In mid-2013, the FHA implemented a major change to its loan program that requires the annual mortgage insurance to be paid for the life of the loan if the loan-to-value ratio (LTV) exceeds 90%.
FHA Loans Got Pricey Overnight
A newly imposed rule means most FHA borrowers
Will be forced to pay mortgage insurance for the full loan term
Which can greatly increase the total cost of the loan
And make it an unattractive home loan option relative to conventional offerings
This is a very significant change, seeing that many borrowers turn to the FHA because they don’t have access to a large down payment.
Prior to this underwriting change, borrowers generally only had to pay monthly mortgage insurance until the loan amortized to 78% LTV.
And in some cases, the annual mortgage insurance premium wasn’t required at all, just the upfront mortgage insurance premium.
I touched upon this earlier, but the changes are now live. You can see the charts here, which detail the mortgage insurance premiums based on loan term and LTV.
To add insult to injury, the annual insurance premium on FHA loans was also increased back in April. So essentially today’s FHA borrowers are actually being hit twice.
Note: Those who qualify for an FHA streamline refinance (for loans originated prior to June 1, 2009) only have to pay a 0.55% annual MIP thanks to an Obama administration initiative.
If you’re wondering why the FHA made these changes, it was to shore up capital and protect the agency from mounting defaults, and perhaps to level the playing field and draw in private capital.
[Why private mortgage insurance stocks are rising.]
Before this policy change, the FHA was insuring loans out of its own pocket, even if the borrower was no longer paying mortgage insurance premiums.
A Look at the Potential Cost of the Policy Change
In a nutshell, this basically means FHA loans are a lot less attractive than they used to be compared to conventional mortgages.
Before this change went into effect, FHA loans were a hot commodity because they had relatively easy underwriting guidelines coupled with low mortgage rates.
Now, even if the mortgage rate on an FHA loan is significantly lower than that of a conventional loan, the mortgage insurance premiums alone can trump the interest rate savings.
For example, check out the promotional chart from United Guaranty above, one of the largest private mortgage insurers (that competes head-to-head with the FHA).
FHA Loans Will Cost $40,000 More?
While mortgage insurance for life means
Homeowners will pay a lot more in premiums
The assumption is the loan will be held to maturity
In reality most home loans are only kept for a fraction of the 30-year term
Their scenario, which is a 30-year fixed, $200,000 loan amount at 96.5% LTV for the FHA loan, and 95% for their loan, equates to an FHA loan that is about $40,000 more expensive.
The conventional mortgage only requires payment of private mortgage insurance (PMI) for roughly 10 years, while the FHA loan requires it for the full 30 years.
And if you notice the mortgage rates involved, the FHA loan is priced at 3.25%, while the conventional loan with PMI is priced at 3.75%.
The FHA loan results in less interest paid throughout the life of the loan, but costs the borrower big time in the mortgage insurance department.
Now, United Guaranty might have put together a favorable scenario, but even so, the graph illustrates the importance of looking at the big picture.
You can’t just shop for mortgage rates by interest rate alone – one-time fees and other costs can change the picture completely.
The graph also strengthens the argument of coming in with at least 20% down when purchasing a home or refinancing.
If you are able to come up with such a down payment, you can avoid mortgage insurance on the conventional loan entirely, grab a lower mortgage rate, and enjoy a lower monthly mortgage payment.
At the same time, the mortgage insurance costs in this graph may be blown out of proportion.
Most borrowers only hold their mortgages for six years or so, meaning the full cost of the mortgage insurance isn’t actually realized in most cases.
Still, be sure to compare and contrast the costs of all types of loans to ensure you get the best deal for your particular situation.
Read more: The differences between FHA and conventional mortgages.
College is expensive, with the yearly cost of attendance at some private schools now topping $75,000. Looking at these numbers, you may wonder how you will ever possibly afford to send your kids to college.
But before you get too disheartened, it’s important to understand that a college’s published “sticker price” is often very different from what you actually have to pay (known as the net price). What’s more, just putting a small amount of money aside each month in a college fund can add up to a significant sum over time, especially if you take advantage of a tax-advantaged college savings account.
Read on to learn key things about how to save for college — from estimating how much you need to set aside to picking the right college saving fund.
Determining the Cost of College for Your Children
Tuition costs vary widely, depending on the type of school your child wants to attend, the type of degree they’ll earn (bachelor’s or associate), and even geographic location.
According to the College Board, the average annual college tuition costs for the 2022-23 school year were:
• $10,940: public four-year in-state (a 1.8% increase from 2021-21)
• $28,240: public four-year out-of-state (a 2.2% increase from 2021-22)
• $39,400 : private nonprofit four-year (a 3.5% increase from 2021-22)
• $3,860: public two-year in-district (a 1.6% increase from 2021-22)
The College Board also studied the annual, inflation-adjusted change in college tuition and fees over the last decade:
• -1%: four-year public schools
• -4%: two-year public schools
• +6%: four-year private (nonprofit) schools
If your kids are young, you may wonder how much college will cost when it’s time for them to head off. Fortunately, there are many online calculators that can help you figure this out, taking factors like your child’s age, the type of school you expect your child to attend, and the expected rise in the cost of college into account.
💡 Quick Tip: You can fund your education with a low-rate, no-fee private student loan that covers all school-certified costs.
Net Price vs. Sticker Price
Every college and university, private or public, lists a sticker price, which is also known as the cost of attendance (COA). This price includes tuition, fees, room and board, books, supplies, and miscellaneous expenses.
The net price, on the other hand, is what a student would actually pay, after factoring in any financial aid provided by the college and the federal government.
Financial aid is based on your family’s income, as well as the student’s academic achievement. Aid is offered in the form of grants, scholarships, work-study, and sometimes federal student loans. Schools offer aid based on financial need, a student’s “merit,” or a combination.
When you fill out the Free Application for Federal Student Aid (FAFSA), you will receive a Student Aid Index, or SAI. (Previously, this was called the Estimated Family Contribution, or EFC.) Colleges use this number to determine the amount of financial aid they award to accepted students. Typically, colleges come up with a financial aid package to help bridge the gap between the school’s sticker price and what your family can afford to pay.
