Welcome to Sarasota, Florida, a coastal paradise renowned for its breathtaking beaches, vibrant culture, and abundance of natural wonders. Whether you crave relaxation on sandy shores, immersion in arts and history, or indulgence in culinary delights, Sarasota has it all. To help you make the most of your time in this vibrant city, whether you’re a weathered local or looking at new houses in Sarasota, this Redfin article has a curated list of must-try experiences, along with local insights, that showcase the unique essence of Sarasota. Get ready to create unforgettable memories as you explore the untamed beauty of state parks, savor local delicacies, and uncover the magic of Sarasota.
1. Visit The Lido Key Tiki Bar
“If you are lucky enough to find yourself in Sarasota, head to The Lido Key Tiki Bar at the Ritz-Carlton Beach Club,” recommends Rupert Diggins from Just One For The Road. “This famous beach bar, overlooking the Gulf of Mexico, is a secret haunt for the Sarasota locals. Delicious cocktails are served by the friendliest of bartenders, with excellent food available too. This is the place to go for sunset in Sarasota and is an experience that will live long in your memory.”
2. Get the ultimate beach experience at Siesta Key
Siesta Key Beach is a slice of paradise nestled on the Gulf of Mexico. With its powdery white sands that feel like silk beneath your toes, it’s no wonder this beach consistently ranks among the best in the United States. Picture yourself basking in the warm Florida sun, listening to the gentle waves lapping the shore, and enjoying the breathtaking views. Take a refreshing swim in the crystal-clear waters or simply relax on the beach, savoring the tranquility of this idyllic setting. Whether you’re seeking solitude or a fun-filled day with friends and family, Siesta Key Beach offers the ultimate beach experience that will leave you with lasting memories.
3. Explore Myakka River State Park
“Don’t miss the chance to witness Florida’s vast expanse of unspoiled wetlands, prairies, hammocks, and untethered wildlife that make up Myakka River State Park,” says CASTO, a X.”
“With an abundance of exploration options like hiking, biking, kayaking, boating, or a guided tour, you’ll be able to immerse yourself in ‘old Florida’ as you navigate the trails and river way that meander through the park. You can enjoy the sights and sounds of ospreys soaring through the air, alligators, and turtles sunning along the river, and the sounds of ancient oaks and beautiful palms rustling in the Florida breeze. The Park is open from eight in the morning to sunset, 365 days a year, and for only six dollars per vehicle, the value of the experience is one of the best around.”
4. Visit The Ringling Museum
The Ringling is a cultural treasure that captivates visitors with its grandeur and rich history. Step into a world of art and imagination as you explore the extensive collection of fine art at The John and Mable Ringling Museum of Art. Admire masterpieces by renowned artists and gain insights into different artistic movements. Delve into the captivating world of the circus at the Circus Museum, where you can marvel at vintage costumes, learn about the history of the circus, and even try your hand at circus skills. The beautifully landscaped gardens, with their vibrant blooms and tranquil pathways, provide a serene escape.
5. Relax at Lido Key Nature Park
“If you’re looking to immerse yourself in the raw beauty of Florida, Lido Key Nature Park is an absolute must-visit,” recommends travel blogger, Michelle Hartz from The Wandering Hartz. “A world away from the usual tourist traps, this hidden gem allows you to truly connect with the natural world. Explore the winding mangrove tunnels by kayak and be sure to keep a watchful eye out for the local wildlife, including playful dolphins, gentle manatees, and majestic sea turtles.”
6. Walk through Selby Gardens
Selby Gardens, or Marie Selby Botanical Gardens, is a captivating 15-acre botanical paradise in Sarasota, Florida. With vibrant displays of rare plants and orchids, it offers a serene and immersive experience. Highlights include the Orchid Display House, Banyan Grove, peaceful koi pond, and mangrove walkway overlooking Sarasota Bay. The gardens also host art exhibitions and educational programs. Whether you’re a horticulture enthusiast or seeking a tranquil escape, Selby Gardens is a must-visit destination.
7. Catch a show at the Sarasota Opera House
Catch a show at the Sarasota Opera House. This architectural gem has been enchanting audiences since 1926, transporting them to a bygone era of grand performances and lavish productions. From classic operas to contemporary works, each production showcases the depth of human emotion and the power of music. As you settle into the plush seats of this meticulously restored theater, you’ll feel the anticipation and excitement in the air. Prepare to be spellbound as the curtains rise, revealing a world where passion, drama, and sublime melodies collide.
8. Kayak Lido Key Beach
Lido Key offers a hidden paradise waiting to be explored. Nestled between the Gulf of Mexico and Sarasota Bay, Lido Key Beach offers the perfect setting for exploring the area’s serene waters. Rent a kayak and paddle through the calm bay or venture out into the open ocean. As you glide along the crystal-clear waters, you’ll have the opportunity to spot a variety of marine life, such as dolphins, manatees, and an array of colorful fish. The coastline is dotted with mangrove tunnels and small islands, providing a picturesque backdrop for your kayak excursion…
9. Shop and dine at St. Armands Circle
St. Armands Circle is a vibrant and bustling destination that seamlessly combines gourmet delights, upscale shopping, and a lively atmosphere. Indulge your taste buds as you explore a culinary paradise filled with an array of restaurants, cafes, and eateries, offering diverse cuisines to satisfy every palate. From fresh seafood delicacies to international flavors, the dining options are as varied as they are enticing. After satisfying your culinary cravings, immerse yourself in a shopping spree at the upscale boutiques and specialty stores that line the streets. Discover unique fashion finds, exquisite jewelry, and one-of-a-kind treasures.
10. See marine life at Mote Marine Laboratory & Aquarium
Through interactive exhibits, educational displays, and captivating presentations, Mote Marine Laboratory aims to educate and inspire visitors about the importance of marine conservation. Witness breathtaking dolphin and manatee shows that highlight the intelligence and grace of these magnificent creatures. Explore vibrant aquariums teeming with colorful fish, mesmerizing coral reefs, and captivating underwater ecosystems. Engage in hands-on activities and gain a deeper understanding of marine research and conservation efforts.
The California Mortgage Relief program is expanding its reach again, hoping to aid more homeowners who fell behind on their payments during the pandemic.
Program officials announced Tuesday that aid would be extended to three new groups: homeowners whose mortgages had a “partial claim” or deferral, those who missed a second mortgage payment after June 2022, and those with a primary residence that includes up to four units. It also offered more aid to homeowners who had previously received help from the state.
One reason for the expansion is that the state has yet to spend most of the $1 billion in homeowner aid the federal government provided through the American Rescue Plan last year. Thus far, about 10,500 households — more than half of them earning only 30% of their county’s median income — have received an average of $28,137 from the program, for a total of just under $300 million.
