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As a Midwestern hub with a long, rich history, there is so much that Detroit, MI, is known for. From automotive history, to legendary music, to popular sports, this resurging city has so much to offer all who come across it. Whether you’re looking for an apartment in Detroit, MI, planning to rent a house in the city, or buying a home in the area, this list of 16 unique things to do in Detroit is hand-picked by local experts to help you immerse yourself in the spirit of the Motor City. 

1. Wander the beautiful Belle Isle Park 

Audio-D Tours, a free mobile tour company highlighting unique things to do in Detroit, didn’t hesitate to recommend Belle Isle Park. Just a few minutes from downtown, the park includes numerous free attractions, rental kayaks, the Dossin Great Lakes Museum, peaceful picnic spots and new playscapes. Get more information about each of these spots in the park with their free audio tours.

2. Drift into Motor City heritage

Detroit is known as the origin of the American automotive industry. It is home to the 120-year-old Ford Piquette Avenue Plant, the birthplace of the iconic Model T, the car that put the world on wheels. Now a museum and U.S. National Historic Landmark, it offers visitors a glimpse into the origins of the Motor City through film, exhibits, original artifacts, and a collection of rare antique vehicles. 

3. Savor fresh fish from the Great Lakes 

Head over to the Marina District to experience the flavors of fresh fish indigenous to the Great Lakes. Dining at Sindbad’s Restaurant & Marina is a must on this list of unique things to do in Detroit. Their local meals feature fresh Perch and Walleye that celebrate the aquatic bounty and showcase the best of the Great Lakes. 

4. Stop for a scoop at Sedo’s 

Located in the picturesque and historic Villages, Sedo’s Ice Cream on Agnes St. offers a selection of sweet treats to indulge in. Try one of their 16 rotating ice cream flavors, or treat yourself to a sundae, milkshake, or malt to enjoy while you explore the neighborhoods of Detroit.

5. Jump into the sports culture

“If you’re getting to know Detroit, the first thing to know is that we are diehard sports fans, whether our team is good or not,” shares Matt, leader of local band Collision Six. “Make sure to check out a Tigers, Lions, Wings, or Pistons game. We think the best times to go are when there is live music at the home games or during big events like opening night.” 

6. Experience the perfect fusion of Detroit energy

A visit to The Lager House in the Corktown neighborhood is a must. It’s the perfect spot to experience Detroit’s diverse music scene live while soaking in the area’s blend of old-school grit and new energy. Their hidden speakeasy downstairs offers a cozy, retro contrast to their lively outdoor courtyard, and the offerings of local craft beer and Detroit-style eats give you a true taste of what life in Detroit is like. 

7. Take a walk on a self-guided statue tour

“One of the best things about Detroit is that we value public art,” shares Peter, co-owner of local Van Dyke Books. Here is his recommendation for a short walking tour of Detroit’s most iconic statues: 

  • Start at Campus Martius to find two statues that contrast the new Detroit with the ancient Detroit: the 152-year-old Michigan Soldiers’ and Sailors’ Monument and the newer “Waiting” statue by modern artist KAWS.
  • Head south from Woodard Ave to Jefferson Ave to find “The Fist,” a giant black-bronze fist suspended by chains in the center median. This statue honors Joe Louis, legendary Detroit boxer and one of the first Black national heroes.
  • Continue south to land in Hart Plaza. This riverside plaza is dotted with numerous works of art, including a life-sized statue of the city’s founder, the International Monument to the Underground Railroad, a 63-foot-tall monument to the Detroit labor movement called “Transcending”, and many more. 

8. Find connection and support in the community 

BasBlue is an inclusive, safe, and diverse community of women and non-binary individuals. If you’re new to the area and searching for an authentic, empowering, and loving group to connect with, look no further. Equipped with a library and café filled with locally sourced coffee, craft cocktails, a curated wine list, and delightful culinary options, it’s the perfect place to soak up all that Detroit has to offer. 

9. Explore the Motor City on two wheels

Wheelhouse Detroit, right on the Detroit Riverwalk, is a bicycle shop that offers retail, service, rentals, and even tours of the city. Whether you’re looking for your dream bike to take adventuring through your new neighborhood or you want to join your friends on an in-depth pedal with the inside scoop, this locally owned and women-led team is eager to help you with all of your cycling needs. 

10. Grab a slice from local Belle Isle Pizza 

Named after the beloved Belle Isle Park in the heat of the Detroit River, Belle Isle Pizza sits nestled between historic Indian Village and West Village. This pizzeria is a local staple, bringing people together with handcrafted pizzas made from fresh, local ingredients. It embodies the grit, warmth, and pride that define what it means to live in Detroit. 

11. Get an i-cone-ic experience at MJ’s North End Ice Cream Parlor 

If you’re looking for a great locally-owned spot to hang out and learn about more unique things to do in Detroit, make sure to visit MJ’s Ice Cream Parlor in the North End neighborhood. This area is immersed in music history, once home to some of Motown’s icons such as Aretha Franklin, Smokey Robinson, and Stevie Wonder to name a few. Be sure to ask the owners for the inside scoop on the little-known facts of the neighborhood. 

12. Celebrate the culture and diversity of the city with Distinctively Detroit Tours

Step off the beaten path and dive into the vibrant culture and history of Motown like never before with Distinctively Detroit Tours. From the first and only hip-hop history tour led by a celebrity recording artist, to an insider’s look at the city’s thriving music industry, the hidden gems of Detroit’s art and history, or mouthwatering culinary destinations, there are so many great tour options for all ages and interests. 

13. Cozy up with tea and treasures

If you’re looking for a comfy spot to shop, gather, or work, keep an eye out for CommodiTeas Tea Shop in the Fisher Building. Local owner, Katrina, really knows her tea, and will help you find the perfect cup to cozy up with—hot or iced. The lush surroundings make it easy to relax in, and the shop includes beautiful items perfect for a housewarming party gift – for a friend or for yourself. 

14. Sip and pedal on a moving party 

Experience Detroit in a whole new way with Detroit Roll House, the first and only pedal pub with a live DJ. This unique thing to do in Detroit takes you through the streets of Motor City with an expert blend of music, fun, and scenic views while you power the ride as the DJ pumps the vibes. Whether you’re celebrating or just exploring with friends, this is the ultimate way to enjoy the city’s striking views and profound culture. 

15. Experience Detroit’s revitalized energy 

“Detroit is experiencing an exciting resurgence, showcasing vibrant new and existing businesses, restaurants, and attractions,” shares Craig, owner of local Craig’s Coffee, a standout roaster known for their sustainably sourced beans and small-batch roasted coffee. “Must-see spots include the expanded Motown Museum and the beautifully restored Michigan Central Station in Corktown.” Stop by Criag’s for the perfect warm-up after a day filled with exploring. 

16. A few highlights for a shorter trip

Not staying in Detroit long? The Albert Kahn Legacy Foundation, which honors the life and legacy of architect Albert Kahn, shares a few extra unique things to do in Detroit for a well-rounded introduction to the city:

  • Fisher Building: Designed by Albert Kahn, this is a must-see for Detroit’s history buffs, featuring stunning Art Deco architecture and intricate interior details. 
  • Detroit Institute of Arts: A cultural landmark with a world-class collection, including Diego Rivera’s famous murals.
  • Eastern Market: Visit on a Saturday for a taste of Detroit, where the largest historic public market brims with local vendors, fresh produce, and artisan goods. 
  • Detroit RiverWalk: An ideal spot for jogging or strolling, offering beautiful river views, public art, and nearby parks.
  • Detroit Jazz Festival: The annual festival showcases the city’s musical heritage, drawing top jazz musicians from around the globe and filling the city with soul-stirring sound.

Unique things to do in Detroit, MI: The Motor City is moving on up

Detroit stands as a testament to resilience and transformation with a rich history that shapes its ever-evolving identity. Whether you’ve lived in the city for a while and are looking for more connection, or you’re trying to decide if Detroit is a good place to live before making a big move, these unique things to do in Detroit chosen by local experts showcase everything the city is known for. 