Indeed, sometimes colleges with the highest sticker price end up costing less than a college with a much lower sticker price.
Recommended: How to Start Saving for Your Child’s College Tuition
Using a Net Price Calculator
Fortunately, you can get an idea of what the net price will be for a particular college before you apply by using the government’s net price calculator. This tool can help students and their families get a better idea of the cost of college, after subtracting scholarships, grants, and other financial aid.
Keep in mind, though, that the net price calculator is going to require specific details about your income and assets, so the more transparent you are regarding your personal finances, the more precise your calculation is likely to be.
When is a Good Time to Start Saving for Your Child’s Education?
Generally, the sooner the better. In fact, it can be wise to set up and start making small monthly contributions to a college savings fund soon after your child is born.
For some familes, however, it may not be possible to start saving that early. It’s equally important to pay attention to your other expenses and family’s needs. For example, you may want to prioritize building an emergency and paying off expensive credit card debt over saving for college. It’s also a good idea to make sure you’re on track with retirement savings. At the end of the day, students are able to get loans for an education but it’s not possible to take out loans to fund retirement.
Some Options for Saving
529 Plan
A 529 education savings plan is an investment account that can be used to save for the beneficiary’s qualified education expenses. The funds can be used to pay for higher education or private elementary or high schools. A 529 plan allows your savings to grow tax-free, and some states even offer a tax deduction on your contributions.
All 529 plans are set up at the state level. However, you don’t have to be a resident of a particular state to enroll in its plan.
If your child decides not to go to school, it’s possible to roll the account over into the name of another family member. If the funds aren’t used for education-related expenses, there may be taxes and penalties.
Family members and friends can also contribute to a child’s college savings plan. They may choose to make deposits to an existing 529 account or set up one themselves, naming a beneficiary of their choice.
Some 529 savings plans offer an age-based investment option to automatically adjust the risk of the investment strategy as the beneficiary gets older. This type of investment approach might be similar to how a target date fund works in your retirement plan.
Regular Savings Accounts
You can also save for your child’s college tuition using a savings account at a traditional bank, credit union, or online bank. Just keep in mind that interest rates, even for high-yield savings accounts, tend to be relatively low. Plus, savings accounts don’t offer the tax advantages you can get with some other college savings vehicles.
It may be difficult to reach education financing goals through a traditional savings account alone since the interest rate might not keep pace with the inflation of college expenses.
Roth IRAs
Although generally used for retirement savings, a Roth IRA can be used to pay for the cost of college. Contributions to a Roth IRA are made with after-tax dollars but earnings grow tax-free.
Generally, to withdraw the earnings from an IRA without paying a penalty (or taxes), the account holder needs to be at least 59 ½ years old. However, if you made the first contribution to your Roth IRA at least five years before, you can also withdraw the growth penalty-free for qualified education expenses, including tuition, books, and supplies.
Keep in mind that, while there may not be an early withdrawal fee, the earnings withdrawn may still be subject to income tax.
Other Options to Pay for College
Sometimes saving alone isn’t enough to cover the cost of college. In that case, there are other funding options available that could help students and their families pay for college.
Private Scholarships
Scholarships are essential free money for college because you don’t have to pay them back. Scholarships are typically merit-based and are offered through a variety of organizations and institutions, including nonprofits, corporations, and even directly from universities and colleges. In some cases, scholarships are awarded on the basis of nationality, ethnicity, or economic need. There are a number of searchable databases that compile different scholarship opportunities.
Federal Financial Aid
When you complete the FAFSA each year, you will become eligible for federal financial aid. This can include scholarships, grants, work-study, and federal student loans (which may be subsidized or unsubsidized).
Private Student Loans
If savings and financial aid aren’t enough to cover the full cost of college, you can fill in gaps using private student loans. These are available through private lenders, including banks, credit unions, and online lenders.
Loan limits vary from lender to lender, but you can often get up to the total cost of attendance, which gives you more borrowing power than with the federal government. Interest rates vary depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.
Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that automatically come with federal student loans.
💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.
The Takeaway
College tuition can be a daunting expense. Setting up a dedicated account to save for college tuition can help make the process much more manageable. There are accounts, like 529 plans, that are designed specifically to pay for educational expenses.
In addition to savings, students and their families may rely on scholarships, grants, federal student loans, or even private student loans to pay for tuition and other educational expenses.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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Nearly $100 billion in option arms are expected to reset in the next two years, with more than half early recasts, a new report released today by Fitch Ratings revealed.
Fitch expects about $29 billion to recast to significantly higher monthly mortgage payments in 2009 and another $67 billion to follow that in 2010.
While some of the loans may be naturally recasting after their initial teaser rate expires, $53 billion of the loans will be doing so because they reached their negative amortization cap, typically set at 110-115 percent of the original loan amount.
An early recast usually takes place if the borrower chooses to make only the minimum payment option each month, which is generally a one percent payment, a deep discount to the fully indexed rate.
To add insult to injury, home price depreciation will put the negative amortization borrower in an even greater hole, surely making many ponder simply walking away.
The only saving grace is the fact that the MTA, the index tied to many of these loans, is just 2.855 percent, down about two percent from a year earlier.
When combined with a standard margin of say 2.50 percent, the fully indexed rate sits below six percent, though Fitch estimates the average payment increase on recasting loans to be 63 percent, or an average increase of $1,053 a month.
“The combined impact of payment shock, negative amortization, declining home prices and restricted availability of mortgage credit may leave many option ARMs’ borrowers unwilling to continue paying their mortgage,” said U.S. RMBS group head Huxley Somerville.
“Also, because of their use as an affordability product, option ARM defaults will likely spread into higher priced neighborhoods, as many borrowers leveraged the very low minimum monthly payment to buy more expensive homes.”
