program includes a full-scale replica of the colorful house from the Pixar film “Up,” which his team lifted over the New Mexico desert with an enormous crane.
Chesky explained that regular houses can’t be lifted like that, so a special team of structural engineers had been hired to make sure the replica wouldn’t break apart on liftoff.
The flying “Up” house won’t make money for Airbnb or its shareholders anytime soon. It can be booked for $0 by fans who write the most compelling notes for why they want to stay there. All eligible entrants will be placed into a drawing, with up to 20% chosen at random as finalists.
From there, Airbnb has partnered with a third-party company to review answers. The “winners” will be notified of their successful booking with — you guessed it — a golden ticket.
I was ready to dismiss Chesky’s Wonka-ish stunts as the fever dream of a billionaire who had grown profoundly tired of dealing with his platform’s real-world problems, including restrictive local regulations, guest horror stories and the proliferation of corporate megahosts.
But then he said something that struck a nerve in my cold, cynical heart.
“As life becomes increasingly digital, what we’re focused on is creating more magic in the real world,” Chesky said. “The best way to experience Icons is not on a screen, it’s not even in a presentation — it’s in real life.”
It’s true. The best thing about Airbnbs is that they are real things in the real world — not images or reels shared by strangers in the digital swamp. At its best, Airbnb offers an antidote to social media: meaningful in-person connections with family and friends.
And that’s why we get so annoyed when it falls short of its potential.
My rom-com relationship with Airbnb
Yet, like the protagonist in a romantic comedy, all my complaining about Chesky’s short-term rental platform veils an obvious truth: I actually love it.
I’m not alone. The short-term rental industry, which Airbnb dominates, nearly doubled its share of the lodging market between 2018 and 2023, according to a 2023 report from AirDNA, a short-term rental analytics company, and STR, a hospitality industry analytics service.
Far from the “Airbnbust” some predicted, vacation rentals are more popular than ever.
As Chesky explained his reasons for meticulously re-creating a computer-generated movie in the real world, it became clear why we’re all so invested in the platform and harbor such strong feelings about it.
We yearn to connect with real people in real houses.
Reflecting on my favorite memories with family and friends over the last decade, so many stories begin with, “Remember that time at the Airbnb when …” Even my not-so-great Airbnb rental experiences — like when my friends and I cowered in the basement all night to avoid a loose bat — become treasured tales of mutual hardship.
Lost in the media hoopla around Chesky’s flying house was a quieter product launch: new tools to help groups find and book properties together, including shared wishlists and trip invitations. It’s clear that Chesky’s heart is in the right place, and he knows what Airbnb can be at its best. But the pressure of earning profits has clouded that vision.
The profit pickle
Less than two decades ago, Chesky and his co-founders created Airbnb as a way to solve two parallel problems:
Many people had guest bedrooms and vacation homes that, much of the time, went unused.
Many travelers were looking for affordable lodging options beyond hotels.
By setting adventurous travelers up with otherwise unused spaces, the platform was creating a win-win situation. Guests got what they wanted and hosts earned some extra money to pay their mortgages.
Then, an unfortunate thing happened: Airbnb became extraordinarily popular.
More than 1.5 billion guests have now checked into Airbnb properties, according to the company — more than 18% of the entire world population. This success has bred a new kind of Airbnb host, one who wasn’t interested in sharing a basement room for a few bucks: institutional investors.
More than 30% of short-term rental listings in the U.S. are now listed by hosts with 21 or more properties, according to May 2023 data provided by AirDNA. That’s compared with 26% of listings from single-property hosts.
From a business standpoint, this all makes sense. There’s money to be made in buying single-family homes and converting them into short-term rentals, so that’s what has (and will continue) to happen. But for those of us who see Airbnb as a way to connect with friends and family, it’s a catastrophe.
“Saturday Night Live” recently skewered the “bland, generic, downright uninviting” interior design of these megahost properties, but it’s about more than uninspired wall art. It’s hard to make meaningful memories in a home that doesn’t feel like a home.
Holding out hope
At some level, I think Chesky wishes he could put the Airbnb genie back in the bottle (though probably not his fortune) and go back to the days when it was making life more enjoyable for backpacking cheapskates.
That won’t happen anytime soon, so he has turned his attention to more interesting projects, like making houses fly.
I still think Airbnb can be better.
By regulating itself (rather than putting the onus on local governments), the platform could limit how many properties a host can run and give preferential treatment to real hosts listing real homes. It could also do more to build and support local communities rather than extract maximum profit from them.
Chesky may have moved on to shinier toys, but I’m still rooting for Airbnb.
(Top photo courtesy of Airbnb)
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2024, including those best for:
Drug shortages are an ongoing fact of life, and many Americans have known the inconvenience of having to wait to fill a prescription. But shortages have mounted in recent years, alarming observers and generating headlines.
The number of prescription drugs in shortage climbed to a 10-year high of 323 in the first quarter of 2024 — but it’s not just about the numbers. Patients and their health care providers are also being hit with much more consequential shortages, some with potentially life-altering results.
Hospital crash carts, used to provide emergency treatment to patients with critical conditions like cardiac arrest, have run short of premeasured packages of drugs like epinephrine, forcing clinicians to spend extra time measuring a dose from a vial, and increasing the odds of a medication error.
Some cancer patients, if their first-choice chemotherapy is unavailable, have had to take another drug that has much worse side effects.
Shortages can affect everyone connected with health care in any setting. “Drug shortages impact patients, families, caregivers, pharmacists, hospitals, nursing homes, hospices, and other individuals and entities across the health care system,” according to an April 2024 white paper from the U.S. Department of Health and Human Services.
To make matters worse, over the past 12 months, there have been shortages of medicines for which there is no alternative, says Erin Fox, senior pharmacy director at University of Utah Health. Fox gives one example: oxytocin, a drug that’s ordered by obstetricians to induce labor or, after delivery, to help stop maternal bleeding.
Which drugs are in short supply?
Hundreds of prescription medications are difficult or impossible to obtain as of April 2024. Among them are quinapril, which is primarily used to treat hypertension; injectable acyclovir, an antiviral; and propofol, for general anesthesia.
You can check the availability of a prescription drug by searching the U.S. Food and Drug Administration’s FDA Drug Shortages database or the American Society of Health-System Pharmacists’ ASHP Drug Shortages List. Click on any drug name to learn more about that specific shortage.