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When it comes to home decor, the concepts of minimalism and maximalism are two sides of the same coin. While minimalism champions simplicity and functionality, maximalism celebrates boldness and exuberance. Whether you’re curating a minimalist sanctuary in your Charleston, SC home, a vibrant, maximalist space in your Denver, CO apartment, or a balanced style in your San Diego, CA rental, the stars might offer some insight into your home style. Here’s how to decorate according to your zodiac sign and align your home with minimalism, maximalism, or a blend of both.

1. Minimalist signs: Virgo, Pisces, Capricorn, Taurus, and Cancer

For signs that value simplicity, order, and function, minimalism is the perfect fit. Venessa of itourvista3D Virtual Tours explains, “Minimalism, characterized by clean lines and clutter-free spaces, appeals to Virgos, Cancers, Pisces, Taurus, and Capricorns who appreciate order and functionality.”

Virgo

Virgos naturally lean into minimalism, with their love of organization and neatness. As lifestyle blogger Diana Collibri notes, “Attention to detail and love for organization are traits of the minimalist Virgo. You’ll often see this in their choice of functional furniture, minimalist shelving, and neutral storage baskets for a clutter-free space. Atef from home renovation guide, Renovera, adds, “Virgos thrive with sleek, multifunctional furniture like storage benches, which align with their need for an orderly, efficient home.”

Capricorn

Capricorns are drawn to timeless, high-quality pieces that echo their practical and disciplined nature figuring out how to decorate their home. According to Goodyear, AZ-based health and wellness blogger Mandy Wilde of The Midst, “Capricorns appreciate clean lines, natural materials like wood and stone, and cool tones for a refined, enduring look.”

Taurus

For Taurus, minimalism isn’t just about simplicity—it’s about embracing natural beauty. As Marrisa, owner of MZ Fine Designs in Waverly, MN where she offers unique, handcrafted pieces notes, “Taurus is likely to gravitate toward natural materials like wood, and earthy tones, reflected in unique pieces like handmade charcuterie boards.” These minimalist, yet elegant, items serve as both functional art and conversation starters, adding a touch of sophistication to a Taurus’s home.

Pisces

Pisces approach minimalism with a dreamy, ethereal touch. “Pisces appreciate pieces that transport them to another realm, making their homes serene, almost otherworldly sanctuaries,” says Lori Serra of Fine Art Canvas in Los Angeles, CA. Their soft, flowing fabrics and muted palettes are ideal for creating a space that feels both calm and imaginative.

Cancer

Cancers, known for their deep emotional connection to home, favor cozy, minimalist spaces when determining how to decorate according to their zodiac sign. David Gomez of Zodiac Zone Horoscope explains, “Cancers value soft textures, pastel hues, and family heirlooms, all contributing to a warm and inviting atmosphere that feels like a true sanctuary.” A Cancer’s dream home includes a deep-seat sectional sofa, soft throw blankets, and a cozy fireplace—a space where they can relax and feel safe.

2. Maximalist signs: Leo, Sagittarius, Aries, Gemini, and Scorpio

For signs that enjoy making bold statements, maximalism offers the perfect creative outlet. Venessa of itourvista3D points out, “Maximalism, characterized by bold colors and eclectic textures, resonates more with Leos, Aries, Scorpios, and Sagittarius, who express their vibrant personalities.”

Leo

Leos are known for their vibrant, show-stopping personalities, and their homes reflect this.  “Leos are creative, playful, and exceptional hosts,” says certified astrologer Yael Teramel of Yael Astrology. They love big, well-lit spaces, statement pieces like gold-framed mirrors, and dramatic lighting. Marrisa of MZ Fine Designs adds, “vibrant colors such as those in resin charcuterie boards, suit Leo’s bold taste, making these pieces both functional and striking in their decor.”

Sagittarius

For Sagittarius, the free-spirited traveler, maximalism is a natural fit. Elyse Calucci from the podcast  Allegedly Astrology explains, “Maximalism appeals to their love for collecting memories, stories, and eclectic items from their adventures and travels around the globe.” Their homes are filled with vibrant tapestries, global patterns, and unique art pieces that reflect their journeys. As Mandy Wilde from The Midst adds, “Sagittarians embrace layered textures and rich colors, creating a warm, welcoming space that tells the story of their life’s adventures.”

Aries

Aries, with their fiery, bold nature, thrive in maximalist environments that reflect their passion and zest for life. “Aries gravitate toward spaces filled with bright colors, statement pieces, and a sense of movement; think patterns and unique textures,” says Elyse Calucci.

Adam Mizrahi of MixPlaces located in Miami, FL also highlights, “Aries often opt for bold, vibrant statement pieces that showcase their dynamic personalities.” Whether it’s bold wall art or a statement rug, Aries isn’t afraid to let their decor speak for itself when determining how to decorate according to their zodiac sign.

Geminis

Geminis are naturally maximalists, drawn to variety and change. “Their fun, creative, and full-of-life personalities tend to transpire in their vibrant homes,” says Anda from House of Andaloo, in San Diego, CA. Anda notes, “Geminis often mix styles, colors, and textures, evolving their spaces frequently to keep things interesting.” They love eclectic furniture, vintage animalia decor, and statement artwork that brings a lively, upbeat energy to their homes.

Scorpio

Scorpios, although typically associated with a more reserved personality, lean toward maximalism in a refined way. They prefer purposeful, quality pieces that make a strong impact without overwhelming the space. According to Dawn Henson from architectural design group Small House Works, “A well thought out furniture plan is key for Scorpios who favor dual-purpose furniture like the OZ Sid space-saving coffee table that converts into a dining table.” This kind of design reflects Scorpio’s desire for functionality with a bold, impactful statement.

3. Balanced signs: Libra and Aquarius

Some signs, like Libra and Aquarius, find a balance between minimalism and maximalism, combining both styles to create unique, harmonious spaces.

Libra

Libras are known for their desire for balance and harmony in all aspects of life, including their homes. “Libras enjoy balance and order, so they may keep the decor simple by avoiding clutter,” explains lifestyle blogger Juju Gurgel located in Fort Myers, FL. However, Libras also appreciate elegance and beauty, blending minimalist design with luxurious touches like soft fabrics and ornamental elements. Lori Serra of Fine Art Canvas adds, “Libras love art that blends classical grace with modern innovation, mirroring their preference for spaces that are both peaceful and aesthetically pleasing.”

Aquarius

For Aquarians, modern minimalism with a twist is the way to go. Mandy Wilde from The Midst suggests, “Aquarians are drawn to futuristic, unconventional designs and geometric furniture that reflects their progressive spirit.” Eco-friendly materials and smart technology often make their way into an Aquarius home, marrying functionality with individuality in a minimalist yet distinct space.

Maximalist vs minimalist in interior design: The best of both worlds

Whether you lean minimalist or maximalist,figuring out how to decorate according to your zodiac sign can inspire home decor choices that reflect your personality. From the calm, serene spaces of Pisces to the bold, adventurous homes of Sagittarius, astrology offers a fascinating lens through which to view your design preferences.

As Karen Bradley from holistic interior design group Okos Koti notes, ”Your zodiac sign can significantly influence your home decor preferences.” And with tools like 3D virtual tours, as Venessa of itourvista3D suggests, “you can explore various styles to see how they align with your astrological traits.”

Each sign brings its unique flavor to home decor, and no matter where you fall on the minimalism-maximalism spectrum, your space can become a beautiful reflection of your inner self, inspired by the stars.

Source: apartmentguide.com

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Yes, college is expensive. The real surprise: Housing can be pricier than tuition. At public four-year colleges in 2023-24, the average cost for housing and food was $12,770 — higher than the $11,260 for tuition and fees, according to a 2023 College Board report. Students at community colleges and private schools also faced similarly high housing costs.

