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If you’ve getting ready to apply to college, look on the bright side: It can be a good way to apply the skills you’ve learned in school to get organized and nail this project. It’s also a time to shine and show off your achievements over the past few years.

That said, like any big project, applying to college has a lot of moving parts and can feel intimidating at times. To help you break it down, it can be wise to use a college application checklist. Doing so can help you stay on track as you move ahead with navigating the next step in your education.

What follows is just that: a college application checklist and details on how to apply to the schools you’re interested in. As you’ll see, it can all boil down to 5 key steps. You’ve got this!

Tips for Getting Organized

Before you dive into your To Do list, take some time to get organized. Applying for college can definitely be complicated and time-intensive. Creating a system, including a college application checklist, can help prevent important details and dates from slipping through the cracks.

Before you start printing out forms and stashing brochures, label a folder for each school and list important information on the front, such as:

•   College name

•   Application deadline

•   Type of deadline (early decision, early action, regular decision, or rolling admission)

•   Application fee

•   Application requirements (form, essay, recommendations, etc.)

Choose a single system to monitor all submissions and deadlines, and make sure your parents can also access the information.

One method of organization could be to file the folders by deadline dates rather than school names to ensure you get all documents to each school on time.

Keep copies of important documents, such as recommendation letters and student housing information, in each folder. Most early decision or early action deadlines are in November, while regular decision applications are usually due in January.

Make a note of any schools that have extra forms or a particular department within the college that has its own set of requirements. The university likely has a list of scholarship deadlines, which may be different from its application deadline.

College application deadlines tend to be set in stone, and admission officers may even frown upon those who wait till the last minute to submit their applications. It can be helpful to set reminders on your phone, computer, or the kitchen calendar.

Schedule reminders for at least a month before the real deadline so there’s plenty of time to ask questions, make adjustments, and get your application in well before the deadline. This can help you avoid that night-before-the-deadline discovery that you are missing a form.

Consolidate tasks whenever possible. If you need a recommendation for an extracurricular activity for two different schools, don’t ask the softball coach and the band conductor. Pick one and ask for a reference letter that can be easily customized for both schools.

Even the simplest college application is typically made up of multiple forms. You can use a physical filing system or cloud-based storage to store forms, recommendation letters, and more. As you gather materials, divide everything into folders for each college and label PDFs with short, descriptive names (MusicRecommendation, not “scan008877605.pdf”).
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College Application Checklist

If you’re looking for a section to print out and check off as you go, this is it: your applying to colleges checklist. Then read on for details on how you might go about accomplishing these tasks.

•   Create a filing system for schools organized by the application deadline

•   Set reminders for application deadlines

•   Gather test scores (SAT®, ACT®, etc.) if prospective schools require them

•   Ask for 3 or more letters of recommendation

•   Write personal essay (if needed)

•   Fill out the Free Application for Federal Student Aid (FAFSA®)

•   Research scholarships

1. Take Standardized Tests (Or Not)

First on your college application process checklist is to consider whether you need standardized test scores. A majority of colleges and universities no longer require standardized tests like the SAT and ACT for school applications — check with the schools you plan to apply to. If you want to play it safe and you have the time, you may want to take the test just in case.

Generally, students must register for tests about a month in advance. It will take a couple of weeks for scores to be distributed, and colleges receive scores about 10 days after students. So if your college application deadline is in January, you should schedule your test by October. Perhaps you’ll want to take it earlier if you want to give yourself enough time to retake the test if you’d like to try to get a higher score.

2. Request Letters of Recommendation

Next on your college application requirement checklist: Many colleges request 2 to 3 letters of recommendation. According to the College Board, these should be “written by someone who can describe your skills, accomplishments, and personality.” It’s wise to ask people who know you well and are enthusiastic about this prospect. You may want to request an extra letter or two, to accommodate letter-writers who miss their deadline or beg off at the last minute.

When asking for a recommendation letter, keep in mind that teachers and coaches are usually very busy and likely being asked by multiple students. If possible, give them at least a month to write a reference letter. Really, the earlier the better. Some schools require recommendations from teachers in specific subjects, so be mindful of specific requirements.

3. Check for Special Deadlines

You’ll want to consider other deadlines as well, such as applications for special dorms, department-level scholarships, registering for summer activities, and more. These things can end up coloring the college experience just as much as which university you get accepted to.

In many cases, dorms are available on a first-come, first-served basis. Applying early can help you get the specific type of dorm you want, such as co-ed, separated by gender, or substance-free.

4. Fill Out the FAFSA

While you’re gathering all the information for college, you’ll probably be thinking about how to pay for it. For this item on your college admission checklist, you’ll likely want to start with the Free Application for Federal Student Aid or FAFSA®, the form that parents and students must complete to be eligible for federal student loans and aid. Many colleges also use the FAFSA to decide if a student qualifies for its own grants and scholarships.

A university may offer both need-based and merit-based aid. Need-based aid is determined by a family’s income and circumstances, while merit-based aid is determined by academics, athletics, and other talents. The FAFSA helps colleges determine how much need-based federal aid a student qualifies for.

The FAFSA application is generally available starting in October but the 2024-2025 form will be available in December; the due date varies by state. Try to apply as early as possible because some financial aid is awarded on a first-come, first-served basis.

A common misconception is that the FAFSA is a one-time deal. In reality, the FAFSA must be filled out every year to account for any changes in income or other circumstances. For example, if one of your parents gets laid off from their job, you might qualify for more need-based aid.

For some students, federal aid (including federal student loans) isn’t enough to cover the full cost of attendance. If that’s the case, it may be time to look into some additional sources of funding.

Recommended: College Search Tool

5. Additional Funding Options

Some families are able to fill the gap between tuition costs and student aid with savings. Parents may take out loans in their own name to help children pay for college as well.

Other students are able to pay for a portion of their tuition with scholarships or grants. Scholarships and grants may require applicants to invest some time writing an essay or meeting other requirements. Any funds that are received can be a useful way to cover education costs since they don’t need to be repaid.

There are quite a few scholarship databases you can search to find those that fit your background and interests.
If you’ve exhausted your aid opportunities and are still looking to fill a gap, private student loans are an option to consider. While they don’t come with the same benefits as federal student loans (such as income-driven repayment plans and loan forgiveness options), they can be used to help pay for education expenses.

Unlike most federal student loans, the private student loan application process generally requires a credit check*. Some students may find they need a cosigner, which is someone who would be held responsible for the loan in the event the primary borrower fails to make payments.
💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

Stay Engaged in School

Once you’ve completed your college application checklist and your college applications are on their way, your last semester in high school can feel kind of pointless. Not true! Colleges will want to see those grades and know what you’ve been up to. If you’ve lost motivation, are cutting class, or let your grades slide, they’ll know it. And if you’re still taking AP exams, those results can determine whether you get credit for certain college courses.

So stay involved and send a follow-up letter listing any additional awards and achievements. This is your chance to show off what you’re capable of even when the pressure’s off.

Speaking of pressure, take time to relax — before, during, and after the application process. Plan some fun activities that don’t involve watching your inbox for acceptance letters. And congratulate yourself on making it this far.

The Takeaway

The college application process can be demanding. After all, the application itself is usually just one of many concerns. There may also be standardized tests to take, letters of recommendation to collect, personal essays to write, housing to consider, and financial aid applications to complete. It can be wise to use an applying to colleges checklist. The earlier you complete the tasks on it, the less stressed you’ll be — and that can be reflected in the quality of your application. Stay on top of all deadlines, and set reminders well in advance so you never have to pull an all-nighter. Save those for college.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

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Source: sofi.com

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With the holiday shopping season fast approaching, a simple addition to your catalog can go a long way: gift cards.

Unlike other types of inventory, gift cards are cheap to produce, easy to ship and unlikely to be returned. If you offer digital gift cards, you can’t run out — and you can keep making sales until a few minutes before gifts are exchanged.