The effects of shortages on patients and their providers can be profound. Scott Matsuda, a member of the Patient and Family Advisory Council at the nonprofit Patient Access Network (PAN) Foundation, has worked with cancer patients “who, all of a sudden, find their chemotherapy drugs aren’t available.” Sometimes, patients report that symptoms of their cancers return soon after they stop taking their first-choice chemo, he adds.
No health care setting has been spared, not even hospital operating rooms. Dr. Jesse Ehrenfeld, an anesthesiologist and the president of the American Medical Association, at times has had to use second-choice drugs to induce anesthesia. These medications may have additional side effects, such as lasting longer than necessary, he said.
“Complex workarounds also have the potential to introduce errors,” says Ehrenfeld. “And I’ve had colleagues who had to delay or cancel care due to a shortage.”
Why are so many drugs in short supply?
What causes shortages? About 12% of them are due to manufacturing problems, as when a tornado hit a Pfizer plant in North Carolina, according to drugmakers’ reports compiled by the ASHP. Another 14% of shortages happen when demand suddenly outruns supply; for example, that occurs when demand for the antiviral Tamiflu spikes during a severe flu season. And 12% are due to a business decision, like when a drug manufacturer decides they can reap greater profits by making a different drug.
But the biggest category of reasons that manufacturers give for a shortage, at 60%, is “unknown/would not provide.” Ehrenfeld says, “That’s called flying blind. In most cases, we really don’t have an attributable cause, which makes it hard to pinpoint sustainable solutions.”
What’s being done to solve this multifaceted problem?
Drug shortages are a tough problem because they have such diverse causes. Stakeholders have been seeking solutions for decades, but shortages have continued throughout health care.
ASHP has recommended that, for starters, Congress give the FDA the power to levy “meaningful penalties” on drugmakers that fail to report manufacturing and supply chain problems. Failure to report is rampant in the industry.
“We think FDA requiring greater transparency in manufacturing and distribution could help us understand the causes and mitigate the challenges,” says Ehrenfeld.
The pharmacist group also recommends that to improve the profitability of generics, the FDA waive some fees on manufacturers who promptly bring these lower-priced drugs to market.
Some observers are hopeful that momentum is gathering for impactful action. “I’ve been working on drug shortages since 2001, and we now have the most interest in Congress and elsewhere that I’ve ever seen,” says Fox, who has testified about the problem at Senate committee hearings.
How can you work around a shortage of your drug?
The bottom line for health care consumers is that systemic problems with prescription drug supplies will likely persist. If you’re faced with a shortage of a drug you need, these steps will improve your chances of getting hold of it more quickly.
Refill prescriptions as early as your insurer will let you. Ordering prescriptions ahead can give you more options for obtaining a refill before you run out.
Contact your prescriber. Let them know that your prescription isn’t available at your pharmacy or will be delayed. Solicit their suggestions for other ways to get the drug, a generic or brand-name equivalent, or an alternative medication that would work for you.
Ask your insurer to cover the brand-name version if the generic drug is unavailable. If your insurer resists paying for the more expensive brand-name drug, ask your prescriber to go to bat for you.
Develop a long-term working relationship with your pharmacist.
If the pharmacist knows you’re a regular customer, they may be more likely to hustle to find a supplier that has your medication.
Try other pharmacies. Drugs in shortage are often distributed unevenly among pharmacies. Call around and see if another retailer in your area has a supply. If your insurer has a mail-order prescription option, consider trying it.
Starting a new business requires a good idea, customers to whom you can sell your product or service, and money to get you off the ground. A personal loan to start a business can be one option for funding, especially if you don’t yet qualify for a small business loan or you qualify for a personal loan with a low interest rate.
Here’s a look at the pros and cons of using a personal business loan to start your business as well as some alternatives to look into.
What Is a Personal Business Loan?
Personal loans to start a business are offered by some banks, credit unions, and online lenders. The borrowed funds are paid back with interest in regular monthly installments. While most loans will specify what you can spend the money on — a mortgage must be used to buy a house, for example — the sum you receive from a personal business loan can be spent in a variety of ways. It’s important to check with your lender about whether their personal loans can be used for business expenses, as some lenders do not allow it.
Your personal loan interest rate is based on a combination of financial factors, including financial history, income, and credit score. Generally speaking, the higher a person’s credit score, the more likely they are to receive a personal loan with favorable terms and interest rates. Applicants with lower credit scores may find it more difficult to qualify for low-interest rates. That’s because lenders tend to see them as at greater risk of defaulting on their payments and, to offset that risk, they might charge a higher interest rate. 💡 Quick Tip: Some lenders can release funds as quickly as the same day your loan is approved. SoFi personal loans offer same-day funding for qualified borrowers.
Why Might You Use a Personal Loan to Start a Business?
Taking out personal loans for business may present a number of benefits compared to some other alternatives.
Ease of Qualification
Banks offer personal business loans based on personal income and credit score. When you apply for a business loan, you’ll likely be asked for quite a bit of information during the application process, including your personal and business credit score, annual business revenue and monthly profits, and how long you’ve been in business. The longer your business has existed, the more likely you are to have a record of revenue and profit, and the more likely you are to qualify.
If your business is brand new, it can be tricky to get a business loan right off the bat, and it may be easier to qualify for a personal loan.
Faster Funding
How long it takes to get approved for a personal loan and receive funding will vary by lender. Online lenders are typically faster than banks and credit unions. However, you are likely to receive funding within seven business days.
By contrast, the process for a business loan can be much slower. For example, it can take 60 to 90 days to receive funding from a Small Business Administration (SBA) loan.
Can Have Low Interest Rates
Personal loan applicants with a positive credit history and a healthy credit score may be able to qualify for a low interest rate. In general, interest rates on personal loans can be much more competitive than those on other types of credit.
Credit cards, for instance — although not an inherently bad choice for business credit — can have higher interest rates than other types of lending options. They may also have penalties and fees that personal loans may not have, such as penalty annual percentage rates (APRs) that go into effect if you make a late payment, over-limit fees if you spend more than your credit limit, annual fees, and more.
Flexibility and Versatility
Personal loans have few restrictions on how you’re allowed to use the money you borrow. That means you can spend on anything from buying or renting a building to marketing materials to purchasing inventory, as long as your lender doesn’t restrict the personal loan funds to non-business purposes.