Fitch sees the 90-day plus delinquency rate of 2004-2007 vintage option arm loans more than doubling the current delinquency rate, which ranges between 10 and 24 percent.
Here’s what you need to know to secure a home in Austin, Texas.
Welcome to the ever-changing landscape of the Austin housing market. Known for its quirky culture, burgeoning tech industry and eclectic lifestyle, Austin has been a safe bet for real estate investments for the past decade-plus.
However, as we venture past the midway point of 2023, Austin’s real estate climate is experiencing some intriguing twists. Whether you’re a potential homeowner, a first-time seller or an investor eyeing the Austin housing market, buckle up — there’s a lot to unpack.
Median sale price
The median sale price of a home in Austin is a meaty $571,000. This may sound impressive at first glance, but when you stack it against last year’s figures, there’s a 9.94% year-over-year decrease. This pivotal number is a heartbeat monitor for the Austin housing market, and right now, that beat is slowing down a bit.
So, what does this drop really signify? Is it a sign of market stabilization or a canary in a coal mine?
Average time on the market
A home in the Austin housing market now spends an average of 48 days on the market before being sold. This is a significant increase from the 34-day average of 2022. While the Austin housing market remains competitive, it’s evidently losing some of its previous ferocity. If you’re a buyer, you might find this elongated timeline a tad comforting.
Volume of sales
Let’s talk numbers — 883 homes were sold in Austin in July 2023. This is a 3.8% decline from the previous year. Though the decline is marginal, in the world of the Austin housing market, even a small drop can ripple across the real estate pond.
Opportunity in the Austin housing market
In yesteryears, the Austin housing market was practically a gladiator arena for buyers. Homes would receive multiple offers, almost like suitors vying for a rose in a reality show. Now, the terrain seems a bit more even.
Homes in Austin are selling for about 3% below the list price, and the Sale-to-List Price ratio has declined by 2.6 points to 97.5%. To put the cherry on top, only 17.1% of homes are now selling above the list price — a stark contrast to previous years.
Austin housing market migration
Here comes the really juicy stuff: migration patterns. About 29% of Austin homebuyers are planning their exit, while a more substantial 71% are committed to staying in Austin. On the other hand, people are flocking to Austin from metros like San Francisco, Los Angeles and Chicago. It’s a fascinating migration dance that’s shaking up the Austin housing market dynamics.
But where are Austinites going? Turns out, they have their sights set on places like San Antonio, Denver and Corpus Christi. Whether it’s the allure of a different Texas city or the Rocky Mountain high, Austin’s outbound traffic is certainly something to keep an eye on.
The Austin lifestyle
Let’s not forget why people love Austin in the first place. The city boasts schools like Forest Trail Elementary and Canyon Creek Elementary, rated 10/10 by GreatSchools. The Austin housing market remains a family-friendly arena.
However, climate risks, like moderate flood and fire factors, are creeping into the Austin housing market narrative. Plus, a severe risk of heat waves over the next 30 years is something the Austin housing market simply cannot ignore.
The Austin housing market at a glance
The Austin housing market of 2023 is not what it used to be, but it has not entirely lost its luster either. Prices are more balanced, homes are staying on the market a bit longer and new migration patterns are reshaping its demographics.
For buyers, sellers and investors, understanding the nuances of the Austin housing market is essential for making informed decisions. The market may be in a cooler state, but its complex interplay of factors keeps it as fascinating as ever.
Renting in Austin
So far, we’ve been talking about buying and selling homes. But what about those of us who aren’t ready or interested in making a long-term commitment?
The Austin housing market has a lot to offer renters, too. With the city’s unique culture and growing job market, it’s no surprise that renting remains an attractive option for many. But before you sign that lease, let’s delve into what’s happening in Austin’s rental market.
Austin’s average rental prices
When we talk about rentals, the numbers are quite striking. According to recent data, Austin is witnessing some fascinating shifts in average rent:
In essence, while studio and two-bedroom apartments seem to be getting somewhat more affordable, one-bedroom apartments are moving in the opposite direction. So if you’re considering a roommate, Austin might be a good fit for you.
Neighborhoods in Austin
If you’re looking for the perfect apartment, understanding the Austin housing market at a neighborhood level is essential. Neighborhoods like Market District and Zilker have seen a surge in studio apartment rents, with a 24% and a staggering 147% annual increase, respectively. On the other hand, areas like East Austin and Oak Hill are experiencing decreases in average rent for studios by 8% and 17% respectively.
For the budget-conscious renter, the most affordable neighborhoods for a one-bedroom apartment are Cherrywood, Montopolis and South Austin, with average rents ranging from $1,033 to $1,100. These figures are significantly lower than the Austin one-bedroom average of $1,677.
Breaking down apartment rent ranges
Where does the majority of Austin’s apartment rents lie? According to the data:
$501-$700: 0% of the market
$701-$1,000: A mere 3%
$1,001-$1,500: Occupies 16% of the market
$1,501-$2,100: Commands 22% of the market
$2,101 and above: The lion’s share at 58%
Clearly, if you’re planning on renting in Austin, you’re more likely to encounter higher-end rental costs.
How does Austin compare to other cities?
For those looking outside the Austin housing market, cities like Manor, Round Rock and New Braunfels offer alternatives with differing rental prices. For example, a studio in Manor is going for an average of $3,500, whereas in Round Rock, the average studio is priced at $1,500, a 17% annual decrease.
Austin’s rent trends
Looking at the trend data, rents for all apartment sizes have fluctuated throughout 2023, but one-bedroom apartments have seen a consistent increase. While studios and two-bedrooms show somewhat stabilized rents as of September 2023, only time will tell what the last quarter holds.
The Austin rental market at a glance
Renting in Austin? You’re not alone. Whether you’re here for live music, tech jobs or the infamous Austin weirdness, understanding the rental market is crucial. While Austin’s rental market is complex and dynamic, with neighborhoods and apartment sizes all showing different trends, one thing is clear — the Austin housing market, for buying and renting, remains a topic of captivating shifts and turns.
A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.