“People love giving gift cards,” says Rachel DeCavage, owner and creative director at Cinder + Salt, an eco-friendly clothing company based in New England. “It’s a no-brainer way for them to give someone something that they’re going to love.”

People love getting them, too. In an October survey from the National Retail Federation, 55% of respondents said they hope to get a gift card as a present this year.

Here’s how you can make gift cards part of your holiday strategy, whatever you sell.

1. Create your gift cards

You may be able to order physical cards or offer digital ones through your e-commerce platform or point-of-sale system. Physical cards typically cost less than $2 per card, and digital cards are often free.

Physical cards are more popular gifts for Chicago-based indoor golf facility The Green, says founder and managing partner Connor Ptacin.

During the holidays, Ptacin estimated his team mails out “like 20 gift cards a week” to people who want to give their loved ones something physical.

Digital cards let you keep making sales until the very last minute. DeCavage says she usually sees a rush of gift card orders “like three days before a holiday.”

The right mix of digital and physical cards depends on your customers. If most of your sales take place in person, physical cards may be more popular. But if more of your customers shop online and you tend to ship orders farther away, or if you’re trying to grow your online sales, lean into digital cards.

2. Promote them as gifts

Display gift cards by your register and prominently on your e-commerce website to catch shoppers’ eyes.

“Just pop it right there on the counter and drive the impulse purchase,” says Jay Jaffin, chief marketing officer at Blackhawk Network, which helps retailers create and sell gift cards and other rewards items.

You can use gift cards to encourage other spending. This year, DeCavage is offering gift cards as bonuses to customers who spend more than a certain amount at Cinder + Salt.

“It could be an incentive for them or it could be something they can give to someone else, and it also feels like they’re getting a discount,” DeCavage says.

Make sure your cashiers know how to load gift cards using your point-of-sale system and how to package them. Those transactions give your staff the opportunity to make additional sales, too: DeCavage encourages gift card buyers to add something small, like a sticker, so it’s more exciting for the recipient to open.

“We try to make it a part of the shopping experience for people who are really unsure about what to get,” DeCavage says.

Promote gift cards on social media and via email, too. A well-timed online marketing campaign can remind previous customers that you have gift cards available — especially if you can reach last-minute shoppers at the right moment.

Lastly, Ptacin recommends swapping gift cards with other local businesses that serve similar audiences. That can help you reach new customers who might have just needed a push to visit you.

3. Prepare for redemptions

If you sell enough gift cards, you might reduce the intensity of another post-New Year’s headache: returns.

“A lot of times, what you see is a bunch of returns at the beginning of the year,” Jaffin says. “Sometimes, those gift cards can actually help balance that out — that first-quarter lull.”

Shoppers usually spend more than what’s on their gift cards, Jaffin adds.

DeCavage says gift card shoppers often behave differently. Instead of making a beeline for their desired item, they tend to spend lots of time browsing.

“For small retailers, gift card programs can really be a low-maintenance and affordable way to compete against larger stores,” Jaffin says, “while also helping to acquire new customers and encourage repeat foot traffic.”

Source: nerdwallet.com

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As fab fashionistas, agile antiquers, super shoppers, and those who live for a good find are well aware, the wildly popular Round Top Antiques Fair is back for another week and weekend of some the hottest shopping in Texas, U.S. — and heck, the world.

Texas’ antique mecca, boasting a permanent population of 99, draws hundreds of thousands from across the globe twice a year for the shows. As expected, hotels and Airbnbs book months in advance, but that doesn’t stop locals from Houston and nearby cities from making a day trip. Those who pack up for the Round Top roadie are rewarded with new hot spots for food, drink, entertainment, and — obvi — shopping.

With that in mind, we’ve rounded up some of our old faves from previous trips and solicited friend and guru — let’s call her “Round Top Angie” for top shops and, thanks to Angie, the IYKYK spots where the locals like to hang.

And since Round Top weekends are as much being seen as seeing, read on for our fashion writer Gabi De la Rosa’s guide to can’t-miss fashion and shopping — especially for Houstonians.

Shop Round Top

The Original Round Top Antiques Fair, created by Emma Lee Turney in 1968, remains the epicenter of what is now known at The Antiques Show. Thousands hit Round Top last week to shop the more than 65 venues along the rural TX-237 highway and beyond.

Now through October 29 barns, tents and hayfields are home to authentic antiques, fine art, home decor, and more.

The Big Red Barn and Blue Hills

The Big Red Barn (475 Texas 237) functions as the primary Antiques Fair venue and is a massive, climate-controlled building that is unmistakable to passersby as it’s literally a giant red barn. The Annex and Continental Tent are both located adjacent to the Big Red Barn and add to the overall ambiance and sheer shopping bliss that overtakes the town during these precious fall weekends.

Where it all started over 50 years ago, the Big Red Barn will be open through October 28.
Photo by The Big Red Barn

Not far from the Big Red Barn is its sister venue, Blue Hills (1701 Texas 237), a rustic, antiques mega complex, as they approach on 237. A must-stop for any serious shopper, the destination boasts 26 acres, more than 60 vendors from around the world, and 100,000 square feet of shopping space. Hot brands and partner collabs, must-see pieces, easy access off 237, clean bathrooms, and ample free parking make this a no-brainer. Plan to spend some serious time — and money — here.

Henkel Square Market

One of Round Top’s most iconic historic squares has been reborn as a shopping, dining, bar, and gallery space that now goes by Henkel Square Market. Easily one of the town’s most popular tourist destinations, the market featuers the newly opened Kemo Sabe, the chic Texas bootmaker that helps fashion-focused shoppers step into Round Top chic with ease.

One could spend hours at Southern Beasts, where the clever Mary Lou Marks (who chats up visitors and recognizes shoppers from months and years prior) crafts whimsical animals out of vivid upholstery. We scooped up vintage headbands and bracelets and lusted over the vintage cowboy hats and gear and one-of-a-kind paintings. Upstairs, the clever folks at Starr’z hunt all over for retro mid-century modern furnishings jewelry, handbags, decorative pieces.

Next door is the exotic Sapana Dreams, (translated to “dream” in Nepali), where owner Jolie Helms curates and imports outerwear, vests, quilts, totes, and more from India and Nepal — all while empowering the impoverished crafters in those countries. A familiar Houston retail name, Helms is passionate about educating shoppers about the plight of those who create the goods for her first solo store — all while customers leave with some serious statement pieces.

A quick jaunt leads to our favorite Round Top art store, Humble Donkey Studio, a crafty playground founded by John Lowery, a former Houston marketing CEO who has turned his passion for Texan and animal-themed art into a two-story mecca of charm. Lowery celebrates in-store sales of his large paintings (in demand across the country) with wine, cowbell ringing, and the declaration that “a donkey got its wings.” We grabbed hats, small works, and even a Texas-themed doormat from the exclusive Lower40 collection.

Stylish Houstonians always make a beeline for haute Houstonian/Round Top resident Marla Hurley’s chic boutique Modernmarla, where serious shoppers can grab luxe-label shoes, accessories, clothes, and more. (Be sure to score a cheeky “Kiss My Fancy Texas A*s” T-shirt for a Lone Star look that’s totally extra.) More looks can be found at upscale jewelry destination Mallory et Cie.

Rockin’ Round Top: The 550 Market and Rockabilly Baroness

To really shop like the locals, head to The 550 Market, a cool destination that hosts pop-up parties, activations, and event a speakeasy. Those looking to rock the outlaw/rock star vibe should head to Rockabilly Baroness, The 550’s anchor space. Much like its Houston sister store the Round Top outpost offers up must-have boots to gorgeous bags – all meticulously crafted with the fine hides, exotic skins, imported leathers, and intricate beading. Consider this the one-stop show for rocker-cowboy-cowgirl chic.