Recommended: 11 Types of Personal Loans & Their Differences
What Are Some Risks of Using a Personal Loan to Start a Business?
Despite the potential advantages of using a personal loan to help you start your business, there are also potential drawbacks to consider.
Some Lenders Don’t Allow Personal Loans for Business
Some lenders do place certain restrictions on how you spend your personal loan. Being upfront about your intentions to use it for business expenses and asking if that is allowed is a good idea. In some cases, it may not be. However, it’s far better to be honest about how you plan to use a loan than risk breaching the loan agreement. If you end up using a loan in a prohibited way, your lender could force you to repay the full amount of the loan with interest.
Can Mean a Smaller Loan
Personal loans generally offer borrowing limits as low as $1,000 and as high as $100,000 for larger personal loans. For small businesses, this might be plenty. But if you’re a larger business that needs more money, you may be better off looking for a loan that can better meet a business’ financial needs.
Can Have Shorter Repayment Terms
Lending periods for personal loans will vary. Typically you can find loans with term lengths of 12 months to five years, sometimes a bit longer. When compared to some small business loans, this is a relatively short period of time. Consider that for SBA loans, maximum terms can be as much as 25 years for real estate, 10 years for equipment, and 10 years for working capital or inventory.
Personal Credit Score and Assets Could be Affected
If you take out a personal loan and are unable to make monthly payments, you are putting your personal credit at risk. Missed payments may have a negative effect on your credit score, which can make it more difficult for you to access funding in the future.
Recommended: What Is Considered a Bad Credit Score?
May Qualify for Fewer Tax Deductions
In general, the interest you pay on a personal loan is not tax deductible. However, it may be if you use it for business purposes. This can get a bit tricky. You may only deduct interest on the portion of the loan that is used for business expenses. So if you use any of that money to remodel the bathroom in your home, for example, interest on that portion can’t be deducted.
Businesses are able to deduct interest from bank loans, vehicle loans, credit card debt, and lines of credit.
Personal Business Loans vs Small Business Loans
Borrowing money to pay for business expenses is a decision that takes some consideration. There are different reasons you might want or need a business loan, there are many lenders to choose from, and there are different lending options to compare. Here are some things to think about if choosing between a personal loan for business or a small business loan.
Factor to Consider
Personal Loan for Business
Small Business Loan
Use of funds
Some lenders may not allow personal loan funds to be used for business purposes
Specifically for business purposes — cannot be used for personal use
Qualification
Personal creditworthiness determines approval, interest rate, and loan terms
Lenders will require business financials, proof of time in business, and other details, in addition to possibly taking personal credit into account
Interest rate
Depending on your creditworthiness, interest rate may be lower than other forms of credit, such as credit cards
Depending on the type of loan, interest rates on SBA loans may be lower than some personal loans
Loan amount
Up to $100,000 depending on the lender.
SBA maximum loan amount is $5 million.
Some lenders may approve working capital loans for up to several million dollars
Funding time
Depending on the lender, loan funds may be disbursed as soon as the day of approval or in up to seven days
The SBA loan timeline is between 60 and 90 days from application to disbursement.
A working capital loan from a traditional lender may be approved quickly and funded shortly after approval
Tax deductibility
Interest is not generally tax deductible
Interest may be tax deductible in some cases
Recommended: Business Loan vs Personal Loan: Which Is Right for You?
Alternatives to Personal Business Loans
Personal loans may not be the best option for everyone and are not the only way you can fund your small business. You may also want to consider small business loans or a business line of credit.
Small Business Loans
Small business loans are offered through online lenders, banks, and credit unions. There are a variety to choose from that may be designed for specific purposes. For example, a working capital loan is designed to help you finance the day-to-day operations of your business. An equipment loan can help you replace aging technology and buy new equipment.
SBA loans are guaranteed by the Small Business Administration, whose aim is to help small businesses get off the ground and grow. That means if you aren’t able to make your payments, the SBA will step in and cover 85% of the default loss. By reducing risk in this way, the organization helps businesses get easier access to capital.
Shopping around for the best small business loan rates is a good way to compare lenders and find the one that works best for your unique financial needs.
Business Lines of Credit
A business line of credit is revolving credit, much like a credit card. You are allowed to borrow up to a certain amount, and you only pay interest on the amount you are currently borrowing — making this option more economical than a term loan for some business owners. As you repay the funds, the amount of credit available to you reverts back to the original limit and you can borrow the money again.
Another advantage to a line of credit over a term loan is the ability to use a check to pay vendors who may not accept credit cards.
Credit Cards
Credit cards, with a current average interest rate of more than 22%, tend to have higher interest rates than other types of funding. For example, the average finance rate for personal loans is about 12.49%, according to the Federal Reserve.
Also, credit cards are revolving credit. If you don’t pay off the balance each month, you can fall deeper into debt. Whereas, installment loans offer fixed monthly payments with a fixed end date.
Business credit cards may be a good choice for some business owners, though, to keep personal and business expenses separate. They may also offer rewards, perks, and bonuses that make them an attractive option.
Recommended: Breaking Down the Different Types of Credit Cards
Merchant Cash Advance
Funding for a merchant cash advance (MCA) is based on a business’ past credit card receipts. Technically not a loan, an MCA is an advance on future revenue. The business repays the MCA lender a percentage of its monthly sales revenue until the debt is paid in full. 💡 Quick Tip: Generally, the larger the personal loan, the bigger the risk for the lender — and the higher the interest rate. So one way to lower your interest rate is to try downsizing your loan amount.
The Takeaway
Can you use a personal loan to start a business? Short answer: Yes. Taking out a personal loan is one way to fund your small business needs, as long as your lender allows the funds to be used for business expenses. There are alternatives, though, including lines of credit and SBA loans.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
Photo credit: iStock/fizkes
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.
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.
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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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.
Nope, not a radio. This ol’ thing is a tissue cover box that makes music from an otherwise boring home essential. The cute retro cover comes in three fun colors and looks so charming in kitchens or bedside tables. Who knew tissues could be so cool?
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Bold and Bright
Simple Designs Mini Ceramic Globe Table Lamp
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Bold and Bright
Simple Designs Mini Ceramic Globe Table Lamp
Now 53% Off
In case you didn’t see the under-$10 price tag of this mini lamp, we’d like to call that out off the bat. In addition to its affordability, this extremely giftable light comes in eight colors. There’s also an option to buy an 18-pack for just over $150 if your giftee has a lot of rooms in dire need of some light.
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For Bath Time All the Time
dodococa Bathtub Soap Dish
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For Bath Time All the Time
dodococa Bathtub Soap Dish
Now 10% Off
Has anything ever been more on the nose than these bathtub-shaped soap dishes? The quirky little holders look so nostalgic and actually have great use to them since they’ll prevent any gunky build-up from forming on your sink or tub edge. We also recommend storing jewelry, Q-tips, or smaller toiletries in these dishes.
More: Gift This Lego Tiny Plants Set to the Person Who’s Over Roses
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For the Hostess
Brew To A Tea Porcelain Floral Plates
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For the Hostess
Brew To A Tea Porcelain Floral Plates
Nothing is more ’70s than a set of porcelain plates. These floral ones exude a groovy dinner in Mom’s (or Grandma’s) kitchen. The set of eight petite plates is perfect for dessert time, whether you’re serving up a group or enjoying some goodies with the family.
Gerard explained that, “after 2023 trends like quiet luxury dethroned 2022’s colorful maximalism, it’s natural that 2024 shoppers want to ease their way back into the funky prints that once brought them joy. Perhaps the retro waves and groovy flowers of the ‘70s are the perfect opportunity to do so.”
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Acrylic Accessories
upsimples Acrylic Shelves for Wall Storage
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Acrylic Accessories
upsimples Acrylic Shelves for Wall Storage
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Somehow, if you find the right shelving, it can transform a space from meh to HELLO! These bold acrylic shelves are the perfect example of an enticing piece of decor that your giftee will obsess over.
The set of four comes with pre-drilled holes so they won’t have to get too down and dirty with assembly, and they can each hold 8 pounds of books, photos, or knickknacks. (If you’re gifting this, include a framed picture of you and the recipient. That way, they’ll have no choice but to hang it up in their home.)
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A Washable Favorite
Ruggable Iris Apfel Birds of A Feather Green and Peach Rug
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A Washable Favorite
Ruggable Iris Apfel Birds of A Feather Green and Peach Rug
Our editors love Ruggable for its many eccentric washable rugs. This bird style is screaming grandparent’s living room (in the best way). It’s a quirky centerpiece that dresses up a drab kitchen in no time.
Senior Editor Summer Cartwright has an area rug from the brand and recommends getting a tufted finish for added comfort. “It’s so soft, but the thickness doesn’t hinder any of its machine-washable capabilities.”
Anyone, from your in-laws to your little sibling, would likely love a new runner to enhance their home.
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Blondie-Approved
Snadinordica Disco Ball Planter
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Blondie-Approved
Snadinordica Disco Ball Planter
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I’m not saying that your Swiftie friend needs this disco ball-shaped plant holder. I’m saying that they deserve this disco ball-shaped plant holder (the Mirrorball stans know what I mean).
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For a Fresh Morning Jump Start
Smeg Retro Drip Filter Coffee Machine
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For a Fresh Morning Jump Start
Smeg Retro Drip Filter Coffee Machine
I know we just mentioned coffee makers above, but this home decor gift is for a recipient who needs their morning nectar fast and in huge supply. The drip machine can craft up to 10 cups at once, plus it has an auto-start capability that can align with their alarms. Imagine waking up to fresh coffee. Now that’s a good gift.
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Storage in Style
Mustard Made Lowdown Locker
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Storage in Style
Mustard Made Lowdown Locker
If your friend or family member is moving into a new home, gift them a piece from Mustard Made to prove that even storage units can be beautiful.
The Lowdown locker comes in vibrant colors like the pictured yellow and works great as a TV stand like our Senior Editor Summer Cartwright uses it for. “It’s a cool-looking piece of furniture that holds SO much more than you’d think.”
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Aquatic Art
Eangee Home Design Jellyfish Lamp
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Aquatic Art
Eangee Home Design Jellyfish Lamp
The fact that jellyfish are trending in home decor is something most of us did not have on our Bingo cards (if you did, props!), but seeing how cute this sea creature-inspired lamp is, it makes sense. The green and blue hues combined with gemstone-like tentacles are truly gorgeous. This would make a great gift for your creative best friend who moved into their new space.
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Removable Decals
Kazova Brown Stripe Arch Wall Decal
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Removable Decals
Kazova Brown Stripe Arch Wall Decal
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If your giftee lives in an apartment or rental unit, this removable decal would be a stellar present. It has a funky retro shape to it that looks great when laid against corners, shelves, or doors.
More: The Best Peel-and-Stick Backsplash
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A Sunny (Side-Up) Mat
Dtdepth Egg Bath Mat
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A Sunny (Side-Up) Mat
Dtdepth Egg Bath Mat
The perfect bath mat doesn’t exi— never mind. This sunny-side-up egg mat is precisely the kitschy decor piece your giftee needs in their home. It’s under $25 but will certainly bring some laughs and sunshine to their bathroom or even the kitchen sink area, even on rainy days.
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Pour One Out
The Wine Savant Vintage Petals Glasses
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Pour One Out
The Wine Savant Vintage Petals Glasses
If you’re looking for a present to give a friend who always hosts dinner parties at their place, this set of glasses will be a home run. The four-piece gift had that trendy vintage feel to it and comes in an adorable pink color that any Barbie fan would love.
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For the Coffee Enthusiast
Frieling Double-Walled French Press
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For the Coffee Enthusiast
Frieling Double-Walled French Press
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Renaissance Realness
XMGZQ Silver Vase
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Renaissance Realness
XMGZQ Silver Vase
Does this remind you of someone? Perhaps a queen? More specifically, THE Queen Bee?
Metalic decor pieces are all the rage this year, according to Stanback from Pinterest. “With the Renaissance Tour and Beyoncé encouraging people to wear silver in attendance, that definitely trickled outside of the tour… A lot of Gen Z and millennials are driving hot metal aesthetics into their own home.”
If you’re searching for a home decor gift for a Bey fan, it’s safe to say this set of vases is more than ideal.
