Picture it: You’ve planned your upcoming cruise for months. You chose the perfect ship and itinerary, rounded out your vacation wardrobe and weeded through endless lists of dining options and spa treatments. Then you board the ship and head to the excursions desk only to discover there’s no more room on that once-in-a-lifetime adventure that was to be the crowning moment of your voyage.
Don’t let this happen to you. If you’re booked on a sailing and don’t want to miss out, you can reserve many activities, experiences and restaurant meals ahead of time, either online or via the cruise line’s mobile apps.
Whether you’re a planner or someone who likes to play your vacation by ear, you should absolutely consider booking certain cruise activities in advance. Discover what’s available pre-cruise so you can better prepare for your next voyage.
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Dining reservations
One of the biggest components of any sailing is dining. Sure, you can opt for the main dining room or buffet each night. However, if you’d like to branch out and try one or two of your ship’s alternative eateries, you can reserve a spot ahead of time, before you even step on board.
If you wait until after you embark to book, you run the risk of being stuck with the earliest or latest dining times or — worse — being completely out of luck. This is especially true if you’re sailing on a newer ship with eateries that aren’t widely available elsewhere.
Shore excursions
Got your eye on specific shore tours? Lock them in early, especially if you’re setting off on a bucket-list journey to a place that you might not have a chance to visit again. Take it from me: There are few feelings worse than having the person at the shore excursions desk tell you “Sorry, but that tour is full.”
Looking at something that’s pricey, and aren’t sure you want to pay that much? Here’s a tip: Book it anyway. If you change your mind, you can usually cancel 24 to 48 hours in advance (depending on your cruise line’s policy) and receive a full refund.
Spa treatments
You can wait to reserve spa treatments until you’re on the ship — unless you’re aiming for something particularly special. Do you need to reserve a large number of manicures for a bachelorette party? Do you want your hair done on a certain day so it’s perfectly coiffed for formal night? Are you yearning for a couple’s massage to celebrate your anniversary? Book pre-cruise to make sure there’s enough availability.
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Otherwise, it could benefit you to wait until you’ve crossed the gangway. On port days, when everyone is ashore, spas often try to draw people in by discounting treatments received on those days. They might also offer specials or discounts if you book multiple treatments. These offers aren’t available in advance.
Theater shows
Although only a few cruise lines — Royal Caribbean International, Norwegian Cruise Line, MSC Cruises and Virgin Voyages — require passengers to make free reservations for nightly entertainment, only Royal Caribbean, NCL and Virgin allow reservations in advance of boarding.
For certain shows like Royal Caribbean’s comedy shows and AquaTheater productions, as well as Norwegian’s Broadway performances and Virgin Voyages’ dinner theater, it’s crucial to reserve seats. Otherwise, there is a very real possibility you’ll end up not being able to see them. Despite multiple performances per sailing, seating can be limited.
(Tip: If you forget to reserve, show up 15 minutes ahead of time, when ships often release any reserved seats that haven’t been claimed, meaning there could be room for you at the last minute.)
Special occasion arrangements
Are you celebrating something special on board? If you’re in need of anniversary flowers, a graduation cake or birthday decorations for your travel companion, it’s best to order them in advance.
If arrangements can’t be made online or via your cruise line’s app, contact your travel agent or the line directly to make sure they know what you’re expecting and that what you need is available.
Packages
All major cruise lines sell packages that can help you to save money, alleviate the stress of planning or both. Some of the most common are dining and alcohol packages, as well as internet packages.
The former two are generally a good value for people who drink a lot of soda, fancy coffee or alcohol, or who like to switch up their dining experiences. The last one is essential for anyone looking to stay connected while at sea. Booking any of these in advance could score you some savings versus purchasing the same packages once on your ship.
Less common but still offered are photo packages and wedding packages. It’s almost always unnecessary to pre-book photos, but wedding packages are only available with advance notice. What they include varies by cruise line, but example offerings might be flowers, a photo package, a ceremony for a set number of people and a few romantic in-cabin amenities like chocolate-covered strawberries and Champagne.
Bottom line
Cruise lines offer lots of add-ons you can book prior to your sailing. In most cases, though, it only pays to do so if you’re sure you’d save money by booking early or if your trip would be adversely affected should something not be available to you once you board.
Generally, it’s a good idea to make restaurant and shore excursion reservations ahead of time, as well as any special arrangements you might need. Spa treatments and entertainment can often be left until you’re on the ship and have a chance to see the daily schedule.
Today we’ll look into “LoFi Direct,” a mortgage lender based in New Jersey that considers itself one of the fastest growing lenders in the industry.
They’re dedicated to providing more, whether it’s more loan programs, support, or overall value to their clients, along with what they refer to as white-glove customer service.
While they offer the latest technology, such as a digital mortgage application and smartphone app, they believe in the need for live, human interaction when it involves a complex process like obtaining a mortgage.
Let’s learn more to determine if their hybrid approach is a good fit for your home loan needs.
LoFi Direct Fast Facts
A consumer direct lender that offers home purchase loans and refinances
Founded in 2010, headquartered in Mount Laurel, NJ
A division of parent company AnnieMac Home Mortgage
An approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae
Currently licensed to do business in 48 states and the District of Columbia
Funded more than $2 billion in home loans last year
LoFi Direct is a direct-to-consumer retail mortgage lender based in Mount Laurel, New Jersey that was founded just over a decade ago.
Despite being a relatively young company, they fund billions in home loans annually across the United States.
They offer both home purchase financing and refinance loans, with the former accounting for about two-thirds of their total annual production.
Their large share of home purchase lending can be attributed to the many real estate agent relationships they’ve forged over the years.
The company is actually a dba of American Neighborhood Mortgage Acceptance Company, or AnnieMac for short.
They are an approved seller/servicer with Fannie Mae, Freddie Mac and Ginnie Mae, meaning they can offer conforming loans and government-backed mortgages, as well as service them.
At the moment, they are licensed to do business in 48 states, with Alaska and Hawaii the only exceptions.
They appear to do the most business in their home state of New Jersey, which accounts for about 30% of total volume, along with neighboring Pennsylvania, which holds another 15% or so.
But they’re also growing out west and making a name for themselves in states like California and Arizona as well.
If you prefer to do business in person, they do have some physical branches in Florida, Maryland, and New Jersey.
How to Apply for a Mortgage with LoFi Direct
To get started simply visit their website and click on Apply (or call them directly)
You’ll be prompted to create an account for their online Loan Portal
A loan originator will get in touch to walk you through the digital application
All processing and underwriting is completed in-house for quick turnaround times
As noted, LoFi Direct believes in a hybrid approach that combines the latest technology with real human beings, seeing that getting a mortgage can be complicated.
But you can still get started on your own by visiting their website and clicking on “Apply.”
From there, you’ll be prompted to create an account, which will also serve as your Loan Portal once your application is submitted.
A loan officer will jump in to help once you’re signed up to discuss loan options, mortgage rates, and what to expect from their process.
Most tasks can be completed electronically, including the application itself, the signing of disclosures, and the scanning/uploading of paperwork.
The good news is they’re an approved seller with Fannie Mae, Freddie Mac and Ginnie Mae, and all processing and underwriting is handled in-house.
This means they can get things done quickly without having to send your file elsewhere, or seek permission from an outside investor.
You can also download the AnnieMac Home Mortgage smartphone app (which I believe works with LofiDirect) and track your loan progress on the fly, 24/7.
Home Loan Programs Offered by LoFi Direct
Home purchase loans
Refinance loans: rate and term, cash out, and streamline
Home renovation loans
Conforming loans
Jumbo loans
FHA loans
VA loans
USDA loans
Fixed-rate and adjustable-rate options available
LoFiDirect offers a ton of different loan options, whether you’re a first-time home buyer or a seasoned homeowner looking to purchase a vacation home or refinance an existing investment property.
If you already own a property, you can get a rate and term refinance or a cash out refinance. They also offer home renovation loans, such as Fannie Mae HomeStyle and the FHA 203k.
You can get a conforming loan backed by Fannie/Freddie, a jumbo loan that exceeds the conforming limit, or a government-backed loan, such as a VA loan.
Both fixed-rate and adjustable-rate options, with a variety of different loan terms to choose from like a 15-year fixed or 5/1 ARM.
LoFi Direct Mortgage Rates
For one reason or another, LoFi Direct doesn’t put its mortgage rates on its own website, so it’s not totally clear how competitive they are.
However, they do advertise their rates on third-party sites, including Zillow’s Mortgage Marketplace.
From what I saw, they were offering one of the lowest interest rates on the platform, with nearly the lowest mortgage APR (which factors in lender fees).
So there is hope that they can deliver some of the best rates out there, assuming your loan scenario fits their guidelines.
It’s also unclear what lender fees they charge, such as a loan origination fee or separate charges for things like underwriting and processing.
But the quotes I saw on Zillow were promising with regard to both rates and fees. Just be sure to speak with a loan officer to get a solid estimate and take the time to compare lenders as well.
LoFi Direct Reviews
On Zillow, LoFi Direct has a stellar 4.83-star rating out of a possible 5 from nearly 1,400 customer reviews, which is impressive given the volume of feedback.
Also be sure to check out their individual loan officer reviews, as quality can vary at a large company. Then if you find someone who stands out, you can request that person specifically.
Over at SocialSurvey, it’s a similar 4.51-star rating from about 200 reviews, with many of them perfect 5-star ratings.
Additionally, the company has a 4.4-star rating from 50 reviews on Google, and a 4.2/5 from about 25 reviews on LendingTree, with an 84% recommended score.
Lastly, while the company isn’t an accredited business with the Better Business Bureau, they do sport a perfect ‘A+’ rating based on complaint history.
In summary, LoFi Direct seems to offer low mortgage rates and fees, which their name might imply, and their self-described mission is to provide industry-leading customer service.
They also have plenty of loan programs to choose from, so they could be a good choice for both a prospective home buyer and a current homeowner looking to refi.
LoFi Direct Pros and Cons
The Pros
Can apply directly from their website in minutes
Offer a digital home loan process and online borrower portal
Appear to offer low rates
Free smartphone app
Lots of loan programs to choose from
Excellent customer reviews across all ratings sites
A+ Better Business Bureau rating
Helpful guides, mortgage calculators, and mortgage glossary on their website
Physical branches in several states
May service your loan as opposed to transferring it
One of my jobs at The Motley Fool is to serve as the internal financial planner for Fool employees. Lately, however, I’ve been answering more questions my colleagues have about their parents — and it’s more likely about their mothers or mothers-in-law. The truth is, women face a more difficult task when it comes to retirement planning, for several reasons:
Women earn, and have, less. According to the Census Bureau, women earn just 77% of what men make. They are also more likely to interrupt their careers to raise children or take care of older relatives. According to the Social Security Administration, the typical woman spends 12 years out of the workforce. This results in lower retirement benefits and smaller portfolios. On average, a female’s 401(k) is 40% less than a male’s.
