High above the Las Vegas Strip, solar panels blanketed the roof of Mandalay Bay Convention Center — 26,000 of them, rippling across an area larger than 20 football fields.
From this vantage point, the sun-dappled Mandalay Bay and Delano hotels dominated the horizon, emerging like comically large golden scepters from the glittering black panels.Snow-tipped mountains rose to the west.
It was a cold winter morning in the Mojave Desert. But there was plenty of sunlight to supply the solar array.
“This is really an ideal location,” said Michael Gulich, vice president of sustainability at MGM Resorts International.
The same goes for the rest of Las Vegas and its sprawling suburbs.
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Sin City already has more solar panels per person than any major U.S. metropolis outside Hawaii, according to one analysis. And the city is bursting with single-family homes, warehouses and parking lots untouched by solar.
L.A. Times energy reporter Sammy Roth heads to the Las Vegas Valley, where giant solar fields are beginning to carpet the desert. But what is the environmental cost? (Video by Jessica Q. Chen, Maggie Beidelman / Los Angeles Times)
There’s enormous opportunity to lower household utility bills and cut climate pollution — without damaging wildlife habitat or disrupting treasured landscapes.
But that hasn’t stopped corporations from making plans to carpet the desert surrounding Las Vegas with dozens of giant solar fields — some of them designed to supply power to California. The Biden administration has fueled that growth, taking steps to encourage solar and wind energy development across vast stretches of public lands in Nevada and other Western states.
Those energy generators could imperil rare plants and slow-footed tortoises already threatened by rising temperatures.
They could also lessen the death and suffering from the worsening heat waves, fires, droughts and storms of the climate crisis.
Researchers have found there’s not nearly enough space on rooftops to supply all U.S. electricity — especially as more people drive electric cars. Even an analysis funded by rooftop solar advocates and installers found that the most cost-effective route to phasing out fossil fuels involves six times more power from big solar and wind farms than from smaller local solar systems.
But the exact balance has yet to be determined. And Nevada is ground zero for figuring it out.
The outcome could be determined, in part, by billionaire investor Warren Buffett.
The so-called Oracle of Omaha owns NV Energy, the monopoly utility that supplies electricity to most Nevadans. NV Energy and its investor-owned utility brethren across the country can earn huge amounts of money paving over public lands with solar and wind farms and building long-distance transmission lines to cities.
But by regulatory design, those companies don’t profit off rooftop solar. And in many cases, they’ve fought to limit rooftop solar — which can reduce the need for large-scale infrastructure and result in lower returns for investors.
Mike Troncoso remembers the exact date of Nevada’s rooftop solar reckoning.
It was Dec. 23, 2015, and he was working for SolarCity. The rooftop installer abruptly ceased operations in the Silver State after NV Energy helped persuade officials to slash a program that pays solar customers for energy they send to the power grid.
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“I was out in the field working, and we got a call: ‘Stop everything you’re doing, don’t finish the project, come to the warehouse,’” Troncoso said. “It was right before Christmas, and they said, ‘Hey, guys, unfortunately we’re getting shut down.’”
After a public outcry, Nevada lawmakers partly reversed the reductions to rooftop solar incentives. Since then, NV Energy and the rooftop solar industry have maintained an uneasy political ceasefire. Installations now exceed pre-2015 levels.
Today, Troncoso is Nevada branch manager for Sunrun, the nation’s largest rooftop solar installer. The company has enough work in the state to support a dozen crews, each named for a different casino. On a chilly winter morning before sunrise, they prepared for the day ahead — laying out steel rails, hooking up microinverters and loading panels onto powder-blue trucks.
But even if Sunrun’s business continues to grow, it won’t eliminate the need for large solar farms in the desert.
Some habitat destruction is unavoidable — at least if we want to break our fossil fuel addiction. The key questions are: How many big solar farms are needed, and where should they be built? Can they be engineered to coexist with animals and plants?
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And if not, should Americans be willing to sacrifice a few endangered species in the name of tackling climate change?
To answer those questions, Los Angeles Times journalists spent a week in southern Nevada, touring solar construction sites, hiking up sand dunes and off-roading through the Mojave. We spoke with NV Energy executives, conservation activists battling Buffett’s company and desert rats who don’t want to see their favorite off-highway vehicle trails cut off by solar farms.
Odds are, no one will get everything they want.
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The tortoise in the coal mine
Biologist Bre Moyle easily spotted the small yellow flag affixed to a scraggly creosote bush — one of many hardy plants sprouting from the caliche soil, surrounded by rows of gleaming steel trusses that would soon hoist solar panels toward the sky.
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Moyle leaned down for a closer look, gently pulling aside branches to reveal a football-sized hole in the ground. It was the entrance to a desert tortoise burrow — one of thousands catalogued by her employer, Primergy Solar, during construction of one of the nation’s largest solar farms on public lands outside Las Vegas.
“I wouldn’t stand on this side of it,” Moyle advised us. “If you walk back there, you could collapse it, potentially.”
I’d seen plenty of solar construction sites in my decade reporting on energy. But none like this.
Instead of tearing out every cactus and other plant and leveling the land flat — the “blade and grade” method — Primergy had left much of the native vegetation in place and installed trusses of different heights to match the ground’s natural contours. The company had temporarily relocated more than 1,600 plants to an on-site nursery, with plans to put them back later.
The Oakland-based developer also went to great lengths to safeguard desert tortoises — an iconic reptile protected under the federal Endangered Species Act, and the biggest environmental roadblock to building solar in the Mojave.
Desert tortoises are sensitive to global warming, residential sprawl and other human encroachment on their habitat. The U.S. Fish and Wildlife Service has estimated tortoise populations fell by more than one-third between 2004 and 2014.
Scientists consider much of the Primergy site high-quality tortoise habitat. It also straddles a connectivity corridor that could help the reptiles seek safer haven as hotter weather and more extreme droughts make their current homes increasingly unlivable.
Before Primergy started building, the company scoured the site and removed 167 tortoises, with plans to let them return and live among the solar panels once the heavy lifting is over. Two-thirds of the project site will be repopulated with tortoises.
Workers removed more tortoises during construction. As of January, the company knew of just two tortoises killed — one that may have been hit by a car, and another that may have been entombed in its burrow by roadwork, then eaten by a kit fox.
Primergy Vice President Thomas Regenhard acknowledged the company can’t build solar here without doing any harm to the ecosystem — or spurring opposition from conservation activists. But as he watched union construction workers lift panels onto trusses, he said Primergy is “making the best of the worst-case situation” for solar opponents.
“What we’re trying to do is make it the least impactful on the environment and natural resources,” he said. “What we’re also doing is we’re sharing that knowledge, so that these projects can be built in a better way moving forward.”
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The company isn’t saving tortoises out of the goodness of its profit-seeking heart.
The U.S. Bureau of Land Management conditioned its approval of the solar farm, called Gemini, on a long list of environmental protection measures — and only after some bureau staffers seemingly contemplated rejecting the project entirely.
Documents obtained under the Freedom of Information Act by the conservation group Defenders of Wildlife show the bureau’s Las Vegas field office drafted several versions of a “record of decision” that would have denied the permit application for Gemini. The drafts listed several objections, including harm to desert tortoises, loss of space for off-road vehicle drivers and disturbance of the Old Spanish National Historic Trail, which runs through the project site.
Separately, Primergy reached a legal settlement with conservationists — who challenged the project’s federal approval in court — in which the company agreed to additional steps to protect tortoises and a plant known as the three-corner milkvetch.
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The company estimates just 2.5% of the project site will be permanently disturbed — far less than the 33% allowed by Primergy’s federal permit. Regenhard is hopeful the lessons learned here will inform future solar development on public lands.
“This is something new. So we’re refining a lot of the processes,” he said. “We’re not perfect. We’re still learning.”
By the time construction wraps this fall, 1.8 million panels will cover nearly 4,000 football fields’ worth of land, just off the 15 Freeway. They’ll be able to produce 690 megawatts of power — as much as 115,000 typical home solar systems. And they’ll be paired with batteries, to store energy and help NV Energy customers keep running their air conditioners after sundown.
Unlike many solar fields, Gemini is close to the population it will serve — just a few dozen miles from the Strip. And the affected landscape is far from visually stunning, with none of the red-rock majesty found at nearby Valley of Fire State Park.
But desert tortoises don’t care if a place looks cool to humans. They care if it’s good tortoise habitat.
Moyle, Primergy’s environmental services manager, pointed to a small black structure at the bottom of a fence along the site’s edge — a shade shelter for tortoises. Workers installed them every 800 feet, so that if any relocated reptiles try to return to the solar farm too early, they don’t die pacing along the fence in the heat.
“They have a really, really good sense of direction,” Moyle said. “They know where their homes are. They want to come back.”
Primergy will study what happens when tortoises do come back. Will they benefit from the shade of the solar panels? Or will they struggle to survive on the industrialized landscape?