The U.S. housing market is short by at least 6.5 million homes. After more than a decade of under-building relative to population growth, there are simply not enough affordable entry-level and first-time move-up options available for buyers. Renters are finding themselves priced out of areas within a reasonable commuting distance to work.
The scarcity of housing has driven home prices and rents prices to an all-time high and pushed affordability to a multi-decade low. Over the next decade, there will be more than two million adults added annually to the U.S. population, due to a combination of aging and immigration. This shift will drive a voracious need for more housing, especially among entry-level and first-time move-up homes at lower price points given structural affordability challenges.
Reasons for the housing shortage plentiful
Housing has been materially unbuilt for the past 15 years. Most production builders have focused on ever larger and more expensive new homes, and relatively few new homes have been built that cater to lower-income households and entry-level buyers, especially in high-cost coastal markets.
Most recently, rising interest rates have intensified the fight for housing. From February 2011 to April 2022, mortgage rates never rose above 5%, making the cost to borrow money and buy a home very cheap. However, since 2022, there has been a rapid rise in rates that has created a “lock-in effect” and stalled many families who would have otherwise considered moving. Homeowners who “locked-in” a mortgage rate of 3-4% during the pandemic are unwilling to buy a home at a 7%+ on a new mortgage, which means even fewer homes are going on the market as existing homeowners choose to stay put.
For those hoping to buy a home for the first time, the rise in rates means that monthly payments are effectively double what they would have been a year ago, a reality that has priced many people out of buying. Couple that with rising costs of home insurance and the general price inflation, and there is a massive housing affordability problem facing the majority of the country.
A need for alternatives
This persistent housing shortage has generated a pressing need for alternatives that can bridge the gap between demand and supply, while accounting for a limited availability of land in top areas.
Enter the Accessory Dwelling Unit, commonly known as an ADU, or more informally called an in-law suite, granny flat or backyard home. ADUs are small, self-sufficient structures that usually have one to three bedrooms, a private entrance, and all the amenities that a resident would require including kitchens and bathrooms. ADUs are one of the most effective ways to add density and rental properties in a higher cost market. These generally detached structures can be built in less than a year and cost far less to build than primary homes. Depending on where you live, there are also various state-run programs such as the CalHFA ADU Grant in California that can bring down building costs tremendously.
For homeowners, ADUs offer an opportunity to provide affordable housing on the rental market or house relatives that would otherwise be unable to afford the neighborhood. These structures can generate rental income to offset rising mortgage payments, and create more long-term rental supply, ultimately lowering the average rental cost for tenants. For local governments, ADUs can increase the number of tenants in areas where high-rise dwellings are not a desirable option. ADUs also offer a compelling option for multi-generational living, which can be a tremendous help with families that want to reduce burdens of childcare and senior care.
Changing policies good for ADUs
Fortunately, we are seeing many government authorities focusing on changing housing policies and zoning codes to make ADUs a more actionable solution. It’s a rare example of government housing policies driving the private market to solve a critical problem. For example, California’s changes in laws and regulations have made ADUs much easier to build. The momentum from these regulations has resulted in a large increase in ADU construction activity: permits for ADUs in California have increased nearly 22x from around 1,100 in 2015 to nearly 24,000 in 2022 and roughly 68,000 ADUs were built across California between 2017-2021. As a result, there are a large number of new housing units that have been added to high-cost locations where people hope to live and work.
Nationwide, many local and state governments are starting to follow the California example. Washington, Oregon, Florida, and Colorado, to name a few states, are starting to make ADUs a more prevalent part of solving the housing affordability issue. Ultimately, ADUs alone won’t solve decades of housing issues. But they can close the gap between the number of people looking for affordable housing and the number of homes available for rent or purchase.
Sean Roberts is CEO of Villa, an ADU builder in California.
This column does not necessarily reflect the opinion of RealTrends’ editorial department and its owners.
To contact the author of this story: Sean Roberts at [email protected]
To contact the editor responsible for this story: Tracey Velt at [email protected]
Perhaps not surprisingly, eight of the 10 most expensive housing markets in the nation can be found in California, at least according to the latest Home Price Comparison Index from Coldwell Banker.
The real estate company evaluated average home values for select 2,200 square foot single-family homes with four bedrooms and two-and-a-half baths in 315 markets in the U.S., finding that La Jolla, CA was the most expensive at $1,841,667.
On the other end of the affordability spectrum was Sioux City, Iowa, where a comparable home would cost just $133,459, despite its waterfront status on the Mississippi River.
The California vs. Midwest trend runs deep, with eight of the most affordable homes found in the heartland of the United States.
Notables include Akron, Ohio, Arlington, TX, and Eau Claire, WI, where all the homes average a sales price below $150,000.
In California, places like San Francisco, Beverly Hills, and Newport Beach topped the list, all with prices above $1.5 million.
Aside from California cities dominating the least affordable list, Greenwich, CT and Boston, MA also made the top ten, with sales prices of $1,787,000 and $1,493,750, respectively.
Of course, you needn’t be a multi-millionaire to live in California, that is, if you choose to live in the most affordable city, Bakersfield, where the average sales price runs at a more reasonable $273,457.
But if you want more freedom to choose, consider Idaho, where the home price variance between the most affordable and least affordable market is just $217.
Coldwell said the cumulative average sales price for the four-bedroom homes tracked in the index was $403,738, a 4.4 percent discount to the $422,343 price in the 2007 study.
Oh, boy. While taking my daily scroll, I uncovered a thread asking, “Which celebrity looks like they smell bad?” Here are the top-voted responses.
1. Post Malone
“It’s 100% Post Malone,” suggested one. Another joked, “People wish he were Post Cologne.” A third shared, “He said in an interview, “I won’t wear any deodorant or anything, but I have a musk, and it’s just kind of, like, naturally enticing to females.”
2. Harvey Weinstein
“Harvey Weinstein, but he smells terrible, according to reports. Like rotten flesh and poopy,” alleged one. “He has Fournier’s gangrene.”