High housing prices can impact a student’s ability to thrive at college or complete their degree. According to a 2019 report by Temple University’s Hope Center in Philadelphia, about 56% of surveyed students said they experienced housing insecurity — including the inability to pay rent — in the previous year.

“We see escalating prices and escalating costs whether you’re on- or off-campus, and so it’s becoming a bigger piece of the college education funding puzzle for a lot of families,” says Olan Garrett, associate vice president of student affairs at Temple University.

There are strategies to lower your college housing costs, from getting roommates to carefully comparing on- and off-campus options. Advisors at your college can guide you toward affordable options, even in emergency situations.

Before you take out more student loans than necessary to pay for college housing, consider these expert-approved tips.

Start early and do your research

Start looking for housing as early as possible — for many students looking off-campus, that will be mid- to late-fall for the next academic year, says Garrett. You may have more time if you want to live on-campus: that selection process typically opens in the spring, he says.

“The later you wait, the fewer options there will be,” Garrett says.

One way to get ahead of the curve: reach out to leasing agents in your community. “For example, if you’re going to an open house or an apartment tour, find the leasing agent and get in contact with them about what other available units might come up,” suggests Matt Aini, chair of the Student HOMES Coalition, a student-run organization that promotes affordable student housing policies. This could help you find apartments that aren’t yet listed online.

Do some research on your potential landlord or rental management company before signing a binding lease. Reach out to friends and peers and look up online reviews.

“How have people perceived the way the landlord works? Is it a landlord that’s very responsive to requests?” says Garrett.

Compare on-campus and off-campus options

Off-campus living may come with more independence and cheaper rent — but when it comes to comparing costs with on-campus options, it’s not always “apples to apples,” says Garrett.

With on-campus living, utilities like heat, water, electricity, trash and WiFi are typically baked into your housing fee. The dorm may also come fully furnished. Off-campus rent doesn’t usually include these services, so you’ll have extra college expenses. Off-campus apartments may also require a security deposit and first month’s rent upfront.

Most college websites offer online cost-of-living calculators that can help you compare average costs of living on- or off-campus.

If your school is close to home and you have the option to continue living there, you may consider commuting to save money on housing.

Aini, who is a senior at the University of California, Berkeley, lives with his parents nearby and commutes to campus.

“I made a very conscious decision,” Aini says. “And among other things, you see the cost. And I think it just makes things easier.”

Get roommates and manage expectations

Having a roommate is part of the quintessential college experience for many freshmen at American universities. Even after freshman year, living with roommates allows you to split rent and utility bills.

“I do believe there’s value in roommates or shared living environments,” says Brenda Ice, senior associate dean and senior director of residential life at Brown University in Providence, R.I. “This isn’t me saying, ‘try to pack in as many people as you can in a particular house or apartment,’ but I do believe there is both a social benefit of living with more than one person in a shared space, while also helping to cut down on costs.”

Be willing to compromise on amenities to get a place that’s within your budget. You may not be able to live in a brand new or recently renovated residence hall without roommates.

“Understand the first goal of this is to be able to live in a place of comfort that allows you to sleep, study, do the things you need to do,” Garrett says.

Reach out to university resources

For help navigating housing options, reach out to your university’s housing and residence life office. School administrators can walk you though on-campus options, and some can help with off-campus housing.

“Have a conversation with a housing officer,” Garret says. “In most cases, one size does not fit all.”

Many colleges offer off-campus housing databases with vetted landlords and properties. Some may even offer free workshops. For example, Brown works with a campus partner to teach students about financial literacy, understanding leases, connecting with neighbors and more, Ice says.

Even if your school doesn’t offer such robust housing resources, it likely has a housing officer. At North Seattle College, a community college, housing resource specialist Shannon Thomas helps students through emergency housing situations.

“I make connections with agencies and programs all throughout the area, whether it’s community service organizations, city or state programming, private landlords, or other schools and agencies,” Thomas explains.

Submit the FAFSA to minimize borrowing costs

If you need to take out student loans for housing, then prioritize federal student loans, which have more generous protections and flexible repayment options. You must submit the FAFSA to qualify for federal student loans and need-based Pell Grants. If you’ve borrowed the maximum amount in federal loans, consider private student loans as a last resort to fill in any funding gaps.

Read your lease and communicate with landlords

If you plan to live off campus, understand that leases are binding legal documents with major financial implications. Violating your lease terms may result in extra fees, eviction and a stain on your record that could make it difficult to rent an apartment in the future.

Some schools, like Brown, employ attorneys to help students with legal advice, including reviewing lease terms and navigating landlord disputes. You can also bring your lease documents to a free legal clinic at your school or in your community, says Aini.

If you’re already living off-campus and foresee an issue paying rent, reach out to your landlord proactively, Garrett says.

“I’m channeling my wife here, who’s a property manager, she would say, ‘communicate with your landlord early … if you know you’re going to be an issue, let them know you’re going to be an issue.’ Most landlords are willing to work with you up front,” he explains.

Apply for emergency housing grants

According to the 2019 Hope Center survey, 14% of students at four-year colleges said they experienced homelessness in the past 12 months. At community colleges, that figure was 18%. The vast majority of these students temporarily stayed with a relative or friend, the survey found.

Grants can help you get by in emergency situations where you’re at risk of losing housing. States, cities and institutions usually offer these grants. To learn about your options, reach out to the housing officer at your institution.

For example, colleges in Washington state can dole out the Washington Student Achievement Council (WSAC) emergency grant.

To apply for the WSAC grant, students typically first meet with a housing coordinator at their school, says Thomas, who oversees the WSAC grant program at North Seattle College. The amount of money students can get from this grant is flexible, though Thomas says it goes up to roughly $3,000.

“We will assess their housing needs, their basic needs and then we’ll prioritize what those are and set a course for finding them,” Thomas says. “A student might drop in and say, ‘we’re moving into an apartment that’s going to cost us ‘X’ amount of money. I only have so much. I am not receiving assistance from my family, or can’t pay for a variety of reasons. And so can you help me with this?’ And so what happens is, we take a request for financial assistance and we explore it as a team.”

In an urgent situation, Thomas says he may refer students to a shelter or arrange for a stay in a motel.

“It’s pretty clear that if you’re addressing the basic needs of your students, that you’re going to improve your retention rates … and you’re also going to improve the quality of community on your campus,” Thomas says.

Source: nerdwallet.com

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If you’re dreaming of owning your own home, whether that means a cute Colonial or a loft-style condo, you are likely contemplating financing, and that can mean a mortgage. A home loan can give you the funds required to purchase a property, but there can be a learning curve involved, especially if you are a first-time homebuyer. For instance, what term should you select? How do mortgage interest rates work, and is a fixed rate typically best?

In this guide, you’ll get the scoop on how home loans work, what kind of options you have, and how to assess which loan could be right for you.

What is a Mortgage?

A mortgage loan, also known simply as a mortgage, is issued to a borrower who is either buying or refinancing real estate.

The borrower signs a legal agreement that gives the lender the ability to take ownership of the property if the loan holder doesn’t make payments according to the agreed-upon terms.

Once issued a mortgage, the homebuyer will pay monthly principal (that’s the lump sum of the loan) and interest payments for a specific term. The most common term for a fixed-rate mortgage is 30 years, but terms of 20, 15, and even 10 years are available.

A shorter-term translates to a higher monthly payment but lower total interest costs. Put another way, you pay more every month, but the amount of interest over the life of the loan is lower.

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💡 Quick Tip: You deserve a more zen mortgage loan. When you buy a home, SoFi offers a guarantee that your loan will close on time. Backed by a $5,000 credit.‡

A Buffet of Mortgage Choices

When homebuyers apply for a loan, they’ll need to choose whether they want a fixed interest rate or an adjustable rate and the length of the loan.

Fixed-Rate Mortgage

The interest rate on the home loan doesn’t change, so the monthly principal and interest payment remains the same for the life of the loan. Whether mortgage rates increase or decrease, the loan holder is locked in for their monthly payment.