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“Many California homeowners are still recovering from the financial hardships of the pandemic,” Business, Consumer Services and Housing Agency Secretary Lourdes Castro Ramírez said in a statement. “This program expansion will enable the state to assist even more homeowners who fell behind on their mortgage payments. Our primary goal is to keep families in their homes, prevent foreclosures, and assist homeowners on a stable path to financial recovery.”
Tiena Johnson Hall, executive director of the California Housing Finance Agency, said the agency talked to borrowers and loan servicers to figure out how to evolve the program. “This expansion represents months of careful consideration and creative solutions that make sure the most in need get help,” Johnson Hall said.
Volma Volcy, founder and executive director of the nonprofit advocacy group Ring of Democracy, said the most difficult thing has been getting eligible borrowers to take the state’s offer seriously. “They tend not to believe it because it sounds too good to be true. … This time it’s true,” Volcy said.
“I am imploring you: Come get the help, because it works,” he added.
Under federal law, households earning up to 150% of the median income in their county who suffer a pandemic-related financial hardship are eligible for up to $80,000 for past-due mortgage payments and up to $20,000 for missed property tax payments. According to the federal Department of Housing and Urban Development, 150% of the median income in L.A. County last year was $125,100 for a single individual and $178,650 for a family of four.
A few caveats: If you’ve already paid off your mortgage or tax debt, you can’t recoup that money by applying for state aid. Nor are you eligible for mortgage aid if your mortgage is a “jumbo” loan bigger than the limits set by Fannie Mae and Freddie Mac. Finally, you can’t obtain the state’s help if you have more than enough cash and assets (other than retirement savings) to cover your mortgage or tax debt yourself.
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Here’s a breakdown on the new targets for mortgage assistance.
Partial claim second mortgages and deferrals. Partial claims are a technique to help people at risk of losing their homes after missing several monthly payments on a loan backed by the Federal Housing Administration, the U.S. Department of Agriculture or the Department of Veterans Affairs. Rather than demanding larger payments to cover the past-due amount, the agencies encouraged lenders to split off the past-due portion into a second, interest-free mortgage. That way, a borrower could stay current by paying just their usual monthly payment.
The partial claim second mortgage could be ignored until the house was sold, the mortgage was refinanced or the first mortgage was paid off, at which point the partial claim would have to be paid in full. In the meantime, it’s a real debt that affects the borrower’s ability to obtain credit.
Similarly, some lenders offered deferrals that bundled the missed payments into a sum that was tacked on to the end of the loan. Borrowers wouldn’t face higher monthly payments, but they would have to pay off the deferred amount (a “balloon payment”) when they refinanced, sold their house or reached the end of their loan.
The state mortgage relief program is now offering up to $80,000 to pay all or part of a COVID-related partial claim or deferral.
“Using relief funds to pay down deferred balances for homeowners who experienced COVID hardships restores home equity and puts financially vulnerable families in a stronger position to sustain homeownership,” Lisa Sitkin, senior staff attorney at the National Housing Law Project, said in a statement. “It also alleviates the anxiety of having to figure out how to pay off a large balloon payment in the future.”
More homeowners who fell behind in 2022. Previously, homeowners had to have missed at least two mortgage payments by June 30, 2022, or one property tax payment by May 31, 2022, to be eligible for mortgage or tax relief, respectively. Now, you’ll qualify if you miss at least two mortgage payments or one property tax payment before March 1, 2023.
Homeowners who need a second shot of relief. The mortgage relief program was originally seen as one-time-only assistance. Now, however, California homeowners who’ve already received help can apply for more if they have missed more payments and remain eligible. No household may collect more than $80,000 over the course of the program.
Owners of multiple-unit dwellings. Initially, mortgage relief was available only to people who owned and occupied a single-family home, condominium or non-mobile manufactured home in California. Now, aid will be available to people whose primary residence includes up to four units, such as a duplex, quadplex or a house with an accessory dwelling unit.
The program continues to offer aid to one additional group: homeowners with reverse mortgages who have fallen behind on their property tax or insurance payments.
How do you apply?
Applications are available only online at camortgagerelief.org. For help filling one out, you can call the program’s contact center at (888) 840-2594, where assistance is available in English and Spanish.
If you don’t have access to the internet or a computer, you can ask a housing counselor to assist you. For help finding a counselor certified by the federal Department of Housing and Urban Development, call (800) 569-4287. You may also get help from the company servicing your mortgage.
The online application process starts with questions to determine your eligibility. If you meet the state’s criteria, you can then complete an application for funds. Here’s where you will need some paperwork to establish how much you earn and how much you owe.
According to the program’s website, among the documents you will need to provide are a mortgage statement, bank statements, utility bills and records that show the income earned by every adult in your household, such as pay stubs, tax returns or a statement of unemployment benefits. If you don’t have access to a digital scanner, you can take pictures of your documents with your phone and upload the images.
The site provides links to the application in English, Spanish, Chinese, Korean, Vietnamese and Tagalog.
When will the program end?
The state will continue to offer help to homeowners who became delinquent because of COVID-related issues until it has spent all $1 billion from the federal government. The state estimates that an additional 10,000 to 20,000 homeowners will be helped by the remaining funds.
The money will be awarded on a first-come, first-served basis, with one important exception: 40% of the aid must go to “socially disadvantaged homeowners.” Those are residents of the neighborhoods most at risk of foreclosure, based on the Owner Vulnerability Index developed by UCLA’s Center for Neighborhood Knowledge.
About The Times Utility Journalism Team
This article is from The Times’ Utility Journalism Team. Our mission is to be essential to the lives of Southern Californians by publishing information that solves problems, answers questions and helps with decision making. We serve audiences in and around Los Angeles — including current Times subscribers and diverse communities that haven’t historically had their needs met by our coverage.
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Most home owners can probably attest to falling victim to this dark hole: dreaming of all the things you can’t afford in your new house- like, universally-coveted marble countertops! Oh, what to give to be able to just trot down to the marble yard, point to the vein-iest Carrara slab they have and say, “that one!”…*wakes up from dream.* While highly impractical dream kitchen will have to wait, luckily there are some marvelous marble accessories to keep one satiated…at least, until you scroll through Pinterest and find yourself staring at inspiration that looks like THIS. Oy.
While marble far as the eye can see might be out of the budget, this marble-esque Clare V. Oversize Metallic Clutch certainly isn’t! Let’s talk about how amazing this super fab marble-topped side table is and let’s talk about the fact that it is ON SALE. Also, if you can’t buy the real thing, we say, faux it with these gorgeously crafted ceramic serving boards. And who else is ob-sessed with this cute gold-plated bar set, atop it’s own adorable marble slab?! Yes, please.