Another confirmed, “My stepdad died of that. And yes, he stank to high heaven in his last few months. It wasn’t his fault, and he was very hygienic. But when your colon is rotting, you stink—really awful way to go.”
3. Bam Margera
One person said, “Bam Margera,” before another confessed, “When I met him, he just reeked of alcohol. Like he bathed in whiskey.” A third stated, “I met him while working at a Walmart. I can confirm he had an odor, but he was still very nice to me.”
4. Jared Leto
Jared Leto looks like he uses his sweat as cologne,” one suggested. A second alleged, “I worked with Jared Leto on a film set > 10 years ago. I can tell you that he smells fine but was a HORRIBLE human.”
“He treated his a-istant (for the film) like trash, was an entitled queen overall, and got a security guy fired because that guy laughed as Leto tripped out of his trailer while drunk. I was a huge fan until then.”
5. Mickey Rourke
Someone volunteered, “Mickey Rourke. He was the first person I thought of when I saw this question.” Others discussed rumors of him smelling back in the 90s before one joked, “I a-umed he smelled like Abercrombie.”
6. Kid Rock
“Kid Rock. He looks like he smells like he just smoked McDonald’s,” said one. Another claimed, “I worked at a radio station, and Kid Rock came in for an interview. He smelled like a dumpster after a fire.”
Funny, he keeps saying he’s a man of the people; Kid Rock’s humble origin story took place on a luxurious estate in wealthy Macomb County, Michigan. Rock, whose real last name is ‘Ritchie,’ grew up the son of millionaire William ‘Bill’ Ritchie, who owned several lucrative car dealerships, and Susan Ritchie, who instilled in Rock ‘a spirit of philanthropy.”
“They raised Rock, who once claimed to be ‘straight out the trailer,’ on six well-groomed acres, where he could pick fresh apples from his family’s orchard.”
7. Brad Pitt
“My first thought when opening this post was that Brad Pitt always looks a little greasy… but I’m sure I’m just being ridiculous,” one confessed. Next, people reminisced about him reportedly having issues on the set of Interview With a Vampire with Tom Cruise.
However, one fan argued, “For what it’s worth, I was an extra on a movie and stood next to Brad Pitt for a few seconds, and the man smelled incredible – to the point that it’s still what I remember the most clearly years later. He was wearing some expensive-smelling cologne.”
8. Russell Brand
One user admitted, “Russell Brand LOOKS like he stinks, but I can vouch the man smells incredible.” Another added, “I hugged Russell Brand at one of his shows. He does NOT smell at all.” A third argued, “He looks like he smells like patchouli.”
9. Pete Davidson
One user voted “Pete Davidson.” “He smells like cigarettes and stale pizza. I’ve met him several times and been in his hotel rooms. I can say he is a VERY nice fellow. But he chain smokes like crazy,” a second suggested.
Finally, a third said, “I get that he looks that way, but he didn’t pull the women he did without smelling amazing. I will die on this hill.”
10. Johnny Depp
“Johnny Depp looks like he forgets his deodorant a lot,” suggested one. “First person I thought of, and I’m surprised I had to scroll this far down to find it. All those scarves keeping the wine sweat insulated? No way he doesn’t smell,” answered another.
Source: Reddit.
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Are you looking to learn how to find a free car? Cars are expensive. There’s no doubt about that. Is it possible to get free cars? Getting a free car may sound too good to be true, but it’s possible for people who meet certain requirements, which we will talk about below. In this article,…
Are you looking to learn how to find a free car?
Cars are expensive.
There’s no doubt about that.
Is it possible to get free cars?
Getting a free car may sound too good to be true, but it’s possible for people who meet certain requirements, which we will talk about below. In this article, I’ll show you how to get a free car through different ways, from charity donations to assistance programs, and more.
I understand that there are so many people who would benefit from a more affordable transportation option. After all, a car can be essential to landing a job, getting to work, helping you pick up and drop off your children at childcare (so that you can work!), getting groceries, and so much more.
Low-income families, single parents, individuals with disabilities, veterans and their families, and so many others may particularly benefit from getting free vehicles to improve their quality of life.
Whether it’s making it easier to get to work, taking the kids to school and childcare, or simply attending important appointments, acquiring a free car can have a significant impact on your daily life.
Related content:
Why do free cars exist?
Free cars exist to help people who need transportation.
There are many organizations whose sole purpose is to help you get a free car because they know how much it can change a person’s life.
Below are some organizations that may help you find a free car:
Nonprofit Organizations— Some nonprofit organizations give away cars for free to those who need one. They work with local partners and households and accept donations of old cars and used cars, which are then fixed up and given to those who need them. These organizations usually target specific groups of people, such as low-income families, working families, single parents, military families, or disabled individuals, who may find it hard to afford a car on their own.
Churches and Private Charities— Churches and private charities may offer car help in your community as well. They usually work on a smaller scale, providing help to local residents experiencing hardships and may just give out a free car here and there. These organizations often rely on donations from members of the community and local businesses, and they require applicants to demonstrate a genuine need for a vehicle. You may need to contact local churches and charities directly to learn more about how to get a car for free.
People donate their used cars all the time. Their reasons may be either because they have no use for the car, they want to avoid the hassle of selling a car, for tax breaks, or they want to help others.
Who can benefit from free cars?
There are many people who can benefit from a free car, such as:
Low-income families— If your family is struggling with money and you are finding it hard to afford your bills, you might be eligible to receive a free car if you can show your need to an organization.
Single mothers and single parents — Single moms and parents need transportation so that they can get to work and also be able to bring their children to childcare. Not having a car can make this much more difficult.
Domestic violence victims — Having reliable transportation can be important for the safety and well-being of domestic violence victims. Some organizations have experience providing a free car in this situation and understand the need for privacy.
Disabled individuals — If you have a disability, you might be eligible to receive a free car to help you get around and be more independent.
Veterans and military families — Veterans and military families can also benefit from free car programs. There are organizations dedicated to providing assistance to those with a military background, to repay them for their service and sacrifices.