And looming over those uncertainties, a more existential query: With global warming beginning to devastate human and animal life around the world, should we really be slowing or stopping solar development to save a single type of reptile?
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Moyle was ready with an answer: Tortoises are a keystone species. If they’re doing well, it’s a good sign of a healthy ecosystem in which other desert creatures — such as burrowing owls, kit foxes and American badgers — are positioned to thrive, too.
And as the COVID-19 pandemic has demonstrated, human survival is inextricably linked with a healthy natural world.
“We take one thing out, we don’t know what sort of disastrous effect it’s going to have on everything else,” Moyle said.
We do, however, know the consequences of relying on fossil fuels: entire towns burning to the ground, Lake Mead three-quarters empty, elderly Americans baking to death in their overheated homes. With worse to come.
The shifting sands of time
A few miles south, another solar project was rising in the desert. This one looked different.
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A fleet of bulldozers, scrapers, excavators and graders was nearly done flattening the land — a beige moonscape devoid of cacti and creosote. The solar panel support trusses were all the same height, forming an eerily rigid silver sea.
When I asked Carl Glass — construction manager for DEPCOM Power, the contractor building this project for Buffett’s NV Energy — why workers couldn’t leave vegetation in place like at Gemini, he offered a simple answer: drainage. Allowing the land to retain its natural contours, he said, would make it difficult to move stormwater off the site during summer monsoons.
Safety was another consideration, said Dani Strain, NV Energy’s senior manager for the project. Blading and grading the land meant workers wouldn’t have to carry solar panels and equipment across ground studded with tripping hazards.
“It’s nicer for the environment not to do it,” Strain said. “But it creates other problems. You can’t have everything.”
This kind of solar project has typified development in the Mojave Desert.
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And it helps explain why the Center for Biological Diversity’s Patrick Donnelly has fought so hard to limit that development.
The morning after touring the solar construction sites, we joined Donnelly for a hike up Big Dune, a giant pile of sand covering five square miles and towering 500 feet above the desert floor, 90 miles northwest of Las Vegas. The sun was just beginning its ascent over the Mojave, bathing the sand in a smooth umber glow beneath pockets of wispy cloud.
On weekends, Donnelly said, the dune can be overrun by thousands of off-road vehicles. But on this day, it was quiet.
Energy companies have proposed more than a dozen solar farms on public lands surrounding Big Dune — some with overlapping footprints. Donnelly doesn’t oppose all of them. But he thinks federal agencies should limit solar to the least ecologically sensitive parts of Nevada, instead of letting companies pitch projects almost anywhere they choose.
“Developers are looking at this as low-hanging fruit,” he said. “The idea is, this is where California can build all of its solar.”
We trekked slowly up the dune, our bodies casting long shadows in the early morning light. When we took a breather and looked back down, a trail of footprints marked our path. Donnelly assured us a windy day would wipe them away.
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“This is why I live here, man,” he said. “It’s the most beautiful place on Earth, in my mind.”
Donnelly broke his back in a rock-climbing accident, so he used a walking stick to scale the dune. He lives not far from here, at the edge of Death Valley National Park, and works as the nonprofit Center for Biological Diversity’s Great Basin director.
As we resumed our journey, the wind blowing hard, I asked Donnelly to rank the top human threats to the Mojave. He was quick to answer: The climate crisis was No. 1, followed by housing sprawl, solar development and off-road vehicles.
“There’s no good solar project in the desert. But there’s less bad,” he said. “And we’re at a point now where we have to settle for less bad, because the alternatives are more bad: more coal, more gas, climate apocalypse.”
That hasn’t stopped Donnelly and his colleagues from fighting renewable energy projects they fear would wipe out entire species — even little-known plants and animals with tiny ranges, such as Tiehm’s buckwheat and the Dixie Valley toad.
“I’m not a religious guy,” Donnelly said. “But all God’s creatures great and small.”
After a steep stretch of sand, we stopped along a ridge with sweeping views. To our west were the Funeral Mountains, across the California state line in Death Valley National Park — and far beyond them Mt. Whitney, its snow-covered facade just barely visible. To our east was Highway 95, cutting across the Amargosa Valley en route from Las Vegas to Reno.
It’s along this highway that so many developers want to build.
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“We would be in a sea of solar right now,” Donnelly said.
Having heard plenty of rural residents say they don’t want to look at such a sea, I asked Donnelly if this was a bad spot for solar because it would ruin the glorious views. He told me he never makes that argument, “because honestly, views aren’t really the primary concern at this moment. The primary concern is stopping the biodiversity crisis and the climate crisis.”
“There are certain places where we shouldn’t put solar because it’s a wild and undisturbed landscape,” he said.
As far as he’s concerned, though, the Amargosa Valley isn’t one of those landscapes, what with Highway 95 running through it. The same goes for Dry Lake Valley, where NV Energy’s solar construction site is already surrounded by energy infrastructure.
What Donnelly would like to see is better planning.
He pointed to California, where state and federal officials spent eight years crafting a desert conservation plan that allows solar and wind farms across a few hundred thousand acres while setting aside millions more for protection. He thinks a similar process is crucial in Nevada, where four-fifths of the land area is owned by the federal government — more than any other state.
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If Donnelly had his way, regulators would put the kibosh on solar farms immediately adjacent to Big Dune. He’s worried they could alter the movement of sand across the desert floor, affecting several rare beetles that call the dune home.
But if the feds want to allow solar projects along the highway to the south, near the Area 51 Alien Center?
“Might not be the end the world,” Donnelly said.
He shot me a grin.
“You know, one thing I like to do …”
Without warning, he took off racing down the dune, carried by momentum and love for the desert. He laughed as he reached a natural stopping point, calling for us to join him. His voice sounded free and full of possibility.
Some solar panels on the horizon wouldn’t have changed that.
Shout it from the rooftops
Laura Cunningham and Kevin Emmerich were a match made in Mojave Desert heaven.
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Cunningham was a wildlife biologist, Emmerich a park ranger when they met nearly 30 years ago at Death Valley. She studied tortoises for government agencies and later a private contractor. He worked with bighorn sheep and gave interpretive talks. They got married, bought property along the Amargosa River and started their own conservation group, Basin and Range Watch.
And they’ve been fighting solar development ever since.
That’s how we ended up in the back of their SUV, pulling open a rickety cattle gate off Highway 95 and driving past wild burros on a dirt road through Nevada’s Bullfrog Hills, 100 miles northwest of Las Vegas.
They had told us Sarcobatus Flat was stunning, but I was still surprised by how stunning. I got my first look as we crested a ridge. The gently sloping valley spilled down toward Death Valley National Park, whose snowy mountain peaks towered over a landscape dotted with thousands of Joshua trees.
“Everything we’re looking at is proposed for solar development,” Cunningham said.
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Most environmentalists agree we need at least some large solar farms. Cunningham and Emmerich are different. They’re at the vanguard of a harder-core desert protection movement that sees all large-scale solar farms on public lands as bad news.
Why had so many companies converged on Sarcobatus Flat?
The main answer is transmission. NV Energy is seeking federal approval to build the 358-mile Greenlink West electric line, which would carry thousands of megawatts of renewable power between Reno and Las Vegas along the Highway 95 corridor.
The dirt road curved around a small hill, and suddenly we found ourselves on the valley floor, surrounded by Joshua trees. Some looked healthy; others had bark that had been chewed by rodents seeking water, a sign of drought stress. Scientists estimate the Joshua tree’s western subspecies could lose 90% of its range as the world gets hotter and droughts get more intense.
But asked whether climate change or solar posed a bigger threat to Sarcobatus Flat, Cunningham didn’t hesitate.
“Oh, solar development hands down,” she said.
Nearly 20 years ago, she said, she helped relocate desert tortoises to make way for a test track in California. One of them tried to return home, walking 20 miles before hitting a fence. It paced back and forth and eventually died of heat exhaustion.
Solar farms, she said, pose a similar threat to tortoises. And at Sarcobatus Flat, they would cover a high-elevation area that could otherwise serve as a climate refuge for Joshua trees, giving them a relatively cool place to reproduce as the planet heats up.
“It makes no sense to me that we’re going to bulldoze them down and throw them into trash piles. It’s just crazy,” she said.
In Cunningham and Emmerich’s view, every sun-baked parking lot in L.A. and Vegas and Phoenix should have a solar canopy, every warehouse and single-family home a solar roof. It’s a common argument among desert defenders: Why sacrifice sensitive ecosystems when there’s an easy alternative for fighting climate change? Especially when rooftop solar can reduce strain on an overtaxed electric grid and — when paired with batteries — help people keep their lights on during blackouts?
The answer isn’t especially satisfying to conservationists.
For all the virtues of rooftop solar, it’s an expensive way to generate clean power — and keeping energy costs low is crucial to ensure that lower-income families can afford electric cars, another key climate solution. A recent report from investment bank Lazard pegged the cost of rooftop solar at 11.7 cents per kilowatt-hour on the low end, compared with 2.4 cents for utility solar.
Even when factoring in pricey long-distance electric lines, utility-scale solar is typically cheaper, several experts told me.
“It’s three to six times more expensive to put solar on your roof than to put it in a large-scale project,” said Jesse Jenkins, an energy systems researcher at Princeton University. “There may be some added value to having solar in the Los Angeles Basin instead of the middle of the Mojave Desert. But is it 300% to 600% more value? Probably not. It’s probably not even close.”
There’s a practical challenge, too.
The National Renewable Energy Laboratory has estimated U.S. rooftops could generate 1,432 terawatt-hours of electricity per year — just 13% of the power America will need to replace most of its coal, oil and gas, according to research led by Jenkins.
Add in parking lots and other areas within cities, and urban solar systems might conceivably supply one-quarter or even one-third of U.S. power, several experts told The Times — in an unlikely scenario where they’re installed in every suitable spot.
Energy researcher Chris Clack’s consulting firm has found that dramatic growth in rooftop and other small-scale solar installations could reduce the costs of slashing climate pollution by half a trillion dollars. But even Clack said rooftops alone won’t cut it.
“Realistically, 80% is going to end up being utility grid no matter what,” he said.
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All those industrial renewable energy projects will have to go somewhere.
Sarcobatus Flat may not be the answer. Federal officials classified all three solar proposals there as “low priority,” citing their proximity to Death Valley and potential harm to tortoise habitat. One developer withdrew its application last year.
Before leaving the area, Cunningham pointed to a wooden marker, one of at least half a dozen stretching out in a line. I walked over to take a closer look and discovered it was a mining claim for lithium — a main ingredient in electric-car batteries.
If solar development didn’t upend this valley, lithium extraction might.
On the beaten track
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The four-wheeler jerked violently as Erica Muxlow pressed her foot to the gas, sending us flying down a rough dirt road with no end in sight but the distant mountains. Five-point safety straps were the only things stopping us from flying out of our seats, the vehicle leaping through the air as we reached speeds of 40 mph, then 50 mph, the wind whipping our faces.
It was like riding Disneyland’s Matterhorn Bobsleds — just without the Yeti.
Ahead of us, Muxlow’s neighbor Jimmy Lewis led the way on an electric blue motorcycle, kicking up a stream of sand. He wanted us to see thousands of acres of public lands outside his adopted hometown of Pahrump, in Nevada’s Nye County, that could soon be blocked by solar projects — cutting off access to off-highway vehicle enthusiasts such as himself.
“You could build an apartment complex or a shopping mall here, and it would be the same thing to me,” he said.
To progressive-minded Angelenos or San Franciscans, preserving large chunks of public land for gas-guzzling, environmentally destructive dirt bikes might sound like a terrible reason not to build solar farms that would lessen the climate crisis.
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But here’s the reality: Rural Westerners such as Lewis will play a key role in determining how much clean energy gets built.
Not long before our Nevada trip, Nye County placed a six-month pause on new renewable energy projects, citing local concerns about loss of off-road vehicle trails. Similar fears have stymied development across the U.S., with rural residents attacking solar and wind farms as industrial intrusions on their way of life — and local governments throwing up roadblocks.
For Lewis, the conflict is deeply personal.
He moved here from Southern California more than a decade ago, trading life by the beach for a five-acre plot where he runs an off-roading school and test-drives motorcycles for manufacturers. His warehouse was packed with dozens of dirt bikes.
“This is my life. Motorcycles, motorcycles, motorcycles,” he said, laughing.
Lewis has worked to stir up opposition to three local solar farm proposals. So far, his efforts have been in vain.
One project is already under construction. Peering through a fence, we saw row after row of trusses, waiting for their photovoltaic panels. It’s called Yellow Pine, and it’s being built by Florida-based NextEra Energy to supply power to California.
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Lewis learned about Yellow Pine when he was riding one of his favorite trails and was surprised to find it cut off. He compared the experience to riding the best roller-coaster at a theme park, only to have it grind to a halt three-quarters of the way through.
“I don’t want my playground taken away from me,” he said.
“Me neither!” a voice called out from behind us.
We turned and were greeted by Shannon Salter, an activist who had previously spent nine months camping near the Yellow Pine site to protest the habitat destruction. She and Lewis had never met, but they quickly realized they had common cause.
“It’s the opposite of green!” Salter said.
“On my roof, not my backyard,” Lewis agreed.
Never mind that conservationists have long decried the ecological damage from desert off-roading. Salter and Lewis both cared about these lands. Neither wanted to see the solar industry lay claim to them. They talked about staying in touch.
It’s easy to imagine similar alliances forming across the West, the clean energy transition bringing together environmentalists and rural residents in a battle to defend their lifestyles, their landscapes and animals that can’t fight for themselves.
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It’s also easy to imagine major cities that badly need lots of solar and wind power — Los Angeles, Las Vegas, Phoenix — brushing off those complaints as insignificant compared with the climate emergency, or as fueled by right-wing misinformation.
But many of concerns raised by critics are legitimate. And their voices are only getting louder.
As night fell over the Mojave, Lewis shared his idea that any city buying electricity from a desert solar farm should be required to install a certain amount of rooftop solar back home first — on government buildings, at least. It only seemed fair.
“Some people see the desert as just a wasteland,” Lewis said. “I think it’s beautiful.”
The view from Black Mountain
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So how do we build enough renewable energy to replace fossil fuels without destroying too many ecosystems, or stoking too much political opposition from rural towns, or moving too slowly to save the planet?
Few people could do more to ease those tensions than Buffett.
Our conversation kept returning to the legendary investor as we hiked Black Mountain, just outside Vegas, on our last morning in the Silver State. We were joined by Jaina Moan, director of external affairs for the Nature Conservancy’s Nevada chapter. She had promised a view of massive solar fields from the peak — but only after a 3.5-mile trek with 2,000 feet of elevation gain.
“It’ll be a little StairMaster at the end,” she warned us.
The homes and hotels and casinos of the Las Vegas Valley retreated behind us as we climbed, looking ever smaller and more insignificant against the vast open desert. It was an illusion that will prove increasingly difficult to maintain as Sin City and its suburbs continue their march into the Mojave. Nevada politicians from both parties are pushing for legislation that would let federal officials auction off additional public lands for residential and commercial development.
Vegas and other Western cities could limit the need for more suburbs — and sprawling solar farms — by growing smarter, Moan said. Urban areas could embrace density, to help people drive fewer miles and reduce the demand for new power supplies to fuel electric vehicles. They could invest in electric buses and trains — and use less water, which would save a lot of energy.
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“As our spaces become more crowded, we’re going to have to come up with more creative ideas,” Moan said.
That’s where Buffett could make things easier.
The billionaire’s Berkshire Hathaway company owns electric utilities that serve millions of people, from California to Nevada to Illinois. Those utilities, Moan said, could buck the industry trend of urging policymakers to reduce financial incentives for rooftop solar and instead encourage the technology — along with other small-scale clean energy solutions, such as local microgrids.
That would limit the need for big solar farms — at least somewhat.
Berkshire and other energy giants could also build solar on lands already altered by humans, such as abandoned mines, toxic Superfund sites, reservoirs, landfills, agricultural areas, highway corridors and canals that carry water to farms and cities.
The costs are typically higher than building on undisturbed public lands. And in many cases there are technical challenges yet to be resolved. But those kinds of “creative solutions” could at least lessen the loss of biodiversity, Moan said.
“There’s money to be made there, and there’s good to be done,” she said.
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It’s hard to know what Buffett thinks. A Berkshire spokesperson declined my request to interview him.
Tony Sanchez, NV Energy’s executive vice president for business development and external relations, was more forthcoming.
“The problem for us with rooftop solar,” he said, is that it’s “not controlled at all by us.” As a result, NV Energy can’t decide when and how rooftop solar power is used — and can’t rely on that power to help balance supply and demand on the grid.
Over time, Sanchez predicted, a lot more rooftop solar will get built. But he couldn’t say how much.
Rooftop solar faces a similarly uncertain future in California, where state officials voted last year to slash incentive payments, calling them an unfair subsidy. Industry leaders have warned of a dramatic decline in installations.
As we neared the top of Black Mountain, the solar farms on the other side came into view. They stretched across the Eldorado Valley far below — black rectangles that could help save life on Earth while also destroying bits and pieces of it.
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Moan believes the key to balancing clean energy and conservation is “go slow to go fast.” Government agencies, she said, should work with conservation activists, small-town residents and Native American tribes to study and map out the best places for clean energy, then reward companies that agree to build in those areas with faster approvals. Solar and wind development would slow down in the short term but speed up in the long run, with quicker environmental reviews and less risk of lawsuits.
It’s a tantalizing concept — but I confessed to Moan that I worried it would backfire.
What if the sparring factions couldn’t agree on the best spots to build solar and wind farms, and instead wasted years arguing? Or what if they did manage to hammer out some compromises, only for a handful of unhappy people or groups to take them to court, gumming up the works? Couldn’t “go slow to go fast” end up becoming “go slow to go slow”?