Summer Cartwright is senior editor for Best Products and FirstFinds and is based in New York. She has written and edited for sites including Cosmo, People, InStyle, Food & Wine, Real Simple, and StyleCaster. Her interests outside of work include running, eating dessert, and playing with her two cats, Peaky and Polly. She received her master’s degree in magazine writing from New York University, and her bachelor’s degree in public affairs journalism from The Ohio State University.
If you find yourself in a bad financial situation, making an early withdrawal from your 401(k) may sound tempting. But early withdrawals from your 401(k) come with hefty fines and can put your retirement at risk. So, before you do this, you should be sure that it’s truly a financial necessity.
That being said, there are situations when it makes sense, and occasionally, you can find ways to get the fees waived. This article will review everything you need to know before making an early 401(k) withdrawal.
Early 401(k) Withdrawal Options
Wondering if you can tap into your 401(k) funds ahead of schedule? The ability to make an early withdrawal from your 401(k) hinges on several factors, including your employer’s policies, the specifics of your plan, and your current employment status. Here’s a straightforward guide to understanding your options.
Checking With Your Employer
Your first step should be to get in touch with your human resources department. Not every employer permits early withdrawals from their 401(k) plans, and those that do may have specific criteria and procedures you’ll need to follow. The ease of starting this process and the options available to you will depend on various factors, such as your age and the specific rules of your plan.
For Former Employees
If you’re no longer employed with the company that holds your original 401(k), reaching out to the plan’s administrator is your next move. The administrator can provide you with the necessary steps and documentation required to initiate an early withdrawal. They’ll guide you through the process, ensuring you understand any implications or penalties associated with accessing your funds prematurely.
For Current Employees
Still working for the company where you’ve built your 401(k)? There might be restrictions on your ability to make early withdrawals. But don’t lose hope; you might have the option to borrow against your 401(k) instead.
Taking a 401(k) loan can be a viable alternative, offering a way to access your funds without the penalties associated with early withdrawals. We’ll delve into the specifics of 401(k) loans and how they work later on, providing you with all the information you need to make an informed decision.
401(k) Early Withdrawal Penalties
When it comes to pulling money from your 401(k) before reaching the age of 59 ½, the Internal Revenue Service (IRS) doesn’t give you a free pass. Let’s break down what this really means for your wallet. You’re not just facing a flat fee; it’s a combination of penalties and taxes that can significantly reduce the amount you end up with.
The 10% Penalty Explained
If you dip into your 401(k) early, the IRS imposes a 10% penalty on the amount you withdraw. This is their way of discouraging people from using their retirement savings prematurely. For example, if you withdraw $10,000, you owe $1,000 right off the bat to the IRS as a penalty.
Tackling the Tax Implications
But the financial impact doesn’t stop there. Since 401(k) contributions are made pre-tax, when you take money out, it’s considered taxable income. This means the amount you withdraw will be added to your total income for the year, potentially pushing you into a higher tax bracket.
To illustrate, let’s say you’re in the 22% tax bracket. On a $10,000 withdrawal, you’ll owe $2,200 in income taxes, in addition to the $1,000 penalty. So, from your $10,000, you’re down $3,200, leaving you with $6,800.
Real-World Example for Clarity
Imagine John, who decides to withdraw $10,000 from his 401(k) to cover an unexpected expense. John is in the 22% tax bracket. Here’s how his withdrawal breaks down:
10% early withdrawal penalty: $1,000
Income tax (22%): $2,200
Total deductions: $3,200
Amount John receives: $6,800
This example highlights the importance of considering the combined effect of penalties and taxes on early 401(k) withdrawals. It’s not just about the immediate need for cash but understanding the long-term impact on your retirement savings.
Tax Planning Strategies for Early 401(k) Withdrawals
Making an early withdrawal from your 401(k) can have significant tax implications. However, with careful planning, you can manage these impacts more effectively. Here are strategies to consider:
Spread Out Withdrawals
If possible, spreading out your withdrawals over several years can help manage your tax bracket. Large withdrawals can push you into a higher tax bracket, increasing your overall tax liability. By taking smaller amounts over time, you may stay within a lower tax bracket, reducing the amount of taxes owed.
State Tax Considerations
Remember that state taxes can also apply to 401(k) withdrawals. Tax rates and regulations vary by state, so it’s essential to understand the rules in your state and plan accordingly. Some states offer tax breaks or exemptions for retirement income, which could influence your withdrawal strategy.
Reinvesting Withdrawn Funds
If you must make an early withdrawal but don’t need the funds immediately for expenses, consider reinvesting them in a tax-advantaged account. This could be a Roth IRA, where withdrawals in retirement are tax-free, or a health savings account (HSA), if eligible. These moves can help mitigate the tax impact and potentially grow your investment tax-free.
Implementing these tax planning strategies can help you navigate the complexities of early 401(k) withdrawals, minimizing the tax bite and keeping your retirement goals on track. Consulting with a tax professional or financial advisor can provide personalized advice based on your individual situation and financial goals.
Hardship Withdrawal Eligibility and Requirements
When life throws you a financial curveball, tapping into your 401(k) through a hardship withdrawal might seem like a viable option. This choice allows you to access your retirement funds early without the standard 10% penalty, under specific conditions. Let’s explore what qualifies as a hardship withdrawal, the documentation you’ll need, and how to prove your need effectively.
Qualifying Conditions for Hardship Withdrawals
Hardship withdrawals are not given out for just any reason. The IRS defines specific scenarios where these withdrawals are permitted. These include:
Unreimbursed medical expenses: Significant out-of-pocket medical costs for you, your spouse, or dependents.
Home purchase: Down payment and closing costs for buying your primary residence.
Tuition and education fees: Tuition, related educational fees, and room and board expenses for the next 12 months of postsecondary education for you, your spouse, children, or dependents.
Prevention of eviction or foreclosure: Amounts necessary to prevent eviction from or foreclosure on your primary residence.
Funeral expenses: Costs related to the death of a family member.
Repair of damage to primary residence: Costs for repairs to your home that would qualify for the casualty deduction under IRS rules.
Documentation Requirements
To successfully apply for a hardship withdrawal, you’ll need to provide substantial proof that your situation matches one of the qualifying conditions. This might include:
Unreimbursed medical expenses: Bills and statements from healthcare providers, showing the costs not covered by insurance.
Home purchase: Mortgage documents or contracts that highlight the purchase of a primary residence.
Tuition and education fees: Invoices from the educational institution for tuition, along with documentation for related expenses.
Prevention of eviction or foreclosure: Notice of eviction or foreclosure proceedings against your primary residence.
Funeral expenses: Funeral home invoices or other documentation of related expenses.
Repair of damage to primary residence: Estimates or receipts for repairs necessary due to damage that qualifies for a casualty deduction.
The Process of Proving Hardship
Proving hardship is more than just submitting documents. You’ll need to:
Contact your plan administrator: Start by reaching out to your plan’s administrator. They can guide you through the specific requirements and process for your plan.
Gather your documentation: Collect all relevant documents that substantiate your claim. This may require obtaining records from various sources, so it’s wise to start this step as soon as possible.
Complete the application: Fill out the necessary application forms provided by your plan. Ensure all information is accurate and attach your supporting documentation.
Await approval: After submitting your application, there will be a review process. During this time, your plan administrator may request additional information or clarification.
While a hardship withdrawal can offer a lifeline during financial distress, it’s crucial to approach this option with a full understanding of the qualifications and process. Remember, these withdrawals can impact your retirement savings, so consider all alternatives before proceeding.
Should you consider a 401(k) loan instead?
Considering a 401(k) loan instead of an early withdrawal might be a strategic move under certain circumstances. Below, we will clarify the nuances of 401(k) loans, including repayment conditions, interest rates, and when it’s advantageous to choose this option over withdrawing funds directly.
The Basics of 401(k) Loans
A 401(k) loan allows you to borrow against the savings in your retirement accounts without incurring the penalties and taxes associated with an early withdrawal. It’s a feature many plans offer, providing a way to access your funds for immediate needs while still keeping your retirement goals on track.
Repayment Terms
Repayment terms for 401(k) loans vary by plan, but typically, you’re expected to repay the loan within five years. Payments are usually set up on a monthly basis and are deducted directly from your paycheck, making the repayment process straightforward and manageable.
Interest Rates
The interest rate on a 401(k) loan is often comparable to or slightly higher than current market rates, but significantly lower than the rates associated with credit card debt or personal loans. The interest you pay goes back into your 401(k) account, essentially paying yourself back with interest, which can make this option particularly appealing.
When to Consider a 401(k) Loan
Choosing a 401(k) loan over a direct withdrawal or other financial avenues can be wise in several scenarios:
Avoiding penalties and taxes: If you need access to funds but want to avoid the penalties and taxes associated with an early 401(k) withdrawal.
Debt consolidation: When looking to consolidate high-interest debt under a lower interest rate, thus saving money in the long term.
Major expenses: For significant expenses, such as home repairs or medical bills, where using a 401(k) loan can provide a financially responsible solution.
Before opting for a 401(k) loan, consider the impact on your retirement savings. While you’re repaying the loan, the borrowed amount is not invested, potentially missing out on market gains. Additionally, if you leave your job, the loan may become due in full much sooner than the original five-year term.
Substantially Equal Periodic Payments (SEPP): A Closer Look
When considering accessing your 401(k) or IRA funds before the typical retirement age without facing penalties, the Substantially Equal Periodic Payments (SEPP) program can be a lifeline. This strategy requires a commitment to taking consistent withdrawals for a significant period. Let’s dive deeper into how SEPP works, how to calculate your payments, and when this approach might be particularly beneficial or risky.
How to Calculate SEPP Payments
Calculating your SEPP involves choosing from one of three IRS-approved methods: the Required Minimum Distribution (RMD) method, the Fixed Amortization method, and the Fixed Annuitization method. Each method uses your current account balance and life expectancy factors to determine annual withdrawal amounts, but they vary in flexibility and payment amounts.
RMD method: This method recalculates your payment each year based on the current account balance and your life expectancy.
Fixed amortization method: This calculates a fixed annual payment based on your life expectancy and account balance at the start of the SEPP plan.
Fixed annuitization method: This uses an annuity factor to determine annual payments, resulting in fixed payments for the duration of the SEPP period.
Scenarios Where SEPP Might Be Advantageous
SEPP plans can be particularly useful in several situations:
Early retirement: If you plan to retire early and need a steady income stream, SEPP allows you to access your retirement funds without the 10% early withdrawal penalty.
Bridge income gap: For those who need to bridge an income gap until other retirement benefits kick in, such as Social Security or pensions.
Financial emergencies: In cases where there are substantial financial needs before reaching 59 ½, SEPP provides a structured way to access funds.
Potential Pitfalls and Considerations
While SEPP offers a way to access retirement funds early, there are important considerations to keep in mind:
Commitment: Once you start SEPP, you must continue the withdrawals for at least five years or until you reach age 59 ½, whichever is longer. Deviating from the schedule can result in retroactive penalties.
Market risk: Your account is still subject to market fluctuations, which can impact your balance and, potentially, your withdrawal amounts if you’re using the RMD method.
Locking in losses: If you withdraw money during market downturns, it can lock in losses, potentially jeopardizing the longevity of your retirement funds.
SEPP can be a strategic tool for managing retirement funds before reaching the traditional retirement age. However, it’s crucial to carefully assess your financial situation, consider the long-term implications of starting SEPP, and consult with a financial advisor to ensure this strategy aligns with your overall retirement planning goals.
Alternatives to Early 401(k) Withdrawals
Accessing your 401(k) early can come with significant financial repercussions, including penalties and taxes that diminish your retirement savings. Fortunately, there are several other strategies you can consider to meet your financial needs without tapping into your retirement funds prematurely. Let’s delve into some of these alternatives and how they might serve as viable solutions.
Borrow from Family or Friends
One of the most straightforward alternatives is to seek a loan from family or friends. This option can offer more flexible repayment terms and potentially lower (or no) interest rates. However, it’s essential to approach this solution with clear communication and, ideally, a formal agreement to avoid any misunderstandings or strain on your relationships.
Sell Personal Assets
Another strategy is to evaluate your personal assets for items that you can sell. This could range from high-value items like a second car or recreational vehicles to smaller, valuable assets such as electronics or collectibles. Selling assets can provide a quick influx of cash without the need to worry about interest rates or penalties.