Women live longer. Generally, retirement begins when a person leaves the workplace and ends when life leaves the person. The longer someone lives, the longer retirement lasts — and the more assets will be needed. On average, gals live five years longer than guys, which means they tend to be retired longer. Add to this the fact that, with most couples, the wife is a few years younger than the husband, and you can see why most women should plan on spending their last few years on their own. Which leads us to…
Women are more likely to spend part of their lives single. Though my wife may not believe it, marriage enhances retirement security. According to a National Bureau of Economic Research study by Susann Rohwedder and Michael Hurd, 80% of married couples in the 66-69 age group are adequately prepared for retirement, whereas just 55% of single persons have enough resources. Unfortunately, more than twice as many older women are single than older men. According to the Census Bureau, 19% of men over the age of 65 live alone, compared to 40% of women in the same age group. More than two-thirds of 85-year-olds are women.
Women tend to retire earlier. According to the Center for Retirement Research at Boston College, the average retirement age for men is 64, whereas the typical woman retires at age 62. This is often because a wife will retire at the same time as her husband. It’s just another reason why women can be expected to fund a longer retirement than men.
Women often leave financial planning to their husbands. According to a survey from ING Direct and Dailyworth.com, 40% of married women leave retirement planning to their partners, and almost 30% say they don’t know what their main source of future retirement income will be. This leaves widows and divorcees vulnerable when they find themselves single again, and could contribute to a general lower knowledge about money matters. According to studies by Dr. Annamaria Lusardi, director of the Financial Literacy Center, women score 12 percentage points lower than men on tests about concepts such as inflation and diversification, as well as other measures of financial literacy.
What’s a Woman to Do? While all those statistics can be discouraging, the good news is that there are plenty of solutions. Here are the steps all women (and the men who love them) can take.
Become a money master. Regardless of whether you’re single, married, or living in a hippie commune where no one bathes but someone has to pay the bills, make sure you keep learning about financial planning and have a hand in the household finances. According to a study from Hartford Financial Service and the MIT AgeLab, couples who share the financial housework are more prepared than couples that rely on just one member to do all the financial lifting; the former group is more likely to have saved more and developed a plan for what will happen when one spouse passes away. This doesn’t mean that each spouse must do everything together, but it does mean that each spouse should know enough about what’s going on, and how to manage the family finances in the case the other spouse becomes ill or passes away.
Manage the couple’s benefits with the survivor in mind. The timing of when one spouse begins receiving Social Security and pension benefits (if any) can affect the financial security of the other spouse. The questions to ask are: 1) Will the primary beneficiary receive a larger benefit for delaying, and 2) how much of the benefit will go to a surviving spouse? In the case of Social Security, the benefit does increase for each year of delaying, which can be very important source of income for a retiree whose lifetime earnings record is not as high as her or his spouse’s, because that higher benefit will continue to the lower-earning spouse when the higher-earning spouse passes away.
Be ready to be on your own. The last time I covered this topic in a GRS post, a reader linked to a New York Times article, written by a woman who had once been an advocate for stay-at-home motherhood:
So I was predictably stunned and devastated when, on our 40th wedding anniversary, my husband presented me with a divorce. I knew our first anniversary would be paper, but never expected the 40th would be papers, 16 of them meticulously detailing my faults and flaws, the reason our marriage, according to him, was over….
The judge had awarded me alimony that was less than I was used to getting for household expenses, and now I had to use that money to pay bills I’d never seen before: mortgage, taxes, insurance and car payments. And that princely sum was awarded for only four years, the judge suggesting that I go for job training when I turned 67. Not only was I unprepared for divorce itself, I was utterly lacking in skills to deal with the brutal aftermath.
I hate to be so cynical as to suggest every person should be ready to become single at any moment, but I do think everyone should have a Plan B at the ready.
Delay retirement until everyone is ready. The decision to retire should not be based solely on whether both spouses have enough money to cover expenses, but also on whether a surviving spouse would be secure should the other spouse pass away. According to the Hartford study, the typical widow sees her income drop 50% when the husband passes away, yet expenses drop just 20%. To make sure they have enough in their later years, people should continue to work — and save — until they have enough to survive on their own, and not retire just because their spouse does.
Everyone should know the team. If you use any financial-services professionals — accountants, advisors, attorneys — both spouses should know at least enough to know what they do for you, and how to contact them. If you don’t use pros because one spouse does the work, you may want to begin assembling a team in your later years to smooth the transition in case that one spouse is no longer able to do the job. You can start with a fee-only financial planner, such as those who belong to the Garrett Planning Network or the National Association of Personal Financial Advisors.
The Times, They Are A-changin’ These kinds of posts can be tricky, since they’re based on generalizations that obviously don’t apply to every woman or couple, and can come off as sexist. To be sure, I know plenty of couples in which the wife is in charge of the household finances. These folks tend to be younger, which is why I think the difference in retirement prospects for women and men is partially a generational issue. It’s certainly my experience that women in their 70s — like my mother, who found herself divorced and re-entering the workforce in her 50s — are more comfortable leaving all the financial housekeeping to their husbands, and also less comfortable talking about money. Maybe that’s just my personal experience. But I do hope, as the income gap between men and women shrinks, and more men share in the child-raising responsibilities (for example, The Motley Fool offers paternity leave to new dads), that a post like this will be largely unnecessary several years from now.
By Peter Anderson11 Comments – The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited July 14, 2017.
Our economy is in a downturn, investments are tanking, and every day the market reaches new lows. It can be hard to stay focused through it all and not panic. Unfortunately it seems like most investors in the market HAVE panicked already, and their fear is self-fulfilling. They’re afraid the market will tank, so when they all panic and sell, it DOES tank.
If you want to retain your sanity during these hard times, there are a few things that you shouldn’t do.
credit: dipfan
7 Things You Shouldn’t Do In An Economic Crisis
You shouldn’t listen to the media: Remember the old saying, “If it bleeds, it leads”. The media will report the bad news first, and often gloss over the good or encouraging news. Try not to take the news reports too seriously as good reporting is becoming harder to come by.
You shouldn’t forget to be positive: If you can’t stay positive, and look at the silver linings of a situation, your feelings of loss and panic will start to surface. Remember that money doesn’t bring happiness, and that the market will rebound. It may not happen as quickly as we’d like it to, but it will come around.
You shouldn’t continuously check your 401k: If you’re like me, you can’t resist the urge to be constantly checking your 401k every day. The DOW dropped 400 points? Oh my gosh, I wonder how much money I lost today! Resist the urge to keep checking your balance. Make sure you have good diversification and good allocations, and then set it and forget it.
You shouldn’t count on the government to help you: Don’t waste your time waiting around for the government to turn things around, bring you a bailout plan, and turn things around. Things will only get better for you if you make things better yourself. Create your own bailout plan, make some extra income and make a plan to succeed!
You shouldn’t stop investing for retirement: The old investing adage says, “Buy low, sell high”. The markets are tanking right now, so you’ll probably be able to find some investments in good strong companies at a fraction of their normal price. Buy it while it’s low!
You shouldn’t try and time the market: It’s a fools game to try and time the market. It’s impossible to know when the market is at it’s lowest, and when it’s at the highest. I thought it was at the low point the other day, and its dropped over a 1000 points since then. Don’t try to beat the market. Invest for the long term. Put together a nicely diversified portfolio, and then let it ride.
You shouldn’t forget that it’s only money: No matter how bad things get, remember that the sun will rise tomorrow. Even if you lose it all, your heavenly father will still take care of you. “Therefore do not worry about tomorrow, for tomorrow will worry about itself. Each day has enough trouble of its own. Matthew 6:34”
Remember, this country has gone through hard times before, and we have always come out of it sooner or later. I have no doubt that this time will be the same.
So what are some things that you are going to try not to do during this economic crisis?
The real estate market is kind of strange at the moment.
Everyone expected mortgage rates to jump in 2019, but so far they’ve done the exact opposite.
At the same time, home price appreciation has slowed in much of the country, creating a situation where affordability is actually better than it was a year ago.
To make matters even weirder, negative equity is increasing again, a topic I haven’t discussed for many years.
Refi Candidates Up 75% From November
First those refis – amazingly, the number of homeowners who could both qualify for and benefit from a mortgage refinance rose almost 75% from the 10-year low seen in November 2018, per the latest Black Knight Mortgage Monitor for January 2019.
It also marked a 16% year-over-year increase and the highest number of eligible candidates since January 2018.
There are about 3.27 million homeowners today who could reduce their mortgage rate by at least 0.75%, which would obviously amount of some serious savings monthly and over the life of the loan.
However, the numbers are still down a hefty 30% from late 2017 when 30-year fixed mortgage rates stood below 4%.
Sadly, Black Knight believes the impact will be muted because some 85% of homeowners took out their mortgages more than seven years ago, meaning they’re not likely to refinance.
Still, roughly 250,000 homeowners who took out their mortgages just last year could stand to benefit greatly from a refi, especially those who received rates on the higher end of the spectrum due to bad timing and/or bad credit, etc.
Falling Home Prices?
Now let’s address home prices, which after some really solid years of growth, seem to be getting tested.
It could just be an affordability issue, as new home buyers simply don’t have the ability to purchase real estate at today’s relatively sky-high prices.
Certainly, it’s not for a lack of wanting to buy, nor is it an inventory issue – low supply continues to be a problem.
Despite a limited housing stock and still-low mortgage rates, annual home price appreciation slowed for the 10th straight month in December, per Black Knight.
It fell from a high of 6.8% YoY growth in February 2018 to just 4.6% at the end of 2018, and on a monthly basis in December, the average home price actually declined 0.3%.
The average home price has fallen a combined 0.82% over the past four months, marking a $2,440 loss.
And Black Knight economists expect the same trend in January based on early data collection.
Now the good news – because home price gains have moderated, and even fallen over the past several months, housing affordability has increased.
A prospective home buyer today needs just 22.2% of their median income to purchase the average-priced home with a 20% down payment on a 30-year fixed-rate mortgage.
That’s slightly lower than the post-recession high of 23.4% seen just a few months back, and well below the long-term average of 25% seen in the late 1990s and early pre-bubble 2000s.
Additionally, despite the recent slowdown, annual home price growth is still outpacing its 25-year average of 3.9%, so if anything, the real estate market is simply normalizing after some really hot (unsustainable) years.
Underwater Mortgages Are Back?
That brings us to the issue of negative equity, something I definitely haven’t mentioned on this blog in a long, long time.
It was a hot topic post-housing crisis when something like half of all borrowers with a mortgage owed more than their homes were worth.
That led to a new definition for “underwater” in the dictionary, the advent of underwater mortgage insurance, and the very popular and widely-used HARP refinance program.
