Save more, spend smarter, and make your money go further
Want to pay off high-interest debt in one fell swoop? Searching for ways to pay for a basement renovation, a bathroom upgrade, or a new tile roof? Since you probably don’t have that kind of money stuffed under your mattress, a natural place to look for more funds is in your single biggest asset: your home.
But before you tap into those funds, you need to know exactly what you’re getting into. Putting your home at risk isn’t for the uninformed or undisciplined.
Home equity loan vs. home equity line of credit
The first step to tapping into your home equity involves understanding your options. There are two major ones: a home equity loan (HEL) or a home equity line of credit (HELOC). Here’s a handy guide to the basic differences between the two, including pros and cons.
Helpful tips on the HEL
A home equity loan is, at heart, a second mortgage. You receive a lump sum at a fixed rate of interest that’s locked in when you procure the loan. You’re expected to pay it back in fixed monthly payments for a fixed amount of time — typically 10 to 15 years.
Pros:
Your interest rate is fixed, which means no shocking increases later.
Because payments are due monthly, this can be a good option if you have a hard time exercising the discipline needed to pay off a loan a little at a time on your own.
The interest rate on a HEL, though higher than that on your primary mortgage, will still be lower than the rates available on credit cards.
If you’re using your HEL to pay off credit cards, in addition to lower interest rates, you’ll have the benefit of consolidating all your debts into one payment.
The interest on your home equity loan may be tax-deductible, but you’ll want to thoroughly read Publication No. 936, the IRS’s guidelines on the home mortgage interest deduction, to ensure the degree to which you’re eligible. If your loan is for home-improvement purposes, rather than, say, college tuition, you’re allowed even greater leeway in deducting the interest.
Cons:
You borrow (and owe interest on) the whole amount, rather than being able to simply borrow what you need.
If you’re using the equity to fund something that will involve multiple payments over time — say, for example, a phased home-improvement project or quarterly payments on college tuition — you’ll have to be sure not to spend the money on other things in the interim.
If you use your HEL to fund something that immediately depreciates, such as a car or new furniture, you may hurt your net worth in the long term. Boosting the value of your home has a better chance of enhancing your overall financial picture over the long haul.
You may be prohibited from renting out your home, according to your loan terms.
You risk losing your home if you can’t make the payments.
Hello, HELOC
A home equity line of credit, by contrast, functions more like a credit card — using your home as collateral. You ask for a line of credit, and the lender assigns a maximum amount you can borrow — a credit limit. Lenders typically determine this amount by taking a percentage of your home’s appraised value and subtracting the amount you still owe on the mortgage; then they factor in things such as your credit history, debt load, and income. The lender then gives you a set of blank checks or a credit card that you can use to withdraw funds.
Unlike a HEL, the line of credit allows you to borrow what you need, when you need it, up to the full amount approved. So why wouldn’t everyone want to apply for a HELOC in case an emergency strikes? Take a look at the pros and cons to see for yourself.
Pros:
You don’t have to borrow in a lump sum; you can withdraw the funds when you need them.
HELOCs can be used as emergency funds in the event of a crisis, like losing your job, since you can access funds on an ongoing basis as needed.
Some lenders may allow you to convert to a fixed rate of interest, or to a fixed-term installment loan, for part or all of your balance.
The rates of interest, though variable, may still be lower than other forms of consumer credit, since they are secured with collateral — your home.
The interest on your HELOC may be tax-deductible, just as it is for the HEL, but consult IRS Publication No. 936 for confirmation of what applies to your particular circumstance.
Cons:
HELOCs typically have variable interest rates tied to the prime rate, so you could end up owing a much higher balance than you had anticipated.
The terms of a HELOC may dictate that you must begin withdrawing funds within a certain time period, and that you withdraw a minimum each time.
The costs of securing a HELOC aren’t pocket change. Expect to pay for a current property appraisal, an application fee, closing costs, and other possible charges, including points on your loan. You may also be subject to transaction fees every time you withdraw money.
Though the HELOC offers flexibility in terms of when you withdraw funds, there is no flexibility in terms of the end date. When the term of your loan expires, the balance of the loan is due in full. If you procrastinate or have difficulty making regular payments over the long haul, you may be hit with an excessively large bill at the end.
Lenders make it very easy to access the funds; you have to be disciplined enough to resist unless there’s an emergency or a planned expenditure that’s worthy of risking your home.
You may be prohibited from renting out your home, according to your loan terms.
You can damage your credit and lose your home if you’re unable to repay on schedule.
Conclusion
Before you rush to apply for a home equity loan or line of credit, first give serious consideration to whether you really need the funds. The terms can sound enticing, and the money seems relatively easy to get, but it all may be too easy. If you’ve ratcheted up high-interest debt and now see your home equity as a way to deal with the problem, you need to recognize that the loan is just a temporary fix. Clearing the decks so you can start spending again will be destructive to your financial health.
Whether it’s a HEL or a HELOC, consider yourself a good candidate only if you have the discipline to use the funds for a dedicated purpose, you’re spending the money on something of vital importance, and you can repay on time. If that’s you, tapping into home equity can be a useful strategy for accomplishing your goals.
Save more, spend smarter, and make your money go further
5 Refinance Tips That Can Save Veterans Up To $53,000 Starting In 2023!
Many homeowners are afraid to refinance.
It’s sad, but true.
They are often intimidated by the process. But the benefits are too big to ignore.
VA mortgage rates are at historical lows. Now is the time to lock in your rate. Even a modest jump in interest rates can have big consequences when applied to loans as large as a home mortgage. For example, consider the cost of waiting too long and having VA interest rates rise by a mere one percent. The difference between a 30-year, fixed-rate mortgage of $250,000 at 4% APR and one at 5% APR is nearly $150 per month and more than $53,000 over the life of the loan!
>Take Advantage of Today’s Low VA Rates<<
Fortunately, if you have a VA loan already, the process is easier — and less confusing — than for most homeowners. A VA-to-VA refinance is the key to eliminating the hassle.
And that’s exactly what the little-known VA Streamline loan does for you.
The VA Streamline Refinance gives the most to veterans and here’s why…
1. Refinance with Ease. A VA Streamline loan is also known as the Interest Rate Reduction Refinance Loan (IRRRL), because veterans can lower their rate and monthly home payment quickly and easily.
The veteran has already been approved for their first VA loan; now they can get a , lower interest rate, without going through the full approval process again.
2. No appraisal necessary. As long as a veteran already has a VA loan, they do not need to go through the process of an appraisal. This means that even if a homeowner owes more than what their house is worth, they can still be approved because no one will know the current value of the home.
**TIP: the VA homeowner ALSO does not need to sign up for mortgage insurance because bankers believe that since the loan is with the federal government, it is a lower risk. This makes the approval that much easier!
>>Get Your New Low Rate Now>>
3. No hassling with paystubs, bank statements, or tax returns. When a VA homeowner wants to refinance their home, there is no need to go through the process of checking pay stubs or bank statements or tax returns! This means that as a VA homeowner you can qualify if a spouse or co-homeowner has become unemployed or if there’s a reduction in family income.
4. Quick Closing. With a VA- VA Streamline loan the closing process is quick. You can get your new rate and be paying less monthly in weeks, not months.
5. Dive into low VA rates. Right now, general mortgage rates are extremely low, and VA loan rates are even lower. The government backs these loans, so banks can lend at an ultra-low interest rate. With this information in-mind, those who have a VA loan can expect to lock in extremely low rates.
** Let’s re-cap the secrets a VA homeowner can TAP into…
Inside: The top 10 excuses to miss work. Here are some good excuses to use as cover stories for your absence.
Do you have a legitimate excuse to miss work?
There are many reasons why you may have to miss work. If you’re tired, hurt, sick, or otherwise unable to make it in on time, here are some good excuses to call off work that will help cover for your absence.
Your boss is crazy and your co-workers are pushing you to your limit. In reality, they really just want someone else to shoulder the workload while everyone else takes an easier workload.
If so, do not fear. There are plenty of excuses that can be used by people who really want to take sick days or vacation days off from their jobs.
So, on those days when nothing more than staying in bed sounds appealing, then read through these work excuses for a good time! Some may have believable excuses for missing work and have some fun with them!
Not only do these excuses help cover up the real reason why people are absent at work. We all know the Great Resignation is real and people are tired of working. Do really need reasons to call out of work?
Here are the best excuses for missing work…
What is the best excuse to miss work?
Well, honestly, that is the excuse that won’t get you fired.
Below is a plethora of excuses to use to miss work.
Bulletproof excuses to get out of work
The reality is that most people can’t fully enjoy their life without a job. That’s why many jobs are considered essential, like those at hospitals, fire stations, and police departments. Still others, like working at a coffee shop, are just fun.
But what happens when you have to miss work? The next time your boss is looking for someone to cover and you can’t get out of bed, you’ve got to come up with a good excuse.
If your job is anything like mine, there’s always something that needs to be done. And when I say “needs to be done,” I mean that your boss is probably standing over you while you’re doing it. So when you find yourself in a situation where you have to miss work, the last thing you want to do is give your boss a lame excuse.
So when you ever find yourself in a situation where you need to give an excuse for why you don’t want to go to work, this article will help show some good ways to come up with believable and convincing reasons for why you couldn’t make it to the office.
The top 2 best bulletproof excuses to get out of work are…
Specifically… good excuses to call off work last minute examples…
Excuse #1 – I’m sick.
If you’re not calling in sick very often, try to use other excuses like stomach issues or a high fever. It might be more believable since those are common illnesses.
Excuse #2 – I have a doctor’s appointment.
I have a doctor’s appointment and I don’t need to make up any excuses.
Simply put… there isn’t much you can do in this situation. While your employer would prefer if you schedule the appointment on a non-work day, that always isn’t practical.
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This hilarious coloring book for grown ups will create plenty of laughs all round.
Don’t take out your stress on your coworkers, take it out on this mini punching bag!
Other Good excuses to miss work
One should never be left without an excuse as there are many different reasons why you may want to miss work.
Excuse #3 – Pet emergency
Here is the soft spot for 95% of managers…their pets.
If you have a pet emergency and can’t get to the office, send your boss a message that your pet’s condition is worsening and they need to see the vet right away.
Some workplaces won’t mind if you use personal time for routine checkups on pets. A good excuse to leave work early could be just the thing you need.
Excuse # 4 – My car needs repairs
This is one of the easiest excuses to use, with or without a car. If you’re unable to get your car to the shop for repairs, let your boss know ahead of time and give them an estimate as to how long you’ll be out of work.
This will help ensure that your absence doesn’t cause too much disruption in the office.
For many driving a beater car is the norm, so repairs can continually happen.
Excuse # 5- I need to stay home with my kids because their school is closed
Honestly, this has been more true than ever since 2020!
Parents have experienced swift closures of schools for various reasons. If the kids’ school is closed and you need to stay home with them, that’s a valid excuse to miss work.
In fact, many bosses would understand if you needed to take care of your kids during a natural disaster or another emergency. Just be sure to communicate with your boss in advance if possible, and make up the time later on.
Learn specific good excuses to miss school.
Excuse #6 – I need to stay home with my kids because there is no one to watch them.
While this happens, it is also a warning flag for poor planning to make sure you have secured child care in advance.
While there are certainly valid reasons for wanting to stay home with your kids, please do not use any excuses related to your children if you don’t actually have any. This is dishonest and could lead to negative consequences.
Excuse # 7 – Wifi / Internet Issues
Computer-related issues and wifi problems are the top two reasons to call off work. In fact, according to a survey of 2,000 employees, 60% of professionals identify slow wifi or internet connection speeds as one of their greatest problems.
Workflow is impeded by these types of issues, making it difficult for people to get their jobs done. In some cases, employees have no choice but to take the day off.
This has happened in our household when a city contractor cut our fiber internet line.
Excuse #8 – A family member is in the hospital and I need to be by their side
If you find yourself in a situation where you have to take time off from work to be with a family member who is hospitalized, it’s important to communicate with your boss as soon as possible.
Make sure you know what the company policy is for taking time off and be prepared to provide documentation if needed. Let them know how long you anticipate being out of the office and try to keep them updated on the situation.
While family emergencies happen, be wary if this becomes a common occurrence with different members of your family each week.
Learn more about family emergency excuses.
Excuse #9 – There was a major traffic accident on my route to work and it will take hours to clear the roadways.
If you’re looking for a great excuse to miss work, “traffic” is always a good one.
Whether there was a major accident on your route or the roads are just backed up, it’s easy to say that you couldn’t make it in today.
However, with the availability of news and navigation apps, you better make sure this major traffic accident impedes you from getting to work and there are no other routes possible.
Also, be prepared to work remotely.
Excuse # 10 – Court date
Missing your court date isn’t something you want to do. In fact, this is something you should have planned for in advance by taking time off work.
“Contempt” is a charge for not attending court, and it is punishable by law. So, your court date is more pressing at the time.
You should always try to contact your employer as soon as possible to inform them of the situation.
Excuse #11 – Home Emergency
If you own your home, there are always unexpected issues to take care of. Plumbing leaks, broken windows, and faulty wiring can all turn into emergencies if not taken care of right away.
This is one the good excuses to miss work on short notice.
That’s why it’s important to have a plan for when these things happen. Make sure you have a list of contacts for emergency repairs and keep some money saved up in case you need to pay for them out-of-pocket.
Your boss will understand if you have to miss work to take care of an emergency at home – just be sure to mention the emergency problem when you call in sick.
Excuse #12 – Religious holidays
The holidays we celebrate are a reminder of the holidays and traditions of countries all around the world. The holidays that are recognized are usually the common holidays in the country where you are working.
However, if you are from a different country, you may want to recognize a religious holiday that is sacred to you.
This is a protected excuse to miss work. Just say, “I am observing a religious holiday that does not fall on a recognized national holiday.”
Excuse #13 – Mental Health Day
Mental health days are a great way to take a break from work and relax. Sometimes, we all need a day to just forget about our responsibilities and stressors.
If you’re feeling overwhelmed or stressed, taking a mental health day can be incredibly beneficial for your well-being.
This is a great way to take advantage of your sick time.
Bad excuses to miss work
There are a number of reasons why you might not be feeling like coming in to work.
However, it is important to be aware that some excuses may be less convincing than others. Thus, why below are bad excuses to miss work – these should not be used under any circumstance.
Employers may be less understanding if employees give excuses such as “I don’t feel well” or “I don’t have anything to wear.” Also, employers sense when you don’t feel like coming to work, so they might ask for more of a reason.
Poor excuses will make your manager tired of your absenteeism and might end up asking “What’s your excuse this time?”
Bad idea #1 – Feeling tired
There are many reasons why you may feel tired. Some of these reasons may be valid excuses to miss work, while others will not hold up in a court of law.
If you have been feeling tired and are not well-rested, it is best to explain the circumstances to your manager. This will help them understand why you may not be able to come to work.
If you have reasons to believe that your tiredness is a result of burnout or overwork, you may need to make a plan on how to discuss this with your employer.
Bad idea #2 – I just don’t feel like going in today for any reason.
Instead of saying you don’t feel like going in today, try explaining the situation to your boss and see if they will allow you to use a vacation or personal day instead.
Your boss may require a discussion about why you are feeling overwhelmed or what needs to change at work before granting such permission.
This will lead to longer job satisfaction rather than I hate my job.
Bad idea #3 – Unhappy in your job
If you are unhappy in your job, the first step is to schedule a time to talk to your manager about the issues. You may be surprised at how understanding they can be.
There are many reasons that employees may want to get out of work, but those reasons are inappropriate and could lead to disciplinary action such as termination.
If you have already made up your mind about leaving your job, do not use this as a reason for missing work if you are interviewing for another job. If you are granted an interview for another position, use a vacation or personal day.
Bad idea #4 – I overslept and can’t make it to work on time
There are a lot of excuses people use to miss work, but some are better than others. “I overslept and can’t make it to work on time” is not a good excuse.
And at the very least, buy this alarm clock and admit you messed up.
If you struggle waking up in the morning, then try some of these billionaire morning routines.
Bad idea #5 – I had a fight with my spouse or partner and don’t want to be around people
This is one of the most common excuses for missing work. It’s less documented than other reasons for calling out. Your boss should be understanding because this can happen to anyone.
More often than not, these are the times you need the most support even if it is from your co-workers. Going to work will actually be better for your mindset than staying at home.
However, you should not make up excuses to skip work. You will likely be fired if you use these excuses.
Bad idea #6 – Poor planning
It’s not always the case that an employee has missed work because of a one-time mistake. Sometimes, employees take advantage of sick days or vacation time without having a legitimate excuse. This can be damaging to their career and may lead to disciplinary action.
There are many valid reasons to call out of work, not just personal life. Employees should try to plan their absences in advance when possible, so as not to inconvenience their team or boss.
If there is an emergency situation arises, they should contact their supervisor as soon as possible.
Check the most popular planners to stay organized.
Bad Idea #7 – It’s my birthday and I’m celebrating
“It’s my birthday and I’m celebrating! I hope you don’t mind that I’m taking the day off to spend time with my family.”
This may not go over very well if you didn’t plan to take the time off in advance.
While we all what to be treated like a princess on our birthdays, we still have obligations.
This poor excuse should not be used in order to call in with no advance planned day off. Using bad excuses makes it seem like you’re not taking your job seriously and could lead to negative consequences.
Bad idea #8 – I had an unexpected issue arise at my other job or side hustle
While in reality, this may be true, don’t expect to keep the job you are calling into miss work.
There are always going to be unexpected issues that come up when you’re working two jobs or your side hustle. But, there is a reason you are hustling to make more money fast, so you want to keep both opportunities.
If something unexpected comes up and you can’t make it to work, offer to make up the day. By making a proactive solution to the problem, you are less likely to get in trouble and keep both jobs.
Bad idea # 9 – Have Another Job Interview
There is absolutely no reason to tell your current employer that you are looking and interviewing for another job.
That isn’t their business.
It is important not to tell your manager upfront that you are interviewing for another job. Telling your manager you are feeling tired is generally not considered a good excuse to get out of work.
Bad idea #10 – I had the wrong schedule
Forgetting you are scheduled for work is not an excuse to miss work.
Always call in if you are going to miss work, even if it’s just a teen first-time worker.
Nowadays, companies make it very easy to access your schedule and with everything computerized, this bad excuse won’t work anymore.
Bad idea #11 – I don’t like you
If you are having issues with management, take it up with the HR head of the department or speak with an employment lawyer before taking any action.
Dissatisfaction or arguments at work is unfortunately not a valid reason to take time off from work (unless it’s an emergency).
You must follow the company’s procedures when working with a difficult boss.
What to Say If You Miss Work and Don’t Call
Missing work can be a difficult decision to make, but it’s important to know what to say if you need to take that step.
If you don’t call in, you aren’t making things easy on yourself. You’ll have to answer questions about:
why you didn’t show up for work?
how do you plan to make up the lost hours?
how this keeps happening?
If you’re unable to show up for work and don’t want to call in, there are a few things you should keep in mind.
Employers are Desperate
First of all, employers are much more understanding than they have been in the past.
With the current economy, companies are desperate for employees and will tolerate more excuses than they would have in previous years. However, if your employer has higher standards, then these are suggestions for you to follow if you need to miss work without calling.
This is especially true for part-time jobs and jobs making around $15 an hour.
Apologize
Second of all, it’s always a good idea to apologize when missing work–even if it’s not your fault.
A sincere apology is a rarity in our society and may even help your situation.
Also, showing up for extra work when you missed it is a nice thing to do and can help smooth things over with your boss or coworkers.
Be Honest
Finally, if you are going to miss work and not call, be honest about what happened and how your behavior may have impacted the people around you.
Take the high road and call your employer as soon as possible (preferably before the start of your shift) to tell them what happened. Make sure to tell them and ensure that doesn’t happen again in the future.
Employers are desperate for good workers, so they’re more likely to tolerate poor behavior.
Most Common Reasons for Missing Work
There are many reasons why people might miss work, but some of the most common reasons include traffic, oversleeping, bad weather, and feeling too tired.
Other potential reasons for missing work include forgetting something important, being sick or injured, and having a conflict with your boss.
Whatever the reason may be, it’s important to document it properly so that you don’t get in trouble with your employer. If you have to miss work frequently, talk to your boss about setting up a plan for making up the missed time.
How do I get out of work ASAP?
First and foremost, try to avoid writing long stories or emails when trying to get out of work. This will only prolong the process and may raise suspicion. Keep it short and sweet, and be direct with your boss.
Second, make sure that you have a good excuse.
What If I Need to Take Off in Advance
Times have changed and with the new generation, employers are more flexible when it comes to taking time off from work.
In fact, many employers will now allow employees to take a day off without giving any notice at all! This is a great policy because it recognizes that people sometimes need to take care of personal or family matters that come up unexpectedly.
Of course, there are still some employers who require employees to give advanced notice before taking time off. If this is the case for you, don’t worry–there are plenty of ways to get out of work without getting caught!
Simply contact your boss and follow the procedures to take a sick day, vacation day, or just a non-paid day off.
Which of these Believable excuses for missing work will you use?
Missing work can be a difficult decision, but sometimes it is necessary. If you are feeling sick, please stay home. If you have an emergency, please take the time off to deal with it.
When you must miss work, try to provide a valid excuse that is related to your job.
There are all sorts of excuses for missing work, but some are more believable than others.
The list above includes some bad excuses for missing work that are not considered valid reasons.
Your employer will see you as unreliable if you always find yourself with an alarm clock, car, or babysitter emergencies. If your workplace is too challenging and it’s not worth the health risks associated with being sick while working, it may be time to consider looking for a new job.
Are you going to try one of these work excuses?
Know someone else that needs this, too? Then, please share!!
A home inspection is a critical part of any home sale. It assesses the house based on functionality. Do the major components such as the roof, appliances and plumbing perform properly? Home inspectors are trained professionals who visually inspect everything and provide a detailed, written log of every aspect of the home that is deficient, hazardous, or nearing the end of its life.
Unless you are buying a brand new home, your home inspector will likely find problem areas. Don’t stress. This doesn’t mean the house of your dreams is unlivable. It means you need to be aware of key areas. Maybe the roof is good for now, but old enough that it will likely need to be replaced within a few years. Or perhaps the water heater is broken. Think how important this information is to you and the people funding your purchase—your bank. The home needs to be kept in good shape so that it maintains the value your bank loaned you.
If the inspection finds that significant money will be required for home maintenance immediately or in the near future, one of two things happen.
Most frequently, you will renegotiate the details of the home purchase. For example, imagine you bid $200,000 on a home and your offer is accepted. A few days later, the home inspection reveals an electrical problem in the kitchen that would cost $500 to fix. A logical next step is to ask the seller to fix the electrical problem before closing. A second option is to require the seller to knock $500 off the sale price, making it $199,500, and then you would be responsible to fix the electrical problem. If the seller doesn’t agree to fix the issues discovered during the inspection or renegotiate the price, you can get your earnest money back and no longer have to buy the home.
A less common option is that you, along with your bank, ensure that you are able and willing to take on the financial burden of all repairs. This allows you to purchase the home as-is.
The home inspection is likely to introduce a list of items that need to be negotiated. If you are taking advantage of Homie’s free Buy Any Home program, you will have the assistance of a Homie attorney who draws up all paperwork for you as you negotiate. Amazing!
When you sign a sales agreement, that’s a great start on buying a home. But what really “seals the deal” is keeping a calm, reasonable approach during the negotiation over repairs. Be willing to listen to what the sellers want. State clearly what you want. Listen to the advice of your real estate attorney. Think outside the box to come up with possible solutions. Remember that both parties want the deal to go through. Once you’ve gathered all your data, make your decisions based on what is best for you and be firm with that decision. If a seller refuses to pay for a repair, feel free to shop elsewhere for a house. A sale that falls through is often better than a sale that isn’t right for you. You can always make a different decision the next time around.
Before wrapping up this post, let me throw out a few final tips:
A home inspection is not a Magic 8 Ball. It helps identify what’s wrong with the home right now, but it doesn’t predict the home’s future. Stuff breaks, and that’s very sad. Buyers should always budget routine home repairs into the cost of owning a home.
Tackle problems uncovered in the home inspection before closing. Don’t wait until after you own the house to see how much the plumbing repairs will cost! Get repair estimates for everything and know exactly what you are buying.
Please, please, please. No matter what you do. Don’t forget to sign up for Homie’s Buy Any Home Program, a service with no cost to you and no catch. Our goal is to create a seamless marketplace where buyers and sellers can connect and save big money as they buy and sell homes. By offering these services for free to buyers, we’re helping our sellers who pay us a small fee to advertise their homes for sale and buyers benefit big!
If you’re nearing the end of the initial term on your adjustable-rate mortgage (ARM), you might be wondering if now is a good time to refinance, and whether you should switch to a fixed rate.
In general, fixed-rate loans are good when rates are low or on the rise, because they lock in your payment and help you avoid constant rate increases. If rates are dropping, then an ARM lets you benefit from those decreases.
“The idea of trading away the uncertainty of an adjustable-rate mortgage for the certainty of a fixed-rate mortgage is appealing, especially if you’re expecting an adjustment in the next year or two,” says Greg McBride, CFA, chief financial analyst for Bankrate.
How to refinance an ARM
Like many types of loans, you can refinance an ARM. When you refinance an ARM, you replace your existing loan with a brand new one.
Lenders typically offer specific mortgage refinancing loans, so you’ll use their refinance application form to apply. Beyond that, the process is similar to your initial mortgage application, except that you already own the home. That can make some things, like inspections and appraisals a bit easier to schedule.
Keep in mind that you can choose the lender for your refinance. it could be your current lender or a different one.
To give yourself a good chance of qualifying for a refinancing loans, try to meet these requirements:
Own the home for at least six months
Have at least 20 percent equity
Have a credit score of at least 620 (for a conventional loan)
Have a debt-to-income ratio under 50 percent
Also keep in mind that you have to pay closing costs on the new loan, so you’ll want to make sure that you can afford to pay them. Also make sure that refinancing saves you more than it costs.
Benefits of switching to a fixed-rate mortgage
If you’ve never had a fixed-rate mortgage, here are the key upsides of this type of loan:
Your payments are always the same: A fixed-rate mortgage gives you the certainty of predictable payments. Rather than wondering how the market will impact your payments on an ARM, a fixed-rate option never changes for the entire loan term.
You can budget more easily: With a fixed-rate loan, you can plan for a stable housing payment.
You still have options: If a 30-year mortgage sounds like a lifetime, you can also look at a 15-year fixed-rate mortgage. The rates on this type of loan are even lower, but the tradeoff is that you’ll have higher monthly payments due to the accelerated timeline.
Is now a good time to refinance an ARM?
Mortgage rates rose significantly in 2022 and are much higher than they were in previous years. That means refinancing to a fixed-rate loan will lock in these high rates.
On the other hand, if your introductory rate is about to end, refinancing might still make sense, especially if you can secure a lower rate on a fixed-rate loan than the rate your ARM is about to adjust to. Another perk is that it gives you predictability despite today’s unpredictable rate environment.
Credit score: Do you have a strong enough credit score to obtain a competitive interest rate?
Financial goals: Would rather prioritize another goal such as paying off high-interest debt?
Longer-term plans: Will you stay in the home long enough for you to exceed the break-even point on your closing costs?
Ability to afford closing costs: Will the burden of paying closing costs outweigh the benefits of a lower monthly payment?
How is your credit?
Refinancing isn’t an automatic money-saver. You need to have strong credit to qualify for the lowest rate and the biggest savings opportunity. If you’ve been making timely payments on your ARM, that should be helping elevate your credit score.
“Someone coming up on the end of an ARM presumably has five or more years of timely mortgage payments on their credit history,” says Austin Kilgore, director of corporate communications at mortgage firm Achieve. “There’s a good chance their credit score is better now and they may qualify for something better.”
If your credit could use some work, however, it’s best to wait to refinance until you’ve improved your score. Check your credit report for any errors, such as incorrect contact information — and if something’s amiss, contact the credit reporting agency as soon as possible to get it fixed. If you can, pay down or pay off other debt, and continue to make credit card and other loan payments on time each month.
What are your financial goals?
Think about the financial goals refinancing can help you achieve, such as paying off your mortgage sooner, doing a cash-out refinance or consolidating debt. While a cash-out refinance increases the amount you owe, you’ll be able to use the funds for home improvements or other expenses or goals.
How long do you plan to stay in the home?
If you have no intention of moving or selling your home anytime soon, refinancing into a fixed-rate mortgage can be a smart decision. If a move is on your near-term horizon, however, it’s likely not worth the cost to refinance.
For example, if you’d save $100 on your monthly mortgage payment by refinancing, and the closing costs are $2,000, it’d take you 20 months, or close to two years, before you really start to see savings. Bankrate’s mortgage refinance break-even calculator can help you run the numbers for your situation.
“If you’re only looking at being at home for three or four more years and you have four years before it resets, and a new loan is not at least three-eighths of a basis point lower than your current rate, you might as well stay in your ARM,” advises Ralph DiBugnara, founder of Home Qualified, a digital resource for homebuyers and sellers. “There’s no financial benefit to move forward into a fixed rate.”
Should I refinance to a fixed rate mortgage?
At the very least, you should think about refinancing your ARM to a fixed rate if current mortgage rates are lower than the rate you’re paying or you’re nearing the end of the initial term on your ARM. The rate isn’t the only piece of the puzzle, however. Consider the following:
How much could you pay when your ARM resets? Make sure you have a clear understanding of the annual cap and the lifetime cap on your ARM. The annual cap will give you an idea of how much the rate could increase when it resets, and the lifetime cap is the maximum allowed for the entire duration of the loan.
Are you paying off an interest-only ARM? If your ARM included an interest-only introductory period, you’ve only needed to pay the interest, not the principal. Your payments will rise significantly when you have to pay down the actual loan, so it may be smart to refinance to a fixed-rate option.
Another thing to think about is refinancing your ARM to another ARM. This means getting another introductory rate period and kicking the can on truly adjustable rates down the road by a year or two – or five. Compare rates for new ARMs and fixed-rate loans to see if this makes sense.
Bottom line
Refinancing an ARM to a fixed-rate mortgage can be a wise investment in your financial future, potentially saving you thousands in lower monthly mortgage payments over the life of the loan. Not only that, you’ll be spared the uncertainty and stress that may accompany a fluctuating mortgage rate. Before you make your decision, take a holistic look at your financial situation and consider factors like your credit score, financial goals, and ability to afford closing costs.
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The knee-jerk answer is, “it doesn’t,” but that leaves too much meat on the bone. Credit card inactivity CAN have an impact on your credit, but it would be indirect.
It’s strange, but from time to time, I get a small pop in the volume of the same question. It happened to me last week. I was asked four times on the same day about the impact of credit card account inactivity on your credit reports and credit scores. In this post, we’ll discuss what it means to have an inactive credit card, how credit card inactivity affects your credit score, and delve into some strategies for finding the right balance for your credit card usage.
For quick answers regarding credit card inactivity, use the links below to navigate to specific sections or read end to end for a greater scope on the subject.
What is Credit Card Inactivity?
Credit card inactivity is when your credit card has a zero balance over an extended period of time. The catch with credit card inactivity is that if you stop using your credit card for several months or years, your card issuer could decide to close your account, which could indirectly impact your credit score. We’ll discuss more about what happens when your credit card account is closed due to inactivity a little later on in this post.
It may seem pretty straightforward to determine whether your credit card is active or not, but credit reporting is very flat, meaning your credit reports only show you a snapshot in time of what your credit history looks like. There is no chronology of balances, which means it’s hard to determine from a credit report if an account is active or inactive.
For example, if you have a credit card with a $0 balance on a current copy of your credit report, it appears that the account is inactive. The problem is that the balance is from last month’s statement and the card may have been used since the last month’s statement was cut, thus the account is now “active.”
Because you can’t determine activity from a credit report, credit scoring models cannot be harmed or helped by your past usage activity. However, the credit card issuer’s reaction to your usage patterns can make its way to your credit reports, and that’s where the game changes. In other words, if your credit card issuer decides to close your account due to credit card inactivity, it could impact your credit score.
How Long Can a Credit Card be Inactive Before Closing?
It’s up to your credit card issuer! Some companies allow users to have a zero balance for a longer period of time, while others require you to maintain a certain balance. Before canceling your credit card or leaving your card open without a balance for too long, get in touch with your credit card company to see what their restrictions are.
Why does my credit card issuer care if I use my card?
If you choose to stop using your credit card account, for whatever reason, the revenue generated by that card dries up, unless that card has a balance or an annual fee. Your card issuer depends on your usage in order to make money. If your card has a $0 balance and no annual fee, then your card issuer won’t make any money from interchange fees (aka “swipe fees”). Add that to the absence of interest, and annual fees and the card becomes a drag to the issuer.
In fact, if there is no usage, no balance, no interchange fees, and no annual fee, then the card drops below the $0 mark on the revenue curve. Credit card issuers incur a cost to maintain your account in their systems. They pay the credit bureaus for periodic credit reports and scores on you as part of their account maintenance practices, along with time and energy spent trying to figure out how to get you active again.
There’s a cost to all of this, which is why you’re a “loss” while you’re inactive.
Will I be notified before my credit account is closed?
Sometimes. Credit card companies are not required to give account holders notice that their credit card account will be closed due to inactivity. However, they must give you 45 days notice when making major changes to your account, which could include closing as a result of inactivity.
How Does a Closed Account Impact Your Credit Score?
When a credit card issuer closes your account, your credit limit could be lowered due to inactivity, which translates to a decrease in available credit. This could also mean your revolving percentage could go up, and it could go up a lot.
As you may know, your credit utilization is one of the many , along with your credit history and age of credit, among other metrics.
How much impact does a closed card have on your credit score? The impact to your credit is going to vary based on a couple of factors. If you carry credit card debt on other cards, the impact could be significant. If the credit limit on the newly closed card was very high, the impact could be significant.
If the credit limit was very low (like on a retail store card) and you don’t have credit card debt elsewhere, the impact is likely to be less, because your utilization won’t shift much and your debt-to-income ratio is still relatively low.
Should I Cancel My Credit Card?
It depends. Each and every financial decision you make should be looked at through the lens of your lifestyle, financial situation, and personal preferences. Before canceling your credit card, you should consider what pros and cons you may see as a result.
Here are a few factors to think about before canceling an inactive credit card:
Pro: Cancelling can save you money on annual fees, preventing extra, unnecessary expenses.
Pro: Closing an inactive credit card account can help you simplify your finances and make it easier to focus on managing other debts while keeping your monthly budget on track.
Con: Your credit card utilization may increase while your available credit decreases.
Con: Closing a credit account could negatively impact your “credit mix,” which can alter your credit score.
Prevention is Key
If this is a concern for you and has you running to check your credit score, there’s a way to prevent all of this. All you have to do is use your credit card from time to time. Now, I’m not suggesting that you get into debt, nor am I suggesting that you use it to buy things you wouldn’t normally buy.
I’m suggesting that you buy a tank of gas or use it to pay this month’s cable bill, which are things you’re going to have to pay for anyway. This way, you’re killing two birds with one stone.
By using the card, and then paying it off immediately, you’re resetting the activity clock and it isn’t costing you a penny in interest. The credit card issuer is happy because they’re making revenue from the swipe fee, which is being paid by the merchant, not by you.
Best of all, you protect—and possibly even improve your credit—because the issuer isn’t likely to close your account if you use it from time to time, even on modest purchases.
John Ulzheimer is the President of Consumer Education at SmartCredit.com, the credit blogger for Mint.com, and a contributor for the National Foundation for Credit Counseling. He is an expert on credit reporting, credit scoring and identity theft. Formerly of FICO, Equifax and Credit.com, John is the only recognized credit expert who actually comes from the credit industry. The opinions expressed in his articles are his and not of Mint.com or Intuit. Follow John on Twitter.
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Fighting about money is one of the top causes of strife among couples, and one of the main reasons married couples land in divorce court.
Married or not, it’s important to address the problems at the heart of financial disagreements and start communicating. Otherwise these issues may fester and grow.
Instead of judging each other’s spending habits or fighting over money, couples can learn how to start working on financial issues together as a team.
Here are some ways to help you make money discussions productive, and not a fight.
Common Causes of Couple Money Fights
While there are countless variations of money fights you might have, these are a few of the most common triggers:
Sharing important account information
Some couples struggle with privacy limits and financial security, and they may disagree upon what level of access their partner should have to their financial accounts. If one partner feels they don’t have fair access to financial accounts, passwords, and paperwork, resentment can build.
Married couples in particular may find it confusing and challenging to not have a full picture of their complete financial health.
Determining budgeting and spending limits
Maybe one of you likes to spend and enjoy life. And the other likes to save for a rainy day. This disconnect happens all the time. Not all couples see eye to eye on how much they should be spending and this can lead to anger and tension.
Dealing with debt
If one partner brings debt with them to the relationship, it isn’t uncommon for the couples to disagree about who is responsible for paying off the debt.
Tackling debt can be stressful under the best circumstances, and it can lead to turmoil and fighting if a romantic partner feels the debt is an unfair burden on the relationship.
Savings and investing
Some couples can’t agree how much money they should save and how they should be saving it.
One partner may feel investing their savings is the better path to a stronger financial future, but the other partner may find investing too risky and want to keep the money in a high-yield savings account. This can cause turmoil if both partners’ chosen path forward is the only one they are comfortable with.
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Retirement planning
When you’re balancing a lot of different expenses, deciding as a couple how much money to save for retirement and what age they may want to retire can be challenging.
But those who don’t have a plan for slowly and consistently saving for retirement can find themselves continually fighting about retirement savings. This is especially true if one partner is particularly worried about not being financially prepared for the future.
How to Stop Fighting About Money
Before your next money fight erupts, try these tips to help stop the arguing.
Changing the way you talk about money
Working on your communication skills can help keep financial discussions from devolving into arguments.
When you’re discussing money, the main goal of a productive talk is to really listen to each other and try to understand the other person’s point of view, as opposed to jumping to conclusions or making accusations.
One technique that can help with this is using “I” instead of “you” in your statements. For example, one partner might say, “I get frustrated when the bills aren’t paid on time. Can I help you out with that?” rather than, “you never pay the bills on time.”
Another method is trying to avoid using the words “always” and “never” when discussing money matters. These terms can put the other person immediately on the defensive.
Setting up a budget together
Creating a budget as a couple is key. To help establish your saving goals and monthly spending targets, begin by figuring out what your joint net worth is. Then track your income and expenses for several months.
Once you know what you’re spending money on, you can work out a flexible budget, with short-term financial goals and long-term goals.
Planning ahead helps both partners agree on how much needs to be set aside for retirement or a down payment on a house, and how much you each can allocate to spending as you individually see fit.
Being open and honest
It’s tempting to omit key information when we’re trying to avoid conflict. But even if a person doesn’t fib about an expensive purchase or lending money to a family member, failing to share significant financial information can make the other partner feel like they’re being lied to and misled. This can breed distrust and cause financial stress.
Prevent these problems by being honest about financial decisions, even if you know they may upset your partner. As reluctant as you may be to bring these topics up, it can be better in the long run than hiding it from them and committing financial infidelity.
Establishing some boundaries
One way to avoid the need to cover up pricey purchases is to agree to a few simple rules about what spending decisions should be shared and what spending decisions are okay to make solo.
For example, one couple may decide they don’t need to alert each other about a purchase if it’s under $500. Another couple may agree to lend money to siblings when they need it. And some couples may together decide to never lend money to friends or family under any circumstances.
By setting boundaries and limits, and then adhering to them, couples may stop feeling like they have to report their every financial move.
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Setting up a joint account
One of the main benefits of opening a bank account together is that it can provide a clear financial picture. A joint account allows couples to track spending, and it can make sticking to a budget easier, while also helping to foster openness.
On the downside, sharing every penny can sometimes lead to tension and disagreements, especially if partners have different spending habits and personalities. One solution might be to have a joint checking and savings account, as well as two individual accounts with a set amount of money to play with every month.
Having different accounts, including one for their personal use, can give each partner some freedom to spend on themselves without having to explain or feel guilty about their expenditures.
Teaming up against debt
Working together on a reasonable plan to start getting out of debt can help couples alleviate a major stress on their marriage.
One strategy for debt reduction might be the avalanche method. To do it, you make a list of all your debts by order of interest rate, from the highest percentage to the lowest. Then, while continuing to make all your minimum monthly payments on existing debts, the couple might decide to put as many extra payments as possible to the highest interest rate loan.
Or, they might decide to simply eliminate the smallest debt first, or look into consolidating debts into a single loan, which could make it easier to manage.
Whatever plan you agree on, working on debt reduction can give you a shared goal to work toward together.
Scheduling a monthly financial check-in
Even if one partner takes on a bigger role in managing finances, paying bills, and keeping on top of the budget, both parties need to stay up to date on what’s going on in order to achieve financial security.
Rather than only talking about your finances when you’re stressed about bills, a better strategy might be to set a specific time on your calendar each month to sit down together and review your recent spending, income, savings, bills, and investments.
If you can’t swing monthly meetings, then aim for quarterly or biannual financial sit-downs.
Getting help from an advisor
While spending more money may seem like an added stressor, some couples who pay for a financial coach may find that it helps them save more down the road.
And, it might be easier to talk about an emotionally charged subject like money with an unbiased third party who can help diffuse tension and get you both to agree on a smart spending and savings strategy.
The Takeaway
Fighting over money, or finding it hard to talk openly and constructively about it, is a common source of friction between couples. Some strategies that can help include learning how to communicate about financial issues more productively, setting up monthly money check-ins, and letting each partner have some financial privacy.
For couples who are ready to integrate their finances, SoFi Checking and Savings makes it easy to create a joint account that gives you both shared access to your money. Plus, you’ll earn a competitive APY and pay no account fees. That’s something that you can both agree is a good thing!
Manage your money as a team with SoFi Checking and Savings.
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SoFi members with direct deposit can earn up to 4.20% annual percentage yield (APY) interest on Savings account balances (including Vaults) and up to 1.20% APY on Checking account balances. There is no minimum direct deposit amount required to qualify for these rates. Members without direct deposit will earn 1.20% APY on all account balances in Checking and Savings (including Vaults). Interest rates are variable and subject to change at any time. These rates are current as of 4/25/2023. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 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. SOBK0523017U
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The advent of fall serves as a good reminder that you may need to correct course and keep your financial responsibilities in mind. On the first day of fall, the autumnal equinox, the lengths of day and night are roughly equal, and the daylight grows shorter from there. Use the diminishing sunlit hours to get you and your money back on course after a summer of sun and fun.
Start over
Every year at back-to-school time, there are ads for notebooks, fancy pens and backpacks. Even if you don’t have children, the fall season brings to mind stacks of blank paper, waiting for you to write your story….or re-write it! Are you financially off-track and your money goals are nowhere in sight? Start with a clean slate and get back to basics. Create fresh goals. Redo your monthly budget. Commit anew.
Become a night owl
We turn our clocks back on November 1. Use that hour to reflect on your day, unwind and set action items for tomorrow that will keep you on the right financial path.
Spring cleaning isn’t just for spring
If you live in a cold climate, now is the time you are pulling winter gear out of storage. Purge ill-fitting or never-worn garments and gear and have a fall yard sale. You’ll clear space in your life and earn a bit of money you can put towards your saving goals.
Give your bills a checkup
Scrutinize your bills. Are you paying the right amount for utilities, cable or broadband, phone, and other recurring monthly expenses? Are there any hidden fees? This is a good time to get organized, adjust your data plan or cut some channels out of your satellite TV package to save a few more bucks.
Pay attention to open enrollment
Many employees benefit plans run open enrollment — the period when you can make changes or sign up for new benefits — at this time of year. Instead of ignoring those flyers or emails, open them! Make sure you are taking advantage of vision, dental, and health insurance, and contributing to your employer’s retirement plan. Look at how much you spent this year on healthcare costs and see if a healthcare savings account may benefit your family. Keep in mind that Health Insurance Marketplace open enrollment for 2016 is from November 1, 2015 through January 31, 2016.
Stock up for next year
Now is the time to purchase used summer gear like patio furniture, pool toys and bikes. When others are deciding what doesn’t get to stay in the garage for another year, you can snag a great bargain on something you’ve wanted to add to your warm-weather activities. Grab it now and look forward to using it next year.
Resist the pumpkin spice latte
You can’t open your eyes in September without seeing an ad for a pumpkin spice something. It can be tempting to embrace the fall flavor, but did you know that a pumpkin spice latte can be as much as $5.25? I don’t know about you, but every year I succumb to the advertising pressure and long for the tasty warm treat. It’s a good reminder to skip the coffee stop and make your latte at home and save a fiver. Or at least custom order yours, which could save you half the cost!
Watch the calendar
The countdown to Christmas is alive in social media feeds. Whatever winter holiday you celebrate, plan accordingly. They happen at the same time every year, so now’s the time to make your plan — don’t let them sneak up on you and force you into overspending on food, travel, or gifts at the last minute.
Snuggle and save
When it gets cold outside, we tend to stay in, watch movies or invite friends over. While this routine may get old by March, at least you’re not out somewhere spending money! Silver lining, right?
Kim Tracy Prince is a Los Angeles-based writer. If she didn’t have a husband and 2 young boys who love sports, she’d save money by staying in and reading all the books that she never has time for.
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You can’t have top-tier colleges without picturesque college towns
Maryland is home to some of the most prestigious colleges and universities in the country. In this article, we’ll explore the best college towns in Maryland, which offer a delightful combination of academic excellence, cultural richness and professional opportunities. College Park, Chestertown, Baltimore, Frederick and Towson are just a few examples of the best college towns in Maryland, and we’ll dive into what makes each one unique.
College Park is a vibrant town located just outside of Washington, D.C. and home to the University of Maryland. This flagship institution is well-known for its cutting-edge research, strong athletics programs and a wide range of academic avenues. College Park itself is an attractive place for students and longtime locals alike thanks to its convenient location, great public transportation system and thriving local economy.
One of the main attractions of College Park is its proximity to Washington, D.C. Students here have easy access to internships, job opportunities and cultural experiences in the nation’s capital. Furthermore, College Park has a variety of restaurants, bars and entertainment options that cater to the college crowd.
The town’s commitment to sustainability and green initiatives also makes it an appealing choice for environmentally conscious individuals. Not to mention a more affordable rent average compared to
Chestertown is situated on the picturesque Chester River on Maryland’s Eastern Shore. This idyllic setting is home to Washington College, a small liberal arts institution with a strong sense of community. Chestertown’s rich history, dating back to the 18th century, adds to the town’s allure, making it a great place to study and live.
Chestertown is a haven for those who appreciate the arts, as it hosts numerous gallery shows, theatrical events and live music throughout the year. The town’s waterfront location also provides ample opportunity for boating, fishing and kayaking. Furthermore, the lively farmers market, boutique shops and cozy cafes give Chestertown a warm, small-town charm that’s hard to resist.
Baltimore is home to numerous colleges and universities, including the esteemed Johns Hopkins University, Loyola University Maryland and the Maryland Institute College of Art. As one of the best college towns in Maryland, Baltimore provides a diverse urban experience with a rich culture, exciting nightlife and a thriving food scene.
Baltimore’s Inner Harbor is a popular destination for locals and tourists alike, with attractions including the National Aquarium, the Maryland Science Center and various shops and restaurants. The city’s many distinctive neighborhoods, like Fells Point, Federal Hill and Hampden, offer individually unique charm and a variety of entertainment options for students and residents. Furthermore, Baltimore’s numerous museums, historic sites and art galleries provide endless opportunities for cultural enrichment and artistic inspiration.
Located in western Maryland, Frederick is a historic town that’s home to Hood College and Frederick Community College. With its stunning architecture and lively arts scene, Frederick offers a unique blend of small-town charm and urban sophistication. The town’s bustling downtown area is lined with local shops, art galleries and an array of dining options, making it a popular destination for students and full-time residents.
Frederick’s commitment to preserving its history is evident in its beautifully restored 18th and 19th-century buildings, which provide a picturesque backdrop for four years of higher education. Events like the Frederick Festival of the Arts, In the Street Festival and the Maryland Craft Beer Festival make Frederick an exciting place to live and study.
Outdoor enthusiasts will also appreciate the town’s proximity to the Catoctin Mountains and the numerous parks and trails in the area.
A suburb located just north of Baltimore, Towson is another contender for the title of one of the best college towns in Maryland. Towson University, the second-largest university in the state, is at the heart of this thriving community. The campus features state-of-the-art facilities and a wide range of academic programs, making it an attractive option for students seeking a quality education in a cool Maryland community.
Towson offers a perfect blend of urban and suburban living, with a vibrant downtown area featuring shops, restaurants and plenty of entertainment options. The Towson Town Center, one of the largest shopping malls in the region, attracts shoppers from across the state. Additionally, the town’s numerous parks provide a welcome respite from the hustle and bustle of daily life.
Another town worth considering is Salisbury, a picturesque town located on the Eastern Shore of Maryland. Salisbury is home to Salisbury University, a public institution known for its strong liberal arts and business programs. The town has a laid-back atmosphere, with plenty of outdoor activities available due to its proximity to the Wicomico River and the Chesapeake Bay.
Downtown Salisbury has seen a revival in recent years, with new shops, restaurants and galleries popping up all the time. The town hosts various events and festivals throughout the year, including the Maryland Folk Festival which showcases local artists and musicians.
Finally, we have Annapolis, the state capital of Maryland, which is home to the United States Naval Academy and St. John’s College. This historic seaport town is well-known for its colonial architecture, cobblestone streets and waterfront location along the Chesapeake Bay. Annapolis offers a rich cultural experience, with numerous museums, art galleries and historic sites to explore.
Annapolis’ thriving downtown area features a wide variety of restaurants, boutiques and cafes that cater to students and residents. The town also boasts a lively arts and music scene, with events like the Annapolis Film Festival and Maryland Day hosted locally.
Make a Maryland college town your home
The best college towns in Maryland offer a diverse range of experiences for students and residents alike. From the bustling urban life of Baltimore to the charming waterfront town of Chestertown, each of these towns has its unique charm and appeal. College Park, Frederick and Towson provide additional options for those seeking a balance between urban and suburban living, while Salisbury and Annapolis offer picturesque settings with rich histories.
Maryland’s college towns boast excellent educational institutions, thriving arts and culture scenes and a wide array of recreational opportunities.
Whether you’re a prospective student, a proud alumnus, or simply looking for a new place to call home, consider exploring the best college towns in Maryland to find the perfect community for your needs.
An unfamiliar city can be more than a little unnerving. Getting to know the area while simultaneously trying to make friends can be scary. Joining a volunteer organization can help you achieve both goals at once.
Volunteering is not only rewarding, but it also gives you a chance to meet other people in your area and build networks. If you’re renting in a new city, networking is an important way to make friends and contacts. Familiar faces will make you feel more at home.
There are numerous ways to get involved with charity organizations, non-profit foundations, or religious groups. Check out the information below on how to find volunteer opportunities, no matter where you call home.
Think about what kind of activities you enjoy, and look for similar volunteering events or organizations. If you find the list growing too long, limit your possible choices to the top five.
It’s also a good idea, but certainly not necessary, to tie in your skill-set with a charity event. Many organizations need assistance building new homes, tending to the elderly, painting over graffiti, or raising money for a cause. There are many volunteer opportunities for just about everyone to lend a helping hand.
Disease can cause human suffering, but it also brings people together. Volunteers offer significant contribution through their assistance and compassionate outlook of the struggle with Alzheimer’s, breast cancer, HIV/AIDS and other deadly diseases.
Nearly every disease has an opportunity for involvement. For example, the National Breast Cancer Association encourages volunteers to help host fundraisers to raise money in the fight against breast cancer. The National Multiple Sclerosis Society also allows you to search for local volunteer opportunities online. No matter that the disease, there’s probably something going on in your area. If there are no events, why not take the initiative as a new renter and set something up?
Are you an animal lover? The best option is to volunteer at your local shelter. Many of these shelters are connected to the Animal Humane Society, which offers plenty of ways to care for a variety of different animals. Inside the shelter, you’ll find opportunities to help not only cats and dogs, but also rabbits, guinea pigs, birds, reptiles, pot-belly pigs and other animals in need of assistance. You can take dogs on walks, or assist with nail clipping, feeding, bathing or grooming. Even if your rental policy doesn’t permit pets, caring for these animals lets you connect them with other adoption opportunities. Your furry friends will definitely thank you for your hard work.
Another way to impact the community and become familiar with the city is at your local volunteer fire or emergency medical service department. These departments are active throughout many areas of the country. Not only will you have the opportunity to save lives, but you will build camaraderie with other local volunteers.
Check with your local hospital to see if they know of any programs requiring volunteer assistance. You might be directed to a nursing home needing you to come in weekly to read to the elderly, or you might be asked to assist with a hospital’s fundraising project.
If you enjoy sports or the great outdoors, there are plenty of ways to be active, have fun, and help out your neighbors. For starters, youth sport leagues often need coaches and assistant coaches to help develop training programs, and teach kids about basic skills and teamwork. If you’re a parent, this is a fantastic way to participate in your kid’s life and help his or her teammates.
The Boy and Girl Scouts as well as other groups have local chapters around the country, and they’re often looking for scout leaders and other volunteers to help young people learn values, earn an appreciation of the outdoors, and learn about civic participation. These types of organizations are a great way to give back to the community.
Many people want to help those experiencing poverty or homelessness, as they are often the most vulnerable members of society. Organizations like Habitat for Humanity help build homes for those who are homeless or on a low-income. Local soup kitchens, homeless shelters and food pantries are always looking for new volunteers as well, which provide you with endless ways to support those facing poverty.
Do you know of a special charity or volunteer organization you want the world to know about? Let us know in the comments or share with everyone via Twitter, and spread the good word!