Rockabilly Baroness saddles up your inner cowgirl rock star.Rockabilly Baroness

Round Top Village

Round Top Village meanwhile, showcases a mix of local handcrafted jewelry, women’s wardrobe staples, hand-poured luxury candles, exotic linens and wares, a plethora of antique vintage finds, and furniture pieces scattered throughout the shops. Look for an entire shop devoted to primitive and American farmhouse antiques. Vendors at Round Top Village include Richard Schmidt Jewelry, Simple Rags, Courtney Barton, Tutu and Lilli, Muse Collective Jewelry, Bella’s Candles, Cottonseed Trading Co, and Round Top RV Park.

Gasoline Hill & Antiques

A go-to shop for visitors looking for the cleanest porcelain and painted metal advertising on the market; inventory includes a unique mix of vintage advertising memorabilia, such as old gas pumps, oil and automotive signs, and much more. The seller takes pride in displaying items that are originals, not replicas. On top of its authentic vintage signs, look for reclaimed industrial, architectural, and contemporary furniture and accessories from all over the world. Grab some country store items like bread, dairy goods, and more.

Eat, drink, two step, and more

Lulu’s Italian restaurant and ll Cuculo bar at Hotel Lulu

Nestled just outside the bustling Henkel Square, Hotel Lulu has become a go-to for urbane visitors who stay for the scenic vistas (we fell in love with the neighboring barn characters, namely a charming donkey, bull, and some alpacas). The red-hot, in-house restaurant Lulu’s is the Italian-focused sister restaurant to the Houston locale. (Reflecting the tony crowd that favorites Armando’s, the scene at Hotel Lulu and Lulu’s is cosmopolitan, with patrons decked out in vacation chic.)

Rejoice: The beloved Lulu’s now serves breakfast.Photo via Lulu’s Round Top

Executive chef Jose Monterrosa has answered regulars’ repeated for breakfast service; find delicious starter meals here starting at 8 am. Those rising a little later can enjoy brunch, which features many lunch and dinner items. We loved the country-table-themed Uova in Purgatoria, where a farm-fresh fried egg sits in a bed of delicious red sugo sauce. Carnivores can power up with the steak and eggs, adorned with a chimichurri sauce; all go well with bloody marys, mimosas, and fresh bellinis. We ended brunch with an irresistible combo of gelato and bombolini, Italian doughnuts with crème anglaise.

Pasta dishes at Lulu’s are wildly popular, especially the carbonara, a perfectly cooked fried egg with a healthy, orange yolk centering the dish. Caviar is a good starter, and the bread service is so divine it could potentially be a meal paired with fresh butter and a full-bodied red wine. Grilled branzino and a beefy tenderloin make excellent choices for proteins, while tiramisu and gelato are sweet finishes.

Lulu’s downstairs dining room, chiseled in central Texas rock, is also worth a peek, as it’s a favorite for private parties.

For a refined sip, Hotel Lulu’s perfectly picturesque ll Cuculo bar is an absolute must-visit for pre or post-dinner cocktails, after a day out, or a romantic date night. The main bar is striking with its deep wood and blue accents, while a curtained seating area — vibrant and velvet-adorned — sports plush seating with swoon-worthy upholstery. In a city full of Instagrammable scenes, this elegant spot is photo-shoot ready.

Merritt Meat Company

The owners of Truth Barbecue, a smokin’ Houston favorite that scored top marks in Texas Monthly‘s best BBQ list, purchased Roundtop Smokehouse in Henkel Square and reopened the space to honor Lee Ellis (Merritt is his middle name). As any Houstonian knows, Truth’s brisket and sausage can disappear in minutes, not hours. Those wanting to meat up best show up early and expect lines.

Duo Modern in Market Hill

Market Hill owner Paul Michael wanted a space in his chic retail destination Market Hill where Round Top shoppers could share stories and meals. Enter the stylish Duo Modern, which features haute furnishings from Market Hill. Look for roasted sea bass, breaded branzino , oven-roasted lobster tail, rigatoni pasta, grilled beef tenderloin, a grilled pork chop, a crowd-favorite rack of lamb, and more. As expected with a Paul Michael operation, Duo Modern’s ambience is urbane, stylish, and comforting.

Ellis Motel

Created by the late restaurateur and namesake the Ellis Motel isn’t actually a motel. Instead, the Ellis Motel Lounge and Emporium has become on of Round Top’s hottest hangouts. Inside of a welcoming bungalow dating back to the 1800s, the outpost boasts an eclectic mix of art and furniture for sale. While browsing, sip on some of the best cocktails in Round Top.

Royer’s Café and Pie Haven

Royers Pie Haven in Round Top.
Royers Pie Haven Facbook

Led by JB and Jamie-Len Royer, the team at the iconic — legendary, really — Royer’s Round Top Café is all about love, customer service and lasting relationships. Upon walking through the doors of the funky, iconic establishment in Round Top, diners are greeted with a menu that will surprise and delight. Instead of the ‘typical’ small town country fare, expect what they call gourmet country food. The Pie Henkel Square Market serves up divine, freshly baked pies — grab one or three for the trip home.

Food Truck Alley at Blue Hills

Those shopping at the Blue Hills Food Truck Alley can expect a feast of options. The checklist includes Dapper Bear Seafood, Tumbleweed Food Company, Vela Farms, and Wildflyer Mead Co. The Ellis Motel Bar pop-up serves up beer, wine, and cocktails on the patio — the spicy margarita, the Bloody Mary, and espresso martini are winners. Neon Moon Coffee brews up specialty coffee and baked goods all day on the patio. Methodist Men BBQ is open from 11 am to 3 pm on the patio — but the meats go fast.

Little Cheese Shop

A cheese, wine, chocolate, and to-go gourmet shop in the heart of Round Top, Little Cheese Shop is housed in a quaint 1830s cottage. Grab fine cheeses and charcuterie fare (salami, prosciutto, pâté, mousse, smoked salmon), plus chocolate, sweet treats (we grabbed a few), spreads, chutneys, olives and pickles, crackers, and flat breads. Nothing pairs with cheese like wine; Little Cheese Shop offers a number of white, red, and sparkling bottles.

The Mark Speakeasy

Located inside Round Top’s 550 Market, The Mark is a secret speakeasy that is open Fridays and Saturdays from 8 pm to midnight for cocktails and light bar bites. A catering kitchen is available on-site for large parties and special events. Slip behind the secret door and see what it’s all about — and prepare foe a memorable night.

The Stone Cellar honky tonk

The Stone Cellar.Photo via The Stone Cellar Round Top

The Stone Cellar inhabits the refurbished La Grange train depot, which was built in 1861. The newly renovated honky tonk now features a cozy cocktail bar boasting local craft beers and wines, and cocktails aplenty. The venue is located less than a quarter of a mile from the Round Top Town Square and offers live music every Friday, Saturday, and Sunday.

Don’t head back without visiting…

Round Top Festival Institute’s Festival Hill

The James Dick Foundation for the Performing Arts and its sole project, Round Top Festival Institute, were founded in 1971 by world-renowned concert pianist James Dick. Launched with just a handful of gifted young pianists in rented space on the town square, the project is now an internationally acclaimed music institute for aspiring young musicians and distinguished faculty. The foundation has developed superb year-round education and performance programs. Its must-visit, 210-acre campus Festival Hill boasts major performance facilities, historic houses, extensive gardens, parks, and nature preserves.

St. Martin’s Catholic Church

Known as the world’s smallest Catholic church, St. Martin’s celebrates mass on a monthly basis inside the 192-square-foot church, which holds six rows of pews that can accommodate 20 people.

Texas Cotton Gin Museum

Preserving the history of cotton and cotton ginning in Texas, the Texas Cotton Gin Museum is home to the 1914 Burton Farmers Gin — the oldest operating cotton gin in America. Recognized by the American Society of Mechanical Engineers, the Smithsonian Institution, the National Trust for Historic Preservation, and the National Register of Historic Places, the museum transports guests to an era that defined the quintessential American — and most definitely, Texan — can-do spirit.