Now Corelogic is telling us that the quarterly increase in negative equity during the fourth quarter of 2018 was the first in four years.
Between the third and fourth quarter of 2018, the total number of mortgaged homes in negative equity increased 1.6% to 2.2 million homes, representing 4.2% of all mortgaged properties.
It was the first quarterly increase since the fourth quarter of 2015, and led to some 35,000 properties falling into underwater positions.
Before we ring the alarm bells, if you consider the year-over-year basis, the number of mortgaged properties in negative equity actually fell by a significantly larger 14%, representing some 351,000 homeowners.
And the CoreLogic Home Price Index estimates a 4.5% increase in home prices from December 2018 to the end of 2019, which should lift another 350,000 homeowners above water.
Still hard to believe that millions remain underwater on their mortgages in light of the massive home price gains realized since the recovery got underway. Tells you how bad things got.
Negative equity peaked at a staggering 26% of mortgaged residential properties during the fourth quarter of 2009. It’s been nearly a decade since those very dismal times.
Well, 2019 is set to come to a close. It’s certainly been an interesting year (and decade), surely one to remember.
But now it’s time to look forward to what 2020 might bring with regard to the housing market, mortgages, and so on. Let’s dive in.
You can see my 2019 predictions here.
1. Mortgage rates will go down
As always, we tackle mortgage rates first. The forecasts have been wrong year after year lately, with most pundits calling for an end to the ultra-low rate era.
But over time, it has become apparent that this is simply the new normal for rates. They probably aren’t going back to 5-6% anytime soon.
Instead, expect 30-year fixed rates closer to 4%, as they have been for years now. In 2020, we might even see new all-time lows if the election, Brexit, or other geopolitical events really shake things up.
If you’re a home buyer or a refinancer, 2020 will be yet another favorable year in the financing department.
2. Home prices will go up (limited inventory, but not a seller’s market)
Now let’s talk home prices, which don’t have a clear correlation with mortgage rates. No, one doesn’t go up while the other goes down, despite many assuming that.
While we’ve already seen the really stellar years of appreciation since bottoming nearly a decade ago, the end of home price appreciation isn’t quite here yet.
In fact, 2020 should be another solid year in terms of home price growth, likely mirroring the 5-6% gains seen in 2019.
That means even more home equity for those who already own a home, and perhaps a little less sticker shock for those in the market to buy, with prices not all that different from the year prior.
If your wages have increased since then, it may not look all that bad, especially if low interest rates make your home loan financing that much more affordable.
I believe we’ll continue to see a healthy balancing of the housing market between buyers and sellers, though some markets nationwide will continue to be more competitive than others due to a serious lack of supply.
3. Builders will build more homes
Speaking of housing supply, expect home builders to really ramp up their building in 2020.
Fannie Mae is forecasting almost 1 million single-family starts next year, representing a near-10% increase from a year earlier.
That should begin to ease demand in areas that need it, though it may take more than a year or two for it to really show since these projects take time to be completed and marketed to buyers.
The question is will home builders get it right this time around, or overshoot the mark again?
4. Low down payment mortgages will dominate purchases
With regard to financing those new home purchases, I expect a lot of low-down payment mortgages to be involved.
I’m talking the 3% down offered by Fannie and Freddie, 3.5% from the FHA, along with zero down from the VA, USDA, and other individual lenders.
It seems low- and no-down is back en vogue, especially with competition a bit lower in today’s housing market.
Again, this could be an ominous sign we are returning to the dark days of the early 2000s. However, the underlying mortgages should still be a lot cleaner.
5. More quick refis from recent home buyers
I also expect the trend of buy-to-refi to continue in 2020. Many of those who refinanced in 2019 had just acquired their mortgage, but thanks to rate improvements, it was beneficial to refinance just months later.
This drove a lot of refinance volume in 2019, and probably will do the same next year.
As I said, we could see new all-time lows in mortgage rates, so recent buyers, along with not-so-recent buyers, may benefit from a rate and term refinance (or cash-out).
That’ll be great news for mortgage lenders who rely on refis to post big numbers, as the purchase market will likely be just marginally higher than in 2019.
It also means you can do better your second time around if you made some missteps on your first mortgage go-around.
6. More iBuying replacing traditional real estate agents
The disruptors have been around for some time now, and they continue to grow market share and take from the traditional channels.
This includes iBuyers, such as Offerpad, Opendoor, and Zillow Offers, who are gently pushing out real estate agents with their instant all-cash offers.
Unfortunately, these companies are keeping more for themselves in exchange for a little convenience. As I’ve said, homeownership requires constant work.
Part of that is putting in the time/effort to buy and sell a home thoughtfully. You can rush it if you want, but it’ll cost you. Potentially a lot.
7. Cash out refis will be big
While the number of cash out refinances has increased in recent years, the total dollar volume is still a drop in the bucket compared to the early 2000s.
Expect more homeowners to cash in on their home equity in 2020 as mortgage lenders look for new strategies to boost their own pipelines.
With more homeowners ageing in place or simply not moving because there’s nowhere to move, they may instead pull out cash to make much-needed renovations. Or simply to pay for other stuff.
Americans are sitting on a ton of equity, so it’s really a matter of when, not if. And they’ve been sitting on it for a while…
8. Faster digital mortgages will become the norm
Mortgages have been getting faster and faster in recent years thanks to advances in technology.
Nowadays, borrowers have the ability to seamlessly connect financial accounts to an application, forgo a home appraisal, or participate in an eClosing.