Even if you can’t cover your house in wall-to-wall Carrara, at least you can marvel at a little mable in your life!
Get Your Shop On:
> Waldorf Side Table on sale for $299!! > Pierre Hardy Marbled Slip-Ons > Grey Ebru Marble Ceramic Serving Board > Gold and Marble Barware Set > Menu Marble and Copper Candle Holder > Eduardo Garza Marble Ring Holder > Marble Cotton Fabric Bench > Marble iPhone Case > Clare V. Oversize Metallic Clutch > Marble Light Pendant
image 1 via In/Out as seen in Belle Magazine // 2 via here // 3 via Menu // 4 via Arkpad
When purchasing a house, you’ll most likely have to take out a loan. Before going to a lender to apply, one of the key elements to keep in mind is the interest you will have to pay on your mortgage.
How is your mortgage interest rate calculated?
Several factors go into determining what interest rate you will have to pay on your mortgage. These include the type of loan you apply for, what the market rate is and your creditworthiness to name a few.
You may be interested in: Will home prices drop in July 2023? Here’s what the experts say
Type of loan
There are several types of mortgages but the two main categories are those with a fixed rate and flexible rate. There are pros and cons to both, with one of them being the interest that you pay in the former locked in for the duration of the loan, while the later could experience swings.
Current market rate
One of the most important factors determining the range of mortgage rates that a lender will offer is the market. Mortgage rates track the yield on 10-year Treasury Bonds which is related to the Fed’s economic outlook.
Creditworthiness
Your credit score will also play a major role in your qualifying for a loan and the interest you will have to pay. This is calculated based primarily on your payment history as well as how much you owe compared to your income. The higher your credit score the better the rate that a lender may be willing to offer.
How much you borrow
Typically, the bigger the loan you ask for, the higher the interest rate the lender will charge. This is because the lender will consider that you pose more of a default risk.
The length of the mortgage
The longer you will take to pay back a loan, the higher your mortgage rate will be. Again, because you may pose a greater risk of default.
For example, the current weekly average for a 30-year fixed-rate mortgage has been hovering between 6 percent and 7 percent since November 2022. While the 15-year fixed-rate mortgage has generally been around 0.6 percent lower. Experts believe that they will stay elevated through this year and into the next.
Interest rates for mortgages have risen with inflation and the federal funds rate, but personal income has also risen. The FRED Blog reviews a few ways to measure the cost of paying interest on a mortgage as a share of personal income https://t.co/WHIA4EMOgq pic.twitter.com/uyLfkwwvJy
— St. Louis Fed (@stlouisfed) July 10, 2023
How does mortgage interest work?
The interest rate will apply to the balance of your loan which could include other expenses than just the cost of the property. These may include closing costs, homeowners insurance and even property taxes. Additionally, you may have to purchase private mortgage insurance (PMI) with a conventional loan if the loan-to-value ration is greater than 80%.
At the beginning, the bulk of your payments will be towards the interest on you mortgage. However, as the principal is paid off, the amount of interest that you pay each month will progressively be reduced. By the end, the majority of each payment will go towards the principal.
With today’s mortgage rates averaging between 6% and 7% APR as of July 2023, potential homebuyers are paying much more over the lifetime of their loans than borrowers just a few years ago. In fact, high interest rates coupled with low housing inventory can make buying a home in 2023 an uphill battle.
But if you’re on the hunt for a new home today, you can help yourself out by becoming familiar with market conditions and what you can do to ensure you score the best possible mortgage rate available. Knowing what to expect from rate fluctuations over the next few months, as well as how you can improve your individual loan application, can help you save money in the long run.
Get started by comparing today’s top mortgage rates here.
What to expect from mortgage rates in 2023
It’s difficult to make any predictions for how mortgage rates will move, says Deviree Vallejo, a Denver-based real estate expert, “as there are so many economic, political and social factors contributing.
While predicting the future is impossible, buyers looking to lock in a rate in 2023 may benefit from knowing what those factors are that can influence rates over the next several months.
The latest market survey report from Freddie Mac attributes rising mortgage rates to a number of factors. “This upward trend is being driven by a resilient economy, persistent inflation and a more hawkish tone from the Federal Reserve,” the report says.
While the Fed has currently paused interest rate hikes, it’s also signaled that rates could go up again before the end of the year, which could also factor into rising mortgage interest rates. But there may be some relief for borrowers if inflation continues to trend downward. Reaching a lower level of inflation could bring an end to rising rates — even if they remain elevated for a while.
And experts we’ve spoken to recently say the Fed’s moves, and the way markets react to them, could influence mortgage rates to start going down by early next year if not this year. “I personally expect them to remain stable or drop a little through the end of the year,” Vallejo says.
Explore the top mortgage rates you can qualify for today now!
How to get a good mortgage rate today
When it comes to financing a mortgage this year, Vallejo says potential buyers should “perform due diligence and find the best rate.”
First, focus on the factors you can control. Typically, applicants with the best credit qualify for the best interest rates. Before you apply for a mortgage, check your credit score and credit report. Then, start building habits that can help improve your credit history: pay your bills on time and in full, reduce the amount of debt you owe and don’t apply for new loans or lines of credit too close to your mortgage application.
It also pays to compare multiple lenders before you decide on a rate. Using the same loan details and application information, compare pre-approval offers from multiple lenders to narrow down the best rates you can qualify for.
Don’t forget that your mortgage loan rate isn’t the only determining factor of your home buying journey. While it can pay to get the best possible rate, there are plenty of other things to consider before you lock in your loan. Plus, there’s always the potential to refinance once rates are lower in the future.
“I can’t reiterate enough that someone should only buy a house based on their personal financial readiness and not based on where economists are predicting interest rates to go,” says Colin Zizzi, CFP, founder of Zizzi Investments. “Yes, financing a home is much more expensive today than a year ago, but that’s only one factor to consider in the home buying process.”
The bottom line
If you’re in the market to buy a home in 2023, be prepared to do some research and have patience throughout your search. While mortgage rates may continue to rise for a bit, they could subside in coming months if, among other factors, the Fed ends its rate hike cycle. But you can also make moves to ensure you get the best possible rate in any market by improving your credit and overall application, preparing yourself with market knowledge and comparing different offers from lenders before you lock in a rate.
Get started today by comparing the best mortgage rates available now.
Today we’ll do an in-depth review of CrossCountry Mortgage, which as the name implies, is a nationally-licensed mortgage lender that offers its home loan services in all 50 states and the District of Columbia.
Given their name, it’s a good thing they do. The consumer direct mortgage lender is based out of Brecksville, Ohio and has been around since 2003.
Perhaps their biggest claim to fame is the fact that they were the main lender partner of Costco Mortgage. So if you’re a Costco customer, you may have come across them.
Now that the Costco mortgage program has wound down, they’re flying solo, but still expected to originate billions in home loans annually.
Read on to learn more about this direct mortgage lender and their many offerings.
CrossCountry Mortgage Fast Facts
Founded in 2003 by CEO Ronald J. Leonhardt, Jr
Headquarters in Brecksville, Ohio
Nationally licensed direct lender in all 50 states
More than 7,000 employees at over 600 branches
Fannie Mae, Freddie Mac, and Ginnie Mae Approved Seller/Servicer since 2012
Funded $52+ billion in home loans in 2021, own a loan servicing portfolio worth $2.387 billion+
The main mortgage lender partner for Costco (program has since closed)
Interestingly, CrossCountry Mortgage began as a mortgage broker before transforming into a full-scale mortgage lender themselves.
Today, they claim to be a top-3 retail mortgage lender, with aspirations to go even higher over time.
In 2021, they funded roughly $52.4 billion in home loans, with a high concentration of loans originated in California, Florida, Illinois, and Ohio, per HMDA data.
In 2019, they acquired Chicago, IL-based PERL Mortgage, and a year earlier, Chicago-based bemortgage. This has allowed them to expand their footprint, especially in the Midwest.
Most recently (May 2020), they acquired the assets of of New Jersey-based mortgage lender First Choice Loan Services Inc., a Costco Mortgage partner.
They also own subsidiaries BestRateUSA and Veterans Lending Group, the latter being a VA loan lender.
And were recently named to Inc. Magazine’s list of 5000 fastest growing private companies in the United States. Let’s learn more about them.
Official Mortgage Partner of the Cleveland Browns
Aside from their past affiliation with Costco, they are also the Official Mortgage Partner of the Cleveland Browns
During the 2021 season, the CrossCountry Mortgage ‘Dedicated Dawgs’ Sweepstakes will hand out nearly $90,000 in cash and prizes to lucky winners.
The biggest being $50,000 in cash to create your very own “Ultimate Dawg Pound” backyard party.
There will also be weekly prizes, including:
Passes to a Browns game from the CrossCountry Mortgage Landing
Tickets for the company’s “Best Seats in the House” experience
A D.A.W.G. Rover remote controlled cooler
And miscellaneous Cleveland Browns gear
Additionally, they will deliver several fan-friendly experiences to every Cleveland Browns home games, including a Hype Cam, which creates personalized, 360-degree pregame videos that can be shared.
Applying for a Home Loan with CrossCountry Mortgage
First, you fill out a short pre-qualification form on their website. Then a licensed loan officer will contact you within 24 hours to go over eligibility and your loan options.
This will involve a full pre-qualification to ensure you qualify, followed by a consultation to go over loan options and mortgage rates.
You can also use the “find a loan officer” feature to search for a loan officer by name (if you’ve been referred or know someone specific), or search by branch location if you want to speak to someone nearby.
These individuals have their own websites, which have different application forms, some powered by digital mortgage tech company Blend.
So it appears you can apply for a mortgage without actually speaking to anyone. And get personalized rates and compare loan options depending on the branch in question.
Once approved for a loan, there is functionality to upload documents, track loan status, and more.
FastTrack Credit Approval Program
CrossCountry Mortgage offers its FastTrack Credit Approval program, which is designed to give you an edge in a competitive housing market.
First, you apply for a mortgage and provide all the required documentation, such as W-2s, bank statements, and tax returns. Your credit history will be reviewed.
Then you’ll receive two letters – a buyer letter that shows you have Credit Approved status subject to terms and conditions.
And a seller letter (pre-approval letter) you can share with a homeowner to show your approved loan amount, along with the statement that you’ve been Credit Approved.
Even if you haven’t found a home yet, you can clear conditions on your loan that aren’t related to the property itself.
In fact, your loan could close in as few as 7 days after signing a purchase contract, assuming you’ve cleared most of your borrower-specific conditions.
Regardless of how you approach it, they aim to close in 21 days, which is a plus for those buying a home on a tight deadline.
What Home Loan Products Does CrossCountry Mortgage Offer?
Conventional loans (Fannie/Freddie)
Government loans (FHA, USDA, VA)
FHA 203k loans
FHA cash-out refinance
Jumbo loans up to $3 million
Jumbo renovation loans
Streamline refinances for FHA, USDA, and VA
Reverse mortgages
HELOCs
Home equity loans (HELs)
Bridge loans
Buydown loans
ADU loans
First-time home buyer grant programs and down payment assistance
CrossCountry Mortgage offers home purchase loans, mortgage refinances, renovation loans, home equity lines of credit, and reverse mortgages.
In terms of available loan options, they’ve got all the main offerings, including conventional loans, both conforming loans backed by Fannie/Freddie and jumbo loans for those who require larger loan amounts.
Those looking for a government home loan are in luck as well since they offer FHA loans, USDA loans, and VA loans.
If you need a renovation loan, they offer the FHA 203k program and a jumbo renovation loan. Those who prefer a HELOC to make home renovations can also acquire one via CrossCountry Mortgage.
They’ve also got the full slate of streamline refinance programs for all loan types, bridge loans, mortgage buydowns, and even ADU loans for those with accessory dwelling units.
Regarding specific loan programs, their fixed-rate mortgages are available in terms ranging from 10 years to 30 years.
For their adjustable-rate mortgages, 3/1, 5/1, 7/1, and 10/1 ARMs appear to be available.
They also offer reverse mortgages backed by the FHA, known as Home Equity Conversion Mortgages (HECM).
In late 2022, they launched a new closed-end home equity loan (HEL) that allows homeowners to tap their home equity. It is a fixed-rate second mortgage.
And in April 2023, announced the availability of the Freddie Mac BorrowSmart Access program, which offers up to $3,000 toward down payment and/or closing costs.
They’ve since upped the ante with “CCM Smart Start,” which provides first-time home buyers with up to $4,000 to cover down payment costs.
CrossCountry Mortgage Rates and Fees
They do not advertise their mortgage rates on their website. However, you can request a free mortgage rate quote by filling out a short form online.
After you complete it (shouldn’t take more than a minute), a loan officer will contact you to provide quotes and loan options, and next steps to generate a pre-approval if desired.
Because they don’t disclose rates, it’s unclear how competitive they are relative to other mortgage lenders.
Additionally, they don’t disclose lender fees on their website, so again, you’ll need to make contact with a loan officer to find out those details.
CrossCountry Mortgage Reviews
On Zillow, CrossCountry Mortgage has an amazing 9,124 reviews with a rating of 4.97 out of 5 stars.
That’s probably as close to perfection as you can get – the number of reviews is also a good sign because it’s a very large sample size.
Most reviews note that both the interest rate and fees were lower than expected, which gives us a window into their competitiveness.
They also have 3.5 out of 5 stars on the Better Business Bureau website, but it’s only based on 61 customer reviews.
And it’s not as bad as it sounds seeing that most BBB customer ratings are poor because they’re driven by complaints. Consumers don’t typically review companies on the BBB website.
The near-10,000 reviews on Zillow is probably the best gauge of how well-liked they are as a company.
CrossCountry Mortgage Pros and Cons
The Good Stuff
A+ rating with BBB, accredited since 2016
Lots of different loan programs available including second mortgages
Ability to apply online with certain branches
Use Blend technology for the mortgage application
Highly-rated on Zillow by past customers
Licensed in all 50 states and DC
Free mortgage calculators and help articles on website
They service many if not all of the home loans they originate
Offer a Spanish mortgage application and Hispanic-focused website
The Potential Bad Stuff
Do not advertise mortgage rates
No mention of lender fees
Unclear if they charge an application fee (e.g. rate lock fee or upfront appraisal fee)
Efforts to loosen zoning laws that would allow factory-built homes in more jurisdictions outside the rural U.S. is also another primary focus for affordable housing advocates.
“It’s absolutely critical that we do more urban infill, suburban new construction, subdivision development, even replacement of older homes in our cities with affordable stock,” Epperson said.
Vacant infill sites, particularly, present opportunities in many communities, thanks to existing infrastructure.
“We love doing infill sites, lots where potentially there was a house previously because oftentimes that means that the utilities are right there in the ground,” Stott said. “Land is kind of the great scarce resource, certainly around city areas.”
But while such opportunities already exist in some states, including California, which has rules preventing local municipalities from zoning out single-family manufactured housing, regulations and local resistance elsewhere around the country still present barriers to increasing the number of homes.
“What’s really a problem is that where there’s most opposition to new housing — tends to be infill housing in existing cities, where infrastructure is already present,” Loftin said.
And while it has the potential to provide a lower price point in many communities, there still are constraints on the extent of affordability modular and other manufactured homes can bring on large-scale projects, like subdivisions, compared to on-site, or stick-built, construction, according to Loftin.
The primary driver of costs up in some markets is transportation, particularly when located a long distance from the factory. “You have to move that house and get to a site and site it,” which can offset the cost reduction of construction.
“When I looked at if manufactured housing made sense in Santa Fe or Albuquerque, it never competed with stick building.”
Still, economic development is driving more cities to evaluate the possibilities of manufactured homes to serve their needs, particularly if they see potential disruption ahead in their housing markets requiring a quick boost to inventory, according to Epperson.
“We’ve had interest from some of the Rust Belt cities for infill, especially when they get a new announcement in jobs,” she said.
Any progress in changing local regulations should also likely lead to interest among developers to adding manufactured homes that can boost housing inventory. “Where we get interest tends to be from smaller cities, where developers can make that zoning change,” Epperson said.
Modular builders like Connect Homes are already creating strategies to tap into developer interest as it grows.
“We’ve spent the last couple years taking everything that we’ve learned from our previous experience building for single-family homeowners in order to create a system that’s more scalable, that provides less site work on site,” Stott said. Plans also include the creation of models that “can start as small as an ADU but can quickly scale up to kind of a townhome development.”
Factory-built construction appears to have support from the federal government, with the Biden administration regularly highlighting the role it can play in his affordable housing goals. Among the president’s stated housing aims are new financing mechanisms for manufactured homes as well as the expansion of construction-to-permanent loan options to reduce the housing shortage.
Among North America‘s best-known national parks, Glacier Bay is a bit of an outlier.
Unlike Yellowstone or Yosemite, you can’t visit Glacier Bay on a road trip. There are no roads leading into the park, and the only way to reach it is by small plane, boat or ship.
There’s also little infrastructure within the park. It does have a visitor center and lodge, located at its very edge. But its biggest attractions — its giant tidewater glaciers — are viewable only from the deck of a vessel. At its essence, Glacier Bay is a giant, fjordlike body of water lined with snowcapped mountains, forests and glaciers, and it’s best seen from the water.
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It is for this reason that a large percentage of Glacier Bay’s nearly 700,000 visitors a year arrive on a cruise ship. Indeed, you could almost call Glacier Bay a cruise ship park.
Only by arriving by cruise vessel (or another boat, including the park tour boat) can you fully experience the park by traveling up the 65-mile-long waterway to a glacier and back.
Even so, you’ll only see a small portion of the park. Established as a national monument in 1925 and elevated to national park status in 1980, Glacier Bay covers more than 5,200 square miles — an area about the size of Connecticut. That makes it nearly as big as Yellowstone and Yosemite combined — though much of this area is relatively inaccessible.
As a longtime travel writer specializing in cruising, I’ve been to Glacier Bay many times, and it’s one of my favorite places in Alaska. Its glaciers are its star attractions, for sure. But it also offers spectacular mountain scenery, wildlife and — for those who make an effort to come for a multinight stay — wonderful hiking, kayaking and other outdoorsy pursuits.
Related: How to find the right Alaska cruise for you
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Getting to Glacier Bay
As noted above, most of Glacier Bay’s visitors arrive by cruise ship. The typical cruise that includes a visit to Glacier Bay is a seven-night Alaska voyage out of Vancouver, British Columbia, or Seattle that also includes stops at the Alaskan towns of Juneau, Skagway and Ketchikan. The visit to Glacier Bay fills just one day of the seven-night trip.
Two major lines with historic ties to the park — Princess Cruises and Holland America — offer the most sailings with a visit to Glacier Bay. The National Park Service allows just two ships a day into the park, and arrivals are governed by a permitting system that gives preference to lines that operated in the park before the permitting system began.
Norwegian Cruise Line, Seabourn, Cunard Line and Viking also have ships that visit the park, as do small-ship operators UnCruise Adventures, Alaskan Dream Cruises, Lindblad Expeditions and American Cruise Lines.
A trip on a cruise ship isn’t the only way to get into Glacier Bay. Would-be visitors can also fly or take a ferry to Gustavus, a tiny town (population 642) on the edge of the park near the access point for a tour boat that travels into the park daily. Dubbed Baranof Wind and operated by park concessionaire Aramark, the tour boat departs from Bartlett Cove, which is just inside the park boundary and the home to the park’s visitor center.
During the summer tourist season, Alaska Airlines offers daily service to Gustavus Airport (GST) from Juneau International Airport (JNU), 48 miles to the southeast. An air taxi company, Alaska Seaplanes, offers small-plane flights to Gustavus from Juneau year-round. Ferry service to Gustavus is through the Alaska Marine Highway System, which sends a ferry to the town regularly from Juneau.
The two main airlines that fly to Juneau are Alaska Airlines and Delta Air Lines.
Park visitors also can arrive at the park by private or chartered boat.
Related: How to get to Alaska with points and miles
When to go
While Glacier Bay is open year-round, visitor services are extremely limited outside of the summer season, and nearly everybody who visits comes between May and September.
Most cruises that include a stop in Glacier Bay take place between April and September, and the Glacier Bay tour boat only runs in the summer months. The park’s visitor center and only lodge (Glacier Bay Lodge), which share a building, also are open only in the summer.
Summer is the most pleasant time to be in Glacier Bay, temperature-wise. But even at the height of summer, it can be chilly, with temperatures topping out between 50 and 60 degrees during daylight hours. Rain is also common, with the area around Gustavus getting around 70 inches a year.
April, May and June are often the driest months. September and October tend to be the wettest. The bottom line is that, even at midsummer, you should be prepared for any sort of weather. Pack good rain gear, waterproof boots, wool or fleece layers and a warm hat and gloves.
No matter when you go, there’s no fee to enter Glacier Bay, which is unusual for national parks. Nor are there fees for camping or boating permits. So you can leave your national park annual pass at home.
Related: Best time to cruise Alaska
What to see and do
As the name suggests, Glacier Bay is a park all about glaciers. It’s home to more than 1,000 of them, and seeing a glacier up close is the big draw for most visitors.
Specifically, tourists come to view one of the park’s seven-ish giant tidewater glaciers, which flow down from the mountains to the water. I say seven-ish as the park’s rangers in the past couple of years have noted that some of the tidewater glaciers have melted back so much that they may not be interacting with the ocean water anymore. That’s the definition of a tidewater glacier. The park rangers these days like to say there are “no more than seven” of the tidewater glaciers now, maybe fewer.
The reduction in the number of tidewater glaciers at the park is an ongoing trend. When I wrote an earlier version of this guide a few years ago, the number of tidewater glaciers at the park was nine.
Whatever the exact number, for those visiting Glacier Bay by cruise ship, the experience will revolve heavily around a stop at one of these glaciers to watch giant chunks of ice crash down from its face — a magnificent show.
Cruise ships arrive in the park for the better part of a day, and the experience goes beyond a stop at one of the park’s glaciers. Sightings of puffins, harbor seals, Steller sea lions and even the occasional humpback whale or brown bear are part of the allure — all while traveling by water through an immense, glacier-carved landscape.
If you come on a big cruise ship, you’ll be doing your Glacier Bay viewing from the deck of your vessel. Big cruise ships in Glacier Bay never dock, and nobody gets off them. Still, you’ll get the full National Park Service experience. Park rangers and often a local Huna Tlingit cultural guide will board the vessel for the day to offer presentations and shipwide commentary over loudspeakers, lead activities for kids and answer questions.
Some small cruise vessels that spend the night in Glacier Bay do allow passengers to disembark.
For those visitors who travel by plane or ferry to Gustavus, more options are available. In addition to taking the Glacier Bay Day Tour up the bay on the park tour boat ($262.44 per adult; $137.11 for children ages 3 to 12), visitors will find opportunities to hike, kayak and camp.
The day tour on the park tour boat includes stops at two glaciers — Margerie and Grand Pacific. Each towers nearly 250 feet above the ocean and stretches another 100 feet beneath the water. The ice that calves from their faces is, on average, 200 years old.
Hiking trails within the park near Gustavus range from the 1-mile Forest Trail, which offers a leisurely meander through a lush forest, to the 8-mile-long Bartlett Lake Trail, a rugged trek to a tranquil lake. Most visitors head down one of the trails on their own, but for those looking for interpretation, park rangers based at Bartlett Cove offer a daily guided forest loop walk (at 1:30 p.m., as of the publication of this story).
Kayak rentals are available at Bartlett Cove, where the park service visitor center is located, for both day trips around the area and multiday outings deep into the park. Kayakers can go off on their own or sign up for a guided tour.
Birdwatching also is a popular activity in Glacier Bay. The park’s diverse habitat allows for a wide variety of species (at last count, 281), including rainforest species such as the American three-toed woodpecker and neotropical migrant warblers, thrushes and other songbirds. There also are island and cliff seabird colonies of gulls, guillemots, puffins and cormorants.
In addition, daily cultural activities are available at Xunaa Shuka Hit (the tribal house) in Bartlett Cove. Unveiled in 2016, this is the first permanent Huna Tlingit clan house since the original Huna Tlingit villages of the area were destroyed by a glacier over 250 years ago. Located within a short walking distance of Glacier Bay Lodge, it offers the chance to learn firsthand about Huna Tlingit history, culture and life from tribal elders. Visitors can also experience dance performances and native foods and see historical photographs. Hand-carved totem poles tell the Huna Tlingit story.
A National Park Service visitor center is located on the second level of Glacier Bay Lodge. Park rangers are available much of the day to answer questions, and films on the park are available for watching in the visitor center’s auditorium. A ranger program is presented in the auditorium each evening.
Visitors also can get an overview of Glacier Bay’s mountains, ice and water from a flightseeing tour out of Gustavus or even the Alaskan towns of Yakutat or Haines.
Where to stay
If you’re arriving at Glacier Bay on a cruise, you don’t have to worry about a place to stay. You’ll be spending the night on your ship.
Those planning to visit the park by way of Gustavus will find several places to bed down. Many visitors stay at the 48-room Glacier Bay Lodge, which is within the park about 10 miles from the town (rooms from $270.40 a night). Cozy and rustic, the lodge is nestled among Sitka spruce on the shores of Bartlett Cove, which also is home to the park’s headquarters and the jumping-off point for daily tours on the park boat. Glacier Bay Lodge is the only lodging within the park.
Back in Gustavus, you’ll find a handful of small inns, guesthouses and bed-and-breakfasts. They include the 14-room Bear Track Inn (from $495 per person per day, including meals and ground transportation) and the five-room and five-cabin Glacier Bay Country Inn ($319 per person per day, including meals and ground transportation). Gustavus is not a big place; some venues here offer just a few rooms.
You also may face a bit of sticker shock when seeing the rates for lodging in Gustavus. In many cases, this is driven by the fact that the properties operate on a semi-all-inclusive basis, with all meals and transportation from the airport included in the base price.
Unfortunately for points and miles devotees, there are no points hotels in Gustavus. You can find a few points hotels back in Juneau, such as the Four Points by Sheraton Juneau (rooms in the summer start at $389, or 50,000 points) and a trio of Wyndham Rewards-affiliated properties (a Ramada, Travelodge and Super 8).
The park also maintains a free, walk-in campground in a rainforest setting at Bartlett Cove. Available on a first-come, first-served basis, it offers bear-proof food storage caches, composting toilets, a fire pit on the beach and a small warming shelter. Firewood is provided.
That said, most camping in Glacier Bay takes place in the wilderness. The park offers more than 700 linear miles of shorelines, beaches and islands open to camping. Campers can arrange for the park’s tour boat to drop them off at one of several designated locations within the park and pick them up days later.
Campers must register upon arrival at the Visitor Information Station near the Bartlett Cove dock. Campers can call 907-697-2627 prior to arrival to inquire about space availability at the campground at Bartlett Cove.
Related: How to use points and miles to stay near national parks
Where to eat
Again, if you’re arriving by cruise ship, you’ll be eating on board your vessel.
If you’re staying in the Gustavus area, you’ll probably be eating at the lodge or inn where you’re staying or at another one of the lodging properties in town. The town is so small that its dining establishments generally are tied to its lodging outlets. They’re also only open in the summer.
Many of the lodging options offer a “full board” plan that includes three meals each day. Be warned that a la carte pricing at eateries can be high in the Gustavus area, as is true in many places in Alaska. This partly has to do with the high cost of getting supplies to remote parts of the state.
For those staying at Glacier Bay Lodge, the in-house restaurant, the Fairweather Dining Room, is open for breakfast, lunch and dinner for both lodge guests and outsiders. The dinner menu includes local Alaska salmon and halibut. Lunch brings burgers and sandwiches (including a halibut sandwich).
Also open to guests and outsiders is the restaurant at Glacier Bay Country Inn. It serves Alaskan cuisine, such as salmon, typically offered en croute with a green peppercorn sauce.
Bottom line
A visit to Glacier Bay is one of the iconic experiences of a trip to Alaska, and something you should try to do at least once in your life — if only to see the giant calving glaciers. For most visitors, experiencing the park will involve a voyage on a cruise ship that brings just a day in the park. But for those who want to explore deeper in the park, there are ways to do that, too.
Planning a cruise to Alaska or elsewhere? Start with these stories:
VA loans are available to active-duty military members, veterans, reservists, National Guard members, and certain surviving spouses. They require no down payment or mortgage insurance and typically come with lower interest rates than other types of mortgages. If you think you might qualify for a VA loan, it’s worth comparing the costs to those of a conventional loan.
What Is a VA Home Loan?
VA loans were created in 1944 as part of the G.I. Bill, and they have grown in popularity since. They are one way to buy a house with no money down.
Most VA loans are VA-backed loans. Approved private lenders issue the loans, part of which the U.S. Department of Veterans Affairs agrees to repay if the borrower stops making the payments. That guarantee incentivizes lenders to offer VA loans with attractive terms.
The VA issues direct loans to Native American veterans or non-Native American veterans married to Native Americans. The agency also refinances VA and other mortgages.
How Does a VA Home Loan Work?
To receive a VA loan, a veteran, service member, reservist, National Guard member, or surviving spouse first has to apply for a Certificate of Eligibility. Once you have your COE and have decided what you wish to spend on a home, you’ll seek out a lender. Most lenders charge a flat 1% fee for VA loans but there may be other fees as well.
Once you have a lender and find a home to purchase, you’ll need to have the home appraised by a VA-approved appraiser to ensure it meets the minimum qualifications for a VA loan. If it does, you’re on your way to moving day.
Types of VA Home Loans
VA loans are available to help eligible borrowers buy, build, renovate, or refinance. Here are the main programs.
VA-Backed Loans
VA-backed home loans are full of advantages. They require no down payment or mortgage insurance, and have fairly loose rules about qualifying.
The home must be a primary residence, but up to a four-unit multifamily property may be purchased if one unit will be owner-occupied.
Approved condos and manufactured homes classified as real property are eligible.
VA Direct Home Loans
If either a veteran or their spouse is Native American, they may qualify for a Native American Direct Loan (NADL) to purchase, construct, or improve a home on federal trust land.
The VA issues these loans directly to borrowers who meet credit standards and whose tribal government has an agreement with the VA.
VA Refinancing
The VA offers an interest rate reduction refinance loan (IRRRL) and a cash-out refinance.
An IRRRL, or VA Streamline Refinance, refinances an existing VA-backed home loan. No verification of credit, income, or employment is required, and you might not need a home appraisal.
The VA-backed cash-out refinance can be used to convert any type of home loan to a VA mortgage with cash back at closing. (Cash back is optional: You can also use a VA cash-out refi to switch to a VA loan, shed mortgage insurance, and possibly lower your mortgage rate.)
VA Renovation and Construction Loans
The VA renovation loan is Veterans Affairs’ answer to the FHA 203(k) loan. It allows eligible borrowers to purchase and repair a property using a single VA loan with no down payment.
VA construction loans can help borrowers finance land and the construction of a home without a down payment. The hitch is, few lenders offer these loans.
Some states also administer their own loan programs for qualified veterans. California, for example, may have a high cost of living but it does offer its own home loan program to veterans.
Who Should Apply for a VA Home Loan
Eligible applicants for a VA loan are:
• Current service members who have served for 90 consecutive days.
• Veterans who served after 1990 for 24 continuous months or for the full period (at least 90 days) when called or ordered to active duty. (Those who served prior to 1990 may also be eligible; check VA.gov for detailed requirements.)
• Service members who served at least 90 days of active duty in the Reserves or the National Guard after 1990. (Those who served prior to 1990 may also be eligible; visit VA.gov for details.)
• Spouses of service members who died in the line of duty or from a service-connected disability, or who are missing or are prisoners of war.
VA Home Loan Requirements for Buying a House
If you apply and meet the requirements for a VA loan, you’ll receive a certificate of eligibility. Approved lenders can check eligibility quickly, or potential borrowers can contact va.gov.
The document indicates “full entitlement.” For full entitlement, at least one of these must be true:
• You’ve never used your home loan benefit
• You’ve paid a previous VA loan in full and sold the property
• You’ve used your home loan benefit but had a foreclosure or short sale and repaid the VA in full
Credit, Income, Debt
For a VA loan, the lender will determine how much of a mortgage you can afford based on your credit history, income, debts, and assets.
The VA does not have a minimum credit score, but most mortgage lenders will want to see a FICO credit score above 620. Some may go lower.
According to VA residual-income guidelines, borrowers should have a certain amount of discretionary income left over each month after paying major expenses.
The VA does not name a maximum debt-to-income ratio, but it does suggest placing more financial scrutiny on borrowers with a DTI of more than 41%, which includes the projected mortgage payments.
VA Loan Rates
For VA-backed loans, approved private lenders set their own VA loan rates and fees. It’s smart to contact more than one lender when shopping for a mortgage and compare offers.
VA Funding Fee
There will be no mortgage insurance on a VA loan, but most borrowers will pay a one-time funding fee for a VA-backed or VA direct home loan. The fee can be rolled into the loan.
For the first use of a VA-backed purchase or construction loan, the funding fee is 2.3% of the loan amount if the borrower is putting less than 5% down.
The NADL funding fee for a home purchase is 1.25%.
A few borrowers, including those who are receiving VA compensation for a service-connected disability, do not have to pay the funding fee.
Benefits of VA Home Loans
Here are the main selling points of VA loans:
• No down payment.
• More attractive interest rates and terms than loans from some mortgage lenders.
• Possibly lower closing costs. The VA allows lenders to charge up to 1% of the loan amount to cover origination, processing, and underwriting costs. Sellers can pay all of your loan-related closing costs, but yes, that’s a big ask. VA loans have an appraisal fee that is set by area. Buyers may purchase mortgage points to reduce the interest rate.
• There’s no limit to the amount that can be borrowed with a VA home loan. However, there is a limit to the amount of the loan that the VA will guarantee.
• No minimum credit score requirement (although some lenders may still not lend to those with lower credit scores).
• A VA home loan can be for first-time homebuyers or repeat buyers.
• VA loans are assumable, meaning the loan could be taken over by the home’s next purchaser.
Downsides of VA Home Loans
Although there are many benefits to VA loans, there are a few potential pitfalls to keep in mind.
The main one is the funding fee. If rolled into the loan, this increases monthly payments as well as total interest paid over the life of a loan.
Others:
• VA loans can’t be used to purchase investment properties or vacation homes.
• Some approved condos are eligible, but co-op properties are not.
• Zero down payment is a nice option, but if the housing market falters, borrowers may be paying more on their home than it’s worth.
What Is the VA Loan Limit?
As of 2020, if you have full entitlement, you don’t have a VA loan limit.
If you have a remaining entitlement (e.g., you have a VA loan you’re still paying back), you can use your remaining entitlement — on its own or with a down payment — to take out another VA loan.
In that case, the VA loan limit is based on the county conforming loan limit where you live. (In most of the country, the 2023 conforming loan limit for one-unit properties is $726,200.)
VA Loan vs Traditional Mortgage
After comparing the pros and cons of VA loans, some borrowers may find that a conventional loan with a low down payment is a better fit for their long-term financial goals. Even if they save money upfront, in the long term, VA loan borrowers often end up paying more.
Conventional loans can be used for vacation homes or investment properties. They don’t include the VA funding fee.
And some borrowers who put less than 20% down may be able to avoid PMI.
The Takeaway
VA loan requirements are more flexible than some others, and VA loan rates may be slightly lower. VA loans have benefits, but it might pay to get loan estimates for conventional loans, too, and compare. For one thing, nothing down means starting out with no equity.
Applying for a home mortgage loan with SoFi requires as little as 3% down for qualifying first-time homebuyers. The fixed rates are competitive. SoFi finances primary homes, second homes, and investment properties.
Check out SoFi Mortgages and get your rate with no obligation.
FAQ
What are the disadvantages of a VA loan?
The main downside of a VA loan is its funding fee. VA loans also can’t be used to purchase investment or vacation properties, or co-ops (although some condos are eligible).
What is the difference between a VA loan and a regular loan?
The main difference between a VA loan and a conventional loan is that VA loans do not require a down payment or mortgage insurance. And, of course, VA loans are only available to qualified service members, veterans, and certain spouses.
Do you pay a VA loan back?
Yes. A VA loan is a loan, not a gift, and It must be repaid. A homeowner who doesn’t make payments could lose their home and any equity they had built up in it.
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.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
You may have heard the good news: In recent weeks, several mortgage and real estate brokerage execs have exclaimed that we may have already reached the bottom of the market. For prospective home buyers and sellers, that could mean a gradual decline in mortgage rates, which would unlock inventory and—dare I say—sales activity.
But there are still ultra-competitive markets in America where those conditions will simply be offset by rising prices.
You may have seen a picture making the rounds on Housing Twitter and LinkedIn recently. It shows about 50 people waiting in line at an open house in Mount Laurel, New Jersey. The house ended up having five offers and sold for $50,000 over ask.
In much of suburban New Jersey, where new construction is rarer than cheap Bruce Springsteen tickets, the pandemic-era conditions never left. There’s still plenty of money and demand emanating from New York City and Philadelphia and very little inventory. I mean very little inventory.
In New Jersey, the median list price last week of a single family home checked in at $565,000, according to Altos Research data. In May 2020, it was $425,000. Single family inventory last week fell to 8,556; three years ago it was 21,874.
This has serious consequences for real estate agents and loan officers alike, since it’s usually a zero sum game. You land the client and get a commission, or you don’t and you get bupkis.
“I sent pre-approvals two-to-three times a day, and then there are 30-plus offers on the homes and I virtually never get contracts,” one veteran loan officer told HW in late March. “One home recently had over 60 offers! Incredibly frustrating, and I know and have spoken with multiple $100 million-per-year originators/friends who are writing nothing here as well.”
If mortgage rates were to fall into the 5% range and stay there for a period, I think we’d see some supply shake loose in New Jersey. But for markets like suburban New Jersey, the demand will still vastly exceed the supply for years to come. There’s simply no easy or fast way to overcome two decades of underbuilding, NIMBYism and poor housing policies. It’s great for existing homeowners whose properties become more valuable due to scarcity. But it’s bad for everyone else, agents and loan officers included.
According to Altos data, the housing fever is even higher in Rhode Island, Massachusetts and Connecticut. In Connecticut, single-family inventory has dropped 80% in the past six years while prices have increased by 44%, according to data from the Federal Reserve Bank of St. Louis. And this is just the Northeast – try finding a home in Los Angeles for under $1 million.
What’s it like in your neck of the woods? Share your story with me at [email protected] and we’ll look at supply and demand in your market.
DataDigest is a newsletter in which HW Media Managing Editor James Kleimann breaks down the biggest stories in housing through a data lens. Sign up here! Have a subject in mind? Email him at [email protected]