Victims of natural disasters — If you have experienced loss from a natural disaster, then you may benefit from many charitable free car organizations.
Of course, there are many more people who could benefit from finding affordable transportation as well. This is not a full list of those who might need a free vehicle.
Now, you do want to be cautious with getting a free car. If you are receiving government assistance, such as housing assistance, welfare, or food stamps, then accepting a free car may be considered income and it can affect your benefits. This is something that you will definitely want to think about as you do not want to lose these benefits.
How To Get A Free Car
There are organizations that help you get a car when you need a free vehicle. And there are other ways to find a free car as well. Below are some of the options that you may want to look into:
1. 1-800-Charity Cars
1-800-Charity Cars (also known as Free Charity Cars) is a nonprofit organization that provides free vehicles to eligible people, including domestic violence victims, the medically needy, victims of natural disasters, veterans and military families, and families transitioning from public assistance to work. It was the first charity of its kind in the nation.
This is the original free charity cars organization and they have given away over $70,000,000 in cars (over 9,000 cars) nationwide since they started the organization in 1996.
To apply, you will need to meet their eligibility criteria and submit an application on their website. Some of their eligibility requirements include being over the age of 18, being a resident of the U.S., having a valid driver’s license, being at or below 200% of the Federal Poverty Level, and having a genuine need for a vehicle.
This is a good place to start if you need a free car and you’re wondering where can I get a donated car for free.
2. Vehicles for Change
Vehicles for Change was started in 1999 and has given out over 7,500 cars to low-income families for little to no cost.
This organization helps residents in the states of Maryland and Northern Virginia. Cars are repaired and restored by people seeking workforce training as auto mechanics.
Donated vehicles are provided to families in need who meet their eligibility requirements. Eligible applicants must have a verifiable job offer or be working at least 30 hours per week, have no DUIs, and have a valid driver’s license to begin the application process.
3. Good News Garage
Good News Garage is a car donation program to look into if you’re trying to find a free car. They provide refurbished free cars for low-income families that meet their eligibility requirements. They give out around 200 cars to families in need each year and have provided around 5,500 cars since starting in 1996.
This organization is available for those in need who live in the New England area of Massachusetts, Vermont, and New Hampshire.
Good News Garage also has a transportation program. If you need to get to a job or get your children to childcare, then their program Ready To Go may be able to help you with this as well.
4. Online Car Donation
OnlineCarDonation.org is another platform that donates refurbished vehicles to needy individuals and families.
Online Car Donation gives free cars to people such as those with physical challenges, families living in homeless shelters, military families, and more.
You can apply by filling out their application form on their website and providing the required documents to prove your eligibility.
After you submit your application for a free car, if you are chosen, you will be contacted within 30 days. If you do not hear back within that time frame, their website says you can apply again as applications are only valid for 30 days.
5. With Causes Charitable Network
The WithCauses.org Network helps individuals and families in need by providing resources and assistance, which includes help getting a free car. The eligibility requirements may vary, so visit their website to find out if you qualify and how to apply.
6. Salvation Army free car program
The Salvation Army offers a free car program for eligible candidates.
They mainly focus on helping domestic violence victims, families in dire financial situations, and the homeless. Visit your local Salvation Army branch to inquire about their car donation program and how to apply.
7. Cars 4 Heroes
Cars4Heroes donates free cars to first responders, military veterans, and their families who are in need of transportation.
Cars 4 Heroes was started in 1996, and the organization currently gives away over 300 cars a year in the Kansas City, Kansas, metro area.
You can fill out their application form on their website and provide the required documentation to be considered for a free car.
8. Local church
Your local churches or other religious institutions may have programs that provide free vehicles to families that need help getting a car.
You may want to contact your nearby churches to find out if they have any car donation programs and how to apply or if they have eligibility requirements. They may know someone that they can connect you with to help you get a free car.
9. Check Facebook Marketplace and Craigslist
Many people often give away their cars or sell them at low prices on platforms like Facebook Marketplace and Craigslist.
If I was wondering about free cars near me, then I’d browse through these websites regularly to find out if anything is available. The search can be customized by entering your budget and location to see if anything suitable turns up.
10. Find a job that gives you a free car
There are jobs that may give you a free car as well, in case none of the above options works for you.
Some job positions that may come with a company car include sales representatives, district managers, or regional directors who spend a lot of time traveling between different offices.
To start your search for jobs that give you a car to take home, you can look for job postings with phrases like “company car provided” or “full-time vehicle provided.” Job websites such as Indeed, LinkedIn, and Glassdoor make it simpler to find such job listings by using specific keywords, so you may try searching for those. I did a quick search and was able to pull up jobs easily by typing those phrases into the keyword search bar.
Some employers might offer a car allowance instead of providing a free car. In this case, you would receive a monthly stipend to use toward your vehicle expenses. This would offset some of your car expenses, such as monthly payments or maintenance.
Also, if you know someone who currently has a company car, you can try asking them for tips and advice. They might even refer you to open positions at their workplace, and this can help you get a job with a free car as well.
11. Look for a free dealer donation
Dealer donations are a little more difficult of an option, as car dealers are in the business of making money, not giving away all of their cars that make them that money.
But, it doesn’t hurt to try if you have the time to write a letter and reach out to a car dealership.
To obtain a car dealer donation of a free used car, you’ll want to start by seeing what local dealerships are in your area. You can research their involvement in charitable activities to see if they even give out free cars (maybe do a simple search of the dealership’s name plus the term “free car” or something like that), as this will show you that they are open to the idea of donating a vehicle to those in need of a free car.
Once you have a list of local dealers to reach out to, there are ways to get a free car from a dealership. You can write a letter talking about your situation and reasons for requesting a donated car. You should talk about your struggles and the positive impact the donation will have on your life (such as, what a donated car will help you do).
When writing your letter for a free dealer donation, here are some things to think about:
Write the letter to the dealership’s owner or general manager, as they will likely have the authority to approve a car donation or be able to talk to someone who does have that authority.
Explain your situation fully and provide the specific reasons why you need a car.
Talk about how a car donation would improve your life and allow you to overcome challenges or achieve goals.
Provide information on any relevant programs or resources, such as a community organization or nonprofit, that may support your request for a free car.
After you have written your letter, submit it to the dealership. You may do this by sending it to the physical mailing address of the person, their email address, or perhaps even handing your letter to them in person.
Here are answers to common questions you may have about finding a free car:
What are other transportation options if I can’t find a free car?
There may be a long waiting period if you are applying for a donated car. If you are not able to find a free vehicle, then you may need to look into other options to get around town. Here are some ideas on how to get around if you don’t have a car of your own:
Public Transportation— If you live in a place with public transportation, then this option is something to look into. One great thing about public transportation is that you won’t have to pay to maintain a vehicle or repair anything. Of course, public transportation sometimes takes longer and may not be widely available to you (unfortunately, there are many towns in the U.S. that do not have great public transportation options), and that is something to think about. Also, more and more cities offer public transportation at no charge. You may have to apply for a special card to get this free service, or it may be available to everyone. It’s worth asking around about because it can save you hundreds of dollars a month.
Carpooling — Carpooling is an option to think about if you are unable to find a free car, especially for people who live in areas with limited public transportation. Car owners may be looking for riders so that the expense of ownership is offset a bit. You’ll need to share the cost of expenses, such as gas, tolls, parking, and wear and tear. You may be able to share rides with coworkers, friends, or neighbors. To save money, you could offer to trade babysitting, gardening, or home repairs for the ride. Also, check out carpooling apps that apply to your local area.
Rideshare Services — Now, rideshare most likely won’t be the most affordable option, but sometimes you don’t have a choice. Rideshare services, such as Uber and Lyft, may be able to get you to where you need to go if you don’t have any other options. To save money, use an app that compares rideshare companies and finds you the cheapest price. And, as far as your work commute, it’s good to know that some companies offer rideshare services as a benefit to their employees and will pay for the full cost or part of it.
How can I find free cars given away near me?
Yes, you can find free cars given away near you. There are many local organizations that may be able to help you out. You can research the various charity programs in your area and see if you meet their eligibility requirements for a free car.
Many charities, such as Charity Cars, provide free vehicles to people in need. These organizations often target specific groups of people, like veterans or victims of domestic violence.
Next, reach out to local branches of organizations like the Salvation Army or Goodwill Industries. These organizations may also auction off donated cars at affordable prices. Reach out to your nearest branch to learn more about available vehicles and to find out if they hold any auctions.
Another option is Online Car Donation, which aims to provide free cars to as many people in need as possible. Fill out their application to see if a reliable used car is available for you. They also offer trucks, vans, and sometimes even modified vehicles for individuals with disabilities.
Remember to be patient but also to keep trying, as it can sometimes take time to find the right opportunity for a free car. And, many times your application is only good for 30 days, so keep in mind that you may have to submit it over and over again.
Is Free Charity Cars legit?
Yes, Free Charity Cars is a legitimate organization that connects eligible people with free vehicles. They have high ratings and many endorsements.
How to get a car if you can’t get a free one?
If you’re not able to get a free car, you do have some other options, such as learning how to get a cheap car and learning the best way to get a car loan with a low interest rate.
Here are my tips for finding a cheap car:
Shop around for cars that are affordable to you: Many organizations offering a free car may also give you the option of purchasing a refurbished vehicle from them at a much lower cost than elsewhere. Otherwise, check out your local dealerships, online car-selling platforms, and even Craigslist to find the best deals on reliable cars in your area. Don’t limit yourself to just one site; shop around and be patient until you find a car that fits your budget.
Buy a used car: Buying a used car rather than a brand new one can save you money. Pre-owned vehicles tend to be more affordable and can still offer reliable transportation.
Negotiate for the best price: Don’t be afraid to negotiate the price of the car with the car seller or dealership. They may be able to lower the price, especially if you can show them that similar cars are around for cheaper prices elsewhere.
Check your credit score: Before applying for a car loan, make sure that you know your credit score. A better credit score increases your chances of getting a lower interest rate on your car loan. If you can, I recommend you take the steps to improve your credit score (even while searching for a free car) in case you need to apply for a car loan.
You can learn more about building up your credit score at Everything You Need To Know About How To Build Credit.
Shop around for car loans: Just as you should shop around for the best car deal, you should do the same for car loans. Different lenders may offer different interest rates and loan terms.
Choose a shorter loan term: While a shorter car loan term means higher monthly payments, you’ll pay less in interest overall, making the car less expensive over the years.
There are plenty of options for finding cars that may not be entirely free but are still affordable to you.
Related content: Save Money With These Top Tips For Buying A Car
How To Get A Free Car — Summary
I hope you enjoyed today’s article on how to get a free car.
If you need a car but cannot afford one, there are several ways to possibly get a free car. Many programs and organizations exist to help people get a free car, especially if you belong to certain categories, such as low-income families, veterans, domestic violence victims, or those transitioning from public assistance.
Remember, you do want to be cautious with getting a free car as well. If you are receiving government assistance, such as housing assistance, welfare, or food stamps, then accepting a free car may be considered income, and it can affect your benefits.
To find free cars near you, it’s important to explore local nonprofit organizations, as well as community centers, churches, or social services agencies that may have information about free car programs or resources in your area. Some jobs come with a company car that you can take home.
Here are some potential resources to assist you in getting a free car:
Local nonprofit organizations
Online car donation websites
Community centers and churches
Social services agencies
Remember that just because you meet the eligibility requirements for a free car and apply for one, it does not mean that you will succeed. There are many people who would like to receive a free vehicle as well. However, you can increase your chances of getting a free car if you can show that you have a need and you have a story to share (since people personally review the applications to see who needs the car the most).
This article originally appeared on Mitlin Financial and has been republished here with permission.
Most people will read ” How To Make Your Money Work For You” from a financial advisor and think, “here we go, another blog about investing, 401K matching, and retirement planning.” Well, this piece has nothing to do with any of that at all.
Today, we’re going to talk about how to get your money to work for you just by what you’re spending everyday, anyway. The advice contained herein isn’t fancy or complex; it’s about getting the most out of the money you spend. There are so many perks available from so many retailers and you need to know how to benefit from them.
Grocery Store
One of the first places you can have your money go further is at the grocery store; many of the larger supermarket chains have no-cost loyalty programs. My older son recently learned that if he got a store reward card (no cost–you just provided your name and cell phone) for the supermarket that he uses through Instacart can save him money.
During a recent order, he saved $10 just for entering his loyalty number, as easy as that. The local supermarket I use gives us pennies off per gallon of gas (up to certain maximums) and given the size of my gas tank, this adds up to real money when it comes time to fill up the tank.
Related read: 5 Creative Ways Rewards Credit Cards Can Help Combat Rising Grocery Bills
Restaurants
This same philosophy also applies to many restaurants you visit. Scanning your customer number can result in perks from free food to an accumulation of points that can be used for free items as well. These rewards programs have become so popular that we are now seeing some of the old school fast food places implementing them too.
When it comes to food you can also take advantage of the holiday deals many high-end restaurants run. As an example, if your favorite restaurant has a buy $100 gift card, get $25 free; buy a gift card for you and your family and you just received a 25% perk. Nothing says the gift card has to be given away or given as a gift.
Credit Cards
Another great way to get your money to work for you are the perks associated with some credit cards; these perks offer so much I wrote a whole article about them, 5 Benefits of Credit Cards! If you pay the bill off each month and don’t carry a balance, credit cards can help your money work for you. Just be sure you have the right card and it provides you the benefits you want. The key is to make sure you are paying off the balance and not hindering your credit simply to get a few perks.
Travel
And then there’s travel…. One of the biggest things about this one is loyalty. Whether it’s a hotel chain or airline, frequenting the same company can generate rewards. In our case, though, at times, flights on our preferred airline were a bit more expensive. In the end, a first class travel photo of me was a perk from having status! It was a true testament to being recognized for our loyalty to their brand.
This article represents the opinion of Mitlin Financial Inc. It should not be construed as providing investment, legal and/or tax advice. Investing involves risk, including possible loss of principal. No strategy ensures success or protects against loss. To determine what may be appropriate for you, consult your financial advisor.
Returning home with a suitcase full of souvenirs can be one of the highlights of a trip. You might travel specifically to buy clothes, such as some folks who head to Hoi An, Vietnam, which is known for its tailor-made clothing. Or you might come from Japan with a case of Kit Kats in bold flavors like red bean and Japanese sweet potato, plus other unique gifts for the folks back home.
Some travelers might have to limit the momentos they buy because of financial constraints. But others are bound simply by what fits in the suitcase for the flight home.
With these three packing tips, you’ll not just avoid overpacking, but you’ll make room for souvenirs, too.
1. Don’t pack items you’d want a souvenir version of
You may have seen the somewhat cliche lists of things you likely never need to pack, like toiletries, towels or hair dryers (most hotels provide these things for you). But what about the items you do need — the ones that are perfectly logical to pack, like shirts, sunglasses and hats?
If you’re the kind of person who’s likely to buy souvenir versions of these items, then rethink how many of them you bring with you to begin with. If you pack one or two fewer shirts, for example, you can buy a couple at your destination, wear them while traveling, and bring them home as souvenirs.
2. Rent clothes upon arrival
A new service has popped up in the travel industry, offering to deliver personally styled rental clothes to your hotel. Travelers wear these temporary duds throughout the trip and leave them behind at the hotel upon checkout.
Trvl Porter lets you pick items to rent at $65 each (with a two-item minimum) for up to two weeks and takes care of the shipping costs both ways.
Some major hotel and airline companies are getting in on the trend too.
In July 2023, Japan Airlines launched its “Any Wear, Anywhere” clothing-sharing service. Customers go online and input criteria like size, style and how many items they want (the minimum is three tops plus two bottoms per rental), which generates a bundle of clothes for them to rent.
And it’s not too expensive either. The lowest-priced bundle costs 4,000 yen (about $27). For now, though, the service is only available to passengers on international, JAL-operated flights and is just a trial project, scheduled to end in August 2024, according to Japan Airlines.
Meanwhile, W Hotels Worldwide, a Marriott brand, has a partnership with Rent the Runway where clothing orders are delivered to travelers at the hotel (and returned to the hotel’s front desk at checkout). This service lets customers pick any four items from a selection of Rent the Runway clothing for $69. Separately, Rent the Runway also offers one-time rentals that might be ideal if you’re looking for something you’d wear only once during the trip (like a suit or formal gown), which would allow you to pack less.
3. Pack old clothes you want to part with
Bring apparel that you were about to donate or throw away anyway. Make your vacation the last time you wear it — and then leave anything too tattered to wear again in the trash. For clothes that are otherwise in good condition (perhaps you’re ready to part with them because you want a closet refresh), look for local thrift stores to drop off donations. Local places of worship might also take quality second-hand clothing donations.
Why you should avoid overpacking
A heavy suitcase can be cumbersome to lug around, particularly if you’re trying to roll it over cobblestone streets in Europe or sprint with it to catch a departing train.
Bringing more than what fits in carry-on means you’ll likely pay airline checked bag fees (though that’s avoidable with certain levels of airline elite status or by holding certain airline credit cards).
If you do check bags, you’ll spend precious vacation time waiting at the baggage carousel. And there’s still the risk that your stuff will get lost. Even protections like lost luggage insurance, which can refund the cost of what went missing, can feel like a poor consolation prize if you lose irreplaceable items like a camera (and the memory card or film inside), or tough-to-get items like the Japanese Kit Kats you flew across the ocean to collect.
By returning with very few of the same items you departed home with, you’ll not only leave plenty of room for souvenirs, but you also might be able to make it all the way home with carry-on bags only.
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 2023, including those best for: