The rate of both construction permitting and housing starts retreated from their May levels last month. The significant increase in estimated starts from April to May was also revised lower.
The U.S. Census Bureau and Department of Housing and Urban Development report that housing starts in June were at a seasonally adjusted rate of 1.434 million units. This is an 8.0 percent decline from the rate of 1.559 posted for May, a revision from the original estimate of 1.631 million. The pace of housing starts is now 8.1 percent lower than in June 2022.
Single family declined 7.0 percent from the May rate of 1.005 million units to 935,000 units and starts in buildings with five or more units declined 11.6 percent to 482,000. Single-family starts were 7.4 percent and multifamily starts 11.2 percent below year-earlier rates.
On an unadjusted basis, the number of starts during the month is estimated at 133,800 compared to 143,500 the prior month. Single-family starts were essentially unchanged at just over 90,000 units.
Residential permits were issued at a seasonally adjusted rate of 1.440 million units, a 3.7 percent decrease from the May estimate of 1.496 units and 15.3 percent off the pace in May 2022. Single-family permits rose 2.2 percent to 922,000, 2.7 percent fewer year-over-year. The 467,000 annual rate of permitting for multifamily construction was down 13.5 percent for the month and 33.1 percent on an annual basis.
Before seasonal adjustment, there were 135,500 permits issued in June, 90,800 of them for single-family houses. The respective May numbers were 139,600 and 88,900.
Forecasts for June were close to the actual number for starts but overshot the target for permits. Analysts polled by Econoday had a consensus of 1.480 million starts and 1.483 million permits.
There were 127,800 residential units completed in June including 84,500 single-family homes with little change month-over-month for either number. For the year to date (YTD), completions numbered 699,600, 7.8 percent more than the same period last year. Single-family completions are down 1.2 percent to 482,000 and multifamily completions have risen 35.7 percent to 212,400 units.
So far in 2023, there have been 713,800 construction starts, 449,700 of them single-family houses. During the first six months of 2022, the respective numbers were 839,500 and 570,100. Multifamily starts are down 1.3 percent to 257,200 units.
Permitting dropped across the board during the first half of the year. Total permits are down 19.2 percent, single-family permits 21.5 percent, and multifamily 16.6 percent.
At the end of the reporting period, there were 1.682 million units under construction including 688,000 single-family and 977,000 multifamily units. In addition, there are 281,000 as yet unused permits, almost evenly distributed between single-and multifamily units.
Permitting fell 24.4 percent from May and 30.0 percent from the prior June in the Northeast. Starts were down by 2.1 percent and 25.2 percent.
The Midwest saw an increase of 5.9 percent in permitting for the month, but a decline of 2.0 percent year-over-year. Starts fell 33.1 percent compared to May and were down 21.0 percent on an annual basis.
In the South, permitting fell 2.6 percent and 13.8 percent from the two earlier periods. Starts were also lower, by 4.4 percent and 3.2 percent.
Permits declined 4.0 percent for the month in the West and 20.00 from the prior June and starts fell 1.2 and 6.6 percent respectively.
One of the larger and oldest credit unions in the nation, Navy Federal FCU, happens to be a big player in the home loan space.
Instead of just offering the same mortgages every other bank has readily available, they go a step further with their own unique offerings.
This includes a zero down loan option, conforming and jumbo loans, and even an interest-only option if you’ve got some home equity.
Let’s learn more about this company to see if they’re the right fit for your home loan needs.
The one caveat with Navy Federal is that not everyone is eligible for a membership.
You or a family member must have some affiliation with the Armed Forces, DoD, Coast Guard or National Guard.
The good news is that’s a lot of people because Navy Federal has over eight million members nationwide, up from just seven (7 people) when they began all the way back in 1933.
Navy Federal Home Loan Options
They offer conforming, government, and jumbo loans
Including home purchase, refinance, and home equity loans
In both fixed and adjustable-rate varieties
For primary, 2nd homes, and investment properties
The company offers a wide variety of mortgage loan programs, including typical fixed-rate offerings like the 30-year fixed and 15-year fixed, along with a number of different adjustable-rate mortgages.
They actually don’t offer common fixed-rate loan programs like the 10-year and 20-year fixed, but do allow homeowners to amortize their loan over terms between 10-30 years.
For example, you could choose a 13-year term, but you’d be subject to 15-year fixed pricing. Or you could choose a 22-year term and be subject to 30-year fixed pricing.
When it comes to ARMs, they have lots of them, including:
3/1 ARM
5/1 ARM
2/2 ARM
3/5 ARM
5/5 ARM
7/1 ARM
10/1 ARM
You can get all these ARMs in jumbo loan amounts too other than the 2/2 ARM.
The more unusual of the bunch include the 2/2 ARM, 3/5 ARM, and the 5/5 ARM, while the others are more run-of-the-mill.
They’ve got conventional loan products along with government loans including FHA loans and VA loans. I don’t think they offer USDA loans.
Anyway, that means veterans and active duty can get zero down financing, and others can do the same via their loan program.
Navy Federal’s zero down home loan program, which appears to be a VA loan, is known as “100% Financing HomeBuyers Choice.”
So the typical VA guidelines likely apply, including a funding fee and max loan amounts by county and entitlement.
The good news is they will allow up to $1 million loan amounts in certain areas, and seller contributions of up to 6%.
It only comes in a 15-year or 30-year fixed – no ARMs are available.
Like most other mortgage lenders, they offer home purchase loans, rate and term refinances, and cash out refinances.
Navy Federal also has four different types of home equity loans/lines available if you want to tap into your available home equity without disrupting your first mortgage.
They also offer interest-only financing with a minimum down payment of 20%, but do not advertise those mortgage rates on their website.
Aside from providing mortgages on primary residences, they also have options for those financing a second home or an investment property.
For second homes, you have the option of a 30-year or 15-year fixed, with investment properties limited to 15-year fixed mortgages.
Finally, Navy Federal gives you the option to avoid private mortgage insurance or pay upfront mortgage insurance, assuming it’s required on your loan (generally when putting down less than 20%).
Navy Federal Mortgage Rates
They advertise most of their mortgage rates on their website
Including discount points needed to obtain the associated rate
Rates appear to be very competitive/lower than the competition
Especially their ARM rates
I always appreciate a lender that openly advertises its mortgage interest rates, and Navy Federal checks that box.
You can always find their daily mortgage rates on their website for most of their home loan products, including any discount points that must be paid to acquire said rate.
They seem to have competitive fixed rates and really low ARM rates, so if you’re looking at an ARM, consider Navy Federal.
Just note that they tend to charge a 1% loan origination fee on all their products.
Of course, you can and should always negotiate regardless of what they’ve got posted on their website.
They appear to offer a free biweekly mortgage payment option, but they also note in the fine print if you choose to do that, it remains the payment arrangement for life.
In other words, you better make sure you want to make larger-than-necessary monthly payments until you sell your home or refinance your mortgage.
The company also recently launched its No-Refi Rate Drop, which allows you to lower your rate in the future for just $250 after signing a single document, assuming mortgage rates come down.
Navy Federal Mortgage Rate Match
Navy Federal appears to be confident that they offer some of the lowest rates around
That’s why they offer a $1,000 rate match guarantee
If you find a lower mortgage rate and Navy Federal is unable to match it they may compensate you
But you have to prove it with documentation and jump through some hoops to qualify
One neat perk the company offers is its so-called “Mortgage Rate Match,” which as the name implies will match the interest rate of a competitor.
So if you’re able to find a lower mortgage rate while comparison shopping, Navy Federal will match that rate or give you $1,000.
Of course, the typical restrictions apply and you’ll need to lock your rate with Navy Federal before submitting the rate match request.
Additionally, you’ll need to provide a Loan Estimate from a competing lender within three calendar days of locking your rate, and the terms have to be identical.
In other words, there are probably a lot of outs for Navy Federal, but if you’re able to muster all that and they can’t/won’t go any lower, you might be able to snag $1,000.
Speaking of locks, Navy Federal also offers a “Freedom Lock Option” for home purchase loans that lets you lower your rate up to 0.25% if rates improve up to 14 days prior to closing.
It’s basically a free one-time re-lock option offered on all loan types.
Navy Federal HomeSquad
In mid-2019, they launched “HomeSquad,” which is essentially their take on the digital mortgage that has been becoming more and more mainstream with mortgage lenders these days.
It allows borrowers to generate a quick pre-approval and to check loan status 24/7 via their mobile phone once they are approved.
During the loan process, borrowers can upload key loan documents like pay stubs, tax returns, letters of explanation, and so on.
You can also connect bank accounts for automated asset verification, and notices are sent straight to your preferred device as milestones are met.
This technology better aligns them with the likes of Quicken Loan’s Rocket Mortgage, and makes them really hard to beat given their low rates and quality customer service.
Why Choose Navy Federal for Your Mortgage?
Competitive mortgage rates
Free re-lock option if rates fall after you lock
Biweekly mortgage payment option
They service your home loan for life
Aside from the many perks and options mentioned, their home loan products are available nationwide.
So as long as you’re eligible for a Navy Federal membership, they’re probably worth at least checking out no matter where you are in the country.
Assuming their interest rate and lender fees are competitive, they offer a few more advantages to borrowers.
They claim to offer personal guidance from start to finish, so ideally their loan officers are top-notch relative to other big bank officers.
Additionally, once your loan funds, they’ll actually hang onto it for the life of your loan. That means Navy Federal is not only your lender, but also your loan servicer.
This can be convenient and less confusing as many lenders simply originate home loans and quickly sell them off to a differ ent entity, creating more paperwork and potential headaches.
Knowing your loan will stay with the company may also lead to a more transparent and friendly experience.
With Navy Federal, you can rest assured that you’ll be a borrower for life with them, so they’ll probably want to take good care of you along the way.
Mortgage rates ticked lower for the third week in a row as investors absorbed strong signals from the housing industry and last week’s pause on rate hikes by the Federal Reserve after 10 consecutive hikes.
The 30-year fixed-rate mortgage averaged 6.67% in the week ending June 22, down from 6.69% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 5.81%.
Mortgage rates have remained over 5% for all but one week during the past year and even went as high as 7.08%, last reached in November, but have been coming down since the end of May.
“Mortgage rates slid down again this week but remain elevated compared to this time last year,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “Potential home buyers have been watching rates closely and are waiting to come off the sidelines. However, inventory challenges persist as the number of existing homes for sale remains very low. Though, a recent rebound in single-family housing starts is an encouraging development that will hopefully extend through the summer.”
On Thursday, a separate report from the National Association of Realtors showed that housing inventory is at about half of pre-pandemic levels. Earlier this week, the Census Bureau reported that home building surged in May, rising 21.7% from April.
The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.
Stubborn inflation is cooling somewhat
The rate for a 30-year fixed-rate mortgage has been volatile amid lagging economic indicators and the Fed’s recent decisions on rates. But good news for new construction and inflation are helping to bring interest rates down.
“While the headline Consumer Price Index dropped significantly in May to 4%, the core CPI — which includes goods and services excluding volatile food and energy — has not retreated as much as the overall inflation in recent months, creating a troubling situation for policymakers,” said Jiayi Xu, economist at Realtor.com.
“In the coming months, we may see a faster slowdown in inflation because the growth in the shelter index, the largest contributor to inflation growth, has passed its peak and started to trend down in April,” she said.
Meanwhile, last week the Fed opted not to raise its key lending rate, choosing to wait for additional data and see how recent rate increases are influencing price growth and the real economy in an effort to cool inflation to a 2% level.
The Fed does not set the interest rates that borrowers pay on mortgages directly, but its actions influence them. Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.
“As the inflation is well above the 2% target and the labor market is still strong, [the Fed] signaled that the federal funds rate will be half a point higher than previously expected at the end of 2023, which is also half a point higher than the current rate,” Xu said. “In other words, borrowing, including home purchases, will likely remain expensive through the remainder of the year.”
Mortgage rates will stay higher this year
With the potential for additional rate hikes ahead, mortgage rates will remain elevated throughout the remainder of the year, said Xu.
“As a result, affordability will continue to be an important factor in buyers’ home purchasing decisions,” she said.
Home buyers continue to flock to relatively inexpensive markets where homes are listed below the national median price, leading to notable price growth in these otherwise affordable areas, according to a recent report from Realtor.com
“The heightened competition in these markets may worsen the conditions faced by buyers with financial constraints, particularly due to the already limited supply of affordable homes,” said Xu.
New home construction surged in April, a sign of confidence by builders that buyers will be there to snap them up.
“While the rise in new construction is encouraging, there is a pressing need to build homes catering to all income levels,” said Xu.
There is a shortage of nearly 300,000 homes that are affordable to middle-income earners, who are hurt most by the shortage of inventory and low levels of affordability, according to recent research by the National Association of Realtors and Realtor.com.
— CNN’s Alicia Wallace contributed to this report.
U.S. single-family homebuilding fell in June, but permits for future construction rose to a 12-month high on the weakness of the existing home sales market. The decline in housing starts came after a massive 18.7% surge in May, which propelled the number of starts on single-family projects to an 11-month high.
Housing starts in June dropped to a seasonally adjusted annual rate of 1.43 million, under economists’ expectations for 1.48 million, according to the U.S. Census Bureau. That was down 8.1% from a year ago.
In June, only 600,000 existing homes were listed for sale across the U.S., noted Bright MLS Chief Economist Lisa Sturtevant.
“While new construction will not immediately solve the supply problem in the housing market, the recovery in the homebuilding industry and the delivery of more new homes is essential for meeting the nation’s housing needs and easing housing affordability challenges for prospective home buyers,” she said in a statement.
Overall, single‐family housing starts in June came in at a rate of 935,000, 7% below the revised May figure of 1,005,000. The June rate for units in buildings with five units or more was 482,000.
Issued permits, an indicator for future completions, also decreased 3.7% overall from May, and they were 15.3% lower from a year ago. But single-family permits increased (+2.2%) while the more volatile multifamily permits declined (-12.8%). June permits increased in the Midwest (+5.9%) and declined in South (-2.6%), West (-4.0%), and Northeast (-23.4%).
Completed homes fell 3.3% from the prior month, but were 5.5% above the May 2022 level.
The number of single-family homes under construction remains high. Meanwhile, a record number of multifamily units are under construction even if the pace is slowing.
“When these units are completed, it should put some downward pressure on prices,” said First American Deputy Chief Economist Odeta Kushi.
Homebuilder sentiment regarding single-family sales in the next six months dropped slightly in June, pointing to more uncertainty. This comes at a time when increasing new home inventory is critically important as existing homeowners aren’t moving, handcuffed to their low mortgage rates, noted Nicole Bachaud, a senior economist at Zillow.
Stubbornly high mortgage rates might pose a threat to builders’ ability to bring more homes on the market. Reduced affordability alongside ongoing supply-side challenges and tighter lending standards for acquisition, development and construction (AD&C) loans could also throttle builder momentum, added Kushi.
Along with closing costs, the down payment on a house can be a substantial upfront expense. Find out how much is required for a down payment on a house, why you might want to make a larger down payment and which options you have for obtaining the necessary funds.
What is a down payment on a house?
A house down payment is the upfront cash you put down toward the home’s purchase price. The minimum down payment percentage depends on factors such as the mortgage program, your credit score and the lender. The down payment is usually paid at the closing meeting.
Since this initial money helps offset some of the mortgage lender’s risk, it can improve your chances of mortgage loan approval. Additionally, the amount you put down contributes to your home’s equity.
How much is required for a down payment on a house?
Like many homebuyers, you may think you need to put a hefty 20% down on a home. But based on data from the National Association of Realtors, the average down payment on a house actually stands between 6% and 7% for first-time homebuyers and 13% for repeat homebuyers.
Your minimum down payment percentage ultimately depends on your financial situation, the property, your lender and the specific loan program. The lowest down payment on a house is none at all, and some government-backed mortgage programs offer this for primary residence purchases. Other loans require down payments ranging from 1% to 20%.
0% down mortgage loans
If you’re trying to find out how to buy a house with no money down, your options include U.S. Department of Veterans Affairs (VA) loans and U.S. Department of Agriculture (USDA) loans. These loans target specific types of borrowers.
VA loans
VA loans involve no down payment requirement when the home you choose costs no more than its actual value. However, you can only apply for one if you or your spouse has an approved military affiliation, since the organization requires a Certificate of Eligibility. These loans offer additional benefits such as competitive interest rates, no mortgage insurance premiums and flexible use options. You would need to pay a VA funding fee based on the down payment amount, your military affiliation and the number of VA loans already taken out.
USDA Loans
USDA loans also have no minimum down payment, but you’ll need to pick a property in an approved rural location. Your options include USDA Single Family Direct Home Loans and the USDA Single Family Housing Guarantee Program, both of which have income, asset and property restrictions. You’ll also need to show that you don’t already have a suitable home.
USDA Single Family Direct Home Loans have the lowest income limits and most restrictive property requirements. But if you qualify, you can also get temporarily reduced mortgage payments. The USDA Single Family Housing Guarantee Program provides more options for buying or building a property, sets no property price limit and admits applicants who earn up to 115% of their area’s median income. However, it requires a loan guarantee fee.
1-3% down mortgage loans
Backed by either Freddie Mac or Fannie Mae, conventional mortgage programs for primary residences can allow for down payments as low as 3%, and they usually require good credit. The Fannie Mae HomeReady and Freddie Mac Home Possible programs don’t have a first-time homebuyer requirement and can help you get a mortgage even with a low income. The income limits for these programs are 80% and 100% of your area’s median income for HomeReady and Home Possible, respectively.
Some lenders such as Rocket Mortgage and Riverbank Finance offer programs that give you 2% toward the minimum down payment so that you only need to come up with 1%. While these offers can come with restrictions on the down payment amount allowed, they can make homeownership more accessible. Plus, lenders may offer other perks such as waiving the private mortgage insurance (PMI) which usually applies to conventional mortgages.
If you don’t meet the HomeReady or Home Possible income limits, 3% down conventional programs exist, too. These include Fannie Mae’s 97% Loan-to-Value (LTV) Standard program and Freddie Mac’s HomeOne program. You’ll need to be a first-time homebuyer to qualify.
3.5% down mortgage loans
Backed by the government, Federal Housing Administration (FHA) loans require a 3.5% minimum down payment for a house as long as you have a credit score of at least 580. The minimum rises to 10% with a credit score of 500 to 579.
While these loans have lenient credit requirements and no income restrictions, they require upfront and ongoing mortgage insurance premiums. You can also only use an FHA loan for a primary residence.