In other words, should we really bet our collective future on human beings working together, rather than fighting?
Moan was sympathetic to my fears. She also didn’t see another way forward.
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“We really need to think holistically about saving everything,” she said.
The sad truth is, not everything can be saved. Not if we want to keep the world livable for people and animals alike.
Some beloved landscapes will be left unrecognizable. Some families will be stuck paying high energy bills to monopoly utilities, even as some utility investors make less money. Some tortoises will probably die, pacing along fences in the heat.
The alternative is worse.
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Today is all about the Federal Reserve. Their two-day FOMC meeting wraps up today and we could see mortgage rates adjust when they release their written statement at 2:00pm. It’s important for anyone thinking about buying a home or refinancing their current mortgage to tune in and see what happens. Read on for more details.
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Market Outlook 3.19.18 from Total Mortgage on Vimeo.
Where are mortgage rates going?
All eyes on the Fed – rates could adjust this afternoon
The Federal Reserve is front and center today for financial market participants as it’s the final day of their Federal Open Market Committee meeting. The meeting will formally conclude this afternoon at 2:00pm with the release of a written statement outlining their current monetary policy outlook.
It has been widely anticipated for a couple months now by investors and analysts alike that the Fed will decide to raise the nation’s benchmark interest rate–the federal funds rate–by a quarter point, bringing the target range up to 1.50%-1.75%.
Since the markets have already priced this decision in, we won’t see an immediate jump higher for rates once it’s finally written in stone. However, that is not the only thing that investors will be looking for at today’s meeting.
What everyone really wants to learn from this meeting is how the Fed feels about more rate hikes in 2018. Over the past few months we’ve gotten a variety of pundits debating whether or not the Fed will take a more aggressive or cautious approach throughout the year.
For a while there in February when the inflation reports were really coming out strong it seemed as though there might actually be a case for four rate hikes. Now, with recent inflation readings coming in on the softer side it’s not looking like that will happen.
You never know what the Fed will say, though, which is why everyone and their mother will be tuned in at 2:00pm to get the details. Today’s event is also notable because it’s the first time we will get a post-meeting press conference from the new Fed Chair, Jerome Powell.
He will speak for about an hour starting around 2:30pm, fielding questions from journalists. The written statement is of course a huge insight into the inner-workings of the Fed but more often than not we learn more about the situation and rationale behind the decisions from the post-meeting dialogue.
Investors are getting anxious today as they anticipate the Fed’s rate increase, moving more into stocks and out of bonds. The yield on the 10-year Treasury note (which is the best market indicator of where mortgage rates are going) has moved up to its highest position in a month at 2.90%.
Mortgage rates typically move in the same direction as the 10-year yield, and are similarly seeing some upward pressure today.
Rate/Float Recommendation
Lock now before rates increase further
Despite all of the fuss in the markets today, our outlook remains the same: mortgage rates should steadily rise in 2018, so most borrowers will likely get the better deal on a purchase or refinance by locking in a rate sooner rather than later.
Learn what you can do to get the best interest rate possible.
Today’s economic data:
Existing Home Sales
Existing home sales ticked up to an annualized rate of 5.540 million.
EIA Petroleum Status Report
FOMC Meeting Announcement and Press Conference
See above for details
Notable events this week:
Monday:
Tuesday:
FOMC Meeting Begins
Wednesday:
Existing Home Sales
EIA Petroleum Status Report
FOMC Meeting Announcement and Press Conference
Thursday:
Jobless Claims
FHFA House Price Index
PMI Composite Flash
Friday:
Fedspeak
Durable Goods
New Home Sales
*Terms and conditions apply.
Carter Wessman
Carter Wessman is originally from the charming town of Norfolk, Massachusetts. When he isn’t busy writing about mortgage related topics, you can find him playing table tennis, or jamming on his bass guitar.
Mortgage applications fell 4% for the week ending Dec. 10, large part because fewer borrowers are looking to refi their exiting mortgages, according to the Mortgage Bankers Association (MBA) survey published on Wednesday.
The decrease was mainly driven by the refi index falling 6.4% from the previous week on a seasonally adjusted basis. Concurrently, the purchase index increased 0.7% from the week prior.
Compared to a year ago, mortgage applications declined across the board. The overall market composite index dipped 30.9% on a seasonally adjusted basis. Refi apps fell 41.4% year over year, and purchase applications decreased 10.3% in the same period.
“Fewer homeowners have a strong incentive to refinance at current rates,” Joel Kan, the MBA’s associate vice president of economic and industry forecasting, said in a statement.
The trade group estimates that the average contract 30-year fixed-rate mortgage for conforming loans ($548,250 or less) remained unchanged at 3.30%. For jumbo mortgage loans (greater than $548,250), rates decreased to 3.32% from 3.33% the week prior.
The keys to lending in a post-refi boom world
As record refinance volumes disappear, lenders need to get intimately familiar with their database of customers. Being a resource for all real estate financing needs for your customers will become more important in the next few years than ever before.
Presented by: CIVIC Financial
Regarding the purchase market, Kan said mortgage applications increased slightly because a 1.7% rise in conventional applications offset a 1.6% decline in applications for government loans. Would-be homebuyers are finding it hard to compete with FHA and VA loans in a purchase market defined by low inventory. Sellers today are prioritizing cash offers and prospective buyers with conventional mortgage approval, particularly given that the Federal Housing Finance Agency just approved higher loan borrowing limits.
“The strength in conventional purchase activity continues to support higher loan balances, which moved back over $400,000. Housing demand remains strong as the year comes to an end amidst tight inventory and steep home-price growth,” Kan said.
Refinances represented 63.3% of total mortgage applications, down slightly from 63.9% the previous week. VA loans comprised 10.6%, decreasing one basis point. Meanwhile, FHA loans went from 9.9% to 9.6% in the period. The USDA share was at 0.5% of the total.
High mortgage rates forcing sellers to accept lower offers on homes – Zoopla
Research shows 42% agreeing to discounts of 5% or more on asking price – the highest level for five years
Soaring mortgage rates and the cost of living crisis are forcing more sellers to accept lower offers to secure a property sale, according to Zoopla.
The property website latest house price index showed that 42% of sellers were accepting discounts of 5% or more on the asking price of their home in the week ending 18 June – the highest level since 2018 – as buyers are driving a harder bargain.
Meanwhile, 15% of those trying to sell their home were accepting discounts of more than 10% on the initial asking price in the same time period. Buyers are pushing for lower prices because of higher mortgage rates and the cost of living crisis.
The average price of two- and five-year fixed-rate mortgages has hit the highest level for seven months, putting further pressure on borrowers reaching the end of their deals and on the buying power of those looking for a new home.
The latest data from the financial information firm Moneyfacts showed the average two-year fixed residential mortgage rate was 6.26% on Tuesday, up from 6.23% on Monday. The average five-year fixed residential mortgage rate was 5.87%, up from 5.86% on the previous day.
Mortgage rates have continued to climb after the Bank of England increased interest rates by half a point to 5% in June in an attempt to curb inflation.
Zoopla said higher rates would result in a 10-20% hit to buying power – the amount of money a buyer can afford to borrow to purchase a property – compared with when they were at 4%.
Richard Donnell, an executive director at Zoopla, said: “Demand for homes remains but those households looking to move home in 2023 need to be very realistic on pricing and get the view of agents on where to pitch their asking price to secure a sale.”
Buyers can attempt to offset the impact of higher mortgage rates and monthly repayments by either increasing their deposit or agreeing to longer mortgage terms. However, those are not options for all would-be buyers, and the further mortgage rates rise above 5%, the more buyers are squeezed out of the market.
This trend has been borne out in the data so far, with 14% fewer buyers in the market over the last four weeks compared with a year ago, Zoopla’s research showed.
Meanwhile, annual house price growth slowed to 1.2% in June and Zoopla predicted a return to “modest” quarterly house price falls in the second half of 2023.
Average UK house prices are on track to fall by up to 5% by the end of the year, although the drop depends partly on mortgage rates and inflation over the coming months.
A sudden increase in the number of homes for sale would also probably weigh on house price growth, and there are signs that supply is starting to grow at a higher rate. There were 18% more homes listed for sale in the past four weeks compared with the five-year average.
An uptick in supply would boost choice for buyers and give them more room to negotiate, driving larger house price falls.
While there are thousands of mortgage companies nationwide, only a select few land in the top 10.
Today, we’ll examine U.S. Bank Mortgage, which ranked 9th in 2019 for total home loan origination volume.
Being a very large depository institution, they’ve got advantages that other, smaller competitors don’t have.
Namely, lots of liquidity and the ability to keep loans on their books, instead of having to sell them off and rely on short-term financing.
This means they can offer mortgage products that the other guys can’t, and potentially lower mortgage rates too.
Let’s learn more about U.S. Bank’s mortgage division.