Adjustable-Rate Mortgage (ARM)

With an ARM, the interest rate is generally fixed for an initial period of time, such as five, seven, or 10 years, and then switches to a variable rate of interest. The rate fluctuates with the rate index that it’s tied to.

As the rate changes, monthly payments may increase or decrease. These loans generally have yearly and lifetime interest rate caps (or maximums) that limit how high the variable rate can adjust to.

Next, borrowers will need to decide what type of mortgage loan works best for them.

Conventional Loans

Conventional loans are loans that are not backed by a government agency and must adhere to the requirements of Fannie Mae, Freddie Mac, or other investors. Typically, conventional loans are issued with at least 3% down. However, it’s worth noting that private mortgage insurance (commonly known as PMI) is generally required on loans with a down payment of less than 20%.

The coverage protects the lender against the risk of default. Your mortgage servicer must cancel your PMI when the mortgage balance reaches 78% of the home’s value or when the mortgage hits the halfway point of the loan term, if you’re in good standing.

PMI typically costs 0.2% to 2% of the loan amount per year.

Down payment: Generally between 3% and 20% of the purchase price or appraised value of the home, depending on the lender’s requirements.

FHA Loans

Loans insured by the Federal Housing Authority, or FHA loans, can be attractive to first-time homebuyers or those who struggle to meet the minimum requirements for a conventional loan. In a SoFi survey of 500 would-be homeowners conducted in April 2024, 28% of people who had filled out a loan application had applied for this type of loan, and fully 63% of those who filled out an application had applied for some type of government-backed financing.

These loans usually require a one-time upfront mortgage insurance premium (or MIP vs. PMI), which typically can be added to the mortgage, and an annual insurance premium, which is collected in monthly installments for the life of the loan in most cases.

Down payment: Starts at 3.5%

Recommended: First-Time Homebuyer Guide

VA Loans

Loans guaranteed by the U.S Department of Veterans Affairs are available to veterans, active-duty service members, and eligible surviving spouses. SoFi’s survey showed that 12% of potential homebuyers who applied for a loan had filled out a VA loan application.

VA-backed loans require a one-time “VA funding fee,” which can be rolled into the loan. The fee is based on a percentage of the loan amount and may be waived for certain disabled vets. The current range is from 1.5% to 3.3% of the loan amount.

Down payment: None for approximately 80% of VA-backed home loans.
💡 Quick Tip: A VA loan can make home buying simple for qualified borrowers. Because the VA guarantees a portion of the loan, you could skip a down payment. Plus, you could qualify for lower interest rates, enjoy lower closing costs, and even bypass mortgage insurance.†

How Does a Mortgage Work?

There are several components to a monthly mortgage payment.

Principal: The principal is the value of the loan. The portion of the payment made toward the principal reduces how much a borrower owes on the loan.

Interest: Each month, interest will be factored into payments according to an amortization schedule. Even though a borrower’s fixed payment may stay the same over the course of the loan, the amount allocated toward interest generally decreases over time while the portion allocated to principal increases.

Taxes: To ensure that a borrower makes annual property tax payments, a lender may collect monthly property taxes with the monthly mortgage payment. This money can be kept in an escrow account until the property tax bill is due, and the lender can make the property tax payment at that time.

Homeowners insurance: Mortgage lenders usually require evidence of homeowners insurance, which can cover damage from catastrophes such as fire and storms. As with property taxes, many lenders collect the insurance premiums as part of the monthly payment and pay for the annual insurance premium out of an escrow account. Depending on your property location, you may have to add flood, wind, or other additional insurance.

Mortgage insurance: When a borrower presents a down payment of less than 20% of the value of the home, mortgage lenders typically require private mortgage insurance. When developing a budget for owning a home, it’s important to know the difference between mortgage insurance and homeowners insurance and whether both are required.

Reverse Mortgage Loans: What Are They?

A reverse mortgage is available to homeowners 62 and older to supplement their income or pay for healthcare expenses by tapping into their home equity.

The loan can come in the form of a lump-sum payment, monthly payments, a line of credit, or a combination, usually tax-free. Interest accrues on the loan balance, but no payments are required. When a borrower dies, sells the property, or moves out permanently, the loan must be repaid entirely.

The fees for an FHA-insured home equity conversion mortgage, typically the most common type of reverse mortgage, can add up:

•  An initial mortgage insurance premium of 2% and an annual MIP that equals 0.5% of the outstanding mortgage balance

•  Third-party charges for closing costs

•  Loan origination fee

•  Loan servicing fees

You can pay for most of the costs of the loan from the proceeds, which will reduce the net loan amount available to you.

You remain responsible for property taxes, homeowners insurance, utilities, maintenance, and other expenses.

A HUD site details all the criteria for borrowers, financial requirements, eligible property types, and how to find an HECM counselor, a mandatory step.

If you’re considering a reverse mortgage, learn as much as you can about this often complicated kind of mortgage before talking to a counselor or lender, the Federal Trade Commission advises.

How to Get A Mortgage

For many people, it can be a good idea to shop around to get an idea of what is out there.

Not only will you need to choose the lender, but you’ll need to decide on the length of the loan, whether to go with a fixed or variable interest rate, and weigh the applicable loan fees.

The first step is to have an idea of what you want and then seek out quotes from a few lenders. That way, you can do a side-by-side comparison of the loans.

Once you’ve selected a few lenders to get started with, the next step is to get prequalified or preapproved for a loan. Based on a limited amount of information, a lender will estimate how much it is willing to lend you.

When you’re serious about taking out a mortgage loan and putting an offer on a house, the next step is to get preapproved with a lender.

During the preapproval process, the lender will take a closer look at your finances, including your credit, employment, income, and assets to determine exactly what you qualify for. Once you’re preapproved, you’re likely to be considered a more serious buyer by home sellers.

When shopping around for a mortgage, it can be a good idea to consider the overall cost of the mortgage and any fees.

For example, some lenders may charge an origination fee for creating the loan, or a prepayment penalty if you want to pay back the loan ahead of schedule. There may also be fees to third parties that provide information or services required to process, approve, and close your loan.

To compare the true cost of two or more mortgage loans, it’s best to look at the annual percentage rate, or APR, not just the interest rate. The interest rate is the rate used to calculate your monthly payment, but the APR is an approximation of all of the costs associated with a loan, including the interest rate and other fees, expressed as a percentage. The APR makes it easier to compare the total cost of a loan across different offerings so you can assess what is a good mortgage rate for your budget.

The Takeaway

If the world of mortgages feels like a mystery to you, you are not alone. Before taking on this colossal commitment, it can be best to soak up as much as you can about how mortgage loans work, what kinds of mortgages are available, potential challenges, and steps to qualify. You’ll be better prepared to take on what can be a major step in your personal financial journey.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

‡SoFi On-Time Close Guarantee: If all conditions of the Guarantee are met, and your loan does not close on or before the closing date on your purchase contract accepted by SoFi, and the delay is due to SoFi, SoFi will give you a credit toward closing costs or additional expenses caused by the delay in closing of up to $10,000.^ The following terms and conditions apply. This Guarantee is available only for loan applications submitted after 04/01/2024. Please discuss terms of this Guarantee with your loan officer. The mortgage must be a purchase transaction that is approved and funded by SoFi. This Guarantee does not apply to loans to purchase bank-owned properties or short-sale transactions. To qualify for the Guarantee, you must: (1) Sign up for access to SoFi’s online portal and upload all requested documents, (2) Submit documents requested by SoFi within 5 business days of the initial request and all additional doc requests within 2 business days (3) Submit an executed purchase contract on an eligible property with the closing date at least 25 calendar days from the receipt of executed Intent to Proceed and receipt of credit card deposit for an appraisal (30 days for VA loans; 40 days for Jumbo loans), (4) Lock your loan rate and satisfy all loan requirements and conditions at least 5 business days prior to your closing date as confirmed with your loan officer, and (5) Pay for and schedule an appraisal within 48 hours of the appraiser first contacting you by phone or email. This Guarantee will not be paid if any delays to closing are attributable to: a) the borrower(s), a third party, the seller or any other factors outside of SoFi control; b) if the information provided by the borrower(s) on the loan application could not be verified or was inaccurate or insufficient; c) attempting to fulfill federal/state regulatory requirements and/or agency guidelines; d) or the closing date is missed due to acts of God outside the control of SoFi. SoFi may change or terminate this offer at any time without notice to you. *To redeem the Guarantee if conditions met, see documentation provided by loan officer.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

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.