10-20% down mortgage loans
You might make a 10% or higher down payment to make yourself more appealing to the lender or to qualify for a larger loan amount than a smaller down payment allows. And if you’re buying something other than a primary residence, the lender will likely want 10% down for vacation homes and 15% down for investment properties.
You may also need a larger down payment — up to 20% — if you plan to take out a conventional loan that exceeds the conforming loan limits that the Federal Housing Finance Agency has set. Depending on the location, these usually range from $726,200 to $1,089,300. In that case, you would need to seek a jumbo loan to borrow enough funds. These loans also require good credit and sufficient cash reserves.
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The pros of larger home down payments
If you can afford it, making more than the minimum down payment on a house has its advantages. You can have more manageable monthly payments, pay less in the long run and benefit from having more immediate equity in your home.
More affordable monthly mortgage payments
Since the down payment reduces the mortgage amount needed, you’ll have a lower monthly mortgage payment if you put more money down.
For example, if you buy a $250,000 home and take out a 30-year mortgage with a 7% interest rate, a sample monthly payment — excluding PMI, taxes and insurance, which can all vary widely — may look like the following:
3% down: $1,613.36
5% down: $1,580.09
10% down: $1,496.93
20% down: $1,330.60
Not only does a smaller payment mean more room in your budget for other expenses, but it could also help reduce the risk of defaulting on your mortgage and losing the home. You may also find it easier to pay off your mortgage early.
Less interest paid
Mortgage lenders consider the down payment amount as one factor for determining mortgage interest rates. By putting more money down, you reduce the risk to the lender, who may reward you with a lower interest rate. While these interest savings especially add up over time, the lower rate matters for your closing costs, as well, since they include some prepaid interest.
Higher upfront home equity
Your home’s equity equals its value minus the money you owe on it. Meeting only the minimum down payment requirements could mean no immediate equity at all. But by putting down a significant amount, you can reduce the risk of going underwater on your home loan, where you owe more than your house’s value. If you try to sell a home with an underwater mortgage, you may not make enough money off the sale to pay off your lender.
Having more equity also helps if you need home equity financing later for home improvements.
Lower fees
Some mortgage programs require upfront or ongoing fees that you can reduce or eliminate with a sufficient down payment. For example, the VA funding fee goes down as long as you make a 5% minimum down payment. You can also avoid having to pay private mortgage insurance for conventional loans if you put down 20%.
The cons of larger home down payments
While making the ideal down payment for a house offers financial benefits, having the cash tied to the home comes with drawbacks, including:
Lower cash reserves for emergencies
By using much of your savings for your down payment, you can experience financial struggles if a job loss or other emergency occurs. You may end up needing to borrow money to cover unexpected expenses, and you could even default on your mortgage if you run out of cash for payments. To reduce the risk, make sure you have a sufficient emergency fund before purchasing a home.
Potential delays for home shopping
If you use a house down payment calculator, you’ll see how large the target amount can be. Obtaining this lump sum may require delaying your home-buying plans for a long time.
In the meantime, property prices or interest rates could rise, or the home inventory could fall so you can’t find what you want. If you currently rent, delaying buying a home means not reaping the benefits of owning such as building up equity and having more stability and control over your home.
Risk of your home losing value
While putting down the best down payment for a house helps build equity right away, declining property values could cut into it quickly. This can happen due to economic changes or local factors in your neighborhood. If this happens, you may feel uneasy knowing you put so much cash in the home and can’t get it back.
Less cash for other goals
Making a high down payment comes at the cost of not having the money to use for other goals. This could mean having to wait to pay down other debts or not having enough to save for your retirement or make home renovations. A lower down payment could allow you to accomplish multiple goals.
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How to come up with a down payment for a house fast
You could get a second job, sell unneeded items or cut expenses and put the money toward your down payment. You might also borrow or withdraw from a retirement account, but you should first consider potential penalties. In addition to asking for down payment gifts from people you know, check into state and local down payment assistance programs that offer grants or loan you the funds.
Can you buy a house without a down payment?
If you’re wondering how to buy your first home without a down payment, you could accomplish this if you qualify for a VA or USDA loan. Otherwise, research down payment assistance programs that may cover the minimum down payment for your mortgage type. Just keep in mind that you’ll still need funds to cover your closing costs or else roll them into the loan.
How to buy a house with low income and no down payment
USDA mortgages target homebuyers with no down payment funds and low incomes. If you don’t qualify for one, you could consider a co-borrower with sufficient income.
As long as you don’t need to purchase a home immediately, you can get more loan options if you work on your finances. Actions could include reducing other debts, raising your income, improving your credit and seeking potential down payment sources. You can also seek advice from the best mortgage lenders about how to get the down payment needed for a house and qualify with a low income.
Who gets the down payment on a house?
At the time of closing, you’ll use a cashier’s check or wire transfer to provide the down payment to your loan officer or settlement agent. The home’s seller eventually gets the down payment and other money left over from the home’s sale price after reductions for costs such as their past mortgage payoff, real estate agent’s commission and other fees.
Summary of Money’s how much is required for a down payment on a house
If you plan on buying a house with no down payment or a very small one, carefully explore your mortgage options and understand the ongoing costs. While the low down payment may get you a home faster, it can also mean ongoing fees such as private mortgage insurance or a higher upfront fee for certain mortgage programs. A large down payment can offer long-term savings and lower payments, but it leaves less money available if you experience any hardship. Work with your lender to explore the pros and cons of your options and determine what works best for you.
Rising up from a sprawling plot of land on Connecticut’s exclusive—and incredibly idyllic—Canfield Island is an imposing structure that, at first glance, resembles more of an industrial complex out of a Charles Dickens novel rather than the “comfortable” home that interior designers Amanda Jesse and Whitney Parris-Lamb describe when talking about their client’s distinctive dwelling.
“This is his version of casual,” Jesse says with a laugh; she is one half of the duo behind the Brooklyn-based design firm Jesse Parris-Lamb. “For many people this would feel like a very formal house, but with so much natural light flooding in—and the gorgeous views of the water—you automatically feel incredibly relaxed.”
Inside the sprawling open-concept living, kitchen, and dining area.
Nicole Franzen
At just over 12,500 square feet, the seven-bedroom, eight-bathroom (not to mention two half-baths) property was conceived to be the ultimate entertaining space for a finance executive and his four children. “He’s a very engaged father—three of his kids are in college and one is in middle school—and he’s also a really enthusiastic chef and host with an insatiable appetite for design,” adds Parris-Lamb.
