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Minimalism is the pursuit of perfection through subtraction.

Finding peace and simplicity within your apartment is a universal aspiration for renters, especially in today’s fast-paced world. As the central hub of most apartments, the living room stands out as the perfect area to embrace the minimalist lifestyle and carve out your own niche of tranquility. From decluttering tips to stylish furniture and more, the ideas below will help you create a minimalist haven in your apartment.

What is minimalism?

Minimalism is not simply about reducing clutter or using fewer items. It’s about removing the non-essential in order to allow the essential to speak. It’s about understanding the profound elegance of simplicity as well as the power of space, light and proportion.

In a minimalist design, each element in the space must be meticulously considered for its individual merit and its relation to the whole. Materials are chosen for their inherent beauty, not disguised with ornamentation. Through this meticulous process of reduction, a certain purity of form and function is achieved. The result is a space that exudes calm, serenity and a timeless quality. That is the essence of minimalism in apartment design.

15 minimalist living room decor ideas

If you’re interested in cutting the clutter and creating a sleek living room, minimalism is for you. Transforming your space into a simplistic state is easy with these minimalist-friendly decor ideas.

1. Neutral wall color

Monochromatic color schemes are found in almost all minimalistic spaces. By using varying shades of a single color throughout the room, you add depth and elegance to the space.

2. Simple furniture

The easiest way to fit into a monochromatic color scheme is by choosing simple furniture. Look for couches, chairs and other large decor items in neutral colors that have clean lines and minimal embellishments.

3. Curated bookshelf

Minimalist spaces are well known for being clutter-free. This is often attained through functional storage solutions with intentional fillings. Bookshelves are great minimalist storage solutions that display a select collection of books and cherished items, adding a touch of personal style to your living space.

4. Natural material rug

Rugs often serve as statement pieces or focal points. In minimalism, textured rugs can tie a monochromatic space together while adding visual interest with a pattern. Examples of natural materials that make for great rugs include bamboo, hemp, jute and leather.

5. Sheer curtains

To help a minimalist space feel less dull, opt for sheer curtains that allow some light into the room. Linen or other less opaque curtains, still offer the privacy of curtains while bringing in natural light to brighten a monochromatic space. For more visual interest, look for a curtain with a texture or simple pattern.

6. Recessed lighting

Minimalist lighting fixtures with clean lines, like pendant lights or recessed lighting, fit the desired clean aesthetic. If you’re unable to change ceiling fixtures, floor lamps also have clean lines and can be placed strategically to leave the room feeling airy.

7. Geometric mirror

Mirrors are great decor pieces. Wall mirrors, floor mirrors and framed accent mirrors can fill space without feeling overwhelming to the design. Plus, mirrors reflect light often making the room feel bigger.

8. Indoor plants

Worried about your minimalist space feeling lifeless? Indoor plants or succulents bring life into the space while remaining tasteful. Plants are mostly muted in color and small in stature, perfect for minimalistic decor.

9. Cohesive gallery wall

Gallery walls are a great way to set the tone of a minimalist living room while adding your own personal touch. Ensure your gallery wall stays within minimalist design principles by using simple frames so the space doesn’t feel overcrowded.

10. Negative space

Negative space refers to the empty areas in a room. It’s tempting to fill any space in a living room that feels barren, however, in minimalist fashion, allowing negative space is encouraged. It improves visual clarity and makes the overall design more aesthetically pleasing.

11. Neutral geometric patterned pillows

Sticking to a monochromatic scheme is difficult if you want a visually interesting space that is still minimalist. Geometric patterned throw pillows are a great solution to feel like you’re adding a pop without throwing off the minimalist vibe.

12. Transparent coffee table

The sleek, modern look of transparent furniture pieces is unmatched in the minimalist decor world. A transparent coffee table is a great option for fitting the theme of the room without having to worry about finding something within the decided color scheme.

13. Corkboard wall decor

Apartment living rooms often bleed into entryways, making cohesive decor for these meeting spaces tricky. Corkboard walls serve as a neutral middle-man for any spaces that meet your minimalist living room.

14. Scandanavian-inspired accent chair

Minimalism stems from Scandinavian-style decor. The clean lines and modern design of Scandinavian interiors have heavily influenced the minimalist movement and their designers are known for creating breathtaking spaces with limited resources.

15. Decorative ladder

Wooden ladders are popular decor pieces for living rooms and match up with minimalist decor style guidelines. These ladders are good for holding neutral blankets or stand-alone pieces to match your monochromatic color scheme.

Simplify your space

Simplicity doesn’t mean sacrificing style or comfort but rather finding the perfect balance between the essentials and extras. With these decor ideas, your living room will reflect your unique taste but also provides an escape from the maximalist outside world. Embark on a journey of peace and simplicity right in the heart of your apartment – your living room. Find your dream apartment today!

Wesley is a Charlotte-based writer with a degree in Mass Communication from the University of South Carolina. Her background includes 6 years in non-profit communication and 4 years in editorial writing. She’s passionate about traveling, volunteering, cooking and drinking her morning iced coffee. When she’s not writing, you can find her relaxing with family or exploring Charlotte with her friends.

Source: rent.com

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A couple of weeks ago, Design Sponge featured a really great bag with an interesting origami shape from Ku Me Ko that left me wanting more. So I hopped on over to their website to discover a wonderful world of knotty, oversized texture!

The “Knotty Collection” is such a fun play on form and texture. The star material used are these jumbo jersey tubes that are stuffed with foam. From floor cushions to pillows, scarves and seats, all of Ku Me Ko’s products are a breath of fresh air!

What do you guys think? Aren’t these pieces fun? I love that they use recycled materials and are always striving to think innovatively when it comes to handcrafting goods! You can check out more about Ku Me Ko here.

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Source: apartment34.com

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Suburban, when defined, refers to anything related to or characteristic of suburbs. That part seems intuitive enough. A suburb is a residential area or community located on the outskirts of a city or urban center. Suburbs often offer quieter and more relaxed living compared to the nearby city centers, with a greater emphasis on green spaces and recreational areas.

However, there’s still some confusion floating around about the “suburban” definition and what exactly constitutes a suburban setting. What lies beyond the white picket fence? We’ll uncover this tricky definition and show you some pros and cons of living in this vaguely defined type of area below.

Unveiling the soul of suburbia

The definition of suburban varies from person to person because of the diverse and constantly changing features of these areas. Despite the confusion over the term, more than half of Americans identify with the label “suburban,” according to a study by the American Housing Survey.

Different interpretations of what makes a suburb, well, a suburb depends on both location and experience too. Some major urban areas, like Atlanta or Nashville, endlessly sprawl to the point that the line between urban and suburban further blurs. In more compact cities like San Francisco, it’s easier to draw those lines.

Further, diverse experiences with suburbs or suburban living influence the perception of the term, too. For some, the ‘burbs connote success, “making it,” quiet and safety. For others, it brings to mind a sterile, uninspiring, narrow-minded way of living that stunts growth and self-expression. Both viewpoints are valid, further complicating the definition.

Some defining characteristics

There are, however, general defining characteristics that are traditional tale-tell signs of a suburban area.

  • Resident lifestyle focus: Suburbs offer a quieter and more predictable lifestyle, catering to families, individuals and young professionals seeking a peaceful living environment.
  • Lower population density: Suburbs have spacious areas between buildings and larger property square footage, creating a sense of openness due to their lower population density than urban centers.
  • Proximity to urban amenities: Located on the outskirts of larger cities, suburbs provide residents with easy access to community offerings while only a commute away from city offerings.

Embracing suburban nuances

As we’ve touched on, subjectivity is especially present when it comes to the whole suburban definition. There are some areas where residents resist being labeled as suburbs due to their distinct identities and characteristics. Some non-suburban claim examples include Cambridge, MA, Hoboken, NJ and Santa Monica, CA.

Residents of these areas often see them as a city in their own right due to numerous factors like rich history, vibrant culture and prominent landmarks like universities. However, if we reference back to our general defining traits, these areas absolutely would be considered suburbs instead of compact cities.

Pros of suburban life

Suburban life has a lot of draws, helping contribute to the ever-changing nature of these areas. The suburbs are known to create a peaceful living environment. Because of the characteristic lower population density, residents experience a quieter and calmer environment which creates a drastic contrast to the city environment. This is especially appealing to people and families seeking a more serene living experience.

As popularly depicted in modern media, suburbs have spacious housing. We’ve seen this illustrated with the white picket fence surrounding a large yard for the picturesque family home, providing a visual representation of the suburban lifestyle that we know today. Even in apartments and townhomes, you’re guaranteed larger square footage for a better price than you’d find in the city.

Suburbs often foster a strong sense of community through neighborhoods and like-minded individuals who value the calmer, quieter lifestyle. Through the local schools, parks, community centers and recreational facilities that are commonly available, opportunities for social interactions and community engagement abound.

Cons of suburban life

The grass isn’t always greener on the other side. Suburban life isn’t for everyone, especially depending on your preferences and future dreams and aspirations. For one, suburban life typically equates to a dependency on cars. These areas aren’t as walkable as city centers are, which means residents often rely heavily on vehicles for transportation. This also means experiencing traffic congestion, commute times and transportation costs.

We discussed some great community-building amenities suburban areas have to offer residents. These amenities are definitely not the same as city amenities, and it comes down to personal preference to determine if this is a pro or con. Suburbs typically lack cultural attractions, dining options and entertainment opportunities that are commonly found in larger cities.

The American suburban dream is beyond definition

The suburban American dream has been a cornerstone of the country’s cultural fabric for decades, representing picture-perfect living for many individuals and families. The promise of suburban living includes good schools, safety, green spaces and a sense of community, in hopes of building a secure future for yourself and your family.

For many Americans, this dream was all about finding good opportunities. While this dream has evolved over time, contributing to the changing definition of suburban, it’s still a symbol of hope for a happy life, for those who yearn for this. But we also know it’s not for everyone. This telltale list of qualities determines whether it’s suburban life or city life that fits you.

Your dream life is out there, whether it be in a bustling city center or in a suburban area. Find your perfect place today!

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Here’s an interesting, though not surprising data point from Zillow. It turns out properties located next to Starbucks locations are bigger winners in terms of home price appreciation.

The company found this out by comparing a database of Starbucks locations with its own housing data. They even paid Starbucks corporate a visit to get the skinny, or perhaps venti, on how it selects its lucrative locations.

Specifically, Zillow analyzed historical home price appreciation in areas located within a quarter of a mile of a Starbucks coffee shop.

What they discovered was that homes that are now near a Starbucks would have sold for $137,000 back in 1997, while those not near a Starbucks would have only sold for $102,000, on average.

Okay, so homes not near a Starbucks actually started out considerably cheaper. But wait, what happened since then.

Well, the homes located next to Starbucks appreciated 96% to $269,000, while the Starbucks-neglected homes only increased 65% to $168,000. So it sounds like the rich got richer.

Find a Home Near Starbucks, or at Minimum a Dunkin’ Donuts

  • Homes located next to Starbucks (within a 1/4 mile) fetch a premium
  • Compared to those without a local Starbucks
  • Prices have risen substantially higher for the Starbucks-adjacent homes
  • And even the homes near Dunkin’ Donuts locations

Zillow also debunked the idea that it could just be a coffeehouse nearby that’s driving property values higher.

They did so by looking at homes next to Starbucks vs. homes next to a Dunkin’ Donuts location.

Both actually saw stronger appreciation than the norm, but Starbucks homes increased 96%, while Dunkin’ homes only moved 80% higher since 1997.

Overall, all properties in the U.S. increased just 65% from 1997 to 2013.

Homes next to a Starbucks location also recovered faster than other homes, perhaps a testament to the all-knowing location team at Starbucks corporate.

Apparently about 20 analytics experts oversee their location selection process, assessing things like area traffic patterns and existing businesses to determine if a potential site will be a winner.

And while they’ve certainly had some duds, they seem to be on point a lot more than they aren’t, as the data reveals.

So if you’re unsure about a certain area, check to see if a Starbucks is nearby. And by nearby, I mean really close because let’s face it; you’re never that far away from a Starbucks…

Street Names Also Matter

  • Apparently the name of your street
  • Can also dictate the value of your property
  • With lettered street names better than numbered street names
  • And suffixes like Lane better than Street

Zillow also claims that street names matter when it comes to property value.

They came away with three main data points. One, that names tend to be better than numbers. So it’s perhaps better to live on Main St. than it is 1st St.

Street suffixes also matter. Supposedly it’s better to live on a lane rather than a street, as inconsequential as that may sound. Perhaps lane is more associated with a quaint neighborhood, while street might be akin to an older, urban area.

Lastly, they claim that you should look for a home on a uniquely named street. Apparently homes on Main St. are worth the least, while homes on streets named “Lake” and “Sunset” are worth the most.

Kind of makes sense if you think about it, as silly as it might be. Now you probably shouldn’t make a home purchase decision based on whether there’s a Starbucks around, or just because the street name sounds cool.

But these little details could provide clues about the neighborhood and its potential for growth and real estate investment.

Source: thetruthaboutmortgage.com

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With a rich heritage, historic adobe architecture, and vibrant art communities to breathtaking landscapes like the otherworldly White Sands National Park and the ancient cliff dwellings of Bandelier National Monument, New Mexico is a one-of-a-kind place to live. If you’re considering living somewhere in New Mexico then chances are you also have a budget you’re hoping to stay under in your home or apartment search. As of July, the median home sale price in New Mexico is $349,200. 

If that price doesn’t fit into your budget, don’t worry. Redfin has collected 4 of the most affordable places to live in New Mexico. And the best part is that they all have a median home sale price under $349,200. From Roswell to Las Cruces, learn what cities are on the list.

#1: Roswell

Median home price: $100,000 
Average sale price per square foot: $56 
Median household income: $45,493 
Nearest major metro: Lubbock, TX (175 miles)
Roswell, NM homes for sale
Roswell, NM apartments for rent

With a median home sale price of $100,000, Roswell takes the number one spot on our list of affordable places to live in New Mexico. There are about 48,400 residents living in this mid-sized city located in the Southeastern portion of the state. Living in Roswell, you can stop by the Roswell Welcome Sign, explore Roswell’s downtown, check out one of the art museums like Roswell Museum or Anderson Museum of Contemporary Art, or visit Bitter Lake National Wildlife Refuge.

#2: Farmington

Median home price: $155,000 
Average sale price per square foot: $147 
Average rent for a 1-bedroom apartment: $815 
Median household income: $56,576 
Nearest major metro: Albuquerque (185 miles)
Farmington, NM homes for sale
Farmington, NM apartments for rent

Farmington comes in as the second most affordable city to live in New Mexico. It’s about 185 miles from the nearest major metro, Albuquerque, but is only about 52 miles from Durango, Colorado. When living in this city of 46,600 people, you can spend the day at Lake Farmington, visit the Farmington Museum where you can learn about the local history, and stroll along the Animas River Walk.

#3: Las Cruces

Median home price: $167,000 
Average sale price per square foot: $140 
Average rent for a 1-bedroom apartment: $867 
Median household income: $45,140 
Nearest major metro: Albuquerque (225 miles)
Las Cruces, NM homes for sale
Las Cruces, NM apartments for rent

Third is Las Cruces, where about 111,400 residents currently live. The median home sale price is $167,000 which is about $180K less than the median home sale price in New Mexico. If you find yourself moving to the third most affordable city, make sure to hike through Mesilla Valley Bosque State Park along the Rio Grande River, explore New Mexico Farm and Ranch Heritage Museum, and grab some amazing Southwestern food downtown.

#4: Albuquerque

Median home price: $350,000 
Average sale price per square foot: $198 
Average rent for a 1-bedroom apartment: $1,152 
Median household income: $56,576 
Nearest major metro: Albuquerque (185 miles)
Albuquerque, NM homes for sale
Albuquerque, NM apartments for rent

Taking the fourth and final spot on our list is none other than Albuquerque. With roughly 564,600 residents in Albuquerque, make sure to explore Old Town Albuquerque, the historic heart of the city, where you’ll find adobe buildings, shops, galleries, and restaurants or visit the annual Albuquerque International Balloon Fiesta. You can also check out the Indian Pueblo Cultural Center, and ride the Sandia Peak Tramway up to the top of Sandia Peak, where you’ll find views of the city and desert landscape.

Methodology: All cities must have over 40,000 residents per the US Census and have a median home sale price under the average median home sale price in New Mexico. Median home sale price and median sale price per square foot from the Redfin Data Center during July 2023. Average rental data from Rent.com July 2023. Population and median household income data sourced from the United States Census Bureau.

Source: redfin.com

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I had lunch with my friend Cameron a few weeks ago. Over plates of Kung Pao Chicken and Mongolian Beef, the conversation drifted toward personal finance. We began to talk about the repairs and upgrades we’ve been making to our homes.

Kris and I bought our current house three years ago; Cameron and his wife bought their home two years ago. Both were big upgrades from what we had previously owned. And though neither couple spent more than they could afford, we’re now realizing that bigger isn’t always better.

Our first house was a 1365 square foot ranch-style home on a 7500 square foot lot. It was an unremarkable house, except that it was located in my home town. We could walk to the grocery store, to the barber, to our favorite restaurants. I could bike to work. If we still lived there, we would be paying off the mortgage next spring.

But I had always dreamed of a bigger place. I wanted a home with acreage. When we found a hundred-year-old farmhouse nestled close into Portland, we bought it. Our new house has 1820 square feet on two-thirds of an acre (less land than I wanted, but enough). We love the place. After three years, though, it’s clear that 1820 square feet is too much for the two of us. We have two rooms that remain essentially unused, but which we furnish, heat, and cool nonetheless.

Cameron also had a modest ranch house on an average lot. When his wife got a good job in a different part of the state, they bought a bigger place. It’s a wonderful home: huge floorplan, five acres, an amazing view. But Cameron, too, is beginning to understand that upsizing has unexpected costs.

Don’t misunderstand me: both of us love our houses, but we’ve come to realize there are trade-offs. Too much house is as much a problem as not enough. “I feel like I’m always cleaning,” Cameron told me. “I feel like I’m always doing yardwork,” I said. There are other considerations, too, some of which are obvious, others less so:

  • A larger house generally brings a larger mortgage.
  • A larger mortgage means more total interest paid over the life of the loan.
  • A larger home has higher utility bills.
  • It costs more to furnish.
  • And from our experience, larger homes have more things that can go wrong with them.

Cameron and I talked about remodeling projects, about long-term plans, and about what we’ve learned since moving. “We’ll never use all the space we have,” he told me. “And with two young kids, it’s all we can do to keep up with maintenance.”

“My values have changed,” I said. “I always thought I wanted a big house. I thought that was a sign of success. I don’t believe that anymore.”

That’s the crux of the problem: What was important to me three years ago is less important to me now. In Stumbling on Happiness, Daniel Gilbert writes that it’s difficult for the present You to predict what will make the future You happy. You do your best, but sometimes the future You looks back and scratches his head wondering what his younger self was thinking.

Neither Cameron nor I intend to move, but we now appreciate the advantages of a smaller home, advantages we didn’t recognize when we had them!

Related Reading

Last year, NPR had a story on the ever-expanding American dream house, which looked at the pros and cons of large homes. Though this piece actually discusses very large homes, it still explores issues like the reasons large houses have become so prevalent.

Architect Sarah Susanka has a series of books (and a web site) that explore the concept of what she calls The Not So Big House. She writes:

The inspiration for The Not So Big House came from a growing awareness that new houses were getting bigger and bigger but with little redeeming design merit. The problem is that comfort has almost nothing to do with how big a space is. It is attained, rather, by tailoring our houses to fit the way we really live, and to the scale and proportions of our human form. Two must-read articles about this topic include Cultural Creatives: The Rise of Integral Culture, by Dr. Paul Ray and a recent interview with William McDonough in Newsweek magazine entitled Designing The Future.

Finally, for years I’ve been fascinated by people who choose to live in ultra-small houses. How small? The Tumbleweed Tiny House Company has plans for homes as small as 40 square feet! Really, though, I’m more interested in their 392 square foot glass house, or the 100 square foot EPU (which you can build for just $19,000 plus labor). You can find more homes like this at The Small House Society.

Source: getrichslowly.org

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I hate plumbing. Whenever a faucet begins to leak or a drain clogs, my stomach sinks. I know it means hours of frustrating work. It’s not that plumbing is difficult — it’s just that I’m not well-versed in the ways of home-improvement. Somehow I missed that part of Manhood Training.

Despite my apprehension, over thirteen years of homeownership, I’ve made it a point to do as much repair work as I’m able. It has saved me a lot of money. And while I’m a ball of nerves going into a project, I get tremendous satisfaction when I finish something and know that I did the work with my own hands.

Yesterday we woke to find water on the floor of the upstairs bathroom. When we couldn’t immediately locate the source of the leak, we debated calling a plumber. Because it was the weekend, and because we’re trying to save money, Kris and I decided to tackle the problem as a team. While she buried herself in the Readers Digest Complete Do-It-Yourself Manual, I took the toilet apart. Ultimately we diagnosed the likely culprit: corroded fasteners connecting the tank of the toilet to the bowl. We drove to the hardware store, picked up replacement parts, and then put Humpty Dumpty back together again.

We were able to repair our toilet for $6.49 and an hour of time. Had we called in a plumber, it would have cost much more. This is how home repairs usually seem to play out for us: some initial frustration, a Eureka! moment, a trip the hardware store for a $10-$20 part, and then a final repair.

Here are some things we’ve learned when dealing with home repairs:

  • Don’t panic. A zen-like state is important for repair work. I don’t mean this in any mystical sense, but it’s helpful to be calm and relaxed when doing this sort of thing. Rash actions can turn a small problem into a disaster.
  • Act quickly. Don’t put off repairs. While you don’t want to charge blindly ahead, you do want to take care of the problem as soon as possible. We once put off fixing a small leak in the roof. You can guess how that ended during a rainy Oregon winter.
  • Use a reference. Google is your friend. We’ve found lots of answers on the internet. As I mentioned above, though, Kris and I find it convenient to have a book on hand. In 1994, we paid about 20 bucks for a copy of the Readers Digest Complete Do-It-Yourself Manual. The book has literally saved us hundreds of dollars.
  • Work methodically. When you take something apart, neatly set the pieces someplace safe. Label them, if appropriate. Be orderly. Follow instructions. Measure twice, cut once. If you have a digital camera handy, take pictures of how things were assembled before you dismantled them. These sorts of careful steps make repair work run smoothly.
  • Don’t make assumptions. Some of my most frustrating do-it-yourself experiences have come when I’ve made assumptions about a problem, only to be proven wrong. Here’s an example from my days as a computer consultant: I once spent several hours trying to fix a software problem that had caused a printer to stop working. As it turned out, it wasn’t a software problem at all — the power cord had gone bad. Boy did I feel stupid. Don’t assume things.
  • Pay attention. As you work, try to notice details. You never can tell what piece of information will be important. Are the electrical outlets you’re replacing two-prong or three-prong? How big were the screws on that gizmo, anyhow?
  • Be safe. Some tasks are dangerous. Electricity can kill you. So can a chainsaw. I have a friend who accidentally wired his outside power for 220 instead of 110. The first time he plugged in his Christmas lights, it was like the fourth of July! When one of our trees fell into the neighbor’s yard, I had my first experience with a chainsaw. I learned quickly that even a small tree has a great deal of mass.
  • Know when to call in an expert. Not everyone can fix every problem, of course. Some things do require a specialist. But there are many nuisances around the home that can be solved with patience, research, and elbow grease. Don’t be intimidated by replacing a light fixture or a garbage disposal. But call an electrician to replace the knob-and-tube wiring in your attic.

Home-improvement can be intimidating if you don’t have much experience with it. But with time, you can develop the confidence and the basic skills necessary to perform many common household repairs. If you’re interested in developing further competence, take classes from your local community college, or attend seminars at a home-improvement store. (I’ve also learned a lot by shadowing contractors as they work on our home. I always ask permission first, though. Some are happy to explain what they’re doing, but others are nervous to have an observer.)

Next on my home repair agenda: Diagnosing why the light in our guest room sometimes switches on, but mostly doesn’t.

Source: getrichslowly.org

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September 1, 2017
by Zach Festini

The Federal Housing Financing Agency (or FHFA) recently announced that it will be extending the Home Affordable Refinance Program (or HARP) all the way through December of 2018.

Previously, there was speculation that the program–intended to help homeowners who owe more than their home is worth–would be discontinued in 2017 to make room for a new refinance program from Fannie Mae and Freddie Mac. That program will still be available later this fall, but is expected to require some modification. In the meantime, HARP has been extended to provide an option for underwater homeowners.

This probably doesn’t mean much unless you keep an eye on the housing industry. That doesn’t mean it can’t benefit you, however.

What is HARP?

After the housing bust, home prices in some areas of the country plummeted, leaving owners with devalued properties that were impossible to refinance under traditional guidelines. HARP was created to give those homeowners a way out.

The program requires that:

  • Fannie Mae or Freddie Mac owns the loan.
  • The loan closed prior to May 31, 2009.
  • The loan-to-value (LTV) ratio is between 80%–200%.
  • The home is primary residence, second home, or an investment property with 4 or fewer units.
  • You are current on your mortgage, with no 30-day late payments in the last 6 months and up to 1 in the past year.

What does this mean for me?

If you or someone you know has put off refinancing because you know your home isn’t worth what it was, you still have plenty of time to refinance. Just keep in mind that interest rates are still on the low side–while you may have plenty of time to refinance, you might not have much time before they start creeping back up.

Filed Under: Uncategorized
Tagged with: 44d642a083a60ce061ade80bc346c372

Source: totalmortgage.com

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Buying a home is never easy. It’s expensive, confusing and loaded with paperwork under the best circumstances. It’s even harder these days when the average price of a home is over $400,000 in the U.S., and higher interest rates are making homes that much more expensive.

That’s why it’s so curious that federal regulators might write rules to make homebuying even tougher, however unintentionally, for lower- and middle-income families with modest credit.

Currently, banks must look at three different credit reports from the major credit bureaus (Equifax, Experian and TransUnion) when a consumer applies for a conventional mortgage. It’s what’s known as a “tri-merge” requirement, and it makes sure every homebuyer has three opportunities to prove their creditworthiness and put their best foot forward.

One writer for Rocket Mortgage said it’s “the most comprehensive look at their borrowers’ credit history,” and that’s a good thing. But last year, the Federal Housing Finance Agency (FHFA) proposed to move away from the “tri-merge” system and require only two credit reports, not three  — or what’s known as a “bi-merge” system.

That change barely got noticed at all until members of the House Financial Services Committee — Democrats and Republicans — started raising concerns at an FHFA oversight hearing in May. Congressman David Scott, Democrat of Georgia, had this to say: “My concern is that by removing one of the reports from a lender’s review, FHFA is potentially leaving out predictive and positive credit history … this action could have serious implications for consumers planning to purchase a home.”

FHFA no doubt has its reasons. In truth, a bi-merge might be just fine for consumers with perfect credit. But for low- to moderate-income borrowers, it could be a big deal.

Let’s face it: Sometimes, bills get overlooked. Imagine a consumer with a recent bill in collections. If that collection shows up on one of their three credit reports — and it happens to be the one their bank pulls for a loan — the consumer only has one more opportunity in a bi-merge system to demonstrate their creditworthiness instead of two.

The opposite scenario plays out for rent. Not all landlords send a history of on-time rental payments to a credit bureau, which means renters don’t always get (literal) credit for paying their rent on time.

But what if a consumer lives somewhere that does share those on-time payments with a credit bureau? Under a bi-merge system, homebuyers only get credit for the rental payments if the bank where they’re seeking a loan uses the credit report that lists those rental payments. If they pull one of the other two, that homebuyer could be out of luck.

The same is true if a potential homebuyer has a credit card through a local bank. If that bank only shares data with one of the three credit bureaus — instead of all three, like some bigger banks — the consumer may appear “credit invisible” when they go to get a mortgage at a competing bank if the bi-merge report used for that mortgage doesn’t include the “right” credit report.

That’s unfair to the consumer and reduces the incentive to use a small or community bank — good institutions that know the people they serve and play an indispensable role in suburban and rural areas.

Finally, there’s the question of equity. We all know who gets left out when financial opportunities narrow; consumers from historically disadvantaged communities are more likely to have modest credit.

Those potential homebuyers should have every opportunity to represent themselves wholly and completely when they apply for a loan. That’s exactly what the tri-merge represents, and it’s exactly why it should stay in place.

Something that’s simple and straightforward today becomes a roll of the dice in a bi-merge system. That means fewer choices for borrowers who want to shop around and a higher likelihood of missing out on the loan.

Here’s the good news: FHFA’s director, Sandra Thompson, is a smart leader with good intentions. The bi-merge idea is a simple oversight from an office working daily to support homebuyers, including those in disadvantaged communities.

Even better news: There’s still time to turn it back. That’s exactly what FHFA should do.

Source: nationalmortgagenews.com

Apache is functioning normally

Pharmacy school student loans are one way for potential pharmacists to subsidize some or all of the costs associated with attending pharmacy school.

There are several pros and cons to taking out a pharmacy school loan, from the opportunity to receive student loan forgiveness to potential fees for late payments or a drop in credit score.

Keep reading to learn how much it costs to attend pharmacy school, a few different ways to pay for it, what a pharmacy school loan covers, and the ins and outs of pharmacy school student loans.

Average Cost of Pharmacy School

The average cost of attending pharmacy school spans anywhere from $65,000 to $200,000.

It’s a wide range but, generally speaking, in-state, public schools are on the lower end of the scale, costing around $14,800 to $82,000 per year, while pharmacy programs at private institutions can run between $74,800 and $160,000.

Average Student Loan Debt Pharmacy School

The American Association of Colleges of Pharmacy (AACP)’s 2021 survey of pharmacy school graduates found that about 85% of PharmD degree holders had to borrow money to get through school.

And the average student loan debt for pharmacy graduates, according to that same report, is $173,561.

There’s good news, though: The return on investment can be promising for pharmacists, whose median pay is around $128,710 per year, according to the Bureau of Labor Statistics.

What Can You Use a Pharmacy School Student Loan on?

There are several ways a student loan can be used to cover the cost of a pharmacy school education:

Tuition

As evidenced above, tuition is one of the biggest pharmacy school expenses that can be covered by a pharmacy school student loan. Since it can cost upwards of $200,000 to complete a pharmacy program, student loans can be helpful in covering that cost.

Fees

The term “fees” can sound a little bit elusive, and you typically see it thrown alongside the word “tuition.” The fees associated with attending pharmacy college vary based on the type of program the student attends, how many credit hours the student completes, and whether or not they’re an in-state or out-of-state student. In some cases, a pharmacy school may charge “comprehensive fees” that cover tuition, fees and room and board.

Books and Supplies

Pharmacy school student loans can be used to pay for books, supplies and other education-related expenses. To acquire the funds for books and supplies, pharmacy school student loans are first applied to a student’s tuition, required fees, and room and board bills. Then, any remaining funds get refunded to the borrower, either in the form of a check or through direct deposit. From there, the money can be used to pay for books and supplies.

Recommended: How to Pay for College Textbooks

Living Costs

Room and board is another expense that can be paid for with pharmacy school loans. Students can use their borrowed funds to pay for student housing — whether that’s in a dorm room or an off-campus apartment with roommates.

Pharmacy School Student Loans: Pros & Cons

Pros of Using Pharmacy School Student Loans Cons of Using Pharmacy School Student Loans
Help people pay for pharmacy school when they don’t otherwise have the financial resources to do so. Can be expensive to repay.
Open up more possibilities for the type of pharmacy school a person can attend, regardless of the cost. Can put borrowers into substantial amounts of debt.
Cover a wide range of expenses — from tuition and fees to school supplies, room and board. Borrowers might have to forego other financial goals to pay off pharmacy school student loans.
Paying off pharmacy school student loans can help build credit. Late payments or defaulting on a pharmacy school student loan can damage credit.

Pros of Using a Pharmacy School Student Loan

Using a pharmacy school loan comes with a few pros:

Student Loans for Pharmacy School Can Be Forgiven

In terms of pharmacists student loan forgiveness, there are several options for newly graduated pharmacists who need some help paying off their pharmacy school loans.

Typically, these forgiveness programs are available on a state or federal level.

A few different pharmacy student loan forgiveness options include:

•   Public Service Loan Forgiveness (PSLF)

•   HRSA’s Faculty Loan Repayment Program

•   National Institutes of Health Loan Repayment Programs

•   Substance Use Disorder Workforce Loan Repayment Program

•   State-based student loan forgiveness programs

Salary

As mentioned above, the median pay for a pharmacist is around $128,710 per year. For a pharmacy school graduate with student loan debt, this salary range could mean the difference between paying off loans and still having money left in the budget for living expenses, an emergency fund, and other types of savings.

Credit Score

Paying off pharmacy school student loans can be one way for a borrower to boost their credit score. When building credit history, making on-time payments is a prominent factor, which can potentially have a beneficial effect on a borrower’s credit score. Although their credit score could face a minor dip right after paying off the loan, it should subsequently level out and eventually rise.

Pharmacy school student loans appear as “installment loans” on a person’s credit report, which can diversify the types of credit they manage, thus potentially improving their “credit mix.” Which could also help enhance their credit score.

Cons of Using a Pharmacy School Student Loan

Pharmacy school student loans can also come with a few cons:

Debt

Since a pharmacy school loan is an installment loan, it’s considered a form of debt. As such, potential pharmacists are signing a long-term contract to repay a lender for the money they borrow. Should they find themselves on uneven financial ground, they may end up missing a payment or defaulting on the loan altogether, which could have a damaging effect on their credit report.

Late Payment Penalties

Many pharmacy school student loan lenders dole out fees for late payments. The terms of the loan are outlined by the lender before the borrower signs the agreement, but it’s important to read the fine print because loan servicers can charge a late payment penalty of up to 6% of the missed payment amount.

Interest Rates

Student loans for graduate and doctoral degrees like pharmacy school have some of the highest interest rates of any type of student loan.

Even federally subsidized Grad PLUS Loans have a fixed interest rate of 7.05% for the 2023-2024 school year, which could cause a pharmacy school student loan balance to climb high over time.

Recommended: Grad PLUS Loans, Explained

Average Interest Rates for Pharmacy School Student Loans

Pharmacy students have a variety of student loan options available to them. This table details the interest rate on different types of federal student loans that might be used to pay for a portion of pharmacy school.

Loan Type Interest Rate for the 2023-2024 School Year
Direct Loans for Undergraduate Students 5.50%
Direct Loans for Graduate and Professional Students 7.05%
Direct PLUS Loans for Graduate Students 8.05%

Private student loans are another option that may help pharmacy students pay for their college education. The interest rates on private student loans are determined by the lender based on factors specific to the individual borrower, such as their credit and income history.

Paying for Pharmacy School

Before looking into an undergraduate student loan option or a graduate student loan option, potential pharmacists might be able to secure other sources of funding to help them pay for pharmacy school.

Scholarships

Scholarships are funds used to pay for undergraduate or graduate school that do not need to be repaid to the provider.

They can be awarded based on many different types of criteria, from grade point average (GPA) to athletic performance to acts of service, chosen field of study, and more. Scholarships might be offered by a college or university, organization, or institution.

For potential pharmacy school students, there are several available options for scholarships through their individual states and other providers. The American Association of Colleges of Pharmacy (AACP) is a great resource for finding a pharmacy school scholarship.

Grants

Unlike scholarships or loans, grants are sources of financial aid from colleges, universities, state/federal government, and other private or nonprofit organizations that do not generally need to be repaid.

The AACP breaks down grants and awards for health profession students and government subsidized grants for pharmacy school students on their website.

Recommended: The Differences Between Grants, Scholarships, and Loans

State Pharmacy School Loans

Some potential pharmacists may be eligible to participate in a state student loan program. The cost of attending a state pharmacy school will vary depending on whether or not the student lives in the same state as the school, so researching the accredited pharmacy programs by state can help them determine how much they’ll need to borrow.

Federal Pharmacy School Loans

The U.S. Department of Education offers Direct Subsidized and Unsubsidized Loans to undergraduate and graduate pharmacy school students. The school will determine the loan type(s) and amount a pharmacy school student can receive each academic year, based on information provided by the student on the Free Application for Federal Student Aid (FAFSA®) form.

PLUS Loans are another federal pharmacy school loan option, eligible to graduate or professional students through schools that participate in the federal Direct Loan Program.

Recommended: Types of Federal Student Loans

Private Pharmacy School Loans

A private student loan is another way for students to pay for pharmacy school. When comparing private student loans vs. federal student loans, it’s important to note that because private loans are not associated with the federal government, interest rates, repayment terms. Benefits also vary depending on the lender. For these reasons, private student loans are considered an option only after all other financing sources have been exhausted.

When applying for a private pharmacy school loan, a lender will usually review the borrower’s credit score and financial history, among other factors.

Private pharmacy school student loans can help bridge the gap between other payment options like the ones listed above, and give potential pharmacists the opportunity to shop around for the option that works best for them.

Income-Driven Repayment Plans

Income-driven repayment plans in particular help borrowers qualify for lower monthly payments on their pharmacy school loans if their total debt at graduation exceeds their annual income.

Here are the four income-driven repayment plans available for federal student loans:

•   Income-Based Repayment (IBR

•   Pay As You Earn (PAYE)

•   Revised Pay As You Earn (REPAYE)

•   Income-Contingent Repayment (ICR)

The Takeaway

Nearly 85% of pharmacy school graduates have student loans, according to the AACP. Pharmacy school loans can be used to pay for tuition and fees, living expenses, and supplies like books or required lab equipment. Federal student loans can be used in combination with any scholarships and grants the student may qualify for. If you find yourself still looking for a way to pay for your pharmacy school education after exhausting scholarships, grants, and federal student loans, a private student loan option might be an option to consider.

With SoFi’s private student loans, you get a six-month grace period post-graduation before you start thinking about repayment. Interested applicants can find out their rate in just a few minutes.

Learn more about borrowing a SoFi private student loan.

FAQ

How long does it take to pay off pharmacy school loans?

Depending on the type of pharmacy school loan you take out (private vs. federal) and when the funds were distributed, it can take between five and 30 years to repay a pharmacy school student loan.

How can I pay for pharmacy school?

There are several ways to pay for pharmacy school, including federal student loans, private pharmacy school loans, scholarships, grants, and personal savings.

What is the average student loan debt for pharmacy school?

According to the American Association of Colleges of Pharmacy, the average student loan debt for pharmacy graduates is $173,561.

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Source: sofi.com