Explore Government and Non-Profit Assistance
For those facing financial hardship, various government and non-profit programs offer financial assistance. These programs can provide support for a range of needs, including housing, utilities, food, and medical expenses. Researching and applying to these programs can offer a way to bridge your financial gap without compromising your retirement savings.
Consider Home Equity Loans and HELOCs
If you have equity in your home, tapping into it through a home equity loan or a home equity line of credit (HELOC) might be a strategic alternative to early 401(k) withdrawals. Both options can offer more favorable interest rates than a personal loan or credit cards, but with distinct differences in how you access and repay the funds.
Home Equity Loans
Home equity loans provide a lump sum at a fixed interest rate, making it an excellent choice for one-time, significant expenses. The predictable repayment schedule helps with budgeting but requires you to take out a precise amount from the start.
HELOCs
HELOCs, in contrast, offer a flexible credit line, similar to a credit card, but with lower interest rates. This option allows you to borrow as needed over a draw period, usually with variable interest rates. The flexibility is ideal for ongoing expenses, but it’s vital to manage this responsibly due to the fluctuating payments.
Personal Loans and Credit Options
Personal loans from banks or credit unions, as well as low-interest or 0% APR credit card offers, can also provide temporary relief. These options may come with higher interest rates than a HELOC but don’t require collateral. When choosing this route, it’s vital to compare offers and understand the terms to ensure they align with your financial recovery plan.
Conclusion
When faced with financial needs, deciding whether to access your 401(k) early is a significant choice. It’s crucial to weigh the immediate benefits against the long-term impact on your retirement savings. As we’ve explored, alternatives like borrowing from family or friends, selling personal assets, or tapping into home equity through loans or HELOCs can provide the necessary funds without the drawbacks of early withdrawal penalties and taxes.
For those considering a 401(k) loan or Substantially Equal Periodic Payments (SEPP), these options offer ways to access your funds while minimizing the negative effects on your retirement account. However, each choice comes with its own set of considerations and potential impacts on your financial future.
Ultimately, the decision should align with your overall financial strategy and long-term goals. Consulting with a financial advisor can provide personalized advice, helping you to make an informed choice that balances your immediate needs with your retirement aspirations. Remember, the goal is to ensure financial stability now without compromising your future well-being.
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Most cats are perfect companions for apartment living. They sleep an average of 15 hours a day and can easily be left alone with food, water and a litter box. However, your indoor kitty does need some form of activity each day to keep them entertained. If left alone for too many hours, your cat may misbehave by scratching furniture, chewing on plants or engaging in some other unwanted behavior.
It’s a good idea to buy some cat toys to keep your feline friend entertained and well adjusted. You don’t have to spend a lot of money to set up a pet-friendly apartment.
Cat behavior experts suggest that a playful cat is confident, affectionate and alert. Besides providing an outlet for physical energy, playing with your cat for just 20 minutes a day can reduce stress and help you bond with one another. In general, movement stimulates cats and they like to chase things. Here’s a selection of some of the best cat toys for your apartment.
Cat tree with toy
Source: Chewy
Every cat needs a scratching post to stretch and scratch on daily. This sturdy cat tree gives your cat a cozy spot to call its own. It comes fully assembled and has quality materials like solid wood posts, thick household-grade carpet and sisal rope. It includes a hanging ball to play with. Place it next to a window, and your cat will love to nap here while soaking up the sun.
Catnip cat toys
Source: Chewy
Catnip is a perennial herb that stimulates special receptors in cats giving them a sense of euphoria or overwhelming happiness. Inexpensive catnip cat toys provide hours of playtime. These lightweight stuffed toys are chemical and pesticide-free and the perfect unobtrusive cat toy for your apartment. Take these catnip toys out anytime your pet needs a boost of energy, and you’ll quickly find her chewing, batting and running around.
Tower tracks cat toy
Source: Chewy
This interactive toy encourages your kitty to play with spinning balls on a track. It’s self-contained so she’ll never lose the balls. It’s great for single or multiple-cats. You’ll love watching your cat bat at the balls as they spin round and round. The tower tracks cat toy has non-skid pads so it won’t move as your kitty plays.
Laser exerciser cat toy
Source: Chewy
This is an inexpensive and fun toy for both you and your cat. Light and movement intrigue cats. Turn the lights out and point the laser at the floor or wall, and your cat is sure to chase the image and attempt to capture it. The LED light is safe for use indoors or outdoors. Playing together also helps strengthen the bond between you and your cat.
Ambush interactive electronic cat toy
Source: Chewy
This compact interactive electronic toy brings out the hunting instinct in your cat and offers the perfect way to stimulate her in a small space. A colorful feather randomly pops out from one of the six holes, using LED color lighting and motion. Your cat will pounce and paw at the feather in try to catch it. The anti-skid feet keeps the toy from moving throughout the game. When your cat wins the battle, the feather is easy to remove and replace.
Bird teaser with feathers
Source: Chewy
Wave the feather teaser around and the colorful feathers and sudden movement will entice your bored kitty to jump and play. By stimulating her natural curiosity, it’s the perfect way to give your cat the daily exercise she needs. This colorful bird teaser has catnip to make playtime even more enticing, stimulating your cat’s natural hunting instincts.
Play mouse cat toy
Source: Chewy
This 10-pack of fuzzy play mice provides hours of feline fun. Drive your cat wild with the sights, sounds and feels they love. Toss them to get your kitty to chase them around your apartment.
They’re great for a single kitty or multi-cat households, too. They’re inexpensive and the perfect cat toy to have on hand whenever your cat seems to be bored.
Jingle bells cat holiday collar with bells
Source: Chewy
Get in the holiday spirit with this festive holiday collar. Your kitty will be adorable thanks to the jingly bells and classic holiday colors. The collar can be worn on top of your everyday collar for short durations and is perfect for holiday pictures.
Walking Santa cat costume
Source: Chewy
Have some holiday fun with your kitty and dress her up in a Santa suit. The two-piece design is super cute and includes a body piece and separate headpiece with elastic ear and chinstraps, along with a hook-and-loop fastener at the neck. Adjust it for a comfortable fit and let your furry friend spread cheer during the holiday season.
Enjoy play time with your cat
No matter what type of activities you decide to do with your kitty, they’ll get bored with the same toys after a while. Try to provide your fur baby with the best cat toys and rotate them every few days. Old toys can become new again if you put them away for a little while!
Playing with your cat is fun and will help you transform your home into the purr-fect home.
Rachel Cooper is a freelance writer and author with more than a decade of online journalism and content creation experience. She has written for About.com, Washingtonian, Federal City Council, Montgomery Parks, Destination Maryland, Conde Nast Traveler, Payscale, Valpak, Grandparents.com, Washington Parent and more. Her books include Quiet Water: Mid-Atlantic, AMC’s Canoe and Kayak Guide to the Best Ponds, Lakes and Easy Rivers; 60 Hikes Within 60 Miles: Washington, D.C. and Images of Rail: Union Station in Washington, D.C.
If you’re having a tough time getting home loan financing using a mortgage broker or a local mortgage lender, consider contacting a portfolio lender directly to close your mortgage.
They can offer solutions that others cannot, and may have just what you’re looking for. For example, a portfolio lender may be willing to offer you a no-down payment mortgage while others are only able to give you a loan up to 97% loan-to-value (LTV).
The same might be true if you have bad credit, a high DTI ratio, or any other number of issues that could block you from obtaining traditional mortgage financing.
What Is a Portfolio Loan?
A home loan unique to the lender offering it
That comes with special terms or features
Other mortgage lenders do not offer
It is kept on the bank’s books as opposed to being sold to investors
In short, a “portfolio loan” is one that is kept in the bank or mortgage lender’s loan portfolio, meaning it isn’t sold off on the secondary market.
By servicing the loans themselves and keeping them in portfolio, these lenders are able to take on greater amounts of risk, or finance loans that are outside the credit box because they don’t need to be resold to investors with specific underwriting guidelines.
These companies have the ability to bend the rules when they see a deal worth doing, whereas mortgage lenders that must adhere to Fannie Mae, Freddie Mac, and the FHA have very little wiggle room.
You see, most loans that are sold off are backed by Fannie and Freddie, or the FHA in the case of FHA loans, so very rigid underwriting standards must be met without exception.
Portfolio lenders, on the other hand, can create their own underwriting guidelines because they aren’t at the mercy of an outside agency if they’re actually willing (and able) to keep the loans they make.
A lot of small and mid-size lenders don’t have the same authority because they must sell their loans off on the secondary mortgage market due to liquidity constraints. And investors are becoming increasingly selective as to which loans are actually purchased.
Who Owns My Home Loan?
Most home loans are sold shortly after origination
So the bank that funded your loan likely won’t service it
Look out for paperwork from a new loan servicer after your loan funds
Unless it’s a portfolio loan
Many mortgages today are originated by one entity, such as a mortgage broker or mortgage lender, and then quickly resold to investors who earn money from the repayment of the loan over time.
Gone are the days of the neighborhood bank offering you a mortgage and expecting you to repay it over 30 years, culminating in you walking down to the branch with your final payment in hand. Well, there might be some, but it’s now the exception rather than the rule.
In fact, this is part of the reason why the mortgage crisis took place in the early 2000s. Because originators no longer kept the home loans they made, they were happy to take on more risk.
After all, if they weren’t the ones holding the loans, it didn’t matter how they performed, so long as they were underwritten based on acceptable standards. They received their commission for closing the loan, not based on loan performance.
Today, you’d be lucky to have your originating bank hold your mortgage for more than a month. And this can be frustrating, especially when determining where to send your first mortgage payment. Or when attempting to do your taxes and receiving multiple form 1098s.
This is why you have to be especially careful when you purchase a home with a mortgage or refinance your existing mortgage. The last thing you’ll want to do is miss a monthly payment right off the bat.
So keep an eye out for a loan ownership change form in the mail shortly after your mortgage closes. If your loan is sold, it will spell out the new loan servicer’s contact information, as well as when your first payment to them is due.
Portfolio Loans May Solve Your Financing Problem
Large loan amount?
High DTI
Low credit score
Recent credit event such as short sale or foreclosure
Late mortgage payment
Own multiple investment properties
Need an asset-based income loan
Now back to portfolio loans. If you’re having a tough time getting approved for a mortgage, or finding a particular type of loan, consider a portfolio lender.
As noted, these types of mortgage lenders can offer things the competition can’t because they’re willing to keep the loans on their books, instead of relying on an investor to buy the loans shortly after origination.
They also offer mortgages that fall outside the guidelines of Fannie Mae, Freddie Mac, the FHA, the VA, and the USDA.
That’s why you might hear that a friend or family member was able to get their mortgage refinanced with U.S. Bank or a similar portfolio lender despite having a low credit score or a high LTV.
So if you’re in need of a $5 million jumbo loan, or an interest-only mortgage, or something else that might be considered unique, look to portfolio lending to solve your financing woes.
They may also be able to work with you if you’ve experienced a recent credit event, such as a late mortgage payment, a short sale, or a foreclosure. Really, anything that falls outside the box might be considered by one of these lenders.
Some of the largest portfolio lenders include Chase, U.S. Bank, and Wells Fargo, but there are many smaller players like Bank of Internet, BancorpSouth, Caliber Home Loans, and Wintrust Mortgage.
Portfolio Loan Rates
Portfolio mortgage rates may be higher
Than typical home loan rates
Because the loan programs aren’t necessarily available everywhere
Meaning you may pay for the added flexibility
Now let’s talk about portfolio loan mortgage rates, which as you might suspect, may not be as low as the competition.
Ultimately, many mortgages originated today are commodities because they tend to fit the same underwriting guidelines of an outside agency like Fannie, Freddie, and the FHA.
As such, the differentiating factor is often rate and closing costs, since they’re all basically selling the same thing. You may also see customer service, or in the case of Rocket Mortgage by Quicken Loans, a quirky ad campaign and some unique technology.
For portfolio lenders who offer a truly unique product, loan pricing could be entirely up to them, within what is reasonable. If the loan program is really special, and only offered by them, expect rates significantly higher than what a typical market rate might be.
If their portfolio home loan program is just slightly more flexible than what the agencies mentioned above allow, mortgage rates may be comparable or just a bit higher.
It really depends on your particular loan scenario, how risky it is, if others lenders offer similar financing, and so on.
At the end of the day, a portfolio loan is a solution that isn’t offered by every bank, so you should go into it expecting a higher rate. But if you can get the deal done, it might be a win regardless.