“This is his version of casual.”
Prior to the interior design work that began in 2019, the homeowner spent about five years working with architect Andrew Bartolotta to come up with just the right concept for the residence. “Initially we were designing a modern house, then it developed into an industrial-style beach house and, stylistically, he wanted a nod to the English factories of the 19th century” explains Bartolotta, whose eponymous Connecticut studio is known for its out-of-the-box design and innovation. “It’s by far the most complicated residential structure I’ve ever worked on—even the bifurcated 50-foot-tall smokestacks have a diagonal steel strapping that harkens back to Victorian-era boots that women would have to lace up.”
Operable windows open up onto pristine views of the water.
Nicole Franzen
In contrast to the rigid exterior, Jesse and Parris-Lamb were tasked with creating an interior environment that felt soft and inviting. “He wanted this to be a place where friends and family could kick back and feel comfortable,” Jesse says. “The envelope of the home is all very gray and black, so we used a more neutral earth-toned palette that includes a ton of natural fibers and materials—lots of jute, wood, leather, and stone—to infuse it with warmth and a beachy, family-friendly feel.”
From the monumental windows that showcase the changing seasons like artwork to the juxtaposition of materials throughout the home’s interior, this island retreat is definitely a breath of fresh air. “The windows are impressive, so the client felt the views would serve as the art,” Parris-Lamb adds. “And having a little bit of breathing room [inside] is important when there’s so many industrial elements—that’s why we created all these moments of quiet and comfort against such hard materials.”
While the government has been busy lowering costs for FHA loans, it seems the opposite will happen for USDA home loans, which are one of the few avenues left to obtain a mortgage with no money down.
In a nutshell, the U.S. Department of Agriculture’s single-family housing program offers mortgages to borrowers in rural areas with limited incomes.
The Section 502 Guaranteed Rural Housing Loan Program allows homeowners to borrow up to 100% LTV so long as their income doesn’t exceed 115% of the adjusted area median income (AMI).
However, because the loans are clearly high-risk by nature, the USDA charges a 2% upfront guarantee fee, similar to how the FHA charges an upfront mortgage insurance premium.
This fee is typically rolled into the USDA loan, so a borrower who purchases a $200,000 home will wind up with a $204,080 loan amount.
As a result, the monthly mortgage payment will be higher, though not by a necessarily significant amount.
But in order to keep the program alive, it seems this guarantee fee will need to be increased.
USDA Guarantee Fee to Climb to 2.75%
Come October 1st, the upfront fee for USDA home loans will rise to 2.75% from 2%, per Bloomberg.
The publication cited an e-mail from USDA spokesman David Sandretti, who claimed the fee increase would allow the program to “sustain itself without a congressional appropriation to offset credit-related costs.”
So that same $204,080 loan amount will increase to $205,655, which obviously makes it more expensive.
The good news is the monthly payment on a 30-year fixed-rate mortgage with an interest rate of 4% would only be about $7 higher based on that change.
A mere eighth of a percent increase in mortgage rate would actually be more damaging.
For the record, the USDA also charges an annual fee of 0.5% for the life of the loan.
This isn’t the first time the agency has changed its fee structure. There was a time when the upfront guarantee was 3.5%, but there wasn’t an annual fee.
The annual fee has also increased from 0.3% to 0.4%, and now stands at 0.5%.
Thankfully these fee increases aren’t substantial enough to hurt many homeowners, let alone have any of them even notice.
The USDA home loan program came under fire a couple years ago when it was alleged that loans were made to millionaires, on second homes, and in urban areas. The agency disputed those claims.
It was also temporarily halted in 2010 after the USDA ran out of money, which eventually led to the higher guarantee fees.
Since 2009, the USDA has invested more than $117 billion to support rural homeownership.
Last year, more than $19.9 billion was invested to help 140,000 rural families purchase and maintain homes.
If you want lower fees, get going before October 1st.
Everything leading up to a move is so hectic. It’s all logistics and timing and coordinating, but this time, you decided to make it easier on yourself and hire movers to pack up your apartment. It’s a huge time saver, but it also means that, suddenly, you don’t have as much to do.
Instead of standing around awkwardly on moving day, ask yourself what can you do while movers are packing.
Do movers really pack your stuff?
It’s true, you can find someone out there to do almost anything for you. There are home chefs that come in and cook, cleaning teams that keep your apartment sparkling and yes, when it’s time to move, there are movers who will pack everything up for you.
Almost all full-service moving companies will not only wrap and secure your furniture but will box up all your stuff before they load it onto the moving truck. Then, they’ll unload it all at your new home. Some you may even pay to unpack for you.
But, this packing up your stuff is an extra service, with an extra cost. It can save you the hassle, but you end up with people in your home, touching all your stuff. Before you decide on hiring movers to pack, make sure to weigh the pros and cons.
How does it impact cost?
Hiring movers to pack your stuff brings on a whole separate charge from your moving costs. Those charges include the time it takes to load and unload the truck, as well as transportation of your stuff to your new home. The amount of stuff you’re moving, as well as whether there are stairs or an elevator to traverse, also play into these specific costs.
Your packing cost will usually fall under an hourly rate that’s separate. Your total cost is directly related to how much stuff you have rather than the size of your apartment. So, if you’re someone who likes to collect and display anything in particular, or has spent time fully stocking your kitchen with every gadget and serving piece out there, you may want to pack yourself.
The hourly rate can also vary by day, most likely more expensive on the weekends. If that’s the case, even if you can’t schedule your move until Saturday or Sunday, you may want to try and book packing a day or two before.
Do you help movers while they pack?
Although you don’t need to help movers pack when your move is in progress, there are certain items you should pack yourself beforehand. These include anything sentimental or valuable to you. They may not look important to a mover, so by packing them yourself, you’re ensuring the item(s) gets handled with care.
Other items movers won’t pack simply for safety reasons include:
Items of value like cash or jewelry
Personal items like prescription medications
Chemicals
Live plants
Live animals
Live ammunition
Weapons
Equipment weighing over 600 pounds
Movers also most likely won’t touch anything that shows signs of insect infestation or mold or appear soiled by bodily fluids, human and animal alike. This means if you happened to have had bed bugs and your mattress took a pretty big hit, even if they’re gone, movers won’t touch it (and you should throw it out anyway). Likewise, if you’re trying to move a dog bed that has been well-loved by your pup, and looks it, movers may suggest you transport it on your own with your pet.