U.S. Bank Mortgage Fast Facts
9th largest mortgage lender in 2019 based in Minneapolis, Minnesota
Operates both a retail direct-to-consumer and correspondent lending business
Funded $32 billion in home loans last year
A third of total loan volume took place in California
Nearly half of their volume consisted of jumbo loans
Originate a large share of adjustable-rate mortgages
Available in all 50 states and D.C., branches located in 40 states
How to Apply for a Mortgage with U.S. Bank
You can apply online or by phone via digital mortgage application powered by Blend
A faster pre-qualification or loan estimate is also available if simply shopping around
Can request a call from a loan officer or visit a retail branch if located near you
Once approved you can track loan progress via the U.S. Bank Loan Portal
Those who want to apply for a mortgage with U.S. Bank can do so via their website, without human interaction.
So if you’re the impatient type, or simply know what you’re doing, you can get started straight away.
Their digital mortgage application is powered by Blend, a fintech vendor used by many of the top mortgage companies in the country.
Known as the U.S. Bank Loan Portal, it allows you to link financial accounts and speed through the application process without having to gather paperwork and upload documents.
You can connect payroll, tax, and bank account information securely to ensure your application is accurate and complete.
And once approved, you can track loan progress, get status updates, and send messages to your loan team if you have questions.
Alternatively, you can call them up or request a phone call, or visit a brick-and-mortar branch if you want a more hands-on, personal touch.
If you’ve been referred to someone specific, or want to work with someone in your neck of the woods, they have a loan officer directory as well.
You can filter by both address or by name to find someone you know or an individual who works nearby. Then you can apply for a mortgage directly from their personal website.
It’s also possible to generate a quick pre-qualification via their website if you’re not quite ready to apply, but want to see where you stand.
Or if you’re just shopping around, they offer the ability to generate a loan estimate using limited borrower information (look out for a link to this option on the bottom of the application page).
All in all, U.S. Bank makes it easy to get pricing or apply for a home loan.
What Does U.S. Bank Mortgage Offer?
Home purchase loans, refinance loans, home equity loans/lines
Conventional financing (Fannie/Freddie) and government (FHA, USDA, VA)
Fixed-rate mortgages and ARMs
Jumbo home loans up to $3 million loan amounts
Construction home loans and lot loans
Portfolio loans (non-QM)
Physician mortgages
Available on primary homes, second homes, and 1-to-4-unit investment properties
One thing that separates U.S. Bank Mortgage from other mortgage lenders is its expansive menu of home loan offerings.
You can get a home purchase loan, a refinance loan, both rate and term and cash out, a streamline refinance such as a VA IRRRL, or a home equity loan/line.
As noted, they are a large depository bank, which allows them to offer things their competitors can’t.
Namely, portfolio loans that they keep on their books, with their own set of rules and guidelines that may go above and beyond what others have available.
Sure, you can get a conventional 30-year fixed mortgage from U.S. Bank, like anywhere else. But you can also get a 10/1 ARM, a jumbo loan, a construction loan, or a physician’s mortgage.
Additionally, they’ve got a full menu of adjustable-rate mortgage options, such as a 3/1, 5/1, or 10/1 ARM. It’s unclear if they offer interest-only mortgages at this time.
Those looking to purchase a home can sign up in the U.S. Bank Loan Portal and apply for a mortgage eligibility letter, which is their version of a mortgage pre-approval.
Existing homeowners can take advantage of both home equity lines of credit (HELOCs) and home equity loans if you’re happy with your first mortgage but want to tap equity.
You may also be eligible for a discount on closing costs if you’re an existing U.S. Bank customer or if your company participates in the U.S. Bank Corporate Employee Mortgage Program.
Ultimately, they’ve got you covered no matter what type of financing you need.
U.S. Bank Smart Refinance
U.S. Bank Mortgage also offers a so-called “Smart Refinance,” which is their take on the no closing cost refinance.
It allows you to refinance an existing home loan without incurring the typical closing costs, at least out of pocket.
Interestingly, you can only get a loan term as long as 20 years on the Smart Refinance, which is probably intended to keep your loan payoff on track.
But you can take cash out, so even if your loan balance grows as a result, your payoff should come faster, or at least not be extended.
This can save you interest, though monthly payments will be higher to compensate for the shorter loan term.
And there’s a good chance the mortgage rate will be higher to offset the lack of closing costs, unless those are rolled into the loan.
U.S. Bank Mortgage Rates
One plus is that U.S. Bank openly advertises its mortgage rates right on their website. And they are updated daily as the market changes.
You can see both purchase and refinance rates, along with rates by loan type, such as 30-year fixed or 5/1 ARM, or an FHA loan rate.
I checked them out and their fixed mortgage rates seemed pretty competitive relative to what other lenders are offering.
Their jumbo loans were priced only a little bit higher than their conforming loans, and their government home loans were similarly priced.
Their adjustable-rate mortgage rates were actually pricing higher than their fixed offerings, which is a bit of an oddity, though common at the moment.
Typically, these would be offered at a discount, so if applying with U.S. Bank, a fixed-rate mortgage may be the way to go.
Be sure to pay attention to the loan assumptions – when I checked, many of the loan rates required discount points of 0.862% for the advertised rate.
Additionally, they assumed you were buying or refinancing a single-family, primary residence with 20% down and a FICO score of 740+.
U.S. Bank Mortgage Reviews
U.S. Bank Mortgage has a 4.98 rating out of 5 on Zillow, which is as close to perfection as I’ve seen, especially since it’s based on over 4,000 customer reviews.
That’s a pretty large sample size for such as high rating – many customers indicated that the interest rate and fees were lowered than expected.
The nice thing with the Zillow reviews is you can also see how an individual loan officer performs since most of the reviews show who the customer worked with.
You may want to search for specific loan officers since U.S. Bank is such a large company to ensure you’re matched with one of their best employees.
Their reviews on Trustpilot aren’t nearly as good, though some are for products other than mortgage. Be sure to filter reviews for home loans to get a better idea of what to expect.
They are Better Business Bureau accredited, and have been since 1970. While they have an A+ BBB rating, they’ve only got a 1-star and change rating based on customer reviews.
Again, with a mega bank you’re going to have mixed experiences, which is why comparing individual loan officer reviews is key.
U.S. Bank Mortgage Pros and Cons
The Good Stuff
Available in all 50 states and D.C.
Completely digital loan application with ability to link financial accounts
They advertise their mortgage rates (and provide daily pricing updates)
Discounts for existing U.S. Bank customers
Lots of home loan programs to choose from
Free mortgage calculators to determine affordability
They may service your loan as opposed to selling it off to a different company
The Possible Bad Stuff
No mention of lender fees (may have to pay an origination fee)
May need a high FICO score to get approved
Customer experience may vary since it’s such a large bank
Possibly bureaucratic since you’re dealing with a huge company
Homebuyers didn’t get any relief in mortgage rates this week, leaving them with little choice to either move forward with their purchase plans at elevated rates or stick to the sidelines.
The rate on the 30-year fixed mortgage edged higher to 6.71% from 6.67% the week prior, according to Freddie Mac. Rates have swayed between 6% and 7% since the start of the year, showing little signs of softening this summer.
The high rates have kept many homeowners from listing their homes, driving up prices on what’s left in the market and creating unfavorable conditions for the buyers still on the hunt.
“That move-up buyer is pretty much gone,” Luis Padilla, CEO of Oceanside Realty and Padilla Team in Miami, told Yahoo Finance. “It’s what’s putting the brakes on the market and inventory.”
Rate-trapped homeowners stall inventory growth
The latest data showing homes that went into contract in May underscores the inventory challenges.
Pending home sales, a leading indicator of the housing market’s health, dropped 2.7% in May from the previous month, much more than what was expected. That’s largely because buyers couldn’t find enough homes to make a deal, NAR chief economist Lawrence Yun said, noting that each listing received three offers on average.
The shortages have persisted. There were 459,000 single-family homes on the market for the week ending June 26, according to Altos Research. While up 1.9% from a week prior, that’s 10% fewer homes compared with a year ago.
“Normally by mid June you’d have 10-20% more homes on the market than over the holidays,” Mike Simonsen, CEO of Altos Research, wrote in his blog. “But this year we have fewer.”
The biggest reason for the dearth of properties is reluctance from homeowners, most of whom have a much lower mortgage rate than the prevailing rate.
“That move buyer doesn’t want to give up that 3% mortgage rate,” Padilla said. “They would rather commute 30 minutes to work than pay hundreds more on a monthly mortgage payment.”
Buyers move on to new homes
So what’s a homebuyer to do? Many of them who are still in the market are looking at new builds.
That was one factor that pushed the volume of mortgage applications for purchases up 3% for the week ending June 23, according to the Mortgage Bankers Association (MBA). That’s the third week of increases and the highest level of activity since early May.