A note to first-timers: the entire experience can be daunting for Round Top newbies, and to add even more spice to the mix, each venue has varied dates. Make sure to check (and double-check) when your destination of choice will be open. With all that in mind, we’ve rounded up where to find the best fashion finds both vintage and new during the Round Top 2023 Fall Show.

Finally, some must-hit spots for serious style shoppers(by Gabi De la Rosa)

Unsubscribed plus Houston brands at Blue Hills

Slow and sustainable fashion brand Unsubscribed is this year’s brand partner at Blue Hills.Photo by Unsubscribed/Instagram

This year, Blue Hills has partnered with sustainable brand Unsubscribed, which focuses on consciously made-slow fashion pieces created to outlast trends and ultimately have a more sustainable effect on shoppers’ wardrobes.

In addition to the Blue Hills barns, tents, and showrooms brimming with the best fashion, home decor, and antiques, several Houston brands will be onsite. Houstonians should be sure to hit Christy Lynn,Hibiscus Linens, Carla Valencia Designs, and more.

Round Top Village

One of Round Top’s newest shopping destinations, Round Top Village is great for fashion and art. Visitors will find Courtney Barton, Tutu and Lilli, Richard SchmidtJewelry, and more.

Zapp Hall

Housed in a historic dance hall from the early 1900s, Zapp Hall welcomes shoppers in search of various antiques, including genuine vintage fashion. Come for the antiques, stay for the atmosphere.

The Arbors

The Arbors is open twice yearly and features more than ten tents with great fashion, home decor, and antiques. Shoppers can get their hands on items from Arloom, Topped Hats, Stylish Sloan, Ole San Miguel, and more.

Check out Arloom at Blue Hills and Arbors during the fall show.Photo by Arloom/Instagram

Source: houston.culturemap.com

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Today we’ll check out another home builder’s in-house mortgage lender, this time KB Home’s “KBHS Home Loans.”

As the name suggests, they are the affiliated lender for home builder KB Home, a SoCal-based company that has been around since the 1950s.

KB Home has a big home building presence in its home state, along with nearby Arizona and Nevada, Texas, and Florida.

To facilitate the sale of their homes, they lean on KBHS Home Loans to streamline the financing process.

What’s perhaps more interesting is that they are backed by another lender, Guaranteed Rate, which is a top-10 lender nationally.

KBHS Home Loans Fast Facts

  • In-house mortgage lender for parent company KB Homes
  • Founded in 1957, headquartered in Los Angeles, CA
  • Parent company is publicly traded (NYSE: KBH)
  • Licensed to lend in 10 states nationwide
  • Funded nearly $3.5 billion in home loans last year
  • Most active in California, Florida, and Texas
  • Also have an affiliated insurance agency and title company

KBHS Home Loans is the in-house mortgage lender for parent company KB Homes.

They primarily offer home purchase loans to the buyers of their newly-built homes located throughout the country.

The Southern California based home builder has been around since 1957, having previously been named after founders Eli Broad and Donald Kaufman as the “Kaufman and Broad Building Company.”

One of their claims to fame is the creation of the “Townehouse” design, intended to woo consumers who would typically rent instead of buy a home.

The company later changed its name to KB Home in 2001 and today refers to itself as the “#1 customer-ranked national homebuilder.”

That’s based on TrustBuilder ratings and reviews that are powered by NewHomeSource, a site that apparently lists honest reviews from real homeowners.

Anyway, KB Home established its own mortgage company back in 1965, and that eventually morphed into what is now KBHS Home Loans.

Interestingly, KBHS Home Loans was formed in 2016 as a joint venture between KB Home and Stearns Lending.

Stearns Lending was acquired by Guaranteed Rate in early 2021.

This explains the disclaimer on their website that says all loan programs subject to Guaranteed Rate, Inc. underwriting guidelines.

They are licensed in 10 states nationwide, including Arizona, California, Colorado, Florida, Idaho, North Carolina, Nevada, South Carolina, Texas, and Washington.

Last year, the company funded a solid $3.5 billion in home loans, with a good chunk of it coming from their home state of California.

They were also quite active in Arizona, Colorado, Florida, Nevada, and Texas, where they have home building operations.

KBHS Home Loans prides itself on being a fully-integrated, dedicated mortgage lender for KB Home, with daily collaboration to ensure things keep moving along on schedule.

Like other home builders, they also have an affiliated insurance company, KB Home Insurance Agency, and title insurance business, KB Home Title Services.

How to Apply with KBHS Home Loans

To get started, you can either visit a new home community or surf on over to the KBHS Home Loans website.

If you do the latter, they have an online loan officer directory and a contact form if you prefer for someone to reach out directly.

There is also a learning center with a mortgage glossary, free mortgage calculator, informative videos and articles, and a FAQ section.

When you’re ready to apply, you can do so electronically via their digital loan application from a computer, tablet, or smartphone.

It allows you to complete the process mostly paperlessly, with the ability to link financial accounts (bank, employer, etc.) and securely upload documentation.

Once your loan is submitted, you’ll be able to log in to the borrower portal 24/7 to check loan status, satisfy outstanding conditions, or get in touch with your lending team.

KBHS Home Loans loan officers also have the ability to screen share in real-time if you need extra help you complete any step of the mortgage process.

When it comes time to fund, their so-called FlashClose process allows borrowers to sign most of their closing documents electronically.

This means you can digitally review and share documents in advance with your attorney or settlement agent and spend less time at the closing table.

Loan Programs Offered by KBHS

  • Home purchase loans
  • Conforming loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • Fixed-rate mortgages: 30-year fixed, 15-year fixed
  • Adjustable-rate mortgages: 5/1 ARM, 7/1 ARM

KBHS Home Loans offers all the usual products you expect to see from a mortgage lender, though they primarily focus on home purchase loans.

This includes conforming loans, jumbo loans, and the full suite of government-backed loans including FHA loans, VA loans, and USDA loans.

One thing that stands out with KBHS Home Loans is their adjustable-rate mortgage offerings.

They advertise ARMs more than other lenders and seem to have more options in this department.

So if you think mortgage rates will come back soon within the next 5-7 years, a hybrid ARM such as the 5/6 ARM or 7/6 ARM could be a good bridge.

Of course, they also offer fixed-rate mortgages as well, including the 30-year fixed and 15-year fixed.

And it might be possible to take advantage of a big rate buydown to keep your monthly payments down.

Many home builders have been offering big incentives lately as mortgage rates inch closer to 8%.

Those who use the builder’s lender may be entitled to special offers that likely won’t be found elsewhere.

KBHS Mortgage Rates and Lender Fees

I couldn’t find any information on their website regarding mortgage rates or lender fees. But they did have a special rate offering on the KB Home website.

It was a 7/6 ARM priced about two percentage points below the going rate for a 30-year fixed. So for those willing to go with an ARM, it presents a pretty big discount.

And it’s fixed for the first 84 months, giving the home buyer some breathing room before they need to consider a refinance, home sale, etc.

Typically, home builders offer mortgage rate buydowns, such as a 2-1 buydown, but perhaps those are becoming too expensive and there’s a shift to ARMs happening.

It’s unclear what their fixed mortgage rates are like so you’ll need to inquire about pricing when you speak to a loan officer.

As always, take the time to shop around with other non-affiliated banks, lenders, credit unions, and mortgage brokers.

It’s good to see what’s out there and gain some bargaining power in the process. You never want to look like you don’t have other options

KBHS Home Loans Reviews

KBHS Home Loans has a 4.9/5-star rating from over 3,000 Google reviews, which is impressive on both the review count and the score.

There are a lot of shining reviews from new home buyers, but also some poor reviews as well. You can filter by highest and lowest rating to see what other’s experiences were.

Their parent company, the home builder, has a 4.5/5 on NewHomeSource from nearly 9,000 customer reviews.

Over at the Better Business Bureau (BBB) website, they have an ‘A+’ rating based on complaint history, but a 1.08/5 rating based on the 84 customer reviews there.

They also have over 300 complaints over the past three years, including more than 170 over the past 12 months.

This is one of the challenges of running a home builder division and a mortgage lending division. It’s hard to make people happy in just one of those lines of business.

But if everything goes according to plan, they might be able to offer special incentives you might not find with other lenders or existing home sellers.

The biggest perk to using a home builder’s lender at the moment is the potential for a bought down rate.

Often, builders will offer big rate discounts to get you into a new home, or offer closing cost credits, or both.

This can ease affordability but some argue it’s at the expense of a higher sales price.

Regardless, do your research, gather quotes from outside banks/lenders, and take the time to negotiate.

While the process could be more streamlined with an affiliated lender/builder, don’t sacrifice price in the process. After all, the mortgage could stay with you a lot longer than the ~45 days it takes to get it.

KBHS Home Loans Pros and Cons

The Good Stuff

  • Can apply for a home loan online or in-person
  • Offer a digital process and hybrid remote closing
  • All major loan programs available including jumbos and ARMs
  • Financing specials including special rates for KB Home buyers
  • Excellent customer reviews from thousands of past customers
  • A+ BBB rating
  • Mortgage calculator and how-to videos and guides on their website
  • Free smartphone app

The Perhaps Not

  • Do not list their mortgage rates or lender fees online
  • Not licensed in all states
  • Only for home buyers
  • No second mortgages or home equity products

Source: thetruthaboutmortgage.com

Apache is functioning normally

An interesting report was released today by Zillow, which noted that despite recent home price gains, underwater homeowners still collectively owe more than $1.2 trillion more on their mortgages than their homes are worth.

That $1.2 trillion is shared by a staggering 16 million homeowners, which broken down is roughly $75,000 per household, according to the first quarter Zillow® Negative Equity Report.

Of course, the negative equity amount will be much higher in the hard-hit, expensive states, such as California, Arizona, and Florida.

Nearly One Third of Homeowners with Mortgages Underwater

And it has actually gotten worse. About 31.4% of homeowners with mortgages were underwater as of the end of the first quarter, a slight rise from the 31.1% seen a quarter earlier.

However, it is down a bit from the 32.4% seen a year ago. Still, shaving a mere 1% over the course of a year isn’t that impressive.

You also have to wonder if the numbers look even better thanks to underwater homeowners either walking away or being foreclosed on during that time. They’re no longer underwater…they’re just homeless.

But perhaps the scariest figure in the report is that more than a quarter (26.8%) of homeowners with mortgages in the Las Vegas metro area owe double what their homes are currently worth. I guess no one really wins in that city.

Now the Good News About Underwater Borrowers

While that all sounds pretty awful, Zillow Chief Economist Stan Humphries seems to be a little more upbeat.

He noted that despite the large number of underwater borrowers, nine out of 10 are still making their mortgage payments on time.

Additionally, he noted that the negative equity is essentially a “paper loss,” as it hasn’t been realized for most, and maybe never will, assuming they stick around and home prices turnaround.

To veer away from the good news for a moment, the average underwater homeowner in Las Vegas can expect their home equity in 2020 to be a paltry $1,039.

So in about eight years, Sin City residents will be rewarded with a sliver of breathing room. Of course, you still won’t be able to sell without a loss given real estate agent commissions and what not.

In Detroit, it’s even worse. Underwater homeowners there will still be, on average, $7,156 in the red by the next decade.

Okay, back to the good news. The majority of homeowners who are underwater are only just underwater.

That’s right; nearly 40% of underwater borrowers owe anywhere from one to 20 percent more than what their homes are currently worth, which obviously sounds very manageable, assuming they can stick it out.

However, an additional 20% owe between 21-40 percent more than what their homes are worth.

And 2.4 million homeowners still owe double what their homes are worth. It’s hard to imagine many of them getting back on track, even with programs like HARP 2.0 out there.

So as you can see, there’s plenty of good and bad news here, and depending on which way the economy goes, it could get a lot better, or a lot worse, exponentially. It’s also very regional.  Some areas of the country will take much longer to recover back to peak home prices than others.

The takeaway from all this is that those buying now have a huge head start versus existing borrowers, most of whom continue to make on-time payments. But with more downside risk ahead, it’s still a little murky. At least you’ll have a low mortgage rate…

Check out the map below to see the underwater carnage from sea to shining sea:

Source: thetruthaboutmortgage.com

Apache is functioning normally

Young professionals are becoming a major part of the workforce. Ranging in age from early-20s to mid-30s, young professionals are typically classified as working in a professional or white-collar field. However, as new careers emerge, the very definition and work of a young professional are changing and evolving on a daily basis.

It’s an exciting time for a young person in the workforce, with plenty of innovative opportunities, new directions and forward-thinking workplaces. To start their work lives off on the right foot, young professionals want to situate themselves in a good city with ample work opportunities in various fields.

But it’s not all about work. Young people want to have fun, as well! That’s why it’s imperative that a city wanting to cater to young professionals has a happening social scene. This can include everything from great restaurants to sports, live music and entertainment. A vibrant cultural scene gives young professionals a chance to let their hair down after work and connect with others in their community.

From a thriving jobs market to great after-work hours fun, these are the best cities for young professionals.

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These are the 10 best cities for young professionals

To be a good place for young professionals, a city needs to have a diverse job market. But it isn’t enough to have plenty of companies and job openings. You need chances for advancement within fields and companies. Plus, you need plenty of fun things to do outside of work that appeal to a hip, youthful crowd. These 10 cities rank highest as the best cities for young professionals in America.

10. Boston, MA

Massachusetts’ capital city is one of the best cities on the East Coast for young people to live and work. With thriving industries in IT, tech, finance, insurance and healthcare, young professionals working or hoping to work in these fields have tons of options. It’s an especially good location for the healthcare field, as Boston is home to some of the best hospitals nationally and around the world.

Another big plus: Boston is the home of Harvard, MIT and other top universities. This gives young professionals the chance to pursue advanced degrees in their field or change career paths.

Boston’s city life is one of the most diverse and vibrant on the East Coast. The city is full of history, which you can experience in its architecture and museums. But it’s also fully in the present and looking to the future in giving its residents a good quality of life. In 2017, Boston was named one of the most innovative cities in the world, which is felt everywhere from its work and educational institutions to its urban planning and cultural offerings.

It’s also an extremely health-conscious city, with tons of parks, bike paths and pedestrian-friendly areas. It boasts of a renowned art, theater and live music scene, as well as great dining and nightlife. Neighborhoods like South End and Allston/Brighton offer affordable, trendy places to live.

9. Madison, WI

Once overlooked as young professionals flocked to major coastal metropolises, Midwestern cities like Madison are showing that they have a lot to offer ambitious young people. The University of Wisconsin-Madison has highly regarded tech and IT programs, fueling a citywide industry.

Alongside education, young professionals here have their choice of many interesting, cutting-edge industries like healthcare, energy, aerospace and agriculture. Madison’s proximity to Chicago and Milwaukee also allows young professionals to make connections and network with companies in larger cities while enjoying Madison’s more relaxed and affordable quality of life.

Outside of work, Madison bustles with the energy of a college town. Sports are huge here (Go Badgers!), with football, basketball, hockey and baseball. Be sure to watch all those games while enjoying a cold, locally-made beer. Alongside its love of brats and cheese curds, Madison is known for its craft brews.

To burn off all those good eats, hit the paths of Madison’s many parks, especially the scenic ones along the shores of Lake Mendota and Lake Monona. For the more artistically inclined, you can find live music, museums and art exhibitions in abundance.

8. Atlanta, GA

Pursuing a career in Atlanta is bound to set young professionals up for success in life. The city positively crackles with expectation and energy. People living here are all about big ideas and big dreams, setting the stage for innovation and collaboration. Healthcare and finance are major industries here. But it’s also a great spot for young professionals looking to break into communications, media, film and entertainment.

The young workforce can take advantage of local groups like the Young Professionals of Atlanta for guidance, networking and giving back to the community. The Hartsfield–Jackson Atlanta International Airport, which is a major hub, also allows for easy work travel.

Beyond that, Atlanta just knows how to have a good time. There’s always something going on, from a concert to a new restaurant to try. So, there’s always an incentive to go out. Live music is king here. Atlanta’s dominance in the hip hop, live music and entertainment scenes is undeniable. It has great sports teams like the Falcons, Hawks and World Champion Braves.

From southern comfort food like fried chicken and barbecue, Atlanta is all about the good eats. With its lush parks set against towering skyscrapers, it’s a great city to explore on foot. Finally, neighborhoods like Cabbagetown and Old Fourth Ward have affordable living close to work in the downtown area.

7. Austin, TX

Austin’s cultural scene is enough of a draw to get young people to move there. The city has seen tremendous growth over the past decade and for good reason. Austin is a town for creatives, from its live music to visual art to multi-discipline experimentation. Local museums, the University of Texas at Austin and the famous SXSW Festival foster a highly creative environment. And let us not forget how good the tacos are.

But it’s not all play, no work. By many metrics, Austin is one of the best cities for young professionals to learn skills, gain experience and develop their careers. It’s fast becoming a major center for tech, advanced manufacturing, digital media, start-ups and space technology. Even Tesla is transplanting its headquarters to Austin.

But for a town that’s so tech-focused, it’s still affordable with a rent-to-income ratio of about 10 percent. Young professionals can expect to earn high incomes here but will be shelling out less of their money for rent and cost of living. Austin’s population growth has been a cause for concern for its affordability, but there’s no denying it’s a great place to live as a young professional.

6. Minneapolis, MN

Alongside Madison, Minneapolis is another Midwestern city showing its chops. With a diverse job market, young professionals are here not only for work but also for the low cost of living and cultural landscape. The live music and nightlife scenes rival those of major coastal cities. And sports lovers enjoy games cheering on the Vikings and other local teams like the Minnesota Twins.

Healthcare, banking, finance, data centers and biosciences are just some of the fields young professionals can work in here. Young people hoping to go into the medical field should definitely have Minneapolis on their radar. Nearby Rochester is home to the internationally-renowned Mayo Center.

You can pursue higher education at local universities like the University of Minnesota. From top-tier career opportunities to a vibrant social scene, Minneapolis has everything young professionals need to launch their careers while enjoying their youth.

5. Washington, D.C.

If you’re a young professional looking to get into politics, there’s nowhere better than the nation’s capital. From internships to working in the offices of congresspeople, opportunities abound. And as politics revolve around connecting with people, networking is practically an art form here. At power lunches and events, young professionals can make valuable connections to parlay into prized job positions. But politics isn’t the only game in this town. Healthcare, communications, higher education and tech also have strong footholds here.

Apart from work, Washington, D.C., is a hit among young people for its nightlife, dining, arts and culture. Good public transit also allows for easy connection between neighborhoods and business districts. With D.C. having a high cost of living, this gives young professionals the chance to live more affordably outside the city center.

4. Denver, CO

The Mile High City also ranks very high on our list of the best cities for young professionals. For outdoor lovers, there’s nowhere better. The Rocky Mountains are right next door, with hiking, climbing and skiing. But there’s plenty of fun in town, as well, from dining to craft brews to cheering on the Denver Broncos. The nightlife here is hot.

When not out climbing peaks, young professionals can climb the ranks at work. Top industries in Denver include telecommunications, healthcare, financial services, IT and aerospace. Hip neighborhoods like Capitol Hill and Highland are centrally located, with easy access to downtown for work. An average commute of 25 minutes also means that living outside the city center isn’t a deal-breaker.

3. San Francisco, CA

The City by the Bay is a great place for young professionals to put down roots. This is especially true if they’re in the fields of tech, IT, software, digital and social media, international business and biotech. Thanks to its proximity to the tech hub of San Jose, San Francisco has become an outpost for innovative, forward-thinking young professionals all working on the next big thing.

It’s no secret that affordability is not San Francisco’s strongest suit. However, due to the in-demand careers and work opportunities present in the area, the median household income is $112,449. So, even with the high cost of living, it’s still possible to earn enough to enjoy a comfortable lifestyle. And most locals will say the high rents are the price you pay for living in such a dynamic place. With historic neighborhoods, parks, a robust performing arts scene and a food scene spanning cuisines from around the world, San Francisco is a great place for young professionals with active social lives.

2. Charleston, SC

The city of Charleston is known for its historic architecture, Southern cuisine and abundant history. But it’s fast getting a reputation as a great hub for young professionals. The city is home to major industries like aerospace, tech, defense and life sciences.

Housing here is also very affordable for renters. In popular neighborhoods like Harleston Village, North Charleston and James Island, the average rent is around $900 to $1,100. You can find higher education opportunities at the College of Charleston and the Medical University of South Carolina.

Charleston also boasts of a very lively social scene. That classic southern hospitality makes it a great place to go out and meet people. Young people living here have tons of activities to choose from in their free time. Charleston has a much-lauded dining scene, with tons of restaurants and cuisines to try.

The city also has a growing nightlife scene that will greatly appeal to the young crowd. Arts and culture lovers can get their fill at Charleston’s many museums and galleries. Live music is also getting a foothold here, offering something for the late-night crowd besides dancing and bars.

1. Seattle, WA

It’s called the Emerald City, but it’s taking home the gold as the best city for young professionals. Seattle is one of the West Coast’s top cities for industry and business. But it also provides unbeatable access to the great outdoors, art, culture, dining and live music. While Seattle is an expensive city, it has plenty of affordable neighborhoods that young professionals can call home.

Seattle is famously home to multiple Fortune 500 companies. Just to name a few, there’s Amazon, Starbucks and Microsoft. Many other household name companies are also based here, giving young professionals plenty of highly sought-after jobs to go after. The aerospace industry, tech and IT are also big players.

Beyond the competitive job market, young professionals in Seattle enjoy taking advantage of the city’s multicultural food scene, live music, theater and art. Heading out into the forests, waterways and mountains of Washington state is another popular way people living here unwind.

The top 50 cities for young professionals

Do the cities in the top 10 not have the right opportunities or connections you’re looking for? Craving a different type of scene? Don’t worry, there are plenty more options for great cities for young professionals.

The worst cities for young professionals

Not every city has the right tools for the job as one of the best cities for young professionals. Plenty of cities fall short due to factors like bad income-to-rent ratio, high rental rates and high unemployment rates among young people. These are the worst cities you can live in as a young professional.

Young professionals can have it all in these cities

Young people launching their careers want good opportunities. But they also want to enjoy the trappings of youth, like going out to parties or concerts. These cities provide the best of both worlds for young professionals.

Methodology

Cities were ranked based on a weighted scoring system using four broad categories: Demographics, Housing Costs to Income, Recreation and Community and Economics. Each category was weighted to account for 25 percent of the final score. Among the categories, features were weighted as follows:

Demographics: 25 points

  • Percent of the population age 25-34: 12.5 points
  • Percent of population with a bachelors degree or higher: 12.5 points

Housing Costs to Income: 25 points

  • Rent to income ratio: 25 points

Recreation and Community: 25 points

  • Bars and restaurants per capita: 6.25 points
  • Art/culture and nature/parks per capita: 6.25 points
  • Inbound migration, different state, 1 year: 6.25 points
  • Inbound migration, abroad, 1 year: 6.25 points

Economics: 25 points

  • Laborforce participation, Age 25-34: 8.33 points
  • The unemployment rate, Age 25-34: 8.33 points
  • Percent change in median income, 2015-2019, Age 25-44: 8.33 points

Data on population, educational attainment, migration, labor force participation, unemployment and median income are from the U.S. Census’ 2019 American Community Survey 1-year Estimates. Median income data from the U.S. Census’ 2015 American Community Survey 1-Year Estimates were used in calculating the percent change in median income.

Recreation data, including estimates of bars, restaurants, art and cultural institutions, and natural amenities are from commercially licensed business listings and are based on NAICS categories for Drinking Places (Alcoholic Beverages), Full-Service Restaurants, Independent Artists, Writers and Performers, and Nature Parks and Other Similar Institutions.

Cities with insufficient data were excluded.

The rent information included in this article is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.

Source: rent.com

The Federal Housing Finance Agency (FHFA) will revise the treatment of active single-family mortgages backed by government-sponsored enterprises Fannie Mae and Freddie Mac for which borrowers elected a COVID-19 forbearance under the Enterprises’ representations and warranties framework, according to its newest media release.

“Under the updated rep and warrant policies, loans for which borrowers elected a COVID-19 forbearance will be treated similarly to loans for which borrowers obtained forbearance due to a natural disaster,” the FHFA said. “As a result, loans with a COVID-19 forbearance will remain eligible for certain rep and warrant relief based on the borrower’s payment history over the first 36 months following origination.”

FHFA Director Sandra L. Thompson argued that homeowners, who needed more time to keep up with housing costs during the pandemic, benefited from a mortgage forbearance plan that would reduce or suspend mortgage payments.

“Forbearance was an invaluable tool for borrowers experiencing financial hardship due to the COVID-19 pandemic,” Thompson said. “Servicers went to great lengths to implement forbearance quickly amid a national emergency, and the loans they service should not be subject to greater repurchase risk simply because a borrower was impacted by the pandemic.”

The Enterprises’ existing rep and warrant policies with respect to natural disasters allow the time the borrower is in forbearance to be included when demonstrating a satisfactory payment history in the first 36 months following origination, the FHFA noted. These policies will now expand to loans for which borrowers elected a COVID-19 forbearance.

Thompson stressed the importance of helping current and prospective homeowners manage present housing conditions at the Mortgage Bankers Association Annual Convention last week.  “In a housing market like this one, it is all the more important that both our policies and the industry’s efforts align to support existing and aspiring homeowners,” Thompson said. “That is why I believe a model based on partnership and mutual feedback is necessary for us to achieve our shared goal of promoting affordable and sustainable housing opportunities.”

If you’re considering becoming a homeowner, it could help to shop around to find the best mortgage rate. Visit Credible to compare options from different lenders and choose the one with the best rate for you.

MORTGAGE RATES KEEP CLIMBING, BUT BUYERS CAN FIND THE BEST DEALS BY DOING THESE TWO THINGS: FREDDIE MAC 

Mortgage rates affecting affordability, buyers advised to build up down payments

Mortgage rates are continuing their ascent. The average 30-year fixed-rate mortgage rose to 7.63% for the week ending Oct. 19, according to the Freddie Mac’s latest Primary Mortgage Market Survey. This time in 2022, the 30-year fixed-rate was below 7%. 

Buyers may do well for themselves by browsing for the best home loans and making a considerable down payment. Freddie Mac’s Chief Economist Sam Khater said “in this environment, it’s important that borrowers shop around with multiple lenders for the best mortgage rate.”

Freddie Mac announced last week the launch of DPA One®, a new tool that strives to help mortgage lenders quickly find and match borrowers to down payment assistance programs nationwide. 

“DPA One delivers a one-stop shop at no cost that brings lenders and their borrowers greater detail and visibility into these programs, while seamlessly connecting the right assistance program with the lender, housing counselors and borrowers who need this assistance the most,” Sonu Mittal, Freddie Mac’s senior vice president of and head of single-family acquisitions, explained.

“With research showing down payment is the single largest barrier to first-time homebuyers attaining homeownership, borrowers should also ask their lender about down payment assistance,” Khater said.

If you’re looking to buy a home, you could still find the best mortgage rates by shopping around. Visit Credible to compare your options without affecting your credit score.

MANY AMERICANS PREPARING FOR A RECESSION DESPITE SIGNS THAT SAY OTHERWISE: SURVEY

Housing market showing lackluster activity

By end of 2023, there is likely to have been around 4.1 million existing home sales in the U.S., which would mark the weakest year of home sales since the Great Recession of 2008, according to a Redfin report. 

Redfin’s Economic Research Lead Chen Zhao said current conditions have led to buyer and seller hesitancy across the board. 

“Buyers have been in a bind all year,” Zhao said. “High mortgage rates and still-high prices are making it harder than ever to afford a home, shutting many young people out of homeownership and causing homeowners to reevaluate whether 2023 is the right time to move. Mortgage rates are staying high longer than anticipated, keeping away everyone except those who need to move and pushing our sales projection for the year down to a 15-year low.

“The last time home sales were this low was during the Great Recession,” Zhao continued.

Redfin agents suggest that buyers invest in newly built properties which are performing more strongly than existing-home sales. Newly constructed homes saw sales increase 1.5% year-over-year in September as prices dropped about 4%, according to Redfin’s data. 

Based on the findings from a National Association of Realtors (NAR) report, the total amount of home sales decreased by 2% from August to September and have dropped 15.4% since September 2022.

Looking to reduce your home buying costs? It may benefit you to compare your options to find the best mortgage rate. Visit Credible to speak with a home loan expert and get your questions answered.

AFFORDABILITY KEEPING YOU FROM OWNING A HOME? HERE’S HOW YOU CAN GET READY

Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

Source: foxbusiness.com

Apache is functioning normally

Editor’s Note: On June 30, 2023, the Supreme Court announced its decision to reject the Biden-Harris Administration’s Student Debt Relief Program on the grounds that it required Congressional approval. Previously, it was announced that interest accrual on federal student loans will resume on Sept. 1, while loan payments will be due starting in October. Borrowers will learn their new monthly payment amount and due date at least 21 days in advance.

After graduation and your six-month federal student loan grace period, it’ll be time to start paying your dues. If you are on the Standard Repayment Plan, you’ll pay at least $50 a month for 10 years. But there are other ways to pay back your student loans: through income-driven repayment plans.

Not all of these plans have the same repayment strategy, and not all federal loans qualify for income-driven repayment. We’ll help you find the one that aligns with your financial situation before you commit.

How Does Income-Driven Repayment Work?

The U.S. Department of Education offers four income-driven repayment (IDR) plans for holders of federal student loans:

•   Income-Based Repayment (IBR)

•   Income-Contingent Repayment (ICR)

•   Pay As You Earn (PAYE) Plan

•   Saving on a Valuable Education (SAVE) Plan

For most IDR plans, your monthly payment is calculated as a portion of your discretionary income. The Department of Education defines discretionary income as your adjusted gross income in excess of a protected amount.

Discretionary income under the SAVE Plan, for example, is any adjusted gross income you have above 225% of the federal poverty guideline appropriate to your family size. You’ll have a $0 monthly payment under the SAVE Plan if your annual income doesn’t exceed the protected amount of $32,805 for a single borrower and $67,500 for a family of four in 2023.

If you don’t qualify for a $0 monthly payment on the SAVE Plan, your monthly payment beginning in July 2024 will be set at 5% of discretionary income for undergraduate loans, 10% for graduate loans, and a weighted average if you have both.

On the IBR plan, your monthly payment is typically set at 10% to 15% of your discretionary income above 150% of the federal poverty guideline appropriate to your family size. But unlike the SAVE Plan, a borrower’s monthly payment on the IBR plan will never be more than what you would have paid through the Standard Repayment Plan.

IDR Loan Forgiveness

All federal IDR plans can end with your remaining loan balance being forgiven after 20 or 25 years, but some borrowers may receive forgiveness sooner under the SAVE Plan. Beginning in July 2024, federal student loan borrowers with original principal balances of less than $12,000 can have their remaining loan balance forgiven after 10 years of monthly qualifying payments on the SAVE Plan.

For more details on federal IDR debt relief benefits, check out our Guide to Student Loan Forgiveness.

Your personal circumstances and goals may dictate which student loan repayment plan is right for you. You can estimate how much your monthly payments will be through the federal Loan Simulator calculator.
💡 Quick Tip: Ready to refinance your student loan? You could save thousands.

The Difference Between Income-Driven Repayment Plans

Deciding which IDR plan is right for you (and that you may qualify for) depends on your financial situation and your loan type(s). Here’s what they all mean:

•   IBR (Income-Based Repayment). This plan is based on your income and family size. The potential IBR payment must be less than what you would pay under the Standard Repayment Plan to qualify. Any remaining balance is forgiven after 20 or 25 years.

•   ICR (Income-Contingent Repayment). Under this plan, your monthly payment is adjusted based on your income (sometimes set at 20% of your discretionary income above 100% of the federal poverty guideline appropriate to your family size). It might not lower your payments as much as other plans, but it’s the only IDR plan that allows Parent PLUS Loans. Any remaining balance is forgiven after 25 years.

•   PAYE (Pay As You Earn). With this plan, you’ll never pay more than the fixed Standard Repayment Plan amount. Payments are typically set at 10% of your discretionary income above 150% of the federal poverty guideline appropriate to your family size. Any remaining balance after 20 years of payments is forgiven.

•   SAVE (Saving on a Valuable Education). This IDR plan replaced the former REPAYE Plan. Anyone with qualifying student loans can enroll into the SAVE Plan. However, you could end up paying more per month under this plan than the Standard Repayment Plan. You’ll have a $0 monthly payment under the SAVE Plan if your annual income falls below 225% of the federal poverty guideline appropriate to your family size.

Alternatives to Income-Driven Repayment Plans

The 2023 debt ceiling bill officially ended the three-year Covid-19 forbearance, requiring federal student loan interest accrual to resume on Sept. 1, 2023, and payments to resume in October 2023.

Aside from the Standard Repayment Plan, there are a few options to consider instead of IDR:

Consolidation

If you have federal student loans, you can get a Direct Consolidation Loan. This will move all your eligible federal student loans into one monthly payment. Your new interest rate is the weighted average of all your loans, rounded up to the nearest eighth of a percent.

This can be helpful if you have many smaller loans that each have a minimum monthly payment. It typically won’t lower your monthly payment, however, but it can make it manageable and easier to keep track of. Only federal loans are eligible for a Direct Consolidation Loan.

Refinancing

Refinancing is similar to consolidation. You get one loan to replace all of your other loans, but it’s a new loan with a new interest rate from a private lender or bank. Your credit report and other personal financial factors are considered to see if you’re a responsible borrower. If you previously had a co-borrower, such as a parent, you can look into refinancing without a cosigner.

Many lenders allow you to refinance all of your student loans, not just federal student loans. So if you have a mix of private student loans and federal student loans, refinancing will create one new loan with one payment to replace them.

If you qualify for a lower interest rate and a shorter term, it could reduce the amount of money paid in interest over the life of the loan. You may pay more interest over the life of the loan if you refinance with an extended term. You can explore different scenarios with our Student Loan Refinance Calculator.

You may ask, “Should I refinance my federal student loans?” Refinancing federal student loans with a private lender forfeits your access to Public Service Loan Forgiveness (PSLF), Teacher Loan Forgiveness, and federal IDR plans. You can weigh the pros and cons when determining whether student loan refinancing is right for you.
💡 Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

How Do You Calculate Income for an Income-Driven Plan?

The Department of Education considers three different components when calculating a borrower’s income. While this may seem needlessly complicated, it actually benefits borrowers:

Annual Income

Any income that’s taxable counts toward the Education Department’s calculation. That means regular wages, plus interest and dividends from savings and investments, unemployment benefits, etc. On the flip side, any income that isn’t taxed doesn’t count: gifts and inheritances, cash rebates from retailers, child support payments, and so on.

Spouse’s Income

If you and your spouse file a joint tax return, then their income must also be factored in. If you file separately, only your income counts.

Family Size

Your family size is the number of people who live with you and receive more than half their support from you. This includes children but also dependent adults, such as an older parent.

The Takeaway

There are four income-driven repayment plans for federal student loan holders, including IBR, ICR, PAYE, and SAVE. No new PAYE enrollments will occur after July 1, 2024, although current PAYE enrollees can remain on the plan after that date.

Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.

If you are a federal student loan borrower you should take time now to prepare for your payments to restart, including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income based repayment plans or extended repayment plans.

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

Apache is functioning normally

Perks like airline seat upgrades or free food are certainly welcome when it comes to loyalty programs, but travelers want more. For the majority of U.S. travelers, their top loyalty program priority is lower fees. That’s according to the Barclays US Consumer Bank’s 2023 Travel Rewards and Loyalty Report, which surveyed 1,000 U.S. adult travelers online in May.

In fact, perks ranked No. 4 in the survey. When asked to choose from seven travel loyalty program priorities, 52% said lower fees were a priority. Meanwhile, 42% of respondents preferred perks, which might entail free hotel night certificates, room or seat upgrades or free breakfast (respondents could select multiple answers).

Here’s what travelers prioritized, from most to least important:

  1. Lower fees (52%).

  2. Flexibility in redeeming miles or points (47%).

  3. Ability to earn more miles or points (46%).

  4. Perks I receive (42%).

  5. Ability to make last-minute changes (37%).

  6. More choice in airlines or hotels (32%).

  7. Personalized support (27%).

Hidden fees for travel keep emerging

Of the survey respondents who said lower fees were a priority, 72% of them said the importance of lower fees has increased from five years ago. Perhaps that’s due to the onslaught of fees that travelers have been hit with lately.

In air travel, fees easily manifest via basic economy airfares, which have grown in popularity over the past decade and in 2018 were dubbed “a permanent fixture in the U.S. marketplace” by the CAPA Centre for Aviation, which is a company that conducts air travel analysis and research.

Sure, basic economy airfares have been credited as a major driver for declining airfares. For example, August 2023 airfares were 19% lower than what they were in the same month in 2013, according to consumer price index data released by the U.S. Bureau of Labor Statistics. But lower airfares have been accompanied by a la carte pricing for items that used to be included in standard airfares, such as the ability to check bags or to select your seat upon booking a flight.

Such fees aren’t limited to air travel only, either. In the hotel industry, the most hated fees include resort fees, which promise to cover the cost of resort-style amenities such as the pool, and even mundane benefits like Wi-Fi.

The first known resort fees sprang up in the late 1990s, according to the Federal Trade Commission, but they’ve become a special source of ire. Just look to the Junk Fee Prevention Act, which is proposed legislation that would limit hidden fees and surcharges across a range of industries, including resort fees. NerdWallet analyzed more than 100 U.S. hotels with December 2023 check-in dates and found that — among the hotels that charge them — the average resort fee was $38.82 per night.

Some frequent traveler rewards offer ways to save on those fees. For example, both the Hilton Honors and World of Hyatt loyalty programs waive resort fees for stays booked on points.

And in a similar vein are cleaning fees, which are often charged by hosts who use vacation rental companies such as Vrbo and Airbnb. A NerdWallet analysis of 1,000 U.S. Airbnb reservations with check-in dates in 2022 or 2023 found that the median cleaning fee per listing for a one-night stay was $75.

This year, Airbnb launched a toggle that allows customers to display listings based on total price, rather than simply seeing the base price without fees until the checkout page. Since the launch of the tool, more than 8 million guests have booked travel on Airbnb using the total price display, and more than 260,000 listings lowered or removed cleaning fees, according to the company’s fall 2023 update.

Other loyalty program priorities beyond fees

While lower fees are critical, travelers also say they seek flexibility in earning and redeeming miles or points. That’s likely because many travelers rely on redemptions to make their trips possible.

Miles and points are typically accrued not just through frequent travels with that company, but through spending on travel credit cards. According to that same Barclays survey, 76% of travelers who participate in loyalty programs said they couldn’t imagine taking the kinds of trips they want without the benefits of such a program.

How to maximize your rewards

You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for:

Source: nerdwallet.com