After hovering below 3% for a month, the average 30-year fixed mortgage rate popped back up six basis points to exactly 3% last week, according to Freddie Mac‘s PMMS.
Mortgage rates climbed north of 3% over the first few months of 2021, but crested at 3.2% in March before descending again. Despite such a favorable rate climate, there remains a shortage of homes for sale, pointed out Sam Khater, Freddie Mac’s chief economist.
“The lack of housing supply has been compounded by labor disruptions and expensive building materials that are driving up the cost of new housing, making it difficult for homebuyers to find homes to purchase,” Khater said.
Because mortgage rates held for so long in the sub-3% category, Fannie Mae‘s economic and strategic research group revised its expectations for 2021 and 2022 origination volume, noting that originations could have been higher if the market weren’t struggling with supply.
“We downgraded our expectation for 2021 purchase volumes by $43 billion from last month’s forecast to $1.8 trillion,” the ESR group said, “We expect refinance origination volume to be $2.2 trillion in 2021, a $125 billion upward revision from last month’s forecast, as incoming data continue to come in strong and interest rates have pulled back in recent weeks.”
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At current mortgage rates, the group estimated around 51% of all outstanding mortgage have at least a 50-basis point incentive to refinance, up from 42% in the previous months forecast. While millions of borrowers may have the opportunity, Joel Kan, the Mortgage Bankers Associations associate vice president of economic and industry forecasting, said the refi wave is still likely under volatility if mortgage rates continue to oscillate around current levels.
When mortgage rates failed to pick up in the last month, savvy homebuyers jumped back on them. But even with rates slipping to previous lows, borrowers are still battling it out in the bidding trenches on overheated home prices. April economic data for home sales showed year over year numbers are still above those in 2020, but beginning to dip sequentially
In December 2021, when the 30-year fixed mortgage rate still averaged 3.1%, a borrower could get $700,000 mortgage that required monthly payments of principal and interest of just $2,989.
Fast-forward to Wednesday, and a $700,000 mortgage taken out at the current average mortgage rate of 6.90% would equal a $4,610 per month payment, which is $583,000 more over 30 years than that mortgage issued at a 3.1% rate. When adding on insurance and taxes, that monthly payment could easily top $6,000. Not to mention, that calculation doesn’t account for the fact that U.S. home prices in June 2022 were 12% above December 2021 levels and 39% above June 2020 levels.
Mortgage planners like John Downs, a senior vice president at Vellum Mortgage, have the hard job of breaking this new reality to would-be homebuyers. However, unlike last year, Downs says most 2023 buyers aren’t surprised. The sticker shock, the loan officer says, is wearing off.
Just before speaking with Fortune, Downs wrapped up a call with a middle-class couple in the Washington D.C. area, who told him they were expecting a mortgage payment of around $7,000.
“The call I just had was a typical area household. One person makes $150,000, the other makes $120,000. So $270,000 total and they said a payment goal of $7,000. I’m still not used to hearing people say that out loud,” Downs says.
Even before these borrowers speak to Downs—who operates in the greater Baltimore and Washington D.C. markets—they’ve already concluded that these high mortgage payments will be “short-lived,” and they’ll simply refinance to a lower payment once mortgage rates, presumably, come down.
To better understand how homebuyers are reacting to deteriorated housing affordability (and scare inventory levels), Fortune interviewed Downs.
This conversation has been edited and condensed for clarity.
Fortune: Over the past year, mortgage rates have spiked from 3% to over 6%. How are buyers in your market reacting to those increased borrowing costs?
John Downs: I must say, the reaction today is quite different from last year. It’s almost as if we have lived through the “7 stages of grief.” We appear to have entered the “acceptance and hope” phase.
With all the reports pointing to home prices stabilizing, one might think that buyers are comfortable with these rates and corresponding mortgage payments. The reality is quite different. Many would-be homebuyers have been pushed out of the market due to affordability challenges through loan qualifications or personal budget restraints. Move-up buyers also find themselves in the same predicament.
As a result, my market (Baltimore-DC Metro Region) has 73% fewer available homes for sale than pre-pandemic, 57% fewer weekly contracts, and an 8% increase in properties being relisted. (Information per Altos Research) As a result, prices have remained relatively stable due to the balance of buyers outweighing sellers.
I’m seeing buyers today taking the payments in stride for various reasons. Their incomes have risen dramatically, upwards of 25-30% since 2020, and the income tax savings through the mortgage interest deduction is now a meaningful budget item to consider. Many also say, “I can always refinance when rates come down in the future,” which leads to a sense that this high payment will be short-lived.
When I say buyers are comfortable with these payments, I know there are also two to three times more buyers who run payments using online calculators who opt out of having conversations in the first place! To prove this, our pre-approval credit pulls (a measure of top-of-funnel buyer activity) are running about 50% lower than pre-pandemic.
Among the borrowers you’re working with, how high are monthly payments getting? And how do they react when you give them the number?
For the better part of the last decade, most of my clients would enter a pre-approval conversation with a mortgage payment limit of no more than $3,000 for a condo and $4,500 for single-family homes. It was rare to see numbers higher than that, even for my higher-income wage earners. Today, those numbers are $4,000 to $6,500 respectively.
To my earlier comment, active buyers today seem to expect it. It’s as if they are comfortable with this new normal. Surprisingly, the debt-to-income ratios of today (in my market) are very similar to where they were five years ago. Income is ultimately the great equalizer. Yes, the payments are dramatically higher today, but the buyers’ residual income (post-tax income minus debt) is still in a healthy range due to local wages.
Remember, we are still talking about a much smaller pool of buyers in the market today so this conversation is skewed towards those with more fortunate lifestyles.
Tell us a little bit more about what you saw in the second half of 2022 in your local housing market, and how that compares to the first half of 2023?
There are dramatic differences between those two periods. In the second half of 2022, there was nothing but fear. The stock market was under stress, inflation was running wild, and housing began to stall. Across the country, inventory began to rise, days-on-market pushed dramatically higher, and price decreases were rampant. The safest bet then was to do nothing, and that’s just what buyers did. The mindset was, “I will wait until prices fall and rates push lower before I buy.”
The start of 2023 sparked a reversal in many asset classes. The stock market found a footing and pushed higher, mortgage rates rebalanced, property sellers adjusted their prices, and employers began pushing out significant wage increases. As a result, housing stabilized, and in some areas, aggressive contracts with multiple offers, price escalations, and contingency waivers became the norm.
The strength in housing was not as universal as it was in 2021. There were very hot and cold segments, depending on location and price point. The affordable sector (<$750,000 in my market) and higher-end (>$1.25 million) seemed to perform very well with heightened competition. The mid-range segment is where we noticed some struggles. One common theme is that buyers at every price point seem much more sensitive to the property’s condition. When the housing payments are this elevated, it doesn’t take much for the buyers to walk away!
What do you make of the so-called “lock-in effect”— the idea that existing market churn will be constrained as folks refuse to give up those 2-handle and 3-handle mortgage rates?
I believe the “lock-in effect” is very real. My opinion is based on countless conversations I’ve had in the past 6-9 months with homeowners who want to move but can’t. Some cannot afford to buy their current home at today’s value and rate structure. Others just cannot stomach the significant jump in payment to justify the increase in home size or the preferred location.
I believe the reason we are seeing struggles in the mid-range home is that the traditional move-up buyer is stuck. In my market, that would be the person who sells the $700,000 home to purchase at $1 million. They currently have a PITI housing payment of $2,750; the new payment would be $6,000 rolling their equity as a down payment. That jump is too much for most, especially those with a median income. That payment would have been $4,500 a couple of years ago, which was much more manageable.
Based on what you’re seeing now, do you have any predictions on what the second half of 2023 might look like? And any thoughts on the spring of 2024?
Despite high rates, the desire to buy a home is still high for many. Given the lag effects of Fed tightening (raising interest rates) coupled with an overall improvement in inflation, one can assume mortgage rates have topped out and will continue to improve from here. Think of playing with a yo-yo on a down escalator, up-and-down movement but generally pushing lower. As rates improve, affordability and confidence will shift, bringing out more buyers and sellers.
I believe this will be supportive for home values and give buyers more choice as inventory increases. Keep in mind, most sellers become buyers, so the net impact on inventory will be negligible. Knowing that some sellers will keep their current home as a rental, one could argue that inventory will worsen. At least buyers will have more house options each week, a stark difference from today.
When discussing strength in housing, thinking through local dynamics is crucial. The DC Metro area has a diverse, stable job market which I do not see reversing if an economic slowdown occurs. We didn’t have a tremendous push towards short-term rentals as many other areas and the “work-from-home” (WFH) environment had most people stay within commuting distance to the cities.
One thing I expect is an unwinding of WFH in 2024. In fact, I’m already experiencing that. Many clients are being called back to the office, either through employer demands or fear they will be exposed to corporate downsizing efforts. As a result, I expect underperforming assets (D.C. condos and single-family rentals in transitional areas of the city) to catch a bid while single-family rentals in the commuting neighborhoods plateau from their record-setting appreciation over the past few years.
Housing market affordability (or better put the lack thereof) is at levels unseen since the peak of the housing bubble. Do you have any advice on how would-be buyers can ease that burden?
This may be the most complex question because everyone is at a different place in life. For the better part of the last 20 years, my consultation calls were 20 to 30 minutes long, and we could formulate a great plan. Today, that pushes over an hour and usually requires a detailed follow-up call. If I had to sum up all my conversations, I would say it comes down to forecasting life and patience.
Forecasting is a process where you map out life over the next two to three years—discussing job stability, income projections, saving and investment patterns, debts rolling off (or being added), kids, schools, tuition, etc. From there, talking about local market dynamics such as housing supply, population growth, and interest rate cycles and projections. This helps formulate a solid budget to use for a home purchase.
Patience can mean several things. For some, it means renting for a period of time to save more money or ride out periods of uncertainty. For others, it could be looking for the right sale price mix and seller concessions for rate buy-downs, closing costs, etc. Sometimes it means being patient with your desired location. Maybe you just can’t have that specific house in that specific area for a few years and settling for the next best location is good enough for now. Housing used to be a stepping stone for many but the low-rate environment of the past few years allowed everyone to get what they wanted right away. We seem to have lost the art of having patience in life.
This story was originally featured on Fortune.com
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Angelo Robert Mozilo, the founder of Countrywide Financial, died from natural causes this weekend, his family announced. He was 84 years old.
Mozilo was a pioneer of the mortgage industry, though a deeply controversial figure.
“Independent of how people outside of the industry may perceive this man, insiders know what an incredible force he was,” his son Eric Mozilo wrote in a LinkedIn post. “Over his span of 50 years, he dedicated his life to delivering the American dream of homeownership to millions. He absolutely insisted on ensuring that minorities were represented, first and foremost. No company, not even up until today, has even come close to the size and dominance of Countrywide. Most of today’s mortgage industry leadership, whether it be an employee, an executive, or even a business affiliate, have had a connection or roots with Angelo and Countrywide. Lastly, he was the best Dad a son could ever ask for.”
Originally from New York City and the son of a Bronx butcher, the brash and charismatic Mozilo founded Countrywide in 1969 with his former mentor David Loeb after receiving a Bachelor of Science degree from Fordham University. For most of its history, Countrywide was known for originating low-risk loans. Mozilo was president of the Mortgage Bankers Association (MBA) in 1991-1992.
He gained full control of the company in 2000, after Loeb’s retirement, and put it in growth mode, becoming the largest mortgage provider in America by 2004, surpassing Wells Fargo and Washington Mutual. In 2006, Countrywide made roughly $10 billion in new loans each work week. The company said its five-year total return at the end of 2006 was 340%, close to 10 times higher than that of the S&P 500.
Mozilo avoided working with subprime loans until the late 1990s, when after noticing that his firm was losing business to competitors, Countywide embraced the type of subprime mortgage lending that eventually led to the housing crisis in 2008. And they did it at a massive scale.
Though he publicly defended the company’s lending practices and said he was championing minority homeownership, Mozilo knew about the poor underwriting standards, according to documents disclosed during government settlements.
“On Sunday I met a mortgage broker from a town near Troy, Michigan who told me that he does all of his business with Countrywide. First I was pleased with the news until he told me why. He said that the area he serves is severely economically depressed and the only way he can qualify his borrowers is the via the pay option ARM,” he wrote to a colleague at Countrywide in 2005. “I have heard this story many times over from mortgage brokers who utilize the pay option for very marginal borrowers for the sole purpose of creating volumes and commissions. We simply cannot and will not allow our company to be victimized by this pervasive behavior and since we can’t control the behavior of others it is essential that we control our own actions.”
When home prices started to fall in 2006 and investors abandoned the mortgage-backed securities (MBS) market in 2007, Countywide began running out of money. With Countrywide needing short-term funding and investigations into its mortgage lending business already swirling, Mozilo sold his company to Bank of America for $4 billion. The bank would ultimately lose about $50 billion on the investment.
Mozilo was charged with insider trading and securities fraud by the U.S. Securities and Exchange Commission (SEC) in 2009, tied to stock sales. According to the New York Times, Mozilo sold $406 million since Countrywide was listed on the New York Stock Exchange in 1984, $129 million realized in the 12 months ending August 2007.
Mozilo settled with the SEC in October 2010 for $67.5 million in fines and accepted a lifetime ban from serving as an officer or director of any public company.
Mozilo became the “face of the financial crisis,” the New Yorker reported.
Mozilo and his wife Phyllis were the founders of The Mozilo Family Foundation, providing scholarships for youth. Phyllis died in 2017. In 2019, Mozilo stepped down from the board’s chairmanship and was engaged in consulting initiatives.
Rob Chrisman first reported the news of his death on Monday.
In 2019, speaking at a hedge fund conference in Las Vegas, Mozilo said he didn’t care that he was still held responsible for the financial crisis.
“A lot of years went by, my wife passed away, I turned 80 years old, and now I don’t care,” Mozilo said, according to a New York Post report. “There’s other things more important in life. Somehow, for some unknown reason, I got blamed for it.”
Most families need to stick to a budget when they travel. But tracking daily expenses, especially in a foreign currency, can be tricky. Here are some easy tips to make it easy to keep track of how much you’re spending.
Before you leave:
Create an email folder for your trip. Each time you make a booking, place the itinerary confirmation and receipt into the folder. You can use the folder to help you build your final itinerary before you leave, too.
Set a daily budget that includes lodging, food, transportation, and entertainment. During the trip you can track your spending against this goal.
Find out how much it costs to get money, and know which source is the cheapest. For example, what fees does your bank charge for using an international ATM and withdrawing foreign currency? What about your credit card? What is the exchange rate? If you expect to travel a lot, you might consider opening a Capitol One credit card with no international transaction fees.
On your trip:
Develop a rule-of-thumb for converting between currencies. You’ll do a better job of reining in your purchases if you know how much you are spending. Your rule-of-thumb doesn’t need to be exact. For example, at today’s rate of 1.57 US Dollars to the Euro, I would multiply any price I saw by two and then subtract 20%. (Meaning a 30 euro item is approximately $60-$12=$48.) This accounts for any transaction fees, and slightly overestimates the cost of each item so that there aren’t any nasty surprises when I return home.
As you get receipts, write on each what it was for.
Bring an envelope for receipts. If some expenses are deductible, reimbursable or shared, bring separate envelopes for each type of expense. At the end of each day, empty your receipts from your wallet into your envelope.
Keep the cash for the day separate from the rest of your cash. For example, you get $300 out of the ATM and you want that to last you 4 days, so that’s $75/day. Put $75 in an easy to access part of your wallet and you put the rest in a harder to reach spot. If you see yourself going into the hard-to-reach spot, you know you’re going over budget.
If you need a more detailed accounting that includes smaller cash transactions, or want more accountability, carry a small notebook. Record each transaction in the notebook (including snacks, bus rides, etc). Each evening, total your expenses and note where you wasted money and can do better the next day. This tip helped us cut our budget significantly by doing things like buying bottled water and snacks at local grocery stores to carry with us when we travel.
Not only will having a detailed accounting of how much you spent on your trip help you keep expenses down, it will help you do a better job of estimating expenses for your next trip before you leave home.
J.D.’s note: On our trip to Europe last summer, I did all of these things based on reader advice. They worked like a charm. I was able to adhere closely to my intended budget. This may sound like too much work, but it really alleviates a lot of hassle, making travel easy and care-free. Photo credit: Refracted Moments.
Georgia is known for many things, from its bustling cities and beautiful nature to its rich history and charming beaches. With magnificent waves and sandy coves, boating and kayaking, sightseeing and fishing, these idyllic Georgia beach towns are some of the best you’ll find. Whether you’re moving to the state or hoping to live by the coast, there are countless coastal towns to check out in Georgia.
But if you’re not sure what beach towns in Georgia to check out, we’ve got you covered. To help you find the right area, Redfin has put together a list of 6 of the best coastal towns in Georgia, from Brunswick to Tybee Island. Let’s explore some of the state’s top beach cities, listed in alphabetical order, and you might just be tempted to move there.
#1: Brunswick
Median home price: $185,000 Average rent for a one-bedroom apartment: $1,261 Brunswick, GA homes for sale Brunswick, GA apartments for rent
About 3,700 people live in this coastal Georgia town, making it a quiet reprieve from city life. There are plenty of waterfront spots to explore while in Brunswick such as Marshes of Glynn and Mary Ross Waterfront Park. Living in Brunswick, you can also explore downtown Brunswick, check out the Victorian-era historic district and Lover’s Oak tree, and hike along the Earth Day Nature Trail.
#2: Darien
Median home price: $246,000 Darien, GA homes for sale Darien, GA apartments for rent
Another one of Georgia’s great beach towns to consider buying a home in is Darien, home to 22,000 people. You’ll find lots of beachfront parks, oceanfront lookouts, and picturesque views of the water throughout town. Some popular things to do in Darien include grabbing a meal at a waterfront restaurant, touring the Fort King George State Historic Site, and checking out the shops and sites downtown.
#3: Jekyll Island
Median home price: $630,000 Jekyll Island, GA homes for sale Jekyll Island, GA apartments for rent
Jekyll Island, located just off the coast of Brunswick, has just about 870 residents. There are plenty of beaches to explore on a warm Georgia day including the iconic Driftwood Beach and St. Andrews Beach. Make sure to take a fishing charter or kayak tour, visit some of the many historic sites including the Wanderer Memorial, a UNESCO World Heritage Site, and hike along one of the nature trails if you move to Jekyll Island.
#4: St. Marys
Median home price: $323,950 St. Marys, GA homes for sale St. Marys, GA apartments for rent
There are plenty of places to spend a day by the water in and around St. Marys. With roughly 7,500 residents in St. Marys, make sure to visit one of the many riverfront parks, enjoy a day at St. Marys Aquatic Center, and take a ferry along the river.
#5: St. Simons
Median home price: $547,000 St. Simons, GA homes for sale St. Simons, GA apartments for rent
The quaint beach town of St. Simons has about 17,300 residents, making it another great place to add to your list. You’ll find stunning beaches such as East Beach and St. Simons Public Beach. Living in St. Simons, you can tour the St. Simons Island Lighthouse Museum, golf at one of the courses, or grab a meal at a local spot.
#6: Tybee Island
Median home price: $650,000 Tybee Island, GA homes for sale Tybee Island, GA apartments for rent
Home to roughly 3,100 people, Tybee Island is a great beach town to consider moving to. Some beaches you can visit include Inlet Ave Beach, Mid Beach, North Beach, and Tybee Beach. Make sure to check out the Fisherman’s Walk Pier and the Tybee Beach Pier and Pavilion, visit one of the museums, and check out the local restaurants downtown.
Note, this list is not comprehensive of all the beach towns in Georgia. Median home sale price data from the Redfin Data Center during June 2023. Average rental data from Rent.com June 2023. Population data sourced from the United States Census Bureau.
Nestled in the heart of Michigan, Grand Rapids has earned its reputation as a vibrant destination with many offerings. The city provides residents with a diverse array of attractions, including vibrant arts, renowned museums, flourishing craft beer, and outdoor recreation. Moving to Grand Rapids means immersing yourself in its rich history, exploring its iconic landmarks, and indulging in the distinct flavors that have put it on the map. So whether you’re searching for apartments in Grand Rapids or homes for sale, Redfin created this guide to get you started and embrace all that this exciting city has to offer.
What is Grand Rapids known for?
1. Affordable cost of living
Grand Rapids is known for its affordable housing costs, making it an attractive place for individuals and families seeking to stay within budget. The median sale price is $290,000, which is 13% lower than the national median. Even renting is affordable; the average rent for a two-bedroom apartment is $1,409, perfect for those wanting an apartment downtown.
The cost of living in Grand Rapids is generally lower than in many other major cities, allowing residents to enjoy a higher quality of life and more disposable income, while benefiting from the amenities and opportunities the city offers.
2. Amazing craft beer
The thriving beer scene is evident, earning its reputation as Beer City, USA. The city is home to numerous craft breweries and brewpubs, offering various flavorful and innovative beers, making it a must-visit destination for beer lovers.
“While more than 50 Grand Rapids breweries call the Beer City Ale Trail home, one of my favorites is Mitten Brewing Company,” says Piper, a travel blogger from Follow the Piper. “Housed in a former firehouse, this baseball-themed microbrewery offers beer flights, and you can also enjoy a pizza flight.”
Constance, a travel blogger from The Adventures of Panda Bear, shares, “Famous for its beers, Founders Brewing Company not only has an amazing Centennial IPA but also a delicious beer cheese dip served with baked crostini and tortilla chips. Hopcat has an extensive selection of beers with 49 taps and a 250-bottle list, so you’ll find something that strikes your fancy; don’t forget to grab their infamous Cosmik fries to go along with that beer. Grand Rapids is the perfect destination to get your foodie and brews on.”
3. Pet-friendly establishments
Grand Rapids is pet-friendly, with numerous parks and trails that welcome four-legged companions and provide designated off-leash areas. The city also hosts pet-friendly events like the annual “Bark in the Park.” It has several pet-friendly restaurants and accommodations, ensuring that pets can enjoy the city alongside their owners.
“You can take your four-legged friends to these patio-perfect places: Zivio, Tupelo Honey, Maru Sushi, Bobcat Bonnies, Linear, Atwater Brewery, and Garage Bar. If you want to let your dog have some social playtime, check out The Pack Indoor Dog Park, Restaurant, and Bar,” shares Sarah Marilyn from Grand Rapids Bucket List.
4. Renowned arts and culture
The city boasts a vibrant performing arts scene, with various theaters and venues that showcase diverse productions, including Broadway shows, ballet, opera, and symphony performances.
David Sparks, a local commercial photographer, shares, “Grand Rapids has all the amenities of a major city, yet has the space to breathe and get away at the same time. Regarding concert performances, venues like the Van Andel Arena, DeVos Performance Hall, and GLC Live at 20 Monroe host world-class touring artists. And if Grand Rapids isn’t hosting your favorite band, Chicago and Detroit have you covered, which are less than a 3-hour road trip away.”
5. Delicious cuisine
Grand Rapids offers a fantastic food scene with many dining options ranging from upscale restaurants to local eateries and food trucks. The city is known for its farm-to-table approach, diverse culinary offerings, and vibrant craft beer culture, making it a haven for food enthusiasts.
“You must try the rooftop at Hotel Mertens, says Kelly Braman, a lifestyle photographer. Order the oysters and champagne, and remember dessert: chocolate pot de crème. I also love the little cafes where you can grab, go, or sit. Take a peek at gourmet bread and pastries at Wealthy Street Bakery.”
Carla Ludwig from Hope for Single Moms, a faith-based non-profit moving single mom families from poverty to prosperity, shares, “Grand Rapids has been known as Beer City, USA. However, if you’re a foodie, Grand Rapids probably is ranked pretty high for the food. My husband and I are frequent visitors of Bowdie’s Chophouse.”
6. Furniture manufacturing
With a longstanding reputation as a hub for furniture manufacturing, Grand Rapids’ nickname is “Furniture City.” The city’s history in the industry dates back to the 19th century, when it became a center for fine furniture craftsmanship. Grand Rapids was home to numerous renowned furniture companies, producing high-quality and beautifully crafted pieces.
Although the industry has evolved and faced challenges over the years, the legacy of furniture manufacturing remains strong in the city, with some companies continuing to produce furniture while others have transitioned to different aspects of the industry, such as design, distribution, and retail.
7. Beautiful scenery
Nestled along the picturesque Grand River, the city offers scenic waterfront views. Grand Rapids is surrounded by lush green landscapes, parks, and nature trails that showcase the region’s natural splendor, providing ample opportunities for hiking, biking, and exploring the outdoors. From the serene Frederik Meijer Gardens and Sculpture Park to the tranquil beauty of Millennium Park, Grand Rapids offers a wealth of stunning scenery that showcases the harmony between urban development and the natural world.
8. Renowned museums
Its rich museum scene has made Grand Rapids renowned, providing diverse cultural and educational encounters. The city boasts notable institutions, like the Grand Rapids Art Museum, housing a remarkable assortment of contemporary and historical artworks. The Gerald R. Ford Presidential Museum offers a captivating insight into American history and politics connected to the 38th President. Additionally, the Grand Rapids Public Museum offers interactive exhibits exploring science, history, and culture.
9. Professional sports teams
Prepare to cheer on your favorite sports, as the city is home to many teams. You’ll find the Grand Rapids Griffins, an American Hockey League team known for its thrilling hockey games that draw in passionate fans. Furthermore, the Grand Rapids Drive, an NBA G League affiliated basketball team, showcases thrilling talent and supports emerging players. These professional sports teams contribute to the city’s lively sporting culture and offer thrilling entertainment for locals and visitors alike.
10. Grand River
Grand Rapids got its name from the Grand River, which flows through the city and holds a special place historically. The Grand River has recreational pursuits, such as kayaking, allowing nature lovers to engage with the outdoors. The scenic waterfront, adorned with parks, trails and trails offers residents peaceful spots to stroll and appreciate the beauty. Moreover, the Grand River sets the stage for year-round events and festivals, adding to the city’s vibrant cultural atmosphere.
An astonishing compound in Big Sky Country comes with a pyramid and a spaceship. You read that right.
The three-bed, three-bath, off-grid property, which includes a Quonset building, sits on just under 28 acres in Ennis, MT, and is listed for $5,250,000.
The place actually came onto the market in 2019 for $2.2 million but with only 10 acres of land.
“All three buildings on the property are quite unique,” explains listing agent Richard Mayo, with Coldwell Banker Distinctive Properties. “The owner of the property designed and built them all himself. It was built to specifications for efficiencies and to capture the most sunlight.”
Exterior
(Roy Chapman)
Spaceship-style building
(Roy Chapman)
Quonset building exterior
(Roy Chapman)
The owner has been living in a small, pyramid-style building.
“It’s situated in such a way that it catches maximum sunlight to maximize efficiency,” Mayo says. “But the big building that probably caught your eye is called the laboratory.”
This structure looks a bit like a three-story spaceship.
“The basement story with the garage doors is vehicle storage and a full machine shop and laboratory and an experiment station, where [the owner] invents things,” Mayo says.
The lab has a definite lived-in look.
“The second story is where [the owner] lived at one point and is probably 2,500 square feet and [has] three bedrooms,” Mayo notes.
One of the bathrooms is very colorful and close to an area the owner used as a sound stage. There’s an additional stage area is outside.
The home’s third level offers a different vibe, though.
“The top floor is a room that is completely white, and full of south-facing windows, and is really super light and bright,” Mayo says. “It would be an awesome greenhouse or something. You could have your own inside garden.”
Lower-level storage and workshop
(Roy Chapman)
Second-level living space
(Roy Chapman)
Kitchen
(Roy Chapman)
Mayo says he has known the seller for about 30 years and helped him sell some agricultural land to pay for the construction of this compound.
“When I first saw it, I was totally in awe of what he has done and how he has done it,” Mayo says.
He explains that while the spaceship-shaped building is in reasonable condition, the pyramid could use some TLC. The roughly 5,500-square-foot Quonset building has never been used and is in perfect shape.
“You can have a number of different things inside,” Mayo notes. “It’s a beautiful building with a full commercial kitchen. It would be perfect for groups of people who wanted to gather for conventions or whatever.”
Top level of the lab
(Roy Chapman)
Quonset interior
(Roy Chapman)
Solar and wind energy systems are in place, allowing the property to function independent of any municipal utilities. The land is close to Big Sky Resort and is surrounded by mountain and valley vistas.
So, who might be most enticed by this property?
“The perfect buyer is someone with a flair for creativity and someone who appreciates design, and structure, and the environment it is in,” Mayo says. “It could be some group or company that wants space to manufacture things—or a group that want their privacy and yet be kind of close to amenities.”
When the Wander Card debuted in 2021, its issuing bank was quick to point out that it’s not a “typical travel credit card” that involves miles, luxury lounges or lavish vacations. And while all that’s true, note that it charges the same annual fee as credit cards that have those perks.
Issued by Credit One (not to be confused with Capital One), the Wander Card does stand out, however, as one of the only travel credit cards available to those with fair credit — aka average credit — an underserved market that typically includes those with FICO scores of 630 to 689. Most travel credit cards from major players like Chase, American Express and Citi require at least good credit, meaning scores of 690 or higher.
If you meet that threshold and don’t mind paying an annual fee in exchange for valuable travel rewards and perks, you can pass on the Wander Card. You’ll get much more out of other similarly priced travel cards.
Here are five things to know about the Credit One Wander Card.
1. It has an annual fee typical of travel credit cards
The Wander Card carries a $95 annual fee, which is assessed upon account opening.
But those cards offer you a lot more back.
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The minimum credit limit on the Wander Card is $500.
2. But it lacks the perks typical of travel credit cards
The Credit One Wander Card comes with the same price tag as other travel cards, but it doesn’t boast the same benefits. For example, the Capital One Venture Rewards Credit Card packs several perks that can offset its $95 annual fee, including a $100 credit for Global Entry or TSA PreCheck. The card also comes with travel insurance and car rental insurance — plus, it gets you two visits to eligible airport lounges per year.
The Wander Card only offers travel accident insurance. On the plus side, it doesn’t charge foreign transaction fees, but that should be a given for any travel credit card that you might take abroad.
3. You’ll get solid rewards on travel expenses
As to be expected in a travel card, the Wander Card offers its highest rewards rates on travel purchases. You’ll earn:
10x points on eligible hotels and car rentals booked using the Credit One Bank travel platform, accessed via the link in the Credit One Bank mobile app or your online account.
5x points on flights, dining and gas as well as on eligible travel not booked using the Credit One Bank travel partner.
1x points on all other purchases.
4. There are flexible redemption options
Credit One Wander cardholders have a healthy menu of redemption options for their points, which never expire as long as the account is in good standing. Points may be redeemed for:
Statement credits. (Cardholders must redeem in increments of 1,000 points.)
Gift cards.
Merchandise.
Eligible activities.
Points are worth 1 cent when redeemed for a statement credit. However, point values may vary when redeemed for gift cards, goods and activities.
Travel redemptions are facilitated by Aspire Loyalty Travel Solutions.
5. It has a modest sign-up bonus
As of this writing, the Wander Card comes with the following sign-up bonus: Earn 10,000 bonus points after spending $1,000 on eligible purchases in the first 90 days from your account opening that can be redeemed for a $100 statement credit, gift cards, or travel.
That’s a decent offer if you have only fair credit; many cards for fair credit don’t offer any sign-up bonus.
But again, if you have at least good credit, you can find far, far more lucrative bonus offers on cards with comparable annual fees. The aforementioned Chase Sapphire Preferred® Card, for instance, offers the following: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when you redeem through Chase Ultimate Rewards®.
We would like to think of life insurance agents as trusted advisers whose only aim is to get us the right coverage.
But the nature of life insurance -– and the job of life insurance agents -– makes them something close to our natural enemy.
Life Insurance Agent Secrets
One easy way to prevent being taken advantage of is to find an independent agent. “Independent agents save you time and money,” said Chris Huntley, co-founder of JRCInsuranceGroup.com.
“Rather than completing applications and medical exams with 15 of the best life insurance companies to see which one will approve you at the best rating, make one call to a qualified independent agent, who can place you with the most appropriate carrier based on your unique personal and medical history.”
In a lot of ways, what hurts us as consumers of life insurance actually benefits life insurance agents. Here are nine examples of what I’m talking about in a quick Life Insurance 101 article!
1. Their Income Is 100% Commission
Any time you’re buying from a person compensated 100 percent by commission, your radar needs to be up and in perfect working order. Being on commission doesn’t make a person evil. But it may change his or her perspective, as well as the type and degree of products that you will be introduced to.
If the agent is entirely on commission, he or she will then have a vested personal interest in selling you products that will result in you paying the highest premium possible and hence yielding the highest commission. It is also why when you fill out the form for an online life insurance quote engine you will frequently get calls from multiple agents within minutes of hitting submit. Each one is trying to reach you first so that they can get the sale.
2. You May Very Well Be Over-Insured
Whenever an agent evaluates how much life insurance you need to have, he will almost inevitably start with numbers that are larger than anything you’d ever imagine that you would need.
For example, it’s not unlikely that the agent will suggest that you need to have life insurance equal to 30 times your annual income. If you are earning $100,000 per year, he may suggest — without flinching — that you will be adequately insured by a $3 million dollar insurance policy.
After all, you will need to provide income for your family for the next 20 years, college educations for your children, the payoff of your mortgage and a comfortable retirement for your spouse.
He knows that it is unlikely that you will take a life insurance policy that large, but it’s an excellent starting point — for him. After all, if he suggests $3 million but walks out of your house with an application for a $1 million policy, he wins. That’s because he knew going in the door that you probably only wanted a policy for a couple hundred thousand dollars.
And you’d probably be right. After all, if you have other investments and your spouse is also well-employed, you will only need a fraction of the life insurance coverage that the agent will suggest.
Most often, life insurance is only needed to settle final arrangements, medical bills, outstanding debts and maybe a few years of living expenses. Providing for your loved ones to live in luxury for the rest of their lives is an expensive you can’t afford, nor need.
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3. Whole Life Isn’t a Good Investment — Or Even Good Insurance
Life insurance agents like to sell whole life insurance as the best of both worlds–- an investment program with life insurance coverage. In truth, it doesn’t do either particularly well. The insurance benefit will be limited because the premiums are high. And since so much of the premium goes to pay for investment fees and the life insurance coverage, there is relatively little left over for investment within the plan.
4. The Cash Value of Whole Life Won’t Benefit You for Years
Life insurance agents like to hawk the virtues of the cash value build-up in a whole life insurance policy. This is another myth. As a rule, it will take at least five years before you will have a cash value that is equivalent to the amount of money you paid in premiums into the policy. And maybe not even then.
5. “Buy Term and Invest the Difference” Really Is a Better Strategy
There is probably no slogan confronted by life insurance agents that is more irritating to them than this one. And that’s because the slogan is true.
Since term insurance is so much less expensive than whole life, you can buy a lot more of it -– in fact a more reasonable amount for your needs. And the investment performance of mutual funds -– particularly index funds –- dramatically outperforms that of any insurance related investment vehicle.
Even if the combination of term life insurance and investment in a mutual fund is no less expensive than a whole life insurance premium, the money you will accumulate in the mutual fund — and the speed at which you will do it — make it a far superior investment to a whole life insurance policy. And you’ll have a whole lot more life insurance coverage along the way.
6. We Don’t Know About the Value of Long-term Care Insurance
From a consumer standpoint, there are two fundamental problems with long-term care insurance coverage:
It’s very expensive.
It’s not certain that you will ever need it.
Since people are living longer than ever, making a provision for long-term care has become a hot topic. Insurance agents know this, and they’re exploiting the fear.
Emotions aside, most people don’t need long-term care. And even if they do, it’s often for a short period just before death. If there are other assets available, particularly retirement assets or a home with substantial equity, long-term care insurance with my be unnecessary.
And if it isn’t ever needed, you will have spent tens of thousands of dollars over many decades funding an insurance policy that was never necessary. This is an important consideration when there are so many other priorities in your household budget.
Long-term care insurance is relatively new coverage, and it’s not at all certain that it will survive the test of time. Some insurance companies have withdrawn long-term care insurance coverage due to the inability to predict future medical costs or the longevity of their clients.
7. Your Kids Don’t Really Need Life Insurance
Life insurance agents love to sell whole or universal life insurance policies to parents of young children, stressing the advantages of the investment provisions of the policies. Those provisions, they argue, will help parents to provide funds for their children’s college educations. But nowhere is the advice of “by term and invest the difference” more relevant.
You should have only enough insurance coverage on your children to pay for final expenses and uncovered medical costs. In most cases, a $50,000 term life insurance policy will get that job done with money to spare. There is no need to replace lost wages with a ridiculously large policy.
And as we’ve already discussed, insurance related investment vehicles are underperforming investments. You’ll be far better off investing money in a mutual fund for your children.
8. There Is No FDIC Equivalent Back-Stopping Insurance Companies
This is a very relevant question – but seldom asked — since life insurance agents like to position themselves as investment advisers. The investments that they sell are almost always exclusively insurance products. However, there is no equivalent to the Federal Deposit Insurance Corp. that will back up the life insurance company in the event of investment failure.
There are arrangements within each state for companies to collectively backup a failed insurance company, but there is no apparatus in place to deal with a systemic failure such as the financial meltdown that hit the banks and financial companies a few years ago.
While this has obvious implications for the life insurance coverage that you pay for and expect to have, it becomes much more significant when you have a lot of money sitting in insurer-sponsored investments.
More Tips for Dealing With Life Insurance Agents
If you apply for life insurance, keep these four tips in mind from Jeff Root, a life insurance agent and founder of Rootfin.com. And again, they’re not tips your agent will be likely to recommend.
If you’re not satisfied, ask for reconsideration. Life insurance underwriters will always offer the best possible rate class as permitted by their underwriting guidelines; however, if you’re not happy with the life insurance company’s offer, your agent can submit a “reconsideration request” and ask the underwriter for a better offer. Most agents don’t even mention this as an alternative because of the extra work involved in drafting a letter convincing the underwriter why they should qualify for a better health classification.
Ask for tentative offers. Consumers can get “tentative offers” from life insurance companies before applying for life insurance. Independent life insurance agents send your risk anonymously to various underwriting desks. Underwriters typically reply within 48 hours with a health classification in what we call a “tentative offer”. You can attach this tentative offer to the life insurance application, and the company you apply with must give you this rate unless you withheld any information from them. This is a must for people with health issues applying for life insurance.
Shopping won’t necessarily get you a better rate. Going from website to website won’t result in finding better rates. However, each company looks at your health differently. It’s your agent’s job to fit your unique health situation into the underwriting guidelines of each company and then see who provides the best rates.
Most applicants won’t get the preferred best rate. Less than 5 percent of people who apply for life insurance can qualify for “preferred best.” Yet it’s the No. 1 health classification quoted on websites.
Getting ready to ring that bell “It’s extremely exciting,” DeCiantis told MPA during a telephone interview. “Most if not all of our clients will never be part of a company that goes public. So to be a partner with UWM and be able to have this experience, you can’t just go buy. It’s a once-in-a-lifetime … [Read more…]