“New homes sales have been driving purchase activity in recent months as buyers look for options beyond the existing-home market,” MBA Deputy Chief Economist Joel Kan said in a statement. “Existing-home sales continued to be held back by a lack of for-sale inventory as many potential sellers are holding on to their lower-rate mortgages.”
Though new inventory offers a glimmer of hope, very few homes that are available are affordable to entry-level buyers.
Padilla noted that while the share of active listings had increased 19.5% in May in the Miami-Dade area, the average cost of a single-family home was $620,000, up 7.8% from a year prior. Prices for condos increased 6.5% to $415,000.
That tracks with national data this week showing prices have increased for three months in a row, making conditions worse for buyers out there.
“This is good news for homeowners gaining more equity,” Mark Fleming, First American’s chief economist, previously told Yahoo Finance. “But it will pressure affordability for the potential first-time homebuyer.”
Gabriella is a personal finance reporter at Yahoo Finance. Follow her on Twitter @__gabriellacruz.
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CMG Financial isn’t new to the mortgage industry, having been around since 1993.
That makes them a veritable veteran in the home loan space, as many of today’s top mortgage lenders have only been around since the 2000s.
Of course, age isn’t everything, so let’s talk about what sets apart this top-30 lender, with aspirations to crack the top-25 and beyond.
CMG Financial Quick Facts
Privately held retail mortgage lender founded in 1993
Located in San Ramon, California
Operates in all 50 states and the District of Columbia
Funded roughly $7 billion in home loans via retail channel during 2019
Top states based on loan volume include California, Tennessee, and Texas
Also runs correspondent and wholesale lending divisions
As noted, the company got its start all the way back in the early 1990s, when Christopher M. George established CMG Mortgage, Inc. in Pleasanton, California.
If you’re wondering what CMG stands for, well, now you know. Or at least I hope you know!
The company later began doing business as CMG Financial to better reflect its philosophy of making sure borrowers found the right solution for their broader financial goals, not just the mortgage.
They might be most famous for their Home Ownership Accelerator, now known as the “All In One Loan,” which received a U.S. patent in 2009. It’s a loan that functions as a checking account to help homeowners save on mortgage interest.
Last year, the company did roughly $7 billion in home loan origination volume via the retail channel, putting it near the top-25 nationally.
They were most active in the states of California, Tennessee, and Texas, but are licensed nationally.
Applying for a Home Loan with CMG Financial
You can apply directly from their website or smartphone app
Alternatively you can visit a local branch or call them up on the phone
They offer a digital mortgage application with the ability to scan and upload documents
Can track loan progress and receive status updates via the CMG Home app
If you’re ready to apply or get a mortgage pre-approval, CMG Financial allows you to apply directly from the website or via their mobile app.
They’ll ask if you’re already working with a CMG loan officer, and if yes, will prompt you to find your loan officer by name or location.
If no, you simply get started by providing your email address, at which point you can begin the home loan application process.
From there, you’ll be able to securely scan and upload documents, check loan progress, and receive updates as you move toward the finish line.
You can also message your loan officer if you need assistance at any time during the process.
CMG Financial operates a correspondent and wholesale lending division as well, meaning it’s possible you could be sold a mortgage from them via a credit union or a mortgage broker.
Loan Types Offered by CMG Financial
Home purchase loans and refinance loans
Conventional loans including Fannie Mae HomeReady and Freddie Mac Home Possible
Government loans including FHA loans, USDA loans, and VA loans
Home renovation loans
Jumbo loans up to $5 million loan amounts
Their proprietary All In One Loan
Fixed-rate options: 10, 15, 20, 25, and 30-year loan terms
Adjustable-rate options: 3/1, 5/1, 7/1, and 10/1 loan terms
CMG Financial offers all the usual stuff for those looking to purchase a home or refinance an existing home loan, along with some proprietary offerings.
You can get a conforming loan backed by Fannie Mae or Freddie Mac, or a jumbo loan with a loan amount as high as $5 million.
They also offer the full suite of government home loan options, including FHA loans, USDA loans, and VA loans.
Those purchasing or refinancing a fixer-upper can take advantage of the FHA 203k loan program.
In terms of loan programs, you can get a fixed-rate mortgage such as a 30-year fixed or 15-year fixed, or an adjustable-rate mortgage like the 5/1 ARM.
They also participate in the Freddie Mac BorrowSmart program, which offers up to $2,500 in closing cost assistance to qualified borrowers.
Those in need of down payment assistance can take advantage of CMG’s HomeFundIt, which is a crowdfunding down payment solution that works sort of like GoFundMe.
The All In One Loan from CMG Financial
CMG refers to the All In One Loan as “the nation’s first transactional offset type-mortgage program.”
What they mean by that is you can potentially save thousands of dollars and shave years off your home loan by combining your mortgage and personal bank account.
Simply put, deposits you make into the account each month lower your loan’s principal balance, which reduces monthly interest payments.
It’s actually a 30-year home equity line of credit (HELOC), so the funds remain available for expenses too during the early years of the loan, without the need to refinance if you need cash access.
At the moment, it’s tied to the 1-month LIBOR, but once that index is phased out soon, it’ll be replaced with a similar mortgage index.
All in all, it’s a product geared toward a homeowner who wants to pay off their mortgage quickly, with added flexibility in case they need extra cash.
CMG Financial Mortgage Rates
Unfortunately, CMG Financial doesn’t disclose their mortgage rates on their website. So you’ll need to request a mortgage quote and/or apply to see their pricing.
As such, you won’t know how competitive they are unless you gather several quotes from competing lenders.
Additionally, there’s no mention of lender fees, so it’s not clear if they charge typical lender fees like an underwriting charge or a loan origination fee.
Be sure to inquire about both when shopping your home loan with CMG Financial to ensure you get the best deal on your mortgage, interest rate aside.
CMG Financial Reviews
They’re nearly perfect on Zillow, sporting a 4.98 star rating out of 5 based on nearly 2,500 customer reviews, with a lot of them indicating a lower interest rate than expected.
Additionally, they’ve got a 4.9 star rating out of 5 on TestimonialTree based on over 17,000 customer reviews.
Each loan officer also has their own hosted review page via TestimonialTree, which lists all their past customer reviews.
On BirdEye, they have a 4.3 rating out of 5 based on just over 125 reviews, but the comments are pretty thin.
While they are not Better Business Bureau accredited, they do have an A+ BBB rating. However, their customer review rating on the BBB website is less than 2 stars.
As always, try to find your specific loan officer’s reviews for the best indication of quality of service, experience, etc.
CMG Financial Pros and Cons
The Good
Licensed in all 50 states and DC
Branch offices in many locations nationwide
Can apply for a mortgage online or via the app
Lots of loan programs to fit all scenarios including proprietary offerings
Mostly excellent reviews from past customers
Free smartphone mortgage app and mortgage calculators
They service their home loans
The Possible Bad
Do not advertise their mortgage rates
Unclear what lender fees they charge
No second mortgages or home equity loan products available
Last week, I announced that Kris and I have refinanced our mortgage at 4.96% for 30 years. In the comments, Ian expressed disappointment that we’d opted for the longer term when we could have afforded to take out a 15 year mortgage at 4.625%. “Starting your 30 years over is no way to get rich slowly,” he wrote.
He has a point.
Kris and I took out the 30-year mortgage because we wanted a safety net. We will continue to pay $2,000 each month toward our mortgage, so we could have afforded the shorter term, but we opted to take a longer mortgage so that we had a cushion if something happened.
But was this a smart move? How much will it cost us to do this? Let’s find out.
Running the Numbers
You all know that I love to play with spreadsheets. I pieced one together to run the numbers on our mortgage. Just for curiosity’s sake, I first looked at what might have happened if we had not refinanced at all and planned to repay the old loan on a normal schedule (you can play with actual mortgage rates get current numbers):
Existing mortgage pre-refinance
Principal remaining: $206,345.33 Interest rate: 6.25% Total payments remaining: 303 (25 years, 3 months) Regular payment amount: $1386.60 Total repaid: $420,139.80 Total interest paid: $213,794.47 Interest/Principal: 103.61%
Now, here are the totals if we were to pay the refinanced, 30-year mortgage without any sort of acceleration. Note that the payment amount does not include taxes and insurance (which adds another $280.21 to our monthly obligation).
30-year without acceleration
Principal borrowed: $212,900 Interest rate: 4.96% Total payments: 360 (30 years) Regular payment amount: $1137.69 Total repaid: $409,568.40 Total interest paid: $196,668.40 Interest/Principal: 92.38%
By refinancing, we’re saving $10,571.40, even if we don’t pay extra, and even if we stretch the loan out to 30 years. Next, I looked at a 15-year mortgage without any sort of acceleration.
15-year without acceleration
Principal borrowed: $212,900 Interest rate: 4.625% Total payments: 180 (15 years) Regular payment amount: $1642.30 Total repaid: $295,614.00 Total interest paid: $82,714.00 Interest/Principal: 38.85%
Clearly, a 15-year mortgage is a better option — if you can afford to make the payments, which in this case would cost an extra $504.61 every month. (And if inflation isn’t running rampant. I have not accounted for inflation in any of these scenarios.)
