“Coming to work at NEO feels like being at home,” says loan coordinator and team leader, Darcy Gonzalez. “The culture fostered by management and ownership is unparalleled. It’s truly a family atmosphere where we care deeply for one another and our clients.” Division vice president, Pinky Shah, comments, “I’ve been in this industry for 20 … [Read more…]
South Carolina is a state rich in history, culture, and natural beauty. Whether you’re looking to rent in Charleston or searching for an apartment in Columbia, you’ll find there’s so much to love about this Southern gem. Living in South Carolina offers a variety of unique experiences, from beautiful beaches to thriving cultural scenes. Here are some fun facts about South Carolina that might surprise you.
The town of Summerville, SC boasts the world’s largest sweet tea. Locals created a giant glass in 2013 that could hold 2,524 gallons. Sweet tea is a popular drink throughout the South. It symbolizes hospitality and the relaxed lifestyle of the state. Visiting Summerville provides an opportunity to see this fun attraction.
The Apache Pier in Myrtle Beach stretches more than 1,200 feet into the Atlantic. It’s a popular spot for fishing, walking, and sightseeing. Families love the views and activities available at this pier. Many visitors also enjoy the live entertainment nearby.
Not every state has its own official dance, but South Carolina honors the shag dance as its official state dance. It originated on the beaches during the 1940s. Today, locals and visitors still enjoy dancing the shag at events and festivals. It’s a fun way to socialize and experience local culture.
Located on Johns Island, the Angel Oak Tree is a magnificent sight. This live oak stands 65 feet tall and provides 17,000 square feet of shade. Many consider it one of the oldest living things in the country. People come from all over to admire its beauty. Visiting the Angel Oak is a must when in the Charleston area.
Georgia may get more publicity for its peaches, but South Carolina is the true peach leader. The state produces more peaches than any other on the East Coast. Locals enjoy fresh peaches in desserts and as a simple snack. The Peachoid water tower in Gaffney celebrates this fruity fame.
Congaree National Park preserves one of the most significant forests of its kind in the country. The park offers miles of hiking trails and stunning views. It is also home to many plant and animal species. Locals and visitors can enjoy activities like kayaking and bird-watching.
Located in Murrells Inlet, Brookgreen Gardens opened in 1931. It features beautiful sculptures and lush botanical gardens. The founders wanted to showcase American figurative sculpture. Today, Brookgreen Gardens continues to inspire creativity. It is a peaceful place to explore art and nature together.
Broadway at the Beach in Myrtle Beach is a major entertainment complex. It features shops, restaurants, and family-friendly attractions. Visitors can enjoy live shows, aquarium exhibits, and much more. The area also includes a fun carnival section for kids.
The Hunting Island Lighthouse is a well-known feature of the state park. Built in 1859, the lighthouse stands at 136 feet tall. Visitors can climb its 167 steps to see stunning ocean views. It’s the only publicly accessible lighthouse in the state. Hunting Island is a historical landmark that also provides a perfect spot for beach-goers.
Azaleas bloom all over South Carolina during the spring months. The colorful flowers create a stunning display, especially in gardens and parks. Locals celebrate the blooming season with festivals and tours. Summerville holds an annual Azalea Festival each spring. The azaleas add vibrant beauty to South Carolina’s landscapes.
Middleton Place, located outside of Charleston, features the oldest landscaped gardens in the country. These gardens date back to 1741. Visitors can wander through the beautiful terraces and reflecting pools. It’s a peaceful and historic spot to enjoy nature. The gardens offer a glimpse into the state’s colonial past.
The Great Pee Dee River flows from North Carolina into South Carolina. It plays an important role in the history of the region. Many people enjoy outdoor activities like fishing and kayaking on the river. It’s also vital to the area’s natural ecosystem. The Pee Dee River provides both beauty and resources to the state.
The Gullah culture of the Lowcountry has strong ties to African heritage. Residents preserve traditional crafts, language, and culinary customs. Many visitors enjoy learning about Gullah history through tours and events. The unique culture contributes significantly to the state’s identity. South Carolina honors and celebrates Gullah traditions year-round.