We’ve been hearing claims of mortgages in a week, a matter of days, or with the push of a button.
In 2020, I think we get closer to the elusive instant-mortgage, thanks to wider spread adoption of existing and new technologies.
Speed and convenience is becoming more of a selling point for mortgages, so look for a greater number of lenders to offer things like on-time guarantees.
Of course, getting it right (and for a good price) is more important than getting it done fast.
9. Mortgage broker share will rise
Not all mortgages can be streamlined. Some continue to take time, whether it’s because the borrower is self-employed, the property is unique, or some other unconventional scenario.
One group that excels when it comes to tricky or outside-the-box stuff are mortgage brokers. They’ve been actively gaining back market share since nearly going extinct after the Great Recession.
And 2020 will probably be another banner year for the group, thanks in part of better technology leveling the playing field, and a more diverse origination mix.
They’ve also got a new group doing a better job communicating the benefits of using a mortgage broker.
10. We’ll be one year closer to the next housing crisis
While I do see 2020 being another solid year for both real estate and mortgage, it might be time to start thinking about what’s next.
This housing rally has gone on for quite a while, and we’re certainly well into the late innings in terms of bust to recovery to expansion.
We’ve probably still got a few more good years, but that window is really beginning to narrow.
There’s a lot to start worrying about if we want to avoid making the same mistakes that felled us a decade ago.
My hope is we don’t overbuild and throw underwriting standards out the window again, damaging another generation that seems to finally be warming to the idea of homeownership.
Technology startups are considering whether or not it’s necessary to return to the office, and for those who think it is, they’re also rethinking what that office should look like.
Maria Gothsch, chief executive of Partnership Fund for New York City, told The Washington Post that many tech startups will decide that they want office space. She said many will decide against moving to a remote workforce on a permanent basis, even though companies like Twitter have already said they plan to do exactly that.
The thing is, the office serves as a place for people in their 20s and 30s to meet people.
“If you are not addressing that desire of that demographic—to give them a place to work—you are potentially impeding your ability to recruit those people,” Gotsch told the Post.
One tech startup that’s already reconsidering its office footprint is MikMak, an e-commerce software company. Its founder and CEO Rachel Tipograph recently broke her 18-month lease on a New York City office building at the height of the COVID-19 pandemic, and is now planning to sign a new lease once a vaccine has become widely available. She said her employees are free to move anywhere in the U.S. however, as the next lease she signs will be something more akin to an event space rather than a traditional office.
“I’m calling it a hub,” Tipograph told The Wall Street Journal. “You’ll do new employee onboarding, big team meetings, maybe fancy client presentations. But you don’t come there 9 to 5 every day to get work done.”
But while startups are re-imagining their offices spaces for the post-pandemic era, other more established companies are lining up more traditional office space in big cities. Facebook for example, recently signed a lease for 730,000 square feet of office space in the Farley Building on Manhattan’s West Side. Meanwhile, Amazon has said it plans to add 900,000 square feet of office space in Dallas, Denver, Detroit, New York City, Phoenix and San Diego.
Still, commercial office landlords are growing concerned, as more than 3 million square feet of office space in Manhattan alone was put up for rent during the third quarter. With so much space available, some landlords are now offering more flexible lease terms to attract companies back.
One such company is Two Trees Management, which operates several buildings in the New York area that house hundreds of startups. Faced with numerous startups that have deserted its offices in recent months, it’s now offering more flexible leases to startups that can be as short as just six months. Previously, its standard leases were offered for a minimum of three years.
Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected]
[Note from editor: The “Mastermind Showcase” highlights companies and news from members of the GEM. Today’s showcase: Bluefire Group.]
The Blue Fire Group operates a number of web-based marketing tools for the real estate, mortgage, and title industries, including:
Buying Buddy – An IDX plugin capable of integrating into agent or team websites built on WordPress, Squarespace, Webflow, and more. Features include advanced IDX search, as well as lead management & tracking.
Bluefire Sites – Semi-custom and custom WordPress IDX websites and lead management.
Single Property Sites – Templated property websites for individual listings. SPS has additional marketing features like SMS text and call capture, QR codes, and auto-generated PDF flyers.
Paul Eastwood has led the Blue Fire Group since it’s conception in 2002.
What we like: IDX solutions not owned by any one brokerage/franchise are a dying breed, but the Blue Fire Group has withstood the test of time.
Last week brought little news aside from continued mortgage rate fluctuations as a result of Omicron concerns, Federal Reserve tapering, and more. Let’s cover the latest in this week’s holiday edition of the Mortgage Monday update!
Rates Update
Even with markets closing early in accordance with the shortened week, mortgage rates shifted from high to low and back again in the days leading up to Christmas. Freddie Mac’s PMMS reported an overall rate decrease between December 16 and 23, citing Omicron as a reason for recent market volatility. Still, Freddie’s survey results coming in mid-week leaves room for change – and we saw it last week as rates finished slightly higher, according to experts. Luckily this back and forth has resulted in little change for the average borrower.
Experts and major housing authorities are still expecting rates to climb in 2022. Of course, the rate at which this happens will likely depend on the severity of Omicron and its effects on consumer activity – an ongoing concern and a topic we’ll continue to cover for you as it develops. For now, the movement of mortgage rates remains minimal but will be important to keep an eye on as we begin the New Year.
Our rate forecast? Slight increases in January dependent on Omicron and the market’s response. Contact your Total Mortgage loan officer if you have any questions or concerns.
Still Important – Loan Limit Increases in 2022
In case you missed it, the Federal Housing Finance Agency (FHFA) and Federal Housing Administration (FHA) made big announcements regarding their borrowing limits for 2022. The result: more bang for your buck to help compete with rising market prices. With loan limit increases for both conventional and FHA options, these upcoming changes will benefit a wide range of borrowers and create more flexibility in the market. The start of the New Year will be a great time to lock in a new rate, so be sure to contact your Total Mortgage loan officer now to get the ball rolling.
For now, review the updated loan limits in detail below.
In Closing
The window to take advantage of low mortgage rates will likely close quickly in 2022. Among other things, the Fed doubling its tapering efforts will push rates higher, but this could be countered by Omicron at every turn. The gradual increase will continue, but its speed has yet to be determined – be sure to lock in a rate now while they remain at historic lows. Looking ahead, the remainder of the holidays should bring little change and relative stability to our industry. Enjoy the rest of your week and as always, stay tuned for our next Mortgage Monday update in 2022!
One of the things we can remember about the show is its ending—is it beautiful or tragic, maybe boring, or doesn’t make sense, or a cliff-hanger Today, we’re discussing 17 TV shows with some of the worst endings ever!
1. ALF
One person said, “Nobody will remember this, but the correct answer is ALF. It was supposed to be a cliffhanger, but the show got canceled, and they ended the series with ALF being captured and taken away to be dissected. GOOD NIGHT KIDS!”
Another person replied, “Eventually, they made a made-for-TV-movie about five years later to attempt a wrap-up called Project: Alf. It had virtually no one from the original series besides Alf’s voice, and as I remember it, was almost universally panned.”
One Redditor added, “I remember seeing the movie. It was horrible. I loved the series as a kid. Nothing beats Alf singing Old time rock ‘n’ roll with a cucumber.”
2. The X-Files
“Glad I searched for X-Files because this was going to be my comment. Honestly the last 3 seasons were… not great (outside of a single episode here and there, usually written by Vince Gilligan, of course). Talk about a show with highs and lows. It could be the best show on television, and the next week it could be the most senseless garbage you’ve ever seen,” one user commented.
“The point for me where I felt the most disappointed was the episode that ‘resolved’ the disappearance of Samantha. Not only was it a confusing mess but it opened up some pretty aggravating plot holes retroactively. HATED it,” another commenter added.
Another user said, “I remember someone suggesting the final episode should have been Chris Carter and a flipchart explaining how everything fits together.”
3. My Name Is Earl
One user commented, “My Name Is Earl ended on a cliffhanger which was canceled soon after S4. The only resolution given was on the first episode of Greg Garcia’s next project Raising Hope where a TV news broadcast in the background said a man in Camden County completed his list. NBC had a knack for making bonehead decisions.”
The second person replied, “Yup. They didn’t plan on it being the series finale, and their surprise cancellation lead to them scrabbling last minute to come up with an ending. That’s what they settled on.”
4. Heroes
One person stated, “Heroes. God the writer’s strike really had that show go wildly off the rails.”
Another commenter said, “Hiro constantly losing his powers every season because of lazy writing and he is too strong… I gave it another try last year couldn’t finish watching the last season again. Still no idea how it ended.”
One Redditor replied, “I still don’t understand how Heroes went from being so good to such utter trash… like how did it happen? They fumbled way before the writers strike. I’m still upset.”
5. Pretty Little Liars
“Pretty little liars, the creator never even knew how it would end. I hate that show because it was great for the first maybe 2 seasons then just terrible from then on,” one user shared.
“It was a bunch of mystery building and no resolution for any of those mysteries. It should just be referred to as blue balls the show,” another added.
“I couldn’t believe what I was watching. I thought it was leading up to some [crazy] masterpiece and instead we got a long-lost evil British twin and Mona’s dollhouse. I was pissed I’d invested all that time into the series and got that [disappointing] of an ending,” another Redditor said.
6. House of Cards
“Should have ended when he got the presidency. It was all weak after that—Frank had a goal in the first few seasons; it’s what drove him. Then he gets it, and his motivation is just…keeping what he has. Perfect end scene was when he did his signature knock on the president’s desk. Cut to black. End show,” one person stated.
“I don’t understand how this didn’t end with Season 4 and having Frank ultimately impeached and arrested after gaining the presidency. That would both complete his arc and fit the theme of house of cards with 4 seasons of 13 episodes each,” the second person replied.
7. Merlin
One person shared, “Merlin. What the hell was it all for!?!?! Arthur rejects magic and they’re back to square one.”
Another person replied, “Not to mention that suddenly it becomes modern day, and poor Merlin is still alive, just waiting around in the hopes that Arthur will come back. He’s had to slowly watch everyone and everything he loves slowly die over the decades centuries. It’s just completely miserable and pointless, Merlin doesn’t deserve that.”
Finally, the third added, “God it’s been over a decade and I’m still mad I’m so glad I’m not the only one. Like why did they even make season 5? They should have ended after four and let fanfic do the rest.”
8. Sherlock
“The whole reason I loved that show was the mystery being explained by cold hard logic and the powers of observation. The entire last season was basically Sherlock sister has mind control which takes effect within seconds. Total BS and I hate it. That was my favourite tv series of all time and I felt physically ill when they just murdered the whole season like that,” one person stated.
Another user replied, “I wanted to mention this too. I loved Sherlock at first but there’s so much wrong with it that, and the 4th season really made me look at it differently. It was already going downhill, but then it really took a nosedive. My mother was a fan as well and I just told her not to watch the last season by explaining it was so bad. Fans were sure there was a secret 4th episode that was going to make everything okay again. She got the message.”
“Same. I binged Sherlock hard. Got to his sister and I totally stopped watching it,” a third commenter added.
8. Jericho
One person stated, “Jericho. That show had so much potential and they just loosely wrapped it up leaving me very unfulfilled with no conclusion or closure.”
Another added, “Jericho really did have a lot of potential. The comic books wrapped it up but I still wish they had made more of the TV show.”
One Redditor replied, “It wasn’t the writers it was the network. They were given three more seasons to finish but then when more than half the season was done they pulled the rug and the writers had to write a conclusion. It wasn’t great but acceptable under circumstances. The writers wrote comic books after the show which further went through the story and it was actually a nice conclusion to the storyline.”
9. Xena: Warrior Princess
“Xena: Warrior Princess… 20 years later and I am still [angry],” one person shared.
“Ah, I had to scroll way too far for this, I was starting to think I was the only one who remembered it! I was a Xena fanatic when it was airing, and the ending gutted me. Deciding to introduce yet another character that was important to Xena in the past, in the finale? A whole village of innocent people dying, but it was blamed on her despite it being an accident, if I recall correctly? The sheer unnecessary amount of brutality, and leaving Gabs alone in the end? So cruel. When I rewatch the series, I skip the finale and pretend the show ends on Many Happy Returns or When Fates Collide,” one Redditor replied.
Another added, “I found my emotional support thread! They did us dirty in the 90’s with that ending. The reveal of Xena’s body and Gabrielle’s reaction full on TRAUMATIZED me.”
10. Star Trek Enterprise
One user shared, “Star Trek Enterprise. It was a fun prequel that looked at the start of the United federation of planets. The last episode was an insult. A main character was killed off and it was in a TNG holodeck! Bloody rubbish, I’m stil livid.”
The second person replied, “That’s what I came here to say. Absolutely terrible ending to a series that otherwise had a great last season. I’m almost convinced that they tried to create a bad last episode because how did anyone think that was a good idea?”
The third added, “Yeah ST Enterprise is criminally underrated, especially toward the end…except for that awful finale.”
11. The Last Man on Earth
“Last Man on Earth, the show got cancelled on a cliffhanger and we never saw an end to it,” one person shared.
“I needed some closure, closure, closure, closuuuuuuure,” replied another.
“They canceled it at the same time as Brooklyn 99. Everyone resurrected Brooklyn 99 and I was waiting for Last Man on Earth to get the same reaction but I felt like the only one who cared. I’ve never laughed at a show harder. Still sad,” one user shared.
12. Teen Titans
“The show ended on a gut punch episode that was far more mature than anything else on Cartoon Network before or since. Emotionally clever storytelling that let the audience down. It was heartbreaking that they chose to end that relationship that way. But they expected a 6th season. To tie off the ongoing rivalry with Slade/tie up every character’s arc. It was canceled on the penultimate season. It had set up all the pieces set up—had finally graduated to the next level of storytelling; ratings were high…..then bam. Canceled. Now we’re left with a downer ending of an episode. It’s fantastic—but clearly not designed to be the real end,” one person stated.
“No no, I agree. Sad ending that almost felt like a universe-death when beast boy went out the all white doors. Surreal, depressing, not the best way to end a serious but light-hearted show,” another added.
13. The 100
One person stated, “The 100. Stupidest ending ever.”
Another person replied, “I’m so glad other people have this opinion. I binged it a few months ago and genuinely enjoyed the series, but the last season made me wish I never started it and erase the series from my mind. They destroyed Bellamy’s character and then killed him off in the lamest way possible.”
One commenter added, “My gf started watching that show and I swear all I ever heard was ‘my people this’ and ‘my people that.’ If you had a drinking game every time they said ‘my people’ in that show you’d be dead before the first commercial break.”
14. The Man in the High Castle
One person stated, “I feel like that show lost a lot of its vision after Season 1. John Smith, Minister Tagomi, and Chief Inspector Kido basically just carried the show by sheer force of personality.”
Another user shared, “That ending [makes me angry] more than GoT, which Also [made me angry]!”
One Redditor commented, “I was too confused to even be mad about that ending. I feel like they were trying to be profound or something, but can’t figure out what the message was supposed to be. Everybody’s moving in now?”
15. Star vs the Forces of Evil
“The entire show was derailed to make the popular ship canon, and they didn’t even do it well. And let’s not get into how the characters decided the best way to stop a genocide in their kingdom was to create a far bigger genocide on a multiversal scale, stranding countless innocent people away from their homes and families, but that’s okay because Star gets to be with her new boyfriend. There’s so much more I can get at, but this is GOT level bad. This show could’ve gone down with the likes of Gravity Falls but they massively dropped the ball in the last season,” one person stated.
“Once they woke up Eclipsa’s husband and he was completely harmless I finally admitted to myself they had abandoned whatever plan was originally in place,” another added.
“Man, the first 2 seasons were a lot of fun. But then shipping took over and it all went downhill,” another commenter shared.
16. Game of Thrones
One person shared, “I didn’t mind Bran as a character until that moment. Then I wanted him to get crippled all over again.”
Another replied, “Dude came with his own throne.”
Then the third added, “‘Why do you think I came all this way.’ Basically implies that he orchestrated literally everything in the show to make himself king. Bran is one of the greatest villains in TV history.”
View the original Reddit thread here.
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