But Kris and I pay more than the minimum. We pay a flat $2,000. If we subtract $280.21 for taxes and insurance, that means we’ll be paying $1719.79 toward principal and interest each month. How does this affect our costs? Let’s look at the 30-year loan with accelerated payments:
30-year with acceleration
Principal borrowed: $212,900 Interest rate: 4.96% Total payments: 174 (14 years, 6 months) Regular payment amount: $1719.79 ($1327.97 final month) Total repaid: $298,851.64 Total interest paid: $85,951.64 Interest/Principal: 40.37%
This is the plan we intend to follow. For us, there is a huge difference in the total we pay (and how long it takes us to pay it) between an accelerated and a non-accelerated 30-year mortgage. We save over $110,000 and 15 years by making extra payments.
But we will still pay more interest than if we had taken the 15-year mortgage. What about accelerating the 15-year mortgage? Let’s look:
15-year with acceleration
Principal borrowed: $212,900 Interest rate: 4.625% Total payments: 169 (14 years, 1 month) Regular payment amount: $1719.79 ($960.31 final month) Total repaid: $289,885.03 Total interest paid: $76,985.03 Interest/Principal: 36.16%
Financially, this is the best option of all. But it only shaves 11 months and about $6,000 from the standard 15-year option. Ian may be right: it might have made more sense for us to take a 15-year loan.
Doing What Works For Us
Let’s assume that Kris and I are going to be able to make our $2,000 payments every month for the next 15 (or so years). If we had opted for the lower-rate 15-year loan instead of accelerating the 30-year loan, we would have the debt paid off five months earlier. What’s more, we would save $8,966.61 in interest payments, or roughly $640 per year ($53 per month).
Ian’s point — and it’s a good one — is that although Kris and I saved $250 per month by refinancing, we could have saved another $50 per month (with no changes to our current plans!) by choosing a 15-year mortgage instead of a 30-year mortgage.
Did we make the wrong decision? Time will tell. If nothing happens along the way, then this will have been a poor choice. But if we experience some sort of financial setback, our caution just might save our bacon. With the lower payments of the 30-year option, we could live indefinitely on either one of our salaries alone. As with all investments, lower risk brings lower reward — and that’s the choice we made this time.
What choice would you have made and why? I suspect that many GRS readers opt for 30-year mortgages when they could afford the higher payments and the shorter term. I know that we’re certainly not the only ones among our friends who have done this!
Note: I did not save the spreadsheet that I used to run these numbers. If you’re wanting to do similar math, check out the mortgage calculators at Dinktown.
Inside: You are frustrated because amazon order says delivered but not received. This happens for a variety of reasons. Learn how to find missing packages with updated tracking.
We’ve all been there. You order something on Amazon and the estimated delivery date is just a day or two away.
But then, that day comes and goes…and your package still hasn’t arrived.
Worse yet, when you check the tracking information, it says “delivered”! So where is it?
If this has ever happened to you (and chances are good that it has), don’t worry – you’re not alone.
In fact, it’s one of the most common issues that Amazon customers face.
So what can you do if your Amazon order says it was delivered but you can’t find it?
What to do if your Amazon package says it was delivered today but have not received yet?
It can be incredibly frustrating and confusing when you eagerly await the arrival of an Amazon package, only to find that it is marked as “delivered” but is nowhere to be found.
This situation often leads to a mix of emotions, including disappointment, worry, and confusion.
However, there are steps you can take to track your package and resolve the issue.
In this guide, we will provide you with a detailed, step-by-step process on what to do if your Amazon package says it was delivered today but you have not received it yet.
By following these instructions, you can navigate through the frustration and hopefully locate your missing package.
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How do I track my Amazon order that says it has been delivered?
It can be incredibly frustrating and confusing when an Amazon order is marked as delivered but has not actually been received by the customer. This is a common issue that many customers face, and it can lead to a lot of stress and worry.
To ensure that you have the most accurate and up-to-date tracking information, it is recommended to double-check your tracking information.
However, there are steps that you can take to track your Amazon order and determine its whereabouts.
Sign into your Amazon account.
Once you are signed in, click on “My Orders” to access your order history.
From there, you should select the “Track Package” option for the appropriate order.
If your package has been delivered, you can also see delivery information and specifics on where the package was left. For example, it may say “near the front door” or “inside the residence’s mailbox.”
However, it is important to note that this information may not be available for every shipment, as it relies on the delivery person noting such details.
If the tracking information shows that the package has been marked as “delivered,” but you have not received it yet, there are a couple of steps below on how to handle the situation.
How to Use Third-Party Providers to Track Package:
If your Amazon package is delivered through someone outside of Amazon, you should refer to their tracking information.
While the Amazon account dashboard is a great place to check for updates, it is also beneficial to go directly to the source.
If your package was sent via USPS, you should check the USPS tracking tool for more details.
The same applies if your package was sent via FedEx or UPS – you should use their specific tracking tools.
To streamline the process, you can copy and paste your tracking code into a web browser or the Google search bar. This will provide you with the most recent updates for your tracking information.
Remember to be patient and give it 24-48 hours before contacting Amazon for further assistance.
What are the possible reasons for an Amazon package saying it was delivered but not received?
There are a few reasons this could happen.
Most are completely outside of your control and you have to be patient for them to be fixed.
1. Order May Have Marked Delivered Too Early
Occasionally, delivery companies may mistakenly mark a package as delivered when it hasn’t been. This can happen due to miscommunication or system errors. In such cases, contacting the delivery company for clarification and providing them with the necessary details can help resolve the issue.
If the delivery driver marked the package delivered, before it arrived at your doorstep, then you will be searching for something that is not there.
This happened to me with an Amazon order delivered by USPS. I spoke to the USPS driver and they said they were helping each other finish delivery routes and to transfer the package to the new driver, they had to mark it as delivered.
This discrepancy between the tracking data and the actual delivery can lead to confusion and disappointment. It is important to understand why Amazon tracking data might not be accurate in order to address this issue effectively.
2. Package could have been stolen
One of the main reasons for a package being marked as delivered but not received is theft.
According to a report from C+R Research, 67% of Americans have reported having a package stolen.
Unfortunately, package thieves are quick and practiced, making it difficult for the authorities to catch them in the act. This results in customers losing their packages and feeling helpless.
The consequences of package theft are significant for customers. Not only do they face financial loss, but they also experience frustration and inconvenience.
Being proactive and vigilant is crucial in safeguarding packages from theft and ensuring a smooth online shopping experience.
3. Package could have been misdelivered
There are several possible reasons for this, with one of the main possibilities being misdelivery. Misdelivery happens when the package is mistakenly delivered to the wrong address or handed over to someone other than the intended recipient.
This can occur due to various factors such as human error, incorrect address information, or confusion during the delivery process.
For example, if the intended recipient’s address is 123 Main Street, but the package is delivered to 132 Main Street by mistake, the recipient will not receive the package.
In such cases, it is important to approach neighbors and inquire if they have received the package on your behalf. Good neighbors will realize the mistake and hand over the package to you.
Learn exactly what to do when Amazon delivered to wrong address.
4. Personal Delivery Instructions not Followed
Another cause of misdelivery can be attributed to the recipient’s own delivery preferences.
Sometimes, recipients may have specified in their delivery preferences for Amazon to leave the package at a front door, back door, side porch, or garage. However, your packages may not be left at the specified location.
This is true when an option other than the front door is selected.
5. There could have been a mix-up with the address
If you live in an apartment complex, this happens more often than you’d think.
Amazon packages sometimes show as “delivered” in the tracking information, but customers may not actually receive them. One of the potential reasons for this discrepancy is a mix-up with the address. There are several common scenarios that can lead to this issue.
This can happen if the customer did not provide the complete address information during the ordering process. Similarly, if the address was missing the street direction, such as N. Main Street vs. S. Main Street, it can result in the package being delivered to the wrong location.
What should I do if I haven’t received my Amazon order?
It is not uncommon for customers to encounter the frustrating situation where their Amazon order is marked as delivered, but they have not actually received the package.
This can be a cause for concern, but there are steps you can take to track your package and resolve the issue.
By following the guidelines provided by Amazon, you can increase your chances of locating your missing package and finding a solution.
1. Investigate Your Surroundings:
Take a closer look around your home and consider places where the package may have been delivered that are not immediately noticeable.
It is possible that the package may have been left at your garage door instead of your front door or maybe in your driveway. Once, we saw our package sitting on the base of the basketball hoop.
Additionally, check your mailbox as Amazon sometimes passes on parcels to the USPS.
2. Check with Your Neighbors
If you feel safe and comfortable doing so, you can check with your neighbors to see if they received the package on your behalf or by mistake.
My rule of thumb is to look at the picture. That normally helps to decipher similar-looking houses.
Just in case, Amazon delivered to the wrong address.