The Sea Islands stretch along the coast, offering stunning views and unique cultures. Each island has its own charm, from Hilton Head to Daufuskie. Many people visit for the beautiful beaches and relaxed atmosphere. The islands are also home to the historic Gullah community. South Carolina’s Sea Islands are a peaceful getaway for many.
Riverbanks Zoo and Garden in Columbia offers free entry for residents at specific times. It’s home to hundreds of animal species and beautiful botanical displays. Many visitors stop by to enjoy the educational programs and activities. It’s one of the largest and most popular attractions in the state.
Here is the new list of the Pay Yourself Back categories on the Chase Sapphire Reserve card, valid through January 31, 2025:
A lot of people won’t be happy given the removal of Wholesale Clubs. On the other hand, I think utilities and insurance are actually easy categories to use and find these more easily useful.
Chase Aeroplan PYB is 1.25 cents per point on Travel purchases through 12/31/24.
If anyone can verify the Chase Southwest PYB 1 cent per point toward cover the annual fee and .8 cents per points to cover Grocery or Gas (up to $300 in statement credits), please let us know. Same for the Chase United PYB for the Annual Fee (between 1.5 and 1.75 cents per point, depending on the card version), please let us know.
Source: doctorofcredit.com
Over the past several years, mortgage lenders have been offering “early bird” conforming loan limits for the upcoming year.
This allows them to make bigger loans that adhere to the underwriting guidelines of Fannie Mae and Freddie Mac without them being considered jumbo loans.
Instead of waiting until January 1st, they make a projection for where the loan limit will land the next year and offer it around the fourth quarter.
For example, in early October 2023 some lenders raised the 2024 loan limit to $750,000 ahead of the announcement that came in late November.
That loan limit wound up being $766,550, which meant the lenders who offered the higher loan limits ahead of time didn’t get caught out.
But that only worked because home prices kept on marching higher and higher.
Like last year, lenders haven’t waited for the conforming loan limit announcement in late November to raise it.
And this year it has come even earlier than in years’ past. It has actually become a sort of game between competing mortgage companies to be the first out of the gate.
Rocket Pro TPO, the wholesale division of Rocket Mortgage, was first to come out with the 2025 loan limits this year.
On September 13th, they announced a limit of $802,650, up from the current limit of $766,550. This represents a 4.7% increase.
While that seems like a fairly reasonable estimate, home price appreciation has been slowing this year.
At last glance, home prices as measured by the FHFA HPI were up 4.5% from July 2023 to July 2024.
To come up with the conforming loan limit, the FHFA uses home price movement from the third quarter of the prior year to current year (see FAQ).
So we need the August and September data before they can make that determination.
Since the YoY appreciation is currently below the 4.7% needed to hit those projected 2025 loan limits, the next two releases will need to show home prices rising at a faster clip. What if they don’t?
Remember how I said this has become a game between lenders to see who comes out with the loan limits first? Well, it has also become a game of who goes highest.
And it appears that the nation’s largest lender, United Wholesale Mortgage (UWM), has won that battle.
They weren’t first, but they came out with the highest 2025 loan limit, offering to fund loans up to $803,500 for the remainder of 2024.
That’s a 4.8% YoY increase in home prices. Not much different than Rocket’s, but well above some other mortgage lenders who are playing it a little safer.
For example, Rate (formerly Guaranteed Rate) has only offered to go as high as $792,000, while Pennymac is only willing to go to $795,000.
Inside Mortgage Finance writer James Dohnert expressed some concern with these varying limits, noting that “it’s possible that some origination shops shot too high.”
And that if the actual 2025 loan limits come in below what these lenders are currently allowing, any of the related conforming loan production would “inherently turn into non-agency product.”
At that point, these lenders would either need to keep the loans on their books or perhaps sell them at a discount (maybe a loss) if they wished to unload them.
They wouldn’t qualify for backing by Fannie Mae or Freddie Mac, meaning they couldn’t be sold to or guaranteed by the pair.
This could present problems for the lenders who do a decent amount of volume using these new provisional loan limits.
It may also change how they offer early bird limits going forward if home prices do indeed come in lower than expected.
Given how home prices have been screaming higher and higher each year, it has yet to be a problem.
But this could finally be a turning point as housing affordability finally weighs on appreciation.
Stay tuned on this one. It might get interesting.
CrossCountry Mortgage – $802,650
Guild Mortgage – $799,125
Movement Mortgage – $802,650
Newrez – $795,000
Pennymac – $795,000
Rate – $792,000
Rocket Mortgage – $802,650
TowneBank Mortgage – $795,000
United Wholesale Mortgage – $803,500
Source: thetruthaboutmortgage.com
A 529 plan is a popular way to help pay for college. But it can also be used for private school to help cover the cost of tuition.
There are rules and restrictions about 529 private school use, and where you live can make a difference. If you’re considering private education for your child, here’s what you should know about 529 plans.
The cost of private school is substantial: The average K-12 tuition is $12,350 a year, according to the Education Data Initiative.
A 529 savings plan is an investment account that’s designed to help families pay for a student’s education expenses. Although a 529 is primarily meant to be used for college expenses, up to $10,000 from a 529 can be applied to K-12 private school tuition, as long as your state considers it a qualifying expense. This is one of the many 529 plan benefits that families can take advantage of.
Recommended: Prepaid College Plans by State
If you’re expecting your child to go to college, you may want to open a 529 savings plan for them. Parents, relatives, and friends can all make contributions to the plan. 529 plans can help students pay for college tuition and related qualifying expenses so they won’t need to take out as much in federal and private student loans.
One of the advantages of a 529 is that money in the account can grow over time, especially if you open it when your child is young. As of mid 2023, the national average account balance for 529 savings plans was $27,741, according to the Education Data Initiative.
Another perk of a 529 plan is the tax benefits that come with it. There is no federal income tax on earnings and qualified withdrawals from the plan. In addition, your state might also offer income tax benefits on contributions to a 529.
However, using a 529 for private school means you may end up depleting some of the funds that would otherwise go toward your child’s college expenses, so it’s wise to be strategic about this option. For example, if your oldest child decides they don’t want to go to college after all and they’re currently in private school, you could use the 529 account to help cover their private school cost. Or if you’re at risk of overfunding the account beyond your state’s 529 contribution limits, using some of the money in the 529 for private school can make sense.
If you use a 529 for private school and your child then has less money for college costs, there are financial aid options that can help. You can explore scholarships and grants, and federal and private student loans.
Recommended: SoFi Scholarship Search Tool
Only offers made via ACH are eligible for the match. ACATs, wires, and rollovers are not included.
There are rules about using a 529 to fund a child’s private school tuition. Make sure you understand the following:
Your ability to use a 529 tax-free for private school depends on the state you live in. Not all states consider elementary and secondary private school tuition as a qualifying education expense. If your state treats private school tuition as a non-qualifying expense, you might face additional tax on any withdrawals you make.
States that don’t consider distributions for private school as a qualifying expense include California, Nebraska, and New York to name a few. Check the rules for your state.
When 529 withdrawals are used for college costs, the list of qualified expenses (meaning those that don’t incur taxes or penalties) is broad. Tuition and fees, textbooks, school computers, lab equipment, and room and board are all considered qualifying college expenses by the IRS. But with private schools, qualified expenses are restricted to tuition fees only.
A 529 plan is a federal tax-advantaged savings vehicle. Earnings grow tax-free and 529 distributions up to $10,000 annually for private school tuition are not taxed.
However, non-qualified withdrawals, such as using 529 funds to pay for private school uniforms or taking out more than the $10,000 limit for tuition, are subject to federal income taxes and might incur other 529 plan penalties.
Some states offer tax deductions or credits on 529 contribution amounts, but a number of states do not. California, for example, doesn’t consider private school tuition a qualifying 529 expense. The earnings portion of a 529 withdrawal used for private school is subject to California income tax, and an additional 2.5% tax applies.
To be eligible for contribution-related tax benefits in certain states, you must have opened the state-sponsored 529 plan. If you opened an out-of-state 529 plan, you might not be able to claim your state’s 529 tax perks.
Before using a 529 to pay for K-12 private school tuition, take the following steps.
It’s important to understand your state’s rules and restrictions regarding 529 withdrawals for private school tuition. For example, you may need an in-state plan to qualify for tax benefits.
Also, find out if your state treats private school tuition as a qualifying expense for tax deductions or not.
Speak to a trusted tax professional to review how using a 529 for private school might impact your taxes. They can offer guidance based on your specific financial situation and state’s rules so you’re not caught off-guard with a greater tax liability than you expected.
Some 529 plans let you request a withdrawal online. Others might require you to contact the plan’s administrator to start the withdrawal process. Typically, the funds can be disbursed directly to your child’s private school, but there may be an option to disburse them to the account owner.
A 529 plan allows you to invest in your child’s education. While these plans are a popular way to help save for college, you can use 529 savings to help pay for your child’s K-12 private school education with certain caveats. The funds can only be used for private school tuition, and no more than $10,000 can be withdrawn tax-free. Some states don’t consider private school tuition as a qualifying expense, which could result in an added tax liability on your state tax return. Double-check your state’s 529 rules.
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A 529 can generally be used for private schools, including religious K-12 schools. Up to $10,000 of your 529 savings can be used toward K-12 tuition each year.
Yes, you can use a 529 plan to repay private student loans. However, a lifetime cap of $10,000 of qualified student loan repayments can be repaid using 529 funds.
You can use a 529 for private school tuition as long as the institution is an accredited private college, university, trade school, or graduate or professional school.
Photo credit: iStock/FG Trade Latin
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As the leaves begin to change and a crispness fills the air, Denver, CO transforms into a vibrant autumn playground. From stunning parks adorned with fiery foliage to local festivals celebrating the season, there’s no shortage of hidden gems to enjoy in the Mile High City. From nature lovers to foodies, to arts enthusiasts, Denver offers many fun-filled things to do that capture the ever-so-stunning spirit of fall.
Whether you’ve just settled into your new home in Denver, CO, are on the hunt for the perfect apartment, or are seeking a rental to experience your first Colorado fall, join us as we discover the beauty and excitement of fall activities in Denver.
As the vibrant autumn colors create a stunning backdrop for outdoor activities, exploring a fall farm in Denver is a delightful way to experience the season come alive. Visitors can wander through pumpkin patches, enjoy hayrides, and participate in apple picking, all while soaking in the crisp, refreshing air. Many farms also offer seasonal events like corn mazes and craft markets, making it one of the perfect fall activities in Denver for families and friends.
Making a holiday wreath at Yetman Farms is a charming way to embrace the festive spirit while enjoying the beauty of nature. Backed up to Bear Creek Trail, the farm makes you feel like you’re in the middle of the countryside, enjoying an evening in the fields.
To create your own wreath, they use flowers grown right on the farm to celebrate the season. Each personal arrangement reflects the vibrant colors and textures of nature, making your creation truly unique.
With the fields alive with the vibrant colors of autumn, the farm animals roam happily, their coats thickening for the colder months. Chickens cluck around, pecking at fallen leaves, while goats playfully butt heads amid the pumpkin patches.
Home to 175 animals, The Urban Farm is the ideal destination for those looking for a place to see them in their habitat. It’s a perfect time to watch the animals interact, enjoying the bounty of the season together.
As harvest time approaches, learning about sustainable farming at SustainEd Farms is a fascinating way to see how farms utilize eco-friendly practices to enrich the soil and conserve water. The vibrant autumn landscape serves as a reminder of how sustainable methods not only benefit the environment but also produce healthy, delicious food for the community. Each lesson learned under the golden hues of fall deepens appreciation for the balance between agriculture and nature.
Ekar Farm’s Sukkot and Harvest Festival is a vibrant celebration of community, sustainability, and the bounty of the season. With pumpkin carving, apple cider making, and activities for all ages, the festival highlights the beauty of nature and the importance of supporting local agriculture. With its sustainably grown fruits and vegetables, it’s the perfect fall destination to connect with the local community.
Cozying up with a cocktail at a French restaurant in Denver is the perfect way to escape the chill of fall. The warm ambiance at La Forêt invites you to unwind as you warm up with a bowl of their French Onion Soup or savor their rich Stag au Poivre. Indulge in the cozy forest atmosphere during their ‘Pastis Hour’ and enjoy discounted drinks inspired by the French pastis tradition.
A fall art class is a wonderful way to embrace the season’s creativity and warmth. Surrounded by vibrant autumn hues, you can explore new techniques while drawing inspiration from the changing landscape outside. It’s a chance not only to hone your skills but also to connect with others who share a passion for art, all while enjoying the cozy atmosphere that this time of year brings.
One of the top fall activities in Denver is attending a fall-themed watercolor and acrylic art class for adults at RemainReal Fine Art Gallery. It’s a perfect way to get creative with friends or as a unique date night. After class, explore the vibrant Santa Fe Arts District, one of the many Denver neighborhoods, where you can peruse local galleries, grab a bite at a nearby restaurant, or enjoy a cozy coffee from a local café surrounded by the district’s artistic energy.
Located in the walkable neighborhood of Baker, Fleur is a creative space that offers art classes and workshops led by local makers. A woman-owned and operated studio, Fleur curates immersive experiences where participants can dive into a wide range of creative projects from jewelry making to textile arts, stained glass making to natural dyeing. Known for its inclusive and welcoming space, Fleur is the perfect spot to explore new skills and craft something special this fall.
Thrifting for cozy sweaters at Gone for Good Thrift Store in Denver is a delightful way to embrace the season’s warmth and style. As you sift through racks of gently used garments, the thrill of discovering a unique, oversized knit or a vintage cardigan adds to the excitement.
The soft textures and rich autumn colors invite you to imagine all the cozy outings ahead, from pumpkin patch visits to evening bonfires. Each find feels like a treasure, perfect for layering on chilly days while enjoying the charm of fall fashion.
Denver is known for its vibrant coffee scene, boasting a diverse array of artisanal roasters and cozy cafes that cater to both connoisseurs and casual sippers alike. Start your morning at Nixon’s Coffee House and a latte to fuel up before heading to Washington Park. With the trees turning golden and the crisp air energizing your walk, fall is the perfect time to take a stroll through the park with a warm apple chai in hand.
Just a short distance from the park, an inviting coffee shop such as Nixon’s Coffee House offers a comforting spot to warm up, study, or relax after enjoying some fall activities in Denver.
Taking a bike ride to see the fall foliage in Denver is a refreshing way to soak in the season’s beauty. The crunch of leaves under your tires adds to the experience, making each turn feel like an autumn adventure. Pausing to take in the breathtaking views, you can truly appreciate the magic of nature’s transformation during this enchanting time of year.
Lindsey Sozio, founder of Lavender Coffee Boutique, recommends, “One of our favorite fall activities in Denver is to go for a bike ride along the scenic Highline Canal Trail to take in the stunning autumn foliage.
Sozio continues, “Afterward, we look forward to unwinding and cozying up at the Lavender Coffee Boutique’s outdoor patio, where we sip on the warm fall drinks while reminiscing about our ride.”
A farmers market in the fall is an amazing way to experience the sights and scents of the season. With the aroma of fresh baked goods and spices, it’s a perfect opportunity to connect with local farmers and taste seasonal produce.
“Fall Sundays at the South Pearl Street Farmers Market are a true Denver delight. The crisp air, vibrant produce, and warm community vibes make for the perfect autumn outing,” says Alexandra Eitel, operations manager at Sanctuary Chai.
Eitel also recommends heading over to the patio at Steam Espresso Bar after meandering through the market to warm up with a delicious spiced chai.
Apples are quintessentially tied to fall, embodying the season’s spirit with their vibrant hues and crisp textures. To dive into this ripe fruit of the season, go “apple picking” with Ela Family Farms at many of the local farmers markets. With varieties such as Swiss Gourmet, Honeycrisp, and Hubbardston Nonesuch, there’s something to delight every palate.
Visiting a haunted attraction during fall is a thrilling experience that ignites the spirit of the season. As you step into the eerie atmosphere, the suspense builds with every creaking door and flickering light. Scares in spine-chilling costumes jump out from dark corners, sending shivers down your spine. The adrenaline rush of navigating through haunted mazes and chilling encounters makes for unforgettable memories, wrapping you in the excitement and spookiness that the spooky season brings.
Stepping into The Ritual Haunted House feels like crossing into another realm. The dimly lit paths wind through wooden beams as you walk through the swamp. Each corner reveals scenes of shadowy figures and eerie artifacts, immersing you in a nightmarish tale that keeps your heart racing until the very end. It’s a haunting journey that lingers long after you escape the depths of the swamp.
Named one of the scariest haunted houses in the country, 13th Floor has haunts that will leave you shaking in your boots. With Mini Escape Games, secret bars, and a Zombie Shooting Gallery, the scares at this spooky experience are sure to leave you with nightmares. Each attraction unveils a new horror, from ghostly apparitions to sinister surprises that leap out when you least expect them. As you navigate the twisting passages, the tension builds with every step, making you wonder what awaits around the next corner in this heart-pounding descent into darkness.
Take on a thrilling twist to the season and channel your inner lumberjack at American Paintball Coliseum with axe throwing and paintball adventures, perfect for those looking to add some excitement to their fall activities in Denver. Perfect your aim while hurling axes at wooden targets, feeling the rush of each successful throw. Afterward, diving into a paintball match adds an exciting layer of competition, where strategy and teamwork come into play.
Together, these activities offer a unique blend of skill, camaraderie, and a taste of rugged outdoor fun that’s sure to create lasting fall memories.
As the landscape of the parks in Denver transforms into a tapestry of vibrant colors, the cool, crisp air invites leisurely strolls along tree-lined paths, where golden leaves crunch underfoot.
“One of our favorite activities is a fall goodie picnic at Cheeseman or City Park,” shares Jocasta Hanson with Honey Elixir Bar. “Grab a tasty tea or coffee, some fall-flavored snacks, a cozy blanket, some of your besties, and spend the day soaking up the sun before the rain starts.”
It’s the perfect time to enjoy a picnic, take in the serene beauty, or simply relax on a bench while soaking up the autumn sunshine.
Magic of the Jack O’Lanterns is the perfect way to usher in the fall season, offering a captivating experience that celebrates the beauty of autumn. With thousands of hand-carved pumpkins lighting up the garden, it’s a magical experience for families, couples, and friends to enjoy.
The walk-through display is filled with intricate designs, spooky scenes, and creative lighting that make every turn feel like a new discovery. It’s the kind of event that gets everyone into the festive spirit while enjoying the beauty of the autumn season outdoors.
Engaging your loved ones in the fall season by using seasonal materials to create home crafts is a fantastic way to help kids embrace the festivities.
Julia Grace Yusuf, president of MOMS Club of Denver shares one of her family’s favorite fall activities in Denver, “We grab a cozy cup of coffee and walk over to the park to let the kids play at the playground. Afterwards, we collect the changing fallen leaves for a handprint leaf collage art project.”
Gathering a variety of leaves becomes a fun adventure, as you search for unique shapes and textures to use in your creations. Once home, the possibilities are endless—whether you’re making leaf rubbings, wreaths, or decorations, each craft serves as a beautiful reminder of the enchanting fall days spent outdoors.
As the vibrant colors of fall paint the Colorado landscape, there’s no better time to immerse yourself in the season’s unique charm by adding to your Denver bucket list. From scenic hikes and cozy festivals to bright fall foliage, Denver offers a wealth of activities to enjoy. Embrace the crisp air, gather with loved ones, and make unforgettable memories as you explore all that autumn in the Mile High City has to offer.
Source: rent.com
How much drivers pay at the gas pump — averaging $3.22 per gallon in September — depends largely on the price of oil and the cost of refining it. But federal, state and local taxes and fees can add significantly to the total.
On top of a federal tax of 18.4 cents per gallon, most states levy multiple taxes and fees on a gallon of gas. Those include some combination of excise taxes (imposed on goods, services and activities), sales taxes, environmental taxes and inspection fees.
Those costs add up to an average of 32.6 cents per gallon in state taxes, according to a NerdWallet analysis of U.S. Energy Information Administration data. Combined with the federal tax, that’s about 51 cents per gallon, on average, factored into the gas prices you see at your local station.
State tax rates vary widely. California’s rate (69.8 cents per gallon) and Illinois’s rate (67.1 cents) are highest, followed by Pennsylvania (58.7 cents). Alaska has, by far, the lowest state tax (9 cents per gallon), followed by Mississippi (18.4 cents) and Hawaii (18.5 cents).
In many cases, gas taxes are adjusted annually based on the consumer price index, a proxy for inflation calculated by the U.S. Bureau of Labor Statistics. That means taxes may rise (or fall) with the annual rate of inflation. Sometimes states also phase in new or higher fees by increasing them incrementally.
As for what happens with that tax revenue, states often use it to fund infrastructure improvements and environmental initiatives.
Washington D.C.’s motor fuel surcharge will tick up slightly from 11.4 cents per gallon to 11.8 cents per gallon on Oct. 1, according to the D.C. Office of Tax and Revenue. That fee is added to the district’s 23.5-cent sales tax on gasoline. Altogether, drivers pay 35.3 cents per gallon in state taxes when they fill up.
Gas taxes in seven states went up on July 1, generally by less than 2 cents.
California
California’s excise tax on gas rose from 57.9 cents per gallon to 59.6 cents per gallon, according to the California Department of Tax and Fee Administration. When other state taxes and fees are taken into account, the state tax on a gallon of fuel in California rose from about 68 cents to about 70 cents.
Colorado’s road usage fee increased from 3 cents per gallon to 4 cents per gallon, according to the Colorado Department of Revenue. Additionally, an environmental fee increased from 0.6 cents per gallon to about 1.3 cents per gallon. Those fees are on top of a 22-cent gas tax. Altogether, the state tax on gas increased from about 26 cents per gallon to about 28 cents per gallon.
The Illinois gas tax increased from 45.4 cents per gallon to 47 cents per gallon, according to the Illinois Department of Revenue. All told, the state tax on gas increased from 66.5 cents per gallon to 67.1 cents per gallon in state taxes — the second highest in the country.
In Indiana, the gas tax increased from 34 cents to 35 cents per gallon, according to the Indiana Department of Revenue. In addition to the excise tax and a 1-cent oil inspection fee, the state charges a gasoline use tax. That tax rate is adjusted on a monthly basis. In July, the use tax rate is 20.1 cents per gallon. In all, Indiana drivers pay state taxes totaling 56.1 cents per gallon.
Missouri’s motor fuel tax rate increased from 24.5 cents per gallon to 27 cents per gallon, according to the Missouri Department of Revenue. Combined with two other fees levied on a gallon of gas, totaling about half a cent, the state taxes add up to 27.5 cents per gallon.
Nebraska’s fuel tax rate went up half a cent to 29.6 cents per gallon, according to the Nebraska Department of Revenue. Combined with an environmental fee, drivers in the state pay 30.5 cents per gallon in state taxes.
The Virginia motor fuels tax rate increased from 29.8 cents per gallon of gas to 30.8 cents per gallon, according to the Virginia Department of Motor Vehicles. The state’s motor vehicle fuels sales tax rate for gas increased from 8.7 cents per gallon to 9 cents. In all, motorists pay 40.4 cents per gallon in state taxes.
Source: nerdwallet.com
“A fundamental assumption in our forecast had been that the personal savings rate had been unsustainably low as income growth meaningfully lagged consumer spending in recent quarter,” said Nathaniel Drake, associate at Fannie Mae’s Economic and Strategic Research Group. Personal income, adjusted for inflation, rose by 0.1% in August, according to the BEA, and real … [Read more…]
Direct links to offers: Business Platinum | Business Gold | Blue Business Plus
Best offers used to be for 20,000 points but has been some time since we have seen those offers. Worth doing if you’re eligible and can easily meet the spend requirements.
Source: doctorofcredit.com
Even though mortgage rates have fallen quite a bit from their highs seen a year ago, they remain quite elevated relative to much of the past decade.
Sure, a 6% 30-year fixed is better than an 8% 30-year fixed, but it’s still a far cry from a 3 or 4% 30-year fixed.
This might explain why prospective home buyers haven’t exactly rushed back into the housing market in recent months.
And now we’re being told this is as good as it’s going to get for mortgage rates. That remains to be seen, but what’s interesting is I’ve seen quotes down into the high-4s for mortgage rates recently too.
So how are lenders able to advertise rates that low if the Freddie Macs of the world are telling us rates are still above 6%?
Well, the secret is a little thing called mortgage discount points.
After mortgage rates surged since beginning in early 2022, the secondary market where investors buy and sell mortgage-backed securities (MBS) got all out of whack.
Basically, uncertainty and volatility surged while volume plummeted. Long story short, MBS investors wanted more assurances, which generally meant borrowers had to pay points upfront.
This ensured a profit even if the mortgage was short-lived and paid off in a short period of time.
It also allowed lenders to keep mortgage rates from going even higher, completely decimating lending volume in the process.
Conditions have since improved, and it’s again possible to get a home loan today without paying points.
But you’re still seeing lenders offer rates with points attached. And the reason why is because you can offer a lower rate!
Obviously, it looks a lot better if you’re able to advertise a rate starting with a 5 instead of a 6, or a 4 instead of a 5.
And that’s exactly what some lenders do, at least the ones that lead on price as opposed to service or brand name.
Interestingly, I discovered over the weekend that this isn’t a new phenomenon. Back in the 1980s and 1990s this was also common.
Remember those super high mortgage rates in the 1980s? Well if you don’t, the 30-year fixed climbed as high as 18.45% in late 1981, per Freddie Mac.
Despite the rate being astronomically high, the average amount of discount points required at that time was a whopping 2.3.
In other words, on a $250,000 loan amount, you’d be talking about $5,750 in fees just to obtain that ridiculously high rate.
Did that mean a borrower who only paid one point would have been subject to a 20% rate? Perhaps, I don’t know, but that’s generally how it works.
If you opt to pay less or nothing upfront, your mortgage rate will be higher, all else equal.
This average amount of points paid by homeowners hit its peak in 1984 and 1985, when the average amount paid was 2.5 points.
So for every $100,000 borrowed, a home buyer would have to fork over $2,500. And again, to wind up with a mortgage rate around 12 or 14% (they came down a bit after peaking in 1981).
Now that brings me to modern day, where lenders still charge multiple points for the lowest rates.
While not obligatory, as I mentioned, you do typically have the option to pay points at closing.
The tradeoff being a lower interest rate if you do. This is essentially what home builders have been doing to draw in business with their permanent and temporary rate buydowns.
They’re buying the rates down to lure in home buyers, which allows them to keep their asking prices steady (or even rising).
Those who comparison shop mortgage rates may also find that some lenders are offering “below-market rates” versus what they see in the mortgage rate surveys.
The way lenders accomplish this is by asking you to pay points upfront, which are a form of prepaid interest.
So the rate offered might be 6% with no points or for a no cost refinance. But 5.25% if you’re willing to pay a point (or more than a point) at closing.
These are entirely legit rates, they just cost money to obtain them. And that cost is essentially an investment in the mortgage that you’ll only realize if you hold it long enough.
While the promise of a lower mortgage rate, especially something that starts with a 4 is enticing, it might not be worth it.
Let’s consider a quick example where you pay two points to get a rate of 4.875% versus a rate of say 5.75% with no points.
On a $500,000 loan amount that would set you back $10,000 at closing.
The monthly payment would be $2,646.04 versus $2,917.86, or roughly $272 per month.
While that’s a decent amount of savings, it would take about three years to breakeven on the upfront cost.
Now imagine then 30-year fixed falls to the mid-4s or even lower during that span. Or if you want to sell your home and move.
You’ve already paid for the lower rate and might not get the full benefit. This is not to say it’s a bad decision, since you, me, and everyone else doesn’t know what the future holds.
But you’re making a conscious choice when paying points and there are no refunds.
If we look back at those folks who paid 2.5 points back in 1984 for a 14% rate, only to see rates fall to sub-10% by 1986, it makes you wonder.
Source: thetruthaboutmortgage.com