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.

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.

SOHL-Q324-107

Source: sofi.com

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Thinking about living in Greensboro? This cool North Carolina city is a solid spot to settle down. From community activities to economic opportunities, Greensboro has a lot to offer. That said,, as with any place, there are aspects that might not suit everyone. Let’s explore 13 of the most prominent pros and cons of living in Greensboro so you can make the best decision for you.

Greensboro at a glance

Walk Score: 29 | Bike Score: 32
Median Sale Price: $280,500 | Average Rent for 1-Bedroom Apartment: $1,112
Greensboro neighborhoods | Houses for rent in Greensboro | Apartments for rent in Greensboro | Homes for sale in Greensboro

1. Pro: Affordable cost of living 

Greensboro’s cost of living is lower than the national average, making it more affordable than other cities. Houses tend to sell for below the national median of $432,849 and apartments in Greensboro follow a similar trend, going for $1,122 on average. 

2. Con: Minimal public transportation options 

Although Greensboro does have a bus system, the public transportation infrastructure is not as extensive as in larger North Carolina cities. Locals without a car may find it challenging to navigate the city or reach surrounding areas efficiently. The transit system covers main areas, but it can be lacking for daily commuters or spontaneous trips.

3. Pro: Thriving arts and scene 

Living in Greensboro means easy access to arts, theater, and music. The city is home to several museums, like the Weatherspoon Art Museum, and live music venues like Hangar 1819. The historic Carolina Theatre hosts world-class performances, creating ample opportunities for residents to enjoy the local culture.

4. Con: Hot summers 

While Greensboro may not be one of the hottest cities in the U.S., July and August often see consistent temperatures in the 90s. This makes outdoor activities less enjoyable during peak heat. The humidity can add to the discomfort, especially for those used to cooler climates.

5. Pro: Abundance of parks and outdoor activities 

Greensboro is full of outdoor spaces and parks. The city boasts over 90 miles of trails and several large parks, including the popular Greensboro Arboretum and the Bog Garden. For those who love hiking, biking, or simply enjoying time outdoors, Greensboro is a fantastic place to be.

6. Con: Traffic on major highways 

While Greensboro isn’t known for severe traffic like larger cities, congestion can build up on major highways, particularly during rush hour. I-40 and I-85, which run through the city, are prone to bottlenecks during peak commuting times. This can extend travel time, especially for those working outside the city.

7. Pro: Strong job market in healthcare and education 

Greensboro’s economy is growing, with a particular emphasis on healthcare and education. The presence of major employers like Cone Health and the University of North Carolina at Greensboro provides job opportunities and bolsters the city’s reputation as one of the best college towns in North Carolina. 

8. Con: Limited nightlife 

Greensboro has a laid-back nightlife scene, which may not appeal to those seeking more of a party atmosphere. While there are a few bars, breweries, and lounges, the options are more limited compared to cities like Raleigh or Charlotte. This may be a drawback for younger folks or those looking for more excitement after dark.

9. Pro: Access to higher education 

Greensboro is home to several higher education institutions, including the University of North Carolina at Greensboro and North Carolina A&T State University. These schools offer a range of programs and solidify Greensboro’s status as an elite North Carolina college town.

10. Con: Pollen and allergies 

For people with seasonal allergies, living in Greensboro can be tough during spring and early fall. The city’s abundance of trees and plants means high pollen counts, which can trigger allergies. Residents with sensitivities may experience discomfort during these months, making it a consideration for those prone to extreme seasonal allergy reactions.

11. Pro: Central location in North Carolina 

Greensboro’s location in central North Carolina makes it easy to travel to other parts of the state. Residents are within a few hours’ drive of the beaches to the east and the mountains to the west. This central location is perfect for weekend getaways or day trips to explore North Carolina’s stunning scenery and stellar small towns.

12. Con: Underwhelming shopping choices 

While Greensboro has several malls and shopping centers, it lacks the high-end retail options that larger cities offer. For more upscale shopping, residents may have to visit friends living in Raleigh or Charlotte. This may be inconvenient for those looking for a wider variety of stores or luxury brands.

13. Pro: Growing food scene 

Greensboro’s food scene is expanding, with a variety of restaurants serving everything from Southern comfort food to international cuisine. Local eateries, food trucks, and farmers markets are becoming increasingly popular. For foodies, Greensboro offers a surprising range of delicious options that cater to many tastes.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com

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When the housing market crashed in the early 2000s, new mortgage rules emerged to prevent a similar crisis in the future.

The Dodd-Frank Act gave us both the Ability-to-Repay Rule and the Qualified Mortgage Rule (ATR/QM Rule).

ATR requires creditors “to make a reasonable, good faith determination of a consumer’s ability to repay a residential mortgage loan according to its terms.”

While the QM rule affords lenders “certain protections from liability” if they originate loans that meet that definition.

If lenders make loans that don’t include risky features like interest-only, negative amortization, or balloon payments, they receive certain protections if the loans happen to go bad.

This led to most mortgages complying with the QM rule, and so-called non-QM loans with those outlawed features becoming much more fringe.

Another common feature in the early 2000s mortgage market that wasn’t outlawed, but became more restricted, was the prepayment penalty.

Given prepayment risk today, perhaps it could be reintroduced responsibly as an option to save homeowners money.

A Lot of Mortgages Used to Have Prepayment Penalties

In the early 2000s, it was very common to see a prepayment penalty attached to a home loan.

As the name suggests, homeowners were penalized if they paid off their loans ahead of schedule.

In the case of a hard prepay, they couldn’t refinance the mortgage or even sell the property during a certain timeframe, typically three years.

In the case of a soft prepay, they couldn’t refinance, but could openly sell whenever they wished without penalty.

This protected lenders from an early payoff, and ostensibly allowed them to offer a slightly lower mortgage rate to the consumer.

After all, there were some assurances that the borrower would likely keep the loan for a minimum period of time to avoid paying the penalty.

Speaking of, the penalty was often pretty steep, such as 80% of six months interest.

For example, a $400,000 loan amount with a 4.5% rate would result in about $9,000 in interest in six months, so 80% of that would be $7,200.

To avoid this steep penalty, homeowners would likely hang on to the loans until they were permitted to refinance/sell without incurring the charge.

The problem was prepays were often attached to adjustable-rate mortgages, some that adjusted as soon as six months after origination.

So you’d have a situation where a homeowner’s mortgage rate reset much higher and they were essentially stuck in the loan.

Long story short, lenders abused the prepayment penalty and made it a non-starter post-mortgage crisis.

New Rules for Prepayment Penalties

Today, it’s still possible for banks and mortgage lenders to attach prepayment penalties to mortgages, but there are strict rules in place.

As such, most lenders don’t bother applying them. First off, the loans must be Qualified Mortgages (QMs). So no risky features are permitted.

In addition, the loans must also be fixed-rate mortgages (no ARMs allowed) and they can’t be higher-priced loans (1.5 percentage points or more than the Average Prime Offer Rate).

The new rules also limit prepays to the first three years of the loan, and limits the fee to two percent of the outstanding balance prepaid during the first two years.

Or one percent of the outstanding balance prepaid during the third year of the loan.

Finally, the lender must also present the borrower with an alternative loan that doesn’t have a prepayment penalty so they can compare their options.

After all, if the difference were minimal, a consumer might not want that prepay attached to their loan to ensure maximum flexibility.

Simply put, this laundry list of rules has basically made prepayment penalties a thing of the past.

But now that mortgage rates have surged from their record lows, and could pull back a decent amount, an argument could be made to bring them back, in a responsible manner.

Could a Prepayment Penalty Save Borrowers Money Today?

Lately, mortgage rate spreads have been a big talking point because they’ve widened considerably.

Historically, they’ve hovered around 170 basis points above the 10-year bond yield. So if you wanted to track mortgage rates, you’d add the current 10-year yield plus 1.70%.

For example, today’s yield of around 4.20 added to 1.70% would equate to a 30-year fixed around 6%.

But because of recent volatility and uncertainty in the mortgage world, spreads are nearly 100 basis points (bps) higher.

In other words, that 6% rate might be closer to 7%, to account for things like mortgages being paid off early.

A lot of that comes down to prepayment risk, as seen in the chart above from Rick Palacios Jr., Director of Research at John Burns Consulting.

Long story short, a lot of homeowners (and lenders and MBS investors) expect rates to come down, despite being relatively high at the moment.

This means the mortgages originated today won’t last long and paying a premium for them doesn’t make sense if they get paid off months later.

To alleviate this concern, lenders could reintroduce prepayment penalties and lower their mortgage rates in the process. Perhaps that rate could be 6.5% instead of 7%.

In the end, a borrower would receive a lower interest rate and that would also reduce the likelihood of early repayment.

Both because of the penalty imposed and because they’d have a lower interest rate, making a refinance less likely unless rates dropped even further.

Of course, they’d need to be implemented responsibly, and perhaps only offered for the first year of the loan, maybe two, to avoid becoming traps for homeowners again.

But this could be one way to give lenders and MBS investors some assurances and borrowers a slightly better rate.

Before creating this site, I worked as an account executive for a wholesale mortgage lender in Los Angeles. My hands-on experience in the early 2000s inspired me to begin writing about mortgages 18 years ago to help prospective (and existing) home buyers better navigate the home loan process. Follow me on Twitter for hot takes.
Latest posts by Colin Robertson (see all)

Source: thetruthaboutmortgage.com

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Like most U.S. airlines, Delta charges passengers to check a bag when they travel on domestic itineraries. The first bag is $35, and must be no more than 50 lbs.

A second bag costs $45 and follows the same Delta baggage weight policy. This fee also applies on flights to Canada, Mexico and the Caribbean. Other international itineraries receive one free checked bag per passenger.

The Delta baggage calculator can give you the exact requirements for your trip. It analyzes all the factors into your destination, eligible waivers and number of passengers to alert you to the amount you would owe for standard or overweight bags.

How to pay

You can pay for a checked bag during the check-in process for your flight online or at the airport by using a kiosk with either in cash or in miles. Remember that most domestic Delta airports are now “cashless,” and you may need a credit or debit card.

Checked bag restrictions

Overweight/excess bag fees are determined by the number of bags, the size of the bag and the weight of the bag. Here is what you can expect to pay for bags that exceed these limits:

  • 51-70 lbs: $100.

  • 71-100 lbs: $200.

  • Over 100 lbs: Not permitted.

  • Third checked bag: $150.

  • Fourth-10th checked bag: $200 each.

  • Oversized bag exceeding 63-80 inches in length/width/height: $200.

  • Oversized bag exceeding 80 inches in length/width/height: Not permitted.

Travelers can pay extra to check as many as 10 bags per person on most domestic Delta or Delta Shuttle flights (Delta Shuttle flights are the airline’s air shuttle service in the Northeastern U.S.). Up to four bags may be checked on Delta Connection carrier flights, the regional airlines that operate under Delta.

It’s important to note that Delta may limit the number of excess bags it carries on some flights if not everyone is allowed to check the standard two pieces. They would be on a standby basis and may travel on the next available flight.

Here are some key exceptions to the Delta luggage weight limits:

  • When flying to/from Key West, Florida, all passengers are only permitted one checked bag.

  • Excess baggage weight is not permitted on Delta Connection flights.

  • Military travelers on orders can check as many as five bags (up to 100 lbs each) for free. When traveling for personal reasons, they can check two bags (up to 50 lbs each) for free with proper military identification. If traveling in Premium Select, they can check three bags (up to 50 lbs each), and if in first class or Delta One, three bags (up to 70 lbs each).

How to avoid Delta baggage weight fees

There are several ways to avoid paying Delta bag fees.

Flying internationally

When flying all other international flights, most Delta passengers can check their first bag for free, no matter their cabin, status or fare. Basic economy passengers do not earn this benefit. Additional weight and size limitations for international flights include:

  • 51-70 lbs: $100.

  • 71-100 lbs: $200.

  • Over 70 lbs: not permitted on flights to Europe/United Arab Emirates/North Africa/South Africa.

  • Over 100 lbs: not permitted on all other flights.

Restrictions on number of bags and size of bags vary depending on the destination country.

Elite status

One of the many perks of SkyMiles Medallion status is being able to check bags for free. This benefit also applies to up to eight companions traveling with the Medallion member on the same reservation.

  • SkyMiles Silver Medallion: One free checked bag up to 70 lbs on domestic flights and 50 lbs on international flights.

  • SkyMiles Gold Medallion: Two free checked bags up to 70 lbs on domestic flights and 50 lbs on international flights.

  • SkyMiles Platinum and Diamond Medallion: Three free checked bags up to 70 lbs on domestic flights and 50 lbs on international flights.

  • Any SkyMiles Medallion member in Premium Select: Three free checked bags up to 70 lbs on domestic flights and 50 lbs on international flights.

  • Any SkyMiles Medallion member in first class or Delta One: Three free checked bags up to 70 lbs on all flights.

Premium cabin

In addition to more space and additional food and beverage options, those traveling in premium cabins receive extra bag perks, too (no matter what their elite status tier).

  • Delta Premium Select: One free checked bag up to 50 lbs.

  • First, business and Delta One: Two free checked bags up to 70 lbs.

Credit cards

The real value sinks in if traveling with others because they can check one bag for free, too. Up to eight additional companions on the same reservation as the cardholder can check one bag for free.

The only bummer about this benefit is that this perk does not apply when departing from Paris Charles de Gaulle or Amsterdam.

These are the eligible cards with this benefit:

At $35 per bag (per way), that’s a savings of $630 if you travel as a group of nine. That can really take the sting out of paying an annual fee for any of Delta’s credit cards. Frequent flyers can actually come out ahead when you consider the perks of several Delta cards, like SkyClub access with the Delta SkyMiles® Reserve American Express Card(annual fee: $650; see rates and fees ).

If you do not have a Delta co-branded credit card, but still want to save cash, there are other workarounds, too. Many cards, like The Platinum Card® from American Express and Chase Sapphire Reserve® , come with travel credits tied to the card.

When spending money with Delta, bag fees would be refunded up to a certain amount. American Express requires that you designate Delta as your preferred airline at the beginning of the year. You would receive up to $200 back. Chase offers up to $300 with no specified airline requirement. Terms apply.

Top cards for Delta flyers

Delta SkyMiles® Gold American Express Card

Delta SkyMiles® Platinum American Express Card

Delta SkyMiles® Reserve American Express Card

Annual fee

$0 intro for the first year, then $150

Earning rates

• 2 miles per $1 on purchases made directly with Delta and at U.S. supermarkets and restaurants (including takeout and delivery in the U.S.).

• 1 mile per $1 on all other eligible purchases.

Terms apply.

• 3 miles per $1 on eligible purchases made directly with Delta and on hotel purchases.

• 2 miles per $1 at U.S. supermarkets and restaurants (including takeout and delivery in the U.S.).

• 1 mile per $1 on all other eligible purchases.

Terms apply.

• 3 miles per $1 on eligible purchases made directly with Delta.

• 1 mile per $1 on other eligible purchases.

Terms apply.

Other benefits

• First checked bag free.

• Priority boarding.

• No foreign transaction fees.

Terms apply.

• Companion certificate (main cabin).

• First checked bag free.

• Priority boarding.

• No foreign transaction fees.

Terms apply.

• Airport lounge access.

• Companion certificate (first class, Delta Comfort+ or main cabin).

• Credit for application fee for TSA PreCheck or Global Entry

• First checked bag free.

• Priority boarding.

• No foreign transaction fees.

Terms apply.

Learn more

Carry-on bag restrictions

The bag you bring on board should follow a combined length, width and height limit of 45 linear inches with the size restrictions also being 22 inches long, 14 inches wide and 9 inches tall. There are sizers at the check-in and gate areas for travelers to measure their luggage; this includes handles and wheels. Interestingly, there is no weight limit for carry-on bags as long as they follow these size metrics.

If you are flying from Beijing or Shanghai, however, Delta will require the carry-on to be 22 lbs or less.

Delta makes exceptions for musical instruments, strollers, car seats and nursing mother accessories. There are no size limits for these items although they must be able to securely fit in the cabin.

To view rates and fees of the Delta SkyMiles® Gold American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Platinum American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Gold Business American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Platinum Business American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Reserve American Express Card, see this page.
To view rates and fees of the Delta SkyMiles® Reserve Business American Express Card, see this page.

How to maximize your rewards

Source: nerdwallet.com

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You may have heard that 20% is the ideal down payment on a house, but that doesn’t mean you must pony up that amount to become a homeowner. In truth, the average house down payment is considerably smaller. Currently, the median down payment for a house is 15%, according to data from the National Association of Realtors® (NAR).

Here, you’ll learn more about down payments so you can house-hunt like an insider. Getting a sense of what others are paying and how that differs based on geographic area is helpful. We’ll also share how you might access help if you can’t come up with 20%. Armed with this intel, you’ll be better prepared to navigate that major rite of passage: purchasing a home.

Table of Contents

Key Points

•   The median down payment for a house in the US ranges widely from 10% to 35% of the purchase price.

•   The amount of the down payment can vary based on factors like loan type, credit score, and lender requirements.

•   A larger down payment can result in lower monthly mortgage payments and potentially better loan terms.

•   Down payment assistance programs and gifts from family members can help with affordability.

•   It’s important to save and plan for a down payment to achieve homeownership goals.

Average Down Payment Statistics

As of 2023, the median down payment for a house was 15%, or $63,908 if you consider that the median national home price in 2023 was $426,056, according to Redfin. This was up slightly from 13% in 2022, according to the NAR. (The median means half of buyers put down less and half put down more; it’s generally considered a better barometer than an average, because the latter can be thrown off by outliers — people who spend wildly more or less than usual.)

This 15% figure shows that the conventional wisdom that you need 20% down to purchase a home is, to a large extent, untrue. In fact, in an April 2024 SoFi survey of prospective homebuyers, many planned to put down far less than 20%. Almost a third of respondents (29%) said they planned to put down 10% or less, and 7% of those surveyed were exploring zero-down-payment options.

A 20% down payment will lower your mortgage amount and monthly payments vs. a smaller down payment, and will allow you to avoid private mortgage insurance (PMI), but it’s not the only game in town.

Average Down Payment on a House for First-Time Buyers

First-time buyers make about a third of all home purchases, and the typical down payment for first-time buyers in the NAR survey was 8%, while repeat buyers’ typical down payment was 19%. (Repeat buyers often have money from the sale of their first residence to put toward the purchase of their next one.)

Down Payment Requirements by Mortgage Loan Type

The amount of money you put down on a home may be governed in part by the type of mortgage loan you choose (and conversely, how much money you have saved for a down payment could dictate the type of mortgage you qualify for). Let’s take a look at the different loan types and their down payment requirements.

Remember that if you are buying your first home or you haven’t purchased a residence in three or more years, you may qualify as a first-time homebuyer and be eligible for special first-time homebuyer programs.

Conventional Loan

This is the kind of loan favored by most buyers, and for first-time homebuyers some conventional home loans can allow for as little as 3% down on a home purchase. A repeat homebuyer might need to put down a bit more — say 5%.

FHA Loan

An FHA loan, acquired through private lenders but guaranteed by the Federal Housing Administration, allows for a 3.5% minimum down payment if the borrower’s credit score is at least 580.

VA Loan and USDA Loan

These loans usually require no down payment, although there are still other hoops to jump through to qualify for one of these loans.

A VA loan backed by the Department of Veterans Affairs, is for eligible veterans, service members, Reservists, National Guard members, and some surviving spouses. The VA also issues direct loans to Native American veterans or non-Native American veterans married to Native Americans. For a typical VA loan borrower, no down payment is required.

A USDA loan backed by the U.S. Department of Agriculture is for households with low to moderate incomes buying homes in eligible rural areas. The USDA also offers direct subsidized loans for households with low and very low incomes. Typically, a credit score of 640 or higher is needed. While borrowers can make a down payment, one is not required.

Jumbo Loan

A jumbo loan is a loan for an amount over the conforming loan limit, which is set by the Federal Housing Finance Agency (FHFA). In most U.S. counties, the conforming loan limit for a single-family home in 2024 is $766,550. Minimum down payment rules for jumbo loans vary by lender but are generally higher than those for conforming loans. Some lenders require a 10% down payment, and others require as much as 20%.

For all of the above loan types, the home being purchased must be a primary residence in order to qualify for the minimum down payment, but a homebuyer can use a conventional or VA loan to purchase a multifamily property with up to four units if one unit will be owner-occupied.

Average Down Payment by Age Group

The latest NAR Home Buyers and Sellers Generational Trends Report breaks down by age the percentage of a home that was financed by homebuyers in 2023.

Older buyers tend to use proceeds from the sale of a previous residence to help fund the new home. Buyers 59 to 68 years old, for instance, put a median of 22% down, the NAR report shows.

Most younger buyers depend on savings for their down payment. Buyers ages 25 to 33 put down a median of 10%, and those ages 34 to 43, 13%. A fortunate 20% of the younger homebuyers (those age 25-33) received down payment help from a friend or relative.

Percentage of Home Financed

All buyers Ages 25-33 Ages 34-43 Ages 44-58 Ages 59-68 Ages 69-77 Ages 78-99
50% 15% 6% 8% 15% 22% 31% 29%
50-59% 6% 2% 5% 5% 9% 14% 11%
60-69% 6% 2% 5% 6% 9% 11% 9%
71-79% 13% 13% 14% 14% 12% 9% 15%
80-89% 23% 26% 27% 22% 19% 18% 14%
90-94% 13% 19% 14% 12% 10% 4% 8%
95-99% 14% 22% 17% 12% 8% 4% 7%
100% (financed the whole purchase) 12% 9% 11% 13% 9% 9% 6%

Average Down Payment by State

The average house down payment in any given state is tied to home prices in that location. You can look into the cost of living by state for an overview and then find the median home value in a particular state at a given point in time and estimate what your down payment might be.

The least expensive states in which to buy a home? Iowa, Oklahoma, Ohio, Mississippi, and Louisiana are among them, according to Redfin.

Average Down Payment On a House in California

California, the most populous state and one of the largest by area, is joined by Hawaii and Colorado on many lists of the most expensive states in which to buy a house. Redfin shows a median sales price of $859,300 in California in spring of 2024. A 3% down payment would be $25,779; 10% down, $85,930; and 20% down, $152,260. The Los Angeles housing market is among the toughest in California, with the median sale price up more than 10% in the last year to $1,050,000. You might want to check out housing market trends by city as well if you are interested in finding out where owning a home could be more or less expensive.

Hawaii comes out near the top with a median home price of $754,800. Three percent down would be $22,644; 10% down, $75,480; and 20%, $150,960. In Hawaii, the conforming loan limit is $1,149,825, a reflection of the state’s high home prices. If you need a mortgage for more than that amount in Hawaii, you’ll be in the market for a jumbo loan.

Recommended: How to Afford a Down Payment on Your First Home

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

Source of Down Payment

You’re probably wondering where homebuyers get the money to afford a down payment, especially first-time homebuyers. NAR has polled buyers to probe that question. Not surprisingly, more than half of buyers (53%) simply say they have saved up the money — which of course isn’t simple at all.

Savings is especially likely to fund a home purchase for those ages 25-33. Almost three-quarters of younger buyers rely on it for their down payment. Older buyers also use savings but are more likely to draw on the sale of a primary residence. This is especially true after age 59.

Other down payment sources include gifts from relatives or friends, sale of stock, a loan or draw from a 401K or pension, or an inheritance. For those who don’t have generational wealth or savings to rely on, first-time homebuyer programs can make home ownership possible.

City, county, and state down payment assistance programs are also out there. They may take the form of grants or second mortgages, some with deferred payments or a forgivable balance.

How Does Your Down Payment Affect Your Monthly Payments?

Curious to see what your potential mortgage would look like based on different down payments? Start with a home affordability calculator (like the one below) to get a feel for how much you’ll need to put down and other expenses.

Or use this mortgage calculator to estimate how much your mortgage payments would be, depending on property value, down payment, interest rate, and repayment term.

What Do I Need to Buy a House?

If Your Down Payment Is Less Than 20%

If your down payment will be less than 20%, you now know that you’ll have plenty of company. (In SoFi’s survey, 14% of would-be buyers said not having an adequate down payment was their primary challenge.) Consider these ways to optimize the situation:

•  A government loan could be the answer: FHA loans are popular with some first-time buyers because of the lenient credit requirements. The down payment for an FHA loan is just 3.5% if you have a credit score of 580 or more. Just know that upfront and monthly mortgage insurance premiums (MIP) always accompany FHA loans, and remain for the life of the loan if the down payment is under 10%. If you put 10% or more down, you’ll pay MIP for 11 years.

•  You may be able to improve your loan terms: If you can’t pull together 20% for a down payment, you can still help yourself by showing lenders that you’re a good risk. You’ll likely need a FICO® score of at least 620 for a conventional loan. If you have that and other positive factors, you may qualify for a more attractive interest rate or better terms.

•  You can eventually cancel PMI: Lenders are required to automatically cancel PMI when the loan balance gets to 78% LTV of the original value of the home. You also can ask your lender to cancel PMI on the date when the principal balance of your mortgage falls to 80% of the original home value.

You may be able to find down payment assistance: City, county, and state down payment assistance programs are out there, and SoFi’s survey suggests they don’t get enough attention: About half (49%) of the homebuyers who said they were challenged to come up with a down payment hadn’t looked into city or state down payment assistance programs. The assistance may take the form of grants or second mortgages, some with deferred payments or a forgivable balance.

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Dream Home Quiz

The Takeaway

What is the average down payment on a house? Currently, it’s about 15% of the home’s purchase price, which usually means mortgage insurance and higher payments for the buyer. But buyers who put less than 20% down on a house unlock the door to homeownership every day. If you want to join them, you can be helped along by low down payments for first-time homebuyers, as well as government loans, down payment assistance, and other programs.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% – 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It’s online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

FAQ

Is 10% down payment enough for a house?

Yes. More than a third of all buyers put down 10% or even less to buy a home. Lower down payments are especially common among younger and/or first-time homebuyers.

What is the minimum you should put down on a house?

Conventional wisdom says the minimum down payment is 20%, but most buyers put down less — 15% is far more common. Younger buyers and first-time homebuyers, especially, often put down far less and some home loans allow you to finance 97% or even 100% of the home’s cost.

What factors can affect my down payment requirements?

The amount of down payment you’ll need to come up with depends on your loan type, credit history and credit score, the cost of the property you’re buying, and whether you are a first-time homebuyer.

What are the pros and cons of putting down less than 20% on a house?

Putting down less than 20% on a house might allow you to buy a home sooner. It might also permit you to set aside money for renovations or to pay off other debts. The disadvantage is that those who put down less than 20% usually have to pay for private mortgage insurance which adds to their monthly costs. (Those with FHA loans who put down less than 20% will pay a mortgage insurance premium.)

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 Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

SOHL-Q324-107

Source: sofi.com

Apache is functioning normally

Whether you’re seeking a slower pace or easy access to nearby cities, Chesapeake is an intriguing option for many. However, before deciding to make the move, it’s important to weigh the pros and cons of living in Chesapeake. Let’s explore 10 of the most prominent pros and cons of living in Chesapeake to help you decide whether or not it’s the place for you.

Chesapeake at a glance

Walk Score: 21 | Bike Score: 35 | Transit Score: 14
Median Sale Price: $410,000 | Average Rent for 1-Bedroom Apartment: $1,482
Houses for rent in Chesapeake | Apartments for rent in Chesapeake | Homes for sale in Chesapeake

1. Pro: Easy access to nature

Chesapeake is known for its beautiful natural spaces, particularly the Great Dismal Swamp National Wildlife Refuge. The city offers ample opportunities for hiking, birdwatching, and other outdoor activities. For nature lovers, the proximity to wetlands, forests, and rivers is a significant draw. 

2. Con: Car-dependent city

Public transportation options are limited in Chesapeake, making owning a car darn near essential. While there are some bus services, they’re sparse compared to larger Virginia cities. Commuting can take longer, especially during peak traffic hours, as the city covers a large geographical area. If you’re used to walkable cities, this may feel inconvenient.

3. Pro: Strong job market 

Chesapeake benefits from a strong economy with major industries like defense, healthcare, and manufacturing all thriving. Major employers include Dollar Tree’s headquarters and Chesapeake Regional Medical Center. The proximity to military bases also contributes to a stable job market with diverse opportunities. Residents often find local employment without needing to commute to neighboring cities.

4. Con: Growing traffic congestion 

With Chesapeake’s steady growth, traffic congestion has become a more prominent issue, especially during rush hours. While there are several routes in and out of the city, the increase in population puts more cars on the road. The expansion of nearby cities also contributes to longer travel times when commuting to places like Norfolk or Virginia Beach.

5. Pro: Proximity to beaches 

Living in Chesapeake means being just a short drive from friends living in Virginia Beach and other Atlantic coastal destinations. You can enjoy weekends at the beach without having to deal with beach-town prices. This accessibility makes it easy to balance city life with coastal relaxation.

6. Con: Limited nightlife 

If you’re looking for strong nightlife, Chesapeake may feel quiet compared to nearby cities like Norfolk. While there are some restaurants and bars, like the beloved Neat Bird Chicken and Whiskey, the city is more known for its family-friendly activities and well-maintained outdoor spaces. 

7. Pro: Family-oriented community 

Chesapeake offers a range of family-friendly activities and amenities, including excellent public schools, parks, and community centers. The city frequently hosts events like farmers’ markets and local festivals that cater to all ages. 

8. Con: Higher housing costs 

Compared to some neighboring areas, housing in Chesapeake can be on the pricier side. While the median sale price is slightly lower than the national median of $432,849, the cost of buying in Chesapeake has risen over recent years. Apartments in Chesapeake have followed a similar trend, going for around $1,757 on average. 

9. Pro: Convenient access to major highways 

Chesapeake’s location near major highways like I-64 and Route 17 makes it easy to travel across the Hampton Roads region. Whether you’re commuting to Norfolk, Virginia Beach, or farther afield, the city is well-connected.

10. Con: Limited public transportation

Chesapeake lacks a comprehensive public transit system, which can make getting around difficult without a car. While there are some bus routes, they’re not as extensive as in neighboring cities like Norfolk. This lack of public transportation may be a drawback for those accustomed to  transit systems.

A native of the northern suburbs of Chicago, Carson made his way to the South to attend Wofford College where he received his BA in English. After working as a copywriter for a couple of boutique marketing agencies in South Carolina, he made the move to Atlanta and quickly joined the Rent. team as a content marketing coordinator. When he’s off the clock, you can find Carson reading in a park, hunting down a great cup of coffee or hanging out with his dogs.

Source: rent.com