Getting ready for movers to pack
Hiring movers to pack doesn’t mean you simply leave your apartment exactly how it always is and let them wade through everything. There are certain things you should do to prepare for your packers to arrive.
The biggest thing is to clean out your home. Moving is a great time to declutter. Donate what you can and dispose of any broken items in every room of your home. This goes beyond cleaning out your closet. Now is also the time to pass on those extra coffee mugs you never use or that duplicate serving platter that’s just taking up space.
As you’re decluttering, you should also consider doing a little light cleaning. It’s especially a good idea to dust so movers aren’t getting having to pack dirty items.
The day your packers arrive, get your apartment ready for them by opening all closets, cabinets and drawers so it’s easy to see the total amount of stuff that needs to get boxed. If you’ve already gotten any moving supplies, like free boxes or packing paper, set that out for your packers to use, as well.
What do you do while movers are packing?
It’s an awkward time, watching other people pack up your stuff. You can’t leave your home, but you don’t want to hover, especially if they’re doing a good job. Instead of wasting this idle time so close to your moving day, you can stay busy without getting in the way.
1. Pack up your essentials
Take a page out of your packers’ notebook and do a little packing yourself. Leave the items for the moving truck to the professionals, but you can use this time to pack up what you’ll carry with you while you move. Call it your essentials box or essentials suitcase, and include a few changes of clothes, important papers, jewelry, electronic devices and chargers. Basically, anything you’ll need during and after your move, as well as anything you don’t want to lose sight of at any point.
Pull everything for this essentials box the day before the movers come and set it aside, then, when the packers begin their work, you start, too. Once you finish packing up your box, consider putting it in your car for the day or set it in an empty closet and close the door. You can put a “do not open, do not pack” sign on the door so the packers stay out.
2. Start the final clean
Not all rooms will be completely empty once they’re packed up, but you’ll certainly have more access to space. Working around your movers, so you’re never all in the same room, see if you can get any last-minute cleaning done. Vacuum carpets, sweep floors, dust and wipe down surfaces. This is a great time to tackle a final spot clean of the bathroom for sure.
3. Gather refreshments
Packing is hard work, even when there’s a whole team doing it. Plan ahead and chill some bottles of water in your fridge. While you’re out getting a few packing supplies, grab a few boxes of granola bars or something else that’s easy to eat for your movers as well. A little ways into the packing, set up a refreshment station and invite your packers to help themselves.
4. Do a dummy sweep
Even the most organized people miss things from time to time when packing. It happens in hotel rooms often, so it’s possible it can happen in your home. Once your packers have finished a room and left it, take a few minutes to do a dummy sweep. Check shelves, drawers, under furniture and anywhere else in the room where something might have slipped through the cracks. If you find anything, make sure it gets into a box in another room, but don’t make a big deal about it. Again, this stuff happens to all of us.
5. Be available
Not everything is obvious to a stranger working in your home for the first time. Your packers may have questions, and everything flows much more smoothly when you’re available with answers. To minimize confusion, though, do a brief walkthrough of your home so your packers understand what needs to get done. Point out what bathroom they should use and make sure it’s stocked with toilet paper, hand soap and a hand towel. Throughout the day, if they need to ask you about packing an item, or anything related to the job, be available, responsive and courteous.
6. Stay at home
Even after you’ve done all these other things to keep busy, and movers are still packing up your home, you must stay put. Find a corner and scroll through Instagram or check your emails, you can even read a book or pop earbuds in and watch a show. Whatever you do, you need to remain at home and never leave your packers alone.
What you should never do while movers are packing
Even though you may feel tempted to micro-manage, don’t tell your movers how to pack. If you’ve done the right research, your packers are professionals, and they know how to make sure fragile items are properly padded and boxes are efficiently labeled. Let them do their job without interruption. Slowing them down by second-guessing their work will only increase the cost to you.
Better yet, if you know the people packing your home will be the same as those moving your stuff, be extra nice to them. You’re going to work together for a while, possibly over multiple days. Tip well and make sure they have a comfortable and safe environment to work in. This may mean running the AC or heat a little harder and doing a little clearing of the floors to keep plenty of space available.
Just as troublesome to packers as an adult who hovers are kids and pets who can’t stay away. For everyone’s safety and to keep the packing moving forward, both kids and pets should stay in a separate space during this time. It’s less stressful for them, too. If you can’t board your pet or drop your kids at a friend’s or family member’s house, place them, and everything they’ll need to feel comfortable, in a room with a door that you keep closed.
Getting everything packed and ready
No matter how you pack up your stuff, whether you do it yourself or hire professionals, getting a home ready to move is a big job that starts way before you begin to fill that first box. Make sure you start planning well in advance, keep track of everything you’ve scheduled and maintain a hefty to-do list so as not to forget anything. Even with movers packing your stuff, there’s still plenty to keep you busy leading up to moving day.
Cruise passengers do not get bumped as often as airline passengers do, and you aren’t likely to find out there’s no room for you on the ship during the boarding process the way you might on a flight. But cruises can be oversold or canceled in advance for a variety of reasons.
Cruise lines employ some of the same approaches to inventory management as their airline counterparts, resulting in the ever-dreaded bumps. Plus, ship upgrade initiatives or mechanical repairs may cause changes to itineraries departing within weeks, months or even years.
For more cruise news, reviews and tips, sign up for TPG’s cruise newsletter.
But wait, some of us don’t dread airline bumps — we may, in fact, seek them out. Could the same apply to cruising? The biggest difference is that you’ll rarely be able to volunteer to be bumped, though that can happen in some situations. For example, Royal Caribbean overbooked Allure of the Seas earlier this year and contacted passengers to ask if they would voluntarily swap ships or sailing dates to free up rooms.
Whether you get a rare volunteer option or are involuntarily bumped from a canceled or oversold cruise, there’s a chance that you might come out ahead. First, let’s look at the reasons cruise lines bump passengers, then at the kinds of compensation you might expect if you get bumped from a cruise.
Reasons cruise lines bump passengers
Because cruise lines and their passengers have far less flexibility than airlines and flyers, every effort is made to avoid bumping guests that have confirmed cruise bookings — but there are several reasons it can happen.
Probably the most common reason for a cruise bump is maintenance and/or safety. Storms sometimes cause cancellations, and even though cruise lines schedule routine maintenance and upgrades, unexpected problems do crop up between those scheduled dry docks. Think damage from collisions, fires, rogue waves or engine failures — all of which have happened on cruise ships, sending them to the repair dock and resulting in last-minute canceled cruises.
Nobody wants to have their cruise canceled that way, but neither should you want to board a ship that might be less than seaworthy. The events that cause this type of bump often make the news, possibly alerting you to your potential bump before it happens. That’s small consolation for a canceled cruise, but it might allow you to begin rearranging your travel plans a bit sooner.
Related: Are cruises safe? Here’s what you need to know about cruise ship security and safety
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Behind-the-scenes cruise line maneuvers can cause bumps that rarely make the mainstream news. Fleet changes and charter sales are two of those issues. Luckily, both of these types of cancellations usually provide months of lead time for cruise passengers to make changes to their travel plans.
You’d think dry docks are planned well before a ship’s future itineraries are announced, but don’t be surprised if dry docks for upgrades or maintenance are scheduled after cruises start booking. That recently happened with Royal Caribbean’s Freedom of the Seas, causing cancellations of cruises in December 2024 and January 2025. Early planners were bumped from their trips, including holiday sailings.
Fleet changes happen when a cruise line either feels it can make more money from moving a ship to a different destination or occasionally when a destination becomes impossible to cruise to. Currently, the slow resumption of cruising in Asia (especially China) has caused strings of cancellations and bumps.
Fleet changes can also result from ship sales or even transfers between sister companies (like Carnival Cruise Line taking some of sister brand Costa Cruises’ ships). Occasionally these can be short-notice situations, but not usually.
Charter sales are when the cruise line sells a large block or the entire capacity of a ship to a charter company. These sales are worth millions to the cruise line. They generally avoid charters of ships that are already heavily booked, but it does sometimes happen, triggering a number of cancellation emails.
Then there is the oversell. It’s easy to assume that cruise lines could manage their cabin inventory through their complicated multistaged cancellation policies without the need to oversell. After all, guests who cancel their cruise at the last minute are not given refunds. Why can’t the ship sail with a few empty cabins?
Cruise ships often sail with empty rooms, and most lines use upgrade options to eke out a few extra dollars from unsold rooms at the last minute. But the important factor is that cruisers spend hundreds (if not thousands) on things like drinks packages, spa services, port excursions and specialty dining. Empty cabins don’t generate that additional money, so cruise lines oversell popular sailings as airlines do with flights. They hedge their bets, and sometimes the gamble fails.
Related: How to get a free or cheap cruise ship cabin upgrade
What passengers can expect from the cruise line if they are canceled or bumped
In the case of storm cancellations or emergency maintenance needs that occur pre-cruise, you will likely get a refund of your cruise fare or credit toward a future cruise. In general, cruise lines would rather not give out refunds, so they use bonuses of additional future cruise credits if you choose credit rather than a refund. You will get little assistance for your non-cruise travel arrangements unless those were booked through the cruise line.
Fleet changes generally involve offers to move your reservation to a different ship sailing a similar itinerary, the ship you booked on different dates, or a different ship and itinerary altogether. Again, refunds are the cruise line’s least favorite choice, so you may expect bonus credit if you opt to either move your reservation or accept credit for an alternative cruise. Because this kind of bump usually comes with advance notice, the offer you get may not include huge bonuses.
Celebrity Cruises recently had a fleet-change situation roughly six months out and offered affected guests alternative cruises and as much as $500 toward ancillary travel cancellation or change fees, which might not be enough to cover nonrefundable airline tickets for many destinations.
Related: 6 tips for booking your 1st cruise
Oversold cruises, though still quite rare, can result in enticing options for those who either accept a voluntary bump or anyone subject to an involuntary one. Possibilities include upgraded cabins on the alternative cruises offered, price freezes so your new booking doesn’t cost more, and a longer cruise than the canceled one at the same rate.
The options you are offered could go the other way, though. During one of its recent oversell situations, Royal Caribbean offered those being bumped from its largest class of ships a replacement cruise on a midsize ship. Sure, it was a similar itinerary, but a cruise on an Oasis-class ship is an entirely different experience than a sailing on a Voyager-class vessel.
Related: The 6 classes of Royal Caribbean cruise ships, explained
The good news is that the closer it gets to the oversold cruise, the better the offers are likely to be. The caveat, though, is that you may already have paid for airfare, hotel stays and other pre- and post-cruise bookings that cannot be canceled without paying a penalty.
Does travel insurance help with cruise cancellations or bumps?
Having travel insurance that covers cancellation of the full amount of your travel, including airline tickets and hotel reservations, is always the safest choice on any cruise. Insurance coverage can be tricky, so read all policy details carefully before you choose.
The first thing to know is you cannot be reimbursed for your cruise fare from travel insurance if you accept a refund, alternative cruise or future cruise credit from the cruise line. Where it can come in handy is if you had already paid for nonrefundable flights, hotel stays or tours before your cruise was canceled or changed.
I checked the fine print on several policies designed specifically for cruises, and none of the policies I looked at would cover your extra costs like nonrefundable airline tickets or change fees if you take a voluntary bump. Even involuntary bumps due to cruise line fleet changes don’t appear to be covered, and forced cancellations due to an oversell by the cruise line are not listed as covered reasons on any insurance policy I checked.
Related: Cruise travel insurance: What it covers and why you need it
If you were really concerned about cancellations, you could purchase a “cancel for any reason” add-on to your insurance plan. These can be pricey and possibly not worth the cost just to protect against an unexpected bump.
Cruise line cancellations due to mechanical failures would likely be covered under the common carrier clause, but only the amounts for which the cruise line doesn’t reimburse you. If your cruise line offers you $500 toward flight and hotel changes, and you are out $1,000, you can file for the extra $500 with insurance. If the cancellation happens before you leave, you’ll use trip cancellation coverage. If it happens after you have left home, you will file under trip interruption coverage.
Insurance payouts for cancellations due to weather have specific conditions regarding when you paid for the insurance coverage (often it must be 14 days before the cancellation) and whether the storm was named or not at the time you purchased coverage.
Related: The 5 best cruise travel insurance plans
Having a ‘Plan B’ may help you come out ahead on cruise bumps
Just knowing that your cruise could be canceled is a good starting point. Consider that situation when deciding on the rest of your travel plans. Perhaps you want to choose the hotel rate that lets you cancel up until 24 hours before your stay, no matter how tempting the lower, prepaid nonrefundable rate looks. The same goes with airfare.
Also, consider what you might do if your cruise gets canceled or changed. If you do book nonrefundable flights or hotel rooms, are you willing to use them even if you don’t take the cruise you planned? Can you change the dates or destinations? Would you consider booking a trip on another cruise line from the same port on the same dates to salvage your vacation — or would you enjoy a land-based holiday in Florida, Seattle or the area around your intended departure port?
Planning for the unexpected is especially important if your cruise is a one-way trip where you fly into one port and home from another (like some Alaska cruises). Having a Plan B is also crucial if your cruise involves a group or an event like a wedding.
What to do if you are notified of a bump or cancellation
When you are notified of a change in cruise plans, the first step is to read the notice carefully to understand your options. If you booked through a travel agency, call your adviser if they do not reach out first. Have them explain the reason for the bump and any options the cruise line offers. A valued agent may even check cabin availability on other sailings for you before they call.
The cruise line will often offer complimentary replacements on smaller ships or slightly different itineraries. If you don’t have an agent, your next step should be researching your options (including cabin availability) before committing to any of the cruise line’s choices. If you are picky about ship size, where the ship stops or cabin type or placement, you wouldn’t want to swap to the proposed alternative sailing if it wouldn’t make you happy.
Once you get a representative (or your travel adviser) on the line, clarify whether your reimbursement options include bonus future cruise credit or a refund. If you’re not offered the compensation you prefer, it never hurts to ask for it. The cruise line wants to keep you as a valued customer and knows it has inconvenienced you. The greater the inconvenience, the more the line might be willing to give.
Related: Is it better to book a cruise through a travel agent? We say yes
Finally, don’t wait too long to decide. You won’t necessarily know how many passengers are being bumped, but it could be hundreds, all scrambling to rebook something. Even if you’re inclined to wait a full year for a replacement cruise, the dates or cabin you want might fill up.
One of the worst situations I’ve heard of was a group of friends traveling together in six cabins. Half were canceled due to an oversell of the cruise. Handling that kind of bump takes coordination among the travelers, as well as with the cruise line. In theory, the reservations should have been linked, which might have avoided the split, but because the cruise lines don’t share their algorithms for who gets bumped, it’s impossible to know how any situation can play out.
Bottom line
If you cruise often, you might eventually be subject to a cancellation or bump. Being prepared with insurance coverage, refundable travel arrangements and a plan for what to do with your vacation time if it happens to you can make a cruise cancellation far less difficult to deal with.
My family once had a cruise trip canceled by a hurricane. Once we got our refunds squared away, we hit the road for what turned out to be an epic road trip. What’s your backup plan?
The American housewife! Who has a more important or more responsible occupation? Wife, mother, laundress, counselor, maid, chef, purchasing agent. All of these are her duties at one time or another.
So begins Buying Food, a home economics film from 1950. Buying Food is fascinating not just for its shopping tips, but also for the inside look at a grocery store from 60 years ago. (Self-service grocery stores were introduced in 1916 and grew in popularity during the 1920s and 1930s, but they were still relatively young in 1950.)
The condescending narrator e-nun-ci-ates his thesis:
If her income is limited — and most incomes are — it is her duty to be sure that what she has to spend buys the most in healthful, nutritious food for her family. Yes, she feels that she must buy wisely if she can. But what does this mean? What can she do to be sure that her money goes as far as possible?
Most of these tips will probably be quite familiar. But remember, this film is meant to educate future housewives: high school girls. Tips include:
Use a grocery list to eliminate impulse buying. Notice that the film’s impulse buyer is a man. A man can’t possibly know how to shop properly, right? (Kris would answer “yes”.)
Buy only what you need. When you buy too much, whether through impulse or through mistaken economy, you run the risk of creating waste. And wasted food is a huge drain on the budget (both then and now).
Compare unit pricing. The film doesn’t call it unit pricing, but that’s what it is. Viewers are instructed to compare the price per ounce on a can of beans, for example. Search for the best value, which isn’t always the largest lot.
Buy in bulk. You can often save money by purchasing “case lots”. (Actually, the grocery store we used to shop at in my home town still has a “case sale” every summer. You can order cases of your favorite food in advance. I’d always order a case or two of my favorite canned chili. It was a great way to save money.)
Don’t buy foods your family won’t eat. And don’t buy too many perishables. Again, you don’t want to waste food.
Know what you’re buying before you buy. “When you buy canned goods, be sure to read the label. The information on the label is much more reliable than the flowery language of advertisements.”
Purchase produce in season, when possible. Produce costs less and tastes better when it is in season. (Yes, it’s obvious, but it’s a main point in the film.) The film also notes that “if the housewife’s time is not too highly valued”, home-canned produce can be a savings.
Frozen foods are a good choice. They’re nearest in quality to fresh produce. They cost a little more, but this cost is offset by the fact that there’s no waste.
Use the best grade of milk available to you. “Disease may be contracted by drinking unsanitary raw milk.” (Of all the tips, this seems least applicable to modern grocery shoppers.)
But successful meals aren’t just about smart shopping. The film notes that cooking skills are important, too:
The cooking ability of the housewife [is] highly important. It doesn’t take much skill to make an excellent meal from an expensive t-bone steak. But the sign of an accomplished cook is an attractive and tasty dish made from less expensive meat: hamburger, frankfurters. Even a well-prepared, well-seasoned stew is a dish a housewife can be proud to set before her family.
Over the past few weeks, Kris and I have had fun browsing through the Public Domain media at the Internet Archive. There’s a massive collection of old instructional films (like this one) on a variety of subjects — dating, diet, driving — including many on personal finance. If you, too, enjoy films like this, I encourage you to spend some time exploring the site.
Note: This film was created for high school home economics classes of the 1950s. Yes, by modern standards it’s sexist, but if you can put your brain on “pause”, it’s a fun film, and an interesting glimpse at the past. Plus, most of the tips are still applicable today.