3. Check Order Status and Shipping Address:
Double-check that there were no shipping errors and ensure that your shipping address is correct.
Just log in to your Amazon account and go to your orders.
Let’s be honest… I accidentally sent something to my mom instead of my house. Oops.
4. Wait 48 Hours:
Before taking any action, it is important to give the delivery process to reflect any changes.
Sometimes, tracking information may update prematurely, or carriers may deliver packages as late as 10 PM. The package could still be on its way and may arrive later that evening or the next day.
Learn how late does Amazon deliver.
5. Contact Amazon Customer Service
If you have followed the previous steps and still have not located your package, it is time to reach out to Amazon’s customer service.
Log in to your Amazon account and choose one of the two options:
You can choose whether to speak via a bot or by phone. Just to note.. the phone option may not be immediately obvious.
Explain the issue to the representative, and Amazon will initiate an investigation.
If your claim is genuine, they will issue a refund.
How can I tell if my package has been stolen?
The best way to tell if your package was truly stolen is to install security cameras.
That way you know the package was delivered and then stolen off your doorstep.
Unfortunately, package thefts continue to rise, especially during the holiday season.
If you determine the package was stolen, it is also advisable to contact your local police department, especially if the stolen items were valuable.
Taking preventive measures, such as tracking your orders and utilizing Amazon Lockers, can also help protect your deliveries in the future.
FAQ
Fortunately, Amazon provides various channels through which customers can seek help and get their concerns addressed promptly and effectively.
To contact Amazon for assistance with an order, customers can follow a few simple steps.
Log into your Amazon account either through the website or the app.
Once logged in, customers can type “contact Amazon customer services” in the main search bar.
This will direct them to the Amazon customer service page, where they can find the “Get help now” option under the “Amazon customer service” section.
Clicking on “Get help now” will lead customers to a page where they can select “something else” and then “contact us.”
Once the appropriate option is selected, customers can provide details about the problem they are facing and what they would like to be done to resolve the issue. For example, they may request a replacement or a refund.
Alternatively, customers can also request a call back by using the chatbox on the customer service page. This option allows customers to have a more direct and interactive conversation with an Amazon representative.
Amazon’s A-to-Z Guarantee is a form of protection offered to customers who have purchased products from third-party sellers on the platform.
This guarantee covers all third-party orders that are not sold or fulfilled by Amazon. It provides customers with a recourse option in case they encounter issues such as missing packages or receiving significantly different items than what was ordered.
To be eligible to claim the A-to-Z Guarantee, customers must fulfill specific requirements.
It is important to note that Amazon’s A-to-Z Guarantee has specific terms and conditions. The guarantee applies to certain delivery speeds and select products.
It is always important to remain vigilant and take appropriate action if you suspect fraudulent activity.
Regularly monitor your Amazon account for any suspicious activity or unauthorized purchases.
Be cautious when dealing with third-party sellers and carefully review their ratings, reviews, and return policies before making a purchase. If a deal seems too good to be true, it may be a sign of a fraudulent seller.
If you have already made a purchase and suspect fraud, you can contact with Amazon.
Can I get a refund for my Amazon order if it is not delivered?
Customers can get a refund for their Amazon order if it is not delivered. Understanding the refund policy for undelivered packages is important to ensure a smooth resolution to the issue.
Here are the steps to follow:
Sign into your Amazon account and go to “Orders”.
Select the order with the missing package.
Click on “Problem With Order“.
Choose “Request a Refund” from the options.
Select a reason for the refund from the drop-down menu.
Click “Submit” to initiate the refund process.
If the package was shipped by a third-party vendor and not by Amazon, it is recommended to contact the vendor directly for assistance.
What other steps can I take to track my Amazon order?
When an Amazon order is marked as delivered but has not been received, it can be a frustrating experience.
Above we covered, all of the steps to fix your situation.
However, you could consider Amazon Map Tracking, which allows you to track the real-time progress of select packages delivered by Amazon.
This feature provides you with the remaining number of stops the driver has before the delivery arrives at your door. Typically, you will get a notification when your package is 10 stops away or less.
Now, You Know What to do With Amazon Packages Not Delivered
Taking these additional steps is crucial in resolving the issue of a marked “delivered” but missing package.
While this is frustrating, especially for something you really needed by a certain date, it can be easily solved and fixed.
Knowing what time do Amazon packages arrive will help you to make sure you track your deliveries closely.
There are plenty of steps we outlined above to make sure your package is swiftly back in your hands.
Know someone else that needs this, too? Then, please share!!
Whether you prefer to travel by land, sea or plane, almost nothing compares to the thrill of seeing new places.
However, once you’ve been on the road for long enough, you may be tired of the packing and repacking, checking in to flights and out of hotels — not to mention the unsuccessful attempts at claiming your half of the armrest.
If this sounds like you, you may want to consider buying a recreational vehicle (RV). There are plenty of perks: It can save you money, it feels like home and it gives you more freedom than other types of travel.
Let’s look at the best time to buy an RV and some of the benefits of owning an RV.
When is the best time to buy an RV?
You’ll want to take a few factors into consideration.
It may be tempting to invest in an RV when the sun is shining, the trees are blooming and the fresh summer days are yawning ahead.
Don’t. It’s during the best weather that prices for RVs are at their peak. Think early spring to early fall, when the roads are good and families have time off.
🤓Nerdy Tip
Like cars, RVs also come out with new models. Take advantage of last year’s model — or buy used — to spend less out the door.
Instead, like other purchases, you’ll want to buy your RV when demand is low.
The best time of year to buy an RV is around late fall or early winter after the high season has passed. This may mean waiting a bit before you can hit the road, especially if you live somewhere with a colder climate, but it can save you money in the long run.
Why buy an RV?
We’ve already discussed the best time to buy a travel trailer, but what if you’re on the fence? There are plenty of reasons to buy an RV, though you’ll want to do research to be sure it’s the right move for you.
It can save money
Is owning an RV worth it? An RV is a big purchase — there’s no doubt about that — but in the long run, it can save you money overall.
Of course, this will depend on how much you travel, how many people you travel with and the budget you typically have, so you’ll always want to crunch the numbers to be sure the purchase makes financial sense for you.
If you tend to splurge on travel or have a large family, vacation costs can quickly add up. Plane tickets, rideshares, meals out and hotels will all run up the tab.
RVs can be an expensive purchase upfront, but there’s something to be said for having a place to sleep, a kitchen to cook meals in and space for extra people without paying more.
You can bring pets
Everyone who’s ever owned a pet knows how hard it can be to travel. Whether you’re planning on leaving them with a sitter (which costs money) or taking them with you (which also costs money), there are added logistics around traveling when you have animals.
Bringing your own RV allows you to take your pets with you without paying extra. It also means you won’t need to be separated from your furry friends.
It gives you more freedom
Anyone who’s ever flown to a destination and stayed in a hotel knows that transportation options are limited.
If you’re in a city center, you can use public transit or walk, but otherwise, you’ll likely need a rental car. This can seriously inhibit the types of places you can visit unless you’re willing to pay for a rental vehicle, or several rideshares (if available).
While an RV isn’t going to help you navigate narrow cobblestone roads, it gives you the freedom to travel wherever you like at any pace you want. And because your vehicle is also your bedroom, you have more flexibility of where to stay, especially in remote locations.
It can earn you serious points
You should always maximize the rewards you earn on your spending. This is true for everyday purchases but especially for costs you incur while traveling.
A whole host of travel credit cards focus on rewards for airfare and hotels, but if you’re traveling with an RV your biggest expense is likely to be gas.
If you’re more interested in earning points, you may also want to consider the Wyndham Rewards® Earner℠ Business Credit Card, which earns 8x Wyndham Rewards points on gas purchases. Since free hotel nights at Wyndham start at 7,500 points per night, it’ll be easy to rack up enough rewards for plenty of stays.
🤓Nerdy Tip
You can also rent vacation homes from just 15,000 Wyndham points per bedroom per night thanks to the company’s partnership with Vacasa.
It feels like home
Perhaps the biggest perk of purchasing an RV is filling it with all your things. These things then come with you, wherever you are, and you never need to worry whether your bag will incur fees for weighing more than 50 pounds.
This means you’ll have your own cups, blankets, ergonomic pillows, clothing and more on hand with no fuss. That can be worth a lot in peace of mind and comfort.
Buying an RV recapped
Buying an RV is a big decision and one you’ll want to consider carefully.
While it can be expensive, choosing to travel with an RV can provide some significant benefits over other methods of travel. This includes the ability to pack as much as you’d like (including bringing along your pets), extra freedom to travel where you want and no per-person ticketing costs for things like airfare.
Before you buy an RV, be sure to do the math to make sure that it makes sense for you. You’ll also want to wait for the best time of year to buy, when prices and demand are at their lowest, to ensure that you get the best deal.
How to maximize your rewards
You want a travel credit card that prioritizes what’s important to you. Here are our picks for the best travel credit cards of 2023, including those best for: